Revenue growth has moderated from 40% levels in 2024 to 4.1% in 2026Q1, while gross margins remain constrained within a tight 27.7% to 30.0% band.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 608.85M | 602.8M | 504.42M | 400.07M | 353.79M | 206.32M | 179.37M | 198.38M | 190.46M | 147.84M | 146.13M | 138.85M | 139.31M | 139.22M | 130.96M | 127.24M | 120.77M | 99.23M | 110.03M | 93.6M | 93.75M | 83.96M | 68.62M | 60.9M | 61.19M | 61.57M | 74.49M | 58.8M | 47.2M | 45.5M | 39.4M |
| Revenue Growth % | 11.19% | 19.5% | 26.08% | 13.08% | 71.48% | 15.02% | -9.58% | 4.16% | 28.82% | 1.17% | 5.24% | -0.33% | 0.06% | 6.31% | 2.92% | 5.36% | 21.7% | -9.82% | 17.56% | -0.16% | 11.66% | 22.35% | 12.68% | -0.47% | -0.62% | -17.34% | 26.69% | 24.58% | 3.74% | 15.48% | 15.54% |
| Cost of Goods Sold | 436.23M | 432.39M | 357.73M | 287.85M | 263.53M | 155.21M | 134.69M | 144.42M | 142.15M | 112.36M | 111.48M | 101.4M | 102.43M | 98.57M | 92.78M | 91M | 86.15M | 72.51M | 81.47M | 70.78M | 74.51M | 69.36M | 54.65M | 50.18M | 49.08M | 50.65M | 53.79M | 41.6M | 32.2M | 31.4M | 27.9M |
| COGS % of Revenue | - | 71.73% | 70.92% | 71.95% | 74.49% | 75.23% | 75.09% | 72.8% | 74.64% | 76% | 76.29% | 73.03% | 73.53% | 70.8% | 70.84% | 71.52% | 71.34% | 73.07% | 74.04% | 75.63% | 79.48% | 82.61% | 79.64% | 82.39% | 80.22% | 82.26% | 72.21% | 70.75% | 68.22% | 69.01% | 70.81% |
| Gross Profit | 172.62M | 170.41M | 146.69M | 112.22M | 90.26M | 51.11M | 44.68M | 53.96M | 48.31M | 35.49M | 34.65M | 37.45M | 36.88M | 40.65M | 38.19M | 36.24M | 34.62M | 26.72M | 28.56M | 22.81M | 19.24M | 14.6M | 13.97M | 10.72M | 12.11M | 10.92M | 20.7M | 17.2M | 15M | 14.1M | 11.5M |
| Gross Margin % | 28.35% | 28.27% | 29.08% | 28.05% | 25.51% | 24.77% | 24.91% | 27.2% | 25.36% | 24% | 23.71% | 26.97% | 26.47% | 29.2% | 29.16% | 28.48% | 28.66% | 26.93% | 25.96% | 24.37% | 20.52% | 17.39% | 20.36% | 17.61% | 19.78% | 17.74% | 27.79% | 29.25% | 31.78% | 30.99% | 29.19% |
| Gross Profit Growth % | - | 16.17% | 30.71% | 24.34% | 76.59% | 14.39% | -17.19% | 11.7% | 36.13% | 2.42% | -7.49% | 1.56% | -9.27% | 6.45% | 5.35% | 4.71% | 29.55% | -6.46% | 25.22% | 18.57% | 31.75% | 4.51% | 30.28% | -11.41% | 10.8% | -47.23% | 20.36% | 14.67% | 6.38% | 22.61% | 22.34% |
| Operating Expenses | 80.07M | 78.07M | 65.8M | 54.56M | 34.86M | 29.9M | 27.95M | 29.25M | 27.76M | 23.84M | 24.11M | 24.01M | 23.85M | 23.24M | 21.53M | 21.37M | 20.24M | 18.54M | 18.82M | 15.56M | 14.18M | 12.43M | 12.11M | 10.83M | 11.64M | 13.65M | 17.32M | 13.9M | 11.8M | 11.1M | 9.3M |
| OpEx % of Revenue | - | 12.95% | 13.04% | 13.64% | 9.85% | 14.49% | 15.58% | 14.74% | 14.57% | 16.13% | 16.5% | 17.29% | 17.12% | 16.69% | 16.44% | 16.79% | 16.76% | 18.68% | 17.11% | 16.63% | 15.13% | 14.8% | 17.64% | 17.78% | 19.02% | 22.17% | 23.25% | 23.64% | 25% | 24.4% | 23.6% |
