NASDAQ : OLED
Universal Display Corporation — Financial statements
Technology · Electronic Components · United States
Last price 83.92 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.78B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Universal Display Corporation (OLED) reported revenue of 627.73M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 627.73M | 650.61M | 647.68M | 576.43M | 616.62M | 553.52M |
| Cost of Revenue | 167.77M | 163.42M | 159.21M | 145.38M | 137.10M | 123.84M |
| Gross Profit | 459.95M | 487.19M | 488.48M | 431.05M | 479.52M | 429.68M |
| Selling, General & Admin | 78.31M | 74.32M | 74.29M | 67.39M | 77.89M | 80.37M |
| Research & Development | 145.07M | 146.10M | 157.19M | 130.48M | 117.06M | 99.67M |
| Amortization of Goodwill & Intangibles | 19.23M | 18.20M | 18.20M | 15.99M | 17.46M | 21.99M |
| Operating Expenses | 242.62M | 238.61M | 249.67M | 213.86M | 212.41M | 202.04M |
| Operating Income | 217.34M | 248.58M | 238.80M | 217.19M | 267.11M | 227.64M |
| Interest & Investment Income | 35.21M | 39.71M | 40.68M | 28.17M | 7.81M | 505.00K |
| Currency Exchange Gain (Loss) | 2.04M | 935.00K | -7.20M | |||
| Other Non Operating Income (Expenses) | 5.86M | 5.58M | -157.00K | -184.00K | 271.00K | 98.00K |
| EBT Excluding Unusual Items | 260.45M | 294.80M | 272.13M | 245.17M | 275.19M | 228.25M |
| Gain (Loss) on Sale of Investments | 21.68M | -6.96M | ||||
| Pretax Income | 282.13M | 294.80M | 272.13M | 245.17M | 268.23M | 228.25M |
| Income Tax Expense | 51.53M | 52.72M | 50.05M | 42.16M | 58.17M | 44.03M |
| Net Income | 230.60M | 242.07M | 222.08M | 203.01M | 210.06M | 184.21M |
| Preferred Dividends & Other Adjustments | 13.00K | 153.00K | 526.00K | 993.00K | 1.22M | 1.14M |
| Net Income to Common | 230.59M | 241.92M | 221.55M | 202.02M | 208.85M | 183.08M |
| Shares Outstanding (Basic) | 46.77M | 47.55M | 47.55M | 47.56M | 47.39M | 47.30M |
| Shares Outstanding (Diluted) | 46.85M | 47.66M | 47.65M | 47.62M | 47.47M | 47.37M |
| EPS (Basic) | 4.93 | 5.09 | 4.66 | 4.25 | 4.41 | 3.87 |
| EPS (Diluted) | 4.92 | 5.08 | 4.65 | 4.24 | 4.40 | 3.87 |
| Free Cash Flow | 231.61M | 154.36M | 211.10M | 94.98M | 84.32M | 147.94M |
| Free Cash Flow Per Share | 4.94 | 3.24 | 4.43 | 2.00 | 1.78 | 3.12 |
| Dividend Per Share | 1.95 | 1.80 | 1.60 | 1.40 | 1.20 | 0.80 |
| Gross Margin | 73.27% | 74.88% | 75.42% | 74.78% | 77.77% | 77.63% |
| Operating Margin | 34.62% | 38.21% | 36.87% | 37.68% | 43.32% | 41.13% |
| Profit Margin | 36.73% | 37.18% | 34.21% | 35.05% | 33.87% | 33.07% |
| Free Cash Flow Margin | 36.90% | 23.72% | 32.59% | 16.48% | 13.67% | 26.73% |
| EBITDA | 267.26M | 295.17M | 282.94M | 260.59M | 309.38M | 269.61M |
| EBITDA Margin | 42.58% | 45.37% | 43.69% | 45.21% | 50.17% | 48.71% |
| D&A For EBITDA | 49.92M | 46.59M | 44.14M | 43.40M | 42.27M | 41.96M |
| EBIT | 217.34M | 248.58M | 238.80M | 217.19M | 267.11M | 227.64M |
