Universal Display Corp. (OLED) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.03	$1.06	+2.9%	—	$152.2M	—
Q1 26	$1.15	$0.76	-33.9%	—	$142.2M	—
Q4 25	$1.26	$1.39	+10.3%	—	$172.9M	—
Q3 25	$1.21	$0.92	-24.0%	—	$139.6M	—
Q2 25	$1.17	$1.41	+20.5%	—	$171.8M	—
Q1 25	$1.12	$1.35	+20.5%	—	$166.3M	—
Q4 24	$1.08	$0.96	-11.1%	—	$162.3M	—
Q3 24	$1.2	$1.4	+16.7%	—	$161.6M	—
Q2 24	$1.17	$1.1	-6.0%	—	$158.5M	—
Q1 24	$1.08	$1.19	+10.2%	—	$165.3M	—
Q4 23	$1.19	$1.29	+8.4%	—	$158.3M	—
Q3 23	$1.01	$1.08	+6.9%	—	$141.1M	—
Q2 23	$0.75	$1.04	+38.7%	—	$146.6M	—
Q1 23	$0.82	$0.83	+1.2%	—	$130.5M	—
Q4 22	$0.94	$1.36	+44.7%	—	$169M	—
Q3 22	$0.98	$1.12	+14.3%	—	$160.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.09	—	—	$650.6M	—
FY24	—	$4.66	—	—	$647.7M	—
FY23	—	$4.25	—	—	$576.4M	—
FY22	—	$4.41	—	—	$616.6M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$198.9M	$335.6M	$247.4M	$405.2M	$428.9M	$553.5M	$616.6M	$576.4M	$647.7M	$650.6M
YoY change	+4.1%	+68.8%	-26.3%	+63.8%	+5.85%	+29.1%	+11.4%	-6.52%	+12.4%	+0.45%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	198.9M	335.6M	247.4M	405.2M	428.9M	553.5M	616.6M	576.4M	647.7M	650.6M
Cost of revenue	26.3M	54.7M	53.5M	75.4M	85.5M	115M	127.9M	135.4M	148.5M	154.1M
Gross profit	172.6M	280.9M	193.9M	329.8M	343.4M	438.5M	488.7M	441.1M	499.2M	496.5M
Gross margin	86.8%	83.7%	78.4%	81.4%	80.1%	79.2%	79.3%	76.5%	77.1%	76.3%
Research & development	42.7M	49.1M	53.7M	71.3M	83.9M	99.7M	117.1M	130.5M	157.2M	146.1M
Selling, general & administrative	32.9M	46.8M	47M	59.6M	61.3M	80.4M	77.9M	67.4M	74.3M	74.3M
Operating expenses	81.4M	105.7M	115.2M	149.5M	163.9M	188.9M	204.2M	207.9M	242.2M	229.7M
Operating income	68.4M	146.2M	56.7M	158.3M	157.5M	227.6M	267.1M	217.2M	238.8M	248.6M
Operating margin	34.4%	43.6%	22.9%	39.1%	36.7%	41.1%	43.3%	37.7%	36.9%	38.2%
Non-operating income, net	-1.9M	-4K	-83K	767K	864K	98K	-6.7M	-184K	-7.4M	6.5M
Pretax income	68.6M	149.5M	64.3M	169.9M	163.5M	228.2M	268.2M	245.2M	272.1M	294.8M
Income tax	20.5M	45.7M	5.5M	31.6M	30.2M	44M	58.2M	42.2M	50M	52.7M
Net income	48.1M	103.9M	58.8M	138.3M	133.4M	184.2M	210.1M	203M	222.1M	242.1M
Net margin	24.2%	31%	23.8%	34.1%	31.1%	33.3%	34.1%	35.2%	34.3%	37.2%
EBITDA	91.2M	175.2M	87.3M	192.8M	194.7M	269.6M	309.4M	260.6M	282.9M	295.2M
EPS	1.02	2.19	1.24	2.92	2.8	3.87	4.41	4.25	4.66	5.09
Diluted EPS	1.02	2.18	1.24	2.92	2.8	3.87	4.4	4.24	4.65	5.08

