Ultralife Corporation (ULBI) 10-Year Financial Performance & Capital Metrics

ULBI • • Industrial / General

IndustrialsElectrical EquipmentBattery Materials & ComponentsLithium-ion Battery Manufacturing

AboutUltralife Corporation, together with its subsidiaries, designs, manufactures, installs, and maintains power, and communication and electronics systems worldwide. The company operates in two segments, Battery & Energy Products and Communications Systems. The Battery & Energy Products segment offers lithium 9-volt, cylindrical, thin lithium manganese dioxide, rechargeable, and other non-rechargeable batteries; lithium-ion cells, multi-kilowatt module lithium ion battery systems, and uninterruptable power supplies; and rugged military and commercial battery charging systems and accessories, including smart chargers, multi-bay charging systems, and various cables. The Communications Systems segment provides communications systems and accessories to support military communications systems, such as radio frequency amplifiers, power supplies and cables, connector assemblies, amplified speakers, equipment mounts, case equipment, man-portable systems, and integrated communication systems for fixed or vehicle applications comprising vehicle adapters, vehicle installed power enhanced rifleman appliqué systems, and SATCOM systems. This segment's military communications systems and accessories are designed to enhance and extend the operation of communications equipment, such as vehicle-mounted, manpack, and handheld transceivers. It sells its products under the Ultralife, Ultralife Thin Cell, Utralife HiRate, Ultralife and design, Ultra, Lithium Power, LithiumPower and Design, McDowell Research, AMTI, ABLE, ACCUTRONICS, ACCUPRO, ENTELLION, SWE Southwest Electronic Energy Group, SWE DRILL-DATA, and SWE SEASAFE brands through original equipment manufacturers, and industrial and defense supply distributors, as well as directly to the United States and international defense departments. In addition, the company sells its 9-volt battery to the broader consumer market through national and regional retail chains and online retailers. Ultralife Corporation serves government, defense, and commercial sectors. The company was incorporated in 1990 and is headquartered in Newark, New York.Show more

Revenue $164M +3.7%
EBITDA $14M +5.5%
Net Income $6M -12.3%
EPS (Diluted) 0.38 -13.6%
Gross Margin 25.73% +4.1%
EBITDA Margin 8.59% +1.8%
Operating Margin 6.06% +1.5%
Net Margin 3.84% -15.4%
ROE 4.86% -18.3%
ROIC 4.53% -11.2%
Debt/Equity 0.44 +87.1%
Interest Coverage 5.14 +9.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.9x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.6%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.48%

5Y9.02%

3Y18.73%

TTM12.94%

Profit (Net Income) CAGR

10Y-

5Y3.93%

3Y-

TTM-80.89%

EPS CAGR

10Y-

5Y3.5%

3Y-

TTM-81.46%

ROCE

10Y Avg4.83%

5Y Avg3.39%

3Y Avg4.1%

Latest5.76%

Peer Comparison

Lithium-ion Battery Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ULBIUltralife Corporation	117.21M	7.04	18.53	3.66%	0.92%	1.25%	12.55%	0.44
CBATCBAK Energy Technology, Inc.	77.12M	0.87	6.69	-13.61%	-4.03%	-5.5%	29.2%	0.25
ENREnergizer Holdings, Inc.	1.46B	21.24	6.40	2.28%	8.09%	140.67%	4.34%	20.79
XPONExpion360 Inc.	8.88M	0.92	-0.04	-5.96%	-21.76%	-22.74%		0.41
DFLIDragonfly Energy Holdings Corp.	46.38M	3.84	-0.65	-21.35%	-60.13%	-438.89%
TET1 Energy Inc	1.57B	7.41	-2.32		-243.61%	-351.25%		3.01
FLUXFlux Power Holdings, Inc.	32.44M	1.52	-3.80	9.22%	-10.05%
MVSTMicrovast Holdings, Inc.	974.7M	2.97	-4.87	23.87%	-34.01%	-42.22%		0.85

