Ultralife Corp. (ULBI) intrinsic value & 10-year financials
Ultralife Corp. (ULBI) has a Graham intrinsic value of $8.03 per share. At $6.02 on Oct 17, 2026, the stock trades 25% below that value. Over the last 10 fiscal years revenue grew 9.8% a year to $191.2M, with an average return on invested capital of 4.0%.
- Graham intrinsic value
- $8.03
- Share price (Oct 17, 2026)
- $6.02
- Price vs Graham value
- 25% below
- Market cap
- $100.2M
- Revenue (FY2025)
- $191.2M
- Revenue growth (10-yr CAGR)
- 9.8%
- ROIC (10-yr avg)
- 4.0%
- Free cash flow (FY2025)
- $7.1M
ULBI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $191.2M | -$5.9M | -$35.00 | $7.1M | -3.1% | -2.3% |
| FY2024 | $164.5M | $6.3M | $0.38 | $14.7M | 6.1% | 4.7% |
| FY2023 | $158.6M | $7.2M | $0.03 | -$623.0K | 6.0% | 5.4% |
| FY2022 | $131.8M | -$119.0K | $0.03 | -$2.9M | 0.1% | 0.0% |
| FY2021 | $98.3M | -$234.0K | -$0.00 | $1.5M | 0.0% | 0.0% |
| FY2020 | $107.7M | $5.2M | $0.03 | $18.6M | 5.3% | 3.8% |
| FY2019 | $106.8M | $5.2M | $0.00 | -$9.3M | 6.9% | 5.7% |
| FY2018 | $87.2M | $24.9M | $0.00 | $6.7M | 7.5% | 8.3% |
| FY2017 | $85.5M | $7.6M | $0.00 | $5.9M | 7.6% | 8.8% |
| FY2016 | $82.5M | $3.5M | $0.00 | $6.4M | 4.6% | 5.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ULTRALIFE CORP is a consistent compounder, expanding top-line revenue at 9.8% annually over the past decade.
ULTRALIFE CORP has historically struggled to out-earn its cost of capital, averaging just 4.0% ROIC.
Over the decade, ULTRALIFE CORP shows that management has aggressively returned capital to shareholders by retiring 100.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ULTRALIFE CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $8.03 per share.