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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. In the quarter to June 2026, revenue fell 1.27%, EPS grew 200.0%, free cash flow fell 84.8% and total debt fell 12.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.

6.02 0.09 −1.47%
Market cap
$101.8M
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 Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 2.54
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 3 2 — — 2 — 2 — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 41.41%

Capital & Financial Ratios $m

Market Cap 101.81
Revenue 187.24
Net Income (6.65)
Free Cash Flow 2.03
Net Debt 37.94
Current Ratio 2.87 (at or above 1.5: strong)
Debt/Equity 0.34 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E 7.97
P/S ratio 0.54
P/B ratio 0.76
Past 5Y EPS Growth —
This Y EPS Growth 84.21% (at or above 15%: strong)
Next Y EPS Growth 22.86% (at or above 15%: strong)
Next Y revenue growth 17.65% (at or above 10%: strong)
Next 5Y EPS Growth 17.50% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, 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 9.10%
10-year low 10-year high
P/B against its own 10 years 20.35%
10-year low 10-year high
EV/Sales against its own 10 years 12.50%
10-year low 10-year high
EV/FCF against its own 10 years 82.18%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 10 7 9 7
Receivables 32 29 34 35
Inventory 42 51 54 59
Other — — — —
90 97 106 107
2023 2024 2025 Q'26
Payables 11 14 17 23
ST’ Debt 2 3 4 2
Other — — — —
24 29 37 37

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%

Revenue $m

Mar Jun Sep Dec Year
’26 47 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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.03) 0.15 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 3.73 4.90 6.30 6.75 4.85 4.92 3.67 3.71 6.36 4.07

Analyst estimates 2026–2028

Powerpack
High 6.61 7.90 10.95 11.97 8.85 11.78 6.26 11.85 13.39 9.52
People
People Employees 552 568 580 573 532 560 547 536 671 678
Revenue/emp, $m 0.15 0.15 0.15 0.19 0.20 0.18 0.24 0.30 0.25 0.28
Income, $m
Income, $m Revenue 82 86 87 107 108 98 132 159 164 191
Gross margin, % 30.45 30.67 29.34 29.18 27.07 25.08 22.30 24.71 25.73 24.07
EBT 4 6 7 7 7 0 0 9 8 (8)
EBT margin, % 4.34 7.36 7.58 6.34 6.52 (0.15) (0.34) 5.75 5.05 (4.39)
Net income 3 8 25 5 5 0 0 7 6 (6)
Depreciation 3 2 2 3 3 4 4 4 4 6
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
Earnings 0.23 0.49 1.57 0.33 0.33 (0.01) (0.01) 0.44 0.38 (0.35)
Cash flow 0.50 0.47 0.69 (0.19) 1.37 0.27 (0.08) 0.12 1.00 0.66
Capex (0.08) (0.09) (0.26) (0.40) (0.19) (0.18) (0.10) (0.16) (0.12) (0.23)
Free cash flow 0.42 0.38 0.42 (0.59) 1.18 0.09 (0.18) (0.04) 0.89 0.43
Book value 4.45 5.09 6.58 6.95 7.35 7.34 7.22 7.74 8.11 7.82
Shares, m 15 16 16 16 16 16 16 16 17 17
Valuation, ×
Valuation, × P/E 21.43 13.27 4.30 22.39 19.61 0.00 0.00 14.73 19.26 0.00
P/S 0.91 1.18 1.23 1.09 0.96 0.99 0.46 0.68 0.75 0.50
P/B 1.11 1.28 1.03 1.06 0.88 0.82 0.52 0.86 0.92 0.73
EV/Sales 0.79 0.98 0.94 1.18 0.88 1.11 0.58 0.77 1.04 0.71
EV/FCF 10.16 14.19 12.25 (13.66) 5.08 72.34 (25.86) (197.18) 11.61 19.04
Cash, $m
Cash, $m Operating cash flow 8 7 11 (3) 22 4 (1) 2 17 11
Capex (1) (1) (4) (6) (3) (3) (2) (3) (2) (4)
Free cash flow 6 6 7 (9) 19 2 (3) (1) 15 7
Balance, $m
Balance, $m Working capital 38 48 52 53 46 48 50 66 68 68
Total debt — — 1 17 3 21 21 26 54 50
Net debt (11) (18) (25) 10 (8) 12 16 15 47 40
Shareholders’ equity 68 79 104 110 117 118 116 125 134 130
Returns, %
Returns, % ROA 4.22 8.41 22.87 3.92 3.71 (0.16) (0.07) 4.15 3.17 (2.70)
ROIC 4.11 6.67 5.16 3.85 3.26 0.02 0.06 4.21 3.43 (2.16)
ROE 5.24 10.41 27.17 4.86 4.62 (0.20) (0.10) 5.95 4.86 (4.46)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
ESP Espey Mfg. & Electronics Corp. $171.0M 13.8× 15.4× +40.39% (above 0%: growing) +7.27% (above 0%: growing) −199.91% (below 0%: shrinking) 34.33% 25.79% Compare
NEOV NeoVolta, Inc. $143.4M — (loss-making) — (loss-making) −99.72% (below 0%: shrinking) n/m −1,293.55% (below 0%: shrinking) (8,440.00%) (75,445.93%) Compare
SKYX SKYX Platforms Corp. $136.8M — (loss-making) — (loss-making) +9.58% (above 0%: growing) n/m −56.37% (below 0%: shrinking) 28.86% (27.98%) Compare
ULBI Ultralife Corporation $101.8M — (loss-making) 8.0× −1.27% (below 0%: shrinking) +200.00% (above 0%: growing) −84.80% (below 0%: shrinking) 28.92% 7.17%
CBAT China BAK Battery, Inc. $101.1M — (loss-making) — (loss-making) +99.26% (above 0%: growing) n/m +147.06% (above 0%: growing) 1.49% (13.93%) Compare
OESX Orion Energy Systems, Inc. $95.1M — (loss-making) 20.0× +31.51% (above 0%: growing) n/m +336.14% (above 0%: growing) 34.62% 8.20% Compare
RFIL RF Industries, Ltd. $79.4M 31.2× 50.1× +21.07% (above 0%: growing) +225.00% (above 0%: growing) +453.33% (above 0%: growing) 35.63% 7.34% Compare
TGEN Tecogen Inc. $67.9M — (loss-making) — (loss-making) −21.23% (below 0%: shrinking) n/m +11.86% (above 0%: growing) 37.83% (37.42%) Compare
NVX NOVONIX Limited Sponsored ADR $54.4M — (loss-making) — (loss-making) +76.13% (above 0%: growing) n/m −1.34% (below 0%: shrinking) (431.26%) 0.00% Compare
Median of peers $98.1M — 20.0× +26.29% — +5.26% 31.60% (6.96%)

All 52 Electrical Equipment & Parts stocks →

Ultralife Corporation (ULBI) key facts

  • Strength: Ultralife Corporation’s revenue for fiscal 2025 (year ended December 2025) was $191.2 million, up 16.2% from fiscal 2024.
  • Ultralife Corporation (ULBI) is an Electrical Equipment & Parts company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, ULBI traded at $6.02, a market capitalization of $101.8 million.
  • Return on equity was −4.46% and debt-to-equity 0.34.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 1.57 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Ultralife Corporation (ULBI) Latest News

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stockrow.com/ULBI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com