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	76.43M	82.46M	85.53M	87.19M	106.8M	107.71M	98.27M	131.84M	158.64M	164.46M
Revenue Growth %	0.15%	0.08%	0.04%	0.02%	0.22%	0.01%	-0.09%	0.34%	0.2%	0.04%
Cost of Goods Sold+	53.11M	57.35M	59.3M	61.61M	75.63M	78.55M	73.63M	102.44M	119.44M	122.14M
COGS % of Revenue	0.69%	0.7%	0.69%	0.71%	0.71%	0.73%	0.75%	0.78%	0.75%	0.74%
Gross Profit+	23.32M	25.11M	26.23M	25.58M	31.16M	29.16M	24.64M	29.4M	39.2M	42.31M
Gross Margin %	0.31%	0.3%	0.31%	0.29%	0.29%	0.27%	0.25%	0.22%	0.25%	0.26%
Gross Profit Growth %	0.2%	0.08%	0.04%	-0.02%	0.22%	-0.06%	-0.15%	0.19%	0.33%	0.08%
Operating Expenses+	19.84M	21.34M	19.76M	19.03M	23.8M	23.46M	24.61M	29.27M	29.73M	32.35M
OpEx % of Revenue	0.26%	0.26%	0.23%	0.22%	0.22%	0.22%	0.25%	0.22%	0.19%	0.2%
Selling, General & Admin	14.23M	15.4M	15.02M	14.52M	16.99M	17.51M	17.78M	22.19M	22.19M	24.08M
SG&A % of Revenue	0.19%	0.19%	0.18%	0.17%	0.16%	0.16%	0.18%	0.17%	0.14%	0.15%
Research & Development	5.6M	5.95M	4.74M	4.51M	6.8M	5.95M	6.83M	7.08M	7.53M	8.27M
R&D % of Revenue	0.07%	0.07%	0.06%	0.05%	0.06%	0.06%	0.07%	0.05%	0.05%	0.05%
Other Operating Expenses	65K	-183K	-181K	58K	0	0	0	0	0	0
Operating Income+	3.33M	3.76M	6.48M	6.55M	7.37M	5.7M	35K	129K	9.47M	9.96M
Operating Margin %	0.04%	0.05%	0.08%	0.08%	0.07%	0.05%	0%	0%	0.06%	0.06%
Operating Income Growth %	3.31%	0.13%	0.72%	0.01%	0.12%	-0.23%	-0.99%	2.69%	72.45%	0.05%
EBITDA+	3.56M	6.49M	8.9M	8.92M	10.11M	8.64M	3.57M	4.59M	13.39M	14.12M
EBITDA Margin %	0.05%	0.08%	0.1%	0.1%	0.09%	0.08%	0.04%	0.03%	0.08%	0.09%
EBITDA Growth %	4.13%	0.82%	0.37%	0%	0.13%	-0.15%	-0.59%	0.28%	1.92%	0.05%
D&A (Non-Cash Add-back)	235K	2.73M	2.43M	2.37M	2.75M	2.94M	3.54M	4.46M	3.91M	4.16M
EBIT	3.48M	4.06M	6.48M	6.55M	7.31M	7.46M	91K	505K	11.13M	10.24M
Net Interest Income+	-245K	-263K	-183K	-63K	-539K	-436K	-242K	-951K	-2.02M	-1.94M
Interest Income	3K	0	0	0	0	0	0	0	0	0
Interest Expense	248K	263K	183K	63K	539K	436K	242K	951K	2.02M	1.94M
Other Income/Expense	-180K	-183K	-181K	58K	-597K	1.32M	-186K	-575K	-358K	-1.66M
Pretax Income+	3.15M	3.58M	6.29M	6.61M	6.77M	7.02M	-151K	-446K	9.12M	8.3M
Pretax Margin %	0.04%	0.04%	0.07%	0.08%	0.06%	0.07%	-0%	-0%	0.06%	0.05%
Income Tax+	310K	98K	-1.37M	-18.39M	1.46M	1.69M	79K	-326K	1.95M	1.89M
Effective Tax Rate %	0.91%	0.98%	1.21%	3.77%	0.77%	0.74%	1.55%	0.27%	0.79%	0.76%
Net Income+	2.87M	3.51M	7.65M	24.93M	5.21M	5.23M	-234K	-119K	7.2M	6.31M
Net Margin %	0.04%	0.04%	0.09%	0.29%	0.05%	0.05%	-0%	-0%	0.05%	0.04%
Net Income Growth %	2.36%	0.22%	1.18%	2.26%	-0.79%	0.01%	-1.04%	0.49%	61.48%	-0.12%
Net Income (Continuing)	2.84M	3.48M	7.66M	25M	5.31M	5.33M	-230K	-120K	7.17M	6.41M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-143K	-170K	-154K	-85K	24K	123K	127K	126K	95K	192K
EPS (Diluted)+	0.17	0.23	0.48	1.53	0.32	0.33	-0.01	-0.01	0.44	0.38
EPS Growth %	2.42%	0.35%	1.09%	2.19%	-0.79%	0.03%	-1.04%	0.49%	-	-0.14%
EPS (Basic)	0.18	0.23	0.49	1.57	0.33	0.33	-0.01	-0.01	0.44	0.38
Diluted Shares Outstanding	16.42M	15.4M	15.86M	16.35M	16.18M	16.1M	16.04M	16.13M	16.23M	16.77M
Basic Shares Outstanding	16.18M	15.26M	15.53M	15.88M	15.78M	15.9M	16.04M	16.13M	16.36M	16.55M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	51.95M	49.51M	61.92M	67.22M	70.37M	64.5M	66.52M	78.99M	90.2M	97.16M
Cash & Short-Term Investments	14.53M	10.71M	18.33M	25.93M	7.41M	10.65M	8.41M	5.71M	10.28M	6.85M
Cash Only	14.53M	10.71M	18.33M	25.93M	7.41M	10.65M	8.41M	5.71M	10.28M	6.85M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	11.61M	13.18M	14.66M	16.02M	30.11M	21.05M	20.23M	27.78M	31.76M	29.37M
