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Monday 2 November 2026
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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%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
56.23 | 79.34 | 75.46 | 70.57 | 82.07 | 42.64 | 24.14 | 43.90 | 31.37 | 22.94 |
Piotroski F-Score |
7 | 6 | 4 | 8 | 5 | 6 | 7 | 4 | 8 | 6 |
Altman Z-Score |
17.10 | 41.96 | 12.13 | 20.62 | 20.11 | 14.73 | 14.10 | 26.63 | 21.33 | 18.56 |
P/S ratio |
13.38 | 24.19 | 17.72 | 23.88 | 25.29 | 14.10 | 8.20 | 15.39 | 10.73 | 8.53 |
P/FCF ratio |
0.00 | 1,072.03 | 10,537.87 | 59.20 | 89.83 | 52.90 | 63.52 | 312.21 | 48.10 | 71.33 |
Altman Z″-Score (non-manufacturers) |
9.81 | 11.23 | 7.37 | 8.13 | 8.36 | 8.60 | 11.03 | 12.41 | 13.18 | 15.05 |
Beneish M-Score |
(2.45) | (1.89) | (3.22) | (2.31) | (2.22) | (2.03) | (2.13) | (1.71) | (2.62) | (2.35) |
P/Operating CF |
66.53 | 130.72 | 163.33 | 172.29 | 148.65 | 137.47 | 1,914.62 | 239.38 | 200.26 | 178.26 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 86 |
P/B ratio |
5.04 | 12.32 | 6.35 | 11.93 | 11.88 | 7.10 | 3.96 | 6.13 | 4.30 | 3.15 |
Price to Tangible BV |
7.72 | 16.33 | 7.96 | 13.96 | 13.29 | 7.61 | 4.17 | 6.65 | 4.57 | 3.30 |
EV/Sales |
11.73 | 22.94 | 15.64 | 22.29 | 23.59 | 12.90 | 7.26 | 14.50 | 9.97 | 7.61 |
EV/EBITDA |
29.19 | 48.37 | 315.20 | 177.95 | 53.31 | 26.53 | 14.79 | 32.08 | 22.83 | 16.77 |
EV/Operating CF |
29.05 | 57.72 | 31.76 | 46.57 | 67.99 | 37.37 | 35.32 | 54.01 | 25.46 | 23.48 |
EV/FCF |
(101.67) | 1,016.53 | 9,299.06 | 55.25 | 83.79 | 48.40 | 56.26 | 294.13 | 44.69 | 63.59 |
Quick Ratio |
8.78 | 7.41 | 4.19 | 4.37 | 4.92 | 4.10 | 4.94 | 5.50 | 4.83 | 6.69 |
Current Ratio |
9.58 | 8.13 | 4.77 | 4.91 | 5.61 | 4.93 | 6.63 | 7.72 | 7.18 | 10.06 |
Net Debt/EBITDA |
(4.10) | (2.64) | (41.99) | (12.73) | (3.85) | (2.46) | (1.91) | (1.97) | (1.74) | (2.04) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.34 | 0.48 | 0.29 | 0.39 | 0.36 | 0.40 | 0.41 | 0.36 | 0.37 | 0.34 |
Operating CF/Net income |
1.70 | 1.30 | 2.09 | 1.41 | 1.12 | 1.04 | 0.61 | 0.77 | 1.15 | 0.87 |
Capex/Depreciation |
(8.96) | (2.31) | 0.57 | 0.28 | (0.87) | (1.05) | (1.32) | (2.91) | (0.97) | (1.43) |
| 9.51% | 17.22% | 8.62% | 18.27% | 15.35% | 18.31% | 17.58% | 14.84% | 14.46% | 14.33% | |
| 7.98% | 14.53% | 6.79% | 13.36% | 11.08% | 13.47% | 13.92% | 12.62% | 12.66% | 12.75% | |
ROIC |
21.33% | 38.28% | 20.24% | 59.85% | 53.89% | 32.58% | 23.93% | 14.55% | 13.28% | 13.41% |
Return on Tangible Assets |
12.71% | 19.98% | 10.18% | 19.09% | 15.36% | 21.25% | 23.02% | 20.75% | 22.85% | 20.26% |
Average Days of Receivables |
45.87 | 56.94 | 63.63 | 54.46 | 70.01 | 70.98 | 54.85 | 88.55 | 64.05 | 67.30 |
Research and Development Expense of Revenue |
21.49% | 14.64% | 21.71% | 17.59% | 19.56% | 18.01% | 18.98% | 22.64% | 24.27% | 22.46% |
Selling, General and Administrative Expense of Revenue |
16.53% | 13.95% | 19.00% | 14.71% | 14.30% | 14.52% | 12.63% | 11.69% | 11.47% | 11.42% |
Intangible Assets out of Total Assets |
0.29 | 0.21 | 0.15 | 0.11 | 0.08 | 0.05 | 0.04 | 0.07 | 0.05 | 0.04 |
Share Based Compensation of Revenue |
6.58% | 4.44% | 6.79% | 4.37% | 6.59% | 6.55% | 4.86% | 4.18% | 4.64% | 4.34% |
