Ultralife Corporation (ULBI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 25	$0.14	$0.07	-50.0%	—	$48.6M	—
Q1 25	$0.15	$0.13	-13.3%	—	$50.7M	—
Q3 24	$0.21	$0.01	-95.2%	—	$35.7M	—
Q2 24	$0.14	$0.18	+28.6%	—	$43M	—
Q1 24	$0.1	$0.21	+110.0%	—	$41.9M	—
Q4 23	$0.09	$0.18	+100.0%	—	$44.5M	—
Q3 23	$0.1	$0.1	0.0%	—	$39.5M	—
Q2 23	$0.04	$0.21	+425.0%	—	$42.7M	—
Q1 23	-$0.09	-$0.02	+77.8%	—	$31.9M	—
Q4 22	$0.12	$0.01	-91.7%	—	$36.1M	—
Q3 22	$0.06	-$0.01	-116.7%	—	$33.2M	—
Q2 22	$0.02	$0.03	+50.0%	—	$32.1M	—
Q1 22	-$0.05	$0.01	+120.0%	—	$30.4M	—
Q4 21	-$0.04	-$0.09	-125.0%	—	$23.8M	—
Q3 21	$0.08	-$0.05	-162.5%	—	$21.8M	—
Q2 21	$0.09	$0.06	-33.3%	—	$26.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.35	—	—	$191.2M	—
FY24	—	$0.38	—	—	$164.5M	—
FY23	—	$0.44	—	—	$158.6M	—
FY22	—	-$0.01	—	—	$131.8M	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$82.5M	$85.5M	$87.2M	$106.8M	$107.7M	$98.3M	$131.8M	$158.6M	$164.5M	$191.2M
YoY change	+7.89%	+3.72%	+1.94%	+22.5%	+0.86%	-8.77%	+34.2%	+20.3%	+3.66%	+16.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	82.5M	85.5M	87.2M	106.8M	107.7M	98.3M	131.8M	158.6M	164.5M	191.2M
Cost of revenue	57.4M	59.3M	61.6M	75.6M	78.6M	73.6M	102.4M	119.4M	122.1M	145.1M
Gross profit	25.1M	26.2M	25.6M	31.2M	29.2M	24.6M	29.4M	39.2M	42.3M	46M
Gross margin	30.4%	30.7%	29.3%	29.2%	27.1%	25.1%	22.3%	24.7%	25.7%	24.1%
Research & development	5.9M	4.7M	4.5M	6.8M	5.9M	6.8M	7.1M	7.5M	8.3M	10.4M
Selling, general & administrative	15.4M	15M	14.5M	17M	17.5M	17.8M	22.2M	22.2M	24.1M	29.3M
Operating expenses	21.3M	19.8M	19M	23.8M	23.5M	24.6M	29.3M	29.7M	32.3M	39.7M
Operating income	3.8M	6.5M	6.6M	7.4M	5.7M	35K	129K	9.5M	10M	6.3M
Operating margin	4.56%	7.57%	7.52%	6.9%	5.29%	0.04%	0.1%	5.97%	6.06%	3.28%
Non-operating income, net	80K	2K	121K	-58K	1.8M	56K	376K	1.7M	276K	-10.7M
Pretax income	3.6M	6.3M	6.6M	6.8M	7M	-151K	-446K	9.1M	8.3M	-8.4M
Income tax	98K	-1.4M	-18.4M	1.5M	1.7M	79K	-326K	2M	1.9M	-2.4M
Net income	3.5M	7.7M	25M	5.3M	5.3M	-230K	-120K	7.2M	6.4M	-6M
Net margin	4.22%	8.96%	28.7%	4.98%	4.95%	-0.23%	-0.09%	4.52%	3.9%	-3.11%
EBITDA	6.6M	8.9M	9M	10.1M	8.8M	3.6M	5M	15M	14.4M	13.2M
EPS	0.23	0.49	1.57	0.33	0.33	-0.01	-0.01	0.44	0.38	-0.35
Diluted EPS	0.23	0.48	1.53	0.32	0.33	-0.01	-0.01	0.44	0.38	-0.35

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	39.5M	44.5M	41.9M	43M	35.7M	43.9M	50.7M	48.6M	43.4M	48.5M	47.4M	47.9M
Cost of revenue	29.7M	33.1M	30.5M	31.4M	27M	33.3M	38M	37M	33.8M	36.4M	37.3M	34.1M
Gross profit	9.8M	11.4M	11.5M	11.6M	8.7M	10.6M	12.7M	11.6M	9.6M	12.1M	10.1M	13.9M
Gross margin	24.8%	25.6%	27.4%	26.9%	24.3%	24.2%	25.1%	23.9%	22.2%	24.9%	21.3%	28.9%
Research & development	1.9M	1.9M	1.8M	2M	2.1M	2.4M	2.4M	2.3M	2.9M	2.8M	3M	3.2M
