Meaning

noun the finest or most superior quality of its kind

adjective furthest or highest in degree or order; utmost or extreme

adjective being the last or concluding element of a series

origin* From Medieval Latin ultimātus (“furthest, last”), perfect passive participle of ultimō (“to come to an end”) (see -ate (1,2 and 3)), from ultimus (“last, final”) + -ō (verb-forming suffix). See ultra-. * (ultimate frisbee): The sport was renamed to avoid the use of the Frisbee trademark.

Etymology from Wiktionary, CC BY-SA 3.0