Graham Net Nets |
0.11 | 0.05 | 0.09 | 0.05 | 0.05 | 0.07 | 0.13 | 0.08 | 0.10 | 0.16 |
Graham Number |
16.17 | 26.36 | 20.28 | 33.69 | 34.90 | 45.00 | 51.73 | 53.94 | 59.70 | 65.13 |
Earnings Yield |
1.78% | 1.26% | 1.33% | 1.42% | 1.22% | 2.35% | 4.14% | 2.28% | 3.19% | 4.36% |
Free Cash Flow Yield |
(0.86%) | 0.09% | 0.01% | 1.69% | 1.11% | 1.89% | 1.57% | 0.32% | 2.08% | 1.40% |
Revenue per Share |
4.29 | 7.18 | 5.28 | 8.63 | 9.09 | 11.70 | 13.01 | 12.12 | 13.62 | 13.68 |
Operating CF per Share |
1.73 | 2.85 | 2.60 | 4.13 | 3.15 | 4.04 | 2.68 | 3.25 | 5.34 | 4.43 |
Capex per Share |
(2.23) | (0.64) | (0.54) | (0.65) | (0.59) | (0.92) | (1.00) | (2.66) | (0.90) | (1.40) |
Free Cash Flow per Share |
(0.49) | 2.22 | 2.06 | 3.48 | 2.56 | 3.12 | 1.68 | 0.60 | 4.44 | 3.04 |
Cash per Share |
7.07 | 8.99 | 11.00 | 13.76 | 15.47 | 14.02 | 12.19 | 10.81 | 10.36 | 12.67 |
Shareholders Equity per Share |
11.39 | 14.11 | 14.74 | 17.28 | 19.34 | 23.26 | 26.91 | 30.43 | 34.00 | 37.04 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
11.39 | 14.11 | 14.74 | 17.28 | 19.34 | 23.26 | 26.91 | 30.43 | 34.00 | 37.04 |
Free Cash Flow |
(22.95) | 103.56 | 96.41 | 163.45 | 120.74 | 147.55 | 79.61 | 28.42 | 211.10 | 144.36 |
Working Capital |
345.16 | 455.36 | 501.66 | 630.93 | 759.65 | 738.00 | 763.75 | 798.31 | 774.42 | 979.05 |
Capital Expenditures |
(103.29) | (29.80) | (25.39) | (30.46) | (28.05) | (43.55) | (47.21) | (126.35) | (42.64) | (66.47) |
Net Current Asset Value |
286.28 | 398.28 | 391.92 | 483.73 | 568.09 | 558.93 | 642.00 | 695.40 | 684.02 | 884.32 |
EV/EBIT |
34.11 | 52.64 | 68.18 | 57.03 | 64.22 | 31.37 | 16.77 | 38.49 | 27.05 | 19.91 |
Capex to Sales |
0.52 | 0.09 | 0.10 | 0.08 | 0.07 | 0.08 | 0.08 | 0.22 | 0.07 | 0.10 |
Price to Operating Income |
38.90 | 55.51 | 77.27 | 61.11 | 68.85 | 34.29 | 18.93 | 40.86 | 29.11 | 22.34 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.42 | 0.23 | (0.64) | (1.22) | 0.32 | 0.32 | 0.25 | 0.25 | 0.23 | 0.22 |
Cash ROIC |
(2.68%) | 9.59% | 7.99% | 11.21% | 7.35% | 8.37% | 4.30% | 1.45% | 10.01% | 6.11% |
Accounts Receivable Turnover |
8.00 | 8.68 | 5.18 | 7.82 | 6.01 | 5.83 | 6.16 | 4.96 | 5.11 | 5.57 |
Accounts Payable Turnover |
3.51 | 5.00 | 4.41 | 6.33 | 6.31 | 8.00 | 10.45 | 13.24 | 6.25 | 5.14 |
Inventory Turnover |
1.75 | 2.04 | 1.01 | 1.13 | 1.10 | 1.02 | 0.81 | 0.75 | 0.83 | 0.73 |
Average Days of Payables |
112.63 | 91.91 | 71.80 | 64.39 | 58.93 | 47.47 | 27.17 | 29.48 | 89.96 | 55.28 |
Days of Inventory on Hand |
240.40 | 242.00 | 477.20 | 309.69 | 391.10 | 425.85 | 522.89 | 473.98 | 449.76 | 570.53 |
Average Receivables |
24.86 | 38.67 | 47.74 | 51.79 | 71.36 | 94.95 | 100.15 | 116.26 | 126.75 | 116.80 |
Average Payables |
7.48 | 10.94 | 12.15 | 11.91 | 13.55 | 14.38 | 12.24 | 10.23 | 23.76 | 29.97 |
Average Inventory |
15.03 | 26.79 | 53.13 | 66.98 | 77.77 | 112.88 | 158.69 | 179.51 | 179.37 | 211.93 |
Average Assets |
593.49 | 703.76 | 856.69 | 1,026.79 | 1,194.69 | 1,368.07 | 1,499.87 | 1,600.89 | 1,750.65 | 1,898.05 |
Average Common Equity |
497.61 | 593.76 | 674.78 | 750.98 | 862.08 | 1,006.31 | 1,187.64 | 1,361.30 | 1,531.87 | 1,688.77 |
Columns are period end dates · fundamentals updated 2 Nov 2026