Ultralife Corporation

ULBI

Electrical Equipment & Parts · Industrials

Price

$7.01

+0.16 (+2.34%)

Market Cap

$116.8M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+3.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 16.0M (2021) → 16.6M (2025)

Winston Score History

The full picture

Ultralife Corporation makes batteries and communication systems for military and commercial customers. Its core products include specialized lithium batteries, battery chargers, and radio accessories used in defense equipment, medical devices, and industrial tools. The company is a niche supplier to the U.S. military and allied defense forces, as well as commercial markets like oil and gas.

Ultralife earns revenue by selling hardware — batteries and communication gear — directly to government agencies, defense contractors, and commercial buyers. It operates primarily in the United States and the United Kingdom, keeping it a small-cap player in a competitive market. Its main competitive advantage is its long-standing relationships with military customers and certifications required to supply defense-grade equipment, which are difficult for new competitors to obtain quickly. The key risk is its heavy reliance on government defense spending, meaning budget cuts or contract losses could significantly hurt revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+184.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$9M/ year

↑ Rising (+9% vs prior year)

4.7% of revenue

In line with sector average (4%)

R&D investment increasing — building for the future

Insider Activity

42.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$7M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Ultralife Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

28.9%

Modest — 28.9% gross margin

Profit after running costs

Operating Margin

7.2%

Modest — 7.2% operating margin

Return on the money invested

ROCE

2.8%

Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+4.7%

Slow sales growth (+4.7% YoY)

Profit growth

EPS YoY

-310.7%

Earnings shrinking (-310.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

1.1%

Thin free cash flow (1.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.34

Conservative — low debt load (0.34)

Covers its interest

Interest Cover

1.38x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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