RDW
Redwire Corporation
RDW offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
ULS
UL Solutions Inc.
ULS has the edge over RDW overall, supported by lower modeled downside.
RDW Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
RDW's revenue is currently healthy, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
ULS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
ULS's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
RDW PE Valuation
RDW has no meaningful PE right now: it lost money over the past year.
ULS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 32x | $81.55 | — |
| Forward | 32x | $81.55 | — |
| Cheap | 33x | $82.52 | +1.2% |
| Fair | 42x | $105 | +29% |
| Expensive | 52x | $130 | +60% |
Historical ranges are pointers, not guarantees.
ULS's PE is in its cheap range at 32.4x, but its recent earnings include one-off gains. On analysts' estimates for next year's earnings, today's price would be 32.3x.
RDW Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect RDW's losses to shrink, with revenue growing.
ULS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for ULS, with profitability improving.
RDW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.17 | +$2.01 |
| Q2 2026 | -$1.37 | +$1.89 |
| Q1 2026 | -$2.59 | -$0.32 |
| Q4 2025 | -$2.28 | +$0.07 |
| Q3 2025 | -$3.18 | -$1.97 |
| Q2 2025 | -$3.26 | -$2.28 |
| Q1 2025 | -$2.27 | -$1.55 |
| Q4 2024 | -$2.35 | -$1.62 |
RDW is still losing money, but far less than before: $1.17 per share over the past year, against $3.26 at its worst in mid-2025.
ULS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.52 | +0.1% |
| Q3 2026 | $2.52 | +51% |
| Q2 2026 | $2.48 | +53% |
| Q1 2026 | $1.72 | +3% |
| Q4 2025 | $1.60 | -1.2% |
| Q3 2025 | $1.67 | +11% |
| Q2 2025 | $1.62 | +21% |
| Q1 2025 | $1.67 | +27% |
| Q4 2024 | $1.62 | +24% |
ULS has the edge over RDW on earnings quality, reporting a profit while its opponent remains loss making.
RDW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $109M | +5.4% |
| Q2 2026 | $117.1M | +90% |
| Q1 2026 | $97M | +58% |
| Q4 2025 | $108.8M | +56% |
| Q3 2025 | $103.4M | +51% |
| Q2 2025 | $61.8M | -21% |
| Q1 2025 | $61.4M | -30% |
| Q4 2024 | $69.6M | +9.6% |
RDW's revenue has grown year over year for five quarters in a row: $109M last quarter, up 5.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -24% | +16 points |
| Q2 2026 | -19% | +130 points |
| Q1 2026 | -72% | -49 points |
| Q4 2025 | -75% | -48 points |
| Q3 2025 | -40% | -22 points |
| Q2 2025 | -149% | -140 points |
| Q1 2025 | -23% | -19 points |
| Q4 2024 | -27% | -17 points |
RDW's operating margin was −24% last quarter, up 16 points from the same quarter a year ago.
ULS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $823M | +5.1% |
| Q2 2026 | $816M | +5.2% |
| Q1 2026 | $758M | +7.5% |
| Q4 2025 | $789M | +6.8% |
| Q3 2025 | $783M | +7.1% |
| Q2 2025 | $776M | +6.3% |
| Q1 2025 | $705M | +5.2% |
| Q4 2024 | $739M | +8% |
ULS's revenue has grown year over year every quarter since early 2023: $823M last quarter, up 5.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | -0.2 points |
| Q2 2026 | 18% | +0.5 points |
| Q1 2026 | 18% | +2.8 points |
| Q4 2025 | 15% | -0.6 points |
| Q3 2025 | 20% | +2.1 points |
| Q2 2025 | 18% | +0.6 points |
| Q1 2025 | 15% | +1.9 points |
| Q4 2024 | 16% | +2.8 points |
ULS has the edge over RDW on profitability, with a higher operating margin.
RDW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$65.3M | -$38.5M |
| Q2 2026 | -$33.5M | +$57.2M |
| Q1 2026 | -$11.4M | +$35.5M |
| Q4 2025 | -$26.5M | -659% |
| Q3 2025 | -$26.9M | -$7.6M |
| Q2 2025 | -$90.6M | -$80.2M |
| Q1 2025 | -$46.9M | -3996% |
| Q4 2024 | $4.7M | -65% |
RDW has burned cash in most quarters: −$137M over the past year, against −$160M the year before.
ULS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $154M | +41% |
| Q2 2026 | $91M | -13% |
| Q1 2026 | $150M | +46% |
| Q4 2025 | $86M | +19% |
| Q3 2025 | $109M | +30% |
| Q2 2025 | $105M | +123% |
| Q1 2025 | $103M | +23% |
| Q4 2024 | $72M | +7.5% |
ULS has the edge over RDW on cash generation, producing positive trailing cash flow while its opponent burns cash.
RDW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +13% | +29.6M shares |
| 1 year | +179% | +160M shares |
| 3 years | +289% | +186M shares |
| 5 years | +319% | +190M shares |
RDW has 250M diluted shares, up 179% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
ULS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +0.5% | +1M shares |
| 3 years | +2% | +4M shares |
ULS has the edge over RDW on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
RDW Net Leverage
RDW's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
ULS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.2x | Net Cash |
| Q1 2026 | 0.1x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.6x | Very low |
| Q4 2024 | 0.7x | Very low |
ULS has more cash than debt.
RDW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.3 | Neutral |
| Stochastic | 16.1 | Oversold |
RDW's weekly RSI is 42 (neutral) and its Stochastic is 16 (oversold).
ULS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.8 | Neutral |
| Stochastic | 60.4 | Neutral |
ULS's weekly RSI is 54 (neutral) and its Stochastic is 60 (neutral).
RDW PE vs Industrials Sector
RDW has no meaningful PE right now: it lost money over the past year.
ULS PE vs Industrials Sector
| Metric | ULS | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 24x | 35% above |
| PE % | 13 | 43 | 30 pts below |
ULS is trading at 32x earnings, a 35% premium to the Industrials sector's median of 24x, though its recent earnings include one-off gains.
RDW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.06 | 11% below |
| 20 week MA | $10.1 | 20% below |
| 50 week MA | $10.6 | 24% below |
| 100 week MA | $11.6 | 31% below |
| 200 week MA | $8.07 | 0.5% below |
ULS has stronger trend alignment. RDW is above 0 of 5 weekly averages versus ULS above 3 of 4.
ULS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $73.0 | 12% above |
| 20 week MA | $77.4 | 5.4% above |
| 50 week MA | $82.1 | 0.7% below |
| 100 week MA | $73.6 | 11% above |
ULS's trend is mixed: it's above three of its four weekly moving averages, and 11% above its 100-week average.
RDW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $10.2 | $7.34 | -28% |
| 2022 | $7.34 | $1.92 | -74% |
| 2023 | $1.92 | $2.85 | +48% |
| 2024 | $2.85 | $17.1 | +501% |
| 2025 | $17.1 | $7.15 | -58% |
| 2026 YTD | $7.15 | $8.03 | +12% |
RDW has the edge over ULS on returns for 2026, with the stronger performance.
ULS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $34.9 | $50.4 | +44% |
| 2025 | $50.4 | $80.0 | +59% |
| 2026 YTD | $80.0 | $81.6 | +2% |
ULS has finished every year since 2024 higher, and it's up 2% so far in 2026.