| Selling, General & Admin | 79.73M | 77.44M | 62.22M | 50.89M | 45.8M | 29.48M | 27.49M | 29.25M | 27.76M | 23.84M | 24.11M | 24.01M | 23.85M | 23.24M | 21.53M | 21.37M | 20.24M | 18.54M | 18.82M | 15.56M | 14.18M | 12.43M | 12.11M | 10.83M | 11.64M | 13.65M | 14.24M | 11.6M | 9.9M | 9.3M | 7.8M |
| SG&A % of Revenue | - | 12.85% | 12.33% | 12.72% | 12.94% | 14.29% | 15.33% | 14.74% | 14.57% | 16.13% | 16.5% | 17.29% | 17.12% | 16.69% | 16.44% | 16.79% | 16.76% | 18.68% | 17.11% | 16.63% | 15.13% | 14.8% | 17.64% | 17.78% | 19.02% | 22.17% | 19.11% | 19.73% | 20.97% | 20.44% | 19.8% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.5M | 1.1M | 1.3M | 1.3M | 1.4M | 1.2M | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 5.51% | 0.74% | 0.89% | 0.94% | 1% | 0.86% | 0.99% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 333K | 633K | 3.58M | 3.67M | -10.94M | 416K | 459K | 0 | 64K | -1.1M | 0 | 0 | 312K | 0 | -2.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.08M | 2.3M | 1.9M | 1.8M | 1.5M |
| Operating Income | 92.55M | 92.34M | 80.9M | 57.66M | 55.4M | 21.22M | 16.73M | 24.71M | 19.61M | 11.69M | 12.24M | 11.71M | 11.56M | 17.4M | 16.67M | 15.72M | 14.38M | 8.18M | 8.42M | 7.25M | 5.05M | 2.17M | 2.14M | -1.51M | 466K | -3.74M | 3.39M | 3.3M | 3.2M | 3M | 2.2M |
| Operating Margin % | 15.2% | 15.32% | 16.04% | 14.41% | 15.66% | 10.28% | 9.33% | 12.45% | 10.3% | 7.91% | 8.37% | 8.44% | 8.3% | 12.5% | 12.73% | 12.35% | 11.91% | 8.24% | 7.66% | 7.74% | 5.39% | 2.59% | 3.12% | -2.48% | 0.76% | -6.08% | 4.54% | 5.61% | 6.78% | 6.59% | 5.58% |
| Operating Income Growth % | - | 14.14% | 40.29% | 4.09% | 161.1% | 26.81% | -32.28% | 25.98% | 67.72% | -4.45% | 4.46% | 1.32% | -33.55% | 4.39% | 6.04% | 9.29% | 75.8% | -2.9% | 16.25% | 43.39% | 132.83% | 1.23% | 242.16% | -423.7% | 112.46% | -210.51% | 2.58% | 3.13% | 6.67% | 36.36% | 100% |
| EBITDA | 116.24M | 115.76M | 95.61M | 69.07M | 67.29M | 29.63M | 25M | 32.88M | 27.44M | 17.33M | 17.87M | 16.56M | 15.94M | 21.48M | 19.59M | 18.5M | 17.53M | 11.08M | 11.4M | 10.06M | 8.11M | 5.11M | 4.64M | 1.2M | 3.15M | -456.3K | 6.47M | 5.6M | 5.1M | 4.8M | 3.7M |
| EBITDA Margin % | 19.09% | 19.2% | 18.95% | 17.26% | 19.02% | 14.36% | 13.94% | 16.57% | 14.41% | 11.72% | 12.23% | 11.93% | 11.44% | 15.43% | 14.96% | 14.54% | 14.52% | 11.16% | 10.36% | 10.75% | 8.65% | 6.08% | 6.76% | 1.97% | 5.15% | -0.74% | 8.68% | 9.52% | 10.81% | 10.55% | 9.39% |
| EBITDA Growth % | 11.29% | 21.08% | 38.43% | 2.65% | 127.1% | 18.51% | -23.97% | 19.81% | 58.37% | -3.04% | 7.92% | 3.91% | -25.81% | 9.63% | 5.93% | 5.5% | 58.31% | -2.86% | 13.31% | 24.01% | 58.86% | 10.13% | 287.13% | -61.99% | 790.7% | -107.06% | 15.46% | 9.8% | 6.25% | 29.73% | 54.17% |
| D&A (Non-Cash Add-back) | 23.69M | 23.43M | 14.71M | 11.41M | 11.89M | 8.41M | 8.27M | 8.17M | 7.83M | 5.63M | 5.63M | 4.85M | 4.38M | 4.08M | 2.93M | 2.78M | 3.15M | 2.9M | 2.98M | 2.82M | 3.06M | 2.94M | 2.49M | 2.71M | 2.69M | 3.28M | 3.08M | 2.3M | 1.9M | 1.8M | 1.5M |