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	141.1M	158.3M	165.3M	158.5M	161.6M	162.3M	166.3M	171.8M	139.6M	172.9M	142.2M	152.2M
Cost of revenue	34.2M	36M	37M	38.3M	35.8M	37.4M	38.1M	39.2M	35.5M	41.3M	36.1M	36.8M
Gross profit	106.8M	122.3M	128.3M	120.2M	125.8M	124.9M	128.1M	132.6M	104.1M	131.6M	106.1M	115.4M
Gross margin	75.7%	77.2%	77.6%	75.8%	77.8%	77%	77.1%	77.2%	74.6%	76.1%	74.6%	75.8%
Research & development	33.1M	33.6M	38M	36.8M	36.1M	46.3M	34.9M	36.4M	36.3M	38.5M	35.2M	35M
Selling, general & administrative	18.1M	16.8M	19.3M	19.8M	15.7M	19.5M	17M	20.4M	18M	18.8M	20M	18.6M
Operating expenses	53.8M	53M	60.9M	59.2M	54.3M	67.9M	53.9M	59.5M	56.4M	59.8M	57.8M	56M
Operating income	48.4M	64.7M	62.9M	56.4M	67M	52.5M	69.7M	68.5M	43.1M	67.2M	42.8M	53.6M
Operating margin	34.3%	40.9%	38%	35.6%	41.5%	32.3%	41.9%	39.9%	30.9%	38.9%	30.1%	35.3%
Non-operating income, net	-1.7M	3M	-1.9M	-1.5M	3.8M	-7.8M	378K	5.6M	952K	-395K	-6.2M	-1.1M
Pretax income	53.9M	75.6M	70.5M	64.9M	81.4M	55.3M	80.1M	83.9M	54.1M	76.7M	45.3M	61M
Income tax	2.4M	13.6M	13.6M	12.6M	14.5M	9.3M	15.7M	16.6M	10.1M	10.3M	9.4M	11.6M
Net income	51.5M	62M	56.9M	52.3M	66.9M	46M	64.4M	67.3M	44M	66.3M	35.9M	49.4M
Net margin	36.5%	39.1%	34.4%	33%	41.4%	28.4%	38.8%	39.2%	31.5%	38.4%	25.2%	32.5%
EBITDA	59.9M	76.6M	74M	67.5M	78M	63.5M	80.8M	79.9M	55.2M	79.2M	55.9M	67.2M
EPS	1.08	—	1.19	1.1	1.4	0.97	1.35	1.41	0.93	1.4	0.76	1.06
Diluted EPS	1.08	—	1.19	1.1	1.4	0.96	1.35	1.41	0.92	1.39	0.76	1.06

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.6B	8.1B	4.4B	9.7B	10.8B	7.8B	5.1B	9.1B	7B	5.6B	3.5B
Enterprise value	2.3B	7.6B	3.9B	9B	10.1B	7.2B	4.6B	8.6B	6.5B	5B	3.1B
Shares outstanding	46.4M	46.7M	46.8M	47M	47.2M	47.3M	47.4M	47.6M	47.5M	47.5M	47.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	54.4	77.7	74.5	70	81.3	42.4	24.4	44.8	31.3	22.9	18.3
P/S	13.1	24	17.7	23.9	25.3	14.1	8.3	15.8	10.7	8.53	5.73
P/B	4.94	12.2	6.35	11.9	11.9	7.1	4.01	6.29	4.3	3.15	2.08
EV/EBITDA	25.1	43.6	44.3	46.9	52	26.6	14.8	33	22.9	16.8	12.1
EV/Sales	11.5	22.8	15.6	22.3	23.6	13	7.41	14.9	10	7.64	5.12
Earnings yield	1.84%	1.29%	1.34%	1.43%	1.23%	2.36%	4.1%	2.23%	3.19%	4.36%	5.48%
FCF yield	-0.88%	1.28%	2.2%	1.69%	1.11%	1.89%	1.55%	0.31%	3.04%	2.6%	3.22%
PEG	—	—	—	—	—	—	—	—	—	—	-0.74

