Ultralife Financials
This page shows Ultralife (ULBI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Ultralife has an operating margin of 6.1%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 30/100, indicating healthy but not exceptional operating efficiency. This is up from 6.0% the prior year.
Ultralife's revenue grew a modest 3.7% year-over-year to $164.5M. This slow but positive growth earns a score of 39/100.
Ultralife carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.32, Ultralife holds $3.32 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Ultralife has a free cash flow margin of 8.9%, earning a moderate score of 45/100. The company generates positive cash flow after capital investments, but with room for improvement.
Ultralife generates a 4.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 19/100. This is down from 5.7% the prior year.
Ultralife scores 1.79, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Ultralife passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Ultralife generates $2.64 in operating cash flow ($16.6M OCF vs $6.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Ultralife earns $5.1 in operating income for every $1 of interest expense ($10.0M vs $1.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Ultralife generated $164.5M in revenue in fiscal year 2024. This represents an increase of 3.7% from the prior year.
Ultralife's EBITDA was $14.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.5% from the prior year.
Ultralife generated $14.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 2460.2% from the prior year.
Ultralife reported $6.3M in net income in fiscal year 2024. This represents a decrease of 12.3% from the prior year.
Ultralife earned $0.38 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 13.6% from the prior year.
Ultralife held $6.9M in cash against $51.5M in long-term debt as of fiscal year 2024.
Ultralife had 17M shares outstanding in fiscal year 2024. This represents an increase of 1.7% from the prior year.
Ultralife's gross margin was 25.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.
Ultralife's operating margin was 6.1% in fiscal year 2024, reflecting core business profitability. This is up 0.1 percentage points from the prior year.
Ultralife's net profit margin was 3.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.7 percentage points from the prior year.
Ultralife's ROE was 4.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the prior year.
Ultralife invested $8.3M in research and development in fiscal year 2024. This represents an increase of 9.8% from the prior year.
Ultralife invested $1.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 24.3% from the prior year.
ULBI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $43.4M-10.7% | $48.6M-4.3% | $50.7M+15.7% | $43.9M+2.0% | $43.0M+2.5% | $41.9M-5.9% | $44.5M+12.8% | $39.5M |
| Cost of Revenue | $33.8M-8.7% | $37.0M-2.7% | $38.0M+14.3% | $33.3M+5.8% | $31.4M+3.2% | $30.5M-8.1% | $33.1M+11.6% | $29.7M |
| Gross Profit | $9.6M-17.1% | $11.6M-9.0% | $12.7M+20.2% | $10.6M-8.3% | $11.6M+0.8% | $11.5M+0.6% | $11.4M+16.7% | $9.8M |
| R&D Expenses | $2.9M+23.2% | $2.3M-3.6% | $2.4M-0.4% | $2.4M+20.9% | $2.0M+13.7% | $1.8M-5.2% | $1.9M-0.9% | $1.9M |
| SG&A Expenses | $7.7M+9.8% | $7.0M+1.2% | $6.9M+3.4% | $6.7M+18.8% | $5.6M0.0% | $5.7M-4.2% | $5.9M+2.3% | $5.8M |
| Operating Income | -$951K-142.2% | $2.3M-33.6% | $3.4M+130.6% | $1.5M-62.4% | $3.9M-3.6% | $4.1M+11.3% | $3.6M+70.9% | $2.1M |
