OLED

MKT CAP:$5B

Universal Display Corporation

Market Cap

$5B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$101.00-$20.85 (-17.11%)

Apr 17, 2026

Company Details

Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. It owns, exclusively licen...

CEO

Steven V. Abramson

IPO Date

Apr 11, 1996

Website

oled.com

Key Metrics TTM

Revenue

$651M

+1.1% YoY

Net Income

$242M

EPS (Diluted)

$5.07

Free Cash Flow

$154M

Revenue / Share

$13.64

Gross Margin

74.9%

Operating Margin

38.5%

Net Margin

37.2%

FCF Margin

23.7%

P/S

7.2x

P/E

19.3x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 19, 2026

$651M+0.5%EPS $5.08

Q4 2025

Feb 19, 2026

$173MEPS $1.39

Q3 2025

Nov 6, 2025

$140M-13.6%EPS $0.92

Q2 2025

Jul 31, 2025

$172M+8.4%EPS $1.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$64M	$59M	$34M
Q3 16	$30M	$24M	-$3M
Q4 16	$75M	$65M	$35M
Q4 21	$146M	$114M	$56M
Q4 22	$169M	$139M	$83M
Q1 23	$130M	$97M	$45M
Q2 23	$147M	$114M	$59M
Q3 23	$141M	$107M	$48M
Q4 23	$158M	$122M	$65M
Q1 24	$165M	$128M	$63M
Q2 24	$159M	$120M	$56M
Q3 24	$162M	$126M	$67M
Q1 25	$166M	$128M	$70M
Q2 25	$172M	$133M	$69M
Q3 25	$140M	$99M	$43M
Q4 25	$173M	$127M	$69M

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q3 16	—	—
Q4 16	—	—
Q4 21	14.8x	50.9x
Q4 22	11.1x	34.6x
Q1 23	9.0x	26.5x
Q2 23	7.9x	23.3x
Q3 23	8.0x	22.7x
Q4 23	8.1x	23.1x
Q1 24	7.7x	21.3x
Q2 24	7.5x	21.0x
Q3 24	7.3x	19.7x
Q1 25	7.2x	19.5x
Q2 25	7.1x	18.7x
Q3 25	7.3x	19.3x
Q4 25	7.2x	19.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	$36M	-$62M
Q3 16	$4M	$2M
Q4 16	$40M	$37M
Q4 21	$57M	$43M
Q4 22	$3M	-$9M
Q1 23	$48M	$38M
Q2 23	$10M	-$74M
Q3 23	$60M	$35M
Q4 23	$37M	$29M
Q1 24	$72M	$65M
Q2 24	$67M	$58M
Q3 24	$80M	$66M
Q1 25	$31M	$18M
Q2 25	$52M	$37M
Q3 25	$97M	$84M
Q4 25	$31M	$15M

Capital Expenditures

Quarter	CapEx
Q2 16	$98M
Q3 16	$2M
Q4 16	$3M
Q4 21	$14M
Q4 22	$11M
Q1 23	$9M
Q2 23	$84M
Q3 23	$25M
Q4 23	$8M
Q1 24	$7M
Q2 24	$9M
Q3 24	$14M
Q1 25	$13M
Q2 25	$14M
Q3 25	$13M
Q4 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+162.5%	+183.0%
Q1 23	+331.8%	+156.2%
Q2 23	+96.5%	+120.8%
Q3 23	-3.5%	+3.2%
Q4 23	-6.3%	+8.9%
Q1 24	+26.7%	+20.3%
Q2 24	+8.1%	+16.1%
Q3 24	+14.6%	+2.1%
Q1 25	+5.0%	+3.2%
Q2 25	+4.0%	+0.8%
Q3 25	-11.9%	-5.5%
Q4 25	+7.0%	+10.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$3M	4.7%
Q3 16	$3M	10.6%
Q4 16	$4M	4.8%
Q4 21	$12M	8.5%
Q4 22	$6M	3.7%
Q1 23	$4M	3.4%
Q2 23	$7M	4.7%
Q3 23	$7M	5.2%
Q4 23	$5M	3.5%
Q1 24	$9M	5.6%
Q2 24	$9M	5.9%
Q3 24	$5M	3.3%
Q1 25	$7M	4.3%
Q2 25	$9M	5.4%
Q3 25	$6M	4.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 16	$11M	$8M
Q3 16	$10M	$8M
Q4 16	$11M	$10M
Q4 21	$27M	$23M
Q4 22	$32M	$19M
Q1 23	$31M	$15M
Q2 23	$32M	$17M
Q3 23	$33M	$18M
Q4 23	$34M	$17M
Q1 24	$38M	$19M
Q2 24	$37M	$20M
Q3 24	$36M	$16M
Q1 25	$35M	$17M
Q2 25	$36M	$20M
Q3 25	$36M	$18M
Q4 25	$37M	$19M

