olivlawolivlaw

olivLaw · US equity research

Ultralife Corporation ULBI

Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)

15.62USD−0.06% · 1 dayClose 04 Nov 2026

Ultralife Corporation designs and manufactures power and communications systems for customers in government, defense and commercial markets. Consolidated revenue for fiscal 2025 was about 191.2 million USD, and its backlog reached a record level, which makes the company relevant to lithium battery and RF systems demand.

At the close of 04 Nov 2026, Ultralife Corporation (ULBI) stock was 15.62 USD (−0.06% on the day), with market capitalisation 260.3 m USD, P/E 1.4 on diluted EPS of 11.48 USD over the last 12 months, beta 1.32, 52-week range 5.05–15.63 USD. Latest reported quarter (Q2 2026): revenue of 47.9 m USD (−1.3% YoY), net income of 2.5 m USD (+189.3% YoY), diluted EPS 15.00 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
260.3 m USD
shares as of 03 Aug 2026
P/E (TTM)
1.4
Diluted EPS TTM 11.48 · TTM to 30 Jun 2026
E/P (TTM)
73.49%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.32
Volatility (1y) 105%
52-week range
5.0515.63

Price history

Loading chart…

Technical reading

RSI (14)
93.3
overbought (≥ 70)
Bollinger (20, 2)
0.32 – 17.67
in the upper half of the band · %B 0.88 · band width 192.9%
SMA 50 / 200
7.24 / 6.60
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
2.49 / 1.49
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+142.9%−1.1%+144.0 pp—
3 months+194.2%−0.5%+194.6 pp—
6 months+131.8%+4.4%+127.4 pp—
Year to date+173.1%+12.3%+160.8 pp—
1 year+127.7%+13.5%+114.2 pp−60.2%
3 years+88.0%+76.4%+11.6 pp−50.2%
5 years+156.5%+63.7%+92.8 pp—
Max drawdown (1y)
−35.1%
20 Apr 2026 → 30 Jul 2026
Max drawdown (5y)
−68.8%
06 May 2024 → 21 Apr 2025
Compound annual growth (5y)
+20.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
47.9 m USD
−1.3% YoY
Net income
2.5 m USD
+189.3% YoY
Diluted EPS
15.00
+200.0% YoY
net / operating
5.3% / 7.2%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue35.7 m43.9 m50.7 m48.6 m43.4 m48.5 m47.4 m47.9 m
Cost of revenue27.0 m33.3 m38.0 m37.0 m33.8 m36.4 m37.3 m34.1 m
Gross profit8.7 m10.6 m12.7 m11.6 m9.6 m12.1 m10.1 m13.9 m
Research & development2.1 m2.4 m2.4 m2.3 m2.9 m2.8 m3.0 m3.2 m
SG&A6.1 m6.7 m6.9 m7.0 m7.7 m7.7 m7.4 m7.2 m
Operating income511.0 k1.5 m3.4 m2.3 m-951.0 k-10.6 m-215.0 k3.4 m
Interest expense173.0 k829.0 k1.0 m992.0 k992.0 k937.0 k868.0 k839.0 k
Pre-tax income353.0 k495.0 k2.4 m1.1 m-1.8 m-10.2 m-663.0 k3.0 m
Income tax74.0 k262.0 k567.0 k243.0 k-504.0 k-2.8 m-192.0 k468.0 k
Net income258.0 k194.0 k1.9 m879.0 k-1.2 m-7.4 m-451.0 k2.5 m
Diluted EPS0.020.01 ≈11.005.00-0.07-0.45 ≈-3.0015.00
Operating cash flow4.7 m ≈3.0 m3.4 m5.9 m ≈198.0 k ≈1.5 m2.3 m1.2 m ≈
Capex594.0 k ≈606.0 k895.0 k1.1 m ≈995.0 k ≈882.0 k770.0 k453.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 35 percentile of its own 26-quarter history (min 0.0, median 17.7, max 310.7; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue87.2 m106.8 m107.7 m98.3 m131.8 m158.6 m164.5 m191.2 m
Revenue YoY+1.9%+22.5%+0.9%−8.8%+34.2%+20.3%+3.7%+16.2%
Net income24.9 m5.2 m5.2 m-234.0 k-119.0 k7.2 m6.3 m-5.9 m
Net income YoY+226.0%−79.1%+0.5%−104.5%unavailableunavailable−12.3%−193.4%
Diluted EPS1.5332.000.330.050.050.4438.00-35.00
Diluted EPS YoY+218.8%+1,991.5%−99.0%−84.8%0.0%+780.0%+8,536.4%−192.1%
net %28.6%4.9%4.9%-0.2%-0.1%4.5%3.8%-3.1%
Free cash flow6.7 m-9.3 m18.6 m1.5 m-2.9 m-623.0 k14.7 m7.1 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
9.3 m USD
Financial debt
49.7 m USD
Net debt
40.3 m USD
Equity
130.1 m USD
Total assets
216.9 m USD
Debt / equity
0.38x
Current ratio
2.83x
ROE
-4.5%
ROA
-2.7%
FCF margin
3.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
158.6 m
2024
164.5 m
2025
191.2 m

