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Universal Display Corp Financials

OLED
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Universal Display Corp (OLED) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 77 / 100
Financial Profile 77/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
100

Universal Display Corp has an operating margin of 38.2%, meaning the company retains $38 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 36.9% the prior year.

Growth
34

Universal Display Corp's revenue grew a modest 0.5% year-over-year to $650.6M. This slow but positive growth earns a score of 34/100.

Leverage
100

Universal Display Corp carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 10.06, Universal Display Corp holds $10.06 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
84

Universal Display Corp converts 23.7% of revenue into free cash flow ($154.4M). This strong cash generation earns a score of 84/100.

Returns
42

Universal Display Corp's ROE of 13.8% shows moderate profitability relative to equity, earning a score of 42/100. This is up from 13.7% the prior year.

Altman Z-Score Safe
14.63

Universal Display Corp scores 14.63, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.2B) relative to total liabilities ($202.7M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

Universal Display Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed
0.87x

For every $1 of reported earnings, Universal Display Corp generates $0.87 in operating cash flow ($210.8M OCF vs $242.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue
$650.6M
YoY+0.5%
5Y CAGR+8.7%
10Y CAGR+13.0%

Universal Display Corp generated $650.6M in revenue in fiscal year 2025. This represents an increase of 0.5% from the prior year.

EBITDA
$295.2M
YoY+4.3%
5Y CAGR+8.7%
10Y CAGR+20.3%

Universal Display Corp's EBITDA was $295.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.3% from the prior year.

Net Income
$242.1M
YoY+9.0%
5Y CAGR+12.7%
10Y CAGR+8.8%

Universal Display Corp reported $242.1M in net income in fiscal year 2025. This represents an increase of 9.0% from the prior year.

EPS (Diluted)
$5.08
YoY+9.2%
5Y CAGR+12.7%
10Y CAGR+8.8%

Universal Display Corp earned $5.08 per diluted share (EPS) in fiscal year 2025. This represents an increase of 9.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$154.4M
YoY-26.9%
5Y CAGR+5.0%
10Y CAGR+3.6%

Universal Display Corp generated $154.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 26.9% from the prior year.

Cash & Debt
$138.4M
YoY+39.8%
5Y CAGR-26.2%
10Y CAGR+3.6%

Universal Display Corp held $138.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
$1.80
YoY+12.5%
5Y CAGR+24.6%

Universal Display Corp paid $1.80 per share in dividends in fiscal year 2025. This represents an increase of 12.5% from the prior year.

Shares Outstanding
47M
YoY-0.4%
5Y CAGR-0.2%
10Y CAGR+0.1%

Universal Display Corp had 47M shares outstanding in fiscal year 2025. This represents a decrease of 0.4% from the prior year.

Margins & Returns

Gross Margin
76.3%
YoY-0.8pp
5Y CAGR-3.8pp
10Y CAGR+9.3pp

Universal Display Corp's gross margin was 76.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the prior year.

Operating Margin
38.2%
YoY+1.3pp
5Y CAGR+1.5pp
10Y CAGR+21.3pp

Universal Display Corp's operating margin was 38.2% in fiscal year 2025, reflecting core business profitability. This is up 1.3 percentage points from the prior year.

Net Margin
37.2%
YoY+2.9pp
5Y CAGR+6.1pp
10Y CAGR-17.2pp

Universal Display Corp's net profit margin was 37.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.9 percentage points from the prior year.

Return on Equity
13.8%
YoY+0.0pp
5Y CAGR-0.9pp
10Y CAGR-8.5pp

Universal Display Corp's ROE was 13.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$146.1M
YoY-7.1%
5Y CAGR+11.7%
10Y CAGR+12.6%

Universal Display Corp invested $146.1M in research and development in fiscal year 2025. This represents a decrease of 7.1% from the prior year.

Share Buybacks
$32.9M

Universal Display Corp spent $32.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$56.5M
YoY+32.4%
5Y CAGR+15.1%
10Y CAGR+27.2%

Universal Display Corp invested $56.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 32.4% from the prior year.