| Interest Expense | $992K0.0% | $992K-3.9% | $1.0M+24.5% | $829K+98.3% | $418K-19.6% | $520K-8.1% | $566K-3.4% | $586K |
| Income Tax | -$504K-307.4% | $243K-57.1% | $567K+116.4% | $262K-69.3% | $853K+21.3% | $703K+167.3% | $263K-41.0% | $446K |
| Net Income | -$1.2M-238.8% | $879K-52.9% | $1.9M+861.3% | $194K-93.5% | $3.0M+2.7% | $2.9M+0.6% | $2.9M+116.0% | $1.3M |
| EPS (Diluted) | $-0.07-240.0% | $0.05+150.0% | $0.02-80.0% | $0.10-44.4% | $0.18+125.0% | $0.08-73.3% | $0.30+275.0% | $0.08 |
ULBI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $222.2M+0.6% | $221.0M-1.2% | $223.8M+1.5% | $220.5M+29.8% | $169.8M-5.9% | $180.6M+1.3% | $178.3M+1.2% | $176.1M |
| Current Assets | $100.6M+1.6% | $99.0M-2.4% | $101.5M+4.4% | $97.2M+16.0% | $83.8M-11.2% | $94.3M+4.5% | $90.2M+0.7% | $89.6M |
| Cash & Equivalents | $9.3M-15.4% | $10.9M+25.5% | $8.7M+27.2% | $6.9M+2.5% | $6.7M-33.8% | $10.1M-1.0% | $10.2M+10.5% | $9.2M |
| Inventory | $52.7M+4.3% | $50.6M+5.7% | $47.9M-6.8% | $51.4M+24.1% | $41.4M-5.5% | $43.8M+3.8% | $42.2M-9.5% | $46.6M |
| Accounts Receivable | $30.9M-4.3% | $32.3M-10.4% | $36.1M+22.8% | $29.4M-5.4% | $31.1M-12.0% | $35.3M+11.1% | $31.8M+16.8% | $27.2M |
| Goodwill | $45.3M-0.2% | $45.4M+0.6% | $45.1M+0.3% | $45.0M+20.0% | $37.5M0.0% | $37.5M-0.2% | $37.6M+0.6% | $37.4M |
| Total Liabilities | $84.8M+3.0% | $82.3M-5.5% | $87.1M+1.0% | $86.3M+136.5% | $36.5M-29.3% | $51.6M-2.4% | $52.8M-2.8% | $54.4M |
| Current Liabilities | $33.7M+12.7% | $29.9M-5.1% | $31.5M+7.5% | $29.3M+42.4% | $20.6M-12.0% | $23.4M-1.5% | $23.7M-10.1% | $26.4M |
| Long-Term Debt | $46.5M-2.1% | $47.5M-5.9% | $50.5M-1.9% | $51.5M+416.2% | $10.0M-56.9% | $23.1M-2.0% | $23.6M-2.0% | $24.1M |
| Total Equity | $137.3M-0.9% | $138.4M+1.5% | $136.4M+1.8% | $134.0M+0.6% | $133.2M+3.4% | $128.8M+2.8% | $125.3M+3.0% | $121.6M |
| Retained Earnings | -$32.9M-3.8% | -$31.7M+2.7% | -$32.6M+5.4% | -$34.4M+1.3% | -$34.9M+7.8% | -$37.9M+7.1% | -$40.8M+6.6% | -$43.6M |
ULBI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $198K-96.7% | $5.9M+76.2% | $3.4M+10.6% | $3.0M-65.9% | $8.9M+11118.5% | -$81K-103.3% | $2.4M+373.6% | -$889K |
| Capital Expenditures | $995K-9.5% | $1.1M+22.9% | $895K+47.7% | $606K+68.3% | $360K-3.2% | $372K-63.0% | $1.0M+88.2% | $534K |
| Free Cash Flow | -$797K-116.5% | $4.8M+95.5% | $2.5M+1.4% | $2.4M-71.5% | $8.6M+1990.7% | -$453K-131.7% | $1.4M+200.3% | -$1.4M |
| Investing Cash Flow | -$991K+9.9% | -$1.1M-22.9% | -$895K+98.2% | -$48.6M-13407.8% | -$360K+3.2% | -$372K+63.0% | -$1.0M-88.2% | -$534K |
| Financing Cash Flow | -$651K+75.4% | -$2.7M-285.9% | -$687K-101.5% | $45.7M+483.0% | -$11.9M-6547.6% | $185K+161.5% | -$301K-112.4% | $2.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ULBI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.2%-1.7pp | 23.9%-1.2pp | 25.1%+0.9pp | 24.2%-2.7pp | 26.9%-0.5pp | 27.4%+1.8pp | 25.6%+0.8pp | 24.8% |
| Operating Margin | -2.2%-6.8pp | 4.7%-2.1pp | 6.7%+3.3pp | 3.4%-5.8pp | 9.1%-0.6pp | 9.7%+1.5pp | 8.2%+2.8pp | 5.4% |
| Net Margin | -2.8%-4.6pp | 1.8%-1.9pp | 3.7%+3.2pp | 0.4%-6.5pp | 6.9%0.0pp | 6.9%+0.5pp | 6.5%+3.1pp | 3.4% |
| Return on Equity | N/A | 0.6%-0.7pp | 1.4%+1.2pp | 0.1%-2.1pp | 2.2%0.0pp | 2.2%-0.1pp | 2.3%+1.2pp | 1.1% |
| Return on Assets | -0.5%-0.9pp | 0.4%-0.4pp | 0.8%+0.7pp | 0.1%-1.7pp | 1.8%+0.2pp | 1.6%0.0pp | 1.6%+0.9pp | 0.8% |
| Current Ratio | 2.99-0.3 | 3.31+0.1 | 3.22-0.1 | 3.32-0.8 | 4.07+0.0 | 4.03+0.2 | 3.80+0.4 | 3.39 |
| Debt-to-Equity | 0.340.0 | 0.34-0.0 | 0.37-0.0 | 0.38+0.3 | 0.07-0.1 | 0.180.0 | 0.190.0 | 0.20 |
| FCF Margin | -1.8%-11.8pp | 10.0%+5.1pp | 4.9%-0.7pp | 5.6%-14.4pp | 19.9%+21.0pp | -1.1%-4.3pp | 3.2%+6.8pp | -3.6% |
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Frequently Asked Questions
What is Ultralife's annual revenue?
Ultralife (ULBI) reported $164.5M in total revenue for fiscal year 2024. This represents a 3.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ultralife's revenue growing?
Ultralife (ULBI) revenue grew by 3.7% year-over-year, from $158.6M to $164.5M in fiscal year 2024.
Is Ultralife profitable?
Yes, Ultralife (ULBI) reported a net income of $6.3M in fiscal year 2024, with a net profit margin of 3.8%.
What is Ultralife's earnings per share (EPS)?
Ultralife (ULBI) reported diluted earnings per share of $0.38 for fiscal year 2024. This represents a -13.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Ultralife's EBITDA?
Ultralife (ULBI) had EBITDA of $14.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ultralife have?
As of fiscal year 2024, Ultralife (ULBI) had $6.9M in cash and equivalents against $51.5M in long-term debt.
What is Ultralife's gross margin?
Ultralife (ULBI) had a gross margin of 25.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ultralife's operating margin?
Ultralife (ULBI) had an operating margin of 6.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Ultralife's net profit margin?
Ultralife (ULBI) had a net profit margin of 3.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Ultralife's return on equity (ROE)?
Ultralife (ULBI) has a return on equity of 4.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Ultralife's free cash flow?
Ultralife (ULBI) generated $14.7M in free cash flow during fiscal year 2024. This represents a 2460.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ultralife's operating cash flow?
Ultralife (ULBI) generated $16.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Ultralife's total assets?
Ultralife (ULBI) had $220.5M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Ultralife's capital expenditures?
Ultralife (ULBI) invested $1.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Ultralife spend on research and development?
Ultralife (ULBI) invested $8.3M in research and development during fiscal year 2024.
How many shares does Ultralife have outstanding?
Ultralife (ULBI) had 17M shares outstanding as of fiscal year 2024.
What is Ultralife's current ratio?
Ultralife (ULBI) had a current ratio of 3.32 as of fiscal year 2024, which is generally considered healthy.
What is Ultralife's debt-to-equity ratio?
Ultralife (ULBI) had a debt-to-equity ratio of 0.38 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ultralife's return on assets (ROA)?
Ultralife (ULBI) had a return on assets of 2.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Ultralife's Altman Z-Score?
Ultralife (ULBI) has an Altman Z-Score of 1.79, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ultralife's Piotroski F-Score?
Ultralife (ULBI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ultralife's earnings high quality?
Ultralife (ULBI) has an earnings quality ratio of 2.64x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ultralife cover its interest payments?
Ultralife (ULBI) has an interest coverage ratio of 5.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ultralife?
Ultralife (ULBI) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.