Days Sales Outstanding	55.43	58.34	62.55	67.04	102.9	71.34	75.15	76.91	73.07	65.18
Inventory	23.81M	23.46M	26.33M	22.84M	29.76M	28.19M	33.19M	41.19M	42.22M	51.36M
Days Inventory Outstanding	163.66	149.28	162.04	135.34	143.62	131	164.54	146.77	129	153.49
Other Current Assets	409K	77K	89K	0	0	1.59M	4.69M	4.3M	0	0
Total Non-Current Assets+	29.62M	35.23M	35.27M	52.88M	74.18M	73.2M	93.01M	89.44M	88.07M	123.29M
Property, Plant & Equipment	9.04M	8M	7.57M	10.74M	22.52M	22.85M	25.79M	23.9M	24.71M	44.64M
Fixed Asset Turnover	8.46x	10.31x	11.30x	8.12x	4.74x	4.71x	3.81x	5.52x	6.42x	3.68x
Goodwill	16.28M	19.96M	20.46M	20.11M	26.75M	27.02M	38.07M	37.43M	37.57M	45.01M
Intangible Assets	3.95M	7.19M	7.08M	6.5M	9.72M	9.21M	17.39M	15.92M	15.11M	24.56M
Long-Term Investments	-401K	-166K	-157K	-82K	0	0	0	0	0	0
Other Non-Current Assets	309K	72K	125K	82K	1.96M	2.29M	298K	121K	122K	9.09M
Total Assets+	81.57M	84.74M	97.19M	120.1M	144.56M	137.7M	159.54M	168.43M	178.28M	220.45M
Asset Turnover	0.94x	0.97x	0.88x	0.73x	0.74x	0.78x	0.62x	0.78x	0.89x	0.75x
Asset Growth %	-0.07%	0.04%	0.15%	0.24%	0.2%	-0.05%	0.16%	0.06%	0.06%	0.24%
Total Current Liabilities+	10.86M	11.33M	14.24M	14.95M	17.19M	18.71M	18.92M	28.91M	23.73M	29.29M
Accounts Payable	6.49M	7.29M	8.79M	9.92M	9.39M	10.84M	9.82M	16.07M	11.34M	14.16M
Days Payables Outstanding	44.63	46.41	54.09	58.77	45.31	50.36	48.7	57.27	34.64	42.31
Short-Term Debt	0	0	0	0	1.37M	1.36M	2.87M	2.9M	2M	2.75M
Deferred Revenue (Current)	0	0	0	-439K	0	0	0	119K	0	0
Other Current Liabilities	227K	172K	168K	-121K	0	0	4.39M	6.93M	287K	298K
Current Ratio	4.78x	4.37x	4.35x	4.50x	4.09x	3.45x	3.52x	2.73x	3.80x	3.32x
Quick Ratio	2.59x	2.30x	2.50x	2.97x	2.36x	1.94x	1.76x	1.31x	2.02x	1.56x
Cash Conversion Cycle	174.46	161.21	170.5	143.61	201.21	151.98	190.99	166.4	167.43	176.36
Total Non-Current Liabilities+	4.65M	5.56M	3.9M	623K	17.62M	2.07M	22.87M	23.11M	29.12M	56.97M
Long-Term Debt	0	0	0	0	15.78M	0	18.86M	19.31M	23.62M	51.5M
Capital Lease Obligations	0	0	0	376K	1.25M	1.52M	1.74M	1.31M	2.64M	3M
Deferred Tax Liabilities	4.65M	5.56M	3.9M	623K	559K	515K	2.25M	1.92M	1.71M	0
Other Non-Current Liabilities	28K	18K	0	-344K	-528K	1.56M	17K	17K	1.14M	2.47M
Total Liabilities	15.51M	16.88M	18.14M	15.57M	34.81M	20.78M	41.8M	52.03M	52.85M	86.26M
Total Debt+	0	0	0	815K	19.02M	3.56M	23.47M	23.51M	29.16M	58.39M
Net Debt	-14.53M	-10.71M	-18.33M	-25.12M	11.61M	-7.09M	15.05M	17.8M	18.88M	51.53M
Debt / Equity	-	-	-	0.01x	0.17x	0.03x	0.20x	0.20x	0.23x	0.44x
Debt / EBITDA	-	-	-	0.09x	1.88x	0.41x	6.57x	5.12x	2.18x	4.13x
Net Debt / EBITDA	-4.08x	-1.65x	-2.06x	-2.81x	1.15x	-0.82x	4.21x	3.88x	1.41x	3.65x
Interest Coverage	13.43x	14.31x	35.39x	104.05x	13.67x	13.08x	0.14x	0.14x	4.70x	5.14x
Total Equity+	66.06M	67.86M	79.05M	104.53M	109.75M	116.92M	117.74M	116.4M	125.43M	134.19M
Equity Growth %	-0.08%	0.03%	0.16%	0.32%	0.05%	0.07%	0.01%	-0.01%	0.08%	0.07%
Book Value per Share	4.02	4.41	4.98	6.39	6.78	7.26	7.34	7.22	7.73	8.00
Total Shareholders' Equity	66.2M	68.03M	79.2M	104.62M	109.73M	116.8M	117.62M	116.28M	125.33M	134M
Common Stock	1.92M	1.93M	1.97M	2M	2.03M	2.04M	2.05M	2.06M	2.08M	2.11M
Retained Earnings	-94.05M	-90.54M	-82.89M	-57.96M	-52.83M	-47.6M	-47.83M	-47.95M	-40.75M	-34.44M
Treasury Stock	-17.81M	-18.44M	-18.47M	-19.27M	-21.23M	-21.32M	-21.47M	-21.48M	-21.49M	-21.49M
Accumulated OCI	-863K	-3.08M	-1.61M	-2.79M	-2.53M	-1.78M	-1.65M	-3.75M	-3.66M	-4.01M
Minority Interest	-143K	-170K	-154K	-85K	24K	123K	127K	126K	95K	192K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	8.55M	7.65M	7.27M	10.89M	-2.97M	21.72M	4.33M	-1.26M	1.93M	16.64M
