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what it is
Ultralife sells batteries, backup power gear, and military communication systems to customers that care more about reliability than style.
how it gets paid
FY2024 (Dec 31) consolidated revenue was $164.5M (+3.7%). Battery & energy products was $144.1M (~88% of sales); communications systems was $20.4M (~12%).
what just happened
Ultralife's latest quarter showed $0.09 EPS on about $41M of revenue (order-of-magnitude vs ~$164M FY), but the trailing earnings base is still thin.
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
~15x on FY2024 GAAP diluted EPS ($0.38) vs ~$5.81
3.9% return on capital — nothing to write home about
$0.38 FY2024 GAAP diluted EPS (10-K)
xvary composite: 34/100 — weak
What they do
Ultralife sells batteries, backup power gear, and military communication systems to customers that care more about reliability than style.
Ultralife wins where failure is expensive. If your radio, battery pack, or backup power unit dies in the field, the cheapest vendor stops looking cheap. That helps a 671-employee company sell into military and industrial niches where qualification cycles are long and replacement is painful.
How they make money
$164.5M
FY2024 consolidated revenue · +3.7% vs FY2023 (Form 10-K segment table)
battery & energy products
$144.1M
communications systems
$20.4M
The products that matter
lithium batteries and chargers
Battery & Power Systems
$144.1M · ~88% of FY2024 revenue
Form 10-K Note 10: battery & energy products revenue for the year ended Dec 31, 2024. Electrochem contributed $6.1M after the Oct 31, 2024 close.
backlog-driven
rf amplifiers and power solutions
Communications Systems
$20.4M · ~12% of FY2024 revenue
Form 10-K: communications systems revenue fell vs the prior year as large defense programs rolled through the backlog.
secondary engine
Key numbers
58.1x
trailing p/e
P/E → price-to-earnings → how much you pay for each dollar of profit. You are paying a premium for a company with uneven earnings.
3.9%
return on capital
Return on capital → profit from money invested in the business → how efficient management is. 3.9% is low for a stock priced this richly.
~6.1%
operating margin (FY2024)
FY2024 operating income $10.0M on $164.5M revenue (Form 10-K income statement, $000s). Thin margins mean small mistakes hurt fast.
~$52M
long-term debt, net
Dec 31, 2024 balance sheet: long-term debt, net ~$51.5M ($000s) plus current portion of term loan ~$2.8M; total term principal ~$55M per MD&A.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- long-term debt ~$52M LT debt, net (+ ~$2.8M current)
SEC Form 10-K FY2024 (CIK 875657, filed Mar 2025) · ulbi20241231_10k.htm
Total return vs. market
Return history isn't available for ULBI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Ultralife's latest quarter showed $0.09 EPS on about $41M of revenue, but the trailing earnings base is still thin.
FY2024 GAAP diluted EPS was $0.38 on $164.5M revenue (10-K). A thin latest-quarter EPS print can make automated trailing multiples look extreme even when the fiscal year was profitable.
~$41M
revenue (q)
$0.09
eps (Q)
23.8%
gross margin (Q)
the number that mattered
Reconcile any quarterly EPS to the same line item the 10-K uses for FY2024 diluted GAAP EPS ($0.38)—adjusted EPS and tax items are disclosed separately in the filing.
SEC Form 10-K FY2024 · company earnings materials · ulbi20241231_10k.htm
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What could go wrong
the #1 risk is failing to convert the ~$95M battery backlog (Dec 31, 2024) into profitable shipments.
high
backlog execution failure
Battery & energy backlog plus high-confidence orders were ~$95M at Dec 31, 2024 (10-K). if orders slip, the shipment story slips with them.
high-impact
high
margin pressure
Quarterly gross margin can sit near ~24% while FY2024 operating margin was ~6.1% on a $164.5M base—little room for cost overruns or mix issues.
high-impact
med
balance sheet restraint
a C++ balance sheet and ~$52M long-term debt (net) plus a ~$55M term facility story (10-K) limit how many mistakes the company can absorb without pressure.
med-impact
med
low predictability
earnings predictability is 30/100, and the latest quarter missed EPS by 46.15%. when the base business is hard to model, valuation gets fragile.
med-impact
the combined risk picture is simple: a company with ~$164.5M FY2024 revenue, uneven quarterly margins, and modest return on capital needs backlog conversion into cleaner earnings.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next earnings
next quarterly filing vs FY2024 baseline
compare each print to the FY2024 10-K baseline ($164.5M revenue, $0.38 diluted GAAP EPS) and to backlog commentary—avoid one-off revenue lines that do not match the filing tables.
backlog burn-down
does the ~$95M battery backlog actually move
10-K says most of the year-end battery backlog should ship over the following year. you want conversion in revenue and margin, not just narrative.
profitability
watch margin before revenue applause
watch gross margin by quarter against the FY2024 ~25.7% consolidated gross margin (10-K). a revenue beat without margin improvement does not fix the thesis.
integration follow-through
Electrochem needs to stop being a transition story
management says the transition is complete. from here, you want fewer integration explanations and better reported results.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not trust smooth quarter-to-quarter results here.
risk rank
4
that means the stock looks riskier than most of the market. not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for ULBI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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