vs
Side-by-side financial comparison of UL Solutions Inc. (ULS) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
WATTS WATER TECHNOLOGIES INC is the larger business by last-quarter revenue ($677.3M vs $340.0M, roughly 2.0× UL Solutions Inc.). On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (21.4% vs -12.4%). Over the past eight quarters, WATTS WATER TECHNOLOGIES INC's revenue compounded faster (6.5% CAGR vs -31.8%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
ULS vs WTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $340.0M | $677.3M |
| Net Profit | — | $99.6M |
| Gross Margin | — | 48.1% |
| Operating Margin | 24.4% | 19.6% |
| Net Margin | — | 14.7% |
| Revenue YoY | -12.4% | 21.4% |
| Net Profit YoY | — | 34.6% |
| EPS (diluted) | — | $2.97 |
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.
| Q1 26 | $340.0M | $677.3M | ||
| Q4 25 | $789.0M | $625.1M | ||
| Q3 25 | $783.0M | $611.7M | ||
| Q2 25 | $776.0M | $643.7M | ||
| Q1 25 | $705.0M | $558.0M | ||
| Q4 24 | $739.0M | $540.4M | ||
| Q3 24 | $731.0M | $543.6M | ||
| Q2 24 | $730.0M | $597.3M |
| Q1 26 | — | $99.6M | ||
| Q4 25 | $67.0M | $83.7M | ||
| Q3 25 | $100.0M | $82.2M | ||
| Q2 25 | $91.0M | $100.9M | ||
| Q1 25 | $67.0M | $74.0M | ||
| Q4 24 | $81.0M | $67.5M | ||
| Q3 24 | $88.0M | $69.1M | ||
| Q2 24 | $101.0M | $82.0M |
| Q1 26 | — | 48.1% | ||
| Q4 25 | 49.7% | 49.5% | ||
| Q3 25 | 50.3% | 48.8% | ||
| Q2 25 | 49.4% | 50.6% | ||
| Q1 25 | 48.4% | 48.8% | ||
| Q4 24 | 47.4% | 46.7% | ||
| Q3 24 | 49.0% | 47.3% | ||
| Q2 24 | 50.1% | 47.7% |
| Q1 26 | 24.4% | 19.6% | ||
| Q4 25 | 15.0% | 18.2% | ||
| Q3 25 | 19.9% | 18.2% | ||
| Q2 25 | 17.9% | 21.0% | ||
| Q1 25 | 15.5% | 15.7% | ||
| Q4 24 | 15.6% | 16.5% | ||
| Q3 24 | 17.8% | 17.1% | ||
| Q2 24 | 17.3% | 18.7% |
| Q1 26 | — | 14.7% | ||
| Q4 25 | 8.5% | 13.4% | ||
| Q3 25 | 12.8% | 13.4% | ||
| Q2 25 | 11.7% | 15.7% | ||
| Q1 25 | 9.5% | 13.3% | ||
| Q4 24 | 11.0% | 12.5% | ||
| Q3 24 | 12.0% | 12.7% | ||
| Q2 24 | 13.8% | 13.7% |
| Q1 26 | — | $2.97 | ||
| Q4 25 | $0.33 | $2.50 | ||
| Q3 25 | $0.49 | $2.45 | ||
| Q2 25 | $0.45 | $3.01 | ||
| Q1 25 | $0.33 | $2.21 | ||
| Q4 24 | $0.40 | $2.02 | ||
| Q3 24 | $0.44 | $2.06 | ||
| Q2 24 | $0.50 | $2.44 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $374.7M |
| Total DebtLower is stronger | — | $197.8M |
| Stockholders' EquityBook value | — | $2.1B |
| Total Assets | — | $2.9B |
| Debt / EquityLower = less leverage | — | 0.09× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $374.7M | ||
| Q4 25 | $295.0M | $405.5M | ||
| Q3 25 | $255.0M | $457.7M | ||
| Q2 25 | $272.0M | $369.3M | ||
