NASDAQ : ULBI
Ultralife Corporation — Financial statements
Industrials · Electrical Equipment & Parts · United States
Last price 15.62 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 260.28M
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Financial statements
Ultralife Corporation (ULBI) reported revenue of 187.24M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 187.24M | 191.16M | 164.46M | 158.64M | 131.84M | 98.27M |
| Cost of Revenue | 141.59M | 145.14M | 122.14M | 119.44M | 102.44M | 73.50M |
| Gross Profit | 45.65M | 46.02M | 42.31M | 39.20M | 29.40M | 24.76M |
| Selling, General & Admin | 26.43M | 27.04M | 22.72M | 22.19M | 22.19M | 17.43M |
| Research & Development | 11.86M | 10.40M | 8.27M | 7.53M | 7.08M | 6.83M |
| Operating Expenses | 38.29M | 37.44M | 30.99M | 29.73M | 29.27M | 24.25M |
| Operating Income | 7.36M | 8.58M | 11.33M | 9.47M | 129.00K | 510.00K |
| Interest Expense | -3.64M | -3.95M | -1.94M | -2.02M | -951.00K | -242.00K |
| Currency Exchange Gain (Loss) | 114.00K | 376.00K | 56.00K | |||
| Other Non Operating Income (Expenses) | 2.34M | 1.46M | 276.00K | |||
| EBT Excluding Unusual Items | 6.06M | 6.08M | 9.66M | 7.57M | -446.00K | 324.00K |
| Merger & Restructuring Charges | -2.30M | -2.30M | -1.36M | -475.00K | ||
| Asset Writedown | -12.18M | -12.18M | ||||
| Other Unusual Items | -1.21M | 1.54M | ||||
| Pretax Income | -9.63M | -8.40M | 8.30M | 9.12M | -446.00K | -151.00K |
| Income Tax Expense | -2.98M | -2.45M | 1.89M | 1.95M | -326.00K | 79.00K |
| Earnings From Continuing Operations | -6.65M | -5.95M | 6.41M | 7.17M | -120.00K | -230.00K |
| Minority Interest in Earnings | 103.00K | 53.00K | -97.00K | 31.00K | 1.00K | -4.00K |
| Net Income | -6.55M | -5.90M | 6.31M | 7.20M | -119.00K | -234.00K |
| Net Income to Common | -6.55M | -5.90M | 6.31M | 7.20M | -119.00K | -234.00K |
| Shares Outstanding (Basic) | 16.65M | 16.64M | 16.55M | 16.21M | 16.13M | 16.04M |
| Shares Outstanding (Diluted) | 16.65M | 16.64M | 16.77M | 16.23M | 16.13M | 16.04M |
| EPS (Basic) | -0.39 | -0.35 | 0.38 | 0.44 | -0.01 | -0.01 |
| EPS (Diluted) | -0.39 | -0.35 | 0.38 | 0.44 | -0.01 | -0.01 |
| Free Cash Flow | 2.03M | 7.12M | 14.70M | -623.00K | -2.94M | 1.51M |
| Free Cash Flow Per Share | 0.12 | 0.43 | 0.88 | -0.04 | -0.18 | 0.09 |
| Gross Margin | 24.38% | 24.07% | 25.73% | 24.71% | 22.30% | 25.20% |
| Operating Margin | 3.93% | 4.49% | 6.89% | 5.97% | 0.10% | 0.52% |
| Profit Margin | -3.50% | -3.08% | 3.84% | 4.54% | -0.09% | -0.24% |
| Free Cash Flow Margin | 1.08% | 3.72% | 8.94% | -0.39% | -2.23% | 1.54% |
| EBITDA | 12.73M | 14.08M | 15.48M | 13.39M | 4.59M | 4.05M |
| EBITDA Margin | 6.80% | 7.36% | 9.41% | 8.44% | 3.48% | 4.12% |
| D&A For EBITDA | 5.37M | 5.50M | 4.16M | 3.91M | 4.46M | 3.54M |
| EBIT | 7.36M | 8.58M | 11.33M | 9.47M | 129.00K | 510.00K |
