Ultralife Corporation (ULBI) Key Metrics
ULBI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $100.3M
- Enterprise value
- $132.9M
- P/E (TTM)
- — 10-yr median 19.8
- Forward P/E
- 15.3
- PEG ratio
- 3.81
- Price / sales
- 0.5 10-yr median 0.9
- Price / book
- 0.7 10-yr median 0.9
- EV / EBITDA
- 149.7 10-yr median 11.2
- Dividend yield
- —
- Beta
- 0.78
ULBI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsULBI valuation Price multiples at each fiscal year-end price.
Price / sales−34.4%
0.5
2025 · hover or tap a bar for each year
20162025
Price / book−21.4%
0.7
2025 · hover or tap a bar for each year
20162025
EV / EBITDA+949.0%
128.6
2025 · hover or tap a bar for each year
20162025
Price / free cash flow+57.4%
13.4
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−4.3 pts
7.5%
2025 · hover or tap a bar for each year
20162025
ULBI returns How much profit the business earns on the capital it uses.
Return on equity−9.3 pts
−4.5%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−0.6 pts
4.1%
2025 · hover or tap a bar for each year
20162025
Return on assets−5.9 pts
−2.7%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−5.2 pts
3.7%
2025 · hover or tap a bar for each year
20162025
Asset turnover+6.0%
0.87
2025 · hover or tap a bar for each year
20162025
ULBI per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+17.1%
$11.49
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$0.35
2025 · hover or tap a bar for each year
20162025
Free cash flow per share−51.2%
$0.43
2025 · hover or tap a bar for each year
20162025
Book value per share−2.3%
$7.81
2025 · hover or tap a bar for each year
20162025
Shares outstanding−0.7%
16.6M
2025 · hover or tap a bar for each year
20162025
ULBI financial health Debt, liquidity and how easily interest is covered.
Debt / equity−12.3%
0.38
2025 · hover or tap a bar for each year
20162025
Net debt−$11.2M
$40.3M
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA+34.66
38.24
2025 · hover or tap a bar for each year
20162025
Current ratio−14.6%
2.83
2025 · hover or tap a bar for each year
20162025
Interest coverage−54.6%
2.3
2025 · hover or tap a bar for each year
20162025
Debt / assets−13.6%
0.23
2025 · hover or tap a bar for each year
20162025
ULBI efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−7 days
60 days
2025 · hover or tap a bar for each year
20162025
Days of inventory−9 days
131 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+1 days
39 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−17 days
152 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+0.9 pts
2.0%
2025 · hover or tap a bar for each year
20162025
ULBI valuation history
Fiscal year-endToday10-year median
ULBI returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ULBI debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ULBI cash returned to shareholders
DividendsBuybacksFree cash flow
ULBI price vs earnings per share
