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Universal Display

OLED Nasdaq Semiconductors Financials FY2016–FY2025

Universal Display's revenue rose 0.5% to $651 million in fiscal 2025. Its operating margin was 38.2%, up from 36.9% a year earlier. Free cash flow was $154 million, down 26.9%. It paid out $118 million in dividends and buybacks, 77% of free cash flow.

Last close · Oct 23, 2026

$86.98

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$651M
0.4% vs prior year
Operating margin Operating income as a share of revenue.
38.2%
1.3 pts
Net income Profit after all expenses, interest and tax.
$242M
9.0%
Free cash flow Cash from operations minus capital spending.
$154M
26.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.9%
1.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
21.0x
On $4.14 EPS (TTM)

About these figures. Universal Display has no borrowings (its balance sheets have no debt line), so debt is counted as zero.

What Universal Display does

No business description yet.

Legal name
UNIVERSAL DISPLAY CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-059371
0001005284

Revenue and margins

Universal Display had $651M of revenue in fiscal 2025, up 0.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 19.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $154M in fiscal 2025, 23.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Universal Display returned $118M to shareholders in fiscal 2025, 77% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Universal Display yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $602M and divides by 47.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 21.0x · peers — · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Universal Display can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $663M$578M$514M$493M$602M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −2.5x−1.9x−2.0x−1.7x−2.0x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 4.9x6.6x7.7x7.2x10.1x
Quick ratio 4.2x5.3x6.2x5.7x7.8x
Total assets $1.5B$1.5B$1.7B$1.8B$2.0B
Total liabilities $367M$258M$222M$216M$203M
Shareholders' equity $1.1B$1.3B$1.4B$1.6B$1.8B
Net debt (− = net cash) −$663M−$578M−$514M−$493M−$602M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.5M

3 insiders

Sold, 12 months

$0.4M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 18, 2026 Lawrence LacerteDirector Sold 4,967 $84.98 $0.4M Form 4
May 11, 2026 Richard C EliasDirector Bought 1,000 $92.84 $0.1M Form 4
May 7, 2026 Mauro PremuticoSVP & CLO Bought 3,694 $93.40 $0.3M Form 4
May 7, 2026 Steven Abramson VPresident and CEO, Director Bought 11,000 $93.43 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✕ ✓ ✕
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 3 / 96 / 93 / 9
Accruals ratio 3.0%−1.8%1.7%
Altman Z'' 12.4113.1815.05

