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Ultralife (ULBI) Financials

Ultralife logo
$5.51 -0.04 (-0.72%)
Closing price 04:00 PM Eastern
Extended Trading
$5.52 +0.00 (+0.09%)
As of 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Ultralife

Annual Income Statements for Ultralife

This table shows Ultralife's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 2.87 3.51 7.65 25 5.21 5.23 -0.23 -0.12 7.20 6.31 -5.90
Consolidated Net Income / (Loss)		 2.84 3.48 7.66 25 5.31 5.33 -0.23 -0.12 7.17 6.41 -5.95
Net Income / (Loss) Continuing Operations		 2.84 3.48 7.66 25 5.31 5.33 -0.23 -0.12 7.17 6.41 -5.95
Total Pre-Tax Income 		3.15 3.58 6.30 6.61 6.77 7.02 -0.15 -0.45 9.12 8.30 -8.40
Total Operating Income		 3.33 3.76 6.48 6.56 7.37 5.70 0.04 0.13 9.48 9.97 -5.90
Total Gross Profit		 23 25 26 26 31 29 25 29 39 42 46
Total Revenue		 76 82 86 87 107 108 98 132 159 164 191
Operating Revenue		 76 82 86 87 107 108 98 132 159 164 191
Total Cost of Revenue		 53 57 59 62 76 79 74 102 119 122 145
Operating Cost of Revenue		 53 57 59 62 76 79 74 102 119 122 145
Total Operating Expenses		 20 21 20 19 24 23 25 29 30 32 52
Selling, General & Admin Expense		 14 15 15 15 17 18 18 22 22 24 29
Research & Development Expense		 5.60 5.95 4.74 4.51 6.81 5.95 6.83 7.08 7.53 8.27 10
Impairment Charge		 0.15 - - - - - - - - 0.00 12
Total Other Income / (Expense), net		 -0.18 -0.18 -0.18 0.06 -0.60 1.32 -0.19 -0.58 -0.36 -1.66 -2.50
Interest Expense		 0.25 0.26 0.18 0.06 0.54 0.44 0.24 0.95 2.02 1.94 3.95
Other Income / (Expense), net		 0.07 0.08 0.00 0.12 -0.06 1.76 0.06 0.38 1.66 0.28 1.46
Income Tax Expense		 0.31 0.10 -1.37 -18 1.46 1.69 0.08 -0.33 1.95 1.89 -2.45
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.03 -0.03 0.02 0.07 0.11 0.10 0.00 -0.00 -0.03 0.10 -0.05
Basic Earnings per Share		 $0.18 $0.23 $0.49 $1.57 $33.00 $0.33 $0.05 $0.05 $0.44 $38.00 ($35.00)
Weighted Average Basic Shares Outstanding		 16.18M 15.26M 15.53M 15.88M 15.78M 15.90M 16.04M 16.13M 16.21M 16.56M 16.64M
Diluted Earnings per Share		 $0.17 $0.23 $0.48 $1.53 $32.00 $0.33 $0.05 $0.05 $0.44 $38.00 ($35.00)
Weighted Average Diluted Shares Outstanding		 16.46M 15.41M 15.86M 16.35M 16.18M 16.10M 16.04M 16.13M 16.23M 16.77M 16.64M
Weighted Average Basic & Diluted Shares Outstanding		 15.32M 15.36M 15.60M 15.66M 15.87M 15.96M 16.13M 16.14M 16.45M 16.63M 16.66M

Quarterly Income Statements for Ultralife

This table shows Ultralife's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 1.33 2.87 2.89 2.97 0.26 0.19 1.87 0.88 -1.22 -7.42 -0.45
Consolidated Net Income / (Loss)		 1.30 2.85 2.90 2.99 0.28 0.23 1.88 0.87 -1.25 -7.45 -0.47
Net Income / (Loss) Continuing Operations		 1.30 2.85 2.90 2.99 0.28 0.23 1.88 0.87 -1.25 -7.45 -0.47
Total Pre-Tax Income 		1.75 3.11 3.61 3.85 0.35 0.50 2.45 1.11 -1.75 -10 -0.66
Total Operating Income		 2.14 3.65 4.06 3.92 0.51 1.47 3.40 2.26 -0.95 -11 -0.22
Total Gross Profit		 9.77 11 11 12 8.68 11 13 12 9.62 12 10
Total Revenue		 39 45 42 43 36 44 51 49 43 48 47
Operating Revenue		 39 45 42 43 36 44 51 49 43 48 47
Total Cost of Revenue		 30 33 30 31 27 33 38 37 34 36 37
Operating Cost of Revenue		 30 33 30 31 27 33 38 37 34 36 37
Total Operating Expenses		 7.64 7.75 7.41 7.65 8.17 9.13 9.35 9.35 11 23 10
Selling, General & Admin Expense		 5.77 5.90 5.65 5.65 6.07 6.71 6.94 7.03 7.72 7.66 7.36
Research & Development Expense		 1.87 1.85 1.76 2.00 2.10 2.41 2.40 2.32 2.86 2.82 2.96
Total Other Income / (Expense), net		 -0.39 -0.54 -0.46 -0.07 -0.16 -0.98 -0.95 -1.14 -0.80 0.40 -0.45
Interest Expense		 0.59 0.57 0.52 0.42 0.17 0.83 1.03 0.99 0.99 0.94 0.87
Other Income / (Expense), net		 0.20 0.03 0.06 0.35 0.02 -0.15 0.08 -0.15 0.19 1.34 0.42
Income Tax Expense		 0.45 0.26 0.70 0.85 0.07 0.26 0.57 0.24 -0.50 -2.75 -0.19
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.03 -0.02 0.01 0.02 0.02 0.04 0.01 -0.01 -0.03 -0.03 -0.02
Basic Earnings per Share		 $0.08 $0.30 $0.08 $0.18 $0.02 $37.72 $11.00 $0.05 ($0.07) ($35.00) ($3.00)
Weighted Average Basic Shares Outstanding		 16.24M 16.21M 16.40M 16.57M 16.63M 16.56M 16.63M 16.64M 16.65M 16.64M 16.66M
Diluted Earnings per Share		 $0.08 $0.30 $0.08 $0.18 $0.02 $37.72 $11.00 $0.05 ($0.07) ($35.00) ($3.00)
Weighted Average Diluted Shares Outstanding		 16.30M 16.23M 16.52M 16.83M 16.87M 16.77M 16.68M 16.66M 16.65M 16.64M 16.66M
Weighted Average Basic & Diluted Shares Outstanding		 16.34M 16.45M 16.47M 16.62M 16.63M 16.63M 16.63M 16.64M 16.65M 16.66M 16.66M