Operating CF Margin %	0.11%	0.09%	0.08%	0.12%	-0.03%	0.2%	0.04%	-0.01%	0.01%	0.1%
Operating CF Growth %	1.33%	-0.11%	-0.05%	0.5%	-1.27%	8.31%	-0.8%	-1.29%	2.53%	7.62%
Net Income	2.84M	3.48M	7.66M	25M	5.31M	5.33M	-230K	-120K	7.2M	6.41M
Depreciation & Amortization	235K	2.73M	2.43M	2.37M	2.75M	2.94M	3.54M	4.46M	3.91M	4.16M
Stock-Based Compensation	571K	710K	653K	890K	753K	943K	671K	776K	528K	698K
Deferred Taxes	183K	135K	-1.67M	-18.64M	1.21M	1.39M	-147K	-962K	1.3M	1.23M
Other Non-Cash Items	2.71M	76K	47K	36K	44K	-1.54M	104K	36K	33K	253K
Working Capital Changes	2.01M	524K	-1.85M	1.24M	-13.04M	12.67M	388K	-5.45M	-11.04M	3.89M
Change in Receivables	-217K	-667K	-1.29M	-1.51M	-10.42M	9.21M	4.42M	-7.88M	-3.89M	7.6M
Change in Inventory	2.1M	1.98M	-2.54M	3.19M	-2.2M	1.8M	-1.3M	-8.75M	-943K	-109K
Change in Payables	723K	-1.36M	2.66M	-822K	1.13M	1.65M	-2.71M	10.09M	-2.97M	215K
Cash from Investing+	-2.91M	-11.01M	-1.39M	-4.18M	-31.53M	-2.98M	-26.33M	-1.68M	-2.55M	-49.95M
Capital Expenditures	-2.91M	-1.22M	-1.39M	-4.18M	-6.28M	-3.1M	-2.81M	-1.68M	-2.55M	-1.93M
CapEx % of Revenue	0.04%	0.01%	0.02%	0.05%	0.06%	0.03%	0.03%	0.01%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.91M	65K	0	-4.18M	0	0	0	0	0	0
Cash from Financing+	-8.87M	-175K	1.4M	1.17M	16.12M	-15.69M	19.64M	518K	5.49M	29.86M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-18K	460K	1.4M	1.97M	765K	-90K	-262K	-115K	1.25M	-1.39M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	5.64M	6.43M	5.88M	6.7M	-9.25M	18.62M	1.51M	-2.94M	-623K	14.7M
FCF Margin %	0.07%	0.08%	0.07%	0.08%	-0.09%	0.17%	0.02%	-0.02%	-0%	0.09%
FCF Growth %	1.8%	0.14%	-0.09%	0.14%	-2.38%	3.01%	-0.92%	-2.95%	0.79%	24.6%
FCF per Share	0.34	0.42	0.37	0.41	-0.57	1.16	0.09	-0.18	-0.04	0.88
FCF Conversion (FCF/Net Income)	2.98x	2.18x	0.95x	0.44x	-0.57x	4.15x	-18.48x	10.61x	0.27x	2.64x
Interest Paid	150K	179K	102K	132K	576K	375K	142K	930K	1.96M	1.85M
Taxes Paid	52K	273K	345K	220K	266K	264K	324K	354K	769K	722K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.16%	5.24%	10.41%	27.16%	4.86%	4.62%	-0.2%	-0.1%	5.95%	4.86%
Return on Invested Capital (ROIC)	4.73%	5.19%	8.24%	7.02%	5.5%	3.7%	0.02%	0.07%	5.1%	4.53%
Gross Margin	30.51%	30.45%	30.67%	29.34%	29.18%	27.07%	25.08%	22.3%	24.71%	25.73%
Net Margin	3.75%	4.26%	8.94%	28.59%	4.87%	4.86%	-0.24%	-0.09%	4.54%	3.84%
Debt / Equity	-	-	-	0.01x	0.17x	0.03x	0.20x	0.20x	0.23x	0.44x
Interest Coverage	13.43x	14.31x	35.39x	104.05x	13.67x	13.08x	0.14x	0.14x	4.70x	5.14x
FCF Conversion	2.98x	2.18x	0.95x	0.44x	-0.57x	4.15x	-18.48x	10.61x	0.27x	2.64x
Revenue Growth	14.94%	7.89%	3.72%	1.94%	22.49%	0.86%	-8.77%	34.17%	20.33%	3.66%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Battery & Energy Products	-	23.87M	29M	-	-	-	87.08M	120M	129.95M	-
Battery & Energy Products Growth	-	-	21.50%	-	-	-	-	37.79%	8.30%	-
Communications Systems	-	17.71M	15.74M	-	-	-	11.18M	11.85M	28.69M	-
Communications Systems Growth	-	-	-11.10%	-	-	-	-	5.91%	142.22%	-
Corporate	-	-	-	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-
Grant	-	-	-	97K	78K	188K	-	-	-	-
Grant Growth	-	-	-	-	-19.59%	141.03%	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Non-US	-	2.2M	1.52M	-	-	-	-	63.93M	77.25M	67.42M
Non-US Growth	-	-	-30.68%	-	-	-	-	-	20.84%	-12.73%
UNITED STATES	-	15.51M	14.22M	-	-	-	-	-	-	-
UNITED STATES Growth	-	-	-8.32%	-	-	-	-	-	-	-
United States	9.6M	-	-	-	-	-	-	-	-	-
United States Growth	-	-	-	-	-	-	-	-	-	-
Foreign	1.5M	-	-	-	-	-	-	-	-	-
Foreign Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Ultralife Corporation (ULBI) has a price-to-earnings (P/E) ratio of 18.5x. This is roughly in line with market averages.