SEC (XBRL)· 23 Mar 2026verified

Cost of revenue
2023
119.4 m
2024
122.1 m
2025
145.1 m

SEC (XBRL)· 23 Mar 2026verified

Gross profit
2023
39.2 m
2024
42.3 m
2025
46.0 m

SEC (XBRL)· 23 Mar 2026verified

Research & development
2023
7.5 m
2024
8.3 m
2025
10.4 m

SEC (XBRL)· 23 Mar 2026verified

SG&A
2023
22.2 m
2024
24.1 m
2025
29.3 m

SEC (XBRL)· 23 Mar 2026verified

Operating income
2023
9.5 m
2024
10.0 m
2025
-5.9 m

SEC (XBRL)· 23 Mar 2026verified

Depreciation & amortisation
2023
3.9 m
2024
—
2025
—

SEC (XBRL)· 21 Mar 2024verified

EBITDA
2023
13.4 m ≈
2024
—
2025
—

SEC (XBRL)· 21 Mar 2024derived

Interest expense
2023
2.0 m
2024
1.9 m
2025
4.0 m

SEC (XBRL)· 23 Mar 2026verified

Pre-tax income
2023
9.1 m
2024
8.3 m
2025
-8.4 m

SEC (XBRL)· 23 Mar 2026verified

Income tax
2023
2.0 m
2024
1.9 m
2025
-2.4 m

SEC (XBRL)· 23 Mar 2026verified

Net income
2023
7.2 m
2024
6.3 m
2025
-5.9 m

SEC (XBRL)· 23 Mar 2026verified

Diluted EPS
2023
0.44
2024
38.00
2025
-35.00

SEC (XBRL)· 23 Mar 2026verified

Weighted average diluted shares
2023
16.2 m
2024
16.8 m
2025
16.6 m

SEC (XBRL)· 23 Mar 2026verified

Balance sheet · USD

Cash
2023
10.2 m
2024
6.9 m
2025
9.3 m

SEC (XBRL)· 23 Mar 2026verified

Receivables
2023
31.8 m
2024
29.4 m
2025
33.9 m

SEC (XBRL)· 23 Mar 2026verified

Inventories
2023
42.2 m
2024
51.4 m
2025
54.0 m

SEC (XBRL)· 23 Mar 2026verified

Current assets
2023
90.2 m
2024
97.2 m
2025
105.8 m

SEC (XBRL)· 23 Mar 2026verified

Property, plant & equipment, net
2023
21.1 m
2024
40.5 m
2025
40.4 m

SEC (XBRL)· 23 Mar 2026verified

Goodwill
2023
37.6 m
2024
45.0 m
2025
45.4 m

SEC (XBRL)· 23 Mar 2026verified

Intangibles (excl. goodwill)
2023
15.1 m
2024
24.6 m
2025
10.9 m

SEC (XBRL)· 23 Mar 2026verified

Total assets
2023
178.3 m
2024
220.5 m
2025
216.9 m

SEC (XBRL)· 23 Mar 2026verified

Accounts payable
2023
11.3 m
2024
14.2 m
2025
17.4 m

SEC (XBRL)· 23 Mar 2026verified

Short-term debt
2023
2.0 m
2024
2.8 m
2025
4.1 m

SEC (XBRL)· 23 Mar 2026verified

Long-term debt
2023
23.6 m
2024
51.5 m
2025
45.5 m

SEC (XBRL)· 23 Mar 2026verified

Current liabilities
2023
23.7 m
2024
29.3 m
2025
37.3 m

SEC (XBRL)· 23 Mar 2026verified

Total liabilities
2023
52.8 m
2024
86.3 m
2025
86.8 m

SEC (XBRL)· 23 Mar 2026verified

Equity
2023
125.4 m
2024
134.2 m
2025
130.1 m

SEC (XBRL)· 23 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
1.9 m
2024
16.6 m
2025
11.0 m

