TRI vs ULS: Thomson Reuters 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.
- Thomson Reuters is the larger company, worth $46.9B, about 3.3 times UL Solutions.
- UL Solutions grew revenue faster over the last year (+5.2% vs +3.0%).
- Thomson Reuters keeps more of each dollar of revenue as operating profit (28.5% vs 17.9%).
- On earnings, Thomson Reuters is the cheaper stock (31.0x vs 40.8x).
- UL Solutions's price assumes faster free cash flow growth: about 12% a year, against 7% for Thomson Reuters (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 | TRI | ULS |
|---|---|---|
| Market cap | $46.9B | $14.1B |
| Share price | $103.21 | $69.99 |
| Revenue (last fiscal year) | $7.5B | $3.1B |
| Free cash flow (last fiscal year) | $2.0B | $403M |
| Revenue growth, last year | +3.0% | +5.2% |
| Revenue growth per year, last 5 fiscal years | +4.2% | +6.6% |
| Operating margin | 28.5% | 17.9% |
| Net margin | 20.1% | 16.1% |
| Return on equity | 11.9% | 31.7% |
| P/E (trailing) | 31.0x | 40.8x |
| Price / free cash flow | 22.8x | 35.1x |
| EV / EBITDA | 12.7x | 15.3x |
| FCF growth the price implies | 7.0% | 12.3% |
| Dividend yield | 2.3% | 0.76% |
| Debt / equity | 0.42x | 0.94x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Thomson Reuters
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.3B | $1.3B | 19.6% |
| 2022 | $6.6B | $1.3B | 27.7% |
| 2023 | $6.8B | $1.8B | 34.3% |
| 2024 | $7.3B | $1.9B | 29.1% |
| 2025 | $7.5B | $2.0B | 28.5% |
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
Thomson Reuters · by segments, 2020
Legal Professionals$2.5B42%
Corporates$1.4B23%
Tax & Accounting Professionals$836M14%
Reuters News$628M10%
Global Print$620M10%
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 TRI in InvestinglyQuestions
Which is bigger, Thomson Reuters or UL Solutions?
Thomson Reuters (TRI), at $46.9B against $14.1B.
Is TRI or ULS cheaper?
By trailing P/E, Thomson Reuters (31.0x) is cheaper than UL Solutions (40.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, TRI or ULS?
UL Solutions: revenue grew +5.2% over the last year, against +3.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.