Share price at year-endEPS (right axis)
ULBI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $95.2M | $124.9M | $110.7M | $62.2M | $96.9M | $104.1M | $119.6M | $110.3M | $103.9M | $76.3M |
| Enterprise value | $135.5M | $176.4M | $129.5M | $80.0M | $111.9M | $97.1M | $131.2M | $85.2M | $85.5M | $65.5M |
| P/E ratio | — | 19.8 | 15.4 | — | — | 19.9 | 23.0 | 4.4 | 13.6 | 21.7 |
| Price / sales | 0.5 | 0.8 | 0.7 | 0.5 | 1.0 | 1.0 | 1.1 | 1.3 | 1.2 | 0.9 |
| Price / book | 0.7 | 0.9 | 0.9 | 0.5 | 0.8 | 0.9 | 1.1 | 1.1 | 1.3 | 1.1 |
| Price / free cash flow | 13.4 | 8.5 | — | — | 64.1 | 5.6 | — | 16.5 | 17.7 | 11.9 |
| Price / operating cash flow | 8.7 | 7.5 | 57.4 | — | 22.4 | 4.8 | — | 10.1 | 14.3 | 10.0 |
| EV / sales | 0.7 | 1.1 | 0.8 | 0.6 | 1.1 | 0.9 | 1.2 | 1.0 | 1.0 | 0.8 |
| EV / EBITDA | 128.6 | 12.3 | 8.6 | 16.1 | 30.8 | 9.3 | 13.0 | 9.5 | 9.6 | 10.1 |
| EV / free cash flow | 19.0 | 12.0 | — | — | 74.1 | 5.2 | — | 12.7 | 14.6 | 10.2 |
| Earnings yield | −6.2% | 5.1% | 6.5% | −0.2% | −0.2% | 5.0% | 4.4% | 22.6% | 7.4% | 4.6% |
| Free cash flow yield | 7.5% | 11.8% | −0.6% | −4.7% | 1.6% | 17.9% | −7.7% | 6.1% | 5.7% | 8.4% |
| Dividend yield | — | — | — | 0.0% | 0.3% | 0.1% | 0.8% | 0.0% | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | — | — | 0.0% | 0.0% | 0.4% | 0.2% | 2.4% | 0.7% | 0.0% | 0.8% |
| Share price at fiscal year-end | $5.72 | $7.45 | $6.82 | $3.86 | $6.04 | $6.47 | $7.39 | $6.75 | $6.55 | $4.95 |
| Per share | ||||||||||
| Revenue per share | $11.49 | $9.81 | $9.78 | $8.18 | $6.13 | $6.69 | $6.60 | $5.33 | $5.39 | $5.35 |
| Earnings per share | −$0.35 | $0.38 | $0.44 | −$0.01 | −$0.01 | $0.33 | $0.32 | $1.53 | $0.48 | $0.23 |
| Operating cash flow per share | $0.66 | $0.99 | $0.12 | −$0.08 | $0.27 | $1.35 | −$0.18 | $0.67 | $0.46 | $0.50 |
| Free cash flow per share | $0.43 | $0.88 | −$0.04 | −$0.18 | $0.09 | $1.16 | −$0.57 | $0.41 | $0.37 | $0.42 |
| Cash per share | $0.56 | $0.41 | $0.63 | $0.35 | $0.52 | $0.66 | $0.46 | $1.59 | $1.16 | $0.69 |
| Book value per share | $7.81 | $7.99 | $7.72 | $7.21 | $7.33 | $7.26 | $6.78 | $6.40 | $4.99 | $4.42 |
| Tangible book value per share | $4.43 | $3.84 | $4.48 | $3.90 | $3.88 | $5.01 | $4.53 | $4.77 | $3.26 | $2.65 |
| Dividends per share | — | — | — | $0.00 | $0.02 | $0.01 | $0.06 | $0.00 | $0.00 | $0.00 |
| Capex per share | $0.23 | $0.12 | $0.16 | $0.10 | $0.18 | $0.19 | $0.39 | $0.26 | $0.09 | $0.08 |
| Debt per share | $2.98 | $3.48 | $1.80 | $1.46 | $1.46 | $0.22 | $1.18 | $0.05 | $0.00 | $0.00 |
| Shares outstanding | 16.6M | 16.8M | 16.2M | 16.1M | 16.0M | 16.1M | 16.2M | 16.3M | 15.9M | 15.4M |
| Change in shares outstanding | −0.7% | +3.3% | +0.6% | +0.5% | −0.4% | −0.5% | −1.0% | +3.1% | +2.9% | −6.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −4.5% | 4.9% | 6.0% | −0.1% | −0.2% | 4.6% | 4.9% | 27.1% | 10.4% | 5.2% |
| Return on invested capital (ROIC) | 4.1% | 4.7% | 5.4% | 0.1% | 0.0% | 3.7% | 5.8% | 9.3% | 11.0% | 6.7% |
