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Universal Display Corporation

OLED Technology Electronic Components

Universal Display Corporation’s revenue for fiscal 2025 (year ended December 2025) was $650.6 million, roughly unchanged from fiscal 2024.

Revenue
+14.9%
EPS
+85.6%
Free cash flow
−45.7%

Quarter to September 2026, against a year earlier

90.01 6.09 +7.26%
Market cap
$3.8B
P/E
18.2×
Fwd P/E
19.2×
Dividend yield
2.17%
F-score
6/9
Altman Z
18.56
Beneish M
−2.35
Dividend safety
86/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.47
Sold, $m 0.42
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 3 — — — — — —
Sell — — — — — — — — 1 — — —
Insider Ownership 9.69%

Capital & Financial Ratios $m

Size
Market Cap 3,780.00
Revenue ttm 627.73
Net income ttm 230.61
Free cash flow ttm 181.61
Net debt Q (433.47)
Valuation
P/E 18.20
Forward P/E 19.20
Price / sales 6.56
Forward P/S Powerpack
Price / FCF 22.67
Price / book 2.47
Financial health
Current ratio Q 7.56 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 6.79
Growth
Revenue growth Q +14.91% (above 0%: growing)
Operating income growth Q +24.50% (above 0%: growing)
EPS, this year −12.59% (below 0%: weak)
EPS, next year A +4.29%
Revenue, next year A −3.17% (below 0%: weak)
EPS, past 5 yrs +12.65%
EPS, next 5 yrs A +4.58%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.9×, against a ten-year median of 12.9×; over the ten years it ranged from 4.9× in 2026 to 28.4× in 2019.
P/E against its own 10 years 0.95%
10-year low 10-year high
P/S against its own 10 years 2.83%
10-year low 10-year high
P/B against its own 10 years 3.49%
10-year low 10-year high
EV/Sales against its own 10 years 3.19%
10-year low 10-year high
EV/FCF against its own 10 years 7.41%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.17%
Annual rate
1.95
Payout ratio
39.5%
Growth, 2017–25
+40.3%/yr
  1. 0.12 ’17
  2. 0.24 ’18 +100%
  3. 0.40 ’19 +67%
  4. 0.60 ’20 +50%
  5. 0.80 ’21 +33%
  6. 1.20 ’22 +50%
  7. 1.40 ’23 +17%
  8. 1.60 ’24 +14%
  9. 1.80 ’25 +13%
  10. 2.03 ’26e +13%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 514 493 602 433
Receivables 140 114 120 89
Inventory 176 183 241 237
Other 87 111 124 141
917 900 1,087 900
2023 2024 2025 Q'26
Payables 11 37 23 19
ST’ Debt — — — —
Other 8 10 11 13
119 125 108 119

Compound Annual Growth %

10y 5y 3y
Sales 13.04% 8.69% 1.80%
Cash Flow 6.38% 7.22% 18.46%
Earnings 32.47% 12.82% 5.02%
Book Value 14.20% 14.05% 11.35%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.14 Actual 1.23

