Revenue trajectory remains highly inconsistent, oscillating between double-digit growth and contractions, while operating margins have compressed from 32.9% in 2024Q2 to 22.4% in 2026Q1.
| 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 | 10.94M | 10.55M | 12.18M | 10.89M | 12.7M | 13.93M | 10.99M | 13.6M | 13.77M | 12.97M | 10.78M | 14.01M | 13.45M | 15.42M | 13.83M | 14.34M | 13.72M | 13.28M | 12.29M | 11.89M | 12.2M | 12.13M | 11.12M | 11.16M | 9.09M | 9.58M | 10.45M | 9.1M | 8.8M | 8.8M | 8M |
| Revenue Growth % | -4.13% | -13.43% | 11.91% | -14.28% | -8.84% | 26.79% | -19.21% | -1.24% | 6.18% | 20.33% | -23.06% | 4.14% | -12.76% | 11.51% | -3.58% | 4.48% | 3.36% | 8.01% | 3.39% | -2.52% | 0.5% | 9.09% | -0.3% | 22.72% | -5.14% | -8.27% | 14.81% | 3.41% | 0% | 10% | 14.29% |
| Cost of Goods Sold | 5.84M | 5.51M | 5.72M | 5.48M | 6M | 5.75M | 4.87M | 5.66M | 5.67M | 5.3M | 4.88M | 5.2M | 5.32M | 5.61M | 5.22M | 5.65M | 5.25M | 5.32M | 5.41M | 4.85M | 5.64M | 5.69M | 5.07M | 5.06M | 4.9M | 4.65M | 4.76M | 4.6M | 4.4M | 5M | 4.9M |
| COGS % of Revenue | - | 52.27% | 46.97% | 50.34% | 47.22% | 41.26% | 44.35% | 41.6% | 41.16% | 40.88% | 45.31% | 37.14% | 39.54% | 36.39% | 37.75% | 39.41% | 38.26% | 40.1% | 44.02% | 40.83% | 46.26% | 46.9% | 45.6% | 45.36% | 53.86% | 48.56% | 45.59% | 50.55% | 50% | 56.82% | 61.25% |
| Gross Profit | 5.1M | 5.03M | 6.46M | 5.41M | 6.7M | 8.18M | 6.11M | 7.94M | 8.1M | 7.67M | 5.89M | 8.8M | 8.13M | 9.81M | 8.61M | 8.69M | 8.47M | 7.95M | 6.88M | 7.03M | 6.55M | 6.44M | 6.05M | 6.1M | 4.19M | 4.93M | 5.68M | 4.5M | 4.4M | 3.8M | 3.1M |
| Gross Margin % | 46.63% | 47.73% | 53.03% | 49.66% | 52.78% | 58.74% | 55.65% | 58.4% | 58.84% | 59.12% | 54.69% | 62.86% | 60.46% | 63.61% | 62.25% | 60.59% | 61.74% | 59.9% | 55.98% | 59.17% | 53.74% | 53.1% | 54.4% | 54.64% | 46.14% | 51.44% | 54.41% | 49.45% | 50% | 43.18% | 38.75% |
| Gross Profit Growth % | - | -22.1% | 19.51% | -19.35% | -18.08% | 33.82% | -23.02% | -1.98% | 5.68% | 30.07% | -33.05% | 8.27% | -17.07% | 13.93% | -0.94% | 2.54% | 6.54% | 15.58% | -2.19% | 7.33% | 1.71% | 6.49% | -0.74% | 45.34% | -14.9% | -13.28% | 26.32% | 2.27% | 15.79% | 22.58% | 10.71% |
| Operating Expenses | 2.82M | 2.79M | 2.81M | 2.54M | 2.66M | 2.51M | 2.48M | 2.55M | 2.52M | 2.43M | 2.5M | 2.51M | 2.64M | 2.5M | 2.51M | 2.55M | 3.42M | 2.61M | 2.7M | 2.6M | 2.83M | 2.59M | 2.59M | 2.46M | 2.3M | 2.34M | 2.56M | 2.4M | 2.8M | 2.4M | 2.3M |
| OpEx % of Revenue | - | 26.45% | 23.1% | 23.36% | 20.99% | 18.05% | 22.55% | 18.72% | 18.32% | 18.75% | 23.24% | 17.92% | 19.64% | 16.25% | 18.14% | 17.8% | 24.89% | 19.65% | 21.95% | 21.84% | 23.2% | 21.36% | 23.28% | 22.01% | 25.33% | 24.38% | 24.46% | 26.37% | 31.82% | 27.27% | 28.75% |