| EBIT Margin | 3.93% | 4.49% | 6.89% | 5.97% | 0.10% | 0.52% |
| Effective Tax Rate | 22.79% | 21.40% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.66M | 9.35M | 6.85M | 10.28M | 5.71M | 8.41M |
| Cash & Short-Term Investments | 6.66M | 9.35M | 6.85M | 10.28M | 5.71M | 8.41M |
| Accounts Receivable | 34.77M | 33.95M | 29.37M | 31.76M | 27.78M | 20.23M |
| Receivables | 34.77M | 33.95M | 29.37M | 31.76M | 27.78M | 20.23M |
| Inventory | 58.74M | 54.01M | 51.36M | 42.22M | 41.19M | 33.19M |
| Prepaid Expenses | 6.98M | 8.50M | 9.57M | 5.95M | 4.30M | 4.69M |
| Total Current Assets | 107.16M | 105.80M | 97.16M | 90.20M | 78.99M | 66.52M |
| Property, Plant & Equipment | 42.40M | 43.74M | 44.64M | 24.71M | 23.90M | 25.79M |
| Goodwill | 45.37M | 45.38M | 45.01M | 37.57M | 37.43M | 38.07M |
| Other Intangible Assets | 10.39M | 10.93M | 24.56M | 15.11M | 15.92M | 17.39M |
| Long-Term Deferred Tax Assets | 10.34M | 10.49M | 8.41M | 10.57M | 12.07M | 11.47M |
| Long-Term Deferred Charges | 360.00K | 414.00K | ||||
| Other Long-Term Assets | 152.00K | 153.00K | 677.00K | 122.00K | 121.00K | 298.00K |
| Total Assets | 216.16M | 216.91M | 220.45M | 178.28M | 168.43M | 159.54M |
| Accounts Payable | 22.60M | 17.42M | 14.16M | 11.34M | 16.07M | 9.82M |
| Accrued Expenses | 11.79M | 14.51M | 11.24M | 9.50M | 9.94M | 6.23M |
| Current Portion of Long-Term Debt | 1.75M | 4.12M | 2.75M | 2.00M | 2.00M | 2.00M |
| Current Portion of Leases | 912.00K | 976.00K | 1.14M | 894.00K | 895.00K | 867.00K |
| Current Unearned Revenue | 298.00K | 298.00K | ||||
| Total Current Liabilities | 37.35M | 37.33M | 29.29M | 23.73M | 28.91M | 18.92M |
| Long-Term Debt | 42.85M | 45.53M | 51.50M | 23.62M | 19.31M | 18.86M |
| Long-Term Leases | 1.99M | 2.36M | 3.00M | 2.64M | 1.31M | 1.74M |
| Long-Term Unearned Revenue | 408.00K | 557.00K | ||||
| Long-Term Deferred Tax Liabilities | 934.00K | 1.00M | 1.44M | 1.71M | 1.92M | 2.25M |
| Other Long-Term Liabilities | 11.00K | 5.00K | 1.03M | 1.14M | 580.00K | 17.00K |
| Total Liabilities | 83.56M | 86.78M | 86.26M | 52.85M | 52.03M | 41.80M |
| Common Stock | 2.11M | 2.11M | 2.11M | 2.08M | 2.06M | 2.05M |
| Additional Paid-In Capital | 192.98M | 192.86M | 191.83M | 189.16M | 187.41M | 186.52M |
| Retained Earnings | -38.25M | -40.34M | -34.44M | -40.75M | -47.95M | -47.83M |
| Treasury Stock | -21.49M | -21.49M | -21.49M | -21.49M | -21.48M | -21.47M |
| Comprehensive Income & Other | -2.85M | -3.14M | -4.01M | -3.66M | -3.75M | -1.65M |
| Total Common Equity | 132.51M | 130.00M | 134.00M | 125.33M | 116.28M | 117.62M |
| Minority Interest | 94.00K | 139.00K | 192.00K | 95.00K | 126.00K | 127.00K |
| Shareholders' Equity | 132.60M | 130.13M | 134.19M | 125.43M | 116.40M | 117.74M |
| Total Liabilities & Equity | 216.16M | 216.91M | 220.45M | 178.28M | 168.43M | 159.54M |
| Total Debt | 47.51M | 52.98M | 58.39M | 29.16M | 23.51M | 23.47M |
