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Ultralife Corporation (ULBI)


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Upturn Advisory Summary
10/17/2025: ULBI (1-star) is currently NOT-A-BUY. Pass it for now.
1 Year Target Price $14
1 Year Target Price $14
1 | Strong Buy |
0 | Buy |
0 | Hold |
0 | Sell |
0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 209.64% | Avg. Invested days 42 | Today’s Advisory PASS |
Upturn Star Rating ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 107.18M USD | Price to earnings Ratio 33.89 | 1Y Target Price 14 |
Price to earnings Ratio 33.89 | 1Y Target Price 14 | ||
Volume (30-day avg) 1 | Beta 1.06 | 52 Weeks Range 4.07 - 9.61 | Updated Date 10/18/2025 |
52 Weeks Range 4.07 - 9.61 | Updated Date 10/18/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.19 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2025-10-23 | When - | Estimate 0.21 | Actual - |
Profitability
Profit Margin 1.79% | Operating Margin (TTM) 4.97% |
Management Effectiveness
Return on Assets (TTM) 2.55% | Return on Equity (TTM) 2.4% |
Valuation
Trailing PE 33.89 | Forward PE 16.18 | Enterprise Value 153350011 | Price to Sales(TTM) 0.6 |
Enterprise Value 153350011 | Price to Sales(TTM) 0.6 | ||
Enterprise Value to Revenue 0.86 | Enterprise Value to EBITDA 12.39 | Shares Outstanding 16643614 | Shares Floating 10535907 |
Shares Outstanding 16643614 | Shares Floating 10535907 | ||
Percent Insiders 3.16 | Percent Institutions 72.12 |
Upturn AI SWOT
Ultralife Corporation