| Selling, General & Admin | 666.96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.12M | 1.79M | 1.85M | 1.86M | 2.64M | 2.5M | 2.51M | 2.55M | 3.42M | 2.61M | 2.7M | 2.6M | 2.83M | 2.59M | 2.59M | 2.46M | 2.3M | 2.34M | 2.26M | 2.1M | 2.2M | 2M | 2M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | 15.42% | 13.77% | 17.19% | 13.3% | 19.64% | 16.25% | 18.14% | 17.8% | 24.89% | 19.65% | 21.95% | 21.84% | 23.2% | 21.36% | 23.28% | 22.01% | 25.33% | 24.38% | 21.64% | 23.08% | 25% | 22.73% | 25% |
| Research & Development | 464.27K | 463.64K | 456.78K | 463.99K | 490.77K | 478.64K | 451.21K | 397.39K | 399.52K | 646.08K | 651.83K | 648.21K | 730.41K | 717K | 693K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.4% | 3.75% | 4.26% | 3.86% | 3.44% | 4.11% | 2.92% | 2.9% | 4.98% | 6.05% | 4.63% | 5.43% | 4.65% | 5.01% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.67M | 2.33M | 2.36M | 2.08M | 2.17M | 2.04M | 2.03M | 2.15M | 0 | 0 | 0 | 0 | 24.4K | 1.07M | 518.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 295.27K | 300K | 600K | 400K | 300K |
| Operating Income | 2.27M | 2.24M | 3.65M | 2.86M | 4.04M | 5.67M | 3.64M | 5.4M | 5.58M | 5.24M | 3.39M | 6.29M | 5.49M | 7.3M | 6.1M | 6.14M | 5.06M | 5.34M | 4.18M | 4.44M | 3.72M | 3.85M | 3.46M | 3.64M | 1.89M | 2.59M | 3.13M | 2.1M | 1.6M | 1.4M | 800K |
| Operating Margin % | 20.8% | 21.27% | 29.94% | 26.3% | 31.79% | 40.68% | 33.1% | 39.68% | 40.52% | 40.37% | 31.45% | 44.93% | 40.83% | 47.36% | 44.11% | 42.79% | 36.86% | 40.25% | 34.02% | 37.33% | 30.54% | 31.74% | 31.13% | 32.64% | 20.81% | 27.06% | 29.95% | 23.08% | 18.18% | 15.91% | 10% |
| Operating Income Growth % | - | -38.48% | 27.38% | -29.08% | -28.76% | 55.85% | -32.61% | -3.3% | 6.57% | 54.46% | -46.14% | 14.62% | -24.8% | 19.73% | -0.6% | 21.31% | -5.36% | 27.79% | -5.78% | 19.17% | -3.3% | 11.25% | -4.92% | 92.5% | -27.04% | -17.13% | 49% | 31.25% | 14.29% | 75% | 33.33% |
| EBITDA | 2.75M | 2.35M | 3.74M | 2.97M | 4.17M | 5.81M | 3.8M | 5.57M | 5.77M | 5.44M | 3.58M | 6.47M | 5.67M | 7.49M | 6.35M | 6.39M | 5.29M | 5.52M | 4.38M | 4.64M | 3.92M | 4.06M | 3.67M | 3.85M | 2.15M | 2.87M | 3.42M | 2.4M | 2.2M | 1.8M | 1.1M |
| EBITDA Margin % | 25.13% | 22.3% | 30.72% | 27.27% | 32.86% | 41.73% | 34.6% | 40.97% | 41.92% | 41.92% | 33.19% | 46.17% | 42.17% | 48.59% | 45.95% | 44.57% | 38.53% | 41.6% | 35.66% | 39% | 32.14% | 33.44% | 33.01% | 34.46% | 23.63% | 29.93% | 32.78% | 26.37% | 25% | 20.45% | 13.75% |
| EBITDA Growth % | -17.41% | -37.17% | 26.07% | -28.85% | -28.22% | 52.92% | -31.77% | -3.47% | 6.17% | 52% | -44.7% | 14.01% | -24.28% | 17.92% | -0.6% | 20.87% | -4.26% | 26.01% | -5.47% | 18.27% | -3.39% | 10.5% | -4.5% | 78.96% | -25.09% | -16.23% | 42.67% | 9.09% | 22.22% | 63.64% | 22.22% |
| D&A (Non-Cash Add-back) | 83.17K | 108.2K | 95.89K | 105.68K | 135.4K | 145.98K | 165.26K | 175.81K | 191.94K | 200.68K | 187.03K | 173.48K | 181.19K | 189.73K | 254.44K | 255.58K | 229.78K | 178.69K | 200.8K | 197.8K | 195.37K | 205.81K | 209.79K | 203.81K | 256.99K | 275.3K | 295.27K | 300K | 600K | 400K | 300K |