| EBIT Margin | 34.62% | 38.21% | 36.87% | 37.68% | 43.32% | 41.13% |
| Effective Tax Rate | 18.26% | 17.88% | 18.39% | 17.20% | 21.69% | 19.29% |
| Revenue as Reported | 627.73M | 650.61M | 647.68M | 576.43M | 616.62M | 553.52M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 93.45M | 138.35M | 98.98M | 91.98M | 93.43M | 311.99M |
| Short-Term Investments | 340.02M | 464.00M | 393.69M | 422.14M | 484.35M | 351.19M |
| Cash & Short-Term Investments | 433.47M | 602.36M | 492.67M | 514.12M | 577.77M | 663.19M |
| Receivables | 160.11M | 142.36M | 113.65M | 139.85M | 92.66M | 107.64M |
| Inventory | 236.87M | 240.91M | 182.94M | 175.79M | 183.22M | 134.16M |
| Other Current Assets | 69.83M | 101.43M | 110.58M | 87.36M | 45.79M | 20.95M |
| Total Current Assets | 900.28M | 1.09B | 899.83M | 917.13M | 899.45M | 925.93M |
| Property, Plant & Equipment | 224.81M | 234.87M | 215.11M | 200.06M | 174.93M | 159.45M |
| Long-Term Investments | 469.61M | 377.03M | 457.59M | 299.55M | 259.86M | 168.08M |
| Goodwill | 15.54M | 15.54M | 15.54M | 15.54M | 15.54M | 15.54M |
| Other Intangible Assets | 96.12M | 60.80M | 79.00M | 97.20M | 46.63M | 59.38M |
| Long-Term Accounts Receivable | 32.64M | 48.94M | 31.47M | 18.35M | 11.65M | |
| Long-Term Deferred Tax Assets | 76.41M | 79.45M | 78.32M | 59.11M | 58.16M | 33.45M |
| Other Long-Term Assets | 63.00M | 60.07M | 55.48M | 62.03M | 66.60M | 105.10M |
| Total Assets | 1.88B | 1.96B | 1.83B | 1.67B | 1.53B | 1.47B |
| Accounts Payable | 18.57M | 23.34M | 36.59M | 10.93M | 9.52M | 14.96M |
| Accrued Expenses | 52.84M | 52.56M | 46.03M | 52.08M | 51.00M | 45.47M |
| Current Portion of Leases | 5.10M | 4.75M | 3.85M | 3.53M | 3.74M | 3.35M |
| Current Unearned Revenue | 35.01M | 21.01M | 33.07M | 47.71M | 45.60M | 120.86M |
| Other Current Liabilities | 7.58M | 6.34M | 5.87M | 4.56M | 25.84M | 3.29M |
| Total Current Liabilities | 119.10M | 108.01M | 125.41M | 118.82M | 135.70M | 187.94M |
| Long-Term Leases | 16.30M | 19.49M | 19.14M | 22.86M | 29.04M | 27.26M |
| Long-Term Unearned Revenue | 3.09M | 1.94M | 537.00K | 12.01M | 18.28M | 36.22M |
| Pension & Post-Retirement Benefits | 57.42M | 56.54M | 54.45M | 52.25M | 59.79M | 66.77M |
| Other Long-Term Liabilities | 17.00M | 16.75M | 16.28M | 15.80M | 14.65M | 48.81M |
| Total Liabilities | 212.91M | 202.74M | 215.81M | 221.74M | 257.45M | 367.00M |
| Common Stock | 491.00K | 489.00K | 488.00K | 487.00K | 491.00K | 491.00K |
| Additional Paid-In Capital | 757.58M | 744.69M | 723.72M | 699.55M | 681.34M | 658.73M |
| Retained Earnings | 1.18B | 1.09B | 934.65M | 789.55M | 653.28M | 500.21M |
| Treasury Stock | -270.08M | -75.42M | -41.28M | -41.28M | -41.28M | -41.28M |
| Comprehensive Income & Other | -6.97M | 781.00K | -1.05M | -1.09M | -18.45M | -18.23M |
| Total Common Equity | 1.67B | 1.76B | 1.62B | 1.45B | 1.28B | 1.10B |
| Shareholders' Equity | 1.67B | 1.76B | 1.62B | 1.45B | 1.28B | 1.10B |