Revenue Segments

Quarter	Contract Research Services	Material Sales	Royalty And License Fees
Q4 21	$4M	$86M	$56M
Q4 22	$5M	$88M	$76M
Q1 23	$5M	$70M	$55M
Q2 23	$5M	$77M	$64M
Q3 23	$3M	$92M	$46M
Q4 23	$3M	$82M	$73M
Q1 24	$4M	$93M	$68M
Q2 24	$4M	$95M	$60M
Q3 24	$4M	$83M	$75M
Q1 25	$7M	$86M	$74M
Q2 25	$7M	$89M	$76M
Q3 25	$4M	$83M	$53M
Q4 25	$5M	$96M	$73M

Revenue by Geography

Quarter	China	Japan	Korea, Republic Of	United States	Other Non U S
Q2 16	$2M	$800.0K	$61M	$179.0K	—
Q3 16	$2M	$1M	$25M	$2M	$396.0K
Q4 16	$2M	$976.0K	$70M	$2M	$433.0K
Q4 21	$54M	$2M	$85M	$4M	$880.0K
Q4 22	$71M	$1M	$91M	$4M	$2M
Q1 23	$57M	$2M	$66M	$4M	$1M
Q2 23	$58M	$2M	$82M	$4M	$2M
Q3 23	$49M	$2M	$87M	$3M	$541.0K
Q4 23	$66M	$2M	$87M	$3M	$555.0K
Q1 24	$57M	$1M	$102M	$2M	$2M
Q2 24	$45M	$1M	$108M	$4M	$273.0K
Q3 24	$61M	$503.0K	$95M	$4M	$975.0K
Q1 25	$71M	$413.0K	$87M	$7M	$454.0K
Q2 25	$76M	$2M	$87M	$7M	$534.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$357M	$325M	$682M
Q2 22	$214M	$439M	$653M
Q3 22	$188M	$501M	$689M
Q4 22	$93M	$484M	$578M
Q1 23	$158M	$488M	$646M
Q2 23	$93M	$466M	$559M
Q3 23	$79M	$412M	$492M
Q4 23	$92M	$422M	$514M
Q1 24	$74M	$465M	$539M
Q2 24	$93M	$438M	$531M
Q3 24	$80M	$472M	$552M
Q4 24	$99M	$394M	$493M
Q1 25	$157M	$414M	$571M
Q2 25	$96M	$429M	$525M
Q3 25	$122M	$481M	$603M
Q4 25	$138M	$464M	$602M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	47M	—	—
Q3 16	47M	-0.2%	—
Q4 16	47M	+0.2%	—
Q4 21	47M	+0.7%	—
Q4 22	47M	+0.2%	+1.0%
Q1 23	48M	+0.2%	+1.3%
Q2 23	48M	+0.1%	+1.2%
Q3 23	48M	+0.0%	+0.5%
Q4 23	48M	+0.1%	+0.3%
Q1 24	48M	-0.1%	+0.1%
Q2 24	48M	-0.0%	+0.0%
Q3 24	48M	+0.1%	+0.1%
Q1 25	48M	+0.0%	+0.1%
Q2 25	48M	-0.0%	+0.1%
Q3 25	48M	+0.0%	+0.1%
Q4 25	48M	+0.0%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	$420.9K	153
Q3 16	$197.5K	153
Q4 16	$369.2K	202
Q4 21	$357.6K	409
Q4 22	$381.6K	443
Q1 23	$294.5K	443
Q2 23	$330.8K	443
Q3 23	$318.5K	443
Q4 23	$347.2K	456
Q1 24	$362.4K	456
Q2 24	$347.6K	456
Q3 24	$354.4K	456
Q1 25	$355.3K	468
Q2 25	$367.1K	468
Q3 25	$298.3K	468
Q4 25	$368.7K	469

Revenue / Employee