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UL Solutions vs Neogenomics: ULS and NEO compared
UL Solutions is the larger company: $823M of revenue in its latest quarter (Q3 2026) against $209M for Neogenomics (Q3 2026). Neogenomics is growing faster (+11% against +5% a year earlier). UL Solutions is more profitable, with an operating margin of 19.7% against -3.8%.
Where the money goes: ULS and NEO
UL Solutions (ULS) · Q3 2026
UL Solutions, Q3 2026: revenue $823M (+5% year over year), operating margin 19.7%, net earnings $108M, operating cash flow $215M. The chart follows the revenue to costs, profit and cash.
Neogenomics (NEO) · Q3 2026
Neogenomics, Q3 2026: revenue $209M (+11% year over year), operating margin -3.8%, net loss $7.5M, operating cash flow −$8.9M. The chart follows the revenue to costs, profit and cash.
| UL Solutions (ULS) | Neogenomics (NEO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $823M | $209M |
| Revenue growth, Y/Y | +5% | +11% |
| Operating margin | 19.7% | -3.8% |
| Net earnings | $108M | −$7.5M |
| Net margin | 13.1% | -3.6% |
| Operating cash flow | $215M | −$8.9M |
| Free cash flow | $154M | — |
| Market value | $16.0B | — |
| P/E | 31.2× | — |
| Analysts’ mean target | $97.20 | — |
Where the revenue comes from
UL Solutions
- Ongoing Certification Services: $270M (33%)
- Certification Testing: $248M (30%)
- Non-certification Testing and Other Services: $244M (30%)
- Software: $61.0M (7%)
Neogenomics
- Client direct billing: $136M (65%)
- Commercial insurance: $44.7M (21%)
- Medicare and other government: $29.0M (14%)
Questions
Which is bigger, UL Solutions or Neogenomics?
UL Solutions is the larger company: $823M of revenue in its latest quarter (Q3 2026) against $209M for Neogenomics (Q3 2026).
Is UL Solutions or Neogenomics growing faster?
Neogenomics is growing faster (+11% against +5% a year earlier).
Which is more profitable, UL Solutions or Neogenomics?
UL Solutions is more profitable, with an operating margin of 19.7% against -3.8%.
More: UL Solutions earnings · how UL Solutions makes money · Neogenomics earnings · how Neogenomics makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.