Annual Cash Flow Statements for Ultralife

This table details how cash moves in and out of Ultralife's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -3.32 -3.76 7.28 7.60 -19 3.25 -2.24 -2.70 4.57 -3.42 2.49
Net Cash From Operating Activities		 8.55 7.65 7.27 11 -2.97 22 4.33 -1.26 1.93 17 11
Net Cash From Continuing Operating Activities		 8.55 7.65 7.27 11 -2.97 22 4.33 -1.26 1.93 17 11
Net Income / (Loss) Continuing Operations		 2.84 3.48 7.66 25 5.31 5.33 -0.23 -0.12 7.17 6.41 -5.95
Consolidated Net Income / (Loss)		 2.84 3.48 7.66 25 5.31 5.33 -0.23 -0.12 7.17 6.41 -5.95
Depreciation Expense		 2.40 2.22 2.01 1.97 2.22 2.34 2.91 3.18 3.02 3.13 3.98
Amortization Expense		 0.31 0.57 0.47 0.43 0.57 0.65 0.74 1.32 0.95 1.12 1.78
Non-Cash Adjustments To Reconcile Net Income		 0.81 0.72 0.65 1.73 1.88 -0.65 0.67 0.78 0.53 0.86 13
Changes in Operating Assets and Liabilities, net		 2.19 0.66 -3.53 -18 -13 14 0.24 -6.41 -9.74 5.12 -1.94
Net Cash From Investing Activities		 -2.91 -11 -1.39 -4.19 -32 -2.98 -26 -1.68 -2.55 -50 -3.87
Net Cash From Continuing Investing Activities		 -2.91 -11 -1.39 -4.19 -32 -2.98 -26 -1.68 -2.55 -50 -3.87
Purchase of Property, Plant & Equipment		 -2.91 -1.22 -1.39 -4.19 -6.28 -3.10 -2.81 -1.68 -2.55 -1.93 -3.87
Acquisitions		 0.00 -9.86 - 0.00 -25 0.00 -24 - 0.00 -48 0.00
Net Cash From Financing Activities		 -8.87 -0.18 1.40 1.17 16 -16 20 0.52 5.49 30 -4.68
Net Cash From Continuing Financing Activities		 -8.87 -0.18 1.40 1.17 16 -16 20 0.52 5.49 30 -4.68
Repayment of Debt		 0.00 -3.03 - 0.00 -1.02 -16 -1.59 -2.93 -3.00 -27 -0.02
Issuance of Debt		 0.00 3.03 - 0.00 18 - 21 3.35 7.25 55 -4.75
Other Financing Activities, net		 0.52 0.43 1.40 1.91 0.92 0.15 0.25 0.10 1.24 2.00 0.10
Other Net Changes in Cash		 - - - -0.27 -0.15 0.20 - - - 0.03 0.05
Cash Interest Paid		 0.15 0.18 0.10 0.13 0.58 0.38 0.14 0.93 1.96 1.86 3.69
Cash Income Taxes Paid		 0.05 0.27 0.35 0.22 0.27 0.26 0.32 0.35 0.77 0.72 0.15

Quarterly Cash Flow Statements for Ultralife

This table details how cash moves in and out of Ultralife's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 1.02 0.98 -0.18 -3.41 0.08 0.08 1.87 2.22 -1.68 0.09 -0.46
Net Cash From Operating Activities		 -0.89 2.43 -0.08 8.93 4.75 3.05 3.37 5.94 0.20 1.49 2.26
Net Cash From Continuing Operating Activities		 -0.89 2.43 -0.08 8.93 4.75 3.05 3.37 5.94 0.20 1.49 2.26
Net Income / (Loss) Continuing Operations		 1.30 2.85 2.90 2.99 0.28 0.23 1.88 0.87 -1.25 -7.45 -0.47
Consolidated Net Income / (Loss)		 1.30 2.85 2.90 2.99 0.28 0.23 1.88 0.87 -1.25 -7.45 -0.47
Depreciation Expense		 0.76 0.74 0.74 0.79 0.77 0.83 0.95 1.01 1.01 1.02 1.05
Amortization Expense		 0.24 0.24 0.24 0.24 0.24 0.40 0.47 0.48 0.48 0.36 0.33
Non-Cash Adjustments To Reconcile Net Income		 -0.76 0.10 0.16 0.16 0.17 0.37 0.23 0.24 0.36 12 -0.00
Changes in Operating Assets and Liabilities, net		 -2.44 -1.50 -4.13 4.74 3.29 1.22 -0.16 3.34 -0.40 -4.73 1.34
Net Cash From Investing Activities		 -0.53 -1.01 -0.37 -0.36 -0.59 -49 -0.90 -1.10 -0.99 -0.89 -0.77
Net Cash From Continuing Investing Activities		 -0.53 -1.01 -0.37 -0.36 -0.59 -49 -0.90 -1.10 -0.99 -0.89 -0.77
Purchase of Property, Plant & Equipment		 -0.53 -1.01 -0.37 -0.36 -0.59 -0.61 -0.90 -1.10 -1.00 -0.88 -0.77
Net Cash From Financing Activities		 2.43 -0.30 0.19 -12 -4.08 46 -0.69 -2.65 -0.65 -0.69 -2.06
Net Cash From Continuing Financing Activities		 2.43 -0.30 0.19 -12 -4.08 46 -0.69 -2.65 -0.65 -0.69 -2.06
Repayment of Debt		 -0.50 -1.50 - - -0.07 -27 - 0.66 - - -2.06
Other Net Changes in Cash		 - - - - - -0.02 0.08 - - - 0.12

Annual Balance Sheets for Ultralife

This table presents Ultralife's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 82 85 97 121 145 138 160 168 178 220 217
Total Current Assets		 52 49 62 67 70 64 67 79 90 97 106
Cash & Equivalents		 14 11 18 26 7.41 11 8.41 5.71 10 6.85 9.35
Accounts Receivable		 11 13 15 16 30 21 20 28 32 29 34
Inventories, net		 24 23 26 23 30 28 33 41 42 51 54
Prepaid Expenses		 1.90 2.08 2.60 2.37 3.10 4.60 4.69 4.30 5.95 9.57 8.50
Plant, Property, & Equipment, net		 9.04 8.00 7.57 11 23 23 23 22 21 40 40
Total Noncurrent Assets		 21 27 28 43 52 50 70 68 67 83 71
Goodwill		 16 20 20 20 27 27 38 37 38 45 45
Intangible Assets		 3.95 7.19 7.09 6.50 9.72 9.21 17 16 15 25 11
Noncurrent Deferred & Refundable Income Taxes		 - 0.09 0.03 15 13 12 11 12 11 8.41 10
Other Noncurrent Operating Assets		 0.31 0.07 0.13 0.89 1.96 2.29 2.88 2.31 3.71 4.83 3.91
Total Liabilities & Shareholders' Equity		 82 85 97 121 145 138 160 168 178 220 217
Total Liabilities		 16 17 18 16 35 21 42 52 53 86 87
Total Current Liabilities		 11 11 14 15 17 19 19 29 24 29 37
Short-Term Debt		 - - - 0.00 1.37 1.36 2.00 2.00 2.00 2.75 4.13
Accounts Payable		 6.49 7.29 8.79 9.92 9.39 11 9.82 16 11 14 17
Current Employee Benefit Liabilities		 2.38 1.26 2.41 1.49 1.66 1.75 1.84 2.89 3.12 2.91 2.75
Other Current Liabilities		 1.75 2.61 2.87 3.97 4.78 4.76 5.26 7.95 7.28 9.47 13
Total Noncurrent Liabilities		 4.66 5.56 3.90 1.00 18 2.07 23 23 29 57 49
Long-Term Debt		 - - - 0.00 16 0.00 19 19 24 52 46
Noncurrent Deferred & Payable Income Tax Liabilities		 4.63 5.54 3.87 0.59 0.56 0.52 2.25 1.92 1.71 1.44 1.00
Other Noncurrent Operating Liabilities		 0.03 0.02 0.03 0.41 1.28 1.56 1.76 1.89 3.78 4.03 2.92
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 66 68 79 104 110 117 118 116 125 134 130
Total Preferred & Common Equity		 66 68 79 105 110 117 118 116 125 134 130
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 66 68 79 105 110 117 118 116 125 134 130
Common Stock		 179 180 182 185 186 188 189 189 191 194 195
Retained Earnings		 -94 -91 -83 -58 -53 -48 -48 -48 -41 -34 -40
Treasury Stock		 -18 -18 -18 -19 -21 -21 -21 -21 -21 -21 -21
Accumulated Other Comprehensive Income / (Loss)		 -0.91 -3.08 -1.61 -2.79 -2.53 -1.78 -1.65 -3.75 -3.66 -4.01 -3.14
Noncontrolling Interest		 -0.14 -0.17 -0.15 -0.09 0.02 0.12 0.13 0.13 0.10 0.19 0.14