Growth & Financials

Ultralife Corporation (ULBI) reported $186.5M in revenue for fiscal year 2024. This represents a 34% increase from $139.4M in 2011.

Ultralife Corporation (ULBI) grew revenue by 3.7% over the past year. Growth has been modest.

Yes, Ultralife Corporation (ULBI) is profitable, generating $1.7M in net income for fiscal year 2024 (3.8% net margin).

Dividend & Returns

Ultralife Corporation (ULBI) has a return on equity (ROE) of 4.9%. This is below average, suggesting room for improvement.

Ultralife Corporation (ULBI) generated $8.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Ultralife Corporation (ULBI) 10-Year Financial Performance & Capital Metrics

ULBI • • Industrial / General

IndustrialsElectrical EquipmentBattery Materials & ComponentsLithium-ion Battery Manufacturing

Revenue $164M +3.7%
EBITDA $14M +5.5%
Net Income $6M -12.3%
EPS (Diluted) 0.38 -13.6%
Gross Margin 25.73% +4.1%
EBITDA Margin 8.59% +1.8%
Operating Margin 6.06% +1.5%
Net Margin 3.84% -15.4%
ROE 4.86% -18.3%
ROIC 4.53% -11.2%
Debt/Equity 0.44 +87.1%
Interest Coverage 5.14 +9.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.9x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.6%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y9.48%

5Y9.02%

3Y18.73%

TTM12.94%

Profit (Net Income) CAGR

10Y-

5Y3.93%

3Y-

TTM-80.89%

EPS CAGR

10Y-

5Y3.5%

3Y-

TTM-81.46%

ROCE

10Y Avg4.83%

5Y Avg3.39%

3Y Avg4.1%

Latest5.76%

Peer Comparison

Lithium-ion Battery Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ULBIUltralife Corporation	117.21M	7.04	18.53	3.66%	0.92%	1.25%	12.55%	0.44
CBATCBAK Energy Technology, Inc.	77.12M	0.87	6.69	-13.61%	-4.03%	-5.5%	29.2%	0.25
ENREnergizer Holdings, Inc.	1.46B	21.24	6.40	2.28%	8.09%	140.67%	4.34%	20.79
XPONExpion360 Inc.	8.88M	0.92	-0.04	-5.96%	-21.76%	-22.74%		0.41
DFLIDragonfly Energy Holdings Corp.	46.38M	3.84	-0.65	-21.35%	-60.13%	-438.89%
TET1 Energy Inc	1.57B	7.41	-2.32		-243.61%	-351.25%		3.01
FLUXFlux Power Holdings, Inc.	32.44M	1.52	-3.80	9.22%	-10.05%
MVSTMicrovast Holdings, Inc.	974.7M	2.97	-4.87	23.87%	-34.01%	-42.22%		0.85