| EBIT | 92.57M | 92.32M | 81.09M | 57.55M | 55.48M | 21.24M | 16.37M | 24.32M | 20.65M | 11.76M | 12.39M | 13.45M | 11.92M | 17.41M | 16.66M | 15.72M | 14.38M | 8.18M | 9.74M | 7.25M | 5.05M | 2.17M | 1.86M | -103.43K | 466K | -2.72M | 3.39M | 3.3M | 3.2M | 3M | 2.2M |
| Net Interest Income | -8.73M | -9.8M | -8.06M | -3.65M | -2.76M | 10K | -83K | -674K | -1.27M | 166K | 80K | 27K | -108K | -205K | -90K | -26.87K | -115.54K | -232.75K | -334.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 49K | 0 | 0 | 47K | 216K | 149K | 0 | 0 | 0 | 169 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.73M | 9.8M | 8.06M | 3.65M | 2.76M | 39K | 83K | 674K | 1.32M | 50K | 69K | 27K | 108K | 205K | 92K | 26.87K | 115.54K | 221K | 334.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -8.71M | -9.82M | -7.87M | -3.76M | -2.68M | -13K | -449K | -1.06M | -1.21M | 166K | 80K | 27K | 204K | -205K | -137K | -27K | 34.46K | 618.56K | -269.62K | -504K | -1.05M | -1.3M | -784.48K | -846.62K | -843.12K | -1.01M | -1.38M | -500K | -500K | -700K | -500K |
| Pretax Income | 83.84M | 82.51M | 73.03M | 53.9M | 52.72M | 21.2M | 16.28M | 23.65M | 18.4M | 11.86M | 12.32M | 11.74M | 11.77M | 17.19M | 16.57M | 15.69M | 14.43M | 8.8M | 8.11M | 6.74M | 4.01M | 867.3K | 1.36M | -2.36M | -377.12K | -4.75M | 2M | 2.8M | 2.7M | 2.3M | 1.7M |
| Pretax Margin % | 13.77% | 13.69% | 14.48% | 13.47% | 14.9% | 10.28% | 9.08% | 11.92% | 9.66% | 8.02% | 8.43% | 8.46% | 8.45% | 12.35% | 12.66% | 12.33% | 11.95% | 8.87% | 7.37% | 7.2% | 4.28% | 1.03% | 1.98% | -3.87% | -0.62% | -7.72% | 2.69% | 4.76% | 5.72% | 5.05% | 4.31% |
| Income Tax | 15.22M | 14.2M | 14.04M | 8.98M | 10.93M | 5.32M | 2.91M | 3.9M | 4.09M | 2.65M | 4.35M | 4.15M | 4.21M | 5.92M | 5.68M | 4.91M | 5.02M | 2.82M | 2.99M | 2.58M | 1.49M | 208.21K | 488.67K | -839.32K | -143.32K | -1.71M | 920.95K | 1.1M | 1.1M | 1M | 400K |
| Effective Tax Rate % | 18.15% | 17.21% | 19.23% | 16.66% | 20.73% | 25.08% | 17.9% | 16.48% | 22.24% | 22.34% | 35.29% | 35.33% | 35.75% | 34.42% | 34.26% | 31.27% | 34.79% | 32.02% | 36.92% | 38.32% | 37.26% | 24.01% | 35.93% | 35.64% | 38.01% | 35.99% | 46% | 39.29% | 40.74% | 43.48% | 23.53% |
| Net Income | 68.62M | 68.31M | 58.98M | 44.92M | 41.79M | 15.89M | 13.37M | 19.75M | 14.31M | 9.21M | 7.97M | 7.59M | 7.56M | 11.28M | 10.89M | 10.35M | 9.25M | 5.93M | 5.12M | 4.16M | 2.51M | 659.09K | 871.26K | -1.52M | -233.79K | -3.04M | 1.08M | 1.7M | 1.6M | 1.3M | 1.3M |
| Net Margin % | 11.27% | 11.33% | 11.69% | 11.23% | 11.81% | 7.7% | 7.45% | 9.96% | 7.51% | 6.23% | 5.45% | 5.47% | 5.43% | 8.1% | 8.32% | 8.13% | 7.66% | 5.97% | 4.65% | 4.44% | 2.68% | 0.78% | 1.27% | -2.49% | -0.38% | -4.94% | 1.45% | 2.89% | 3.39% | 2.86% | 3.3% |