Quarterly Balance Sheets for Ultralife

This table presents Ultralife's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 176 181 170 172 224 221 222 221
Total Current Assets		 90 94 84 86 101 99 101 110
Cash & Equivalents		 9.30 10 6.69 6.77 8.72 11 9.26 8.89
Accounts Receivable		 27 35 31 28 36 32 31 34
Inventories, net		 47 44 41 44 48 51 53 57
Prepaid Expenses		 6.43 5.10 4.65 7.91 8.84 5.17 7.68 9.50
Plant, Property, & Equipment, net		 21 21 20 20 40 41 41 40
Total Noncurrent Assets		 65 66 66 66 82 81 81 70
Goodwill		 37 37 38 38 45 45 45 45
Intangible Assets		 15 15 15 14 24 24 23 11
Noncurrent Deferred & Refundable Income Taxes		 11 9.87 9.09 9.13 8.02 7.69 8.21 11
Other Noncurrent Operating Assets		 2.04 3.34 4.51 4.36 4.66 4.41 4.14 3.67
Total Liabilities & Shareholders' Equity		 176 181 170 172 224 221 222 221
Total Liabilities		 54 52 36 38 87 82 85 91
Total Current Liabilities		 26 23 21 26 31 30 34 43
Short-Term Debt		 2.00 2.00 2.00 2.00 3.09 3.44 3.78 3.44
Accounts Payable		 13 13 9.69 13 17 15 14 24
Current Employee Benefit Liabilities		 2.47 2.01 2.31 2.63 3.21 2.67 2.94 2.85
Other Current Liabilities		 8.45 6.05 6.57 8.89 8.58 8.76 13 13
Total Noncurrent Liabilities		 28 28 16 12 56 52 51 48
Long-Term Debt		 24 23 9.98 5.89 51 48 47 44
Noncurrent Deferred & Payable Income Tax Liabilities		 1.83 1.68 1.64 1.63 1.41 1.40 1.36 0.97
Other Noncurrent Operating Liabilities		 2.03 3.42 4.28 4.09 3.73 3.51 3.24 2.68
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 122 129 133 135 137 139 137 130
Total Preferred & Common Equity		 122 129 133 134 136 138 137 130
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 122 129 133 134 136 138 137 130
Common Stock		 191 192 193 194 194 194 195 195
Retained Earnings		 -44 -38 -35 -35 -33 -32 -33 -41
Treasury Stock		 -21 -21 -21 -21 -21 -21 -21 -21
Accumulated Other Comprehensive Income / (Loss)		 -4.18 -3.89 -3.90 -3.08 -3.70 -2.82 -3.06 -3.06
Noncontrolling Interest		 0.12 0.11 0.13 0.15 0.21 0.20 0.17 0.12