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	86.8%	83.7%	78.4%	81.4%	80.1%	79.2%	79.3%	76.5%	77.1%	76.3%	75.8%
Operating margin	34.4%	43.6%	22.9%	39.1%	36.7%	41.1%	43.3%	37.7%	36.9%	38.2%	35.3%
Net margin	24.2%	31%	23.8%	34.1%	31.1%	33.3%	34.1%	35.2%	34.3%	37.2%	32.2%
ROE	9.1%	15.8%	8.52%	17%	14.6%	16.7%	16.5%	14%	13.7%	13.7%	11.5%
ROA	7.66%	13.3%	6.3%	12.3%	10.5%	12.6%	13.7%	12.2%	12.1%	12.3%	6.77%
ROIC	23.9%	42.6%	29.6%	77.9%	67.8%	39.6%	28.8%	18.8%	17.1%	17.3%	13.9%
Return on tangible assets	18.5%	22.8%	9%	15.7%	12.4%	14%	14.9%	14.1%	13.5%	13.4%	11.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	9.58	8.13	4.77	4.91	5.61	4.93	6.63	7.72	7.18	10.1	8.5
Quick ratio	9.15	7.57	4.24	4.51	5.05	4.21	5.28	6.24	5.72	7.83	6.25
Debt / equity	—	—	—	—	0.01	0.02	0.02	0.02	0.01	0.01	0.01
Debt / assets	—	—	—	—	0.01	0.02	0.02	0.01	0.01	0.01	0.01
Net debt / EBITDA	—	—	—	—	-3.71	-2.36	-1.77	-1.89	-1.67	-1.98	-1.76
Effective tax rate	29.9%	30.5%	8.51%	18.6%	18.4%	19.3%	21.7%	17.2%	18.4%	17.9%	17.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.29	7.18	5.28	8.63	9.09	11.7	13	12.1	13.6	13.7	12.9
EPS (basic)	1.02	2.19	1.24	2.92	2.8	3.87	4.41	4.25	4.66	5.09	5.09
EPS (diluted)	1.02	2.18	1.24	2.92	2.8	3.87	4.4	4.24	4.65	5.08	4.14
Book value per share	11.4	14.1	14.7	17.3	19.3	23.3	26.9	30.4	34	37	36.4
FCF per share	-0.49	2.22	2.06	3.48	2.56	3.12	1.68	0.6	4.44	3.04	3.64
Cash per share	7.07	8.99	11	13.8	15.5	14	12.2	10.8	10.4	12.7	10.3
Capex per share	0.16	0.64	0.54	0.64	0.59	0.91	0.9	1.26	0.9	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.67%	8.88%	10.3%	7.42%	6.53%	7.8%	6.89%	10.4%	6.58%	—	—
Capex / operating cash flow	9.35%	25.8%	21.5%	17.3%	18%	-96.2%	36.1%	37.6%	17.7%	—	—
Payout ratio	0%	5.44%	19.2%	13.6%	21.3%	20.6%	27.1%	32.9%	34.3%	35.3%	45.9%
Dividend yield	0%	0.07%	0.26%	0.19%	0.26%	0.49%	1.11%	0.73%	1.1%	1.54%	2.65%

Yield

2.65%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.50

ex-dividend Sep 16, 2026

Payout ratio

46%

of earnings

Dividend growth

8 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 16, 2026	$0.50
Jun 16, 2026	$0.50
Mar 17, 2026	$0.50
Dec 17, 2025	$0.45
Sep 16, 2025	$0.45
Jun 16, 2025	$0.45
Mar 17, 2025	$0.45
Dec 17, 2024	$0.40

