Ultralife - Public Comps and Valuation Multiples

Ultralife Overview

About Ultralife

Ultralife Corp provides products and services ranging from power solutions to communications and electronics systems to customers across the globe in the government and defense, medical, safety and security, energy, and industrial sectors. The company designs, manufactures, installs, and maintains power and communications systems including rechargeable and non-rechargeable batteries, charging systems, communications and electronics systems and accessories, and custom-engineered systems. The company's segments include Battery and Energy Products, and Communications Systems. It generates maximum revenue from the Battery and Energy Products segment, and from the U.S. The Battery & Energy Products segment includes Lithium 9-volt, cylindrical, and various other non-rechargeable batteries.

Founded

1990

HQ

Employees

671

Website

ultralifecorporation.com

Sectors

Electronic Components
Electrical Parts & Equipment

Financials

LTM Revenue $164M

LTM EBITDA n/a

EV

$121M

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Ultralife Financials

Ultralife has a last 12-month revenue of $164M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Ultralife achieved revenue of $164M and an EBITDA of $14.4M.

Ultralife expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Ultralife P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$159M	$164M	XXX	XXX	XXX
Gross Profit	$29.4M	$39.2M	XXX	XXX	XXX
Gross Margin	19%	24%	XXX	XXX	XXX
EBITDA	$15.0M	$14.4M	XXX	XXX	XXX
EBITDA Margin	9%	9%	XXX	XXX	XXX
Net Profit	-$0.1M	$7.2M	XXX	XXX	XXX
Net Margin	0%	4%	XXX	XXX	XXX
Net Debt	$15.7M	$15.4M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Ultralife Stock Performance

As of April 15, 2025, Ultralife's stock price is $4.

Ultralife has current market cap of $73.2M, and EV of $121M.

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Ultralife Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$121M	$73.2M	XXX	XXX	XXX	XXX	$0.38

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Ultralife Valuation Multiples

As of April 15, 2025, Ultralife has market cap of $73.2M and EV of $121M.

Ultralife's trades at 0.7x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate Ultralife's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Ultralife Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$121M	XXX	XXX	XXX
EV/Revenue	0.7x	XXX	XXX	XXX
EV/EBITDA	8.4x	XXX	XXX	XXX
P/E	11.6x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	8.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Ultralife Valuation Multiples

Ultralife's NTM/LTM revenue growth is -100%

Ultralife's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $48K for the same period.

Over next 12 months, Ultralife's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Ultralife's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Ultralife Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	4%	XXX	XXX	XXX	XXX
EBITDA Margin	9%	XXX	XXX	XXX	XXX
EBITDA Growth	-4%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.2M	XXX	XXX	XXX	XXX
Opex per Employee	$48K	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	5%	XXX	XXX	XXX	XXX
Opex to Revenue	20%	XXX	XXX	XXX	XXX

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