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Side-by-side financial comparison of UL Solutions Inc. (ULS) and ZIONS BANCORPORATION, NATIONAL ASSOCIATION (ZION). Click either name above to swap in a different company.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION is the larger business by last-quarter revenue ($891.0M vs $340.0M, roughly 2.6× UL Solutions Inc.). On growth, ZIONS BANCORPORATION, NATIONAL ASSOCIATION posted the faster year-over-year revenue change (8.7% vs -12.4%). Over the past eight quarters, ZIONS BANCORPORATION, NATIONAL ASSOCIATION's revenue compounded faster (9.6% 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.
Zions Bancorporation is an American national bank headquartered in Salt Lake City, Utah. It operates as a national bank rather than as a bank holding company and does business under the following seven brands: Zions Bank, Amegy Bank of Texas, California Bank and Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and the Commerce Bank of Washington.
ULS vs ZION — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $340.0M | $891.0M |
| Net Profit | — | $263.0M |
| Gross Margin | — | — |
| Operating Margin | 24.4% | — |
| Net Margin | — | 29.5% |
| Revenue YoY | -12.4% | 8.7% |
| Net Profit YoY | — | 21.8% |
| EPS (diluted) | — | $1.77 |
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 | — | ||
| Q4 25 | $789.0M | $891.0M | ||
| Q3 25 | $783.0M | $861.0M | ||
| Q2 25 | $776.0M | $838.0M | ||
| Q1 25 | $705.0M | $795.0M | ||
| Q4 24 | $739.0M | $820.0M | ||
| Q3 24 | $731.0M | $792.0M | ||
| Q2 24 | $730.0M | $777.0M |
| Q1 26 | — | — | ||
| Q4 25 | $67.0M | $263.0M | ||
| Q3 25 | $100.0M | $222.0M | ||
| Q2 25 | $91.0M | $244.0M | ||
| Q1 25 | $67.0M | $170.0M | ||
| Q4 24 | $81.0M | $216.0M | ||
| Q3 24 | $88.0M | $214.0M | ||
| Q2 24 | $101.0M | $201.0M |
| Q1 26 | — | — | ||
| Q4 25 | 49.7% | — | ||
| Q3 25 | 50.3% | — | ||
| Q2 25 | 49.4% | — | ||
| Q1 25 | 48.4% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 49.0% | — | ||
| Q2 24 | 50.1% | — |
| Q1 26 | 24.4% | — | ||
| Q4 25 | 15.0% | — | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 17.9% | — | ||
| Q1 25 | 15.5% | — | ||
| Q4 24 | 15.6% | — | ||
| Q3 24 | 17.8% | — | ||
| Q2 24 | 17.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 8.5% | 29.5% | ||
| Q3 25 | 12.8% | 25.8% | ||
| Q2 25 | 11.7% | 29.1% | ||
| Q1 25 | 9.5% | 21.4% | ||
| Q4 24 | 11.0% | 26.3% | ||
| Q3 24 | 12.0% | 27.0% | ||
| Q2 24 | 13.8% | 25.9% |
| Q1 26 | — | — | ||
| Q4 25 | $0.33 | $1.77 | ||
| Q3 25 | $0.49 | $1.48 | ||
| Q2 25 | $0.45 | $1.63 | ||
| Q1 25 | $0.33 | $1.13 | ||
| Q4 24 | $0.40 | $1.34 | ||
| Q3 24 | $0.44 | $1.37 | ||
| Q2 24 | $0.50 | $1.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | $1.5B |
| Stockholders' EquityBook value | — | $7.2B |
| Total Assets | — | $89.0B |
| Debt / EquityLower = less leverage | — | 0.21× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $295.0M | — | ||
| Q3 25 | $255.0M | — | ||
| Q2 25 | $272.0M | — | ||
| Q1 25 | $267.0M | — | ||
| Q4 24 | $298.0M | — | ||
| Q3 24 | $327.0M | — | ||
| Q2 24 | $295.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | $491.0M | $1.5B | ||
| Q3 25 | $544.0M | $1.5B | ||
| Q2 25 | $608.0M | $970.0M | ||
| Q1 25 | $653.0M | $964.0M | ||
| Q4 24 | $742.0M | $950.0M | ||
| Q3 24 | $797.0M | $548.0M | ||
| Q2 24 | $810.0M | $546.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $7.2B | ||
| Q3 25 | $1.2B | $6.9B | ||
| Q2 25 | $1.1B | $6.6B | ||
| Q1 25 | $970.0M | $6.3B | ||
| Q4 24 | $904.0M | $6.1B | ||
| Q3 24 | $872.0M | $6.4B | ||
| Q2 24 | $769.0M | $6.0B |
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | $89.0B | ||
| Q3 25 | $2.9B | $88.5B | ||
| Q2 25 | $2.9B | $88.9B | ||
| Q1 25 | $2.9B | $88.0B | ||
| Q4 24 | $2.8B | $88.8B | ||
| Q3 24 | $2.9B | $87.0B | ||
| Q2 24 | $2.7B | $87.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.39× | 0.21× | ||
| Q3 25 | 0.46× | 0.21× | ||
| Q2 25 | 0.56× | 0.15× | ||
| Q1 25 | 0.67× | 0.15× | ||
| Q4 24 | 0.82× | 0.16× | ||
| Q3 24 | 0.91× | 0.09× | ||
| Q2 24 | 1.05× | 0.09× |
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 | — | $1.1B |
| Free Cash FlowOCF − Capex | — | $952.0M |
| FCF MarginFCF / Revenue | — | 106.8% |
| Capex IntensityCapex / Revenue | — | 13.6% |
| Cash ConversionOCF / Net Profit | — | 4.08× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $144.0M | $1.1B | ||
| Q3 25 | $155.0M | $438.0M | ||
| Q2 25 | $147.0M | $-62.0M | ||
| Q1 25 | $154.0M | $179.0M | ||
| Q4 24 | $130.0M | $1.1B | ||
| Q3 24 | $150.0M | $119.0M | ||
| Q2 24 | $103.0M | $251.0M |
| Q1 26 | — | — | ||
| Q4 25 | $86.0M | $952.0M | ||
| Q3 25 | $109.0M | $413.0M | ||
| Q2 25 | $105.0M | $-93.0M | ||
| Q1 25 | $103.0M | $152.0M | ||
| Q4 24 | $72.0M | $1.1B | ||
| Q3 24 | $84.0M | $97.0M | ||
| Q2 24 | $47.0M | $234.0M |
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | 106.8% | ||
| Q3 25 | 13.9% | 48.0% | ||
| Q2 25 | 13.5% | -11.1% | ||
| Q1 25 | 14.6% | 19.1% | ||
| Q4 24 | 9.7% | 128.2% | ||
| Q3 24 | 11.5% | 12.2% | ||
| Q2 24 | 6.4% | 30.1% |
| Q1 26 | — | — | ||
| Q4 25 | 7.4% | 13.6% | ||
| Q3 25 | 5.9% | 2.9% | ||
| Q2 25 | 5.4% | 3.7% | ||
| Q1 25 | 7.2% | 3.4% | ||
| Q4 24 | 7.8% | 11.8% | ||
| Q3 24 | 9.0% | 2.8% | ||
| Q2 24 | 7.7% | 2.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.15× | 4.08× | ||
| Q3 25 | 1.55× | 1.97× | ||
| Q2 25 | 1.62× | -0.25× | ||
| Q1 25 | 2.30× | 1.05× | ||
| Q4 24 | 1.60× | 5.31× | ||
| Q3 24 | 1.70× | 0.56× | ||
| Q2 24 | 1.02× | 1.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