SEC (XBRL)· 23 Mar 2026verified

Capex
2023
2.6 m
2024
1.9 m
2025
3.9 m

SEC (XBRL)· 23 Mar 2026verified

Free cash flow
2023
-623.0 k ≈
2024
14.7 m ≈
2025
7.1 m ≈

SEC (XBRL)· 23 Mar 2026derived

Investing cash flow
2023
-2.6 m
2024
-50.0 m
2025
-3.9 m

SEC (XBRL)· 23 Mar 2026verified

Financing cash flow
2023
5.5 m
2024
29.9 m
2025
-4.7 m

SEC (XBRL)· 23 Mar 2026verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 04 Feb 2021verified

Computed indicators

Growth

Revenue growth (YoY)
16.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
13.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
12.2%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-159.2%
computed by olivLawFY 2025
Net income growth (YoY)
-193.4%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-192.1%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-51.6%
computed by olivLawFY 2025

Profitability

Gross margin
24.4%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-4.5%
computed by olivLawTTM to 30 Jun 2026
Net margin
-3.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
1.1%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-4.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-3.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-4.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-4.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
37.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-2.3x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
2.9x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.2x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
5.1 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
3.1 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
2.0 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
65 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
49 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
260.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
298.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
1.4x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
73.5%
computed by olivLawTTM to 30 Jun 2026
P/B
2.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
1.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
128.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
0.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 45 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

15.62 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 260.3 m USD

Key indicators

Market capitalisation
260.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
1.4x
computed by olivLawTTM to 30 Jun 2026
P/B
2.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-4.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-3.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
16.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

34/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 03 Aug 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 2572derived 222

Score by group

  • Balance sheet100
  • Growth56
  • Valuation39
  • Quality27

Estimated value range

Low
4.90
USD per share
Mid
9.43
USD per share
High
17.76
USD per share
Price: 15.62 USD
The price is within the range
Potential to the central value: -39.6% (value / price − 1)
Margin of safety: -65.6% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.96 – 29.44 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)2.96 – 6.08 (Mid 4.15)
    WACC 8.7% · starting FCFF 5.1 m USD · terminal value share of EV 76%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: no growth between −30% and +40% justifies the price
  • Peers: EV/Sales6.84 – 29.44 (Mid 14.72)
    15 companies used · median multiple 1.5x · quartiles 0.8x – 2.8x
    ATKR, CHPT, DFLI, ELVA, ENR, ENS, EOSE, EPOW, GAUZ, MVST, NOVT, NRGV, SPB, UCAR, XPON
  • Peers: EV/EBITDAunavailable · input data missing
Multiple comparisons use the SIC vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 45/100

FactorValueScoreWeight used
Gross margin · Quality24.4%0 (on a fixed band)12%
EBIT margin · Quality-4.5%82 (vs peers)10%
FCF margin · Quality1.1%4 (on a fixed band)10%
Revenue CAGR 3Y · Growth13.2%53 (on a fixed band)19%
Revenue growth (YoY) · Growth16.2%64 (vs peers)10%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.9x100 (on a fixed band)7%
EV/Sales · Valuation1.6x57 (vs peers)19%
FCF yield · Valuation0.8%16 (on a fixed band)14%
Shareholder yield (distributions) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth56/100 · 2/2 factors with a value
  • Quality27/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/1 factors with a value
  • Valuation39/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

EnerSys (ULBI). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 191.2 m USD in 2025; YoY growth 16.2%; net margin -3.5%; ROE -4.8%.

The estimated value range is 4.90–17.76 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 9.43 USD, the price of 15.62 USD leaves a potential of -39.6% (value / price − 1) and a margin of safety of -65.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • EBIT margin: -4.5%
  • Current ratio: 2.9x

What contradicts it

  • Gross margin: 24.4%
  • FCF margin: 1.1%
  • FCF yield: 0.8%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).

