Universal Display (OLED) Financials

$94.30 +2.73 (+2.98%)

As of 03:59 PM Eastern

Annual Income Statements for Universal Display

This table shows Universal Display's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	15	48	104	59	138	133	184	210	203	222	242
Consolidated Net Income / (Loss)	15	48	104	59	138	133	184	210	203	222	242
Net Income / (Loss) Continuing Operations	15	48	104	59	138	133	184	210	203	222	242
Total Pre-Tax Income	33	69	150	64	170	164	228	268	245	272	295
Total Operating Income	32	68	146	57	158	158	228	267	217	239	249
Total Gross Profit	122	173	281	194	330	343	439	489	441	499	496
Total Revenue	191	199	336	247	405	429	554	617	576	648	651
Operating Revenue	191	199	336	247	405	429	554	617	576	648	651
Total Cost of Revenue	69	26	55	54	75	85	115	128	135	148	154
Operating Cost of Revenue	69	26	55	54	75	85	115	128	135	148	154
Total Operating Expenses	90	104	135	137	171	186	211	222	224	260	248
Selling, General & Admin Expense	29	33	47	47	60	61	80	78	67	74	74
Research & Development Expense	45	43	49	54	71	84	100	117	130	157	146
Amortization Expense	11	16	22	22	22	22	22	17	16	18	18
Other Operating Expenses / (Income)	5.37	12	17	14	19	19	8.85	9.21	10	11	9.29
Total Other Income / (Expense), net	0.78	0.19	3.29	7.58	12	6.00	0.60	1.12	28	33	46
Interest & Investment Income	0.78	2.11	3.29	7.66	11	5.14	0.51	7.81	28	41	40
Other Income / (Expense), net	-	-1.93	-0.00	-0.08	0.77	0.86	0.10	-6.69	-0.18	-7.36	6.51
Income Tax Expense	18	21	46	5.47	32	30	44	58	42	50	53
Basic Earnings per Share	$0.31	$1.02	$2.19	$1.24	$2.92	$2.80	$3.87	$4.41	$4.25	$4.66	$5.09
Weighted Average Basic Shares Outstanding	46.82M	46.41M	46.73M	46.85M	46.96M	47.20M	47.30M	47.39M	47.56M	47.55M	47.55M
Diluted Earnings per Share	$0.31	$1.02	$2.18	$1.24	$2.92	$2.80	$3.87	$4.40	$4.24	$4.65	$5.08
Weighted Average Diluted Shares Outstanding	47.49M	46.54M	46.81M	46.90M	47.00M	47.24M	47.37M	47.47M	47.62M	47.65M	47.66M
Weighted Average Basic & Diluted Shares Outstanding	47.30M	47.10M	47.40M	47.50M	47.19M	47.11M	48.50M	47.25M	47.37M	47.47M	47.10M
Cash Dividends to Common per Share	-	-	$0.12	$0.24	$0.40	$0.60	$0.80	$1.20	$1.40	$1.60	$1.80

This table shows Universal Display's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	52	62	57	52	67	46	64	67	44	66	36
Consolidated Net Income / (Loss)	52	62	57	52	67	46	64	67	44	66	36
Net Income / (Loss) Continuing Operations	52	62	57	52	67	46	64	67	44	66	36
Total Pre-Tax Income	54	76	70	65	81	55	80	84	54	77	45
Total Operating Income	48	65	63	56	67	52	70	69	43	67	43
Total Gross Profit	107	122	128	120	126	125	128	133	104	132	106
Total Revenue	141	158	165	159	162	162	166	172	140	173	142
Operating Revenue	141	158	165	159	162	162	166	172	140	173	142
Total Cost of Revenue	34	36	37	38	36	37	38	39	35	41	36
Operating Cost of Revenue	34	36	37	38	36	37	38	39	35	41	36
Total Operating Expenses	58	58	65	64	59	72	58	64	61	64	63
Selling, General & Admin Expense	18	17	19	20	16	20	17	20	18	19	20
Research & Development Expense	33	34	38	37	36	46	35	36	36	39	35
Amortization Expense	4.56	4.55	4.55	4.55	4.55	4.55	4.55	4.55	4.55	4.55	5.59
Other Operating Expenses / (Income)	2.65	2.53	3.63	2.52	2.51	2.08	2.02	2.71	2.06	2.51	2.47
Total Other Income / (Expense), net	5.44	11	7.63	8.45	14	2.84	10	15	11	9.43	2.54
Interest & Investment Income	7.14	7.87	9.57	9.91	11	11	10	9.76	10	9.83	8.72
Other Income / (Expense), net	-1.69	3.00	-1.94	-1.46	3.82	-7.77	0.38	5.58	0.95	-0.40	-6.17
Income Tax Expense	2.36	14	14	13	15	9.31	16	17	10	10	9.40
Basic Earnings per Share	$1.08	$1.30	$1.19	$1.10	$1.40	$0.97	$1.35	$1.41	$0.93	$1.40	$0.76
Weighted Average Basic Shares Outstanding	47.57M	47.56M	47.56M	47.55M	47.54M	47.55M	47.57M	47.59M	47.55M	47.55M	47.08M
Diluted Earnings per Share	$1.08	$1.29	$1.19	$1.10	$1.40	$0.96	$1.35	$1.41	$0.92	$1.40	$0.76
Weighted Average Diluted Shares Outstanding	47.63M	47.62M	47.63M	47.63M	47.67M	47.65M	47.69M	47.67M	47.68M	47.66M	47.21M
Weighted Average Basic & Diluted Shares Outstanding	47.36M	47.37M	47.44M	47.45M	47.46M	47.47M	47.53M	47.53M	47.54M	47.10M	46.75M
Cash Dividends to Common per Share	$0.35	$0.35	$0.40	$0.40	$0.40	$0.40	$0.45	$0.45	$0.45	$0.45	$0.50

