Is Ultralife Corp. overvalued or undervalued?

As of 17 October 2025, Ultralife Corp. has moved from an attractive to a very expensive valuation grade. The company is overvalued, as indicated by its P/E ratio of 30, which is significantly higher than peers like Allient, Inc. with a P/E of 128.16 and Solid Power, Inc. which is currently at a negative P/E of -7.77. Additionally, Ultralife's EV to EBITDA stands at 15.03, while its EV to Sales is 1.20, both of which suggest a premium valuation relative to its earnings and sales.
The company's recent performance has been disappointing, with a year-to-date return of -13.56% compared to the S&P 500's gain of 13.30%, and a one-year return of -30.08% against the S&P 500's 14.08%. This stark contrast in performance reinforces the notion that Ultralife Corp. is overvalued in the current market environment.