| Net Income Growth % | 8.12% | 15.82% | 31.29% | 7.5% | 163.06% | 18.83% | -32.31% | 38.01% | 55.39% | 15.56% | 4.97% | 0.45% | -32.96% | 3.5% | 5.3% | 11.89% | 55.96% | 15.89% | 23.01% | 65.38% | 281.57% | -24.35% | 157.48% | -548.32% | 92.32% | -381.51% | -36.41% | 6.25% | 23.08% | 0% | 44.44% |
| Net Income (Continuing) | 68.62M | 68.31M | 58.98M | 44.92M | 41.79M | 15.89M | 13.37M | 19.75M | 14.31M | 9.21M | 7.97M | 7.59M | 7.56M | 11.28M | 10.89M | 10.78M | 9.41M | 5.98M | 5.16M | 4.16M | 2.51M | 659.09K | 871.26K | -1.52M | -233.79K | -3.04M | 1.08M | 1.7M | 1.6M | 1.3M | 1.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -587K | 0 | 0 | 0 | 674.25K | 525.99K | 470.56K | 523K | 583.53K | 616.16K | 633.85K | 433.81K | 455.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.80 | 8.77 | 7.58 | 5.83 | 5.45 | 2.09 | 1.77 | 2.63 | 1.93 | 1.26 | 1.10 | 1.05 | 1.05 | 1.59 | 1.55 | 1.48 | 1.37 | 0.94 | 0.82 | 0.71 | 0.45 | 0.13 | 0.17 | -0.34 | -0.05 | -0.72 | 0.25 | 0.35 | 0.34 | 0.27 | 0.26 |
| EPS Growth % | 7.71% | 15.7% | 30.02% | 6.97% | 160.77% | 18.08% | -32.7% | 36.27% | 53.17% | 14.55% | 4.76% | 0% | -33.96% | 2.58% | 4.73% | 8.03% | 45.74% | 14.63% | 15.49% | 57.78% | 246.15% | -23.53% | 150% | -531.97% | 92.53% | -388% | -28.57% | 2.94% | 25.93% | 3.85% | 36.84% |
| EPS (Basic) | - | 8.87 | 7.69 | 5.89 | 5.52 | 2.11 | 1.79 | 2.66 | 1.95 | 1.27 | 1.11 | 1.07 | 1.08 | 1.65 | 1.63 | 1.60 | 1.50 | 1.02 | 0.92 | 0.78 | 0.50 | 0.14 | 0.19 | -0.34 | -0.05 | -0.72 | 0.25 | 0.35 | 0.35 | 0.28 | 0.26 |
| Diluted Shares Outstanding | 7.8M | 7.8M | 7.79M | 7.7M | 7.66M | 7.62M | 7.57M | 7.52M | 7.43M | 7.34M | 7.28M | 7.22M | 7.17M | 7.11M | 7.03M | 7M | 6.75M | 6.29M | 6.26M | 5.86M | 5.57M | 5.26M | 4.99M | 4.49M | 4.34M | 4.25M | 4.39M | 4.9M | 4.83M | 4.86M | 5M |
| Basic Shares Outstanding | 7.72M | 7.71M | 7.67M | 7.62M | 7.56M | 7.52M | 7.48M | 7.42M | 7.35M | 7.25M | 7.19M | 7.12M | 7.03M | 6.82M | 6.68M | 6.48M | 6.16M | 5.83M | 5.55M | 5.31M | 5.02M | 4.8M | 4.62M | 4.49M | 4.34M | 4.23M | 4.37M | 4.81M | 4.68M | 4.66M | 4.87M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.14% | 1.77% | 2.05% | - | - | - | - | - | - | - | - | - | - | - | - |
Customer concentration and OEM reliance
As indicated by the most recent quarterly filings, UFPT's year-over-year revenue growth has decelerated significantly from the 40% range observed in 2024 to 4.1% in 2026Q1, suggesting that the initial tailwinds from post-pandemic medical device demand and inorganic expansion are now moderating toward a more sustainable baseline.
The sharp decline in growth rates implies that the company is transitioning from a period of rapid, acquisition-fueled scaling to a phase of organic maturation. Investors should monitor whether the current single-digit growth trajectory reflects a saturation of existing medical platforms or a temporary lull in new product launches from key OEM partners.