This table details how cash moves in and out of Universal Display's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	52	42	-6.53	78	-79	498	-318	-219	-1.45	7.00	39
Net Cash From Operating Activities	114	80	133	122	194	149	191	127	155	254	211
Net Cash From Continuing Operating Activities	114	80	133	122	194	149	191	127	155	254	211
Net Income / (Loss) Continuing Operations	15	48	104	59	138	133	184	210	203	222	242
Consolidated Net Income / (Loss)	15	48	104	59	138	133	184	210	203	222	242
Depreciation Expense	3.09	4.27	4.92	8.61	12	15	20	25	27	26	28
Amortization Expense	10	7.26	7.99	-53	-120	17	22	11	4.39	11	9.43
Non-Cash Adjustments To Reconcile Net Income	47	13	19	25	29	34	45	42	27	39	31
Changes in Operating Assets and Liabilities, net	39	7.92	-2.67	83	134	-51	-80	-161	-107	-44	-101
Net Cash From Investing Activities	-59	-38	-126	-21	-239	391	-458	-281	-83	-164	-45
Net Cash From Continuing Investing Activities	-59	-38	-126	-21	-239	391	-458	-281	-83	-164	-45
Purchase of Property, Plant & Equipment	-5.10	-7.30	-30	-25	-30	-28	-43	-42	-60	-43	-56
Acquisitions	-	-129	-	0.00	-0.40	-0.06	-0.39	-4.71	-67	0.00	-10
Purchase of Investments	-692	-450	-594	-629	-932	-604	-642	-702	-531	-595	-376
Sale and/or Maturity of Investments	638	548	499	633	724	1,023	228	468	574	473	397
Net Cash From Financing Activities	-2.95	-0.01	-14	-23	-35	-42	-51	-65	-73	-82	-126
Net Cash From Continuing Financing Activities	-2.95	-0.01	-14	-23	-35	-42	-51	-65	-73	-82	-126
Repurchase of Common Equity	-	-	-	-0.48	-0.65	0.00	0.00	0.00	0.00	0.00	-33
Payment of Dividends	-	-	-5.65	-11	-19	-28	-38	-57	-67	-76	-86
Issuance of Common Equity	0.35	0.44	0.73	0.80	0.89	1.18	1.51	1.57	2.01	2.22	2.02
Other Financing Activities, net	-3.30	-0.45	-9.39	-12	-16	-14	-15	-9.21	-8.21	-8.39	-9.57

This table details how cash moves in and out of Universal Display's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-14	13	-18	19	-13	19	58	-62	26	17	21
Net Cash From Operating Activities	60	37	72	67	80	35	31	52	97	31	109
Net Cash From Continuing Operating Activities	60	37	72	67	80	35	31	52	97	31	109
Net Income / (Loss) Continuing Operations	52	62	57	52	67	46	64	67	44	66	36
Consolidated Net Income / (Loss)	52	62	57	52	67	46	64	67	44	66	36
Depreciation Expense	6.92	7.28	6.62	6.48	6.40	6.45	6.55	6.85	7.53	7.46	7.56
Amortization Expense	1.97	2.38	2.31	2.51	2.90	3.08	3.07	3.52	0.42	2.42	7.67
Non-Cash Adjustments To Reconcile Net Income	8.25	6.27	9.50	9.98	5.71	14	7.50	9.77	6.89	7.34	8.34
Changes in Operating Assets and Liabilities, net	-8.35	-41	-3.13	-4.29	-2.02	-35	-51	-35	38	-52	49
Net Cash From Investing Activities	-58	-7.93	-64	-29	-74	2.73	58	-93	-50	40	9.87
Net Cash From Continuing Investing Activities	-58	-7.93	-64	-29	-74	2.73	58	-93	-50	40	9.87
Purchase of Property, Plant & Equipment	-25	-7.58	-7.21	-9.13	-14	-13	-13	-14	-13	-16	-8.61
Acquisitions	-0.50	-	0.00	-	-	-	0.00	-	-	-10	-40
Purchase of Investments	-188	-228	-100	-75	-163	-257	-39	-153	-128	-56	-116
Sale and/or Maturity of Investments	156	228	43	55	103	272	110	75	90	122	174
Net Cash From Financing Activities	-17	-16	-26	-19	-19	-18	-30	-21	-21	-54	-98
Net Cash From Continuing Financing Activities	-17	-16	-26	-19	-19	-18	-30	-21	-21	-54	-98
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-67
Payment of Dividends	-17	-17	-20	-19	-19	-18	-21	-21	-21	-21	-23
Issuance of Common Equity	0.56	0.48	0.64	0.55	0.59	0.44	0.58	0.50	0.54	0.40	0.58
Other Financing Activities, net	-0.47	-0.31	-7.06	-0.27	-0.92	-0.14	-9.40	-0.04	-0.03	-0.10	-7.74

This table presents Universal Display's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	559	628	780	933	1,120	1,269	1,467	1,533	1,669	1,832	1,964
Total Current Assets	448	385	519	635	792	925	926	899	917	900	1,087
Cash & Equivalents	98	139	133	211	132	630	312	93	92	99	138
Short-Term Investments	298	189	287	304	514	100	351	484	422	394	464
Accounts Receivable	25	25	52	43	60	82	108	93	140	114	120
Inventories, net	13	17	36	70	64	92	134	183	176	183	241
Other Current Assets	2.39	6.39	10	6.37	22	21	21	46	87	111	124
Plant, Property, & Equipment, net	22	27	56	70	88	102	129	143	175	195	215
Total Noncurrent Assets	89	215	204	229	240	243	412	490	577	737	662
Long-Term Investments	2.19	15	15	-	5.00	5.00	168	260	300	458	377
Goodwill	-	16	16	16	16	16	16	16	16	16	16
Intangible Assets	72	168	146	124	103	81	59	47	97	79	61
Noncurrent Deferred & Refundable Income Taxes	15	16	27	24	30	38	33	58	59	78	79
Other Noncurrent Operating Assets	0.17	0.31	0.60	65	86	103	136	110	105	107	129
Total Liabilities & Shareholders' Equity	559	628	780	933	1,120	1,269	1,467	1,533	1,669	1,832	1,964
Total Liabilities	93	99	121	243	309	357	367	257	222	216	203
Total Current Liabilities	35	40	64	133	162	165	188	136	119	125	108
Accounts Payable	6.85	8.11	14	11	13	14	15	9.52	11	37	23
Accrued Expenses	17	20	35	36	49	41	45	51	52	46	53
Current Deferred Revenue	10	10	15	81	97	105	121	46	48	33	21
Other Current Liabilities	0.17	1.97	0.05	5.81	1.86	4.54	6.65	30	8.10	9.72	11
Total Noncurrent Liabilities	58	59	57	110	147	192	179	122	103	90	95
Noncurrent Deferred Revenue	36	31	24	42	48	57	36	18	12	0.54	1.94
Noncurrent Employee Benefit Liabilities	23	28	33	44	51	79	67	60	52	54	57
Other Noncurrent Operating Liabilities	-	-	-	24	49	56	76	44	39	35	36
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	467	528	659	691	811	913	1,100	1,275	1,447	1,617	1,761
Total Preferred & Common Equity	467	528	659	691	811	913	1,100	1,275	1,447	1,617	1,761
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	467	528	659	691	811	913	1,100	1,275	1,447	1,617	1,761
Common Stock	590	605	612	618	621	636	659	682	700	724	745
Retained Earnings	-74	-26	99	130	249	354	500	653	790	935	1,090
Treasury Stock	-40	-40	-40	-41	-41	-41	-41	-41	-41	-41	-75
Accumulated Other Comprehensive Income / (Loss)	-9.82	-11	-11	-16	-17	-36	-18	-18	-1.09	-1.06	0.78