| Total Liabilities & Equity | 1.88B | 1.96B | 1.83B | 1.67B | 1.53B | 1.47B |
| Total Debt | 21.39M | 24.24M | 22.98M | 26.39M | 32.78M | 30.61M |
| Net Cash (Debt) | 412.07M | 578.11M | 469.69M | 487.73M | 545.00M | 632.57M |
| Net Cash Per Share | 8.80 | 12.13 | 9.86 | 10.24 | 11.48 | 13.36 |
| Filing Date Shares Outstanding | 45.02M | 47.10M | 47.47M | 47.37M | 47.25M | 48.50M |
| Total Common Shares Outstanding | 45.28M | 47.26M | 47.47M | 47.37M | 47.77M | 47.70M |
| Working Capital | 781.17M | 979.04M | 774.42M | 798.31M | 763.75M | 738.00M |
| Book Value Per Share | 36.78 | 37.26 | 34.05 | 30.55 | 26.70 | 23.06 |
| Tangible Book Value | 1.55B | 1.68B | 1.52B | 1.33B | 1.21B | 1.02B |
| Tangible Book Value Per Share | 34.32 | 35.65 | 32.06 | 28.17 | 25.40 | 21.49 |
| Land | 12.23M | 12.23M | 12.23M | 12.23M | 2.64M | 2.64M |
| Buildings | 174.82M | 166.25M | 131.29M | 116.90M | 99.59M | 76.60M |
| Machinery | 210.78M | 197.35M | 176.31M | 167.44M | 147.77M | 123.39M |
| Construction In Progress | 21.50M | 28.45M | 45.29M | 22.49M | 10.57M | 18.66M |
| Order Backlog | 14.60M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 230.60M | 242.07M | 222.08M | 203.01M | 210.06M | 184.21M |
| Depreciation & Amortization | 49.92M | 46.59M | 44.14M | 43.40M | 42.27M | 41.96M |
| Asset Writedown & Restructuring Costs | 1.58M | 1.58M | 7.50M | |||
| Loss (Gain) From Sale of Investments | -28.08M | -8.77M | -7.40M | -11.60M | 501.00K | -373.00K |
| Stock-Based Compensation | 24.20M | 28.23M | 30.03M | 24.11M | 29.95M | 36.27M |
| Other Operating Activities | 4.80M | 658.00K | -17.31M | -637.00K | -21.67M | 10.62M |
| Change in Accounts Receivable | -14.96M | -6.30M | 26.20M | -47.19M | 14.97M | -25.38M |
| Change in Inventory | -24.25M | -57.97M | -7.14M | 7.42M | -49.06M | -42.57M |
| Change in Accounts Payable | -121.00K | 2.11M | 10.36M | 4.05M | 3.34M | 1.90M |
| Change in Unearned Revenue | 13.25M | -10.66M | -26.11M | -4.16M | -93.20M | -5.22M |
| Change in Other Net Operating Assets | 8.28M | -26.71M | -28.61M | -63.63M | -10.35M | -10.33M |
| Operating Cash Flow | 265.21M | 210.83M | 253.74M | 154.78M | 126.81M | 191.10M |
| Capital Expenditures | -33.59M | -56.47M | -42.64M | -59.79M | -42.50M | -43.16M |
| Sale (Purchase) of Intangibles | -50.00M | -10.00M | -66.56M | -4.71M | -394.00K | |
| Investment in Securities | 112.73M | 20.99M | -121.77M | 43.06M | -233.54M | -414.20M |
| Investing Cash Flow | 29.14M | -45.48M | -164.41M | -83.29M | -280.74M | -457.75M |
| Issuance of Common Stock | 1.92M | 2.02M | 2.22M | 2.01M | 1.57M | 1.51M |
| Repurchase of Common Stock | -233.73M | -42.45M | -8.39M | -8.21M | -9.21M | -14.95M |
| Common Dividends Paid | -90.70M | -85.55M | -76.17M | -66.73M | -57.00M | -37.93M |
| Financing Cash Flow | -322.51M | -125.98M | -82.33M | -72.93M | -64.64M | -51.37M |
| Net Cash Flow | -28.16M | 39.37M | 7.00M | -1.45M | -218.56M | -318.02M |