OLED Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $172.9M+23.9% $139.6M-18.7% $171.8M+3.3% $166.3M+2.5% $162.3M+0.4% $161.6M+2.0% $158.5M-4.1% $165.3M
Cost of Revenue $41.3M+16.4% $35.5M-9.5% $39.2M+2.8% $38.1M+2.1% $37.4M+4.3% $35.8M-6.6% $38.3M+3.7% $37.0M
Gross Profit $131.6M+26.4% $104.1M-21.5% $132.6M+3.5% $128.1M+2.6% $124.9M-0.7% $125.8M+4.7% $120.2M-6.3% $128.3M
R&D Expenses $38.5M+6.0% $36.3M-0.1% $36.4M+4.2% $34.9M-24.6% $46.3M+28.3% $36.1M-2.0% $36.8M-3.1% $38.0M
SG&A Expenses $18.8M+4.4% $18.0M-11.7% $20.4M+20.1% $17.0M-12.9% $19.5M+24.7% $15.7M-21.1% $19.8M+3.1% $19.3M
Operating Income $67.2M+55.9% $43.1M-37.1% $68.5M-1.6% $69.7M+32.7% $52.5M-21.7% $67.0M+18.7% $56.4M-10.2% $62.9M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $10.3M+2.1% $10.1M-39.1% $16.6M+6.0% $15.7M+68.4% $9.3M-36.0% $14.5M+15.9% $12.6M-8.0% $13.6M
Net Income $66.3M+50.7% $44.0M-34.5% $67.3M+4.4% $64.4M+40.0% $46.0M-31.2% $66.9M+27.8% $52.3M-7.9% $56.9M
EPS (Diluted) N/A $0.92-34.8% $1.41+4.4% $1.35 N/A $1.40+27.3% $1.10-7.6% $1.19

OLED Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $2.0B+0.8% $1.9B+0.8% $1.9B+3.6% $1.9B+1.8% $1.8B+1.2% $1.8B+1.9% $1.8B+5.5% $1.7B
Current Assets $1.1B+4.8% $1.0B+2.6% $1.0B-0.7% $1.0B+13.2% $899.8M-4.5% $941.8M-1.8% $959.5M+4.1% $921.3M
Cash & Equivalents $138.4M+13.8% $121.6M+26.9% $95.8M-39.2% $157.5M+59.1% $99.0M+24.4% $79.6M-14.3% $92.9M+25.5% $74.0M
Inventory $240.9M+13.3% $212.6M+2.1% $208.2M+5.5% $197.4M+7.9% $182.9M+4.0% $176.0M+2.4% $171.8M-0.6% $172.9M
Accounts Receivable $120.0M+61.6% $74.2M-49.5% $147.0M+5.4% $139.6M+22.8% $113.6M+29.6% $87.7M-29.5% $124.4M+4.0% $119.6M
Goodwill $15.5M0.0% $15.5M0.0% $15.5M0.0% $15.5M0.0% $15.5M0.0% $15.5M0.0% $15.5M0.0% $15.5M
Total Liabilities $202.7M0.0% $202.6M-6.7% $217.1M+5.8% $205.2M-4.9% $215.8M-3.7% $224.1M-10.2% $249.7M+25.6% $198.8M
Current Liabilities $108.0M-0.6% $108.6M-13.5% $125.6M+11.0% $113.1M-9.8% $125.4M-4.4% $131.2M-13.7% $152.0M+60.0% $95.0M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $1.8B+0.9% $1.7B+1.8% $1.7B+3.3% $1.7B+2.6% $1.6B+1.9% $1.6B+3.9% $1.5B+2.8% $1.5B
Retained Earnings $1.1B+4.3% $1.0B+2.2% $1.0B+4.7% $977.6M+4.6% $934.7M+3.0% $907.8M+5.5% $860.1M+4.0% $826.9M

