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Ultralife Corporation

ULBI Industrials Electrical Equipment & Parts

Ultralife Corporation’s revenue for fiscal 2025 (year ended December 2025) was $191.2 million, up 16.2% from fiscal 2024.

Revenue
+11.3%
EPS
+303.0%
Free cash flow
−341.9%
Total debt
+0.44%

Quarter to September 2026, against a year earlier

15.65 0.03 +0.19%
Market cap
$260.5M
P/E
0.0×
Fwd P/E
8.0×
Dividend yield
—
F-score
4/9
Altman Z
1.57
Beneish M
−2.77
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 2.25
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 2 — — 2 — 2 — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 41.43%

Capital & Financial Ratios $m

Size
Market Cap 260.45
Revenue ttm 192.14
Net income ttm (3.02)
Free cash flow ttm (0.69)
Net debt Q 41.89
Valuation
P/E 0.00
Forward P/E 7.97
Price / sales 1.36
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.94
Financial health
Current ratio Q 2.97 (at or above 1.5: strong)
Debt / equity Q 0.38 (at or below 0.5: strong)
Interest coverage Q 3.46
Growth
Revenue growth Q +11.30% (above 0%: growing)
Operating income growth Q +435.02% (above 0%: growing)
EPS, this year +84.21% (at or above 15%: strong)
EPS, next year A +22.86% (at or above 15%: strong)
Revenue, next year A +17.65% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +17.50% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.6×, against a ten-year median of 0.9×; over the ten years it ranged from 0.6× in 2023 to 1.9× in 2019.
P/S against its own 10 years 84.53%
10-year low 10-year high
P/B against its own 10 years 99.52%
10-year low 10-year high
EV/Sales against its own 10 years 96.08%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 10 7 9 9
Receivables 32 29 34 36
Inventory 42 51 54 62
Other — — — —
90 97 106 117
2023 2024 2025 Q'26
Payables 11 14 17 20
ST’ Debt 2 3 4 3
Other — — — —
24 29 37 39

Compound Annual Growth %

10y 5y 3y
Sales 9.60% 12.16% 13.18%
Cash Flow 2.54% (12.74%) 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 7.02% 2.16% 3.79%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY13 Estimate 0.06 Actual 0.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY13 0.03 −0.11 Miss by 0.14
Q3 FY13 0.06 0.04 Miss by 0.02