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	76.43M	82.46M	85.53M	87.19M	106.8M	107.71M	98.27M	131.84M	158.64M	164.46M
Revenue Growth %	0.15%	0.08%	0.04%	0.02%	0.22%	0.01%	-0.09%	0.34%	0.2%	0.04%
Cost of Goods Sold+	53.11M	57.35M	59.3M	61.61M	75.63M	78.55M	73.63M	102.44M	119.44M	122.14M
COGS % of Revenue	0.69%	0.7%	0.69%	0.71%	0.71%	0.73%	0.75%	0.78%	0.75%	0.74%
Gross Profit+	23.32M	25.11M	26.23M	25.58M	31.16M	29.16M	24.64M	29.4M	39.2M	42.31M
Gross Margin %	0.31%	0.3%	0.31%	0.29%	0.29%	0.27%	0.25%	0.22%	0.25%	0.26%
Gross Profit Growth %	0.2%	0.08%	0.04%	-0.02%	0.22%	-0.06%	-0.15%	0.19%	0.33%	0.08%
Operating Expenses+	19.84M	21.34M	19.76M	19.03M	23.8M	23.46M	24.61M	29.27M	29.73M	32.35M
OpEx % of Revenue	0.26%	0.26%	0.23%	0.22%	0.22%	0.22%	0.25%	0.22%	0.19%	0.2%
Selling, General & Admin	14.23M	15.4M	15.02M	14.52M	16.99M	17.51M	17.78M	22.19M	22.19M	24.08M
SG&A % of Revenue	0.19%	0.19%	0.18%	0.17%	0.16%	0.16%	0.18%	0.17%	0.14%	0.15%
Research & Development	5.6M	5.95M	4.74M	4.51M	6.8M	5.95M	6.83M	7.08M	7.53M	8.27M
R&D % of Revenue	0.07%	0.07%	0.06%	0.05%	0.06%	0.06%	0.07%	0.05%	0.05%	0.05%
Other Operating Expenses	65K	-183K	-181K	58K	0	0	0	0	0	0
Operating Income+	3.33M	3.76M	6.48M	6.55M	7.37M	5.7M	35K	129K	9.47M	9.96M
Operating Margin %	0.04%	0.05%	0.08%	0.08%	0.07%	0.05%	0%	0%	0.06%	0.06%
Operating Income Growth %	3.31%	0.13%	0.72%	0.01%	0.12%	-0.23%	-0.99%	2.69%	72.45%	0.05%
EBITDA+	3.56M	6.49M	8.9M	8.92M	10.11M	8.64M	3.57M	4.59M	13.39M	14.12M
EBITDA Margin %	0.05%	0.08%	0.1%	0.1%	0.09%	0.08%	0.04%	0.03%	0.08%	0.09%
EBITDA Growth %	4.13%	0.82%	0.37%	0%	0.13%	-0.15%	-0.59%	0.28%	1.92%	0.05%
D&A (Non-Cash Add-back)	235K	2.73M	2.43M	2.37M	2.75M	2.94M	3.54M	4.46M	3.91M	4.16M
EBIT	3.48M	4.06M	6.48M	6.55M	7.31M	7.46M	91K	505K	11.13M	10.24M
Net Interest Income+	-245K	-263K	-183K	-63K	-539K	-436K	-242K	-951K	-2.02M	-1.94M
Interest Income	3K	0	0	0	0	0	0	0	0	0
Interest Expense	248K	263K	183K	63K	539K	436K	242K	951K	2.02M	1.94M
Other Income/Expense	-180K	-183K	-181K	58K	-597K	1.32M	-186K	-575K	-358K	-1.66M
Pretax Income+	3.15M	3.58M	6.29M	6.61M	6.77M	7.02M	-151K	-446K	9.12M	8.3M
Pretax Margin %	0.04%	0.04%	0.07%	0.08%	0.06%	0.07%	-0%	-0%	0.06%	0.05%
Income Tax+	310K	98K	-1.37M	-18.39M	1.46M	1.69M	79K	-326K	1.95M	1.89M
Effective Tax Rate %	0.91%	0.98%	1.21%	3.77%	0.77%	0.74%	1.55%	0.27%	0.79%	0.76%
Net Income+	2.87M	3.51M	7.65M	24.93M	5.21M	5.23M	-234K	-119K	7.2M	6.31M
Net Margin %	0.04%	0.04%	0.09%	0.29%	0.05%	0.05%	-0%	-0%	0.05%	0.04%
Net Income Growth %	2.36%	0.22%	1.18%	2.26%	-0.79%	0.01%	-1.04%	0.49%	61.48%	-0.12%
Net Income (Continuing)	2.84M	3.48M	7.66M	25M	5.31M	5.33M	-230K	-120K	7.17M	6.41M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-143K	-170K	-154K	-85K	24K	123K	127K	126K	95K	192K
EPS (Diluted)+	0.17	0.23	0.48	1.53	0.32	0.33	-0.01	-0.01	0.44	0.38
EPS Growth %	2.42%	0.35%	1.09%	2.19%	-0.79%	0.03%	-1.04%	0.49%	-	-0.14%
EPS (Basic)	0.18	0.23	0.49	1.57	0.33	0.33	-0.01	-0.01	0.44	0.38
Diluted Shares Outstanding	16.42M	15.4M	15.86M	16.35M	16.18M	16.1M	16.04M	16.13M	16.23M	16.77M
Basic Shares Outstanding	16.18M	15.26M	15.53M	15.88M	15.78M	15.9M	16.04M	16.13M	16.36M	16.55M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	51.95M	49.51M	61.92M	67.22M	70.37M	64.5M	66.52M	78.99M	90.2M	97.16M
Cash & Short-Term Investments	14.53M	10.71M	18.33M	25.93M	7.41M	10.65M	8.41M	5.71M	10.28M	6.85M
Cash Only	14.53M	10.71M	18.33M	25.93M	7.41M	10.65M	8.41M	5.71M	10.28M	6.85M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	11.61M	13.18M	14.66M	16.02M	30.11M	21.05M	20.23M	27.78M	31.76M	29.37M
Days Sales Outstanding	55.43	58.34	62.55	67.04	102.9	71.34	75.15	76.91	73.07	65.18
Inventory	23.81M	23.46M	26.33M	22.84M	29.76M	28.19M	33.19M	41.19M	42.22M	51.36M
Days Inventory Outstanding	163.66	149.28	162.04	135.34	143.62	131	164.54	146.77	129	153.49