Selling, general & administrative	5.8M	5.9M	5.7M	5.6M	6.1M	6.7M	6.9M	7M	7.7M	7.7M	7.4M	7.2M
Operating expenses	7.6M	7.8M	7.4M	7.6M	8.2M	9.1M	9.3M	9.3M	10.6M	10.5M	10.3M	10.4M
Operating income	2.1M	3.6M	4.1M	3.9M	511K	1.5M	3.4M	2.3M	-951K	1.6M	-215K	3.4M
Operating margin	5.41%	8.19%	9.69%	9.11%	1.43%	3.36%	6.7%	4.65%	-2.19%	3.25%	-0.45%	7.17%
Non-operating income, net	200K	30K	64K	347K	15K	-150K	79K	-151K	192K	-10.8M	420K	388K
Pretax income	1.7M	3.1M	3.6M	3.8M	353K	495K	2.4M	1.1M	-1.8M	-10.2M	-663K	3M
Income tax	446K	263K	703K	853K	74K	262K	567K	243K	-504K	-2.8M	-192K	468K
Net income	1.3M	2.9M	2.9M	3M	279K	233K	1.9M	870K	-1.2M	-7.5M	-471K	2.5M
Net margin	3.3%	6.4%	6.93%	6.96%	0.78%	0.53%	3.7%	1.79%	-2.88%	-15.4%	-0.99%	5.25%
EBITDA	3.3M	4.6M	5.1M	5.3M	1.5M	2.5M	4.8M	3.5M	660K	-8M	1.5M	5.1M
EPS	0.08	0.18	0.18	0.18	0.02	0.01	0.11	0.05	-0.07	-0.45	-0.03	0.15
Diluted EPS	0.08	0.17	0.18	0.18	0.02	0.01	0.11	0.05	-0.07	-0.45	-0.03	0.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	75.5M	101.7M	107.2M	116.6M	102.9M	96.9M	62.2M	110.6M	123.3M	95.2M	100.8M
Enterprise value	64.9M	83.5M	81.6M	126.7M	93.7M	109.4M	77.9M	126M	170.7M	135.5M	143.6M
Shares outstanding	15.3M	15.5M	15.9M	15.8M	15.9M	16M	16.1M	16.2M	16.6M	16.6M	16.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.7	13.3	4.29	21.9	19.3	—	—	15.4	19.2	—	65.5
P/S	0.92	1.19	1.23	1.09	0.96	0.99	0.47	0.7	0.75	0.5	0.54
P/B	1.11	1.29	1.03	1.06	0.88	0.82	0.53	0.88	0.92	0.73	0.78
EV/EBITDA	9.88	9.37	9.02	12.6	10.6	30.1	15.7	8.38	11.9	10.2	11.3
EV/Sales	0.79	0.98	0.94	1.19	0.87	1.11	0.59	0.79	1.04	0.71	0.77
Earnings yield	4.61%	7.54%	23.3%	4.56%	5.18%	—	—	6.48%	5.2%	—	1.53%
FCF yield	8.52%	5.78%	6.25%	-7.93%	18.1%	1.56%	-4.73%	-0.56%	11.9%	7.48%	2.32%
PEG	—	—	—	—	—	—	—	—	—	—	0.33

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	30.4%	30.7%	29.3%	29.2%	27.1%	25.1%	22.3%	24.7%	25.7%	24.1%	28.9%
Operating margin	4.56%	7.57%	7.52%	6.9%	5.29%	0.04%	0.1%	5.97%	6.06%	3.28%	9.01%
Net margin	4.22%	8.96%	28.7%	4.98%	4.95%	-0.23%	-0.09%	4.52%	3.9%	-3.11%	-3.5%
ROE	5.13%	9.7%	23.9%	4.84%	4.56%	-0.2%	-0.1%	5.71%	4.78%	-4.57%	-4.91%
ROA	4.11%	7.89%	20.7%	3.68%	3.87%	-0.14%	-0.07%	4.02%	2.91%	-2.74%	2.1%
ROIC	6.4%	10.6%	8.31%	4.83%	4.02%	0.03%	0.1%	5.29%	4.24%	3.68%	2.26%
Return on tangible assets	11.4%	18.2%	37%	7.42%	8.17%	-0.47%	-0.19%	9.83%	7.88%	-5.71%	-6.36%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.36	4.35	4.37	4.09	3.45	3.52	2.73	3.8	3.32	2.83	2.87
Quick ratio	2.29	2.5	2.88	2.36	1.94	1.76	1.31	2.02	1.56	1.39	1.3
Debt / equity	—	—	—	0.16	0.01	0.18	0.18	0.2	0.4	0.38	0.36
Debt / assets	—	—	—	0.12	0.01	0.13	0.13	0.14	0.25	0.23	0.21
Net debt / EBITDA	—	—	—	1	-1.05	3.45	3.16	1.03	3.29	3.05	-60.5