| Net Cash (Debt) | -40.85M | -43.64M | -51.53M | -18.88M | -17.80M | -15.05M |
| Net Cash Per Share | -2.45 | -2.62 | -3.07 | -1.16 | -1.10 | -0.94 |
| Filing Date Shares Outstanding | 16.66M | 16.66M | 16.63M | 16.45M | 16.14M | 16.13M |
| Total Common Shares Outstanding | 16.66M | 16.66M | 16.63M | 16.35M | 16.14M | 16.09M |
| Working Capital | 69.80M | 68.47M | 67.87M | 66.47M | 50.08M | 47.60M |
| Book Value Per Share | 7.95 | 7.80 | 8.06 | 7.67 | 7.21 | 7.31 |
| Tangible Book Value | 76.75M | 73.69M | 64.43M | 72.65M | 62.93M | 62.16M |
| Tangible Book Value Per Share | 4.61 | 4.42 | 3.87 | 4.44 | 3.90 | 3.86 |
| Land | 4.69M | 4.69M | 4.69M | 1.27M | 1.27M | 1.27M |
| Buildings | 30.88M | 30.18M | 30.11M | 16.00M | 15.57M | 15.44M |
| Machinery | 78.04M | 74.92M | 72.04M | 68.30M | 74.57M | 73.95M |
| Construction In Progress | 762.00K | 3.13M | 2.08M | 2.03M | 1.25M | 761.00K |
| Order Backlog | 110.22M | 102.16M | 103.53M | 110.99M | 63.71M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -6.55M | -5.90M | 6.31M | 7.17M | -119.00K | -234.00K |
| Depreciation & Amortization | 5.37M | 5.50M | 4.16M | 3.91M | 4.46M | 3.54M |
| Other Amortization | 264.00K | 265.00K | 91.00K | 64.00K | 36.00K | 104.00K |
| Asset Writedown & Restructuring Costs | 12.18M | 12.18M | ||||
| Stock-Based Compensation | 562.00K | 935.00K | 698.00K | 528.00K | 776.00K | 671.00K |
| Other Operating Activities | -3.16M | -2.59M | 1.49M | 1.30M | -963.00K | -143.00K |
| Change in Accounts Receivable | -2.49M | -4.35M | 7.60M | -3.89M | -7.88M | 4.42M |
| Change in Inventory | -8.18M | -2.35M | -109.00K | -943.00K | -8.75M | -1.30M |
| Change in Accounts Payable | 8.07M | 5.78M | 215.00K | -2.97M | 10.09M | -2.71M |
| Change in Income Taxes | -170.00K | -170.00K | -64.00K | -142.00K | 180.00K | -91.00K |
| Change in Other Net Operating Assets | -766.00K | 1.69M | -3.75M | -3.10M | 911.00K | 64.00K |
| Operating Cash Flow | 5.13M | 10.99M | 16.64M | 1.93M | -1.26M | 4.33M |
| Capital Expenditures | -3.10M | -3.87M | -1.93M | -2.55M | -1.68M | -2.81M |
| Cash Acquisitions | -48.02M | -23.52M | ||||
| Investing Cash Flow | -3.10M | -3.87M | -49.95M | -2.55M | -1.68M | -26.33M |
| Long-Term Debt Issued | 55.00M | 7.25M | 3.35M | 20.98M | ||
| Total Debt Issued | 55.00M | 7.25M | 3.35M | 20.98M | ||
| Long-Term Debt Repaid | -4.75M | -25.75M | -3.00M | -2.83M | -1.47M | |
| Total Debt Repaid | -6.50M | -4.75M | -25.75M | -3.00M | -2.83M | -1.47M |
| Net Debt Issued (Repaid) | -6.50M | -4.75M | 29.25M | 4.25M | 517.00K | 19.51M |
| Issuance of Common Stock | 73.00K | 98.00K | 2.00M | 1.25M | 116.00K | 398.00K |
| Repurchase of Common Stock | -8.00K | -15.00K | -148.00K | |||
| Other Financing Activities | -24.00K | -1.39M | -100.00K | -114.00K | ||
| Financing Cash Flow | -6.43M | -4.68M | 29.86M | 5.49M | 518.00K | 19.64M |