| EBIT | 2.76M | 2.64M | 4.11M | 3.25M | 4.85M | 5.88M | 3.64M | 5.4M | 5.58M | 5.24M | 3.39M | 6.29M | 5.49M | 7.3M | 6.1M | 6.14M | 5.06M | 5.34M | 4.18M | 4.44M | 3.67M | 3.85M | 3.46M | 3.64M | 1.89M | 2.59M | 3.13M | 2.1M | 1.5M | 1.3M | 800K |
| Net Interest Income | -14.87K | 365.31K | 434.68K | 306.65K | -1.38M | 233.86K | 226.25K | 203.33K | 0 | 0 | 0 | 0 | 0 | 0 | 325.02K | 332.65K | 455.79K | 395.26K | 492.44K | 574.97K | -798 | 0 | 0 | 0 | 0 | -38 | -536 | 0 | 0 | 0 | -100K |
| Interest Income | -14.87K | 365.31K | 434.68K | 306.65K | 236.69K | 233.86K | 226.25K | 203.33K | 0 | 0 | 0 | 0 | 0 | 0 | 325.02K | 332.65K | 455.79K | 395.26K | 492.44K | 575.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 1.62M | 0 | 0 | - | 227.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56 | 798 | 0 | 0 | 0 | 0 | 38 | 536 | 0 | 0 | 100K | 100K |
| Other Income/Expense | 693.32K | 399.67K | 461.67K | 387.75K | -809.55K | 210.84K | 524.83K | 634.4K | -113.99K | 315.17K | 306.5K | 331.83K | 264K | 1.33M | 828.21K | 736.09K | 455.79K | 395.68K | 484.68K | 583.93K | 470.11K | 237.46K | 220.99K | 169.34K | 192.1K | 239.07K | 237.61K | 100K | 0 | -100K | 0 |
| Pretax Income | 2.97M | 2.64M | 4.11M | 3.25M | 3.23M | 5.88M | 4.16M | 6.03M | 5.47M | 5.55M | 3.7M | 6.63M | 5.75M | 8.63M | 6.93M | 6.87M | 5.51M | 5.74M | 4.67M | 5.02M | 4.14M | 4.09M | 3.68M | 3.81M | 2.08M | 2.83M | 3.37M | 2.2M | 1.6M | 1.3M | 800K |
| Pretax Margin % | 27.14% | 25.06% | 33.73% | 29.86% | 25.42% | 42.2% | 37.88% | 44.34% | 39.7% | 42.8% | 34.3% | 47.3% | 42.79% | 55.99% | 50.1% | 47.92% | 40.18% | 43.23% | 37.97% | 42.25% | 33.92% | 33.7% | 33.11% | 34.16% | 22.92% | 29.55% | 32.22% | 24.18% | 18.18% | 14.77% | 10% |
| Income Tax | 604.45K | 537.28K | 857.58K | 669.41K | 658.17K | 1.22M | 856.02K | 1.27M | 1.11M | 1.71M | 1.11M | 2.02M | 1.7M | 2.73M | 2.1M | 2.16M | 1.71M | 1.86M | 1.5M | 1.6M | 1.4M | 1.47M | 1.21M | 1.34M | 662.34K | 941.05K | 1.31M | 800K | 600K | 500K | 300K |
| Effective Tax Rate % | 20.36% | 20.33% | 20.87% | 20.59% | 20.39% | 20.75% | 20.57% | 21.04% | 20.37% | 30.74% | 30.17% | 30.47% | 29.62% | 31.61% | 30.26% | 31.36% | 31.09% | 32.42% | 32.22% | 31.77% | 33.84% | 35.99% | 32.81% | 35.16% | 31.78% | 33.23% | 39.01% | 36.36% | 37.5% | 38.46% | 37.5% |
| Net Income | 2.36M | 2.11M | 3.25M | 2.58M | 2.57M | 4.66M | 3.3M | 4.76M | 4.35M | 3.84M | 2.58M | 4.61M | 4.05M | 5.9M | 4.83M | 4.72M | 3.8M | 3.88M | 3.16M | 3.54M | 2.74M | 2.62M | 2.48M | 2.47M | 1.42M | 1.89M | 2.05M | 1.4M | 1M | 800K | 500K |
| Net Margin % | 21.61% | 19.97% | 26.69% | 23.71% | 20.23% | 33.44% | 30.08% | 35.01% | 31.61% | 29.64% | 23.95% | 32.89% | 30.12% | 38.29% | 34.94% | 32.89% | 27.69% | 29.22% | 25.73% | 29.81% | 22.44% | 21.57% | 22.25% | 22.15% | 15.64% | 19.73% | 19.65% | 15.38% | 11.36% | 9.09% | 6.25% |
