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Side-by-side financial comparison of SEALED AIR CORP (SEE) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
SEALED AIR CORP is the larger business by last-quarter revenue ($1.4B vs $789.0M, roughly 1.8× UL Solutions Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs 3.1%, a 5.3% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs 2.6%). SEALED AIR CORP produced more free cash flow last quarter ($257.7M vs $86.0M). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs 2.7%).
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
SEE vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $789.0M |
| Net Profit | $43.8M | $67.0M |
| Gross Margin | 28.6% | 49.7% |
| Operating Margin | 11.4% | 15.0% |
| Net Margin | 3.1% | 8.5% |
| Revenue YoY | 2.6% | 6.8% |
| Net Profit YoY | 700.0% | -17.3% |
| EPS (diluted) | $0.30 | $0.33 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.4B | $789.0M | ||
| Q3 25 | $1.3B | $783.0M | ||
| Q2 25 | $1.3B | $776.0M | ||
| Q1 25 | $1.3B | $705.0M | ||
| Q4 24 | $1.4B | $739.0M | ||
| Q3 24 | $1.3B | $731.0M | ||
| Q2 24 | $1.3B | $730.0M | ||
| Q1 24 | $1.3B | $670.0M |
| Q4 25 | $43.8M | $67.0M | ||
| Q3 25 | $255.1M | $100.0M | ||
| Q2 25 | $93.1M | $91.0M | ||
| Q1 25 | $113.5M | $67.0M | ||
| Q4 24 | $-7.3M | $81.0M | ||
| Q3 24 | $91.7M | $88.0M | ||
| Q2 24 | $98.3M | $101.0M | ||
| Q1 24 | $82.0M | $56.0M |
| Q4 25 | 28.6% | 49.7% | ||
| Q3 25 | 29.8% | 50.3% | ||
| Q2 25 | 30.7% | 49.4% | ||
| Q1 25 | 30.9% | 48.4% | ||
| Q4 24 | 30.0% | 47.4% | ||
| Q3 24 | 30.1% | 49.0% | ||
| Q2 24 | 31.2% | 50.1% | ||
| Q1 24 | 30.3% | 47.6% |
| Q4 25 | 11.4% | 15.0% | ||
| Q3 25 | 13.8% | 19.9% | ||
| Q2 25 | 15.0% | 17.9% | ||
| Q1 25 | 14.5% | 15.5% | ||
| Q4 24 | 11.7% | 15.6% | ||
| Q3 24 | 13.9% | 17.8% | ||
| Q2 24 | 15.4% | 17.3% | ||
| Q1 24 | 14.0% | 13.6% |
| Q4 25 | 3.1% | 8.5% | ||
| Q3 25 | 19.0% | 12.8% | ||
| Q2 25 | 7.0% | 11.7% | ||
| Q1 25 | 9.0% | 9.5% | ||
| Q4 24 | -0.5% | 11.0% | ||
| Q3 24 | 6.9% | 12.0% | ||
| Q2 24 | 7.4% | 13.8% | ||
| Q1 24 | 6.2% | 8.4% |
| Q4 25 | $0.30 | $0.33 | ||
| Q3 25 | $1.73 | $0.49 | ||
| Q2 25 | $0.63 | $0.45 | ||
| Q1 25 | $0.77 | $0.33 | ||
| Q4 24 | $-0.05 | $0.40 | ||
| Q3 24 | $0.63 | $0.44 | ||
| Q2 24 | $0.67 | $0.50 | ||
| Q1 24 | $0.56 | $0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $344.0M | $295.0M |
| Total DebtLower is stronger | $3.3B | $491.0M |
| Stockholders' EquityBook value | $1.2B | $1.3B |
| Total Assets | $7.0B | $2.9B |
| Debt / EquityLower = less leverage | 2.65× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $344.0M | $295.0M | ||
| Q3 25 | $282.5M | $255.0M | ||