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Universal Display OLED $4.1B 0.5% 38.2% 23.7% 17.9% 21.0x 3
Rambus RMBS $9.4B 27.1% 36.8% 47.1% 34.3% 40.8x 5 Compare →
Silicon Labs SLAB $7.3B 34.3% −9.0% 8.4% −7.0% — 5 Compare →
Lattice Semiconductor LSCC $13.5B 2.7% 2.2% 25.3% 1.0% — 6 Compare →
Allegro MicroSystems ALGM $5.9B 22.8% 2.1% 14.0% 1.3% — 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $199M $336M $247M $405M $429M $554M $617M $576M $648M $651M
Gross profit $173M $281M $194M $330M $343M $439M $489M $441M $499M $497M
Research and development $42.7M $49.1M $53.7M $71.3M $83.9M $99.7M $117M $131M $157M $146M
Operating income $68.4M $146M $56.7M $158M $158M $228M $267M $217M $239M $249M
Pretax income $68.6M $150M $64.3M $170M $164M $228M $268M $245M $272M $295M
Income tax $20.5M $45.7M $5.5M $31.6M $30.2M $44.0M $58.2M $42.2M $50.0M $52.7M
Net income $48.1M $104M $58.8M $138M $133M $184M $210M $203M $222M $242M
Diluted EPS $1.02 $2.18 $1.24 $2.92 $2.80 $3.87 $4.40 $4.24 $4.65 $5.08
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $80.3M $133M $122M $194M $149M $191M $127M $155M $254M $211M
Capital expenditure $7.3M $29.8M $25.4M $30.1M $28.0M $43.2M $42.5M $59.8M $42.6M $56.5M
Free cash flow $73.0M $104M $96.4M $164M $121M $148M $84.3M $95.0M $211M $154M
Depreciation and amortization $20.8M $26.9M $30.6M $34.4M $37.2M $42.0M $42.3M $43.4M $44.1M $46.6M
Stock-based compensation $11.4M $12.3M $12.4M $16.1M $26.6M $34.9M $29.9M $24.1M $30.0M $28.2M
Acquisitions $33.4M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.5M $0.6M $0.0M $0.0M $0.0M $0.0M $0.0M $32.9M
Dividends paid $0.0M $5.7M $11.3M $18.9M $28.4M $0.0M $57.0M $66.7M $76.2M $85.5M
Dividends and buybacks $0.0M $5.7M $11.8M $19.6M $28.4M $0.0M $57.0M $66.7M $76.2M $118M
Balance sheet
Cash and short-term investments $328M $420M $515M $646M $730M $663M $578M $514M $493M $602M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $385M $519M $635M $792M $925M $926M $899M $917M $900M $1.1B
Current liabilities $40.2M $63.8M $133M $162M $165M $188M $136M $119M $125M $108M
Inventory $17.3M $36.3M $70.0M $64.0M $91.6M $134M $183M $176M $183M $241M
Property and equipment, net $27.2M $56.4M $69.7M $87.9M $102M $129M $143M $175M $195M $215M
Total assets $628M $780M $933M $1.1B $1.3B $1.5B $1.5B $1.7B $1.8B $2.0B
Total liabilities $99.1M $121M $243M $309M $357M $367M $258M $222M $216M $203M
Shareholders' equity $529M $659M $691M $811M $913M $1.1B $1.3B $1.4B $1.6B $1.8B
Margins
Gross margin 86.8% 83.7% 78.4% 81.4% 80.1% 79.2% 79.3% 76.5% 77.1% 76.3%
Operating margin 34.4% 43.6% 22.9% 39.1% 36.7% 41.1% 43.3% 37.7% 36.9% 38.2%
EBITDA margin 44.8% 51.6% 35.3% 47.6% 45.4% 48.7% 50.2% 45.2% 43.7% 45.4%
Net margin 24.2% 31.0% 23.8% 34.1% 31.1% 33.3% 34.1% 35.2% 34.3% 37.2%
FCF margin 36.7% 30.9% 39.0% 40.4% 28.2% 26.7% 13.7% 16.5% 32.6% 23.7%
Returns
Return on capital 35.3% 46.3% 25.1% 75.7% 73.8% 59.3% 36.9% 22.1% 19.0% 17.9%
Return on capital employed 12.3% 22.4% 7.5% 18.0% 15.3% 19.1% 20.0% 14.7% 14.7% 14.0%
Return on equity 9.7% 17.5% 8.7% 18.4% 15.5% 18.3% 17.7% 14.9% 14.5% 14.3%
Return on assets 8.1% 14.8% 6.9% 13.5% 11.2% 13.5% 14.0% 12.7% 12.7% 12.8%
Growth
Revenue growth 4.1% 68.8% −26.3% 63.8% 5.9% 29.1% 11.4% −6.5% 12.4% 0.5%
Net income growth −53.7% 116.1% −43.4% 135.1% −3.6% 38.1% 14.0% −3.4% 9.4% 9.0%
EPS growth −53.2% 113.7% −43.1% 135.5% −4.1% 38.2% 13.7% −3.6% 9.7% 9.3%
FCF growth −32.7% 41.8% −6.9% 70.0% −26.3% 22.5% −43.0% 12.7% 122.3% −26.9%
Share count change −0.6% 0.6% 0.2% 0.2% 0.5% 0.3% 0.2% 0.3% 0.1% 0.0%
Financial health
Net debt / EBITDA −3.7x −2.4x −5.9x −3.4x −3.8x −2.5x −1.9x −2.0x −1.7x −2.0x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio 9.6x 8.1x 4.8x 4.9x 5.6x 4.9x 6.6x 7.7x 7.2x 10.1x
Quick ratio 9.2x 7.6x 4.2x 4.5x 5.1x 4.2x 5.3x 6.2x 5.7x 7.8x
Capital allocation
Capex / revenue 3.7% 8.9% 10.3% 7.4% 6.5% 7.8% 6.9% 10.4% 6.6% 8.7%
Stock comp / revenue 5.7% 3.7% 5.0% 4.0% 6.2% 6.3% 4.9% 4.2% 4.6% 4.3%
Payouts / FCF 0.0% 5.5% 12.2% 11.9% 23.5% 0.0% 67.6% 70.2% 36.1% 76.7%
Quality scores
Piotroski F-score 5.0 5.0 3.0 7.0 4.0 5.0 4.0 3.0 6.0 3.0
Altman Z'' 9.8 11.2 7.4 8.1 8.4 8.6 11.0 12.4 13.2 15.1
Accruals ratio −5.4% −4.2% −7.4% −5.4% −1.3% −0.5% 5.6% 3.0% −1.8% 1.7%

Source: SEC EDGAR XBRL filings (CIK 0001005284). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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