Interest coverage	14.6	35.4	106	13.6	17.1	0.38	0.53	5.52	5.28	-1.12	-1.65
Effective tax rate	2.74%	0%	0%	21.5%	24.1%	0%	0%	21.4%	22.8%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.4	5.51	5.49	6.77	6.77	6.13	8.18	9.78	9.93	11.5	11.2
EPS (basic)	0.23	0.49	1.57	0.33	0.33	-0.01	-0.01	0.44	0.38	-0.35	-0.35
EPS (diluted)	0.23	0.48	1.53	0.32	0.33	-0.01	-0.01	0.44	0.38	-0.35	-0.39
Book value per share	4.45	5.09	6.58	6.95	7.35	7.34	7.22	7.74	8.11	7.82	7.78
FCF per share	0.42	0.38	0.42	-0.59	1.17	0.09	-0.18	-0.04	0.89	0.43	0.12
Cash per share	0.7	1.17	1.61	0.45	0.66	0.52	0.35	0.63	0.41	0.56	0.4
Capex per share	0.08	0.09	0.26	0.4	0.19	0.18	0.1	0.16	0.12	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.48%	1.63%	4.8%	5.88%	2.77%	2.86%	1.27%	1.61%	1.17%	—	—
Capex / operating cash flow	17.6%	17.5%	39.8%	-450.3%	13.6%	66%	-77.2%	50.8%	9.48%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$39.5M	$44.5M	$41.9M	$43M	$35.7M	$43.9M	$50.7M	$48.6M	$43.4M	$48.5M	$47.4M	$47.9M
YoY change	+18.8%	+23.4%	+31.4%	+0.68%	-9.61%	-1.56%	+21%	+13%	+21.5%	+10.6%	-6.5%	-1.27%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	10.6M	18.2M	25.6M	7.1M	10.6M	8.3M	5.6M	10.2M	6.9M	9.3M
Receivables	13.2M	14.7M	16M	30.1M	21.1M	20.2M	27.8M	31.8M	29.4M	33.9M
Inventory	23.5M	26.3M	22.8M	29.8M	28.2M	33.2M	41.2M	42.2M	51.4M	54M
Total current assets	49.4M	61.9M	67.2M	70.4M	64.5M	66.5M	79M	90.2M	97.2M	105.8M
Property, plant & equipment	242K	-288K	2.5M	7.1M	7.5M	7.8M	6.1M	5.1M	10.4M	10.2M
Goodwill & intangibles	54.3M	55.1M	53.2M	72.9M	72.5M	110.9M	106.7M	105.4M	139.1M	112.6M
Total assets	84.7M	97.2M	120.8M	144.6M	137.7M	159.5M	168.4M	178.3M	220.5M	216.9M
Accounts payable	7.3M	8.8M	9.9M	9.4M	10.8M	9.8M	16.1M	11.3M	14.2M	17.4M
Short-term debt	—	—	—	1.4M	1.4M	2M	2M	2M	2.8M	4.1M
Total current liabilities	11.3M	14.2M	15.4M	17.2M	18.7M	18.9M	28.9M	23.7M	29.3M	37.3M
Long-term debt	—	—	—	15.8M	—	18.9M	19.3M	23.6M	51.5M	45.5M
Total liabilities	16.9M	18.1M	16.4M	34.8M	20.8M	41.8M	52M	52.8M	86.3M	86.8M
Shareholders' equity	67.9M	79M	104.5M	109.8M	116.9M	117.7M	116.4M	125.4M	134.2M	130.1M
Total debt	—	—	—	17.2M	1.4M	20.9M	21.3M	25.6M	54.3M	49.7M
Net debt	—	—	—	10M	-9.2M	12.5M	15.7M	15.4M	47.4M	40.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	9.2M	10.2M	10.1M	6.7M	6.8M	6.9M	8.7M	10.9M	9.3M	9.3M	8.9M	6.7M
Receivables	27.2M	31.8M	35.3M	31.1M	27.8M	29.4M	36.1M	32.3M	30.9M	33.9M	34.4M	34.8M
Inventory	46.6M	42.2M	43.8M	41.4M	44M	51.4M	47.9M	50.6M	52.7M	54M	57.3M	58.7M
Total current assets	89.6M	90.2M	94.3M	83.8M	86.4M	97.2M	101.5M	99M	100.6M	105.8M	110.1M	107.2M
Property, plant & equipment	5.2M	5.1M	4.7M	4.2M	4.1M	10.4M	6.7M	10.5M	10.4M	10.2M	9.7M	8.6M