Other Current Assets	409K	77K	89K	0	0	1.59M	4.69M	4.3M	0	0
Total Non-Current Assets+	29.62M	35.23M	35.27M	52.88M	74.18M	73.2M	93.01M	89.44M	88.07M	123.29M
Property, Plant & Equipment	9.04M	8M	7.57M	10.74M	22.52M	22.85M	25.79M	23.9M	24.71M	44.64M
Fixed Asset Turnover	8.46x	10.31x	11.30x	8.12x	4.74x	4.71x	3.81x	5.52x	6.42x	3.68x
Goodwill	16.28M	19.96M	20.46M	20.11M	26.75M	27.02M	38.07M	37.43M	37.57M	45.01M
Intangible Assets	3.95M	7.19M	7.08M	6.5M	9.72M	9.21M	17.39M	15.92M	15.11M	24.56M
Long-Term Investments	-401K	-166K	-157K	-82K	0	0	0	0	0	0
Other Non-Current Assets	309K	72K	125K	82K	1.96M	2.29M	298K	121K	122K	9.09M
Total Assets+	81.57M	84.74M	97.19M	120.1M	144.56M	137.7M	159.54M	168.43M	178.28M	220.45M
Asset Turnover	0.94x	0.97x	0.88x	0.73x	0.74x	0.78x	0.62x	0.78x	0.89x	0.75x
Asset Growth %	-0.07%	0.04%	0.15%	0.24%	0.2%	-0.05%	0.16%	0.06%	0.06%	0.24%
Total Current Liabilities+	10.86M	11.33M	14.24M	14.95M	17.19M	18.71M	18.92M	28.91M	23.73M	29.29M
Accounts Payable	6.49M	7.29M	8.79M	9.92M	9.39M	10.84M	9.82M	16.07M	11.34M	14.16M
Days Payables Outstanding	44.63	46.41	54.09	58.77	45.31	50.36	48.7	57.27	34.64	42.31
Short-Term Debt	0	0	0	0	1.37M	1.36M	2.87M	2.9M	2M	2.75M
Deferred Revenue (Current)	0	0	0	-439K	0	0	0	119K	0	0
Other Current Liabilities	227K	172K	168K	-121K	0	0	4.39M	6.93M	287K	298K
Current Ratio	4.78x	4.37x	4.35x	4.50x	4.09x	3.45x	3.52x	2.73x	3.80x	3.32x
Quick Ratio	2.59x	2.30x	2.50x	2.97x	2.36x	1.94x	1.76x	1.31x	2.02x	1.56x
Cash Conversion Cycle	174.46	161.21	170.5	143.61	201.21	151.98	190.99	166.4	167.43	176.36
Total Non-Current Liabilities+	4.65M	5.56M	3.9M	623K	17.62M	2.07M	22.87M	23.11M	29.12M	56.97M
Long-Term Debt	0	0	0	0	15.78M	0	18.86M	19.31M	23.62M	51.5M
Capital Lease Obligations	0	0	0	376K	1.25M	1.52M	1.74M	1.31M	2.64M	3M
Deferred Tax Liabilities	4.65M	5.56M	3.9M	623K	559K	515K	2.25M	1.92M	1.71M	0
Other Non-Current Liabilities	28K	18K	0	-344K	-528K	1.56M	17K	17K	1.14M	2.47M
Total Liabilities	15.51M	16.88M	18.14M	15.57M	34.81M	20.78M	41.8M	52.03M	52.85M	86.26M
Total Debt+	0	0	0	815K	19.02M	3.56M	23.47M	23.51M	29.16M	58.39M
Net Debt	-14.53M	-10.71M	-18.33M	-25.12M	11.61M	-7.09M	15.05M	17.8M	18.88M	51.53M
Debt / Equity	-	-	-	0.01x	0.17x	0.03x	0.20x	0.20x	0.23x	0.44x
Debt / EBITDA	-	-	-	0.09x	1.88x	0.41x	6.57x	5.12x	2.18x	4.13x
Net Debt / EBITDA	-4.08x	-1.65x	-2.06x	-2.81x	1.15x	-0.82x	4.21x	3.88x	1.41x	3.65x
Interest Coverage	13.43x	14.31x	35.39x	104.05x	13.67x	13.08x	0.14x	0.14x	4.70x	5.14x
Total Equity+	66.06M	67.86M	79.05M	104.53M	109.75M	116.92M	117.74M	116.4M	125.43M	134.19M
Equity Growth %	-0.08%	0.03%	0.16%	0.32%	0.05%	0.07%	0.01%	-0.01%	0.08%	0.07%
Book Value per Share	4.02	4.41	4.98	6.39	6.78	7.26	7.34	7.22	7.73	8.00
Total Shareholders' Equity	66.2M	68.03M	79.2M	104.62M	109.73M	116.8M	117.62M	116.28M	125.33M	134M
Common Stock	1.92M	1.93M	1.97M	2M	2.03M	2.04M	2.05M	2.06M	2.08M	2.11M
Retained Earnings	-94.05M	-90.54M	-82.89M	-57.96M	-52.83M	-47.6M	-47.83M	-47.95M	-40.75M	-34.44M
Treasury Stock	-17.81M	-18.44M	-18.47M	-19.27M	-21.23M	-21.32M	-21.47M	-21.48M	-21.49M	-21.49M
Accumulated OCI	-863K	-3.08M	-1.61M	-2.79M	-2.53M	-1.78M	-1.65M	-3.75M	-3.66M	-4.01M
Minority Interest	-143K	-170K	-154K	-85K	24K	123K	127K	126K	95K	192K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	8.55M	7.65M	7.27M	10.89M	-2.97M	21.72M	4.33M	-1.26M	1.93M	16.64M
Operating CF Margin %	0.11%	0.09%	0.08%	0.12%	-0.03%	0.2%	0.04%	-0.01%	0.01%	0.1%
Operating CF Growth %	1.33%	-0.11%	-0.05%	0.5%	-1.27%	8.31%	-0.8%	-1.29%	2.53%	7.62%
Net Income	2.84M	3.48M	7.66M	25M	5.31M	5.33M	-230K	-120K	7.2M	6.41M
Depreciation & Amortization	235K	2.73M	2.43M	2.37M	2.75M	2.94M	3.54M	4.46M	3.91M	4.16M
Stock-Based Compensation	571K	710K	653K	890K	753K	943K	671K	776K	528K	698K
Deferred Taxes	183K	135K	-1.67M	-18.64M	1.21M	1.39M	-147K	-962K	1.3M	1.23M
