A cyclic ultracapacitor is a promising energy storage device that can be used for grid energy storage. The cyclic ultracapacitor combines the advantages of both ultracapacitors and flow batteries, enabling rapid charging and large-scale energy use. To improve the electrochemical performance under the flow condition, it is necessary to find a more electrical active material and design a flow cell that minimizes the resistance. In this study, we investigate the effects of changing the ratio of the active material in a slurry electrode under various operating conditions. Slurry electrodes were prepared with different ratios of active material and conductive additive but with a fixed electrolyte amount. Voltage-time curves of both a single and a stack-flow cell in the constant-current mode were obtained to analyze the relationship between the active materials ratio and the cell performance. Having more adsorption sites according to the active material amount is more important than increasing the electric conductivity by the conductive additive amount with regard to cell performance capabilities in a low resistance condition such as a non-flow mode. However, higher electrical conductivity on a slurry electrode is more beneficial to improve the electrochemical performance in the stack-flow mode, which has harsh resistance levels. Copyright (c) 2017 John Wiley & Sons, Ltd.