| Foreign Exchange Rate Adjustments | 118.00K | 49.00K | 34.00K | -302.00K | -276.00K | 126.00K |
| Net Cash Flow | -4.28M | 2.49M | -3.42M | 4.57M | -2.70M | -2.24M |
| Free Cash Flow | 2.03M | 7.12M | 14.70M | -623.00K | -2.94M | 1.51M |
| Free Cash Flow Margin | 1.08% | 3.72% | 8.94% | -0.39% | -2.23% | 1.54% |
| Free Cash Flow Per Share | 0.12 | 0.43 | 0.88 | -0.04 | -0.18 | 0.09 |
| Levered Free Cash Flow | 2.34M | 6.40M | 3.07M | -5.22M | -2.12M | -3.21M |
| Unlevered Free Cash Flow | 4.34M | 8.60M | 4.19M | -4.02M | -1.57M | -3.16M |
| Cash Interest Paid | 3.69M | 3.69M | 1.85M | 1.96M | 930.00K | 142.00K |
| Cash Income Tax Paid | 147.00K | 147.00K | 722.00K | 769.00K | 354.00K | 324.00K |
| Change in Working Capital | -3.54M | 602.00K | 3.89M | -11.04M | -5.45M | 388.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 260.28M | 95.23M | 123.87M | 111.44M | 62.28M | 97.13M |
| Enterprise Value | 301.13M | 139.94M | 129.31M | 130.24M | 82.11M | 83.39M |
| Last Close Price | 15.62 | 5.72 | 7.45 | 6.82 | 3.86 | 6.04 |
| PE Ratio | 19.62 | 15.48 | ||||
| Forward PE | 8.28 | 9.68 | 12.87 | 7.57 | 40.27 | |
| PS Ratio | 1.39 | 0.50 | 0.75 | 0.70 | 0.47 | 0.99 |
| PB Ratio | 1.96 | 0.73 | 0.92 | 0.89 | 0.54 | 0.82 |
| P/TBV Ratio | 3.39 | 1.29 | 1.92 | 1.53 | 0.99 | 1.56 |
| P/FCF Ratio | 128.15 | 13.38 | 8.42 | 64.28 | ||
| P/OCF Ratio | 50.73 | 8.66 | 7.45 | 57.77 | 22.46 | |
| PEG Ratio | 2.27 | 2.27 | 2.27 | 2.27 | 2.27 | |
| EV/Sales Ratio | 1.61 | 0.73 | 0.79 | 0.82 | 0.62 | 0.85 |
| EV/EBITDA Ratio | 23.65 | 9.94 | 8.35 | 9.73 | 17.90 | 20.60 |
| EV/EBIT Ratio | 40.92 | 16.31 | 11.42 | 13.75 | 636.54 | 163.52 |
| EV/FCF Ratio | 148.27 | 19.66 | 8.79 | 55.19 | ||
| Debt / Equity Ratio | 0.36 | 0.41 | 0.43 | 0.23 | 0.20 | 0.20 |
| Debt / EBITDA Ratio | 3.40 | 3.45 | 3.50 | 2.01 | 4.22 | 4.80 |
| Debt / FCF Ratio | 23.39 | 7.44 | 3.97 | 15.53 | ||
| Net Debt / Equity Ratio | 0.31 | 0.34 | 0.38 | 0.15 | 0.15 | 0.13 |
| Net Debt / EBITDA Ratio | 3.21 | 3.10 | 3.33 | 1.41 | 3.88 | 3.72 |
| Net Debt / FCF Ratio | 20.11 | 6.13 | 3.50 | -30.31 | -6.05 | 9.96 |
| Asset Turnover | 0.86 | 0.87 | 0.82 | 0.92 | 0.80 | 0.66 |
| Inventory Turnover | 2.59 | 2.75 | 2.61 | 2.86 | 2.75 | 2.40 |
| Quick Ratio | 1.11 | 1.16 | 1.24 | 1.77 | 1.16 | 1.51 |
| Current Ratio | 2.87 | 2.83 | 3.32 | 3.80 | 2.73 | 3.52 |
| Return on Equity (ROE) | -4.91% | -4.50% | 4.94% | 5.93% | -0.10% | -0.20% |
| Return on Assets (ROA) | 2.10% | 2.45% | 3.55% | 3.42% | 0.05% | 0.21% |
| Return on Invested Capital (ROIC) | 4.27% | 4.77% | 5.30% | 5.35% | 0.10% | 0.42% |
| Return on Capital Employed (ROCE) | 4.10% | 4.80% | 5.90% | 6.10% | 0.10% | 0.40% |
| Earnings Yield | -2.52% | -6.19% | 5.10% | 6.46% | -0.19% | -0.24% |
| FCF Yield | 0.78% | 7.47% | 11.87% | -0.56% | -4.72% | 1.56% |
| Buyback Yield / Dilution | 0.70% | 0.74% | -3.33% | -0.63% | -0.55% | 0.37% |