| Net Income Growth % | -18.11% | -35.23% | 25.94% | 0.46% | -44.84% | 40.96% | -30.59% | 9.41% | 13.22% | 48.94% | -43.97% | 13.74% | -31.39% | 22.2% | 2.42% | 24.13% | -2.04% | 22.64% | -10.76% | 29.49% | 4.58% | 5.75% | 0.16% | 73.84% | -24.83% | -7.91% | 46.67% | 40% | 25% | 60% | 66.67% |
| Net Income (Continuing) | 2.36M | 2.11M | 3.25M | 2.58M | 2.57M | 4.66M | 3.3M | 4.76M | 4.35M | 3.84M | 2.58M | 4.61M | 4.05M | 5.9M | 4.83M | 4.72M | 3.8M | 3.88M | 3.16M | 3.43M | 2.74M | 2.62M | 2.48M | 2.47M | 1.42M | 1.89M | 2.05M | 1.4M | 1M | 800K | 500K |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.51 | 0.46 | 0.71 | 0.56 | 0.56 | 1.01 | 0.72 | 1.04 | 0.95 | 0.84 | 0.56 | 1.00 | 0.88 | 1.28 | 1.05 | 1.03 | 0.80 | 0.78 | 0.64 | 0.72 | 0.55 | 0.53 | 0.50 | 0.50 | 0.29 | 0.39 | 0.42 | 0.28 | 0.21 | 0.17 | 0.11 |
| EPS Growth % | -17.46% | -35.21% | 26.79% | 0% | -44.55% | 40.28% | -30.77% | 9.47% | 13.1% | 50% | -44% | 13.64% | -31.25% | 21.9% | 1.94% | 28.75% | 2.56% | 21.88% | -11.11% | 30.91% | 3.77% | 6% | 0% | 72.41% | -25.64% | -7.14% | 50% | 33.33% | 23.53% | 54.55% | 83.33% |
| EPS (Basic) | - | 0.46 | 0.71 | 0.56 | 0.56 | 1.01 | 0.72 | 1.04 | 0.95 | 0.84 | 0.56 | 1.00 | 0.88 | 1.28 | 1.05 | 1.03 | 0.80 | 0.78 | 0.64 | 0.72 | 0.55 | 0.53 | 0.50 | 0.50 | 0.29 | 0.39 | 0.42 | 0.28 | 0.21 | 0.17 | 0.11 |
| Diluted Shares Outstanding | 4.59M | 4.59M | 4.59M | 4.59M | 4.59M | 4.59M | 4.59M | 4.59M | 4.58M | 4.59M | 4.59M | 4.59M | 4.6M | 4.6M | 4.6M | 4.6M | 4.74M | 4.95M | 4.95M | 4.95M | 4.94M | 4.94M | 4.94M | 4.91M | 4.89M | 4.89M | 4.91M | 4.91M | 4.9M | 4.71M | 4.55M |
| Basic Shares Outstanding | 4.59M | 4.59M | 4.59M | 4.59M | 4.59M | 4.59M | 4.59M | 4.59M | 4.58M | 4.59M | 4.59M | 4.59M | 4.6M | 4.6M | 4.6M | 4.6M | 4.74M | 4.95M | 4.95M | 4.94M | 4.94M | 4.94M | 4.93M | 4.9M | 4.88M | 4.87M | 4.88M | 4.89M | 4.88M | 4.71M | 4.55M |
| Dividend Payout Ratio | - | 131.39% | 84.79% | 17.8% | 121.56% | 111.41% | 108.39% | 106.05% | 110.66% | 169.27% | 133.15% | 99.62% | 90.78% | 75.53% | 129.4% | 77.96% | 120.63% | 71.41% | 86.01% | 68.36% | 84.83% | 81.02% | 79.6% | 19.75% | 34.26% | 25.71% | 19.05% | 21.43% | 30% | 25% | - |
High customer concentration dependency
According to the provided quarterly income statements, United-Guardian's revenue trajectory remains highly inconsistent, oscillating between double-digit growth and significant contractions, with the most recent data showing a 15.8% year-over-year increase in 2026Q1 following a period of sustained negative growth throughout the 2025 fiscal year.
The erratic revenue pattern suggests that the company's top-line performance is heavily influenced by lumpy order patterns from key distributors rather than consistent end-user demand. Investors should monitor whether this recent growth represents a genuine recovery in cosmetic ingredient demand or merely a temporary replenishment of channel inventory.