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$141.1M	$158.3M	$165.3M	$158.5M	$161.6M	$162.3M	$166.3M	$171.8M	$139.6M	$172.9M	$142.2M	$152.2M
YoY change	-12.1%	-6.34%	+26.7%	+8.15%	+14.6%	+2.51%	+0.62%	+8.38%	-13.6%	+6.55%	-14.5%	-11.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	328M	420.3M	515.3M	646.1M	730M	663.2M	577.8M	514.1M	492.7M	602.4M
Receivables	25M	52.4M	43.1M	60.5M	82.3M	107.6M	92.7M	139.8M	113.6M	120M
Inventory	17.3M	36.3M	70M	64M	91.6M	134.2M	183.2M	175.8M	182.9M	240.9M
Total current assets	385.4M	519.2M	634.8M	792.4M	924.6M	925.9M	899.5M	917.1M	899.8M	1.1B
Property, plant & equipment	6.8M	32.3M	30.5M	39.9M	57.3M	82.8M	75.3M	83.2M	83.8M	68.6M
Goodwill & intangibles	367.8M	323.8M	279.9M	236.8M	192.9M	149.8M	124.3M	225.5M	189.1M	152.7M
Total assets	627.6M	780M	933.4M	1.1B	1.3B	1.5B	1.5B	1.7B	1.8B	2B
Accounts payable	8.1M	13.8M	10.5M	13.3M	13.8M	15M	9.5M	10.9M	36.6M	23.3M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	40.2M	63.8M	133.2M	161.5M	165M	187.9M	135.7M	118.8M	125.4M	108M
Long-term debt	—	—	—	—	6.9M	27.3M	29M	22.9M	19.1M	19.2M
Total liabilities	99.1M	120.9M	242.9M	308.7M	356.5M	367M	257.5M	221.7M	215.8M	202.7M
Shareholders' equity	528.5M	659.1M	690.5M	811.4M	912.7M	1.1B	1.3B	1.4B	1.6B	1.8B
Total debt	—	—	—	—	6.9M	27.3M	29M	22.9M	19.1M	19.2M
Net debt	—	—	—	—	-623.1M	-284.7M	-64.4M	-69.1M	-79.8M	-119.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	491.7M	514.1M	539.3M	530.5M	551.6M	492.7M	571.3M	525.2M	603M	602.4M	516.4M	471.3M
Receivables	122.2M	139.8M	119.6M	124.4M	87.7M	113.6M	139.6M	147M	74.2M	120M	93.6M	126.2M
Inventory	181.4M	175.8M	172.9M	171.8M	176M	182.9M	197.4M	208.2M	212.6M	240.9M	248.2M	249.6M
Total current assets	878.7M	917.1M	921.3M	959.5M	941.8M	899.8M	1B	1B	1B	1.1B	932.3M	941.8M
Property, plant & equipment	81.6M	83.2M	82.4M	91.3M	73.2M	83.8M	82M	89.6M	67.9M	68.6M	63.1M	53.7M
Goodwill & intangibles	234.6M	225.5M	216.4M	207.3M	198.2M	189.1M	180M	170.9M	161.8M	152.7M	241.5M	230.1M
Total assets	1.6B	1.7B	1.7B	1.8B	1.8B	1.8B	1.9B	1.9B	1.9B	2B	1.9B	1.9B
Accounts payable	20.6M	10.9M	12.8M	23.6M	24.7M	36.6M	28.3M	38.5M	34.7M	23.3M	17M	18.6M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	131.3M	118.8M	95M	152M	131.2M	125.4M	113.1M	125.6M	108.6M	108M	97.8M	110.8M
Long-term debt	23.4M	22.9M	21.9M	21M	20.1M	19.1M	18.8M	17.8M	20.4M	19.2M	17.6M	16.9M
Total liabilities	240.6M	221.7M	198.8M	249.7M	224.1M	215.8M	205.2M	217.1M	202.6M	202.7M	190.7M	203.8M
Shareholders' equity	1.4B	1.4B	1.5B	1.5B	1.6B	1.6B	1.7B	1.7B	1.7B	1.8B	1.7B	1.7B
Total debt	23.4M	22.9M	21.9M	21M	20.1M	19.1M	18.8M	17.8M	20.4M	19.2M	17.6M	16.9M
Net debt	-55.9M	-69.1M	-52.1M	-71.8M	-59.4M	-79.8M	-138.7M	-78M	-101.3M	-119.1M	-141.8M	-103.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	48.1M	103.9M	58.8M	138.3M	133.4M	184.2M	210.1M	203M	222.1M	242.1M
Depreciation & amortization	20.8M	26.9M	30.6M	34.4M	37.2M	42M	42.3M	43.4M	44.1M	46.6M
Stock-based compensation	13.1M	14.9M	16.8M	17.7M	28.3M	36.3M	29.9M	24.1M	30M	28.2M
Change in working capital	464K	-44M	93.8M	124M	144.9M	-83.5M	-137.6M	-107.6M	-35.7M	-101.6M
Operating cash flow	78.1M	115.5M	118.3M	173.3M	155.3M	-44.8M	117.7M	159.2M	241.5M	210.8M
Capital expenditure	-7.3M	-29.8M	-25.4M	-30.1M	-28M	-43.2M	-42.5M	-59.8M	-42.6M	—
Investing cash flow	57.5M	-125.6M	-21M	-238.3M	391.3M	-457.4M	-276M	-16.7M	-164.4M	21M
Dividends paid	0	-5.7M	-11.3M	-18.9M	-28.4M	-37.9M	-57M	-66.7M	-76.2M	-85.5M
Share repurchases	0	0	-477K	-649K	0	0	—	—	—	-32.9M
Financing cash flow	-199K	-14.3M	-22.6M	-34.6M	-41.7M	-51.4M	-64.6M	-72.9M	-82.3M	-126M
Net change in cash	135.4M	-24.5M	74.7M	-99.6M	504.9M	-553.6M	-223M	69.5M	-5.3M	105.8M
Free cash flow	-23M	103.6M	96.4M	163.5M	120.7M	147.6M	79.6M	28.4M	211.1M	144.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	44M	66.3M	35.9M	49.4M
Depreciation & amortization	—	—	—	—	—	—	—	—	12.1M	12M	13.2M	13.5M
Stock-based compensation	—	—	—	—	—	—	—	—	6.5M	5.3M	7.6M	4.9M
Change in working capital	27.5M	-16M	-27.3M	38.1M	-20.7M	-16.2M	-8.5M	13.1M	37.1M	-52.2M	64.8M	-44.6M
Operating cash flow	27.5M	-16M	-27.3M	38.1M	-20.7M	-16.2M	-8.5M	13.1M	97.2M	31.1M	108.9M	25M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	-37.6M	65.6M	58.5M	11.7M
Dividends paid	—	—	—	—	—	—	—	—	-21.4M	-21.3M	-23.5M	-23.2M
Share repurchases	—	—	—	—	—	—	—	—	—	—	-67.1M	-48.1M
Financing cash flow	—	—	—	—	—	—	—	—	-20.9M	-21M	-97.7M	-70.8M
Net change in cash	27.5M	-16M	-27.3M	38.1M	-20.7M	-16.2M	-8.5M	13.1M	38.7M	75.7M	69.6M	-34.2M
Free cash flow	—	—	—	—	—	—	—	—	84.3M	5.1M	60.3M	20.3M

Universal Display Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement