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Ultralife Corp (ULBI) stock

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NASDAQ: ULBI Nasdaq Electrical Components & Equipment Next results ~November 6, 2026

C+ Fundamentals grade

Ultralife Corp is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$7.9

Cash-flow model

Base case. Range ~$5.4–$11 across our lower- and higher-growth cases (1.9%–11.9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 49% below it.

Price used: $15.62, November 2, 2026

Ultralife Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 0 selling17 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds18 adding, 17 cuttingOf 8 active managers that changed their stake, 3 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ultralife files

Where Ultralife stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $187m, up 4.7% on a year earlier, slower than the 8.4% growth a quarter earlier. Free-cash-flow margin fell to 1.1% from 7.8% a year earlier. Operating margin narrowed to -4.5% from 4.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $7.90 a share, against a share price of $15.62. At that price, our model says the market is pricing in about 17.1% a year of cash-flow growth for five years, faster than the 13.8% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Ultralife Corp's trailing-twelve-month revenue grew 4.7% year on year, with a free-cash-flow margin of 1.1%. Where it stands out: stock pay as % of revenue of 0.3% ranks 3 of 50 electrical components & equipment companies we cover.

Our discounted-cash-flow model values the business at ~$7.9 per share in the base case (~$5.4–$11 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 50% in the quarter to 2025-06-30.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Ultralife Corp's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 17 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $15.62 is 49% above our value per share of $8.
  • Loss-making. Operating margin is -4.5%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 8.7 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 156% and a beta of 1.3 against the S&P 500.
  • Growth easing. The growth rate is 3.7 points lower than a quarter earlier.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.07 against an average estimate of $0.14: missed by 50.0%
Revenue
$48m, down 1.3% on a year earlier
Share reaction
+30.5% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Next report
November 6, 2026

Ultralife's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day0.0%
  • 1 week+159.9%
  • 1 month+139.9%
  • This year+173.1%
  • 1 year+122.2%
  • 5 years+151.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$187M
Operating margin
-4.5%
Net margin
-3.5%
EPS (TTM, diluted)
$-0.39

Growth

Revenue growth
+4.7%
Change in growth rate
−3.7 pts
Share count change
−0.7%

Cash

Free cash flow (TTM)
$2M
FCF margin
1.1%
Stock pay % of revenue
0.3%

Earnings

Last results
August 7, 2026
Next results (est.)
November 17, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Our research
  4. Our research
  5. Agreement
  6. Results
  7. Shareholder vote

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ultralife Corp valuation models and calculator

What the price is pricing in

The share price implies about 17.0% a year of cash-flow growth for five years.That is close to the 13.8% a year revenue growth Ultralife has delivered.

  • Priced in17.0%
  • Last 12 months4.7%
  • 3 years a year9.2%
  • 5 years a year13.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($15.63, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$7.9
Price used
$15.63close November 3, 2026
Implied change
▼ 49%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Ultralife Corp's free cash flow after stock-based pay with after-tax interest added back ($7.7M, FY2026 Q2 TTM), growing 6.9% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$5.4–~$11 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Ultralife Corp's free cash flow after stock-based pay ( $7.7M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Ultralife Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.18 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$7.9 ~$5.4–$11 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.8 ~$1.1–$3.0 Left out: out of range vs price (0.12x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity below long-run growth
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$7.9 ~$5.4–$11 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ultralife Corp with Electrical Components & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points higher ▲ more than doubles
  • Last year's free-cash-flow margin change, if it persists ▼ −99%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $4$7$10$14$20$27
8.5% $3$5$7$10$14$19
10% $2$3$5$7$10$14

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$6.46$4.95$6.55$6.75$7.39$6.47$6.04$3.86$6.82$7.45$5.72$15.62
Market value$106m$76m$104m$110m$120m$104m$97m$62m$111m$125m$95m$260m
+ Net debt (− = net cash)−$14m−$11m−$18m−$26m$10m−$9m$13m$16m$16m$48m$40m$38m
Enterprise value$92m$66m$86m$85m$130m$95m$109m$78m$126m$173m$135m$298m
Multiples
Price / sales 1.4x0.9x1.2x1.3x1.1x1.0x1.0x0.5x0.7x0.8x0.5x1.4x
Price / earnings 37.1x21.7x13.6x4.4x23.0x19.9x——15.4x19.8x——
Price / free cash flow 18.8x11.9x17.7x16.5x—5.6x64.1x——8.5x13.4x128.1x
EV / EBITDA 15.8x10.1x9.6x9.5x12.8x11.0x30.6x17.0x9.4x13.2x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

42 /100

Weak moat

How hard Ultralife's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.6% of total assets over 10 years.

  • Pricing power 9 / 20

    Gross margin has been a median 26.3%, moving by 2.8 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.5%; its worst year was -4.5%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 4.4% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 3.2% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, before the open.

Analysts' consensus

No analyst estimates are published for Ultralife Corp: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2025 $0.14 $0.07 −50.0%
Mar 2025 $0.15 $0.13 −13.3%
Dec 2024 $0.15 $0.01 −93.3%
Sept 2024 $0.21 $0.01 −95.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
0.9%
of tradable shares
Days to cover
2.48
at average volume
Short interest, 1 month
−14%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
3.2%
of shares
Employees
678
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +122.2%

$7.03 on October 31, 2025 to $15.62

ThenNowEffect
Revenue (last 12 months) $179m $187m +4.7%
P/S multiple 0.7x 1.4x +110.8%
Share count 17m 17m +0.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +88.0%

$8.31 on November 3, 2023 to $15.62

ThenNowEffect
Revenue (last 12 months) $144m $187m +30.1%
P/S multiple 0.9x 1.4x +49.2%
Share count 16m 17m −3.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ULBI−7%−36%+77%+9%−23%+173%
Industry peers (median)−4%−30%−18%−8%+14%−36%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ULBI42%25%67%33%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ULBI−51%−40%−41%−46%−50%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 69% from May 6, 2024 to April 21, 2025. Getting back needed a 221% gain, reached on October 28, 2026, 555 days after the low.

Price behaviour

52-week range
$5.05 – $15.62
From 52-week high
0.0%
vs 50-day average
+127.1%
vs 200-day average
+139.8%
Volatility (1 year)
156%
Beta vs S&P 500
1.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±15.5%
After a week
6 up, 6 down
typical move ±20.0%
After a month
6 up, 6 down
typical move ±18.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 +30.5% +0.6% +41.2% +11.7%
May 8, 2026 −13.0% +1.1% −13.9% −7.9%
March 10, 2026 +10.3% −0.3% +30.0% +28.5%
November 18, 2025 −8.7% −0.5% +6.0% +4.7%
August 7, 2025 −19.2% +0.7% −18.5% −14.3%
May 9, 2025 +8.4% +3.2% +17.4% +60.2%
April 1, 2025 −9.3% +0.9% −19.5% −18.2%
November 8, 2024 −14.3% +0.5% −20.7% −16.5%
July 25, 2024 −3.1% +0.6% −2.3% −1.8%
April 25, 2024 +30.5% +0.6% +43.9% +29.4%
February 15, 2024 +16.5% +0.2% +15.6% +9.6%
October 26, 2023 −22.3% −1.6% −11.4% −22.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Ultralife Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ultralife Corp
$140M $160M $180M $200M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $150.2M Revenue (TTM), FY23 Q4: $158.6M Revenue (TTM), FY24 Q1: $168.7M Revenue (TTM), FY24 Q2: $168.9M Revenue (TTM), FY24 Q3: $165.2M Revenue (TTM), FY24 Q4: $164.5M Revenue (TTM), FY25 Q1: $173.3M Revenue (TTM), FY25 Q2: $178.9M Revenue (TTM), FY25 Q3: $186.5M Revenue (TTM), FY25 Q4: $191.2M Revenue (TTM), FY26 Q1: $187.9M Revenue (TTM), FY26 Q2: $187.2M $187.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $150.2M
FY23 Q4 $158.6M
FY24 Q1 $168.7M
FY24 Q2 $168.9M
FY24 Q3 $165.2M
FY24 Q4 $164.5M
FY25 Q1 $173.3M
FY25 Q2 $178.9M
FY25 Q3 $186.5M
FY25 Q4 $191.2M
FY26 Q1 $187.9M
FY26 Q2 $187.2M
Revenue growth, TTM YoY Ultralife Corp
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 25.7% Revenue growth, TTM YoY, FY23 Q4: 20.3% Revenue growth, TTM YoY, FY24 Q1: 26.4% Revenue growth, TTM YoY, FY24 Q2: 17.4% Revenue growth, TTM YoY, FY24 Q3: 10.0% Revenue growth, TTM YoY, FY24 Q4: 3.7% Revenue growth, TTM YoY, FY25 Q1: 2.7% Revenue growth, TTM YoY, FY25 Q2: 5.9% Revenue growth, TTM YoY, FY25 Q3: 12.9% Revenue growth, TTM YoY, FY25 Q4: 16.2% Revenue growth, TTM YoY, FY26 Q1: 8.4% Revenue growth, TTM YoY, FY26 Q2: 4.7% 4.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 25.7%
FY23 Q4 20.3%
FY24 Q1 26.4%
FY24 Q2 17.4%
FY24 Q3 10.0%
FY24 Q4 3.7%
FY25 Q1 2.7%
FY25 Q2 5.9%
FY25 Q3 12.9%
FY25 Q4 16.2%
FY26 Q1 8.4%
FY26 Q2 4.7%
Operating margin (TTM) Ultralife Corp
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 4.0% Operating margin (TTM), FY23 Q4: 6.0% Operating margin (TTM), FY24 Q1: 8.0% Operating margin (TTM), FY24 Q2: 8.1% Operating margin (TTM), FY24 Q3: 7.4% Operating margin (TTM), FY24 Q4: 6.1% Operating margin (TTM), FY25 Q1: 5.4% Operating margin (TTM), FY25 Q2: 4.3% Operating margin (TTM), FY25 Q3: 3.3% Operating margin (TTM), FY25 Q4: -3.1% Operating margin (TTM), FY26 Q1: -5.1% Operating margin (TTM), FY26 Q2: -4.5% -4.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 4.0%
FY23 Q4 6.0%
FY24 Q1 8.0%
FY24 Q2 8.1%
FY24 Q3 7.4%
FY24 Q4 6.1%
FY25 Q1 5.4%
FY25 Q2 4.3%
FY25 Q3 3.3%
FY25 Q4 -3.1%
FY26 Q1 -5.1%
FY26 Q2 -4.5%
FCF margin (TTM) Ultralife Corp
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 0.2% FCF margin (TTM), FY23 Q4: -0.4% FCF margin (TTM), FY24 Q1: 0.5% FCF margin (TTM), FY24 Q2: 4.8% FCF margin (TTM), FY24 Q3: 8.3% FCF margin (TTM), FY24 Q4: 8.9% FCF margin (TTM), FY25 Q1: 10.2% FCF margin (TTM), FY25 Q2: 7.8% FCF margin (TTM), FY25 Q3: 4.8% FCF margin (TTM), FY25 Q4: 3.7% FCF margin (TTM), FY26 Q1: 3.3% FCF margin (TTM), FY26 Q2: 1.1% 1.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 0.2%
FY23 Q4 -0.4%
FY24 Q1 0.5%
FY24 Q2 4.8%
FY24 Q3 8.3%
FY24 Q4 8.9%
FY25 Q1 10.2%
FY25 Q2 7.8%
FY25 Q3 4.8%
FY25 Q4 3.7%
FY26 Q1 3.3%
FY26 Q2 1.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 154 167 136 102 79 66 76 82 86 87 107 108 98 132 159 164 191 187
Gross profit 35 47 34 29 23 19 23 25 26 26 31 29 25 29 39 42 46 46
EBITDA 0 16 6 3 2 1 6 6 9 9 10 9 4 5 13 13 −2 −4
Operating income −4 12 2 −0 −1 −1 3 4 6 7 7 6 0 0 9 10 −6 −8
Net income −9 −6 −2 −2 −1 −2 3 4 8 25 5 5 −0 −0 7 6 −6 −7
Diluted EPS −$0.54 −$0.36 −$0.12 −$0.09 −$0.05 — $0.17 $0.23 $0.48 $1.53 $32.00 $0.33 $0.05 $0.05 $0.44 $38.00 −$35.00 −$0.39
Growth (year on year)
Revenue — +8.1% −18.6% −25.1% −22.4% −15.7% +14.9% +7.9% +3.7% +1.9% +22.5% +0.9% −8.8% +34.2% +20.3% +3.7% +16.2% +4.7%
EBITDA — — −61.4% −44.2% −28.3% −42.4% +318.9% +11.8% +37.2% +0.2% +13.3% −14.6% −58.6% +28.4% +191.8% −2.2% −114.7% −137.5%
Operating income — — −79.7% — — — — +13.0% +72.1% +1.2% +12.4% −22.6% −99.4% — — +5.2% −159.2% −209.1%
Net income — — — — — — — +22.3% +118.0% +226.0% −79.1% +0.5% −104.5% — — −12.3% −193.4% —
Diluted EPS — — — — — — — +35.3% +108.7% +218.8% +>999% −99.0% −84.8% — — +>999% −192.1% —
Margins
Gross margin 22.9% 28.0% 25.2% 28.3% 28.7% 29.1% 30.5% 30.4% 30.7% 29.3% 29.2% 27.1% 25.1% 22.3% 24.7% 25.7% 24.1% 24.4%
EBITDA margin 0.2% 9.3% 4.4% 3.3% 3.1% 2.1% 7.6% 7.9% 10.4% 10.2% 9.5% 8.0% 3.6% 3.5% 8.4% 8.0% −1.0% −2.2%
Operating margin −2.3% 7.1% 1.8% −0.1% −0.8% −2.2% 4.4% 4.6% 7.6% 7.5% 6.9% 5.3% 0.0% 0.1% 6.0% 6.1% −3.1% −4.5%
Net margin −6.0% −3.7% −1.5% −1.6% −1.2% −3.2% 3.8% 4.3% 8.9% 28.6% 4.9% 4.9% −0.2% −0.1% 4.5% 3.8% −3.1% −3.5%
Free-cash-flow margin 0.1% 5.5% 6.3% 2.0% 7.8% 3.0% 7.4% 7.8% 6.9% 7.7% −8.7% 17.3% 1.5% −2.2% −0.4% 8.9% 3.7% 1.1%
Cash flow