| Free Cash Flow | 231.61M | 154.36M | 211.10M | 94.98M | 84.32M | 147.94M |
| Free Cash Flow Margin | 36.90% | 23.72% | 32.59% | 16.48% | 13.67% | 26.73% |
| Free Cash Flow Per Share | 4.94 | 3.24 | 4.43 | 2.00 | 1.78 | 3.12 |
| Levered Free Cash Flow | 104.03M | 67.95M | 190.02M | -21.11M | 80.40M | 130.35M |
| Unlevered Free Cash Flow | 104.03M | 67.95M | 190.02M | -21.11M | 80.40M | 130.35M |
| Cash Income Tax Paid | 20.65M | 71.44M | 71.97M | 96.18M | 72.35M | 52.65M |
| Change in Working Capital | -17.80M | -99.53M | -25.30M | -103.50M | -134.30M | -81.59M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.04B | 5.55B | 6.94B | 9.06B | 5.10B | 7.78B |
| Enterprise Value | 3.63B | 4.97B | 6.41B | 8.59B | 4.44B | 7.02B |
| Last Close Price | 83.92 | 114.80 | 141.85 | 183.94 | 102.97 | 155.70 |
| PE Ratio | 18.25 | 22.95 | 31.32 | 44.84 | 24.44 | 42.48 |
| Forward PE | 19.97 | 21.93 | 29.17 | 41.52 | 26.95 | 33.85 |
| PS Ratio | 6.44 | 8.53 | 10.71 | 15.71 | 8.28 | 14.05 |
| PB Ratio | 2.28 | 3.15 | 4.29 | 6.26 | 4.00 | 7.07 |
| P/TBV Ratio | 2.60 | 3.30 | 4.56 | 6.79 | 4.21 | 7.59 |
| P/FCF Ratio | 17.46 | 35.97 | 32.87 | 95.36 | 60.53 | 52.57 |
| P/OCF Ratio | 15.25 | 26.33 | 27.35 | 58.52 | 40.24 | 40.70 |
| PEG Ratio | 2.97 | 2.71 | 1.50 | 2.53 | 1.70 | 1.13 |
| EV/Sales Ratio | 5.78 | 7.64 | 9.90 | 14.91 | 7.21 | 12.68 |
| EV/EBITDA Ratio | 13.59 | 16.85 | 22.66 | 32.97 | 14.36 | 26.04 |
| EV/EBIT Ratio | 16.71 | 20.01 | 26.85 | 39.56 | 16.63 | 30.84 |
| EV/FCF Ratio | 15.68 | 32.22 | 30.37 | 90.47 | 52.69 | 47.45 |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 |
| Debt / EBITDA Ratio | 0.08 | 0.08 | 0.08 | 0.10 | 0.10 | 0.11 |
| Debt / FCF Ratio | 0.09 | 0.16 | 0.11 | 0.28 | 0.39 | 0.21 |
| Net Debt / Equity Ratio | -0.25 | -0.33 | -0.29 | -0.34 | -0.43 | -0.57 |
| Net Debt / EBITDA Ratio | -1.54 | -1.96 | -1.66 | -1.87 | -1.76 | -2.35 |
| Net Debt / FCF Ratio | -1.78 | -3.75 | -2.23 | -5.13 | -6.46 | -4.28 |
| Asset Turnover | 0.33 | 0.34 | 0.37 | 0.36 | 0.41 | 0.41 |
| Inventory Turnover | 0.75 | 0.77 | 0.89 | 0.81 | 0.86 | 1.10 |
| Quick Ratio | 4.98 | 6.89 | 4.83 | 5.50 | 4.94 | 4.10 |
| Current Ratio | 7.56 | 10.06 | 7.17 | 7.72 | 6.63 | 4.93 |
| Return on Equity (ROE) | 13.52% | 14.33% | 14.50% | 14.91% | 17.69% | 18.31% |
| Return on Assets (ROA) | 7.10% | 8.19% | 8.53% | 8.48% | 11.13% | 10.40% |
| Return on Invested Capital (ROIC) | 14.28% | 17.52% | 18.50% | 21.29% | 34.93% | 55.78% |
| Return on Capital Employed (ROCE) | 12.40% | 13.40% | 14.00% | 14.00% | 19.10% | 17.80% |
| Earnings Yield | 5.48% | 4.36% | 3.20% | 2.24% | 4.12% | 2.37% |
| FCF Yield | 5.73% | 2.78% | 3.04% | 1.05% | 1.65% | 1.90% |
| Dividend Yield | 2.23% | 1.53% | 1.09% | 0.73% | 1.12% | 0.49% |
| Payout Ratio | 40.62% | 35.34% | 34.30% | 32.87% | 27.13% | 20.59% |
| Buyback Yield / Dilution | 1.74% | -0.01% | -0.06% | -0.33% | -0.22% | -0.27% |
| Total Shareholder Return | 3.96% | 1.52% | 1.03% | 0.41% | 0.91% | 0.22% |