Ultralife (ULBI) AI Stock Analysis

• Market Cap: $128.57M
• Dividend Yield: N/A
• Average Volume (3M): 115.63K
• Price to Earnings (P/E): 24.5
• Beta (1Y): 1.82
• Revenue Growth: 2.74%
• EPS Growth: -50.31%
• Country: US
• Employees: 671
• Sector: Industrials
• Sector Strength: 87
• Industry: Electrical Equipment & Parts
• EPS (TTM): 0.11
• Shares Outstanding: 16,632,965
• 10 Day Avg. Volume: 52,978
• 30 Day Avg. Volume: 115,630
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.37
• Enterprise Value/Revenue: 1.02
• Enterprise Value/Gross Profit: 4.05
• Enterprise Value/Ebitda: 14.29
• 1Y Price Target: $14.00
• Price Target Upside: 81.11% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 71 Outperform
• Price Target: $8.50 ▲(9.96%Upside)

Ultralife's stock score reflects strong financial performance and positive earnings growth driven by strategic acquisitions, balanced by technical indicators that suggest caution in the short term. The valuation is moderate, making it attractive to growth investors, although the absence of a dividend yield reduces its appeal to income-seeking investors.

Positive Factors

Market Expansion

The Electrochem integration is nearly complete, expanding ULBI into new markets such as pipeline inspection, seismic telemetry, and sonobuoys.

Regulatory Approval

ULBI's partner on the medical wearable opportunity received FDA approval, which should translate to material orders.

Sales Growth

ULBI reported sales were $50.7M, up 32% year-over-year, exceeding the estimate of $48.0M.

Negative Factors

Sales Decline

Organic growth was partially offset by a 12.3% decrease in medical battery sales.

Ultralife Business Overview & Revenue Model

Company Description

Ultralife 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.

How the Company Makes Money

Ultralife makes money primarily through the sale of its battery and energy products, which include non-rechargeable and rechargeable batteries, as well as custom battery packs for a wide range of applications such as military, medical, and industrial sectors. The company also generates revenue from its communications systems segment, which includes the development and sale of communications and electronics systems for military and defense customers. Key revenue streams include product sales, service contracts, and long-term supply agreements with major clients. Significant partnerships with defense and government agencies, as well as commercial enterprises, contribute to the company's earnings.

Ultralife Financial Statement Overview

Summary

Ultralife displays solid financial performance with notable revenue growth and strong cash flow generation. The company maintains a conservative balance sheet with low leverage and a high equity ratio, providing financial stability. While profitability metrics are sound, there is potential for improvement in net margins and returns on equity to align with industry leaders. The overall financial health of Ultralife is robust, positioning it well for future growth opportunities.

Income Statement

Ultralife demonstrates strong revenue growth, with a notable increase from $131.8 million in 2022 to $173.3 million in the TTM period. Gross profit margin is healthy at 25.2%, and the net profit margin improved to 3.1%. EBIT and EBITDA margins are stable at 5.4% and 7.1%, respectively, indicating efficient operations. However, profitability has room for improvement relative to industry leaders.

Balance Sheet

The company maintains a solid balance sheet with an equity ratio of 61% and a low debt-to-equity ratio of 0.02, reflecting strong financial stability. Return on equity (ROE) is modest at 3.9%, suggesting potential for higher returns on equity investments. Overall, the balance sheet indicates a conservative capital structure with ample equity buffer.

Cash Flow

Operating cash flow is strong at $20.1 million, with a robust free cash flow of $17.6 million, reflecting effective cash management. The operating cash flow to net income ratio is 3.8, highlighting efficient cash generation relative to net income. The free cash flow to net income ratio is favorable at 3.3, indicating a strong cash position.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	164.46M	158.64M	131.84M	98.27M	107.71M
Gross Profit	42.31M	39.20M	29.40M	24.64M	29.16M
EBITDA	14.40M	15.04M	4.59M	4.05M	8.64M
Net Income	6.31M	7.20M	-120.00K	-230.00K	5.23M
Balance Sheet
Total Assets	220.45M	178.28M	168.43M	159.05M	137.70M
Cash, Cash Equivalents and Short-Term Investments	6.85M	10.28M	5.71M	8.41M	10.65M
Total Debt	54.25M	29.16M	21.31M	20.86M	1.36M
Total Liabilities	86.26M	52.85M	52.03M	41.31M	20.78M
Stockholders Equity	134.00M	125.33M	116.28M	117.62M	116.80M
Cash Flow
Free Cash Flow	14.70M	-623.00K	-2.94M	1.51M	18.62M
Operating Cash Flow	16.64M	1.93M	-1.26M	4.33M	21.72M
Investing Cash Flow	-49.95M	-2.55M	-1.68M	-26.33M	-2.98M
Financing Cash Flow	29.86M	5.49M	518.00K	19.64M	-15.69M

Ultralife Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7.73
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ULBI, the sentiment is Negative. The current price of 7.73 is below the 20-day moving average (MA) of 8.64, below the 50-day MA of 8.01, and above the 200-day MA of 7.09, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 36.36 is Neutral, neither overbought nor oversold. The STOCH value of 8.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ULBI.

Ultralife Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ESP	82 Outperform	$131.49M	17.32	16.59%	2.15%	18.62%	34.63%
ULBI	71 Outperform	$128.57M	24.53	3.99%	―	2.74%	-50.31%
Sector *	59 Neutral	AU$1.62B	9.94	2.84%	3.53%	9.79%	5.94%
CBAT	50 Neutral	$80.50M	223.75	0.31%	―	-30.85%	-95.67%
FCEL	42 Neutral	$107.57M	―	-20.52%	―	48.62%	0.23%
SDST	26 Underperform	$34.78M	―	-860.70%	―	―	-12310.81%
NEOV	―	$170.97M	―	-91.79%	―	―	―

Ultralife Corporate Events

Ultralife Holds Annual Stockholders Meeting, Elects Directors

On July 16, 2025, Ultralife Corporation held its Annual Meeting of Stockholders, where stockholders elected five directors to serve for a one-year term. Additionally, the stockholders ratified Freed Maxick P.C. as the independent registered public accounting firm for 2025. The meeting saw a significant quorum with 85.35% of shares represented, indicating strong shareholder engagement.

The most recent analyst rating on (ULBI) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Ultralife stock, see the ULBI Stock Forecast page.