Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is UL Solutions Inc. (ULS) Halal?

PASS

UL Solutions Inc. · NYSE: ULS · Industrials

The short answer

UL Solutions passes all three Shariah gates: it provides testing, inspection and certification services (no interest-based business), carries about $494M of interest-bearing debt (3.68% of its ~$13.43 billion market cap), and separately disclosed interest income of about 0.13% of revenue is under the 5% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. UL Solutions Inc., per its FY2025 Form 10-K (year ended December 31, 2025), is 'a global safety science leader that provides Testing, Inspection and Certification ("TIC") services and related software and advisory offerings to customers worldwide,' serving more than 80,000 customers in over 110 countries.

The company reports three segments — Industrial, Consumer, and Software and Advisory — providing independent third-party testing, inspection and certification services for products, components, assets and supply chains across consumer and industrial end markets, plus SaaS, data and consulting for regulatory compliance, supply-chain transparency and ESG. It is not an interest-based lender and is not involved in tobacco, gambling, pork, or conventional banking or insurance. For transparency, the 10-K notes a planned sale of the Employee Health and Safety software business and a China joint venture (UL-CCIC, 70% owned, minority partner a Chinese state-owned enterprise) — ordinary corporate matters, not haram business lines. The business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (3.68%, ceiling 33%). Per UL Solutions' FY2025 Form 10-K (Note 6, fair value of financial instruments), total debt at December 31, 2025 was $494 million — $191 million drawn on the revolving credit facility, $300 million of senior notes, and $3 million other — after the company made $253 million of net repayments on its credit facilities during 2025. The term loans ($444 million at end of 2024) were fully repaid.

$494 million of interest-bearing debt against a market capitalization of about $13.43 billion (WallStreetZen, October 2, 2026; Finnhub quoted about $13.08 billion the same day) is about 3.68% — far under the 33% ceiling. Cash and cash equivalents of $295 million plus short-term investments of $8 million at December 31, 2025 represent about 2.3% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.13%, ceiling 5%). UL Solutions' FY2025 Form 10-K separately discloses interest income in Note 5 (Other (expense) income, net): $4 million of interest income in 2025 against revenue of $3,053 million is about 0.13% — far under the 5% ceiling (2024: $4 million; 2023: $12 million; interest expense was $41 million in 2025).

The most recent annual figure (0.13%) is used for this gate.

Key figures used

Frequently asked questions

What does UL Solutions do?

UL Solutions Inc. (NYSE: ULS) is a global safety science company that provides independent third-party testing, inspection and certification (TIC) services plus software and advisory offerings to more than 80,000 customers in over 110 countries. Per its FY2025 Form 10-K (year ended December 31, 2025), it reports three segments - Industrial, Consumer, and Software and Advisory - serving product safety, performance and sustainability testing across consumer and industrial end markets. The company went public on the NYSE in April 2024; ULSE Inc. (UL Standards & Engagement) controls the majority of its voting power.

Is UL Solutions' business Shariah compliant?

UL Solutions sells testing, inspection and certification services and compliance software - it is not an interest-based lender and is not involved in tobacco, gambling, pork, or conventional banking or insurance. Its customers span product manufacturers, supply chains and asset owners across consumer and industrial end markets. For transparency: the 10-K notes a planned sale of its Employee Health and Safety software business and a China joint venture (UL-CCIC, 70% owned) whose minority partner is a Chinese state-owned enterprise - both are ordinary corporate matters, not haram business lines. Assessed on the filed business description, the business passes this screener's first gate.

How much interest-bearing debt does UL Solutions have?

UL Solutions' FY2025 Form 10-K (Note 6, fair value of financial instruments) shows total debt of $494 million at December 31, 2025 - $191 million drawn on the revolving credit facility, $300 million of senior notes, and $3 million other - after $253 million of net repayments on credit facilities during the year. Lease obligations are excluded as they are not interest-bearing debt. $494 million against a market capitalization of about $13.43 billion (WallStreetZen, October 2, 2026; Finnhub quoted about $13.08 billion the same day) is about 3.68% - under the 33% ceiling.

How much interest income does UL Solutions earn?

UL Solutions' FY2025 Form 10-K separately discloses interest income in Note 5 (Other (expense) income, net): interest income of $4 million in 2025 against revenue of $3,053 million is about 0.13% - under the 5% non-compliant income ceiling (2024: $4 million; 2023: $12 million). Interest expense was $41 million. Cash and cash equivalents of $295 million plus $8 million of short-term investments at December 31, 2025 represent about 2.3% of market capitalization.

What do third-party Shariah screeners say about UL Solutions?

Zoya publishes a ULS page under its AAOIFI methodology; the page's September 2026 update indicates Shariah-compliant, though the rating text rendered inconsistently in a text fetch, so its current rating could not be fully verified from the crawled text. Zoya cites interest income of about $3 million against $3,053 million revenue (about 0.1%), close to the $4 million in the 10-K note. I could not verify a Musaffa rating page for ULS or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).