EPS $

Mar Jun Sep Dec Year
’26 (0.03) 0.15 0.14 — —
’25 0.11 0.05 (0.07) (0.45) (0.35)
’24 0.18 0.18 0.02 0.01 0.38
’23 (0.02) 0.21 0.08 0.17 0.44
’22 (0.01) 0.03 (0.01) (0.01) (0.01)
’21 0.04 0.05 (0.04) (0.07) (0.01)
’20 0.07 0.10 0.03 0.13 0.33
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 47 48 48 — —
’25 51 49 43 48 191
’24 42 43 36 44 164
’23 32 43 39 45 159
’22 30 32 33 36 132
’21 26 27 22 24 98
’20 26 29 24 29 108
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2 1 (3) — —
’25 3 6 0 1 11
’24 0 9 5 3 17
’23 (1) 2 (1) 2 2
’22 (3) 0 0 3 (1)
’21 4 3 2 (4) 4
’20 0 9 13 0 22
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1 1 (4) — —
’25 2 5 (1) 1 7
’24 0 9 4 2 15
’23 (2) 1 (1) 1 (1)
’22 (4) 0 (1) 2 (3)
’21 3 2 0 (5) 2
’20 (1) 8 12 (1) 19
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 82 86 87 107 108 98 132 159 164 191 192 +9.8% 225 — — +17.7%
Gross margin, % 30.45 30.67 29.34 29.18 27.07 25.08 22.30 24.71 25.73 24.07 25.67 (6.4) pt
EBT 4 6 7 7 7 0 0 9 8 (8) (5) n/m
EBT margin, % 4.34 7.36 7.58 6.34 6.52 (0.15) (0.34) 5.75 5.05 (4.39) (2.67) (8.7) pt
Net income 3 8 25 5 5 0 0 7 6 (6) (3) n/m
Per share, $
Per share, $ Revenue 5.40 5.51 5.49 6.77 6.77 6.13 8.18 9.78 9.93 11.49 11.53 +8.7%
Earnings 0.23 0.49 1.57 0.33 0.33 (0.01) (0.01) 0.44 0.38 (0.35) (0.19) n/m
Cash flow 0.50 0.47 0.69 (0.19) 1.37 0.27 (0.08) 0.12 1.00 0.66 0.12 +3.1%
Capex (0.08) (0.09) (0.26) (0.40) (0.19) (0.18) (0.10) (0.16) (0.12) (0.23) (0.16) +12.6%
Free cash flow 0.42 0.38 0.42 (0.59) 1.18 0.09 (0.18) (0.04) 0.89 0.43 (0.04) +0.2%
Book value 4.45 5.09 6.58 6.95 7.35 7.34 7.22 7.74 8.11 7.82 8.08 +6.5%
Shares, m 15 16 16 16 16 16 16 16 17 17 17 +1.0%
Valuation, ×
Valuation, × P/E 21.43 13.27 4.30 22.39 19.61 0.00 0.00 14.73 19.26 0.00 0.00 11.5
P/S 0.91 1.18 1.23 1.09 0.96 0.99 0.46 0.68 0.75 0.50 1.36 0.9
P/B 1.11 1.28 1.03 1.06 0.88 0.82 0.52 0.86 0.92 0.73 1.94 0.9
EV/Sales 0.79 0.98 0.94 1.18 0.88 1.11 0.58 0.77 1.04 0.71 1.58 0.9
EV/FCF 10.16 14.19 12.25 (13.66) 5.08 72.34 (25.86) (197.18) 11.61 19.04 (436.14) (9.2)
Cash, $m
Cash, $m Operating cash flow 8 7 11 (3) 22 4 (1) 2 17 11 2 +4.1%
Capex (1) (1) (4) (6) (3) (3) (2) (3) (2) (4) (3) +13.7%
Free cash flow 6 6 7 (9) 19 2 (3) (1) 15 7 (1) +1.1%
Balance, $m
Balance, $m Working capital 38 48 52 53 46 48 50 66 68 68 77 +6.7%
Net debt (11) (18) (25) 10 (8) 12 16 15 47 40 42 n/m
Shareholders’ equity 68 79 104 110 117 118 116 125 134 130 135 +7.5%
Returns, %
Returns, % ROA 4.22 8.41 22.87 3.92 3.71 (0.16) (0.07) 4.15 3.17 (2.70) (1.33) (6.9) pt
ROIC 4.11 6.67 5.16 3.85 3.26 0.02 0.06 4.21 3.43 (2.16) (1.49) (6.3) pt
ROE 5.24 10.41 27.17 4.86 4.62 (0.20) (0.10) 5.95 4.86 (4.46) (2.18) (9.7) pt
People
People Employees 552 568 580 573 532 560 547 536 671 678 — +2.3%
Revenue/emp, $m 0.15 0.15 0.15 0.19 0.20 0.18 0.24 0.30 0.25 0.28 — +7.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Ultralife Corporation vs peers in Electrical Equipment & Parts (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ENVX Enovix Corporation $526.7M — (loss-making) — (loss-making) +20.84% (above 0%: growing) n/m +7.17% (above 0%: growing) 14.43% (479.79%) Compare
HYLN Hyliion Holdings Corp. $469.7M — (loss-making) — (loss-making) +226.34% (above 0%: growing) n/m +48.39% (above 0%: growing) 7.40% (309.43%) Compare
FAC Factorial Energy Inc. $422.7M 41.2× — — n/m +11.54% (above 0%: growing) — 0.00% Compare
ULBI Ultralife Corporation $260.5M — (loss-making) 8.0× +11.30% (above 0%: growing) n/m −341.91% (below 0%: shrinking) 27.54% 6.60%
EAF GrafTech International Ltd. $253.1M — (loss-making) — (loss-making) −2.66% (below 0%: shrinking) n/m −184.05% (below 0%: shrinking) 4.01% (16.18%) Compare
ELVA Electrovaya Inc. $231.5M 44.0× 95.4× +3.40% (above 0%: growing) −69.50% (below 0%: shrinking) −265.97% (below 0%: shrinking) 34.93% 4.45% Compare
LTBR Lightbridge Corporation $154.7M — (loss-making) — (loss-making) −97.32% (below 0%: shrinking) n/m −52.58% (below 0%: shrinking) 22.12% 0.00% Compare
ESP Espey Mfg. & Electronics Corp. $139.5M 11.5× 14.9× +40.39% (above 0%: growing) +7.27% (above 0%: growing) −199.91% (below 0%: shrinking) 34.33% 25.79% Compare
NEOV NeoVolta, Inc. $124.5M — (loss-making) — (loss-making) −99.72% (below 0%: shrinking) n/m −1,293.55% (below 0%: shrinking) (8,440.00%) (75,445.93%) Compare
Median of peers $242.3M 41.2× — +3.40% — −118.31% 14.43% (8.09%)

All 55 Electrical Equipment & Parts stocks →

Pay and ownership Proxy statement filed 2 June 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 434.11k 373.15k 148.00
2024 489.18k 527.68k 193.00
2023 779.04k 887.32k 177.00

Ownership

Directors and executive officers, together 42.90%
Bradford T. Whitmore 40.30%
Visionary Wealth Advisors 6.60%
Dimensional Fund Advisors LP 6.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ultralife Corporation (ULBI) Latest News

5 Nov

Impact 4 · · GlobeNewswire

28 Oct

Impact 5 · · MT Newswires
Impact 4 · · Investing.com

27 Oct

Impact 4 · · Business Wire
Impact 4 · · GlobeNewswire

25 Sep

Impact 3 · · Zacks

7 Aug

Impact 4 ·
Impact 4 · · Associated Press Finance
Impact 4 · · GlobeNewswire
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·

1 Jun

Impact 3 · · The Motley Fool transcript

9 May

Impact 4 · · GuruFocus.com
Impact 3 · · MarketBeat

8 May

Impact 4 · · GlobeNewswire

10 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat
Impact 4 · · Associated Press Finance
Impact 3 · · GlobeNewswire

7 Feb

Impact 3 · · Simply Wall St.

18 Nov

Impact 3 ·
Impact 3 · · GlobeNewswire

18 Sep

Impact 4 · · power-technology.com

6 Sep

Impact 3 · · Insider Monkey

4 Sep

Impact 4 · · GlobeNewswire

27 Aug

Impact 4 · · Insider MonkeyBankrateBankrate

23 Aug

Impact 3 ·

8 Aug

Impact 3 · · GuruFocus.com
stockrow.com/ULBI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com