Universal Display Corp OLED

Information TechnologySemiconductors & Semiconductor EquipmentUnited States of America

Last close 83.92 USD on Nov 1, 2026, −26.9% year to date

Quant rating

Quant rating C Rank 210 of 389 in Information Technology

Growth D 298 of 389
Valuation A 37 of 389
Quality B 80 of 389
Revisions D 301 of 389
Momentum D 274 of 389

Wall Street consensus Buy (2.40)Average target 119.00 USD +41.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.8B
Enterprise value: 3.3B
52-week range: 70.77 – 149.99
3-year range: 70.77 – 236.42
Dividend yield: 2.38%
Beta (5 years): 1.51
Shares outstanding: 45.0M
Next earnings: Feb 19, 2027

About the company

Universal Display Corporation is engaged in research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. The Company develops OLED materials and sells to product manufacturers for display applications, such as mobile phones, televisions, monitors, wearables, tablets, portable media devices, notebook computers, personal computers and automotive applications, and specialty lighting products. It manufactures and sells OLED materials to customers for evaluation and use in commercial OLED products. It supplies phosphorescent organic light-emitting diode (PHOLED) emitter materials to OLED device manufacturers. The emitter material is designed to convert electrical energy to a desired wavelength of light and is the key component in an OLED device. PHOLED technologies utilize specialized materials and device structures that enable OLEDs to achieve reduced power consumption.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	651	648	576	617	554	–
Revenue growth	0.5%	12.4%	−6.5%	11.4%	29.1%	8.7%
EPS (basic, normalized)	5.08	4.65	4.24	4.40	3.87	–
EPS growth	9.2%	9.7%	−3.6%	13.7%	–	–
Gross margin	76.2%	76.8%	76.4%	79.1%	79.1%	77.5%
Net margin	37.2%	34.2%	35.0%	33.9%	33.1%	34.7%
ROE	14.3%	14.5%	14.9%	17.7%	18.3%	15.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	433
Current ratio	7.56x
Long-term debt (mil)	0
Net debt (mil)	−433
Total equity (mil)	1,666
Net debt / equity	−0.26x
Net debt / EBITDA	−1.47x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	651	+0.5%	5.1x	295	+4.7%	11.3x	5.08	+9.2%	16.5x
2026	630	−3.1%	5.3x	260	−11.9%	12.9x	4.34	−14.6%	19.4x
2027	673	+6.7%	5.0x	281	+8.1%	11.9x	4.65	+7.2%	18.0x
2028	759	+12.8%	4.4x	330	+17.3%	10.1x	5.79	+24.5%	14.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	630	−0.1%	−0.7%	−4.7%	4.34	+3.5%	+2.4%	−4.6%
2027	673	−1.0%	−1.6%	−7.0%	4.65	−1.6%	−3.1%	−11.0%
2028	759	−0.3%	−2.9%	−8.1%	5.79	+0.3%	−6.2%	−24.8%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	165	159	162	162	166	172	140	173	142	152
Sales mean (mil)	151	159	165	150	156	161	164	173	161	158
Surprise	+9.6%	−0.6%	−2.1%	+8.2%	+6.5%	+6.8%	−14.9%	0.0%	−11.5%	−3.4%
EPS reported	1.19	1.10	1.40	0.96	1.35	1.41	0.92	1.39	0.76	1.06
EPS mean	1.09	1.14	1.19	1.06	1.09	1.16	1.21	1.28	1.18	1.03
Surprise	+9.2%	−3.2%	+17.9%	−9.5%	+23.6%	+21.6%	−24.0%	+8.8%	−35.7%	+2.9%

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
OLED Universal Display Corp	3.8B	−1.47x	37.2%	2.28x	19.4x	18.0x	12.9x	11.9x
000660 SK hynix Inc.	776.8B	−1.01x	44.2%	3.84x	4.0x	2.8x	3.3x	2.1x
NVDA NVIDIA Corporation	4.93T	−0.47x	55.6%	21.58x	22.0x	12.9x	17.7x	10.5x
AVGO Broadcom Inc	1.56T	0.82x	36.2%	15.62x	28.2x	17.0x	21.9x	13.5x
MU Micron Technology, Inc.	1.00T	−0.35x	63.8%	7.23x	5.1x	4.3x	3.9x	3.3x
AMD Advanced Micro Devices, Inc.	824.1B	−1.16x	12.3%	12.26x	66.0x	31.5x	50.1x	23.8x
Mean		−0.60x	41.5%	10.47x	24.1x	14.4x	18.3x	10.8x
Median		−0.74x	40.7%	9.74x	20.7x	14.9x	15.3x	11.2x

