TIC vs ULS: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: TIC is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. TIC and ULS share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined TIC and ULS exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

TIC Solutions inspects things that fail expensively. The core business, formerly listed as Acuren Corporation, sends technicians into refineries, chemical plants, pipelines, power stations and aerospace facilities to run nondestructive testing: radiography, ultrasonic testing, magnetic particle inspection, rope-access work on structures nobody wants to scaffold, plus welding, coatings and related compliance services. Most of that work is non-discretionary. Regulators and insurers require it, plant turnarounds happen on a schedule, and customers tend to renew with the incumbent because switching an inspection vendor means requalifying people and procedures. That gives the revenue base a maintenance-spending character rather than a capital-cycle one, which is the reason the company describes itself as an asset integrity provider rather than a contractor.

Full TIC guide

UL Solutions Inc. is a global safety-science company that traces its roots to Underwriters Laboratories, founded in 1894. It earns money by testing, inspecting and certifying products against safety and performance standards, most visibly through the UL mark found on consumer electronics, appliances, wiring and industrial equipment. The business runs across three segments: Industrial (energy, automation, engineered materials and the built environment), Consumer (electronics, medical devices, appliances, HVAC and lighting), and Software and Advisory (regulatory, supply-chain and sustainability tools). Much of the revenue is recurring, because certified products need ongoing follow-up testing to keep their marks, and the company remains majority controlled by the nonprofit UL Standards and Engagement following its April 2024 IPO.

Full ULS guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• TIC drivers: Non-discretionary inspection demand; NV5 integration and cross-selling.
• ULS drivers: Regulation-driven recurring demand; Electrification and new technology testing.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Leverage is the dominant risk: ~$1.70 billion of total debt against ~$362 million of cash, a negative net cash position of ~$1.34 billion, and an Altman Z-Score around 1.16, a level conventionally read as financial stress. For ULS, the most cited risk is valuation: at a trailing P/E in the low 50s and a forward multiple well above the mid-teens typical of professional-services peers, the stock prices in continued strong execution and leaves little room for disappointment.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick TIC if you believe its drivers more; ULS if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the TIC and ULS guides.

TIC. There is no trailing P/E because the company is unprofitable on a reported basis, so the market prices it on EV/EBITDA of roughly 18x and a forward P/E near 18x on expected post-integration earnings. Price-to-sales of about 1.1x looks undemanding for a services business, but enterprise value of ~$3.55 billion versus a ~$2.2 billion market cap is the reminder that debt holders own a large slice of the capital structure. The valuation is effectively a bet on synergy realization rather than on the current earnings stream.

ULS. FY2025 revenue rose about 6.4% to roughly $3.05 billion, while net income was about flat near $325 million and EPS was roughly $1.62. The market capitalization of about $17.8 billion in April 2026 is up more than 200% from the roughly $5.76 billion implied at the April 2024 IPO. The resulting trailing P/E in the low 50s sits far above the mid-teens average for professional-services peers, reflecting the premium investors assign to the brand and recurring model.

Headline figures (approximate, August 2026): TIC shows revenue (ttm) ~$2.05B, net income (ttm) ~-$116M, ebitda (ttm) ~$195M, market cap ~$2.2B; ULS shows revenue (fy2025) ~$3.05B, revenue growth (fy2025) ~6.4%, net income (fy2025) ~$325M, diluted eps (fy2025) ~$1.62.

TIC and ULS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined TIC and ULS exposure against your real portfolio. It is not an investment adviser.