Latest Ratios: P/E Ratio -17.1x · EV/EBITDA 9.5x · ROE -4.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $100M | $95M | $125M | $111M | $62M | $97M | $104M | $120M | $110M | $104M | $76M |
| Enterprise Value | $140M | $135M | $176M | $130M | $80M | $112M | $97M | $131M | $85M | $86M | $66M |
| P/E Ratio → | -17.09 | — | 19.61 | 15.50 | — | — | 19.61 | 23.09 | 4.41 | 13.65 | 21.52 |
| P/S Ratio | 0.52 | 0.50 | 0.76 | 0.70 | 0.47 | 0.99 | 0.97 | 1.12 | 1.27 | 1.21 | 0.92 |
| P/B Ratio | 0.76 | 0.73 | 0.93 | 0.88 | 0.53 | 0.82 | 0.89 | 1.09 | 1.06 | 1.31 | 1.12 |
| P/FCF | 13.99 | 13.37 | 8.50 | — | — | 64.11 | 5.59 | — | 16.47 | 17.67 | 11.85 |
| P/OCF | 9.06 | 8.66 | 7.51 | 57.37 | — | 22.40 | 4.79 | — | 10.14 | 14.29 | 9.96 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.71 | 1.07 | 0.82 | 0.61 | 1.14 | 0.90 | 1.23 | 0.98 | 1.00 | 0.79 |
| EV / EBITDA | 9.51 | 9.21 | 12.49 | 9.68 | 17.45 | 31.31 | 11.24 | 12.97 | 9.55 | 9.61 | 10.10 |
| EV / EBIT | 15.17 | 14.70 | 17.23 | 11.64 | 158.50 | 1229.86 | 13.01 | 17.94 | 13.00 | 13.21 | 16.14 |
| EV / FCF | — | 19.04 | 12.00 | — | — | 74.07 | 5.21 | — | 12.72 | 14.55 | 10.19 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.3% | 23.3% | 25.7% | 24.7% | 22.3% | 25.1% | 27.1% | 29.2% | 29.3% | 30.7% | 30.4% |
| Operating Margin | 4.8% | 4.8% | 6.1% | 6.0% | 0.1% | 0.0% | 5.3% | 6.9% | 7.5% | 7.6% | 4.6% |
| Net Profit Margin | -3.1% | -3.1% | 3.8% | 4.5% | -0.1% | -0.2% | 4.9% | 4.9% | 28.6% | 8.9% | 4.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.5% | -4.5% | 4.9% | 6.0% | -0.1% | -0.2% | 4.6% | 4.9% | 27.2% | 10.4% | 5.2% |
| ROA | -2.7% | -2.7% | 3.2% | 4.2% | -0.1% | -0.2% | 3.7% | 3.9% | 22.9% | 8.4% | 4.2% |
| ROIC | 3.9% | 3.9% | 4.5% | 5.1% | 0.1% | 0.0% | 3.7% | 5.5% | 7.0% | 8.2% | 5.2% |
| ROCE | 5.0% | 5.0% | 5.8% | 6.4% | 0.1% | 0.0% | 4.6% | 6.3% | 7.0% | 8.3% | 5.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.38 | 0.38 | 0.44 | 0.23 | 0.20 | 0.20 | 0.03 | 0.17 | 0.01 | — | — |
| Debt / EBITDA | 3.37 | 3.37 | 4.13 | 2.18 | 5.12 | 6.57 | 0.41 | 1.88 | 0.09 | — | — |
| Net Debt / Equity | — | 0.31 | 0.38 | 0.15 | 0.15 | 0.13 | -0.06 | 0.11 | -0.24 | -0.23 | -0.16 |
| Net Debt / EBITDA | 2.74 | 2.74 | 3.65 | 1.41 | 3.88 | 4.21 | -0.82 | 1.15 | -2.81 | -2.06 | -1.65 |
| Debt / FCF | — | 5.66 | 3.50 | — | — | 9.96 | -0.38 | — | -3.75 | -3.12 | -1.66 |
| Interest Coverage | 2.33 | 2.33 | 5.28 | 5.52 | 0.53 | 0.38 | 17.11 | 13.56 | 104.05 | 35.39 | 15.44 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.83 | 2.83 | 3.32 | 3.80 | 2.73 | 3.52 | 3.45 | 4.09 | 4.50 | 4.35 | 4.37 |
| Quick Ratio | 1.39 | 1.39 | 1.56 | 2.02 | 1.31 | 1.76 | 1.94 | 2.36 | 2.97 | 2.50 | 2.30 |
| Cash Ratio | 0.25 | 0.25 | 0.23 | 0.43 | 0.20 | 0.44 | 0.57 | 0.43 | 1.74 | 1.29 | 0.95 |
| Asset Turnover | — | 0.88 | 0.75 | 0.89 | 0.78 | 0.62 | 0.78 | 0.74 | 0.73 | 0.88 | 0.97 |
| Inventory Turnover | 2.72 | 2.72 | 2.38 | 2.83 | 2.49 | 2.22 | 2.79 | 2.54 | 2.70 | 2.25 | 2.45 |
| Days Sales Outstanding | — | 64.82 | 65.18 | 73.07 | 76.91 | 75.15 | 71.34 | 102.90 | 67.04 | 62.55 | 58.34 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.1% | 6.5% | — | — | 5.1% | 4.3% | 22.7% | 7.3% | 4.6% |
| FCF Yield | 7.1% | 7.5% | 11.8% | — | — | 1.6% | 17.9% | — | 6.1% | 5.7% | 8.4% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 1.6% | 0.7% | 0.0% | 0.8% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 1.6% | 0.7% | 0.0% | 0.8% |
| Shares Outstanding | — | $17M | $17M | $16M | $16M | $16M | $16M | $16M | $16M | $16M | $15M |
Margin volatility and scale
According to recent market data, Ultralife trades at a forward P/E of 7.20, which appears to discount the company's historical profitability struggles while simultaneously pricing in a significant recovery in earnings that may not materialize given the current negative net margin of -3.09% reported in recent filings.
The low P/S ratio of 0.54 suggests that investors remain skeptical of the company's ability to convert its revenue base into sustainable shareholder value. This valuation multiple implies that the market views Ultralife as a distressed industrial asset rather than a growth-oriented defense electronics provider, warranting caution regarding potential multiple compression if earnings targets are missed.
As reported in financial statements, Ultralife's ROIC has trended toward negative territory, reaching -0.1% in 2026Q1, which indicates that the company is currently failing to generate returns on its invested capital that exceed its cost of capital, a trend that warrants further investigation by fundamental analysts.
The decay in ROIC from the 2.1% levels observed in early 2024 suggests that recent capital allocation, including acquisitions, has not yet yielded the expected operational synergies. Investors should monitor whether this trend is a temporary byproduct of integration costs or a more permanent erosion of the company's competitive advantage in its core battery and communications segments.
Based on Ultralife's reported figures, the cash conversion cycle has remained elevated, peaking at 167 days in 2025Q3, which highlights significant inefficiencies in managing inventory and receivables compared to the more streamlined operations of larger industrial peers in the defense and energy sectors.
The high days inventory outstanding, which reached 133 days in 2026Q1, suggests that the company may be carrying excessive stock or facing obsolescence risks in its specialized lithium product lines. This lack of working capital velocity appears to be a primary driver of the company's inconsistent free cash flow generation.
According to the latest balance sheet data, Ultralife maintains a current ratio of 2.56, which provides a sufficient liquidity cushion to cover short-term obligations, yet this metric may overstate the company's financial health given the high inventory dependence and the persistent negative net margin observed in recent quarters.
While the quick ratio of 1.23 suggests that the company can meet its immediate liabilities without relying on inventory liquidation, the underlying cash burn remains a concern. The company's ability to maintain this liquidity position under severe stress appears contingent on its ability to secure timely milestone payments from defense contracts.
Based on the company's reported figures, the P/E ratio is frequently misapplied to Ultralife, as the metric is rendered largely meaningless by the company's recent net losses and the lumpy, project-based nature of its defense-heavy revenue stream which obscures underlying operational performance.
Analysts should instead focus on EV/EBITDA or P/FCF to better capture the company's cash-generating potential, as these metrics are less distorted by non-cash charges and acquisition-related amortization. Relying on P/E in this context may lead to a fundamental misunderstanding of the company's true earnings power and its sensitivity to government procurement cycles.
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Quick answers to the most common questions about buying ULBI stock.
Ultralife Corporation's current P/E ratio is -17.1x. The historical average is 22.4x.
Ultralife Corporation's current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.2x.
Ultralife Corporation's return on equity (ROE) is -4.5%. The historical average is -4.0%.
Based on historical data, Ultralife Corporation is trading at a P/E of -17.1x. Compare with industry peers and growth rates for a complete picture.
Ultralife Corporation has 23.3% gross margin and 4.8% operating margin.
Ultralife Corporation's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.