Technical analysis

1M+11.2%
3M+2.6%
1Y−42.2%
3Y−39.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Universal Display Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	651	648	576	617	554	429
Cost of revenue	155	151	136	129	116	96.6
Gross profit	496	497	440	488	438	332
Selling, general & administrative expenses	83.1	83.0	76.7	86.2	88.5	68.9
Research & development	146	157	130	117	99.7	83.9
Depreciation/amortization	18.2	18.2	16.0	17.5	22.0	22.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	249	239	217	267	228	158
Net interest income (expense)	39.7	40.7	28.2	7.8	0.5	5.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	6.5	−7.4	−0.2	−6.7	0.1	0.9
Net income before taxes	295	272	245	268	228	164
Provision for taxes	52.7	50.0	42.2	58.2	44.0	30.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	242	222	203	210	184	133
Extraordinary items	–	–	–	–	–	–
Net income	242	222	203	210	184	133
EBIT, normalized	249	239	217	267	228	158
EBITDA, normalized	295	283	261	309	270	195
Basic EPS, normalized	5.08	4.65	4.24	4.40	3.87	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Universal Display Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	602	493	514	578	663	730
Receivables	191	179	182	131	116	82.3
Total inventory	241	183	176	183	134	91.6
Prepaid expenses	–	–	–	–	–	–
Other current assets	52.5	45.7	45.2	7.3	12.8	20.7
Total current assets	1,087	900	917	899	926	925
Property, plant & equipment	235	215	200	175	159	111
Goodwill	15.5	15.5	15.5	15.5	15.5	15.5
Intangibles	60.8	79.0	97.2	46.6	59.4	80.9
Long-term investments	377	458	300	260	168	5.0
Note receivable	–	–	–	–	–	–
Other long-term assets	188	165	139	136	139	132
Total assets	1,964	1,832	1,669	1,533	1,467	1,269
Liabilities
Accounts payable	23.3	36.6	10.9	9.5	15.0	13.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	57.3	49.9	55.6	54.7	48.8	43.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	27.4	38.9	52.3	71.4	124	108
Total current liabilities	108	125	119	136	188	165
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	94.7	90.4	103	122	179	192
Total liabilities	203	216	222	257	367	357
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.5	0.5	0.5	0.5	0.5	0.5
Additional paid-in capital	745	724	700	681	659	636
Retained earnings (accumulated deficit)	1,090	935	790	653	500	354
Treasury stock	−75.4	−41.3	−41.3	−41.3	−41.3	−41.3
Other equity	0.8	−1.1	−1.1	−18.5	−18.2	−36.0
Total equity	1,761	1,617	1,447	1,275	1,100	913
Total liabilities & shareholders' equity	1,964	1,832	1,669	1,533	1,467	1,269

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Universal Display Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	242	222	203	210	184	133
Depreciation, depletion & amortization	46.6	44.1	43.4	42.3	42.0	37.2
Deferred taxes	−1.0	−19.1	−3.8	−26.9	1.7	−4.4
Non-cash items	22.7	31.9	15.6	35.7	−177	−154
Changes in working capital	−99.5	−25.3	−104	−134	140	137
Cash from operations	211	254	155	127	191	149
Investing activities
Capital expenditures	−66.5	−42.6	−126	−47.2	−43.6	−28.1
Other investing cash flows	21.0	−122	43.1	−234	−414	419
Cash from investing	−45.5	−164	−83.3	−281	−458	391
Financing activities
Financing cash flow items	−9.6	−8.4	−8.2	−9.2	−14.9	−14.4
Cash dividends paid	−85.5	−76.2	−66.7	−57.0	−37.9	−28.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−30.9	2.2	2.0	1.6	1.5	1.2
Cash from financing	−126	−82.3	−72.9	−64.6	−51.4	−41.7
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	39.4	7.0	−1.4	−219	−318	498
Free cash flow	144	211	28.4	79.6	148	121

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.