| Return on assets (ROA) | −2.7% | 3.2% | 4.2% | −0.1% | −0.2% | 3.7% | 3.9% | 22.9% | 8.4% | 4.2% |
| Return on tangible assets | −3.7% | 4.2% | 5.7% | −0.1% | −0.2% | 5.2% | 4.8% | 26.7% | 11.0% | 6.1% |
| Free cash flow margin | 3.7% | 8.9% | −0.4% | −2.2% | 1.5% | 17.3% | −8.7% | 7.7% | 6.9% | 7.8% |
| Income quality (OCF / net income) | — | 2.64 | 0.27 | — | — | 4.15 | −0.57 | 0.44 | 0.95 | 2.18 |
| Financial health | ||||||||||
| Total debt | $49.7M | $58.4M | $29.2M | $23.5M | $23.5M | $3.6M | $19.0M | $815,000 | $0 | $0 |
| Cash & short-term investments | $9.3M | $6.9M | $10.3M | $5.7M | $8.4M | $10.7M | $7.4M | $25.9M | $18.3M | $10.7M |
| Net debt | $40.3M | $51.5M | $18.9M | $17.8M | $15.1M | −$7.1M | $11.6M | −$25.1M | −$18.3M | −$10.7M |
| Debt / equity | 0.38 | 0.44 | 0.23 | 0.20 | 0.20 | 0.03 | 0.17 | 0.01 | 0.00 | 0.00 |
| Debt / assets | 0.23 | 0.26 | 0.16 | 0.14 | 0.15 | 0.03 | 0.13 | 0.01 | 0.00 | 0.00 |
| Net debt / EBITDA | 38.24 | 3.58 | 1.26 | 3.59 | 4.15 | −0.68 | 1.16 | −2.81 | −2.06 | −1.65 |
| Current ratio | 2.83 | 3.32 | 3.80 | 2.73 | 3.52 | 3.45 | 4.09 | 4.50 | 4.35 | 4.37 |
| Quick ratio | 1.39 | 1.56 | 2.02 | 1.31 | 1.76 | 1.94 | 2.36 | 2.97 | 2.50 | 2.30 |
| Interest coverage | 2.3 | 5.1 | 4.7 | 0.1 | 0.1 | 13.1 | 13.7 | 104.0 | 35.4 | 14.3 |
| Working capital | $68.5M | $67.9M | $66.5M | $50.1M | $47.6M | $45.8M | $53.2M | $52.3M | $47.7M | $38.2M |
| Invested capital | $170.3M | $185.5M | $144.2M | $134.1M | $132.7M | $109.7M | $121.3M | $79.5M | $60.9M | $57.3M |
| Tangible asset value | $73.8M | $64.6M | $72.7M | $63.1M | $62.3M | $80.7M | $73.3M | $77.9M | $51.5M | $40.7M |
| Net current asset value | $19.0M | $10.9M | $37.4M | $27.0M | $24.7M | $43.7M | $35.6M | $51.7M | $43.8M | $32.6M |
| Graham number | — | $8.23 | $8.78 | — | — | $7.28 | $7.01 | $14.82 | $7.36 | $4.76 |
| Graham net-net per share | −$1.50 | −$1.89 | $0.15 | −$0.30 | −$0.10 | $1.23 | $0.62 | $2.07 | $1.54 | $1.00 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $15,000 | $250,000 | $148,000 | $930,000 | $0 | $0 | $0 |
| Share buybacks (net) | — | — | $8,000 | $15,000 | $148,000 | $90,000 | $2.0M | $742,000 | $26,000 | $607,000 |
| Dividend payout ratio | — | — | — | — | — | 2.8% | 17.9% | 0.0% | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | — | — | 26.3% | 1.3% | — | 11.1% | 0.4% | 9.4% |
| Capex / revenue | 2.0% | 1.2% | 1.6% | 1.3% | 2.9% | 2.9% | 5.9% | 4.8% | 1.6% | 1.5% |
| Capex / operating cash flow | 35.2% | 11.6% | 132.3% | — | 65.1% | 14.3% | — | 38.4% | 19.1% | 15.9% |
| Capex / depreciation | 0.70 | 0.46 | 0.65 | 0.38 | 0.80 | 1.06 | 2.29 | 1.77 | 0.57 | 0.45 |
| Stock-based compensation / revenue | 0.5% | 0.4% | 0.3% | 0.6% | 0.7% | 0.9% | 0.7% | 1.0% | 0.8% | 0.9% |
| R&D / revenue | 4.7% | 5.0% | 4.7% | 5.4% | 6.9% | 5.5% | 6.4% | 5.2% | 5.5% | 7.2% |