Cash from operations 2 11 11 5 7 4 9 8 7 11 −3 22 4 −1 2 17 11 5
Capital spending 2 2 2 3 1 2 3 1 1 4 6 3 3 2 3 2 4 3
Free cash flow 0 9 9 2 6 2 6 6 6 7 −9 19 2 −3 −1 15 7 2
Stock-based pay 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Free cash flow after stock pay −1 8 7 1 5 1 5 6 5 6 −10 18 1 −4 −1 14 6 1
Balance sheet
Cash 6 5 5 10 16 18 14 11 18 26 7 11 8 6 10 7 9 7
Total debt 0 — 0 0 0 0 0 0 0 0 17 1 21 21 26 55 50 45
Net debt (negative = net cash) −6 −5 −5 −10 −16 −18 −14 −11 −18 −26 10 −9 13 16 16 48 40 38
Diluted shares 17m 17m 17m 17m 17m 17m 16m 15m 16m 16m 16m 16m 16m 16m 16m 17m 17m 17m
Returned to shareholders
Buybacks 3 — — — — — 9 1 — 1 2 0 — — — — — —
Total returned 3 — — — — — 9 1 — 1 2 0 — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $216m
Short-term assets $107mLonger-term assets $109m
What it owes, and who funded it · $216m
Short-term liabilities $37mLonger-term liabilities $46mShareholders' equity $133m
  • Short-term assets cover short-term liabilities $107m of assets due within a year against $37m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $107m short-term assets against $46m of longer-dated liabilities.
  • More cash than debt $7m of cash against $45m of debt.
  • Debt below 40% of shareholders' equity Debt is 34% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 16% to 34% over five years.
  • A year's operating cash flow covers at least 20% of debt $5m of operating cash flow against $45m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Ultralife Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−0.7%
year over year
R&D spending
6.3%
of revenue
Sales & admin spending
16.0%
of revenue
Days sales outstanding
68 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electrical components & equipment
Last 12 months unless stated ULBI WBX EOSE NRGV FCEL TYGO Median
Revenue, last 12 months $187m $164m $214m $226m $154m $111m $154m
Revenue growth, last 12 months 4.7% −7.5% 533.9% 336.8% 1.1% 49.5% 10.6%
Revenue growth, 3-year average 9.2% — 129.1% 13.8% 3.2% −13.6% 9.2%
Revenue growth, latest quarter −1.3% — 351.4% 104.1% −29.4% 5.6% 10.2%
Gross margin 24.4% — −84.7% 22.5% −32.4% 42.4% 29.3%
Operating margin −4.5% −68.4% −142.6% −32.8% −116.3% −2.8% −17.7%
Operating margin, 3-year average 2.7% — −604.8% −103.3% −143.7% −47.7% −32.6%
Net margin −3.5% −71.1% −246.8% −48.6% −113.6% 9.0% −23.4%
Cash from operations / revenue 2.7% 6.9% −143.7% −45.4% −62.5% −6.5% −6.5%
Free-cash-flow margin 1.1% 6.5% −196.1% −64.1% −65.6% −7.3% −11.0%
Free-cash-flow margin, 3-year average 4.6% — −652.9% −80.8% −136.3% — −6.8%
Stock pay / revenue 0.3% 1.4% 10.4% 13.2% 6.4% 6.3% 2.5%
Change in share count −0.7% — 49.9% 11.1% 21.6% 17.9% 10.0%