| Q1 25 | $267.0M | $336.8M | ||
| Q4 24 | $298.0M | $386.9M | ||
| Q3 24 | $327.0M | $303.9M | ||
| Q2 24 | $295.0M | $279.4M |
| Q1 26 | — | $197.8M | ||
| Q4 25 | $491.0M | — | ||
| Q3 25 | $544.0M | — | ||
| Q2 25 | $608.0M | — | ||
| Q1 25 | $653.0M | — | ||
| Q4 24 | $742.0M | — | ||
| Q3 24 | $797.0M | — | ||
| Q2 24 | $810.0M | — |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.3B | $2.0B | ||
| Q3 25 | $1.2B | $2.0B | ||
| Q2 25 | $1.1B | $1.9B | ||
| Q1 25 | $970.0M | $1.8B | ||
| Q4 24 | $904.0M | $1.7B | ||
| Q3 24 | $872.0M | $1.7B | ||
| Q2 24 | $769.0M | $1.6B |
| Q1 26 | — | $2.9B | ||
| Q4 25 | $2.9B | $2.9B | ||
| Q3 25 | $2.9B | $2.7B | ||
| Q2 25 | $2.9B | $2.6B | ||
| Q1 25 | $2.9B | $2.5B | ||
| Q4 24 | $2.8B | $2.4B | ||
| Q3 24 | $2.9B | $2.4B | ||
| Q2 24 | $2.7B | $2.4B |
| Q1 26 | — | 0.09× | ||
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.46× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.67× | — | ||
| Q4 24 | 0.82× | — | ||
| Q3 24 | 0.91× | — | ||
| Q2 24 | 1.05× | — |
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 | — | $17.9M |
| Free Cash FlowOCF − Capex | — | $6.6M |
| FCF MarginFCF / Revenue | — | 1.0% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 0.18× |
| TTM Free Cash FlowTrailing 4 quarters | — | $317.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $17.9M | ||
| Q4 25 | $144.0M | $154.7M | ||
| Q3 25 | $155.0M | $122.4M | ||
| Q2 25 | $147.0M | $69.7M | ||
| Q1 25 | $154.0M | $55.2M | ||
| Q4 24 | $130.0M | $139.5M | ||
| Q3 24 | $150.0M | $90.7M | ||
| Q2 24 | $103.0M | $85.3M |
| Q1 26 | — | $6.6M | ||
| Q4 25 | $86.0M | $140.3M | ||
| Q3 25 | $109.0M | $110.9M | ||
| Q2 25 | $105.0M | $59.5M | ||
| Q1 25 | $103.0M | $45.6M | ||
| Q4 24 | $72.0M | $127.5M | ||
| Q3 24 | $84.0M | $84.3M | ||
| Q2 24 | $47.0M | $78.5M |
| Q1 26 | — | 1.0% | ||
| Q4 25 | 10.9% | 22.4% | ||
| Q3 25 | 13.9% | 18.1% | ||
| Q2 25 | 13.5% | 9.2% | ||
| Q1 25 | 14.6% | 8.2% | ||
| Q4 24 | 9.7% | 23.6% | ||
| Q3 24 | 11.5% | 15.5% | ||
| Q2 24 | 6.4% | 13.1% |
| Q1 26 | — | — | ||
| Q4 25 | 7.4% | 2.3% | ||
| Q3 25 | 5.9% | 1.9% | ||
| Q2 25 | 5.4% | 1.6% | ||
| Q1 25 | 7.2% | 1.7% | ||
| Q4 24 | 7.8% | 2.2% | ||
| Q3 24 | 9.0% | 1.2% | ||
| Q2 24 | 7.7% | 1.1% |
| Q1 26 | — | 0.18× | ||
| Q4 25 | 2.15× | 1.85× | ||
| Q3 25 | 1.55× | 1.49× | ||
| Q2 25 | 1.62× | 0.69× | ||
| Q1 25 | 2.30× | 0.75× | ||
| Q4 24 | 1.60× | 2.07× | ||
| Q3 24 | 1.70× | 1.31× | ||
| Q2 24 | 1.02× | 1.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ULS
Segment breakdown not available.
WTS
| segment net | $517.8M | 76% |
| Other | $159.5M | 24% |