This table presents Universal Display's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,530	1,536	1,541	1,623	1,684	1,777	1,811	1,864	1,932	1,947	1,895
Total Current Assets	977	950	878	879	921	959	942	1,018	1,011	1,037	932
Cash & Equivalents	188	158	93	79	74	93	80	157	96	122	159
Short-Term Investments	501	488	466	412	465	438	472	414	429	481	357
Accounts Receivable	78	93	109	122	120	124	88	140	147	74	94
Inventories, net	180	174	176	181	173	172	176	197	208	213	248
Other Current Assets	30	37	34	83	89	133	127	110	130	148	74
Plant, Property, & Equipment, net	138	145	158	175	176	185	191	196	205	210	213
Total Noncurrent Assets	415	440	505	570	587	632	678	650	716	700	749
Long-Term Investments	174	213	211	301	313	362	397	369	432	423	420
Goodwill	16	16	16	16	16	16	16	16	16	16	16
Intangible Assets	50	44	106	102	93	88	84	74	70	65	105
Noncurrent Deferred & Refundable Income Taxes	43	63	70	50	63	67	72	81	83	77	79
Other Noncurrent Operating Assets	133	104	102	101	102	99	110	109	115	119	129
Total Liabilities & Shareholders' Equity	1,530	1,536	1,541	1,623	1,684	1,777	1,811	1,864	1,932	1,947	1,895
Total Liabilities	318	236	202	241	199	250	224	205	217	203	191
Total Current Liabilities	138	115	81	131	95	152	131	113	126	109	98
Accounts Payable	13	9.74	7.33	21	13	24	25	28	38	35	17
Accrued Expenses	50	25	35	39	42	59	53	35	44	43	40
Current Deferred Revenue	67	37	30	67	19	64	47	23	36	23	21
Other Current Liabilities	7.61	42	8.60	5.39	21	5.96	6.12	27	7.00	7.81	19
Total Noncurrent Liabilities	180	121	121	109	104	98	93	92	92	94	93
Noncurrent Deferred Revenue	27	18	18	8.86	13	6.73	2.38	2.35	2.22	1.58	1.73
Noncurrent Employee Benefit Liabilities	67	60	61	61	53	54	54	55	55	56	57
Other Noncurrent Operating Liabilities	86	43	42	39	38	37	36	35	34	37	34
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,212	1,299	1,339	1,382	1,485	1,527	1,587	1,659	1,715	1,745	1,704
Total Preferred & Common Equity	1,212	1,299	1,339	1,382	1,485	1,527	1,587	1,659	1,715	1,745	1,704
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,212	1,299	1,339	1,382	1,485	1,527	1,587	1,659	1,715	1,745	1,704
Common Stock	675	680	687	694	703	713	718	723	733	740	746
Retained Earnings	602	676	709	744	827	860	908	978	1,023	1,046	1,102
Treasury Stock	-41	-41	-41	-41	-41	-41	-41	-41	-41	-41	-142
Accumulated Other Comprehensive Income / (Loss)	-25	-15	-16	-15	-3.79	-4.66	2.58	0.29	0.15	0.92	-2.57

This table displays calculated financial ratios and metrics derived from Universal Display's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.01%	4.10%	68.75%	-26.28%	63.76%	5.85%	29.07%	11.40%	-6.52%	12.36%	0.45%
EBITDA Growth	-35.83%	70.84%	104.01%	-92.34%	322.62%	270.01%	41.30%	9.99%	-16.01%	7.79%	9.22%
EBIT Growth	-44.94%	105.99%	119.96%	-61.26%	180.86%	-0.45%	43.79%	14.35%	-16.67%	6.65%	10.21%
NOPAT Growth	-65.35%	234.54%	111.93%	-48.91%	148.31%	-0.32%	43.00%	13.86%	-14.03%	8.36%	4.74%
Net Income Growth	-64.93%	227.50%	116.11%	-43.36%	135.05%	-3.57%	38.12%	14.03%	-3.36%	9.39%	9.00%
EPS Growth	-65.56%	229.03%	113.73%	-43.12%	135.48%	-4.11%	38.21%	13.70%	-3.64%	9.67%	9.25%
Operating Cash Flow Growth	140.35%	-29.29%	66.00%	-8.67%	59.21%	-23.27%	28.44%	-33.64%	22.05%	63.94%	-16.91%
Free Cash Flow Firm Growth	221.87%	-166.85%	192.19%	59.56%	42.66%	-22.66%	-16.51%	-56.78%	-139.85%	1,114.74%	-45.27%
Invested Capital Growth	-56.05%	168.51%	20.74%	-21.79%	-8.45%	10.82%	51.18%	62.94%	44.74%	5.16%	17.32%
Revenue Q/Q Growth	3.32%	6.57%	14.03%	-15.60%	8.45%	10.23%	0.86%	3.84%	-1.82%	0.62%	1.66%
EBITDA Q/Q Growth	28.06%	1.88%	13.61%	-79.75%	4.83%	1,749.92%	20.35%	-33.48%	-2.54%	-7.95%	8.31%
EBIT Q/Q Growth	43.68%	9.98%	18.69%	-42.94%	13.77%	24.82%	-4.06%	8.66%	-4.15%	-9.05%	9.50%
NOPAT Q/Q Growth	53.98%	18.07%	7.29%	-23.91%	6.45%	28.59%	-3.84%	11.29%	-7.33%	-4.65%	7.65%
Net Income Q/Q Growth	51.07%	19.17%	7.22%	-18.73%	5.47%	25.94%	-4.18%	10.09%	-1.53%	-6.70%	9.16%
EPS Q/Q Growth	47.62%	20.00%	6.86%	-18.95%	5.80%	25.56%	-3.97%	9.73%	-1.62%	-6.63%	9.48%
Operating Cash Flow Q/Q Growth	4.12%	9.56%	19.86%	-22.45%	17.82%	12.73%	-7.81%	-29.92%	28.61%	-0.92%	-1.66%
Free Cash Flow Firm Q/Q Growth	12.28%	-1.83%	35.33%	-21.98%	21.29%	34.78%	-39.82%	-48.38%	65.47%	4.22%	-18.56%
Invested Capital Q/Q Growth	-20.49%	-4.74%	-7.75%	-3.70%	-13.09%	-12.01%	12.46%	25.37%	7.47%	4.39%	8.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.03%	86.78%	83.70%	78.36%	81.40%	80.07%	79.23%	79.26%	76.51%	77.08%	76.31%
EBITDA Margin	23.90%	39.22%	47.42%	4.93%	12.71%	44.45%	48.66%	48.04%	43.16%	41.41%	45.02%
Operating Margin	16.89%	34.40%	43.57%	22.93%	39.08%	36.73%	41.13%	43.32%	37.68%	36.87%	38.21%
EBIT Margin	16.89%	33.43%	43.57%	22.90%	39.27%	36.93%	41.14%	42.23%	37.65%	35.73%	39.21%
Profit (Net Income) Margin	7.68%	24.17%	30.95%	23.78%	34.13%	31.10%	33.28%	34.07%	35.22%	34.29%	37.21%
Tax Burden Percent	44.40%	70.07%	69.47%	91.49%	81.40%	81.56%	80.71%	78.31%	82.80%	81.61%	82.12%
Interest Burden Percent	102.43%	103.18%	102.25%	113.52%	106.78%	103.24%	100.22%	103.00%	112.98%	117.58%	115.57%
Effective Tax Rate	55.60%	29.93%	30.53%	8.51%	18.60%	18.44%	19.29%	21.69%	17.20%	18.39%	17.88%
Return on Invested Capital (ROIC)	12.67%	37.66%	49.62%	26.01%	76.83%	76.01%	82.32%	59.23%	33.57%	29.99%	28.20%
ROIC Less NNEP Spread (ROIC-NNEP)	12.57%	37.63%	49.04%	24.55%	75.22%	75.30%	82.26%	59.12%	30.77%	26.90%	24.26%
Return on Net Nonoperating Assets (RNNOA)	-9.46%	-28.00%	-32.13%	-17.29%	-58.41%	-60.54%	-64.02%	-41.54%	-18.66%	-15.49%	-13.86%
Return on Equity (ROE)	3.21%	9.66%	17.50%	8.72%	18.42%	15.47%	18.31%	17.69%	14.91%	14.50%	14.33%
Cash Return on Invested Capital (CROIC)	90.54%	-53.79%	30.83%	50.47%	85.65%	65.75%	41.57%	11.35%	-2.98%	24.95%	12.26%
Operating Return on Assets (OROA)	6.15%	11.20%	20.78%	6.61%	15.50%	13.26%	16.65%	17.36%	13.56%	13.22%	13.44%
Return on Assets (ROA)	2.80%	8.10%	14.76%	6.87%	13.47%	11.16%	13.47%	14.01%	12.68%	12.69%	12.75%
Return on Common Equity (ROCE)	3.21%	9.66%	17.50%	8.72%	18.42%	15.47%	18.31%	17.69%	14.91%	14.50%	14.33%
Return on Equity Simple (ROE_SIMPLE)	3.14%	9.10%	15.76%	8.52%	17.04%	14.61%	16.75%	16.47%	14.03%	13.74%	0.00%
Net Operating Profit after Tax (NOPAT)	14	48	102	52	129	128	184	209	180	195	204
NOPAT Margin	7.50%	24.10%	30.27%	20.98%	31.81%	29.96%	33.19%	33.92%	31.20%	30.09%	31.37%
Net Nonoperating Expense Percent (NNEP)	0.10%	0.04%	0.59%	1.46%	1.61%	0.71%	0.06%	0.11%	2.81%	3.08%	3.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.40%	12.43%	12.06%	11.59%
Cost of Revenue to Revenue	35.97%	13.22%	16.30%	21.64%	18.60%	19.93%	20.77%	20.74%	23.49%	22.92%	23.69%
SG&A Expenses to Revenue	15.20%	16.53%	13.95%	19.00%	14.71%	14.30%	14.52%	12.63%	11.69%	11.47%	11.42%
R&D to Revenue	23.37%	21.49%	14.64%	21.71%	17.59%	19.56%	18.01%	18.98%	22.64%	24.27%	22.46%
Operating Expenses to Revenue	47.14%	52.38%	40.13%	55.43%	42.32%	43.34%	38.10%	35.94%	38.84%	40.21%	38.10%
Earnings before Interest and Taxes (EBIT)	32	66	146	57	159	158	228	260	217	231	255
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	46	78	159	12	52	191	269	296	249	268	293
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.25	4.82	11.89	6.17	11.60	11.54	6.91	3.93	6.20	4.29	3.15
Price to Tangible Book Value (P/TBV)	6.21	7.40	15.76	7.74	13.58	12.90	7.41	4.13	6.73	4.56	3.30
Price to Revenue (P/Rev)	12.83	12.82	23.35	17.23	23.22	24.55	13.72	8.13	15.58	10.71	8.53
Price to Earnings (P/E)	167.00	53.03	75.43	72.43	68.03	78.94	41.23	23.86	44.22	31.25	22.94
Dividend Yield	0.00%	0.00%	0.07%	0.27%	0.20%	0.27%	0.50%	1.13%	0.74%	1.09%	1.54%
Earnings Yield	0.60%	1.89%	1.33%	1.38%	1.47%	1.27%	2.43%	4.19%	2.26%	3.20%	4.36%
