Universal Display
OLED · Semiconductors
$86.98
0.5%Rambus
RMBS · Semiconductors
$85.65
0.1%The short version
- Rambus is the larger business, with $708M of revenue in fiscal 2025 against $651M for Universal Display.
- Rambus grew revenue faster (27.1%, against 0.5%).
- Universal Display kept more of each dollar of sales as operating profit (38.2% operating margin, against 36.8% operating margin).
- Rambus turned more of its sales into free cash flow (47.1% FCF margin, against 23.7% FCF margin).
- Rambus earned a higher return on the capital invested in it (34.3%, against 17.9%).
- Investors pay more for each dollar of Rambus’s earnings: a P/E of 40.8x against 21.0x for Universal Display.
| Latest fiscal year | OLED · FY25 | RMBS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $9.4B |
| Revenue | $651M | $708M |
| Free cash flow | $154M | $333M |
| Net income | $242M | $231M |
| Growth | ||
| Revenue growth | 0.5% | 27.1% |
| 5-year growth | 8.7% | 23.5% |
| Share count change | 0.0% | 0.2% |
| Profitability | ||
| Gross margin | 76.3% | 79.6% |
| Operating margin | 38.2% | 36.8% |
| Net margin | 37.2% | 32.6% |
| FCF margin | 23.7% | 47.1% |
| Return on capital | 17.9% | 34.3% |
| Return on equity | 14.3% | 18.6% |
| Balance sheet | ||
| Net debt | −$602M | −$762M |
| Net debt / EBITDA | −2.0x | — |
| Dividends and buybacks | $118M | $7.1M |
| Valuation & quality | ||
| P/E | 21.0x | 40.8x |
| Piotroski F-score | 3 | 5 |
FY16
OLED $199M
RMBS $337M
FY17
OLED $336M
RMBS $393M
FY18
OLED $247M
RMBS $231M
FY19
OLED $405M
RMBS $228M
FY20
OLED $429M
RMBS $246M
FY21
OLED $554M
RMBS $328M
FY22
OLED $617M
RMBS $455M
FY23
OLED $576M
RMBS $461M
FY24
OLED $648M
RMBS $557M
FY25
OLED $651M
RMBS $708M
OLED
RMBS
FY16
OLED 34.4%
RMBS 10.0%
FY17
OLED 43.6%
RMBS 13.8%
FY18
OLED 22.9%
RMBS −37.6%
FY19
OLED 39.1%
RMBS −44.0%
FY20
OLED 36.7%
RMBS −17.9%
FY21
OLED 41.1%
RMBS 7.4%
FY22
OLED 43.3%
RMBS 16.9%
FY23
OLED 37.7%
RMBS 33.3%
FY24
OLED 36.9%
RMBS 32.9%
FY25
OLED 38.2%
RMBS 36.8%
OLED
RMBS
FY16
OLED $73.0M
RMBS $87.1M
FY17
OLED $104M
RMBS $108M
FY18
OLED $96.4M
RMBS $75.5M
FY19
OLED $164M
RMBS $122M
FY20
OLED $121M
RMBS $156M
FY21
OLED $148M
RMBS $195M
FY22
OLED $84.3M
RMBS $213M
FY23
OLED $95.0M
RMBS $173M
FY24
OLED $211M
RMBS $200M
FY25
OLED $154M
RMBS $333M
OLED
RMBS
FY16
OLED 35.3%
RMBS 3.2%
FY17
OLED 46.3%
RMBS 5.3%
FY18
OLED 25.1%
RMBS −9.0%
FY19
OLED 75.7%
RMBS −7.7%
FY20
OLED 73.8%
RMBS −4.4%
FY21
OLED 59.3%
RMBS 4.1%
FY22
OLED 36.9%
RMBS 14.4%
FY23
OLED 22.1%
RMBS 28.5%
FY24
OLED 19.0%
RMBS 26.3%
FY25
OLED 17.9%
RMBS 34.3%
OLED
RMBS
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