Company Overview
History and Background
Ultralife Corporation was founded in 1990. It evolved from providing battery technology to offering communications and electronics systems. A key milestone was expanding into medical power systems. They have evolved into providing communications and electronics systems and now designing, manufacturing batteries and power and communications systems.
Core Business Areas
- Battery & Energy Products: Designs and manufactures batteries and charging systems for military, medical, safety, and other applications. Primary chemistries include lithium non-rechargeable and rechargeable.
- Communications Systems: Offers communication systems, including radio frequency (RF) amplifiers, power supplies, and other electronic components, primarily for military and government applications.
Leadership and Structure
Michael D. Popielec serves as the President and Chief Executive Officer. The company operates with a functional organizational structure, dividing responsibilities across sales, engineering, manufacturing, and finance departments. Board members include independent directors and internal executives.
Top Products and Market Share
Key Offerings
- Lithium Batteries: High-performance lithium batteries for various applications, including military communication devices and medical equipment. Market share information is difficult to find, but they are a notable provider in the military and medical sectors. Competitors include Saft, EaglePicher Technologies, and Tadiran Batteries.
- Communication Systems: RF amplifiers and power supplies used in military communication systems. Market share data is not readily available. Competitors include L3Harris Technologies and Thales Group.
Market Dynamics
Industry Overview
The battery market is experiencing growth due to increasing demand for portable power in various sectors. The communications market is influenced by defense spending and technological advancements.
Positioning
Ultralife Corporation is positioned as a provider of specialized batteries and communication systems, primarily serving the military, medical, and industrial sectors. Their competitive advantages include high-performance products and established relationships with key customers.
Total Addressable Market (TAM)
The total addressable market for advanced batteries and communication systems is estimated to be in the billions of dollars. Ultralife targets specific segments within these markets, positioning itself as a niche player with specialized solutions.
Upturn SWOT Analysis
Strengths
- Specialized product portfolio
- Strong relationships with military and medical customers
- High-performance batteries
- Experienced management team
- Focus on niche markets
Weaknesses
- Reliance on specific industries (military and medical)
- Limited scale compared to larger competitors
- Potential supply chain vulnerabilities
- Smaller marketing budget
Opportunities
- Expansion into new applications (e.g., electric vehicles, energy storage)
- Increased government spending on defense
- Growing demand for portable medical devices
- Strategic acquisitions of complementary businesses
- Expansion into international markets
Threats
- Intense competition from larger players
- Fluctuations in government defense spending
- Technological advancements leading to product obsolescence
- Economic downturn affecting customer demand
- Raw material price volatility
Competitors and Market Share
Key Competitors
- SAFT.PA
- EAGL
- L3Harris Technologies (LHX)
Competitive Landscape
Ultralife competes with larger companies in both the battery and communications markets. Ultralife's strengths lie in its specialized product offerings and established relationships in specific sectors. Competitors often have greater scale and broader product portfolios.
Major Acquisitions
McMillan Communications
- Year: 2006
- Acquisition Price (USD millions): 30
- Strategic Rationale: Expanded Ultralife's capabilities in communications systems.
Growth Trajectory and Initiatives
Historical Growth: Ultralife's historical growth has been influenced by defense spending cycles and demand for its specialized batteries.
Future Projections: Analyst estimates are available from financial news and research providers. These projections typically consider market trends, defense spending, and company-specific initiatives.
Recent Initiatives: Recent initiatives include product development efforts and strategic partnerships to expand their market reach.
Summary
Ultralife Corporation is a niche player focusing on specialized battery and communication solutions, primarily for the military and medical sectors. Their strength is delivering high-performance products to a loyal customer base. Dependence on specific industries and smaller scale compared to competitors is a challenge, and shifts in government spending require careful monitoring. Strategic expansion into emerging markets could provide significant growth opportunities.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Ultralife Corporation Investor Relations
- SEC Filings (10-K, 10-Q)
- Financial News Outlets
- Company Press Releases
- Third Party Market Reports
Disclaimers:
This analysis is for informational purposes only and should not be considered investment advice. Market share data is estimated and may not be precise. Financial information is based on publicly available data and may be subject to change.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Ultralife Corporation
Exchange NASDAQ | Headquaters Newark, NY, United States | ||
IPO Launch date 1992-12-23 | President, CEO & Director Mr. Michael E. Manna | ||
Sector Industrials | Industry Electrical Equipment & Parts | Full time employees 671 | |
Full time employees 671 |
Ultralife Corporation, together with its subsidiaries, designs, manufactures, installs, and maintains power, and communication and electronics systems worldwide. The company operates in two segments, Battery & Energy Products and Communications Systems. The Battery & Energy Products segment offers lithium 9-volt, cylindrical, thin lithium manganese dioxide, rechargeable, and other non-rechargeable batteries; lithium-ion cells, multi-kilowatt module lithium-ion battery systems, and uninterruptable power supplies; and rugged military and commercial battery charging systems and accessories, including smart chargers, multi-bay charging systems, and various cables. The Communications Systems segment provides communications systems and accessories to support military communications systems, such as radio frequency amplifiers, power supplies and cables, connector assemblies, amplified speakers, equipment mounts, case equipment, man-portable systems, and integrated communication systems for fixed or vehicle applications comprising vehicle amplifier-adaptors, vehicle installed power enhanced rifleman appliqué systems, and SATCOM systems. This segment's military communications systems and accessories are designed to enhance and extend the operation of communications equipment, such as vehicle-mounted, manpack, and handheld transceivers. The company sells its products under the Ultralife, Ultralife HiRate, Ultralife Thin Cell, Lithium Power, McDowell Research, AMTI, ABLE, ACCUTRONICS, ACCUPRO, ENTELLION, SWE Southwest Electronic Energy Group, SWE SEASAFE, Excell Battery Group, Criterion Gauge, and POW-R BMS brands through original equipment manufacturers, and industrial and defense supply distributors. In addition, it sells its 9-volt battery to the broader consumer market through national and regional retail chains and online retailers. It serves government, defense, and commercial sectors. The company was incorporated in 1990 and is headquartered in Newark, New York.

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