Enterprise Value to Invested Capital (EV/IC)	29.73	11.89	33.05	21.39	54.62	55.11	25.18	9.54	12.89	8.99	5.85
Enterprise Value to Revenue (EV/Rev)	10.75	11.09	22.05	15.14	21.62	22.84	12.22	6.77	14.16	9.25	7.03
Enterprise Value to EBITDA (EV/EBITDA)	44.97	28.28	46.51	307.35	170.01	51.38	25.12	14.09	32.81	22.33	15.61
Enterprise Value to EBIT (EV/EBIT)	63.63	33.18	50.61	66.13	55.05	61.83	29.70	16.03	37.62	25.87	17.93
Enterprise Value to NOPAT (EV/NOPAT)	143.30	46.02	72.85	72.18	67.95	76.23	36.82	19.96	45.40	30.73	22.40
Enterprise Value to Operating Cash Flow (EV/OCF)	18.08	27.46	55.50	30.76	45.17	65.82	35.40	32.92	52.75	23.60	21.69
Enterprise Value to Free Cash Flow (EV/FCFF)	20.05	0.00	117.25	37.20	60.95	88.13	72.91	104.12	0.00	36.93	51.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.75	-0.74	-0.66	-0.70	-0.78	-0.80	-0.78	-0.70	-0.61	-0.58	-0.57
Leverage Ratio	1.15	1.19	1.19	1.27	1.37	1.39	1.36	1.26	1.18	1.14	1.12
Compound Leverage Factor	1.17	1.23	1.21	1.44	1.46	1.43	1.36	1.30	1.33	1.34	1.30
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	17.11	16.70	40.82	11.83	20.11	19.58	14.39	13.84	26.30	21.28	18.57
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	12.97	9.58	8.13	4.77	4.91	5.61	4.93	6.63	7.72	7.18	10.06
Quick Ratio	12.18	8.78	7.41	4.19	4.37	4.92	4.10	4.94	5.50	4.83	6.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	102	-68	63	101	144	111	93	40	-16	162	89
Operating Cash Flow to CapEx	2,226.38%	1,100.52%	447.49%	479.68%	645.10%	531.57%	442.77%	298.41%	258.86%	595.12%	373.35%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.34	0.48	0.29	0.39	0.36	0.40	0.41	0.36	0.37	0.34
Accounts Receivable Turnover	8.16	8.00	8.68	5.18	7.82	6.01	5.83	6.16	4.96	5.11	5.57
Inventory Turnover	2.76	1.75	2.04	1.01	1.13	1.10	1.02	0.81	0.75	0.83	0.73
Fixed Asset Turnover	9.03	8.02	8.02	3.92	5.14	4.51	4.79	4.53	3.62	3.50	3.17
Accounts Payable Turnover	8.53	3.51	5.00	4.41	6.33	6.31	8.00	10.45	13.24	6.25	5.14
Days Sales Outstanding (DSO)	44.71	45.63	42.06	70.43	46.66	60.73	62.61	59.28	73.62	71.43	65.53
Days Inventory Outstanding (DIO)	132.42	208.70	178.77	362.22	324.33	332.09	358.29	452.88	483.99	440.98	501.88
Days Payable Outstanding (DPO)	42.78	103.86	73.02	82.85	57.69	57.85	45.64	34.92	27.57	58.42	70.97
Cash Conversion Cycle (CCC)	134.34	150.46	147.80	349.80	313.30	334.97	375.26	477.24	530.03	453.99	496.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	69	185	224	175	160	178	269	438	634	666	782
Invested Capital Turnover	1.69	1.56	1.64	1.24	2.42	2.54	2.48	1.75	1.08	1.00	0.90
Increase / (Decrease) in Invested Capital	-88	116	38	-49	-15	17	91	169	196	33	115
Enterprise Value (EV)	2,054	2,206	7,401	3,747	8,758	9,794	6,765	4,175	8,164	5,989	4,573
Market Capitalization	2,451	2,549	7,837	4,262	9,409	10,529	7,596	5,013	8,978	6,939	5,552
Book Value per Share	$9.99	$11.25	$14.01	$14.66	$17.22	$19.38	$23.34	$27.00	$30.56	$34.06	$37.04
Tangible Book Value per Share	$8.45	$7.34	$10.57	$11.69	$14.71	$17.33	$21.75	$25.68	$28.18	$32.07	$35.44
Total Capital	467	528	659	691	811	913	1,100	1,275	1,447	1,617	1,761
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-398	-343	-435	-515	-651	-735	-831	-838	-814	-950	-979
Capital Expenditures (CapEx)	5.10	7.30	30	25	30	28	43	42	60	43	56
Debt-free, Cash-free Net Working Capital (DFCFNWC)	18	17	35	-14	-15	30	75	186	284	282	377
Debt-free Net Working Capital (DFNWC)	413	345	455	502	631	760	738	764	798	774	979
Net Working Capital (NWC)	413	345	455	502	631	760	738	764	798	774	979
Net Nonoperating Expense (NNE)	-0.35	-0.13	-2.29	-6.93	-9.41	-4.90	-0.49	-0.88	-23	-27	-38
Net Nonoperating Obligations (NNO)	-398	-343	-435	-515	-651	-735	-831	-838	-814	-950	-979
Total Depreciation and Amortization (D&A)	13	12	13	-44	-108	32	42	36	32	37	38
Debt-free, Cash-free Net Working Capital to Revenue	9.25%	8.63%	10.45%	-5.53%	-3.74%	6.91%	13.52%	30.16%	49.30%	43.50%	57.90%
Debt-free Net Working Capital to Revenue	216.27%	173.55%	135.67%	202.76%	155.72%	177.13%	133.33%	123.86%	138.49%	119.57%	150.48%
Net Working Capital to Revenue	216.27%	173.55%	135.67%	202.76%	155.72%	177.13%	133.33%	123.86%	138.49%	119.57%	150.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	$1.02	$2.19	$1.24	$2.92	$2.80	$3.87	$4.41	$4.25	$4.66	$5.09
Adjusted Weighted Average Basic Shares Outstanding	46.82M	46.41M	46.73M	46.85M	46.96M	47.20M	47.30M	47.39M	47.56M	47.55M	47.55M
Adjusted Diluted Earnings per Share	$0.31	$1.02	$2.18	$1.24	$2.92	$2.80	$3.87	$4.40	$4.24	$4.65	$5.08
Adjusted Weighted Average Diluted Shares Outstanding	47.49M	46.54M	46.81M	46.90M	47.00M	47.24M	47.37M	47.47M	47.62M	47.65M	47.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	46.82M	46.98M	47.05M	47.11M	47.19M	47.11M	48.50M	47.25M	47.37M	47.47M	47.10M
Normalized Net Operating Profit after Tax (NOPAT)	23	48	102	52	129	128	184	209	180	195	204
Normalized NOPAT Margin	11.83%	24.10%	30.27%	20.98%	31.81%	29.96%	33.19%	33.92%	31.20%	30.09%	31.37%
Pre Tax Income Margin	17.30%	34.49%	44.55%	25.99%	41.93%	38.13%	41.24%	43.50%	42.53%	42.02%	45.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	5.44%	19.23%	13.63%	21.33%	20.59%	27.13%	32.87%	34.30%	35.34%
Augmented Payout Ratio	0.00%	0.00%	5.44%	20.04%	14.10%	21.33%	20.59%	27.13%	32.87%	34.30%	48.92%

This table displays calculated financial ratios and metrics derived from Universal Display's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	47,098,284.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	47,098,284.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.76
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-12.13%	-6.34%	26.67%	8.15%	14.57%	2.51%	0.62%	8.38%	-13.62%	6.55%	-14.47%
EBITDA Growth	-26.06%	-7.72%	38.45%	-2.07%	44.02%	-29.91%	14.04%	32.10%	-35.05%	41.41%	-34.96%
EBIT Growth	-30.91%	-12.18%	36.41%	-4.97%	51.52%	-33.99%	14.96%	34.81%	-37.75%	49.48%	-47.78%
NOPAT Growth	-11.30%	-20.90%	44.84%	0.09%	18.83%	-17.74%	10.52%	20.75%	-36.26%	33.26%	-39.54%
Net Income Growth	-3.63%	-4.85%	42.71%	5.35%	29.80%	-25.75%	13.35%	28.52%	-34.16%	44.16%	-44.30%
EPS Growth	-3.57%	-5.15%	43.37%	5.77%	29.63%	-25.58%	13.45%	28.18%	-34.29%	45.83%	-43.70%
Operating Cash Flow Growth	58.52%	1,303.64%	51.52%	585.41%	32.41%	-6.36%	-57.64%	-22.50%	21.69%	-10.27%	256.25%
Free Cash Flow Firm Growth	-234.19%	-39.98%	-18.01%	90.48%	103.23%	107.67%	78.63%	-239.71%	-826.92%	-622.04%	50.58%
Invested Capital Growth	68.84%	44.74%	43.79%	11.54%	8.27%	5.16%	13.65%	19.43%	12.63%	17.32%	6.80%
Revenue Q/Q Growth	-3.74%	12.22%	4.38%	-4.09%	1.97%	0.41%	2.45%	3.32%	-18.73%	23.86%	-17.76%
EBITDA Q/Q Growth	-14.82%	39.15%	-9.75%	-8.44%	25.26%	-32.29%	46.84%	6.06%	-38.41%	47.42%	-32.46%
EBIT Q/Q Growth	-19.21%	44.92%	-10.06%	-9.77%	28.82%	-36.86%	56.64%	5.82%	-40.51%	51.60%	-45.28%
NOPAT Q/Q Growth	1.83%	14.60%	-4.47%	-10.23%	20.90%	-20.67%	28.35%	-1.91%	-36.17%	65.85%	-41.77%
Net Income Q/Q Growth	3.70%	20.31%	-8.27%	-7.94%	27.77%	-31.18%	40.04%	4.38%	-34.55%	50.69%	-45.89%
EPS Q/Q Growth	3.85%	19.44%	-7.75%	-7.56%	27.27%	-31.43%	40.63%	4.44%	-34.75%	52.17%	-45.71%
Operating Cash Flow Q/Q Growth	516.85%	-38.53%	94.65%	-7.13%	19.17%	-56.53%	-11.96%	69.94%	87.12%	-67.95%	249.53%
Free Cash Flow Firm Q/Q Growth	8.02%	26.43%	-4.48%	85.85%	131.21%	74.80%	-376.92%	-124.88%	33.22%	-25.53%	73.79%
Invested Capital Q/Q Growth	3.74%	7.47%	0.95%	0.19%	0.70%	4.39%	7.92%	5.29%	-5.04%	8.73%	-1.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.72%	77.25%	77.63%	75.82%	77.84%	76.98%	77.07%	77.18%	74.58%	76.12%	74.60%
EBITDA Margin	39.43%	48.89%	42.27%	40.35%	49.57%	33.43%	47.91%	49.18%	37.27%	44.36%	36.44%
Operating Margin	34.33%	40.90%	38.04%	35.61%	41.46%	32.34%	41.90%	39.90%	30.90%	38.88%	30.06%
EBIT Margin	33.13%	42.79%	36.87%	34.68%	43.82%	27.55%	42.12%	43.14%	31.58%	38.65%	25.72%
Profit (Net Income) Margin	36.52%	39.15%	34.40%	33.02%	41.37%	28.36%	38.76%	39.15%	31.53%	38.36%	25.24%
Tax Burden Percent	95.61%	81.97%	80.65%	80.66%	82.13%	83.18%	80.44%	80.19%	81.32%	86.53%	79.25%
Interest Burden Percent	115.27%	111.61%	115.70%	118.03%	114.96%	123.73%	114.38%	113.17%	122.79%	114.70%	123.83%
Effective Tax Rate	4.39%	18.03%	19.35%	19.35%	17.87%	16.82%	19.56%	19.81%	18.68%	13.47%	20.75%
Return on Invested Capital (ROIC)	41.07%	36.08%	34.97%	29.77%	35.70%	26.81%	32.35%	30.46%	23.70%	30.24%	20.08%
ROIC Less NNEP Spread (ROIC-NNEP)	40.44%	35.00%	34.25%	28.95%	34.34%	26.54%	31.41%	29.13%	22.79%	29.39%	19.86%
Return on Net Nonoperating Assets (RNNOA)	-25.81%	-21.23%	-21.05%	-16.81%	-20.14%	-15.28%	-17.91%	-16.63%	-13.51%	-16.79%	-11.08%
Return on Equity (ROE)	15.26%	14.85%	13.91%	12.97%	15.56%	11.53%	14.44%	13.83%	10.19%	13.45%	9.00%
Cash Return on Invested Capital (CROIC)	-9.86%	-2.98%	0.54%	21.61%	25.35%	24.95%	16.84%	12.43%	16.06%	12.26%	17.91%
Operating Return on Assets (OROA)	12.34%	15.41%	14.00%	13.03%	16.43%	10.19%	15.40%	15.40%	10.76%	13.25%	8.57%
Return on Assets (ROA)	13.60%	14.10%	13.06%	12.41%	15.51%	10.49%	14.17%	13.98%	10.74%	13.15%	8.41%
Return on Common Equity (ROCE)	15.26%	14.85%	13.91%	12.97%	15.56%	11.53%	14.44%	13.83%	10.19%	13.45%	9.00%
Return on Equity Simple (ROE_SIMPLE)	14.91%	0.00%	14.82%	14.58%	15.00%	0.00%	13.84%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	46	53	51	46	55	44	56	55	35	58	34
NOPAT Margin	32.83%	33.52%	30.68%	28.72%	34.05%	26.90%	33.70%	31.99%	25.13%	33.65%	23.82%
Net Nonoperating Expense Percent (NNEP)	0.63%	1.08%	0.72%	0.82%	1.36%	0.27%	0.94%	1.33%	0.91%	0.85%	0.21%
Return On Investment Capital (ROIC_SIMPLE)	-	3.67%	-	-	-	2.70%	3.38%	3.21%	2.01%	3.30%	1.99%
Cost of Revenue to Revenue	24.28%	22.75%	22.37%	24.18%	22.16%	23.02%	22.93%	22.82%	25.42%	23.88%	25.40%
SG&A Expenses to Revenue	12.82%	10.63%	11.65%	12.52%	9.69%	12.03%	10.23%	11.90%	12.92%	10.89%	14.09%
R&D to Revenue	23.46%	21.25%	22.99%	23.23%	22.33%	28.52%	20.99%	21.16%	26.03%	22.27%	24.78%
Operating Expenses to Revenue	41.39%	36.35%	39.59%	40.21%	36.39%	44.64%	35.17%	37.28%	43.68%	37.24%	44.54%
Earnings before Interest and Taxes (EBIT)	47	68	61	55	71	45	70	74	44	67	37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	56	77	70	64	80	54	80	84	52	77	52
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.33	6.20	5.36	6.53	6.28	4.29	3.99	4.28	3.91	3.15	2.53
Price to Tangible Book Value (P/TBV)	5.83	6.73	5.78	7.01	6.70	4.56	4.22	4.51	4.10	3.30	2.73
Price to Revenue (P/Rev)	12.56	15.58	13.03	16.01	15.47	10.71	10.21	11.09	10.67	8.53	6.89
Price to Earnings (P/E)	35.76	44.22	36.19	44.79	41.84	31.25	28.83	30.01	30.79	22.94	20.22
Dividend Yield	0.87%	0.74%	0.86%	0.71%	0.74%	1.09%	1.18%	1.10%	1.22%	1.54%	2.02%
Earnings Yield	2.80%	2.26%	2.76%	2.23%	2.39%	3.20%	3.47%	3.33%	3.25%	4.36%	4.95%
Enterprise Value to Invested Capital (EV/IC)	11.16	12.89	11.24	14.33	14.12	8.99	7.90	8.43	8.07	5.85	4.40
Enterprise Value to Revenue (EV/Rev)	11.20	14.16	11.63	14.57	14.00	9.25	8.76	9.64	9.07	7.03	5.40
Enterprise Value to EBITDA (EV/EBITDA)	25.77	32.81	26.51	34.03	30.93	22.33	20.43	21.38	21.45	15.61	12.76
Enterprise Value to EBIT (EV/EBIT)	29.06	37.62	30.48	39.42	35.41	25.87	23.61	24.58	24.90	17.93	15.26
Enterprise Value to NOPAT (EV/NOPAT)	33.90	45.40	36.35	46.46	44.09	30.73	28.38	30.46	30.60	22.40	18.57
Enterprise Value to Operating Cash Flow (EV/OCF)	54.67	52.75	39.65	38.39	35.19	23.60	26.78	32.39	27.06	21.69	11.69
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	2,445.64	69.93	57.91	36.93	49.91	73.87	53.23	51.52	25.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.64	-0.61	-0.61	-0.58	-0.59	-0.58	-0.57	-0.57	-0.59	-0.57	-0.56
Leverage Ratio	1.22	1.18	1.16	1.16	1.16	1.14	1.13	1.14	1.13	1.12	1.12
Compound Leverage Factor	1.40	1.31	1.34	1.37	1.33	1.41	1.29	1.29	1.39	1.29	1.38
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	20.04	26.01	25.79	25.64	28.39	20.95	21.15	22.05	21.94	18.25	15.32
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.69	7.72	9.70	6.31	7.18	7.18	9.00	8.05	9.55	10.06	9.54
Quick Ratio	4.67	5.50	6.94	4.31	4.87	4.83	6.29	5.35	6.23	6.69	6.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-194	-143	-142	-20	6.27	11	-30	-68	-46	-57	-15
Operating Cash Flow to CapEx	241.87%	488.79%	1,001.33%	734.15%	586.07%	273.83%	234.03%	358.75%	756.46%	193.63%	1,265.26%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.36	0.38	0.38	0.37	0.37	0.37	0.36	0.34	0.34	0.33
Accounts Receivable Turnover	5.86	4.96	5.76	5.33	6.13	5.11	5.01	4.88	7.91	5.57	5.37
Inventory Turnover	0.72	0.75	0.80	0.84	0.82	0.83	0.81	0.79	0.77	0.73	0.68
Fixed Asset Turnover	3.76	3.62	3.81	3.63	3.52	3.50	3.49	3.39	3.19	3.17	3.06
Accounts Payable Turnover	7.62	13.24	12.34	9.40	6.49	6.25	7.27	4.85	5.05	5.14	6.71
Days Sales Outstanding (DSO)	62.29	73.62	63.38	68.46	59.51	71.43	72.91	74.83	46.17	65.53	67.92
Days Inventory Outstanding (DIO)	509.77	483.99	454.56	435.92	443.28	440.98	451.66	460.85	472.20	501.88	534.63
Days Payable Outstanding (DPO)	47.90	27.57	29.57	38.82	56.22	58.42	50.17	75.31	72.22	70.97	54.39
Cash Conversion Cycle (CCC)	524.15	530.03	488.37	465.56	446.57	453.99	474.39	460.37	446.16	496.44	548.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	590	634	633	634	638	666	719	757	719	782	768
Invested Capital Turnover	1.25	1.08	1.14	1.04	1.05	1.00	0.96	0.95	0.94	0.90	0.84
Increase / (Decrease) in Invested Capital	240	196	193	66	49	33	86	123	81	115	49
Enterprise Value (EV)	6,579	8,164	7,110	9,081	9,012	5,989	5,681	6,383	5,801	4,573	3,381
Market Capitalization	7,372	8,978	7,962	9,974	9,960	6,939	6,621	7,341	6,827	5,552	4,317
Book Value per Share	$29.20	$30.56	$31.22	$32.18	$33.44	$34.06	$34.96	$36.08	$36.71	$37.04	$36.18
Tangible Book Value per Share	$26.72	$28.18	$28.95	$30.00	$31.35	$32.07	$33.06	$34.28	$35.00	$35.44	$33.62
Total Capital	1,382	1,447	1,485	1,527	1,587	1,617	1,659	1,715	1,745	1,761	1,704
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-793	-814	-852	-893	-948	-950	-940	-958	-1,026	-979	-936
Capital Expenditures (CapEx)	25	7.58	7.21	9.13	14	13	13	14	13	16	8.61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	256	284	287	277	259	282	334	360	326	377	318
Debt-free Net Working Capital (DFNWC)	747	798	826	807	811	774	905	885	929	979	835
Net Working Capital (NWC)	747	798	826	807	811	774	905	885	929	979	835
Net Nonoperating Expense (NNE)	-5.20	-8.90	-6.15	-6.82	-12	-2.36	-8.41	-12	-8.94	-8.16	-2.01
Net Nonoperating Obligations (NNO)	-793	-814	-852	-893	-948	-950	-940	-958	-1,026	-979	-936
Total Depreciation and Amortization (D&A)	8.89	9.67	8.93	8.99	9.29	9.54	9.62	10	7.95	9.87	15
Debt-free, Cash-free Net Working Capital to Revenue	43.55%	49.30%	46.95%	44.44%	40.26%	43.50%	51.49%	54.39%	50.89%	57.90%	50.77%
Debt-free Net Working Capital to Revenue	127.29%	138.49%	135.19%	129.58%	125.94%	119.57%	139.56%	133.72%	145.11%	150.48%	133.19%
Net Working Capital to Revenue	127.29%	138.49%	135.19%	129.58%	125.94%	119.57%	139.56%	133.72%	145.11%	150.48%	133.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.08	$1.30	$1.19	$1.10	$1.40	$0.97	$1.35	$1.41	$0.93	$1.40	$0.76
Adjusted Weighted Average Basic Shares Outstanding	47.57M	47.56M	47.56M	47.55M	47.54M	47.55M	47.57M	47.59M	47.55M	47.55M	47.08M
Adjusted Diluted Earnings per Share	$1.08	$1.29	$1.19	$1.10	$1.40	$0.96	$1.35	$1.41	$0.92	$1.40	$0.76
Adjusted Weighted Average Diluted Shares Outstanding	47.63M	47.62M	47.63M	47.63M	47.67M	47.65M	47.69M	47.67M	47.68M	47.66M	47.21M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.36M	47.37M	47.44M	47.45M	47.46M	47.47M	47.53M	47.53M	47.54M	47.10M	46.75M
Normalized Net Operating Profit after Tax (NOPAT)	46	53	51	46	55	44	56	55	35	58	34
Normalized NOPAT Margin	32.83%	33.52%	30.68%	28.72%	34.05%	26.90%	33.70%	31.99%	25.13%	33.65%	23.82%
Pre Tax Income Margin	38.19%	47.76%	42.66%	40.94%	50.37%	34.09%	48.18%	48.82%	38.78%	44.33%	31.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.21%	32.87%	31.58%	32.33%	31.29%	34.30%	33.99%	32.83%	37.23%	35.34%	41.02%
Augmented Payout Ratio	31.21%	32.87%	31.58%	32.33%	31.29%	34.30%	33.99%	32.83%	37.23%	48.92%	87.86%

