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Ultralife Corporation (ULBI) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Ultralife Corporation $6.12, price $5.90, upside +3.7%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Industrials · US · ISIN US9038991025

UC Ultralife Corporation logo Some data Sep 23, 2026

Ultralife Corporation

ULBI · US

Low PriorityFair Value upside is limited and quality is weak.

·Fair value $6.12 · Fairly valued (+4%)
!Quality 48/100
!Mixed Growth (revenue 5y +12.2 %/yr)
!Loss-making · -4.4% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers (4/13)
!Narrow moat 21/100
!Insider activity 55/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$13.25 $3.70 Fair Value $6.12 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $3.70 – $13.25 · fair‑value band $3.54 – $9.34 · the $5.90 price screens below the $6.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

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.

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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.

Stock analysis

Ultralife Corporation (ULBI) currently trades at $5.90, while our model-based Fair Value estimate is $6.12, implying the stock looks roughly 3.6% fairly valued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $7.24 per share, and 4 of the 13 models we run sit above the $5.90 price.

Bear case: the Earnings-Based group reads lowest at $1.81, and 9 of the 13 models stay below the price. Evidence for this calculation is medium.

Scenario range: $3.54 (bear) to $9.34 (bull), the price of $5.90 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Industrials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Ultralife Corporation reported revenue of $191M in FY2025 versus $98.3M in FY2021, a compound +18.1%/yr. Reported net income was −$5.9M in FY2025.

Key figures

Market cap $98.2M · P/S ratio 0.55 · EPS (TTM) $−0.4900 · Net margin −3.1% · Return on equity −6.2% · Return on assets (EBIT) 2.8% · Operating margin 1.3% · Revenue (TTM) $188M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).

What moves the price

The share trades about 26% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −28% fair-value upside, at 4%, ULBI screens cheaper than that median.

Fair Value models

Bear $3.54 Fair Value $6.12 Bull $9.34
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF $3.29 $5.66 $8.73 79
Growth DCF $3.28 $5.28 $7.69 78
EPV $1.39 $1.81 $2.16 74
All 13 models by family
DCF Models
FCF DCF $3.29 $5.66 $8.73 79
5Y Revenue Exit $2.90 $5.69 $9.24 70
5Y EBITDA Exit $4.53 $8.80 $13.83 73
10Y Revenue Exit $2.88 $5.25 $8.43 65
10Y EBITDA Exit $3.90 $7.12 $11.48 66
Earnings-Based
EPV $1.39 $1.81 $2.16 74
Multiples
EV/EBIT $4.89 $7.24 $9.59 65
EV/EBITDA $6.44 $9.32 $12.19 67
EV/Revenue $2.86 $5.02 $7.18 52
Asset-Based
NCAV (Graham) $3.90 $5.23 $7.80 54
Growth DCF
Growth DCF $3.28 $5.28 $7.69 78
Rev-Margin DCF $2.90 $5.72 $9.06 71
Economic Profit
ROIC Compounder $1.39 $1.81 $2.16 72

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Quality Score breakdown

Overall quality 48/100

Of which business quality 48 · Market factors (momentum, volatility) 34

Profitability 22
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 45
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 22
Distance to the 52-week high (market factor)
Net Issuance 80
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 58/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+16.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.2%
Start year 2020 (pandemic). Over 10 years: +9.6% a year
Revenue growth 34 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
6.9% (2019) → 6.1% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+14.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +11.7% a year for the price.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electrical Equipment & Parts · 552 stocks

Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 48 · Below median
Fair Value upside +4% · Above median
Profitability
Return on assets 2% · Below median
Net margin (TTM) −4% · Bottom 25%
Operating margin (TTM) 1% · Below median
Growth and dividend
Revenue growth −7% · Bottom 25%
Balance sheet
Debt / equity 0.35× · Highest 25%

Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper

P/B 0.76× · Cheapest 25%
P/S (TTM) 0.52× · Cheapest 25%
P/FCF 13.8× · Priciest 25%
EV/EBITDA 12.2× · Cheaper than median
PEG 3.81× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)38 · sector 0
FUTURE (revenue growth)0 · sector 58
PAST (return on equity)0 · sector 26
HEALTH (low debt)83 · sector 97
DIVIDEND (yield)0 · sector 23

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate.

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Contemporary Amperex Technology Co 3750 HK$507.00 HK$816.64 +61%
ABB Ltd ABBN CHF 80.50 CHF 29.56 −63%
Vertiv Holdings VRT $248.78 $179.08 −28%
Prysmian S.p.A PRY €122.35 €77.45 −37%
Legrand SA LR €134.60 €82.53 −39%
Sungrow Power Supply Co 300274 ¥88.20 ¥201.23 +128%
Hubbell Incorporated HUBB $463.70 $293.12 −37%
Shenzhen Inovance Technology Co 300124 ¥54.05 ¥47.94 −11%
nVent Electric plc NVT $162.65 $43.54 −73%
HD Hyundai Electric Co 267260 708,000 KRW 778,800 KRW +10%

