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
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
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.
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.
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.
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.
Universal Display Corp converts 23.7% of revenue into free cash flow ($154.4M). This strong cash generation earns a score of 84/100.
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.
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.
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.
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
Earnings & Revenue
Universal Display Corp generated $650.6M in revenue in fiscal year 2025. This represents an increase of 0.5% from the prior year.
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.
Universal Display Corp reported $242.1M in net income in fiscal year 2025. This represents an increase of 9.0% from the prior year.
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
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.
Universal Display Corp held $138.4M in cash against $0 in long-term debt as of fiscal year 2025.
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.
Universal Display Corp had 47M shares outstanding in fiscal year 2025. This represents a decrease of 0.4% from the prior year.
Margins & Returns
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.
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.
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.
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
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.
Universal Display Corp spent $32.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
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
What is Universal Display Corp's annual revenue?
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.
How fast is Universal Display Corp's revenue growing?
Universal Display Corp (OLED) revenue grew by 0.5% year-over-year, from $647.7M to $650.6M in fiscal year 2025.
Is Universal Display Corp profitable?
Yes, Universal Display Corp (OLED) reported a net income of $242.1M in fiscal year 2025, with a net profit margin of 37.2%.
What is Universal Display Corp's EBITDA?
Universal Display Corp (OLED) had EBITDA of $295.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Universal Display Corp's gross margin?
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.
What is Universal Display Corp's operating margin?
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.
What is Universal Display Corp's net profit margin?
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.
Does Universal Display Corp pay dividends?
Yes, Universal Display Corp (OLED) paid $1.80 per share in dividends during fiscal year 2025.
What is Universal Display Corp's return on equity (ROE)?
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.
What is Universal Display Corp's free cash flow?
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.
What is Universal Display Corp's operating cash flow?
Universal Display Corp (OLED) generated $210.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Universal Display Corp's total assets?
Universal Display Corp (OLED) had $2.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Universal Display Corp's capital expenditures?
Universal Display Corp (OLED) invested $56.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Universal Display Corp spend on research and development?
Universal Display Corp (OLED) invested $146.1M in research and development during fiscal year 2025.
What is Universal Display Corp's current ratio?
Universal Display Corp (OLED) had a current ratio of 10.06 as of fiscal year 2025, which is generally considered healthy.
What is Universal Display Corp's debt-to-equity ratio?
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.
What is Universal Display Corp's return on assets (ROA)?
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.
What is Universal Display Corp's Altman Z-Score?
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.
What is Universal Display Corp's Piotroski F-Score?
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.
Are Universal Display Corp's earnings high quality?
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.
How financially healthy is Universal Display Corp?
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.