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OLED

Universal Display Corporation

OLED

Universal Display Corporation • NASDAQ
$118.93 ▲ 0.61% (+0.72)
Market Cap $5.65 B
52w High $167.45
52w Low $103.70
Dividend Yield 1.75%
P/E 25.63
Volume 310.31K
Outstanding Shares 47.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $139.613M ▼ $56.261M ▼ $44.025M ▼ 31.534% ▼ $0.93 ▼ $66.189M ▼
Q2-2025 $171.794M ▲ $64.051M ▲ $67.264M ▲ 39.154% ▲ $1.41 ▲ $79.942M ▼
Q1-2025 $166.277M ▲ $58.479M ▼ $64.444M ▲ 38.757% ▲ $1.35 ▲ $80.757M ▲
Q4-2024 $162.293M ▲ $72.452M ▲ $45.945M ▼ 28.31% ▼ $0.97 ▼ $63.493M ▼
Q3-2024 $161.627M $58.81M $66.87M 41.373% $1.4 $77.952M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $602.975M ▲ $1.947B ▲ $202.645M ▼ $1.745B ▲
Q2-2025 $525.208M ▼ $1.932B ▲ $217.086M ▲ $1.715B ▲
Q1-2025 $571.278M ▲ $1.864B ▲ $205.155M ▼ $1.659B ▲
Q4-2024 $492.67M ▼ $1.832B ▲ $215.808M ▼ $1.617B ▲
Q3-2024 $551.552M $1.811B $224.132M $1.587B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $44.025M ▼ $97.183M ▲ $-50.489M ▲ $-20.889M ▲ $25.805M ▲ $84.336M ▲
Q2-2025 $67.264M ▲ $51.936M ▲ $-92.656M ▼ $-20.949M ▲ $-61.669M ▼ $37.459M ▲
Q1-2025 $64.444M ▲ $30.562M ▼ $58.169M ▲ $-30.238M ▼ $58.493M ▲ $17.503M ▼
Q4-2024 $46.34M ▼ $34.713M ▼ $2.731M ▲ $-18.023M ▲ $19.421M ▲ $22.036M ▼
Q3-2024 $66.87M $79.858M $-73.67M $-19.485M $-13.297M $66.232M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contract Research Services
Contract Research Services
 $0 ▲$10.00M ▲$10.00M ▲$0 ▼
Material Sales
Material Sales
 $90.00M ▲$90.00M ▲$90.00M ▲$80.00M ▼
Royalty And License Fees
Royalty And License Fees
 $60.00M ▲$70.00M ▲$80.00M ▲$50.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Universal Display’s income statement shows a business that is consistently profitable with very healthy margins. Revenue has risen over the past five years with only a small pause in the middle, suggesting the core OLED market is expanding but not in a straight line. Because a large part of the model is licensing and high-value materials, gross and operating margins stay high by tech-sector standards, even when revenue growth slows. Net income and earnings per share have trended upward, showing that most of the top-line growth flows through to the bottom line. Overall, this looks like an asset‑light, high‑margin, royalty‑driven model that converts sales into profits quite efficiently, but with some dependence on the investment and product cycles of big display makers.

Balance Sheet

Balance Sheet The balance sheet appears conservative and robust. Assets have grown steadily over the period, and shareholders’ equity has expanded meaningfully, which is consistent with a profitable business that retains a good portion of its earnings. Debt levels are very low, so the company is essentially operating without meaningful financial leverage, reducing refinancing and interest‑rate risk. The cash balance is lower than the peak reached a few years ago, which likely reflects capital returns, investments, or acquisitions, but it still looks adequate relative to the modest debt and the company’s cash‑generating ability. In plain terms, the balance sheet suggests financial flexibility and resilience, with no obvious signs of strain.

Cash Flow

Cash Flow Cash flow generation is solid and generally in line with the income statement story. Operating cash flow has been positive every year and has grown over time, which confirms that reported profits are backed by real cash, not just accounting entries. Free cash flow is also positive across the period, though more volatile from year to year, likely driven by timing of customer payments, working capital swings, and some step‑ups in investment. Capital spending is relatively modest, reinforcing the idea that this is an intellectual‑property‑ and R&D‑heavy business rather than a capital‑intensive manufacturer. Overall, Universal Display regularly produces more cash than it needs for basic operations and investment, giving management room to fund R&D, strategic deals, or shareholder returns.

Competitive Edge

Competitive Edge Universal Display’s competitive position is built around a deep and broad intellectual property portfolio and long‑standing relationships with leading display manufacturers. Its phosphorescent OLED technology is a fundamental efficiency enabler for modern OLED panels, and the company’s large patent wall makes it difficult for rivals to offer equivalent tech without licensing. The dual role as both a technology licensor and a critical materials supplier embeds Universal Display deeply into customers’ product roadmaps and manufacturing processes, which increases switching costs and creates recurring, high‑margin revenue streams. That said, customer concentration is a real strategic risk, as a handful of major panel makers drive much of the demand. There is also technological risk from alternative display technologies, or from large customers developing in‑house solutions that reduce dependence on Universal Display over time. For now, though, the company sits in a privileged, central position in the OLED ecosystem.

Innovation and R&D

Innovation and R&D Innovation and R&D are the core of Universal Display’s identity. Over several decades, it has turned university research into a rich platform of OLED technologies: highly efficient phosphorescent emitters, flexible display architectures, protective barrier layers, and new manufacturing approaches like organic vapor jet printing. The company keeps reinforcing its position by expanding its patent estate and acquiring additional IP, such as the planned purchase of hundreds of OLED patents from a major chemical company. A key strategic swing factor is the race to deliver a commercially robust blue phosphorescent emitter, which would be a major performance and efficiency leap for many devices. Universal Display is investing heavily here, including using advanced AI tools to accelerate materials discovery. The opportunity is large, but execution risk is real: breakthroughs can take longer and cost more than expected, and competitors are also pushing hard. Overall, the company behaves like a specialized R&D powerhouse with a long pipeline of potential innovation, not just a static licensor.

Summary

Putting it all together, Universal Display combines a high‑margin, royalty‑ and materials‑driven income statement with a conservative balance sheet and solid cash generation. Financially, it looks like a durable, cash‑generative tech business rather than a capital‑heavy manufacturer. Strategically, its moat rests on extensive patents, unique phosphorescent OLED know‑how, and deep integration with leading display makers, which together have created recurring, high‑quality revenue streams. The main uncertainties lie in the pace and breadth of OLED adoption, the success and timing of major R&D milestones like blue PHOLED, the evolution of competing display technologies, and the behavior of a concentrated customer base. If the company can maintain its technological edge and extend its IP into new applications such as automotive displays, AR/VR, and advanced TVs, the existing financial strengths provide a solid base for long‑term participation in the display industry’s evolution.

NEWS

November 13, 2025 · 4:15 PM UTC

Universal Display Corporation Announces Participation at Upcoming Conferences

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November 6, 2025 · 4:15 PM UTC

Universal Display Corporation to Acquire Emissive OLED Patent Assets from Merck KGaA, Darmstadt, Germany

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November 6, 2025 · 4:06 PM UTC

Universal Display Corporation Announces Quarterly Cash Dividend of $0.45 per Share

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November 6, 2025 · 4:05 PM UTC

Universal Display Corporation Announces Third Quarter 2025 Financial Results

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October 28, 2025 · 2:00 AM UTC

Universal Vapor Jet Corporation Unveils Global Headquarters and R&D Center in Singapore

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