ULBINasdaqMiscellaneous Electrical Machinery, Equipment & SuppliesFiscal year ends December 31
ULTRALIFE CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$6.06+0.04 (+0.66%)
Close on Oct 19, 2026
- Market cap
- $101.29M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
24.1%−3.0 pts over 5 years
Operating margin
-3.1%−8.4 pts over 5 years
Net margin
-3.1%−7.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +16.2% | +13.2% | +12.2% | +9.6% | |
| Gross profit | +8.8% | +16.1% | +9.6% | +7.0% | |
| Free cash flow | -51.6% | – | -17.5% | +2.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 5.2% | 4.6% | -4.5% | |
| Return on assets | 4.2% | 3.7% | -2.7% | |
| Current ratio | 4.36 | 3.45 | 2.83 | |
| Debt to equity | – | 0.01 | 0.38 | |
| Net debt to EBITDA | – | -1.08× | – | |
| Inventory turnover | 2.4× | 2.7× | 2.8× | |
| Capex to revenue | 1.5% | 2.9% | 2.0% | |
| Diluted shares | 15M | 0M | 17M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ultralife generated $35.14M from operations and spent $12.85M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$35.14M
Used
$12.85M
Capital expenditure$12.85M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-3.1%
×Asset turnover0.87×
×Equity multiplier1.66×
=Return on equity, FY2025-4.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -3.1% | 0.87× | 1.66× | -4.5% |
| FY2024 | 3.8% | 0.82× | 1.54× | 4.9% |
| FY2023 | 4.5% | 0.92× | 1.43× | 6.0% |
| FY2022 | -0.1% | 0.80× | 1.40× | -0.1% |
| FY2021 | -0.2% | 0.66× | 1.27× | -0.2% |
| FY2020 | 4.9% | 0.76× | 1.25× | 4.6% |
| FY2019 | 4.9% | 0.80× | 1.24× | 4.9% |
| FY2018 | 28.6% | 0.80× | 1.19× | 27.1% |
| FY2017 | 8.9% | 0.94× | 1.24× | 10.4% |
| FY2016 | 4.3% | 0.99× | 1.24× | 5.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$5.90M
- Cash generatingOperating cash flow above zero$10.99M
- Return on assets improvedROA up on the prior year3.5% → -2.7%
- Earnings backed by cashOperating cash flow above net income$10.99M vs -$5.90M
- Less leverageLong-term debt to assets fell23.4% → 21.0%
- Better liquidityCurrent ratio rose3.32 → 2.83
- No dilutionShare count did not rise17M → 17M
- Gross margin improvedGross margin up on the prior year25.73% → 24.07%
- More efficientAsset turnover rose0.92 → 0.87