Versus the vertical median

Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies

Multiples and returns vs the median

P/E
1.4x
vertical median 24.7x
below median (−94.5%)
EV/EBITDA
—
vertical median 11.5x
P/S
1.4x
vertical median 1.3x
above median (+10.8%)
P/B
2.0x
vertical median 1.7x
above median (+14.8%)
ROE
-4.8%
vertical median -62.0%
above median
Net margin
-3.5%
vertical median -52.2%
above median
EBIT margin
-4.5%
vertical median -42.4%
above median
Revenue YoY
16.2%
vertical median 5.8%
above median (+178.0%)
Net debt/EBITDA
—
vertical median 1.2x
Dividend yield
—
vertical median 1.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ENSEnerSys5.6 bn16.718.4%9.3%+3.7%+9% / +76%
NOVTNovanta Inc.5.5 bn92.85.1%6.0%+3.3%+28% / +1%
ATKRAtkore Inc.3.2 bn—-11.9%-5.5%−11.0%+37% / −24%
SPBSpectrum Brands Holdings, Inc.2.1 bn28.04.2%2.8%−5.2%+54% / +32%
NVXNOVONIX Ltd1.9 bn—-62.0%-1,650.8%−4.1%−81% / −88%
ENREnergizer Holdings, Inc.1.7 bn21.342.2%2.7%+2.3%+38% / −18%
AMPXAmprius Technologies, Inc.1.2 bn—-36.1%-33.4%+202.1%−25% / +106%
EMATEvolution Metals & Technologies Corp.1.2 bn———unavailableunavailable / unavailable
EOSEEos Energy Enterprises, Inc.779.3 m——-246.8%+631.8%−86% / +95%
ENVXEnovix Corporation612.3 m—-82.2%-473.9%+37.9%−64% / −75%
NRGVEnergy Vault Holdings, Inc.578.2 m—-225.9%-48.6%+340.9%−8% / +38%
SLDPSolid Power, Inc.515.7 m—-20.5%-1,152.2%+8.0%−57% / +60%
FLNCFluence Energy, Inc.312.1 m—-20.7%-3.1%−16.1%−69% / −76%
CHPTChargePoint Holdings, Inc.306.4 m—-1,015.1%-40.6%−1.4%+39% / −69%
SESSES AI Corporation286.4 m—-31.2%-289.6%+929.4%−60% / −63%
ULBIEnerSys260.3 m1.4-4.8%-3.5%+16.2%+128% / +88%
MVSTMicrovast Holdings, Inc.255.7 m—11.4%13.9%+12.6%−81% / −43%
ELVAElectrovaya Inc.173.4 m—-673.8%-3.4%+170.8%+7% / +94%
ELPWElong Power Holding Ltd.145.7 m——-271.3%+430.7%−100% / −100%
NEOVNeoVolta, Inc.134.6 m—-101.1%-161.0%+58.2%−44% / +28%
GAUZGauzy Ltd.127.5 m——-51.4%+32.8%−86% / unavailable
BYRNByrna Technologies Inc.97.4 m—-14.9%-9.2%+37.7%−77% / −29%
EPOWE-Power Inc.88.8 m——-35.8%−28.6%−88% / −87%
BLNKBlink Charging Co.65.4 m—-79.9%-52.2%−18.0%−66% / −86%
STISolidion Technology, Inc.37.8 m—-1,382.4%-23,852.8%unavailable−59% / −99%

1- and 3-year price returns: for ULBI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Ultralife Corporation designs and manufactures power and communications systems for customers in government, defense and commercial markets. Consolidated revenue for fiscal 2025 was about 191.2 million USD, and its backlog reached a record level, which makes the company relevant to lithium battery and RF systems demand.

    SWOT

    Strengths

    • The company has a record order backlog and a diversified customer base across defense, medical and industrial markets 3.
    • Lithium technology and custom engineering capability offer advantages in energy density and operating life 1.
    • Vertical integration through Electrochem could support cost control and a US-based supply chain 1.

    Weaknesses

    • Dependence on one major customer, which accounts for a significant share of revenue, creates exposure to its decisions 1.
    • Gross margin declined in 2025 due to product mix and component quality issues 1.
    • Interest expense from acquisition financing weighed on net income in 2025 1.

    Opportunities

    • New communications products and defense drone programs could rebuild segment growth if they reach production 3.
    • Demand for electrification could open new markets for custom batteries 1.
    • Margin gains from efficiency initiatives could support profitability if they persist 3.

    Threats

    • Reduced US or foreign military budgets could directly affect demand 1.
    • Tariffs and supply chain interruptions could raise costs and delay deliveries 1.
    • Oil prices affect demand in oil and gas, which makes commercial revenue volatile 2.

    Risks

    • Dependence on one major customerhigh

      A single prime contractor accounts for a large share of revenue, and delays or cancellations from it could affect results 1.

    • Dependence on military fundinghigh

      A significant portion of revenue comes from government and armed forces contracts, and budgets can be reduced or delayed 1.