Annual Metrics And Ratios for Ultralife

This table displays calculated financial ratios and metrics derived from Ultralife's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 15,219,620.00 15,235,246.00 15,627,513.00 15,956,677.00 15,856,907.00 15,928,055.00 16,080,749.00 16,133,618.00 16,340,113.00 16,626,930.00 16,648,947.00
DEI Adjusted Shares Outstanding		 15,219,620.00 15,235,246.00 15,627,513.00 15,956,677.00 15,856,907.00 15,928,055.00 16,080,749.00 16,133,618.00 16,340,113.00 16,626,930.00 16,648,947.00
DEI Earnings Per Adjusted Shares Outstanding		 0.19 0.23 0.49 1.56 0.33 0.33 -0.01 -0.01 0.44 0.38 -0.35
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 14.94% 7.89% 3.72% 1.94% 22.49% 0.86% -8.77% 34.17% 20.33% 3.66% 16.24%
EBITDA Growth		 297.27% 8.82% 34.89% 1.38% 11.21% 3.43% -64.25% 33.90% 202.16% -4.10% -90.90%
EBIT Growth		 312.59% 13.20% 68.57% 3.06% 9.50% 2.04% -98.78% 454.95% 2,104.55% -8.01% -143.40%
NOPAT Growth		 397.23% 21.91% 115.42% 214.29% -76.66% -25.16% -99.43% 268.57% 8,147.39% 3.31% -153.70%
Net Income Growth		 233.27% 22.61% 120.10% 226.19% -78.74% 0.32% -104.31% 47.83% 6,071.67% -10.56% -192.85%
EPS Growth		 0.00% 35.29% 108.70% 218.75% 1,991.50% -98.97% -84.85% 0.00% 780.00% 8,536.36% -192.11%
Operating Cash Flow Growth		 133.32% -10.50% -5.00% 49.74% -127.28% 831.31% -80.09% -129.20% 252.73% 762.42% -33.94%
Free Cash Flow Firm Growth		 165.20% -136.13% 314.79% 61.36% -604.83% 146.02% -239.14% 92.35% 23.05% -2,398.34% 121.18%
Invested Capital Growth		 -4.74% 11.02% 6.24% 29.33% 52.17% -9.93% 20.96% 1.39% 6.65% 28.99% -6.14%
Revenue Q/Q Growth		 -0.90% 2.96% 1.05% -1.78% 10.44% -1.87% -5.04% 10.33% 5.62% -0.42% 2.48%
EBITDA Q/Q Growth		 -6.98% 19.77% 4.70% -9.66% 16.95% 4.67% -51.68% 37.10% 31.53% -12.72% -88.79%
EBIT Q/Q Growth		 -12.00% 41.86% 7.07% -12.55% 20.21% 7.80% -97.87% 167.88% 49.60% -18.70% -172.30%
NOPAT Q/Q Growth		 -12.05% 51.90% 35.81% 173.52% -76.20% -18.35% -98.69% 109.80% 69.42% -23.33% -188.77%
Net Income Q/Q Growth		 -11.14% 55.86% 36.88% 176.23% -77.30% 9.35% -107.63% 88.27% 75.17% -28.99% -443.00%
EPS Q/Q Growth		 0.00% 64.29% 33.33% 178.18% 50.66% -98.97% 100.32% 101.25% 214.29% 6,451.72% -35,100.00%
Operating Cash Flow Q/Q Growth		 -19.24% 63.14% -6.10% -2.32% -99.06% -7.05% -50.24% 84.14% -6.40% 3.83% -12.41%
Free Cash Flow Firm Q/Q Growth		 -33.78% 71.13% -25.17% -21.44% -6.59% -14.13% -929.69% 94.46% -28.67% -357.58% 118.42%
Invested Capital Q/Q Growth		 2.05% -4.46% 1.45% 30.79% 1.83% 3.70% 26.46% -0.86% 1.59% 33.77% -4.50%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 30.51% 30.45% 30.67% 29.34% 29.18% 27.07% 25.08% 22.30% 24.71% 25.73% 24.07%
EBITDA Margin		 7.98% 8.05% 10.47% 10.42% 9.46% 9.70% 3.80% 3.79% 9.52% 8.81% 0.69%
Operating Margin		 4.36% 4.56% 7.57% 7.52% 6.90% 5.29% 0.04% 0.10% 5.97% 6.06% -3.09%
EBIT Margin		 4.44% 4.66% 7.57% 7.66% 6.84% 6.92% 0.09% 0.38% 7.02% 6.23% -2.33%
Profit (Net Income) Margin		 3.72% 4.22% 8.96% 28.67% 4.98% 4.95% -0.23% -0.09% 4.52% 3.90% -3.11%
Tax Burden Percent		 90.16% 97.26% 121.75% 378.03% 78.48% 75.91% 152.32% 26.91% 78.60% 77.21% 70.86%
Interest Burden Percent		 92.78% 93.16% 97.18% 99.06% 92.63% 94.15% -165.93% -88.32% 81.89% 81.06% 188.93%
Effective Tax Rate		 9.84% 2.74% -21.75% -278.03% 21.52% 24.09% 0.00% 0.00% 21.40% 22.79% 0.00%
Return on Invested Capital (ROIC)		 5.69% 6.74% 13.38% 35.59% 5.84% 3.81% 0.02% 0.07% 5.46% 4.77% -2.35%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.69% 8.15% 14.90% 34.60% 11.63% 444.91% -16.13% -1.43% 3.64% 0.68% -6.50%
Return on Net Nonoperating Assets (RNNOA)		 -1.57% -1.54% -2.94% -8.35% -0.88% 0.89% -0.22% -0.17% 0.47% 0.16% -2.16%
Return on Equity (ROE)		 4.12% 5.20% 10.43% 27.25% 4.96% 4.70% -0.20% -0.10% 5.93% 4.94% -4.50%
Cash Return on Invested Capital (CROIC)		 10.55% -3.70% 7.33% 10.01% -35.54% 14.26% -18.95% -1.31% -0.97% -20.55% 3.98%
Operating Return on Assets (OROA)		 4.01% 4.62% 7.12% 6.12% 5.51% 5.29% 0.06% 0.31% 6.42% 5.14% -2.03%
Return on Assets (ROA)		 3.36% 4.19% 8.43% 22.93% 4.00% 3.78% -0.15% -0.07% 4.13% 3.21% -2.72%
Return on Common Equity (ROCE)		 4.13% 5.21% 10.46% 27.28% 4.96% 4.70% -0.20% -0.10% 5.92% 4.93% -4.50%
Return on Equity Simple (ROE_SIMPLE)		 4.29% 5.12% 9.68% 23.91% 4.84% 4.56% -0.20% -0.10% 5.72% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 3.00 3.66 7.88 25 5.78 4.33 0.02 0.09 7.45 7.69 -4.13
NOPAT Margin		 3.93% 4.44% 9.22% 28.42% 5.41% 4.02% 0.02% 0.07% 4.69% 4.68% -2.16%
Net Nonoperating Expense Percent (NNEP)		 -1.00% -1.41% -1.52% 0.99% -5.79% -441.10% 16.15% 1.50% 1.82% 4.10% 4.15%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 4.93% 4.08% -2.30%
Cost of Revenue to Revenue		 69.49% 69.55% 69.33% 70.66% 70.82% 72.93% 74.92% 77.70% 75.29% 74.27% 75.93%
SG&A Expenses to Revenue		 18.62% 18.67% 17.56% 16.65% 15.91% 16.26% 18.09% 16.83% 13.99% 14.64% 15.35%
R&D to Revenue		 7.33% 7.21% 5.54% 5.17% 6.37% 5.52% 6.95% 5.37% 4.75% 5.03% 5.44%
Operating Expenses to Revenue		 26.15% 25.89% 23.10% 21.82% 22.28% 21.78% 25.04% 22.20% 18.74% 19.67% 27.16%
Earnings before Interest and Taxes (EBIT)		 3.40 3.84 6.48 6.68 7.31 7.46 0.09 0.51 11 10 -4.45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 6.10 6.64 8.96 9.08 10 10 3.73 5.00 15 14 1.32
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.49 1.11 1.29 1.03 1.07 0.88 0.83 0.54 0.89 0.92 0.73
Price to Tangible Book Value (P/TBV)		 2.14 1.85 1.98 1.38 1.60 1.28 1.56 0.99 1.53 1.92 1.29
Price to Revenue (P/Rev)		 1.29 0.91 1.20 1.24 1.10 0.96 0.99 0.47 0.70 0.75 0.50
Price to Earnings (P/E)		 34.27 21.49 13.38 4.32 22.51 19.70 0.00 0.00 15.48 19.62 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 2.92% 4.65% 7.47% 23.15% 4.44% 5.08% 0.00% 0.00% 6.46% 5.10% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.62 1.13 1.38 1.04 1.06 0.87 0.84 0.59 0.90 0.94 0.80
Enterprise Value to Revenue (EV/Rev)		 1.09 0.78 0.98 0.94 1.19 0.87 1.12 0.59 0.80 1.04 0.71
Enterprise Value to EBITDA (EV/EBITDA)		 13.71 9.72 9.36 9.00 12.57 8.99 29.38 15.60 8.40 11.83 102.86
Enterprise Value to EBIT (EV/EBIT)		 24.64 16.79 12.95 12.24 17.37 12.59 1,205.48 154.45 11.40 16.74 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 27.86 17.63 10.64 3.30 21.95 21.70 4,477.50 863.77 17.04 22.29 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.78 8.43 11.54 7.50 0.00 4.32 25.36 0.00 65.78 10.31 12.35
Enterprise Value to Free Cash Flow (EV/FCFF)		 15.03 0.00 19.42 11.72 0.00 5.80 0.00 0.00 0.00 0.00 19.34
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.16 0.01 0.18 0.18 0.20 0.40 0.38
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.14 0.00 0.16 0.17 0.19 0.38 0.35
Financial Leverage		 -0.23 -0.19 -0.20 -0.24 -0.08 0.00 0.01 0.12 0.13 0.24 0.33
Leverage Ratio		 1.23 1.24 1.24 1.19 1.24 1.25 1.27 1.40 1.43 1.54 1.65
Compound Leverage Factor		 1.14 1.16 1.20 1.18 1.15 1.17 -2.10 -1.24 1.17 1.24 3.13
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 13.52% 1.15% 15.05% 15.47% 16.96% 28.79% 27.62%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 1.08% 1.15% 1.44% 1.45% 1.32% 1.46% 2.29%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 12.43% 0.00% 13.61% 14.02% 15.64% 27.33% 25.32%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 -0.22% -0.25% -0.19% -0.08% 0.02% 0.10% 0.09% 0.09% 0.06% 0.10% 0.08%
Common Equity to Total Capital		 100.22% 100.25% 100.19% 100.08% 86.47% 98.75% 84.86% 84.43% 82.97% 71.11% 72.31%
Debt to EBITDA		 0.00 0.00 0.00 0.00 1.70 0.13 5.59 4.26 1.70 3.74 37.64
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.97 -0.89 3.33 3.12 1.02 3.27 30.56
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 1.56 0.00 5.05 3.86 1.56 3.55 34.52
Debt to NOPAT		 0.00 0.00 0.00 0.00 2.97 0.31 851.31 235.99 3.44 7.05 -12.02
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 1.69 -2.15 507.92 172.72 2.06 6.16 -9.76
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 2.73 0.00 769.67 213.84 3.17 6.69 -11.02
Altman Z-Score		 3.87 2.85 3.88 4.69 2.86 3.85 1.95 1.47 2.49 1.91 1.59
Noncontrolling Interest Sharing Ratio		 -0.19% -0.23% -0.22% -0.13% -0.03% 0.06% 0.11% 0.11% 0.09% 0.11% 0.13%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.79 4.36 4.35 4.37 4.09 3.45 3.52 2.73 3.80 3.32 2.83
Quick Ratio		 2.38 2.10 2.31 2.73 2.18 1.70 1.51 1.16 1.77 1.24 1.16
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 5.57 -2.01 4.32 6.97 -35 16 -23 -1.72 -1.33 -33 7.01
Operating Cash Flow to CapEx		 293.85% 627.81% 522.27% 260.12% -47.29% 728.61% 153.70% -75.22% 75.59% 861.08% 283.83%
Free Cash Flow to Firm to Interest Expense		 22.44 -7.65 23.60 110.63 -65.28 37.14 -93.11 -1.81 -0.66 -17.07 1.77
Operating Cash Flow to Interest Expense		 34.48 29.10 39.73 172.79 -5.51 49.82 17.87 -1.33 0.96 8.58 2.78
Operating Cash Flow Less CapEx to Interest Expense		 22.75 24.46 32.12 106.37 -17.16 42.98 6.24 -3.09 -0.31 7.58 1.80
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.90 0.99 0.94 0.80 0.80 0.76 0.66 0.80 0.92 0.82 0.87
Accounts Receivable Turnover		 6.73 6.70 6.15 5.69 4.63 4.21 4.76 5.49 5.33 5.38 6.04
Inventory Turnover		 2.13 2.43 2.38 2.51 2.88 2.71 2.40 2.75 2.86 2.61 2.75
Fixed Asset Turnover		 0.00 9.68 10.99 9.52 6.42 4.75 4.27 5.87 7.41 5.34 4.73
Accounts Payable Turnover		 7.87 8.32 7.38 6.59 7.83 7.77 7.13 7.91 8.72 9.58 9.19
Days Sales Outstanding (DSO)		 54.27 54.46 59.39 64.20 78.82 86.68 76.68 66.46 68.49 67.84 60.45
Days Inventory Outstanding (DIO)		 171.47 150.42 153.21 145.65 126.93 134.64 152.15 132.51 127.44 139.82 132.50
Days Payable Outstanding (DPO)		 46.35 43.87 49.49 55.41 46.59 46.99 51.22 46.14 41.88 38.10 39.71
Cash Conversion Cycle (CCC)		 179.38 161.01 163.12 154.44 159.16 174.33 177.61 152.84 154.05 169.56 153.23
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 51 57 61 79 119 108 130 132 141 182 170
Invested Capital Turnover		 1.45 1.52 1.45 1.25 1.08 0.95 0.83 1.01 1.16 1.02 1.09
Increase / (Decrease) in Invested Capital		 -2.56 5.67 3.57 18 41 -12 23 1.81 8.77 41 -11
Enterprise Value (EV)		 84 65 84 82 127 94 110 78 127 171 136
Market Capitalization		 98 75 102 108 117 103 97 62 111 124 95
Book Value per Share		 $4.35 $4.47 $5.07 $6.55 $6.92 $7.33 $7.31 $7.21 $7.67 $8.06 $7.81
Tangible Book Value per Share		 $3.02 $2.68 $3.31 $4.88 $4.62 $5.06 $3.87 $3.90 $4.45 $3.88 $4.43
Total Capital		 66 68 79 104 127 118 139 138 151 188 180
Total Debt		 0.00 0.00 0.00 0.00 17 1.36 21 21 26 54 50
Total Long-Term Debt		 0.00 0.00 0.00 0.00 16 0.00 19 19 24 52 46
Net Debt		 -15 -11 -18 -26 9.75 -9.29 12 16 15 47 40
Capital Expenditures (CapEx)		 2.91 1.22 1.39 4.19 6.28 2.98 2.81 1.68 2.55 1.93 3.87
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 27 27 29 26 47 36 41 46 58 64 63
Debt-free Net Working Capital (DFNWC)		 41 38 48 52 55 47 50 52 68 71 73
Net Working Capital (NWC)		 41 38 48 52 53 46 48 50 66 68 68
Net Nonoperating Expense (NNE)		 0.16 0.18 0.22 -0.22 0.47 -1.00 0.25 0.21 0.28 1.28 1.82
Net Nonoperating Obligations (NNO)		 -15 -11 -18 -26 9.75 -9.29 12 16 15 47 40
Total Depreciation and Amortization (D&A)		 2.71 2.80 2.48 2.41 2.79 2.99 3.64 4.50 3.98 4.25 5.76
Debt-free, Cash-free Net Working Capital to Revenue		 34.76% 33.21% 34.31% 29.64% 44.15% 33.88% 41.91% 35.17% 36.68% 38.77% 33.09%
Debt-free Net Working Capital to Revenue		 53.78% 46.19% 55.74% 59.38% 51.08% 43.78% 50.47% 39.50% 43.16% 42.94% 37.98%
Net Working Capital to Revenue		 53.78% 46.19% 55.74% 59.38% 49.80% 42.51% 48.44% 37.98% 41.90% 41.27% 35.82%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.18 $0.23 $0.49 $1.57 $0.33 $33.00 ($0.01) $0.03 $0.03 $0.38 ($35.00)
Adjusted Weighted Average Basic Shares Outstanding		 16.18M 15.26M 15.53M 15.88M 15.78M 15.90M 16.04K 16.13M 16.21M 16.56M 16.64M
Adjusted Diluted Earnings per Share		 $0.00 $0.23 $0.48 $1.53 $0.32 $33.00 ($0.01) $0.03 $0.03 $0.38 ($35.00)
Adjusted Weighted Average Diluted Shares Outstanding		 16.46M 15.41M 15.86M 16.35M 16.18M 16.10M 16.04K 16.13M 16.23M 16.77M 16.64M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 15.32M 15.36M 15.65M 20.06M 15.87M 15.96M 16.13M 16.14M 16.45M 16.63M 16.66M
Normalized Net Operating Profit after Tax (NOPAT)		 3.14 3.66 4.53 4.59 5.78 4.33 0.02 0.09 7.45 7.69 4.40
Normalized NOPAT Margin		 4.11% 4.44% 5.30% 5.26% 5.41% 4.02% 0.02% 0.07% 4.69% 4.68% 2.30%
Pre Tax Income Margin		 4.12% 4.34% 7.36% 7.58% 6.34% 6.52% -0.15% -0.34% 5.75% 5.05% -4.39%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 13.69 14.61 35.40 105.97 13.56 17.11 0.38 0.53 5.52 5.28 -1.12
NOPAT to Interest Expense		 12.11 13.92 43.08 393.33 10.73 9.93 0.10 0.10 3.69 3.97 -1.05
EBIT Less CapEx to Interest Expense		 1.96 9.98 27.79 39.54 1.91 10.27 -11.25 -1.23 4.26 4.28 -2.10
NOPAT Less CapEx to Interest Expense		 0.37 9.28 35.48 326.90 -0.92 3.09 -11.53 -1.67 2.43 2.97 -2.02
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 330.56% 17.43% 0.00% 2.97% 36.83% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Ultralife