OLED Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $31.1M-67.9% $97.2M+87.1% $51.9M+69.9% $30.6M-12.0% $34.7M-56.5% $79.9M+19.2% $67.0M-7.1% $72.2M
Capital Expenditures $16.1M+25.2% $12.8M-11.3% $14.5M+10.9% $13.1M+3.0% $12.7M-7.0% $13.6M+49.3% $9.1M+26.7% $7.2M
Free Cash Flow $15.1M-82.1% $84.3M+125.1% $37.5M+114.0% $17.5M-20.6% $22.0M-66.7% $66.2M+14.4% $57.9M-10.9% $65.0M
Investing Cash Flow $39.5M+178.2% -$50.5M+45.5% -$92.7M-259.3% $58.2M+2030.0% $2.7M+103.7% -$73.7M-151.5% -$29.3M+54.4% -$64.2M
Financing Cash Flow -$53.9M-158.1% -$20.9M+0.3% -$20.9M+30.7% -$30.2M-67.8% -$18.0M+7.5% -$19.5M-3.2% -$18.9M+27.2% -$25.9M
Dividends Paid $21.3M-0.3% $21.4M0.0% $21.4M-0.1% $21.4M+16.8% $18.3M-4.5% $19.2M0.0% $19.2M-1.7% $19.5M
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

OLED Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 76.1%+1.5pp 74.6%-2.6pp 77.2%+0.1pp 77.1%+0.1pp 77.0%-0.9pp 77.8%+2.0pp 75.8%-1.8pp 77.6%
Operating Margin 38.9%+8.0pp 30.9%-9.0pp 39.9%-2.0pp 41.9%+9.6pp 32.3%-9.1pp 41.5%+5.8pp 35.6%-2.4pp 38.0%
Net Margin 38.4%+6.8pp 31.5%-7.6pp 39.1%+0.4pp 38.8%+10.4pp 28.4%-13.0pp 41.4%+8.4pp 33.0%-1.4pp 34.4%
Return on Equity 3.8%+1.2pp 2.5%-1.4pp 3.9%+0.0pp 3.9%+1.0pp 2.9%-1.4pp 4.2%+0.8pp 3.4%-0.4pp 3.8%
Return on Assets 3.4%+1.1pp 2.3%-1.2pp 3.5%+0.0pp 3.5%+0.9pp 2.5%-1.2pp 3.7%+0.7pp 2.9%-0.4pp 3.4%
Current Ratio 10.06+0.5 9.55+1.5 8.05-1.0 9.00+1.8 7.180.0 7.18+0.9 6.31-3.4 9.70
Debt-to-Equity 0.120.0 0.12-0.0 0.130.0 0.120.0 0.130.0 0.14-0.0 0.16+0.0 0.13
FCF Margin 8.7%-51.7pp 60.4%+38.6pp 21.8%+11.3pp 10.5%-3.0pp 13.6%-27.4pp 41.0%+4.5pp 36.5%-2.8pp 39.3%

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Frequently Asked Questions

Universal Display Corp (OLED) reported $650.6M in total revenue for fiscal year 2025. This represents a 0.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Universal Display Corp (OLED) revenue grew by 0.5% year-over-year, from $647.7M to $650.6M in fiscal year 2025.

Yes, Universal Display Corp (OLED) reported a net income of $242.1M in fiscal year 2025, with a net profit margin of 37.2%.

Universal Display Corp (OLED) reported diluted earnings per share of $5.08 for fiscal year 2025. This represents a 9.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Universal Display Corp (OLED) had EBITDA of $295.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Universal Display Corp (OLED) had a gross margin of 76.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Universal Display Corp (OLED) had an operating margin of 38.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Universal Display Corp (OLED) had a net profit margin of 37.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Universal Display Corp (OLED) paid $1.80 per share in dividends during fiscal year 2025.

Universal Display Corp (OLED) has a return on equity of 13.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Universal Display Corp (OLED) generated $154.4M in free cash flow during fiscal year 2025. This represents a -26.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Universal Display Corp (OLED) generated $210.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Universal Display Corp (OLED) had $2.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Universal Display Corp (OLED) invested $56.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Universal Display Corp (OLED) invested $146.1M in research and development during fiscal year 2025.

Yes, Universal Display Corp (OLED) spent $32.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Universal Display Corp (OLED) had 47M shares outstanding as of fiscal year 2025.

Universal Display Corp (OLED) had a current ratio of 10.06 as of fiscal year 2025, which is generally considered healthy.

Universal Display Corp (OLED) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Universal Display Corp (OLED) had a return on assets of 12.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Universal Display Corp (OLED) has an Altman Z-Score of 14.63, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Universal Display Corp (OLED) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Universal Display Corp (OLED) has an earnings quality ratio of 0.87x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Universal Display Corp (OLED) scores 77 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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