    • Cost and tariff pressuremedium

      Tariffs and component shortages could delay production and reduce margins if they cannot be passed on to customers 1.

    • Rebranding and impairmentlow

      The rebranding led to an impairment of 12,181 thousand USD and could affect brand recognition during the transition 12.

    • Debt and interest costsmedium

      Debt taken on for Electrochem generates interest costs that could weigh on net income, especially if rates rise 2.

    Investment thesis

    What would need to be true (bull case)

    • If the record backlog converts into revenue and new communications and drone programs reach production, growth could become visible in coming quarters 3.
    • Gross margin improvement in Q2 2026 suggests efficiency initiatives are producing measurable effects 3.
    • Integration of Electrochem and US-based vertical integration could strengthen the company's competitive position 1.

    What would break the thesis

    • If military budgets shrink or a major customer reduces orders, revenue could fall quickly 1.
    • Margins could stay under pressure if tariffs and component quality problems persist 1.
    • Tariff refunds helped quarterly results, and without them margins could be lower 3.

    What to watch

    • Conversion of the order backlog into revenueQ3 2026
    • Launch of new communications products and defense drone programs2026
    • Gross margin trend excluding IEEPA refund effectsQ3 2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Ultralife Corporation designs and manufactures power and communications systems, including rechargeable and non-rechargeable batteries, charging systems and electronics systems, for government, defense and commercial customers 1. It sells through OEMs, industrial and defense distributors and directly to US and foreign defense departments 1. Consolidated revenue for fiscal 2025 was 191,159 thousand USD 1, and Q2 2026 sales were 47.9 million USD 3.

    In October 2025 the company launched a global rebranding that consolidates all sub-brands under the single name Ultralife, with a non-cash impairment of 12,181 thousand USD on intangible assets 1. The change aims at clearer identity and better operational efficiency, though it could affect brand recognition among existing customers in the short term 2.

    Ultralife operates sales, operations and product development facilities in North America, Europe and Asia and is listed on NASDAQ under ULBI 3. The Electrochem acquisition completed in October 2024 expanded its primary lithium cell portfolio and added US-based vertical integration 1.

    Market context

    The market for lithium batteries in military, medical and industrial uses is driven by demand for high energy density and wide operating temperature ranges 1. US and foreign military customers accounted for 34% of 2025 revenue, which makes the business sensitive to government funding cycles 1.

    Commercial markets such as oil and gas, medical devices and utility metering showed mixed results in 2025, with declines in oil and gas and growth in industrial sales 1. Oil prices influence demand for downhole drilling, so this market remains cyclical 2.

    Trends

    • Military and defense demandtailwind

      The order backlog reached a record level in Q2 2026, which suggests sustained demand from defense contractors 3. If military funding remains stable, this could support revenue growth.

    • Costs and tariffsheadwind

      Tariffs and supply chain disruptions raised component costs and pressured margins in 2025, although pass-through measures partly offset the effect 1. IEEPA refunds in Q2 2026 helped margins, but the pressure remains 3.

    • Electrification and dronesmixed

      Demand for electrification and defense drone applications could open new development programs, given the projects management highlighted 3. Realizing these opportunities depends on moving to high-volume production 1.

    • Acquisition integrationmixed

      The Electrochem acquisition brings cost synergies and cross-selling opportunities, but raised interest expense and weighed on net income in 2025 1. If integration succeeds, margins could benefit.

    Competitive position

    In non-rechargeable batteries Ultralife competes with carbon zinc and alkaline technologies, where lithium offers weight and runtime advantages but higher prices 1. In military communications it competes with other RF systems suppliers and integrators for radio programs 1.

    Direct competitors include lithium battery makers and defense systems integrators, and the same government programs can be contested by several suppliers 1. Ultralife's advantage lies in custom engineering and its relationships with prime contractors 3.

    • Alkaline and carbon zinc battery suppliers

      Compete in consumer non-rechargeable batteries with lower prices but lower energy density, as described in the source 1.

    • Defense lithium battery producers

      Compete in military and industrial applications where wide temperature range and high safety are required 1.

    • Military RF systems integrators

      Compete for radio and amplifier programs for the armed forces, a segment where Ultralife has prime contractor relationships 1.

    • Smart battery system producers

      Compete in battery packs and charging systems for medical and industrial devices 1.

    News & filings

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ultralife Corporation · 23 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ultralife Corporation · 07 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ultralife Corporation · 07 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.