Based on the provided income statement data, UFPT has maintained gross margins within a tight 27.7% to 30.0% band over the last ten quarters, demonstrating a consistent ability to manage input cost fluctuations despite the inherent sensitivity of its petroleum-based raw material supply chain.
This stability suggests that the company possesses sufficient pricing power to offset commodity volatility, likely bolstered by its sole-source status in critical medical components. However, the lack of significant margin expansion despite the shift toward higher-value medical products warrants investigation into whether rising operational costs are absorbing potential gains from the favorable product mix.
According to reported financial statements, SG&A expenses have risen from $13.1 million in 2023Q4 to $21.0 million in 2026Q1, which has effectively capped operating margin expansion despite the company's successful pivot toward higher-margin medical applications and increased total revenue volume over the same period.
The scaling of SG&A suggests that the company is investing heavily in the infrastructure required to support its complex, regulated medical business. While this may be necessary for long-term compliance and integration, it currently prevents the operating income from scaling at the same velocity as gross profit, limiting the potential for margin leverage.
Analysis of the income statement reveals that stock-based compensation has trended upward, reaching $2.7 million in 2026Q1, which represents a non-trivial portion of operating income and suggests that reported EPS may be slightly inflated by the exclusion of these recurring equity-based expenses from cash-based performance metrics.
Investors should be cautious of the dilutive impact and the potential for these costs to grow as the company scales its workforce to support new medical platforms. A normalized view of earnings should account for these recurring charges to better understand the true cash-generating capacity of the underlying business operations.
Quick answers to the most common questions about buying UFPT stock.
For fiscal year 2025, UFP Technologies, Inc. (UFPT) reported total revenue of $602.8M. This represents a 1429.9% increase compared to $39.4M in 1996.
UFP Technologies, Inc. (UFPT) is profitable, generating $68.3M in net income for the fiscal year ending 2025 with a net profit margin of 11.3%.
UFP Technologies, Inc. (UFPT) reported an operating income of $92.3M, resulting in an operating profit margin of 15.3%. This margin reflects the operational efficiency of the business before interest and taxes.
UFP Technologies, Inc. (UFPT) generated $170.4M in gross profit for the year, representing a gross profit margin of 28.3%. This demonstrates the company's core pricing power and production efficiency.