| SG&A / revenue | 15.4% | 14.6% | 14.2% | 16.8% | 18.1% | 16.3% | 15.9% | 16.7% | 17.6% | 18.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 60.4 | 67.8 | 68.5 | 66.5 | 76.7 | 86.7 | 78.8 | 64.2 | 59.4 | 54.9 |
| Days of inventory on hand | 131.1 | 139.8 | 127.4 | 132.5 | 152.2 | 134.6 | 126.9 | 145.7 | 153.2 | 150.4 |
| Days payables outstanding | 39.3 | 38.1 | 41.9 | 46.1 | 51.2 | 47.0 | 46.6 | 55.4 | 49.5 | 43.9 |
| Cash conversion cycle (days) | 152.3 | 169.6 | 154.1 | 152.8 | 177.6 | 174.3 | 159.2 | 154.4 | 163.1 | 161.4 |
| Receivables turnover | 6.04 | 5.38 | 5.33 | 5.49 | 4.76 | 4.21 | 4.63 | 5.69 | 6.15 | 6.65 |
| Payables turnover | 9.29 | 9.58 | 8.72 | 7.91 | 7.13 | 7.77 | 7.83 | 6.59 | 7.38 | 8.32 |
| Inventory turnover | 2.78 | 2.61 | 2.86 | 2.75 | 2.40 | 2.71 | 2.88 | 2.51 | 2.38 | 2.43 |
| Asset turnover | 0.87 | 0.82 | 0.92 | 0.80 | 0.66 | 0.76 | 0.81 | 0.80 | 0.94 | 0.99 |
| Average receivables | $31.7M | $30.6M | $29.8M | $24.0M | $20.6M | $25.6M | $23.1M | $15.3M | $13.9M | $12.4M |
| Average payables | $15.8M | $12.7M | $13.7M | $12.9M | $10.3M | $10.1M | $9.7M | $9.4M | $8.0M | $6.9M |
| Average inventory | $52.7M | $46.8M | $41.7M | $37.2M | $30.7M | $29.0M | $26.3M | $24.6M | $24.9M | $23.6M |
| Intangibles / total assets | 26.0% | 31.6% | 29.5% | 31.7% | 34.8% | 26.3% | 25.2% | 22.2% | 28.3% | 32.0% |
Computed from ULBI's annual financial statements (latest annual report filed March 23, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ULBI valuation and financial ratios
Ultralife earned a return on equity of −4.5% and a return on invested capital of 4.1% in fiscal 2025. It ended the year with $49.7 million of debt and $9.3 million in cash and short-term investments, net debt of $40.3 million. The share count rose 8.0% from 15.4M to 16.6M over 9 years.
See the ULBI income statement, the ULBI chart for price history, or the ULBI stock overview for the latest quote and news.
ULBI key metrics FAQ
What is Ultralife's EV/EBITDA?
Ultralife's enterprise value was 128.6 times EBITDA at the end of fiscal 2025 (enterprise value $135.5 million, EBITDA $1.1 million); the current EV/EBITDA is 149.7.
What is Ultralife's return on equity?
Ultralife's return on equity (ROE) was −4.5% in fiscal 2025: net income of -$5.9 million on average shareholders' equity of $132.0 million.
What is Ultralife's ROIC?
Ultralife's return on invested capital was 4.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ultralife have?
Ultralife had total debt of $49.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.38 and $40.3 million of net debt (38.24 times EBITDA).
What is Ultralife's free cash flow yield?
Ultralife generated $7.1 million of free cash flow in fiscal 2025, a free cash flow yield of 7.5% on its market value at year-end ($95.2 million).
What is Ultralife's current ratio?
Ultralife's current ratio was 2.83 at the end of fiscal 2025: current assets were 2.83 times current liabilities.