* Adjective: This is the most common usage. It describes something as the highest or most extreme. For example: "This is the ultimate goal."
* Noun: It can refer to the highest point or the final stage. For example: "We've reached the ultimate."
* Adverb: Less common, but it can modify an adjective or another adverb, meaning "completely" or "totally". For example: "This is ultimately the best choice."
So, to determine the part of speech, you need to look at the context of the sentence!