Other Non-Cash Items	2.71M	76K	47K	36K	44K	-1.54M	104K	36K	33K	253K
Working Capital Changes	2.01M	524K	-1.85M	1.24M	-13.04M	12.67M	388K	-5.45M	-11.04M	3.89M
Change in Receivables	-217K	-667K	-1.29M	-1.51M	-10.42M	9.21M	4.42M	-7.88M	-3.89M	7.6M
Change in Inventory	2.1M	1.98M	-2.54M	3.19M	-2.2M	1.8M	-1.3M	-8.75M	-943K	-109K
Change in Payables	723K	-1.36M	2.66M	-822K	1.13M	1.65M	-2.71M	10.09M	-2.97M	215K
Cash from Investing+	-2.91M	-11.01M	-1.39M	-4.18M	-31.53M	-2.98M	-26.33M	-1.68M	-2.55M	-49.95M
Capital Expenditures	-2.91M	-1.22M	-1.39M	-4.18M	-6.28M	-3.1M	-2.81M	-1.68M	-2.55M	-1.93M
CapEx % of Revenue	0.04%	0.01%	0.02%	0.05%	0.06%	0.03%	0.03%	0.01%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.91M	65K	0	-4.18M	0	0	0	0	0	0
Cash from Financing+	-8.87M	-175K	1.4M	1.17M	16.12M	-15.69M	19.64M	518K	5.49M	29.86M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-18K	460K	1.4M	1.97M	765K	-90K	-262K	-115K	1.25M	-1.39M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	5.64M	6.43M	5.88M	6.7M	-9.25M	18.62M	1.51M	-2.94M	-623K	14.7M
FCF Margin %	0.07%	0.08%	0.07%	0.08%	-0.09%	0.17%	0.02%	-0.02%	-0%	0.09%
FCF Growth %	1.8%	0.14%	-0.09%	0.14%	-2.38%	3.01%	-0.92%	-2.95%	0.79%	24.6%
FCF per Share	0.34	0.42	0.37	0.41	-0.57	1.16	0.09	-0.18	-0.04	0.88
FCF Conversion (FCF/Net Income)	2.98x	2.18x	0.95x	0.44x	-0.57x	4.15x	-18.48x	10.61x	0.27x	2.64x
Interest Paid	150K	179K	102K	132K	576K	375K	142K	930K	1.96M	1.85M
Taxes Paid	52K	273K	345K	220K	266K	264K	324K	354K	769K	722K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.16%	5.24%	10.41%	27.16%	4.86%	4.62%	-0.2%	-0.1%	5.95%	4.86%
Return on Invested Capital (ROIC)	4.73%	5.19%	8.24%	7.02%	5.5%	3.7%	0.02%	0.07%	5.1%	4.53%
Gross Margin	30.51%	30.45%	30.67%	29.34%	29.18%	27.07%	25.08%	22.3%	24.71%	25.73%
Net Margin	3.75%	4.26%	8.94%	28.59%	4.87%	4.86%	-0.24%	-0.09%	4.54%	3.84%
Debt / Equity	-	-	-	0.01x	0.17x	0.03x	0.20x	0.20x	0.23x	0.44x
Interest Coverage	13.43x	14.31x	35.39x	104.05x	13.67x	13.08x	0.14x	0.14x	4.70x	5.14x
FCF Conversion	2.98x	2.18x	0.95x	0.44x	-0.57x	4.15x	-18.48x	10.61x	0.27x	2.64x
Revenue Growth	14.94%	7.89%	3.72%	1.94%	22.49%	0.86%	-8.77%	34.17%	20.33%	3.66%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Battery & Energy Products	-	23.87M	29M	-	-	-	87.08M	120M	129.95M	-
Battery & Energy Products Growth	-	-	21.50%	-	-	-	-	37.79%	8.30%	-
Communications Systems	-	17.71M	15.74M	-	-	-	11.18M	11.85M	28.69M	-
Communications Systems Growth	-	-	-11.10%	-	-	-	-	5.91%	142.22%	-
Corporate	-	-	-	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-
Grant	-	-	-	97K	78K	188K	-	-	-	-
Grant Growth	-	-	-	-	-19.59%	141.03%	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Non-US	-	2.2M	1.52M	-	-	-	-	63.93M	77.25M	67.42M
Non-US Growth	-	-	-30.68%	-	-	-	-	-	20.84%	-12.73%
UNITED STATES	-	15.51M	14.22M	-	-	-	-	-	-	-
UNITED STATES Growth	-	-	-8.32%	-	-	-	-	-	-	-
United States	9.6M	-	-	-	-	-	-	-	-	-
United States Growth	-	-	-	-	-	-	-	-	-	-
Foreign	1.5M	-	-	-	-	-	-	-	-	-
Foreign Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Ultralife Corporation (ULBI) has a price-to-earnings (P/E) ratio of 18.5x. This is roughly in line with market averages.

Growth & Financials

Ultralife Corporation (ULBI) reported $186.5M in revenue for fiscal year 2024. This represents a 34% increase from $139.4M in 2011.

Ultralife Corporation (ULBI) grew revenue by 3.7% over the past year. Growth has been modest.

Yes, Ultralife Corporation (ULBI) is profitable, generating $1.7M in net income for fiscal year 2024 (3.8% net margin).

Dividend & Returns

Ultralife Corporation (ULBI) has a return on equity (ROE) of 4.9%. This is below average, suggesting room for improvement.

Ultralife Corporation (ULBI) generated $8.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.