CTAS vs ULS: Cintas and UL Solutions compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Cintas is the larger company, worth $86.4B, about 6.1 times UL Solutions.
- Cintas grew revenue faster over the last year (+10.9% vs +5.2%).
- Cintas keeps more of each dollar of revenue as operating profit (23.4% vs 17.9%).
- On earnings, UL Solutions is the cheaper stock (40.8x vs 43.9x).
- Cintas's price assumes faster free cash flow growth: about 16% a year, against 12% for UL Solutions (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CTAS | ULS |
|---|---|---|
| Market cap | $86.4B | $14.1B |
| Share price | $202.41 | $69.99 |
| Revenue (last fiscal year) | $11.3B | $3.1B |
| Free cash flow (last fiscal year) | $1.9B | $403M |
| Revenue growth, last year | +10.9% | +5.2% |
| Revenue growth per year, last 5 fiscal years | +9.4% | +6.6% |
| Operating margin | 23.4% | 17.9% |
| Net margin | 17.8% | 16.1% |
| Return on equity | 39.6% | 31.7% |
| P/E (trailing) | 43.9x | 40.8x |
| Price / free cash flow | 49.2x | 35.1x |
| EV / EBITDA | 26.7x | 15.3x |
| FCF growth the price implies | 15.9% | 12.3% |
| Dividend yield | 0.83% | 0.76% |
| Debt / equity | 1.05x | 0.94x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 3 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cintas
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $7.9B | $1.3B | 20.2% |
| 2023 | $8.8B | $1.3B | 20.4% |
| 2024 | $9.6B | $1.7B | 21.6% |
| 2025 | $10.3B | $1.8B | 22.8% |
| 2026 | $11.3B | $1.9B | 23.1% |
UL Solutions
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $2.5B | $208M | 16.3% |
| 2023 | $2.7B | $252M | 13.7% |
| 2024 | $2.9B | $287M | 16.1% |
| 2025 | $3.1B | $403M | 17.1% |
Where the revenue comes from
Cintas · by segments, 2026
Uniform rental and facility services$8.6B77%
First Aid and Safety Services$1.4B12%
Fire Protection Services$929M8%
Uniform Direct Sales$322M3%
UL Solutions · by segments, 2025
Industrial$1.3B44%
Consumer$1.3B43%
Software and Advisory$393M13%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CTAS in InvestinglyQuestions
Which is bigger, Cintas or UL Solutions?
Cintas (CTAS), at $86.4B against $14.1B.
Is CTAS or ULS cheaper?
By trailing P/E, UL Solutions (40.8x) is cheaper than Cintas (43.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, CTAS or ULS?
Cintas: revenue grew +10.9% over the last year, against +5.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.