UFP Technologies Inc

UFP Technologies is a contract development and manufacturing organization, or CDMO. It designs and makes products that other companies sell under their own names or use in their own devices. It specializes in single-use and single-patient medical devices and components. Examples include protective drapes for robotic surgery, advanced wound care products, disposables for surgical and endoscopic procedures, packaging for medical devices and orthopedic implants, components for cardiac implants, and dispenser coils for catheters.

Its customers are medical device makers, including many of the world's largest. Most products are custom-made. Engineers design prototypes from foams, films and plastics. Once a customer approves, the work moves into production using molding, thermoforming, welding and laminating. Device makers that need Food and Drug Administration (FDA) approval often want suppliers that meet ISO 13485, an international quality standard for medical devices. UFP has 19 locations certified to that standard and 13 registered with the FDA. It sells mainly through its own sales force.

Revenue reached $602.8 million for the year ended December 31, 2025. That was up 19.5% from the year before and up from $179.4 million in 2020. Net income was $68.3 million. Sales are concentrated: two customers made up about 24.3% and 21.5% of net sales, and no other customer topped 10%.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $174.0M, up 15.1% from a year earlier, and net income was $20.9M (+21.4%).
• For fiscal 2025, revenue was $602.8M (+19.5% year over year; +27.4% a year from FY2020 to FY2025) with a 11.3% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed +2.8% from Jul 30, 2021 to Jul 27, 2026.

Rank among 1514 US companies

Market value at each year end

UFP Technologies’s market value went from $184.0M at the end of 2016 to $2.22B on Oct 28, 2026, about 12.0 times as much; since the end of 2025 it is up 29%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 16 sales ($13.6M).

Large shareholders (13G filings)

ETFs with the most weight in UFPT

1. Two customers bring in almost half of sales. In fiscal 2025, two customers made up about 24.3% and 21.5% of net sales. Losing either one, or a sharp cut in their orders, could hit revenue and profits hard.
2. Fallout from a February 2026 cyber incident. UFP disclosed a material, or significant, cybersecurity incident affecting its information technology systems in February 2026. It warns of possible lawsuits, regulatory investigations or reputational harm, and some outcomes may not yet be known.
3. Key plants sit near unrest in Haiti. Factories and warehouses in the Dominican Republic play a crucial role in making some of its medical products. Civil unrest in neighboring Haiti could disrupt production, deliveries or workers' access to sites.
4. Few suppliers for key specialty materials. UFP makes none of its own raw materials. It relies on a limited number of suppliers for certain specialty foams and thermoplastic urethane, so a supply delay could hold up production and shipments.
5. Quality slips or FDA lapses could cost business. Customers sell regulated medical devices. Hidden defects, parts that miss specifications, or failures to follow Food and Drug Administration (FDA) rules or contract terms could damage key relationships and materially hurt the business.
6. Debt and acquisitions add financial risk. As of June 30, 2026, total debt was $117.3 million against $9.0 million in cash. Breaking loan terms could strain finances, and acquisitions may not deliver the benefits the company expects.

• Aug 24, 2026 Investor presentation or announcement
• Aug 3, 2026 Quarterly results released
• Jun 10, 2026 Executive or board change; Investor presentation or announcement
• Jun 8, 2026 Investor presentation or announcement
• Jun 5, 2026 Shareholder vote results
• May 26, 2026 Executive or board change
• May 4, 2026 Quarterly results released
• Feb 27, 2026 Investor presentation or announcement
• Feb 24, 2026 Major agreement signed
• Feb 24, 2026 Cybersecurity incident

UFP Technologies does not pay a dividend. It paid no dividends and bought back no shares from fiscal 2021 through fiscal 2025, keeping its cash in the business. For an income investor, that means the stock produces no regular cash; any income would have to come from selling shares. The share count also rose about 2.8% between July 2021 and July 2026. This is mild dilution, meaning each share owns a slightly smaller slice of the company.

The shares have fallen hard in past downturns. In the 2008 financial crisis they dropped 75.5% from their May 2008 peak and took about 22 months after the March 2009 low to recover. In the 2020 COVID crash they fell 39.6% and had recovered by January 2021. In 2022 they slid 24.4% by mid-March but recovered by May, and they rose 23% over the market's January-to-October slide. A single stock like UFPT carries more risk than a diversified fund.