This table displays calculated financial ratios and metrics derived from Ultralife's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 16,150,693.00 16,340,113.00 16,446,832.00 16,466,594.00 16,623,347.00 16,626,930.00 16,632,965.00 16,632,965.00 16,643,614.00 16,648,947.00 16,656,503.00
DEI Adjusted Shares Outstanding		 16,150,693.00 16,340,113.00 16,446,832.00 16,466,594.00 16,623,347.00 16,626,930.00 16,632,965.00 16,632,965.00 16,643,614.00 16,648,947.00 16,656,503.00
DEI Earnings Per Adjusted Shares Outstanding		 0.08 0.18 0.18 0.18 0.02 0.01 0.11 0.05 -0.07 -0.45 -0.03
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 18.82% 23.38% 31.37% 0.68% -9.61% -1.56% 21.03% 12.98% 21.51% 10.56% -6.50%
EBITDA Growth		 208.79% 348.60% 441.99% -14.11% -54.10% -45.29% -4.17% -32.19% -52.61% -409.65% -67.50%
EBIT Growth		 3,991.67% 30,758.33% 9,479.55% -17.41% -77.47% -64.01% -15.73% -50.63% -244.30% -800.08% -94.11%
NOPAT Growth		 487.75% 2,099.29% 17,873.22% 17.33% -74.61% -79.23% -20.18% -42.15% -264.83% -1,170.04% -105.76%
Net Income Growth		 638.43% 1,366.67% 966.87% -10.60% -78.59% -91.82% -35.30% -70.93% -546.95% -3,298.71% -125.07%
EPS Growth		 166.67% 0.00% 166.67% 500.00% -75.00% 12,473.33% 13,650.00% -72.22% -450.00% -192.79% -127.27%
Operating Cash Flow Growth		 -108.20% -5.15% 94.07% 409.71% 633.86% 25.25% 4,258.02% -33.50% -95.83% -51.12% -33.02%
Free Cash Flow Firm Growth		 87.47% -227.03% -1,928.04% 441.18% 184.11% -638.51% -413.88% -8,615.37% -1,445.21% 109.27% 136.84%
Invested Capital Growth		 4.08% 6.65% 7.51% 1.91% -2.04% 28.99% 26.05% 28.87% 31.48% -6.14% -7.17%
Revenue Q/Q Growth		 -7.50% 12.81% -5.88% 2.52% -16.96% 22.86% 15.72% -4.31% -10.69% 11.78% -2.14%
EBITDA Q/Q Growth		 -45.86% 39.63% 9.65% 3.62% -71.07% 66.45% 92.08% -26.68% -79.78% -1,187.60% 120.16%
EBIT Q/Q Growth		 -54.77% 57.56% 12.18% 3.32% -87.66% 151.71% 162.69% -39.48% -136.06% -1,121.21% 102.21%
NOPAT Q/Q Growth		 -38.78% 110.03% -2.08% -6.81% -86.75% 71.79% 276.33% -32.46% -137.75% -1,015.25% 97.97%
Net Income Q/Q Growth		 -61.08% 118.73% 1.89% 3.06% -90.68% -16.49% 706.44% -53.70% -243.33% -497.67% 93.68%
EPS Q/Q Growth		 166.67% 275.00% -73.33% 125.00% -88.89% 188,500.00% -70.84% 150.00% -240.00% -49,900.00% 91.43%
Operating Cash Flow Q/Q Growth		 -150.77% 373.57% -103.33% 11,118.52% -46.82% -35.82% 10.57% 76.22% -96.66% 652.02% 51.51%
Free Cash Flow Firm Q/Q Growth		 -4,720.22% -41.63% -24.99% 106.62% 618.05% -1,343.64% 13.03% -9.64% -13.43% 108.57% 245.50%
Invested Capital Q/Q Growth		 1.86% 1.59% 2.28% -3.72% -2.08% 33.77% -0.05% -1.56% -0.10% -4.50% -1.15%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 24.75% 25.59% 27.36% 26.90% 24.32% 24.17% 25.12% 23.89% 22.18% 24.87% 21.31%
EBITDA Margin		 8.45% 10.46% 12.19% 12.32% 4.29% 5.82% 9.65% 7.39% 1.67% -16.29% 3.36%
Operating Margin		 5.41% 8.19% 9.69% 9.11% 1.43% 3.36% 6.70% 4.65% -2.19% -21.88% -0.45%
EBIT Margin		 5.91% 8.26% 9.84% 9.92% 1.47% 3.02% 6.85% 4.33% -1.75% -19.12% 0.43%
Profit (Net Income) Margin		 3.30% 6.40% 6.93% 6.96% 0.78% 0.53% 3.70% 1.79% -2.88% -15.37% -0.99%
Tax Burden Percent		 74.50% 91.55% 80.51% 77.82% 79.04% 47.07% 76.82% 78.17% 71.22% 73.03% 71.04%
Interest Burden Percent		 74.90% 84.62% 87.40% 90.20% 67.11% 37.39% 70.33% 52.87% 230.70% 110.11% -323.41%
Effective Tax Rate		 25.50% 8.45% 19.49% 22.18% 20.96% 52.93% 23.18% 21.83% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 4.45% 8.72% 9.47% 8.72% 1.36% 1.61% 5.48% 4.09% -1.82% -16.63% -0.34%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.79% 5.55% 7.21% 8.21% -0.03% 0.15% 3.04% 0.15% -4.58% -16.70% -1.11%
Return on Net Nonoperating Assets (RNNOA)		 0.41% 0.71% 0.96% 0.70% 0.00% 0.04% 0.69% 0.02% -0.71% -5.54% -0.35%
Return on Equity (ROE)		 4.86% 9.43% 10.43% 9.43% 1.36% 1.65% 6.16% 4.12% -2.53% -22.17% -0.69%
Cash Return on Invested Capital (CROIC)		 -0.76% -0.97% 0.43% 6.29% 9.37% -20.55% -18.74% -21.66% -24.23% 3.98% 3.63%
Operating Return on Assets (OROA)		 5.16% 7.56% 9.44% 9.71% 1.40% 2.49% 5.87% 3.97% -1.65% -16.71% 0.37%
Return on Assets (ROA)		 2.88% 5.85% 6.64% 6.82% 0.74% 0.44% 3.17% 1.64% -2.72% -13.44% -0.84%
Return on Common Equity (ROCE)		 4.86% 9.42% 10.42% 9.42% 1.36% 1.65% 6.16% 4.11% -2.53% -22.14% -0.69%
Return on Equity Simple (ROE_SIMPLE)		 3.36% 0.00% 8.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 1.59 3.34 3.27 3.05 0.40 0.69 2.61 1.76 -0.67 -7.42 -0.15
NOPAT Margin		 4.03% 7.50% 7.80% 7.09% 1.13% 1.58% 5.15% 3.63% -1.53% -15.31% -0.32%
Net Nonoperating Expense Percent (NNEP)		 1.66% 3.17% 2.25% 0.51% 1.39% 1.47% 2.44% 3.95% 2.76% 0.07% 0.77%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.21% 2.12% 2.10% 0.28% 0.37% 1.37% 0.93% -0.35% -4.13% -0.08%
Cost of Revenue to Revenue		 75.25% 74.41% 72.64% 73.10% 75.68% 75.83% 74.88% 76.11% 77.82% 75.13% 78.69%
SG&A Expenses to Revenue		 14.61% 13.25% 13.48% 13.14% 17.01% 15.30% 13.68% 14.47% 17.79% 15.80% 15.52%
R&D to Revenue		 4.73% 4.16% 4.19% 4.65% 5.89% 5.50% 4.74% 4.77% 6.58% 5.82% 6.24%
Operating Expenses to Revenue		 19.35% 17.40% 17.67% 17.79% 22.89% 20.81% 18.42% 19.24% 24.37% 46.74% 21.76%
Earnings before Interest and Taxes (EBIT)		 2.34 3.68 4.13 4.26 0.53 1.32 3.48 2.11 -0.76 -9.27 0.21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3.34 4.66 5.11 5.30 1.53 2.55 4.90 3.59 0.73 -7.90 1.59
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.30 0.89 1.12 1.31 1.12 0.92 0.66 1.08 0.83 0.73 0.84
Price to Tangible Book Value (P/TBV)		 2.28 1.53 1.89 2.16 1.83 1.92 1.33 2.16 1.66 1.29 1.47
Price to Revenue (P/Rev)		 1.05 0.70 0.86 1.04 0.91 0.75 0.52 0.84 0.61 0.50 0.58
Price to Earnings (P/E)		 38.45 15.48 13.89 17.38 16.71 19.62 16.92 46.73 66.07 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 2.60% 6.46% 7.20% 5.75% 5.98% 5.10% 5.91% 2.14% 1.51% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.26 0.90 1.11 1.30 1.12 0.94 0.74 1.06 0.87 0.80 0.88
Enterprise Value to Revenue (EV/Rev)		 1.16 0.80 0.95 1.07 0.92 1.04 0.78 1.06 0.83 0.71 0.78
Enterprise Value to EBITDA (EV/EBITDA)		 15.20 8.40 8.30 9.80 9.13 11.83 9.42 15.08 13.15 102.86 0.00
Enterprise Value to EBIT (EV/EBIT)		 23.46 11.40 10.46 12.52 12.03 16.74 14.03 25.50 25.17 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 39.71 17.04 15.02 16.05 15.10 22.29 19.18 33.53 33.24 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 84.69 65.78 49.81 17.36 9.46 10.31 6.70 11.09 12.33 12.35 14.93
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 268.35 20.88 11.79 0.00 0.00 0.00 0.00 19.34 23.24
