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Side-by-side financial comparison of Heartflow, Inc. (HTFL) and ULTRALIFE CORP (ULBI). Click either name above to swap in a different company.
ULTRALIFE CORP is the larger business by last-quarter revenue ($48.5M vs $46.3M, roughly 1.0× Heartflow, Inc.). ULTRALIFE CORP runs the higher net margin — -15.3% vs -109.9%, a 94.6% gap on every dollar of revenue. ULTRALIFE CORP produced more free cash flow last quarter ($607.0K vs $-4.2M).
HeartFlow, Inc. develops non-invasive cardiovascular diagnostic solutions for global healthcare providers. Its core product uses CT scan data to build 3D coronary artery models, assess blood flow to detect blockages, and support clinicians in making personalized heart disease treatment decisions without invasive procedures.
Ultralife Corporation designs and manufactures batteries and communications systems worldwide. Ultralife serves government and defense, medical, safety and security, energy, robotics and other customers across the globe through the design and development of a range of products. Founded in 1991 when launched as an Initial Public Offering (IPO) evolving from Kodak’s Ultra Technologies battery division, and headquartered in Newark, New York, the Company’s business segments include battery and en...
HTFL vs ULBI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $46.3M | $48.5M |
| Net Profit | $-50.9M | $-7.4M |
| Gross Margin | 76.5% | 24.9% |
| Operating Margin | -32.6% | -21.9% |
| Net Margin | -109.9% | -15.3% |
| Revenue YoY | — | 10.6% |
| Net Profit YoY | — | -3925.8% |
| EPS (diluted) | $-1.04 | $-35.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $48.5M | ||
| Q3 25 | $46.3M | $43.4M | ||
| Q2 25 | $43.4M | $48.6M | ||
| Q1 25 | — | $50.7M | ||
| Q4 24 | — | $43.9M | ||
| Q3 24 | — | $35.7M | ||
| Q2 24 | — | $43.0M | ||
| Q1 24 | — | $41.9M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | $-50.9M | $-1.2M | ||
| Q2 25 | $-9.2M | $879.0K | ||
| Q1 25 | — | $1.9M | ||
| Q4 24 | — | $194.0K | ||
| Q3 24 | — | $258.0K | ||
| Q2 24 | — | $3.0M | ||
| Q1 24 | — | $2.9M |
| Q4 25 | — | 24.9% | ||
| Q3 25 | 76.5% | 22.2% | ||
| Q2 25 | 75.5% | 23.9% | ||
| Q1 25 | — | 25.1% | ||
| Q4 24 | — | 24.2% | ||
| Q3 24 | — | 24.3% | ||
| Q2 24 | — | 26.9% | ||
| Q1 24 | — | 27.4% |
| Q4 25 | — | -21.9% | ||
| Q3 25 | -32.6% | -2.2% | ||
| Q2 25 | -31.6% | 4.6% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | 9.7% |
| Q4 25 | — | -15.3% | ||
| Q3 25 | -109.9% | -2.8% | ||
| Q2 25 | -21.2% | 1.8% | ||
| Q1 25 | — | 3.7% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 6.9% | ||
| Q1 24 | — | 6.9% |
| Q4 25 | — | $-35.00 | ||
| Q3 25 | $-1.04 | $-0.07 | ||
| Q2 25 | $-1.46 | $0.05 | ||
| Q1 25 | — | $0.02 | ||
| Q4 24 | — | $37.72 | ||
| Q3 24 | — | $0.02 | ||
| Q2 24 | — | $0.18 | ||
| Q1 24 | — | $0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $291.2M | $9.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $254.6M | $130.0M |
| Total Assets | $364.4M | $216.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $9.3M | ||
| Q3 25 | $291.2M | — | ||
| Q2 25 | $80.2M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $6.9M | ||
| Q3 24 | — | $6.8M | ||
| Q2 24 | — | $6.7M | ||
| Q1 24 | — | $10.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $55.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $130.0M | ||
| Q3 25 | $254.6M | $137.3M | ||
| Q2 25 | $-894.8M | $138.4M | ||
| Q1 25 | — | $136.4M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $134.5M | ||
| Q2 24 | — | $133.2M | ||
| Q1 24 | — | $128.8M |
| Q4 25 | — | $216.9M | ||
| Q3 25 | $364.4M | $222.2M | ||
| Q2 25 | $159.4M | $221.0M | ||
| Q1 25 | — | $223.8M | ||
| Q4 24 | — | $220.5M | ||
| Q3 24 | — | $172.4M | ||
| Q2 24 | — | $169.8M | ||
| Q1 24 | — | $180.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-3.0M | $1.5M |
| Free Cash FlowOCF − Capex | $-4.2M | $607.0K |
| FCF MarginFCF / Revenue | -9.1% | 1.3% |
| Capex IntensityCapex / Revenue | 2.7% | 1.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $7.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.5M | ||
| Q3 25 | $-3.0M | $198.0K | ||
| Q2 25 | $-40.5M | $5.9M | ||
| Q1 25 | — | $3.4M | ||
| Q4 24 | — | $3.0M | ||
| Q3 24 | — | $4.7M | ||
| Q2 24 | — | $8.9M | ||
| Q1 24 | — | $-81.0K |
| Q4 25 | — | $607.0K | ||
| Q3 25 | $-4.2M | $-797.0K | ||
| Q2 25 | $-42.4M | $4.8M | ||
| Q1 25 | — | $2.5M | ||
| Q4 24 | — | $2.4M | ||
| Q3 24 | — | $4.2M | ||
| Q2 24 | — | $8.6M | ||
| Q1 24 | — | $-453.0K |
| Q4 25 | — | 1.3% | ||
| Q3 25 | -9.1% | -1.8% | ||
| Q2 25 | -97.6% | 10.0% | ||
| Q1 25 | — | 4.9% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 19.9% | ||
| Q1 24 | — | -1.1% |
| Q4 25 | — | 1.8% | ||
| Q3 25 | 2.7% | 2.3% | ||
| Q2 25 | 4.4% | 2.3% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 6.75× | ||
| Q1 25 | — | 1.81× | ||
| Q4 24 | — | 15.70× | ||
| Q3 24 | — | 18.40× | ||
| Q2 24 | — | 3.01× | ||
| Q1 24 | — | -0.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTFL
Segment breakdown not available.
ULBI
| Commercial | $36.3M | 75% |
| Government Defense | $9.6M | 20% |
| Communications Systems Segment | $2.6M | 5% |
