ULTRALIFE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ULTRALIFE CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	82.5	85.5	87.2	107	108	98.3	132	159	164	191
Cost of revenue	57.4	59.3	61.6	75.6	78.6	73.6	102	119	122	145
Gross profit	25.1	26.2	25.6	31.2	29.2	24.6	29.4	39.2	42.3	46
Research and development	5.95	4.74	4.51	6.81	5.95	6.83	7.08	7.53	8.27	10.4
Selling, general and administrative	15.4	15	14.5	17	17.5	17.8	22.2	22.2	24.1	29.3
Operating expenses	21.3	19.8	19	23.8	23.5	24.6	29.3	29.7	32.3	51.9
Operating income	3.76	6.48	6.56	7.37	5.7	0.04	0.13	9.48	9.97	-5.9
Interest expense	0.26	0.18	0.06	0.54	0.44	0.24	0.95	2.02	1.94	3.95
Other non-operating income	0.08	-0.18	-0.06	-0.6	1.32	-0.19	-0.58	-0.36	-1.66	-2.5
Pre-tax income	3.58	6.3	6.61	6.77	7.02	-0.15	-0.45	9.12	8.3	-8.4
Income tax	0.1	-1.37	-18.4	1.46	1.69	0.08	-0.33	1.95	1.89	-2.45
Net income to minority interests	-0.03	0.02	0.07	0.11	0.1	0	-0	-0.03	0.1	-0.05
Net income	3.51	7.65	24.9	5.21	5.23	-0.23	-0.12	7.2	6.31	-5.9
EBITDA	6.49	8.9	8.92	10.1	8.64	3.57	4.59	13.4	13.1	-1.92
EPS, basic	562.22	1,198.00	3,838.00	806.67	806.67	122.22	73.33	44.00	38.00	-35.00
EPS, diluted	562.22	1,173.00	3,740.00	782.22	806.67	122.22	73.33	44.00	38.00	-35.00
Shares, basic (weighted)	0.01	0	0.01	0.65	0	0.01	0.01	0.16	16.6	16.6
Shares, diluted (weighted)	0.01	0	0.01	0.66	0	0.01	0.01	0.16	16.8	16.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.7	18.2	25.6	7.14	10.6	8.33	5.63	10.2	6.85	9.35
Receivables	13.2	14.7	16	30.1	21.1	20.2	27.8	31.8	29.4	33.9
Inventory	23.5	26.3	22.8	29.8	28.2	33.2	41.2	42.2	51.4	54
Other current assets	2.08	2.6	2.37	3.1	4.6	4.69	4.3	5.95	9.57	8.5
Total current assets	49.4	61.9	67.2	70.4	64.5	66.5	79	90.2	97.2	106
Property, plant and equipment	8	7.57	10.7	22.5	22.9	23.2	21.7	21.1	40.5	40.4
Lease right-of-use assets			0.81	1.87				3.59	4.15	3.34
Goodwill	20	20.5	20.1	26.8	27	38.1	37.4	37.6	45	45.4
Intangible assets	7.19	7.09	6.5	9.72	9.21	17.4	15.9	15.1	24.6	10.9
Other non-current assets	0.07	0.13	0.89	1.96	2.29	2.88	2.31	3.71	4.83	3.91
Total assets	84.7	97.2	121	145	138	160	168	178	220	217
Accounts payable	7.29	8.79	9.92	9.39	10.8	9.82	16.1	11.3	14.2	17.4
Accrued liabilities	1.26	2.41	1.49	1.66	1.75	1.84	2.89	3.12	2.91	2.75
Short-term debt				1.37	1.36	2	2	2	2.75	4.13
Total current liabilities	11.3	14.2	15.4	17.2	18.7	18.9	28.9	23.7	29.3	37.3
Long-term debt				15.8	0	18.9	19.3	23.6	51.5	45.5
Lease liabilities			0.38	1.25				2.64	3	2.36
Other non-current liabilities	0.02	0.03	0.41	1.28	1.56	1.76	1.89	3.78	4.03	2.92
Total liabilities	16.9	18.1	16.4	34.8	20.8	41.8	52	52.8	86.3	86.8
Total debt				17.2	1.36	20.9	21.5	25.7	55	49.7
Paid-in capital	178	180	183	184	185	187	187	189	192	193
Retained earnings	-90.5	-82.9	-58	-52.8	-47.6	-47.8	-48	-40.8	-34.4	-40.3
Treasury stock		-18.5	-19.3	-21.2	-21.3	-21.5	-21.5	-21.5	-21.5	-21.5
Other comprehensive income	-3.08	-1.61	-2.79	-2.53	-1.78	-1.65	-3.75	-3.66	-4.01	-3.14
Shareholders' equity	68	79.2	105	110	117	118	116	125	134	130
Minority interests	-0.17	-0.15	-0.09	0.02	0.12	0.13	0.13	0.1	0.19	0.14
Total equity	67.9	79	104	110	117	118	116	125	134	130
Total liabilities and equity	84.7	97.2	121	145	138	160	168	178	220	217
Shares outstanding	0.01	0.01	0.01	0.65	0.01	0.01	0.01	0.16	16.6	16.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3.48	7.66	25	5.31	5.33	-0.23	-0.12	7.17	6.41	-5.95
Depreciation and amortization	2.73	2.43	2.37	2.75	2.94	3.54	4.46	3.91	3.13	3.98
Stock-based compensation	0.71	0.65	0.89	0.75	0.94	0.67	0.78	0.53	0.7	0.94
Deferred income tax	0.14	-1.67	-18.6	1.21	1.39	-0.15	-0.96	1.3	1.23	-2.54
Change in receivables	-0.67	-1.3	-1.51	-10.4	9.21	4.42	-7.88	-3.89	7.6	-4.35
Change in inventory	1.98	-2.54	2.35	-3.32	1.8	-1.3	-8.75	-0.94	-0.11	-2.35
Cash from operations	7.65	7.27	10.9	-2.97	21.7	4.33	-1.26	1.93	16.6	11
Capital expenditures	-1.22	-1.39	-4.19	-6.28	-3.1	-2.81	-1.68	-2.55	-1.93	-3.87
Acquisitions	-9.86			-25.2	0	-23.5	0	0	-48	0
Cash from investing	-11.1	-1.39	-4.19	-31.5	-2.98	-26.3	-1.68	-2.55	-50	-3.87
Debt issued	3.03
Stock issued	0.46	1.43	1.57	0.93	0.24	0.4	0.12	1.25	2	0.1
Share buybacks	-0.61		-0.74	-1.96	0
Cash from financing	-0.18	1.4	1.17	16.1	-15.7	19.6	0.52	5.49	29.9	-4.68
Exchange rate effect		0.34	-0.27	-0.15	0.2	0.13	-0.28	-0.3	0.03	0.05
Net change in cash		7.62	7.6	-18.5	3.25	-2.24	-2.7	4.57	-3.42	2.49
Free cash flow	6.43	5.88	6.7	-9.25	18.6	1.51	-2.94	-0.62	14.7	7.12
Interest paid	0.18	0.1	0.13	0.58	0.38	0.14	0.93	1.96	1.86	3.69
Income taxes paid	0.27	0.35	0.22	0.27	0.26	0.32	0.35	0.77	0.72	0.15

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $6.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.4%	Gross profit / revenue.
Operating margin	-4.5%	Operating income / revenue.
EBITDA margin	-2.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.1%	Pre-tax income / revenue.
Net margin	-3.5%	Net income / revenue.
FCF margin	1.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.7%	Cash from operations / revenue.
Return on equity (ROE)	-4.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.0%	Net income / average total assets.
Return on invested capital (ROIC)	-3.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.3%	Research and development expense / revenue.
SG&A / revenue	16.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-159.2%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-114.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-193.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-192.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-33.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-12.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-51.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-17.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1,048.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1,785.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.87x	Current assets / current liabilities.
Quick ratio	1.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.34x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.6%	Total debt / total assets.
Liabilities / assets	38.7%	Total liabilities / total assets.
Net debt	$37.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.29x	Operating income / interest expense.
Working capital	$69.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	25.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$76.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	4.74x	Revenue / average property, plant and equipment.
Inventory turnover	2.41x	Cost of revenue / average inventory.
Days inventory	151 days	365 x average inventory / cost of revenue.
Receivables turnover	5.39x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	58 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	161 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	60.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.20	Revenue / diluted weighted shares.
FCF per share	$0.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.31	Cash from operations / diluted weighted shares.
Book value per share	$7.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.61	Tangible book value / shares outstanding.
Cash per share	$0.40	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$102.6M	Share price x shares outstanding.
Enterprise value	$140.6M	Market cap + total debt - cash - short-term investments.
P/S	0.55x	Market cap / revenue.
P/B	0.77x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.34x	Market cap / tangible book value, when positive.
P/FCF	50.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.0x	Market cap / cash from operations, when positive.
EV/Sales	0.75x	Enterprise value / revenue.
EV/FCF	69.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.0%	Free cash flow / market cap.
Earnings yield	-6.4%	Net income / market cap (the inverse of P/E).

What was ULTRALIFE CORP's revenue in fiscal 2025?

ULTRALIFE CORP reported revenue of $191.2M for fiscal 2025, 16.2% higher than the year before.

Was ULTRALIFE CORP profitable in fiscal 2025?

No. It reported a net loss of $5.9M.

How much free cash flow did ULTRALIFE CORP generate in fiscal 2025?

Cash from operations of $11.0M minus capital expenditures of $3.9M left free cash flow of $7.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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