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Cite: Fair Value Calculator (2026). "Ultralife Corporation Fair Value". https://www.fairvalue-calculator.com/stock/ULBI

Frequently asked questions

Is Ultralife Corporation (ULBI) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $6.12 versus a price of $5.90, about +4% upside (fairly valued).
What is the fair value of ULBI?
Our model-based fair value for Ultralife Corporation is $6.12 (as of Sep 23, 2026), built from audited fundamentals. The current price: $5.90.
What is the quality score of ULBI?
Ultralife Corporation has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ultralife Corporation (ULBI)?
Our model-based price target is the fair value of $6.12 (as of Sep 23, 2026) from 13 valuation models. Cautious scenario $3.54, optimistic scenario $9.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Ultralife Corporation stock forecast for 2026?
Our models put fair value at $6.12, about +4% upside versus a price of $5.90 (fairly valued). Cautious scenario $3.54, optimistic scenario $9.34. The calculation is refreshed regularly with new filings.
What is the revenue of Ultralife Corporation (ULBI)?
Ultralife Corporation reported trailing-twelve-month revenue of about $188M (latest available figure, as of Sep 23, 2026).
What growth is priced into Ultralife Corporation (ULBI)?
For today's price to be fair in a discounted-cash-flow model, Ultralife Corporation would have to grow free cash flow by +14.4 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of ULBI use?
Our models discount Ultralife Corporation at 12.0 %: a base by market capitalisation (micro), damped by beta 0.76, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Ultralife Corporation that is +14.4 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Ultralife Corporation (ULBI) delivered so far?
Over the past 5 years revenue at Ultralife Corporation grew +12.2 % a year. The price currently implies +14.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Ultralife Corporation (ULBI) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Ultralife Corporation (+14.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ultralife Corporation (ULBI)?
The free-cash-flow yield on the price is 7.25 %: that much free cash flow Ultralife Corporation produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ultralife Corporation (ULBI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ultralife Corporation it is $6.12 per share (as of Sep 23, 2026), against a price of $5.90. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Ultralife Corporation stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ULBI trades below its calculated fair value: price $5.90, fair value $6.12, a gap of about +4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ULBI?
No. The price is what the market pays today ($5.90); the fair value is what the company's own numbers justify ($6.12). For Ultralife Corporation the two are $0.2200 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ultralife Corporation worth?
The market values Ultralife Corporation at about $98.2M (market capitalisation, as of Sep 23, 2026). Per share that is $5.90; our models calculate a fair value of $6.12 per share.
What do the bullish and bearish scenarios say about ULBI?
Our models span a range for Ultralife Corporation: cautious scenario $3.54, base $6.12, optimistic $9.34 per share (as of Sep 23, 2026, price $5.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ULBI?
The PEG ratio of Ultralife Corporation is 3.81 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Ultralife Corporation (ULBI)?
Balance-sheet figures for Ultralife Corporation (as of Sep 23, 2026): return on equity −6.2%, debt of 0.35 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is ULBI from its 52-week high?
Ultralife Corporation trades at $5.90, about 26% below its 52-week high of $7.95 and 17% above the low of $5.05 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $6.12 is for.
Which stocks are comparable to Ultralife Corporation?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Prysmian S.p.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ultralife Corporation stock attractive at the current price?
The data as of Sep 23, 2026: price $5.90, calculated fair value $6.12 (+4%), Quality Score 48/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ULBI calculated?
We run Ultralife Corporation through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $6.12, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Ultralife Corporation currently trades 4 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ultralife Corporation (ULBI)?
The closing price on Sep 23, 2026 was $5.90. Our model-based fair value is $6.12, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ultralife Corporation right now?
The model range is unusually wide ($3.54 to $9.34). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Where does the earnings growth of Ultralife Corporation (ULBI) come from?
Earnings per share at Ultralife Corporation grew +9.3 % a year from 2015 to 2025. Broken into its drivers: revenue per share +8.8 %, EBIT margin +3.8 %, tax rate −2.3 %, residual (interest, one-offs) −0.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Ultralife Corporation

How large is the market capitalisation of Ultralife Corporation (ULBI)?
The market capitalisation of Ultralife Corporation is $98.2M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ultralife Corporation (ULBI)?
The price-to-sales ratio of Ultralife Corporation is 0.55 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ultralife Corporation (ULBI)?
Earnings per share at Ultralife Corporation are $−0.4900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ultralife Corporation (ULBI)?
The net margin of Ultralife Corporation is −3.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ultralife Corporation (ULBI)?
The return on equity (ROE) of Ultralife Corporation is −6.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ultralife Corporation (ULBI)?
On an EBIT basis the return on assets of Ultralife Corporation is 2.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ultralife Corporation (ULBI)?
The operating margin of Ultralife Corporation is 1.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ultralife Corporation (ULBI)?
Revenue at Ultralife Corporation is growing −6.5% versus a year earlier (3y avg +13.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ultralife Corporation (ULBI)?
Earnings per share at Ultralife Corporation are growing −72.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ultralife Corporation (ULBI) carry?
The net debt of Ultralife Corporation is $40.3M (fiscal year 2025, ≈ 5.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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