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.28 1.39 Beat by 0.11
Q1 FY26 1.13 0.76 Miss by 0.37
Q2 FY26 1.04 1.06 Beat by 0.02
Q3 FY26 1.14 1.23 Beat by 0.09
Q4 FY26 1.16 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.76 1.06 1.72 — —
’25 1.35 1.41 0.92 1.39 5.08
’24 1.19 1.10 1.40 0.96 4.65
’23 0.83 1.04 1.08 1.29 4.24
’22 1.05 0.87 1.12 1.36 4.40
’21 1.08 0.85 0.97 0.96 3.87
’20 0.80 0.02 0.85 1.13 2.80
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 142 152 160 — —
’25 166 172 140 173 651
’24 165 159 162 162 648
’23 130 147 141 158 576
’22 150 137 161 169 617
’21 134 130 144 146 554
’20 112 58 117 142 429
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 109 25 100 — —
’25 31 52 97 31 211
’24 72 67 80 35 254
’23 48 10 60 37 155
’22 53 34 38 3 127
’21 29 30 75 57 191
’20 6 26 44 73 149
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 60 20 96 — —
’25 18 37 84 5 144
’24 65 58 66 22 211
’23 38 (74) 35 29 28
’22 42 23 24 (9) 80
’21 19 19 66 43 148
’20 1 19 36 64 121
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 199 336 247 405 429 554 617 576 648 651 628 +14.1% 630 674 757 +5.2%
Gross margin, % 86.78 83.70 78.36 81.40 80.07 79.23 79.26 76.51 77.08 76.31 74.94 (10.5) pt
EBT 69 150 64 170 164 228 268 245 272 295 282 +17.6%
EBT margin, % 34.49 44.55 25.99 41.93 38.13 41.24 43.50 42.53 42.02 45.31 44.95 +10.8 pt
Net income 48 104 59 138 133 184 210 203 222 242 231 +19.7%
Per share, $
Per share, $ Revenue 4.29 7.18 5.28 8.63 9.09 11.70 13.01 12.12 13.62 13.68 13.72 +13.8%
Earnings 1.02 2.19 1.24 2.92 2.80 3.87 4.41 4.25 4.66 5.09 4.95 +19.6%
Cash flow 1.73 2.85 2.60 4.13 3.15 4.04 2.68 3.25 5.34 4.43 5.80 +11.0%
Capex (2.23) (0.64) (0.54) (0.65) (0.59) (0.92) (1.00) (2.66) (0.90) (1.40) (1.83) (5.0%)
Free cash flow (0.49) 2.22 2.06 3.48 2.56 3.12 1.68 0.60 4.44 3.04 3.97 n/m
Book value 11.39 14.11 14.74 17.28 19.34 23.26 26.91 30.43 34.00 37.04 36.40 +14.0%
Shares, m 46 47 47 47 47 47 47 48 48 48 47 +0.3%
Valuation, ×
Valuation, × P/E 56.23 79.34 75.46 70.57 82.07 42.64 24.14 43.90 31.37 22.94 18.20 52.9
P/S 13.38 24.19 17.72 23.88 25.29 14.10 8.20 15.39 10.73 8.53 6.56 16.1
P/B 5.04 12.32 6.35 11.93 11.88 7.10 3.96 6.13 4.30 3.15 2.47 7.2
EV/Sales 11.73 22.94 15.64 22.29 23.59 12.90 7.26 14.50 9.97 7.61 5.87 14.8
EV/FCF (101.67) 1,016.53 9,299.06 55.25 83.79 48.40 56.26 294.13 44.69 63.59 20.29 1,086.0
Cash, $m
Cash, $m Operating cash flow 80 133 122 194 149 191 127 155 254 211 265 +11.3%
Capex (103) (30) (25) (30) (28) (44) (47) (126) (43) (66) (84) (4.8%)
Free cash flow (23) 104 96 163 121 148 80 28 211 144 182 n/m
Balance, $m
Balance, $m Working capital 345 455 502 631 760 738 764 798 774 979 781 +12.3%
Net debt (328) (420) (515) (646) (730) (663) (578) (514) (493) (602) (433) +7.0%
Shareholders’ equity 528 659 691 811 913 1,100 1,275 1,447 1,617 1,761 1,666 +14.3%
Returns, %
Returns, % ROA 7.98 14.53 6.79 13.36 11.08 13.47 13.92 12.62 12.66 12.75 12.05 +4.8 pt
ROIC 21.33 38.28 20.24 59.85 53.89 32.58 23.93 14.55 13.28 13.41 11.03 (7.9) pt
ROE 9.51 17.22 8.62 18.27 15.35 18.31 17.58 14.84 14.46 14.33 13.52 +4.8 pt
People
People Employees 203 224 267 311 350 409 445 456 468 469 — +9.8%
Revenue/emp, $m 0.98 1.50 0.93 1.30 1.23 1.35 1.39 1.26 1.38 1.39 — +3.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Universal Display Corporation vs peers in Electronic Components (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PLXS Plexus Corp. $5.5B 30.1× 29.9× +28.13% (above 0%: growing) −3.59% (below 0%: shrinking) −105.73% (below 0%: shrinking) 10.07% 4.70% Compare
OLED Universal Display Corporation $3.8B 20.2× 19.2× −11.43% (below 0%: shrinking) −24.82% (below 0%: shrinking) −45.68% (below 0%: shrinking) 75.82% 35.26%
BELFA Bel Fuse Inc. $3.3B 48.2× 30.7× +25.18% (above 0%: growing) −11.33% (below 0%: shrinking) −27.35% (below 0%: shrinking) 39.85% 18.24% Compare
BELFB Bel Fuse Inc. $3.3B 57.0× 30.7× +25.18% (above 0%: growing) −11.68% (below 0%: shrinking) −27.35% (below 0%: shrinking) 39.85% 18.24% Compare
OSIS OSI Systems, Inc. $3.1B 22.2× 18.7× −4.14% (below 0%: shrinking) +7.92% (above 0%: growing) +1,853.69% (above 0%: growing) 34.70% 15.26% Compare
KN Knowles Corporation $2.8B 41.6× 36.8× +14.32% (above 0%: growing) +155.56% (above 0%: growing) −30.67% (below 0%: shrinking) 44.72% 14.81% Compare
BHE Benchmark Electronics, Inc. $2.5B 46.2× 34.3× +17.69% (above 0%: growing) +1,733.33% (above 0%: growing) +244.06% (above 0%: growing) 10.37% 4.00% Compare
ROG Rogers Corporation $2.4B 76.0× 42.6× +6.90% (above 0%: growing) +119.00% (above 0%: growing) +226.79% (above 0%: growing) 32.47% 9.23% Compare
OUST Ouster, Inc. $2.1B — (loss-making) — (loss-making) +55.86% (above 0%: growing) n/m −600.91% (below 0%: shrinking) 48.85% (36.69%) Compare
Median of peers $3.0B 46.2× 30.7× +21.44% +7.92% −27.35% 37.28% 12.02%

All 44 Electronic Components stocks →

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.91m 2.79m 53.16
2024 9.09m 4.30m 65.70
2023 9.26m 16.06m 85.18
2022 9.78m 2.54m 47.69
2021 10.53m 2.33m 72.11
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Universal Display Corporation (OLED) Latest News

29 Oct

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28 Oct

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30 Sep

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23 Sep

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19 Aug

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18 Aug

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15 Aug

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11 Aug

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stockrow.com/OLED · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com