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.21 0.20 0.20 0.09 0.06 0.40 0.39 0.37 0.37 0.38 0.37
Long-Term Debt to Equity		 0.20 0.19 0.18 0.07 0.04 0.38 0.37 0.34 0.34 0.35 0.34
Financial Leverage		 0.15 0.13 0.13 0.09 0.07 0.24 0.23 0.17 0.15 0.33 0.31
Leverage Ratio		 1.45 1.43 1.43 1.36 1.36 1.54 1.52 1.44 1.45 1.65 1.67
Compound Leverage Factor		 1.09 1.21 1.25 1.23 0.91 0.57 1.07 0.76 3.35 1.82 -5.40
Debt to Total Capital		 17.66% 16.96% 16.32% 8.24% 5.53% 28.79% 28.18% 26.87% 26.79% 27.62% 26.85%
Short-Term Debt to Total Capital		 1.35% 1.32% 1.30% 1.38% 1.40% 1.46% 1.63% 1.81% 2.01% 2.29% 1.94%
Long-Term Debt to Total Capital		 16.30% 15.64% 15.02% 6.87% 4.13% 27.33% 26.56% 25.06% 24.78% 25.32% 24.91%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.08% 0.06% 0.07% 0.09% 0.11% 0.10% 0.11% 0.10% 0.09% 0.08% 0.07%
Common Equity to Total Capital		 82.26% 82.97% 83.61% 91.67% 94.36% 71.11% 71.71% 73.02% 73.12% 72.31% 73.08%
Debt to EBITDA		 2.27 1.70 1.30 0.65 0.48 3.74 3.75 4.05 4.28 37.64 -23.97
Net Debt to EBITDA		 1.46 1.02 0.78 0.29 0.07 3.27 3.14 3.18 3.49 30.56 -19.50
Long-Term Debt to EBITDA		 2.10 1.56 1.20 0.54 0.35 3.55 3.54 3.78 3.95 34.52 -22.24
Debt to NOPAT		 5.94 3.44 2.36 1.07 0.79 7.05 7.64 9.01 10.81 -12.02 -7.15
Net Debt to NOPAT		 3.82 2.06 1.41 0.47 0.11 6.16 6.40 7.08 8.82 -9.76 -5.82
Long-Term Debt to NOPAT		 5.48 3.17 2.17 0.89 0.59 6.69 7.20 8.40 9.99 -11.02 -6.63
Altman Z-Score		 2.72 2.35 2.87 4.11 3.49 1.78 1.61 2.10 1.79 1.52 1.68
Noncontrolling Interest Sharing Ratio		 0.10% 0.09% 0.10% 0.11% 0.11% 0.11% 0.12% 0.12% 0.12% 0.13% 0.12%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.39 3.80 4.03 4.07 3.30 3.32 3.22 3.31 2.99 2.83 2.56
Quick Ratio		 1.38 1.77 1.94 1.83 1.32 1.24 1.42 1.45 1.19 1.16 1.01
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3.84 -5.43 -6.79 0.45 3.23 -40 -35 -38 -43 3.72 13
Operating Cash Flow to CapEx		 -166.48% 241.99% -21.77% 2,479.17% 798.99% 502.64% 376.31% 539.55% 19.90% 168.82% 292.99%
Free Cash Flow to Firm to Interest Expense		 -6.55 -9.60 -13.06 1.07 18.65 -48.39 -33.81 -38.56 -43.74 3.97 14.81
Operating Cash Flow to Interest Expense		 -1.52 4.30 -0.16 21.35 27.43 3.67 3.26 5.98 0.20 1.59 2.60
Operating Cash Flow Less CapEx to Interest Expense		 -2.43 2.52 -0.87 20.49 24.00 2.94 2.40 4.87 -0.80 0.65 1.71
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.87 0.92 0.96 0.98 0.95 0.82 0.86 0.92 0.95 0.87 0.85
Accounts Receivable Turnover		 5.56 5.33 5.65 5.66 6.01 5.38 4.86 5.64 6.36 6.04 5.33
Inventory Turnover		 2.62 2.86 2.75 2.85 2.69 2.61 2.83 2.94 2.94 2.75 2.75
Fixed Asset Turnover		 6.98 7.41 8.02 8.16 7.98 5.34 5.69 5.87 6.14 4.73 4.67
Accounts Payable Turnover		 7.80 8.72 7.77 8.84 9.33 9.58 8.67 10.94 10.58 9.19 7.10
Days Sales Outstanding (DSO)		 65.69 68.49 64.65 64.47 60.71 67.84 75.14 64.67 57.42 60.45 68.48
Days Inventory Outstanding (DIO)		 139.52 127.44 132.61 127.95 135.53 139.82 129.01 124.12 124.36 132.50 132.81
Days Payable Outstanding (DPO)		 46.77 41.88 47.00 41.31 39.11 38.10 42.12 33.36 34.51 39.71 51.38
Cash Conversion Cycle (CCC)		 158.45 154.05 150.25 151.12 157.14 169.56 162.02 155.43 147.27 153.23 149.91
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 139 141 144 139 136 182 181 179 178 170 168
Invested Capital Turnover		 1.11 1.16 1.21 1.23 1.20 1.02 1.06 1.13 1.19 1.09 1.07
Increase / (Decrease) in Invested Capital		 5.43 8.77 10 2.60 -2.82 41 38 40 43 -11 -13
Enterprise Value (EV)		 175 127 160 180 152 171 135 190 155 136 147
Market Capitalization		 158 111 145 175 150 124 89 149 114 95 109
Book Value per Share		 $7.53 $7.67 $7.83 $8.04 $8.09 $8.06 $8.20 $8.32 $8.25 $7.81 $7.78
Tangible Book Value per Share		 $4.27 $4.45 $4.65 $4.89 $4.94 $3.88 $4.03 $4.16 $4.12 $4.43 $4.42
Total Capital		 148 151 154 145 143 188 190 190 188 180 177
Total Debt		 26 26 25 12 7.89 54 54 51 50 50 48
Total Long-Term Debt		 24 24 23 9.98 5.89 52 51 48 47 46 44
Net Debt		 17 15 15 5.29 1.11 47 45 40 41 40 39
Capital Expenditures (CapEx)		 0.53 1.01 0.37 0.36 0.59 0.61 0.90 1.10 1.00 0.88 0.77
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 56 58 63 59 55 64 64 62 61 63 62
Debt-free Net Working Capital (DFNWC)		 65 68 73 65 62 71 73 73 71 73 70
Net Working Capital (NWC)		 63 66 71 63 60 68 70 69 67 68 67
Net Nonoperating Expense (NNE)		 0.29 0.49 0.37 0.06 0.12 0.46 0.73 0.89 0.58 0.03 0.32
Net Nonoperating Obligations (NNO)		 17 15 15 5.29 1.11 47 45 40 41 40 39
Total Depreciation and Amortization (D&A)		 1.00 0.98 0.98 1.03 1.01 1.23 1.42 1.49 1.49 1.37 1.39
Debt-free, Cash-free Net Working Capital to Revenue		 37.19% 36.68% 37.25% 34.64% 33.58% 38.77% 37.14% 34.44% 32.94% 33.09% 32.79%
Debt-free Net Working Capital to Revenue		 43.39% 43.16% 43.24% 38.60% 37.68% 42.94% 42.17% 40.56% 37.90% 37.98% 37.52%
Net Working Capital to Revenue		 42.05% 41.90% 42.05% 37.42% 36.47% 41.27% 40.38% 38.64% 35.88% 35.82% 35.69%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.21 $0.30 $0.21 $0.21 $0.02 $37.72 $0.02 $0.05 ($0.07) ($35.00) ($3.00)
Adjusted Weighted Average Basic Shares Outstanding		 16.24M 16.21M 16.40M 16.57M 16.63M 16.56M 16.63M 16.64M 16.65M 16.64M 16.66M
Adjusted Diluted Earnings per Share		 $0.21 $0.30 $0.21 $0.21 $0.02 $37.72 $0.02 $0.05 ($0.07) ($35.00) ($3.00)
Adjusted Weighted Average Diluted Shares Outstanding		 16.30M 16.23M 16.52M 16.83M 16.87M 16.77M 16.68M 16.66M 16.65M 16.64M 16.66M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 16.34M 16.45M 16.47M 16.62M 16.63M 16.63M 16.63M 16.64M 16.65M 16.66M 16.66M
Normalized Net Operating Profit after Tax (NOPAT)		 1.59 3.34 3.27 3.05 0.40 1.03 2.61 1.76 -0.67 -7.42 -0.15
Normalized NOPAT Margin		 4.03% 7.50% 7.80% 7.09% 1.13% 2.35% 5.15% 3.63% -1.53% -15.31% -0.32%
Pre Tax Income Margin		 4.43% 6.99% 8.60% 8.95% 0.99% 1.13% 4.82% 2.29% -4.04% -21.05% -1.40%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.98 6.50 7.94 10.20 3.04 1.60 3.37 2.12 -0.77 -9.89 0.24
NOPAT to Interest Expense		 2.71 5.90 6.29 7.29 2.33 0.84 2.53 1.78 -0.67 -7.92 -0.17
EBIT Less CapEx to Interest Expense		 3.07 4.72 7.22 9.34 -0.39 0.87 2.50 1.01 -1.77 -10.83 -0.65
NOPAT Less CapEx to Interest Expense		 1.80 4.13 5.58 6.43 -1.10 0.11 1.66 0.67 -1.67 -8.86 -1.06
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Ultralife (NASDAQ: ULBI) showed a mixed but improving operating picture in Q1 2026, with revenue growth, a return to positive operating cash flow, and a stronger balance sheet than a year ago. At the same time, profitability remains under pressure, margins have compressed from prior periods, and leverage is still meaningful.