As reported in financial statements, United-Guardian's gross margin has experienced notable compression, falling from historical peaks above 54% in 2024 to 49.6% in 2026Q1, indicating potential challenges in maintaining pricing power amidst shifting raw material costs or competitive pressures within the specialty chemical segment.
The decline in gross profitability suggests that the company may be struggling to pass through inflationary cost increases to its primary distribution partners. This margin erosion, if persistent, could undermine the company's ability to sustain its historical dividend policy without compromising its long-term operational reinvestment capacity.
Based on the company's reported figures, operating margins have fluctuated significantly, dropping from a high of 32.9% in 2024Q2 to 22.4% in 2026Q1, which highlights a lack of consistent operating leverage as the company attempts to scale its niche product offerings across a volatile revenue base.
The absence of a consistent relationship between revenue growth and operating income suggests that fixed costs, while lean, represent a meaningful burden during periods of revenue contraction. The recent re-emergence of SG&A expenses in 2026Q1, after several quarters of zero reported costs, warrants further investigation into the company's evolving overhead structure.
Analysis of the income statement reveals that net margins frequently track very closely to operating margins, as seen in the 2026Q1 net margin of 28.5% compared to an operating margin of 22.4%, suggesting that non-operating income or tax adjustments are significantly influencing the reported bottom-line results.
The reliance on non-operating items to bolster net income raises questions regarding the quality of earnings, as these gains may not be sustainable or reflective of core business performance. Investors should be wary of relying on EPS figures that appear bolstered by items outside of the company's primary manufacturing operations.
Quick answers to the most common questions about buying UG stock.
For fiscal year 2025, United-Guardian, Inc. (UG) reported total revenue of $10.5M. This represents a 31.8% increase compared to $8.0M in 1996.
United-Guardian, Inc. (UG) is profitable, generating $2.1M in net income for the fiscal year ending 2025 with a net profit margin of 20.0%.
United-Guardian, Inc. (UG) reported an operating income of $2.2M, resulting in an operating profit margin of 21.3%. This margin reflects the operational efficiency of the business before interest and taxes.
United-Guardian, Inc. (UG) generated $5.0M in gross profit for the year, representing a gross profit margin of 47.7%. This demonstrates the company's core pricing power and production efficiency.