| Q2 25 | $354.4M | $272.0M | ||
| Q1 25 | $335.2M | $267.0M | ||
| Q4 24 | $371.8M | $298.0M | ||
| Q3 24 | $386.0M | $327.0M | ||
| Q2 24 | $388.6M | $295.0M | ||
| Q1 24 | $352.8M | $344.0M |
| Q4 25 | $3.3B | $491.0M | ||
| Q3 25 | $4.0B | $544.0M | ||
| Q2 25 | $4.0B | $608.0M | ||
| Q1 25 | $4.2B | $653.0M | ||
| Q4 24 | $4.2B | $742.0M | ||
| Q3 24 | $4.3B | $797.0M | ||
| Q2 24 | $4.4B | $810.0M | ||
| Q1 24 | $4.5B | $879.0M |
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $953.1M | $1.1B | ||
| Q1 25 | $797.9M | $970.0M | ||
| Q4 24 | $624.5M | $904.0M | ||
| Q3 24 | $771.2M | $872.0M | ||
| Q2 24 | $650.1M | $769.0M | ||
| Q1 24 | $598.3M | $671.0M |
| Q4 25 | $7.0B | $2.9B | ||
| Q3 25 | $7.1B | $2.9B | ||
| Q2 25 | $7.2B | $2.9B | ||
| Q1 25 | $7.0B | $2.9B | ||
| Q4 24 | $7.0B | $2.8B | ||
| Q3 24 | $7.3B | $2.9B | ||
| Q2 24 | $7.3B | $2.7B | ||
| Q1 24 | $7.2B | $2.8B |
| Q4 25 | 2.65× | 0.39× | ||
| Q3 25 | 3.34× | 0.46× | ||
| Q2 25 | 4.18× | 0.56× | ||
| Q1 25 | 5.26× | 0.67× | ||
| Q4 24 | 6.72× | 0.82× | ||
| Q3 24 | 5.62× | 0.91× | ||
| Q2 24 | 6.81× | 1.05× | ||
| Q1 24 | 7.49× | 1.31× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $293.6M | $144.0M |
| Free Cash FlowOCF − Capex | $257.7M | $86.0M |
| FCF MarginFCF / Revenue | 18.5% | 10.9% |
| Capex IntensityCapex / Revenue | 2.6% | 7.4% |
| Cash ConversionOCF / Net Profit | 6.70× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $458.5M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $293.6M | $144.0M | ||
| Q3 25 | $165.9M | $155.0M | ||
| Q2 25 | $136.6M | $147.0M | ||
| Q1 25 | $31.9M | $154.0M | ||
| Q4 24 | $244.2M | $130.0M | ||
| Q3 24 | $170.5M | $150.0M | ||
| Q2 24 | $188.2M | $103.0M | ||
| Q1 24 | $125.1M | $141.0M |
| Q4 25 | $257.7M | $86.0M | ||
| Q3 25 | $119.6M | $109.0M | ||
| Q2 25 | $93.2M | $105.0M | ||
| Q1 25 | $-12.0M | $103.0M | ||
| Q4 24 | $185.1M | $72.0M | ||
| Q3 24 | $115.2M | $84.0M | ||
| Q2 24 | $129.5M | $47.0M | ||
| Q1 24 | $78.0M | $84.0M |
| Q4 25 | 18.5% | 10.9% | ||
| Q3 25 | 8.9% | 13.9% | ||
| Q2 25 | 7.0% | 13.5% | ||
| Q1 25 | -0.9% | 14.6% | ||
| Q4 24 | 13.6% | 9.7% | ||
| Q3 24 | 8.6% | 11.5% | ||
| Q2 24 | 9.7% | 6.4% | ||
| Q1 24 | 5.9% | 12.5% |
| Q4 25 | 2.6% | 7.4% | ||
| Q3 25 | 3.4% | 5.9% | ||
| Q2 25 | 3.3% | 5.4% | ||
| Q1 25 | 3.5% | 7.2% | ||
| Q4 24 | 4.4% | 7.8% | ||
| Q3 24 | 4.1% | 9.0% | ||
| Q2 24 | 4.4% | 7.7% | ||
| Q1 24 | 3.6% | 8.5% |
| Q4 25 | 6.70× | 2.15× | ||
| Q3 25 | 0.65× | 1.55× | ||
| Q2 25 | 1.47× | 1.62× | ||
| Q1 25 | 0.28× | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | 1.86× | 1.70× | ||
| Q2 24 | 1.91× | 1.02× | ||
| Q1 24 | 1.53× | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
