Ultralife Corporation (ULBI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-140.3%

-$6.29

vs $15.62 price

Levered DCF

$27.52

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.78

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-16.34×	19.61×	15.5×	-521.62×	-413.7×	19.61×	22.39×	4.3×
P/B	0.73×	0.92×	0.88×	0.54×	0.82×	0.88×	1.06×	1.02×
P/S	0.5×	0.75×	0.7×	0.47×	0.99×	0.96×	1.09×	1.23×
EV / EBITDA	128.56×	12.15×	8.61×	16.12×	30.83×	9.22×	12.75×	9.2×
Gross margin	23.3%	25.7%	24.7%	22.3%	25.1%	27.1%	29.2%	29.3%
Operating margin	4.8%	6.1%	6.0%	0.1%	0.0%	5.3%	6.9%	7.5%
Net margin	-3.1%	3.8%	4.5%	-0.1%	-0.2%	4.9%	4.9%	28.6%
Current ratio	2.83×	3.32×	3.8×	2.73×	3.52×	3.45×	4.09×	4.5×
Debt / equity	0.38×	0.44×	0.23×	0.2×	0.2×	0.03×	0.17×	0.01×
Interest coverage	2.33×	5.14×	4.7×	0.14×	0.14×	13.08×	13.67×	104.05×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.5%	4.7%	5.7%	-0.1%	-0.2%	4.5%	4.7%	23.8%
Return on invested capital	3.6%	3.9%	4.7%	0.0%	0.0%	3.6%	4.5%	6.2%
Return on assets	-2.7%	2.9%	4.0%	-0.1%	-0.1%	3.8%	3.6%	20.8%
Free cash flow yield	7.5%	11.9%	-0.6%	-4.7%	1.6%	18.1%	-7.9%	6.3%
Earnings yield	-6.2%	5.1%	6.5%	-0.2%	-0.2%	5.1%	4.5%	23.3%
Enterprise value	$135.5M	$174.9M	$129.5M	$80M	$111.9M	$95.8M	$128.3M	$82.1M
Net debt / EBITDA	38.24×	3.58×	1.26×	3.59×	4.15×	-0.68×	1.16×	-2.81×
Cash conversion cycle (days)	156	176	167	166	191	152	201	144