Median of all 57 companies we cover in electrical components & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 electrical components & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 4.7% 10.6% 37 of 57
Change in growth rate Growth -3.7pp +0.0pp 36 of 57
Gross margin Profitability 24.4% 29.3% 32 of 54
Operating margin Profitability -4.5% -20.0% 22 of 53
Net margin Profitability -3.5% -23.4% 26 of 57
Free-cash-flow margin Cash generation 1.1% -8.8% 20 of 56
Stock pay as % of revenue Cash generation 0.3% 2.8% 3 of 50
Long-term debt as % of assets Balance sheet 19.8% 17.8% 22 of 40
Change in share count Balance sheet -0.7% 10.0% 8 of 46
Days sales outstanding Balance sheet 68 days 72 days 24 of 50

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Battery Energy Products $178M 93.1% ▲ 23.6%
Communications Systems $13.1M 6.9% ▼ 35.6%
Geography
Region Revenue Share YoY
United States $137M 71.7% ▲ 41.3%
Outside the US $54.1M 28.3% ▼ 19.8%

From Ultralife Corp's 10-K filed March 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$33.8M
Institutions reporting
52
Shares held vs prior quarter
▲ 0.3%
Positions opened / closed
5 / 2

Top buyers and sellers, Q2 2026: 18 institutions bought and 17 sold ; the biggest buyer was Maridea Wealth Management LLC (+43K shares) and the biggest seller Dimensional Fund Advisors LP (−31K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Visionary Wealth Advisors $7M 1.1M 20.8% ▲ 0.3%
Dimensional Fund Advisors LP $6.1M 964K 18.0% ▼ 3.1%
Janney Montgomery Scott LLC $3.5M 560K 10.5% ▲ 8.2%
Vanguard Capital Management LLC $2.9M 465K 8.7% ▲ 1.5%
Truffle Hound Capital, LLC $1.6M 250K 4.7% 0.0%
Rbf Capital, LLC $1.4M 219K 4.1% 0.0%
Renaissance Technologies LLC $1.1M 172K 3.2% ▼ 13.3%
Connor, Clark & Lunn Investment Management Ltd. $979,872 155K 2.9% 0.0%
Blackrock, Inc. $975,845 154K 2.9% ▲ 5.6%
Raymond James Financial Inc $863,919 137K 2.6% ▼ 1.9%
Arrowstreet Capital, Limited Partnership $801,079 127K 2.4% 0.0%
Geode Capital Management, LLC $795,477 126K 2.4% ▼ 1.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ultralife Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $2.5M 17 trades by 4 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $2.5M net buying
Insider Date Trade Shares Price Value
Whitmore Bradford T Director May 26, 2026 Buy 67,302 $6.81 $458,327
Whitmore Bradford T Director May 22, 2026 Buy 8,700 $6.33 $55,071
Whitmore Bradford T Director May 21, 2026 Buy 32,876 $6.13 $201,530
Manna Michael Edward President and CEO May 18, 2026 Buy 2,000 $6.47 $12,940
Whitmore Bradford T Director March 16, 2026 Buy 53,131 $6.76 $359,166
Whitmore Bradford T Director March 13, 2026 Buy 100,640 $6.32 $636,045
Manna Michael Edward President and CEO March 12, 2026 Buy 200 $6.03 $1,206
Manna Michael Edward President and CEO March 12, 2026 Buy 1,800 $6.01 $10,818
Whitmore Bradford T Director March 12, 2026 Buy 33,741 $5.97 $201,434
Whitmore Bradford T Director December 16, 2025 Buy 28,588 $5.70 $162,952
Goddard Janie Director December 15, 2025 Buy 1,739 $5.75 $9,999
Whitmore Bradford T Director December 15, 2025 Buy 14,882 $5.66 $84,232

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 17, 2026 estimated from the company's past filing pattern, not announced

  • August 7, 2026
  • May 8, 2026
  • March 10, 2026
  • November 18, 2025
  • August 7, 2025
  • May 9, 2025

Recent SEC filings

Data status

When each part of this page on Ultralife Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ultralife Corp in brief

What does Ultralife Corp do?
Ultralife Corp is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.
What is Ultralife Corp's stock ticker?
Ultralife Corp trades under the ticker ULBI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ultralife Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ultralife Corp reported revenue of $187M, 4.7% higher than a year earlier, according to its SEC filings.
What is Ultralife Corp's free cash flow?
Ultralife Corp's free-cash-flow margin is 1.1% of revenue over the trailing twelve months, ranking 20 of the 56 electrical components & equipment companies we cover.
What is Ultralife Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ultralife Corp's free cash flow after stock-based pay gives ~$7.9 per share in the base case, and ~$5.4–$11 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ultralife Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Visionary Wealth Advisors, Dimensional Fund Advisors LP and Janney Montgomery Scott LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ultralife Corp's market cap?
On November 2, 2026, Ultralife Corp's market capitalisation was about $260M and net debt of $37.9M. Market figures come from third-party market data and may be delayed.
How much debt does Ultralife Corp have?
Ultralife Corp's debt-to-equity ratio is 33.7%, from its latest balance sheet (16.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ultralife Corp's competitors?
In our Electrical Components & Equipment peer group, the companies closest to Ultralife Corp are Wallbox N.V., Eos Energy Enterprises, Inc., Energy Vault Holdings, Inc., Fuelcell Energy Inc and Tigo Energy, Inc. The side-by-side comparison below sets their revenue, margins and growth against Ultralife Corp's.
Are insiders buying or selling Ultralife Corp stock?
Over the last 12 months, Ultralife Corp's directors and officers reported 17 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Ultralife Corp's next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ultralife Corp announces its own schedule.