Ultralife CorpUltralife Corp
Ultralife Corp

Ultralife Corp

ULBI
Industrials·Electrical Equipment

Ultralife Corp. engages in the manufacture and sale of products for power solutions. It operates through the following segments: Battery and Energy Products and Communications System. The Battery and Energy Products segment includes Lithium 9-volt, cylindrical, thin cell and various other non-rechargeable batteries, in addition to rechargeable batteries, uninterruptable power supplies, charging systems, and accessories such as cables. The Communications System segment consists of radio frequency amplifiers, power supplies, cable and connector assemblies, amplified speakers, equipment mounts, case equipment, integrated communication systems for fixed or vehicle applications, and communications and electronics systems design. The company was founded by Arthur M. Liberman in December 1990 and is headquartered in Newark, NY.

New York; U.S.A
Market cap
No dataNo data
Revenue
$191.2M+16.2% YoY
Net income
$-5.9M−193.4% YoY
Free cash flow
$7.1M−51.6% YoY

Market

Listed stock
ULBIPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$191.2M+16.2% YoY
Operating income
$-5.9M−159.2% YoY
Net income
$-5.9M−193.4% YoY
Free cash flow
$7.1M−51.6% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $98.3M, 2022 $131.8M, 2023 $158.6M, 2024 $164.5M, 2025 $191.2M. Operating income: 2021 $35K, 2022 $129K, 2023 $9.5M, 2024 $10M, 2025 $-5.9M. Net income: 2021 $-234K, 2022 $-119K, 2023 $7.2M, 2024 $6.3M, 2025 $-5.9M. Free cash flow: 2021 $1.5M, 2022 $-2.9M, 2023 $-623K, 2024 $14.7M, 2025 $7.1M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
16.2%+1257 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $35K, 2022-12-31 $129K, 2023-12-31 $9.5M, 2024-12-31 $10M, 2025-12-31 $-5.9M. Net income: 2021-12-31 $-234K, 2022-12-31 $-119K, 2023-12-31 $7.2M, 2024-12-31 $6.3M, 2025-12-31 $-5.9M. Free cash flow: 2021-12-31 $1.5M, 2022-12-31 $-2.9M, 2023-12-31 $-623K, 2024-12-31 $14.7M, 2025-12-31 $7.1M

Growth heatmap

2022202320242025CAGR
Revenue
+34.2%
+20.3%
+3.7%
+16.2%
+18.1%
Gross profit
+19.3%
+33.3%
+7.9%
+8.8%
+16.9%
Operating income
+268.6%
+7245.0%
+5.2%
-159.2%
No data
Free cash flow
-294.7%
+78.8%
+2460.2%
-51.6%
+47.3%

Earnings quality

Operating cash flow
$11M−33.9% YoY
Net income
$-5.9M−193.4% YoY
Free cash flow
$7.1M−51.6% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -186%, 2024-12-31 264%, 2023-12-31 27%, 2022-12-31 1061%, 2021-12-31 -1848%. Free cash flow: 2025-12-31 -121%, 2024-12-31 233%, 2023-12-31 -9%, 2022-12-31 2472%, 2021-12-31 -646%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
No data
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Free cash flow yield
No data
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