Goodwill & intangibles	105.3M	105.4M	104.7M	104.3M	104.6M	139.1M	138.7M	138.5M	137.5M	112.6M	112M	111.5M
Total assets	176.1M	178.3M	180.6M	169.8M	172.4M	220.5M	223.8M	221M	222.2M	216.9M	220.6M	216.2M
Accounts payable	13.5M	11.3M	13.3M	9.7M	12.7M	14.2M	16.6M	15M	14.2M	17.4M	24.1M	22.6M
Short-term debt	2M	2M	2M	2M	2M	2.8M	3.1M	3.4M	3.8M	4.1M	3.4M	1.8M
Total current liabilities	26.4M	23.7M	23.4M	20.6M	26.2M	29.3M	31.5M	29.9M	33.7M	37.3M	43.1M	37.4M
Long-term debt	24.1M	23.6M	23.1M	10M	5.9M	51.5M	50.5M	47.5M	46.5M	45.5M	44.2M	42.9M
Total liabilities	54.4M	52.8M	51.6M	36.5M	37.8M	86.3M	87.1M	82.3M	84.8M	86.8M	90.9M	83.6M
Shareholders' equity	121.8M	125.4M	128.9M	133.3M	134.6M	134.2M	136.6M	138.6M	137.4M	130.1M	129.7M	132.6M
Total debt	26.1M	25.6M	25.1M	12M	7.9M	54.3M	53.6M	50.9M	50.3M	49.7M	47.6M	44.6M
Net debt	16.9M	15.4M	15M	5.3M	1.1M	47.4M	44.9M	40M	41M	40.3M	38.7M	37.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.5M	7.7M	25M	5.3M	5.3M	-230K	-120K	7.2M	6.4M	-6M
Depreciation & amortization	2.7M	2.4M	2.4M	2.7M	2.9M	3.5M	4.5M	3.9M	4.2M	5.5M
Stock-based compensation	710K	653K	890K	753K	943K	671K	776K	528K	698K	935K
Change in working capital	-206K	-1.2M	862K	-11.5M	12.8M	324K	-6.4M	-7.9M	7.6M	-1.1M
Operating cash flow	6.9M	7.9M	10.5M	-1.4M	21.9M	4.3M	-2.2M	5M	20.4M	11M
Capital expenditure	-1.2M	-1.4M	-4.2M	-6.3M	-3M	-2.8M	-1.7M	-2.6M	-1.9M	—
Investing cash flow	-11M	-1.4M	-4.2M	-31.5M	-3M	-26.3M	-1.7M	-2.6M	-50M	0
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-607K	0	-742K	-2M	0	—	—	—	—	—
Financing cash flow	-635K	-26K	-400K	15.2M	-28.3M	17.8M	-2.4M	1.2M	27.9M	-4.8M
Net change in cash	-4.7M	6.5M	5.9M	-17.7M	-9.4M	-4.3M	-6.3M	3.7M	-1.7M	6.2M
Free cash flow	6.4M	5.9M	6.7M	-9.3M	18.6M	1.5M	-2.9M	-623K	14.7M	7.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.3M	2.9M	2.9M	3M	279K	233K	1.9M	870K	-1.2M	-7.5M	-471K	2.5M
Depreciation & amortization	987K	966K	968K	1M	994K	1.2M	1.4M	1.4M	1.4M	1.3M	1.3M	1.3M
Stock-based compensation	131K	104K	161K	159K	170K	208K	227K	235K	236K	237K	-1K	90K
Change in working capital	-2.2M	-292K	-5.9M	4.7M	6.5M	2.4M	-1.2M	-773K	2.4M	-1.3M	2.4M	-6.1M
Operating cash flow	557K	3.7M	-1.2M	9.6M	7.8M	4.2M	2.6M	5.9M	198K	1.5M	2.3M	1.2M
Capital expenditure	-534K	-1M	-372K	-360K	-594K	-606K	-895K	—	—	—	—	—
Investing cash flow	-534K	-1M	-372K	-360K	-594K	-606K	-895K	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	3.4M	-3.5M	-500K	-13.2M	-4M	-9.4M	-687K	-2.7M	-688K	-687K	-2.1M	-3.1M
Net change in cash	3.4M	-805K	-2.1M	-3.9M	3.2M	-5.8M	1.1M	3.2M	-490K	802K	193K	-1.9M
Free cash flow	-1.4M	1.4M	-453K	8.6M	4.2M	2.4M	2.5M	4.8M	-797K	607K	1.5M	735K

Ultralife Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement