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what it is
UFP Technologies makes custom medical-device parts and sterile packaging that get used once and then thrown away.
how it gets paid
FY2025 net sales were $602.8M vs. $504.4M in FY2024 (+19.5%) per the Feb 24, 2026 release.
why it's growing
Revenue grew about 3% last year. The key number was 28.2% gross margin — at that pace, your next leg up depends on mix and protecting profitability.
what just happened
Q4 2025: net sales ~$148.9M (+3.4% YoY); GAAP EPS ~$2.25 vs. ~$2.10 prior-year quarter.
At a glance
B+ balance sheet — decent shape, but not bulletproof
60/100 earnings predictability — reasonably predictable
28.0x trailing p/e — priced about right
12.1% return on capital — decent for a component manufacturer
~$8.75 FY2025 GAAP EPS (reported)
xvary composite: 57/100 — below average
What they do
UFP Technologies makes custom medical-device parts and sterile packaging that get used once and then thrown away.
UFP sells the unglamorous part that matters when a medical procedure starts: the custom component and the sterile packaging around it. That work sits inside single-use and single-patient devices, which means your customer cares more about failure risk than shaving a few pennies. The company has 4,146 employees supporting this niche, and a 19.7% operating margin says the niche pays.
How they make money
~$602.8M
FY2025 net sales · +19.5% vs. FY2024
total revenue
~$602.8M
+19.5%
The products that matter
manufactures procedure-critical components
Single-Use Medical Devices
~$555.3M FY2025 · ~92% of net sales
Medical-market sales dominated FY2025; UFPT is first a medical CDMO story, with non-medical lines a smaller, shrinking slice.
scale driver
industrial and non-medical programs
Non-Medical Sales
~$47.5M FY2025 non-medical sales · ~8%
Non-medical revenue declined ~11.5% in FY2025—mix shift and customer concentration in medical are the real story.
quality anchor
Key numbers
$8.75
FY2025 GAAP EPS
Up ~15.4% vs. $7.58 in FY2024 (company release, Feb 24, 2026). Adjusted EPS was $9.76 with reconciliations in the same materials.
~15.3%
FY2025 op. margin
Operating income ~$92.3M on $602.8M sales—AJR labor inefficiencies trimmed gross margin; see non-GAAP footnotes in the release.
$148M
long-term debt
Debt equals 9% of capital. Debt-to-capital → debt as a share of the funding stack → so what: the balance sheet looks usable, not bloated.
12.1%
return on capital
Return on capital → profit produced from the money tied up in the business → so what: UFPT clears the usual 10% quality line, but it is good, not magical.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
- long-term debt $148M (9% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for UFPT right now.
source: institutional data · return history unavailable
What just happened
record FY2025
Q4 2025 net sales ~$148.9M · GAAP EPS ~$2.25 · FY2025 sales $602.8M
Q4 net sales rose ~3.4% YoY; GAAP EPS ~$2.25 vs. ~$2.10 prior-year quarter. Q4 gross margin ~28.2% (down ~100 bps YoY). Full-year net sales +19.5% with medical sales +23.2%.
~$148.9M
Q4 net sales
$2.25
eps
28.2%
gross margin
the number that mattered
FY2025’s +19.5% top-line growth (medical +23.2%) is the headline; Q4 mix and AJR costs are the margin watch items in the release.
source: UFP Technologies FY2025 release (ufpt.com / Nasdaq, Feb 24, 2026) · SEC filings
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What could go wrong
UFPT is not fighting generic “market risk” here. The setup is more specific: one important customer, one margin line moving the wrong way, and a CEO handoff arriving while the stock still trades at 28.0x trailing earnings.
med
Intuitive Surgical matters more than most investors would like
UFPT renewed the supply agreement in February 2026. That helps. It also tells you a key part of the story still runs through one relationship. This page cannot quantify the exact concentration, so we are not pretending it is minor.
If that relationship weakens, the hit is not theoretical. It would pressure a company that generated $603M in annual sales and is valued for steady execution.
med
Margin compression has already started, even with record sales
Gross margin fell to 28.2% from 29.2% while the company still posted record annual sales. More volume did not fully protect the production line economics.
Premium multiples are allergic to slippage. If gross margin keeps drifting lower, the stock does not need a disaster to re-rate down.
med
The CEO handoff comes at a touchy time
Mitchell C. Rock takes over on June 4, 2026. Leadership change can go well. It can also create a few quarters where investors learn the new cadence in public.
For a business with 60 / 100 earnings predictability and a 35 / 100 price stability score, transition risk is part of the thesis, not a footnote.
med
Small-cap volatility still applies, even when the business looks clean
The stock sits at $241.79 with a 52-week range of $178–$275 and a price stability score of 35 / 100. That is a reminder that quality does not equal calm.
If you own this, you are signing up for a narrower operating story inside a wider stock-price range than the polished medical narrative suggests.
A weaker Intuitive relationship or another step down from the current 28.2% gross margin would hit the earnings power supporting a $2B valuation. That is the whole risk map in one sentence.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
Gross margin needs to stop sliding
28.2% versus 29.2% a year earlier is the cleanest warning sign on the page. If the next report shows another step down, the premium multiple gets harder to defend.
calendar
Next earnings report
Estimated for May 5, 2026. You want updated commentary on gross margin, customer mix, and the CEO handoff more than another generic revenue headline.
operations
Santiago facility launch
Planned for Q2 2026. New capacity sounds good on a slide. In real life, you want to see whether it helps throughput and mix before it adds cost and complication.
management
CEO transition on June 4
A new chief executive does not change the business overnight, but it can change communication, capital allocation, and operating tempo faster than investors expect.
Analyst rankings
earnings predictability
60 / 100
in human-speak, analysts think the business is understandable but not smooth enough to rule out real surprises.
risk rank
3
This points to middling risk. Safer than the bottom half of the market, not close to the safest names you could own.
source: institutional data
Institutional activity
institutional ownership data for UFPT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$242
current price
n/a
target midpoint · n/a from current
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