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Valued as a mature, profitable company: Discounted cash flow and P/E comparison.
ACCE opinionUltralife Corporation Common Stock (ULBI)
Fair value (2 models)
Not available
ACCE price target
$6.20
Rating
Not rated
Horizon
12 months
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Price used: $6.07 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
41
out of 100
Analysts
100% buy
1 covering
1-year return
-9.9%
Dividend yield
0.00%
Ultralife Corporation Common Stock in four questions
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Overview
ACCE thesis
Ultralife makes lithium and primary batteries, communications and power systems, and custom battery packs for defense, government and industrial customers, with a meaningful share of revenue coming from long-life military and ruggedized applications. The case rests on that defense exposure: specification-driven programs are sticky and carry higher gross margins than commodity cells, and the company's 24.4% gross margin and 9.0% operating margin reflect a mix that is not purely price-driven. Revenue is shrinking slightly (down 1.3%) and return on equity is still negative at -4.9%, so the earnings recovery has not yet shown up in the top line or the returns. At a forward P/E of 15.3 the stock is priced for a turnaround rather than a growth story, and a score of 41/100 says the quantitative profile is weak, so this is worth a deeper look only if you have a view on defense procurement timing and margin durability.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Revenue shrinking year over year
Revenue fell 1.3% year over year and 4.3% quarter over quarter, after a 12.2% five-year CAGR. Growth has stalled, and the Earnings YoY jump of 200% comes off a weak base.
AI research notes
AI-assisted·How I use AIWritten Oct 21, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last 12 months was $7M, and the stock yields 6.8% on that cash flow.
Revenue grew about 12.2% a year on average over five years, showing a longer record of expansion than the latest quarter.
The share count fell 0.7% in the last fiscal year, so each remaining share has a slightly larger claim on the business.
Why it could disappoint
Revenue fell 1.3% year over year, and the company still loses money, with a net margin of -3.5%.
Return on equity of -4.9% and return on invested capital of -2.7% show the business is not yet earning back its capital.
The latest quarter missed expectations, with earnings per share of 0.19 against 0.21 expected, a 9.5% shortfall.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 17, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where ULBI's valuation models land
Price
$6.07
Model fair valueConfidence: medium
$4.79
Model
Fair value
Upside
Discounted cash flow
P/E comparison
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Quality
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