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Forensic Analysis · Electrical Equipment · as of Nov 8, 2026

Ultralife Corp (ULBI)

A forensic read on Ultralife Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Safe
Financial health
2.9
Distress distance
Clean
Earnings quality
1
Forensic signals
-4.5%
ROE
16.2%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Ultralife Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.9, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-2.6%
FY2025
Return on invested capital. Return on invested capital is -2.6% in the latest fiscal year and slipping across FY2023–FY2025 from 5.1%. After-tax operating profit was $7M in FY2023 and ($5M) in FY2025, with operating income at 6.0% of revenue in FY2023, 6.1% in FY2024 and -3.1% in FY2025. The capital base behind it grew +23% across FY2023–FY2025, from $146M to $181M, while the return fell 7.7 points, so the dollars added over that window earned less than the 5.1% the older base was already earning.

Key fundamentals

Latest Revenue$191.2M
Revenue Growth YoY+16.2%
Revenue CAGR (2yr)+9.8%
Net Margin-3.1%
Free Cash Flow$7.1M
Return on Equity-4.5%
Debt / Equity0.38x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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