  • Revenue grew year over year in Q1 2026, rising to $47.4 million from $41.9 million in Q1 2025, indicating better sales momentum.
  • Operating cash flow turned positive again at $2.3 million in Q1 2026, versus a negative $0.1 million in Q1 2025 and a much stronger $3.4 million in Q1 2025 on a restated basis.
  • Net debt burden appears manageable relative to equity, with total liabilities of $90.9 million against equity of $129.7 million.
  • Cash and equivalents increased sequentially to $8.9 million at March 31, 2026 from $9.3 million at September 30, 2025, and remained well above Q1 2025 levels.
  • Quarterly revenue still exceeded cost of revenue by a healthy margin, producing $10.1 million of gross profit in Q1 2026.
  • Balance-sheet size held steady, with total assets of $220.6 million, little changed from $222.2 million in Q3 2025.
  • Inventory remains large at $57.3 million, which supports future sales but can also tie up working capital if demand softens.
  • Intangible assets and goodwill are significant, together totaling about $56.0 million, so a meaningful portion of assets is not hard tangible value.
  • Capital spending was modest at $0.8 million in Q1 2026, suggesting the company is not making a major near-term expansion investment.
  • Profitability weakened sharply versus the prior year; Q1 2026 showed a net loss of $0.5 million, compared with net income of $1.9 million in Q1 2025.
  • Operating income slipped back below break-even to a $0.2 million loss in Q1 2026, after operating profit in Q2 and Q3 2025 and a far stronger Q1 2025.
  • Margins compressed materially, as gross profit of $10.1 million on $47.4 million of revenue left little room after SG&A and R&D expenses.
  • Debt remains elevated, with $3.4 million of short-term debt and $44.2 million of long-term debt on the balance sheet.
  • Interest expense continues to weigh on results, with $0.9 million of interest expense in Q1 2026 versus only $0.4 million of other income, leaving pre-tax income negative.
  • Quarter-to-quarter results have been volatile, moving from solid profitability in some 2025 quarters to a loss in Q4 2025 and Q1 2026, which may make the stock harder to value.