Financials Breakdown Chart

Key Financial Trends

Here are the top trend signals for Universal Display (OLED) based on the latest four quarters of 2025, with context from the prior year where relevant. The notes focus on performance patterns that retail investors typically care about: profitability, revenue health, cash flow, and balance-sheet strength.

Strong and stable gross margins in 2025. Gross margin stayed in the mid-70s percent range across 2025 (Q4 2025: 131.629M gross profit on 172.927M revenue ≈ 76.0%; Q3 2025 ≈ 74.5%; Q2 2025 ≈ 77.2%; Q1 2025 ≈ 77.1%).
Year-over-year revenue growth at year-end. Q4 2025 revenue was 172.927M, up from Q4 2024’s 162.293M (about +6.5%), indicating solid full-year revenue resilience.
Solid quarterly earnings signals in Q4 2025. Net income from continuing operations was 66.34M in Q4 2025, with diluted earnings per share of 1.40, consistent with the 2025 quarterly trend of mid-range profitability.
Positive operating cash flow signals, with quarterly variability. Operating cash flow (net cash from continuing operations) was 31.15M in Q4 2025 (and as high as 97.18M in Q3 2025), showing ongoing ability to generate cash from core operations.
Strong balance-sheet position and liquidity. Total equity remains robust (roughly 1.75B across recent quarters) with relatively modest total liabilities (around 0.20B in recent periods). Cash and equivalents rose notably earlier in 2025 and stood around 121.6M by mid-2025, signaling solid liquidity against operations.
Investing cash flows show timing-driven volatility. Net cash from continuing investing activities swung from large outflows (e.g., Q2 2025 and Q3 2025) to inflows (notably Q4 2025 with investment maturities), indicating management timing of investments rather than a clear, simple pattern.
Dividend per share remains steady at 0.45 USD. Cash dividends per share were 0.45 in multiple quarters, providing a predictable income component for shareholders.
Revenue dip in Q3 2025 signals near-term seasonality or cyclicality. Q3 2025 revenue declined to 139.613M from 161.627M (Q3 2024) and 162.293M (Q4 2024), a meaningful quarterly drop that may reflect seasonality or other cyclic factors.
Financing cash outflows are persistent. Net cash from financing activities was negative in all 2025 quarters (e.g., Q4 −53.9M; Q3 −20.9M; Q2 −20.9M; Q1 −30.2M), indicating ongoing external funding of dividends or other financing uses rather than net inflows.
Heavy investing outflows in some quarters. Notable investing outflows in several periods (e.g., Q2 2025 and Q2/Q3 2025, with substantial purchases of investments) suggest ongoing capital deployment that could pressure near-term liquidity, despite occasional inflows from maturities/sales.

05/22/26 03:13 PM ETAI Generated. May Contain Errors.

Universal Display Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Universal Display's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Universal Display's net income appears to be on an upward trend, with a most recent value of $242.08 million in 2025, rising from $14.68 million in 2015. The previous period was $222.08 million in 2024. See Universal Display's forecast for analyst expectations on what's next for the company.

Universal Display's total operating income in 2025 was $248.58 million, based on the following breakdown:

Total Gross Profit: $496.49 million
Total Operating Expenses: $247.91 million

Over the last 10 years, Universal Display's total revenue changed from $191.05 million in 2015 to $650.61 million in 2025, a change of 240.6%.

Universal Display's total liabilities were at $202.74 million at the end of 2025, a 6.1% decrease from 2024, and a 118.8% increase since 2015.

In the past 10 years, Universal Display's cash and equivalents has ranged from $91.99 million in 2023 to $630.01 million in 2020, and is currently $138.35 million as of their latest financial filing in 2025.

Over the last 10 years, Universal Display's book value per share changed from 9.99 in 2015 to 37.04 in 2025, a change of 270.7%.

Related Companies

Financial statements for NASDAQ:OLED last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Universal Display (OLED) Financials

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Universal Display (OLED) Financials

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