Longer-term trend: Ultralife’s revenue base has generally been stable to slightly higher over the last several quarters, but earnings have been inconsistent. The company posted solid profits in several 2024 and early 2025 quarters, then weakened in late 2025 and slipped back to a small loss in Q1 2026. On the positive side, operating cash flow remains capable of turning positive, which gives the business some financial flexibility. On the negative side, leverage, lumpy earnings, and margin pressure remain key risks investors should watch.

07/17/26 10:54 PM ETAI Generated. May Contain Errors.

Ultralife Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ultralife's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Ultralife's net income appears to be on a downward trend, with a most recent value of -$5.95 million in 2025, falling from $2.84 million in 2015. The previous period was $6.41 million in 2024. See Ultralife's forecast for analyst expectations on what's next for the company.

Ultralife's total operating income in 2025 was -$5.90 million, based on the following breakdown:
  • Total Gross Profit: $46.02 million
  • Total Operating Expenses: $51.92 million

Over the last 10 years, Ultralife's total revenue changed from $76.43 million in 2015 to $191.16 million in 2025, a change of 150.1%.

Ultralife's total liabilities were at $86.78 million at the end of 2025, a 0.6% increase from 2024, and a 459.6% increase since 2015.

In the past 10 years, Ultralife's cash and equivalents has ranged from $5.71 million in 2022 to $25.93 million in 2018, and is currently $9.35 million as of their latest financial filing in 2025.

Over the last 10 years, Ultralife's book value per share changed from 4.35 in 2015 to 7.81 in 2025, a change of 79.6%.


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Financial statements for NASDAQ:ULBI last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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