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Universal Display Corp \pa\ (OLED) stock

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NASDAQ: OLED Nasdaq Electronic Components Next results ~January 27, 2027

B+ Fundamentals grade

Universal Display Corp \pa\ is a US-listed company in the electronic components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$76

Cash-flow model

Base case. Range ~$59–$98 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 18% above our base value.

Price used: $89.84, November 2, 2026

Universal Display Corp \pa\ valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 1 selling7 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds218 adding, 229 cuttingOf 55 active managers that changed their stake, 35 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Universal Display Corp \pa\ files

10-Q filed October 28: Universal Display

Universal Display's revenue over the twelve months to September 2026 came in at $628m, down 1.9% on the prior year. That decline has narrowed from the 8.3% drop recorded a quarter earlier, though the company still ranks 10 of 10 for growth among the electronic components firms we track. Profitability has improved more convincingly: free-cash-flow margin climbed to 36.9%, up from 25.2% a year ago. This improvement lifts the fundamentals grade from C to B+. Despite that upgrade, our model value is barely changed at $66.34 a share, well below the current price of $90.36. Given that gap, the rating remains Sell.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Universal Display stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $607m, down 8.3% on a year earlier, slower than -3.4% a quarter earlier. That puts it 915 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 36.3% from 21.6% a year earlier. Operating margin narrowed to 34.1% from 38.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $55.89 a share, against a share price of $81.43.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Universal Display Corp \pa\'s trailing-twelve-month revenue fell 1.9% year on year, with a free-cash-flow margin of 36.9%. Where it stands out: gross margin of 74.9% ranks 1 of 24 electronic components companies we cover. Where it lags: revenue growth of -1.9% ranks 25 of 26 electronic components companies we cover.

Our discounted-cash-flow model values the business at ~$76 per share in the base case (~$59–$98 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 43.6% while net income grew 4.0%: a 40pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 34.6% of revenue is left as operating profit, against a median of 9.0% for electronic components companies we cover.
  • Strong cash generation. 36.9% of revenue turned into free cash flow, against a median of 5.6% for electronic components companies we cover.
  • Shrinking share count. Diluted shares fell 1.8% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Revenue shrinking. Revenue fell 1.9% over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 5.3% over 90 days.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$1.06 against an average estimate of $1.03: beat by 2.4%
Revenue
$160m, up 14.9% on a year earlier
Share reaction
-6.0% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue $630m (2026)
Next report
October 28, 2026; average EPS estimate $1.13

Universal Display Corp \pa\'s figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+7.1%
  • 1 week+1.5%
  • 1 month+11.8%
  • This year-21.7%
  • 1 year-37.7%
  • 5 years-48.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$628M
Operating margin
34.6%
Net margin
36.7%
EPS (TTM, diluted)
$4.93

Growth

Revenue growth
−1.9%
Change in growth rate
+6.4 pts
Share count change
−1.8%

Cash

Free cash flow (TTM)
$232M
FCF margin
36.9%
Stock pay % of revenue
3.9%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Dividend
  4. Announcement
  5. Announcement
  6. Product
  7. Announcement
  8. Announcement
  9. Product
  10. Results
  11. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Universal Display Corp \pa\ valuation models and calculator

What the price is pricing in

The share price implies about 5.9% a year of cash-flow growth for five years.That is close to the 2.5% a year revenue growth Universal Display Corp \pa\ has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in5.9%
  • Last 12 months-1.9%
  • 3 years a year2.3%
  • 5 years a year2.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($88.13, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$76
Price used
$88.13close November 3, 2026
Implied change
▼ 14%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Universal Display Corp \pa\'s free cash flow after stock-based pay with after-tax interest added back ($174M, FY2026 Q3 TTM), growing 5% and 3.7% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$59–~$98 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Universal Display Corp \pa\'s free cash flow after stock-based pay ( $174M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Universal Display Corp \pa\ as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.33 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$76 ~$59–$98 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$86 ~$68–$130 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$54 ~$41–$73 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$56 ~$50–$64 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$70 ~$54–$86 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Universal Display Corp \pa\ with Electronic Components in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ +40%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $64$84$110$145$190$248
8.5% $51$65$84$109$141$182
10% $43$54$69$88$112$144

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$50.69$52.42$160.92$87.40$192.93$215.91$155.70$102.97$183.94$141.85$114.80$89.84
Market value$2.4bn$2.4bn$7.5bn$4.1bn$9.1bn$10.2bn$7.4bn$4.9bn$8.8bn$6.8bn$5.5bn$4.2bn
+ Net debt (− = net cash)−$98m−$139m−$133m−$211m−$132m−$630m−$311m−$93m−$92m−$98m−$137m−$92m
Enterprise value$2.3bn$2.3bn$7.4bn$3.9bn$8.9bn$9.6bn$7.1bn$4.8bn$8.7bn$6.7bn$5.3bn$4.1bn
Multiples
Price / sales 12.4x12.3x22.4x16.6x22.4x23.8x13.3x7.9x15.2x10.4x8.4x6.7x
Price / earnings 22.8x50.7x72.5x69.7x65.6x76.5x40.0x23.3x43.1x30.4x22.6x18.2x
Price / free cash flow 21.9x33.4x72.7x42.5x55.3x84.4x49.8x58.0x92.2x32.0x35.4x18.2x
EV / EBITDA 64.3x31.6x48.9x59.5x52.3x55.4x28.5x16.4x35.4x25.2x19.3x16.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

88 /100

Strong moat

How hard Universal Display Corp \pa\'s competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 21.0% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 78.9%, moving by 2.6 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 38.1%; its worst year was 32.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 29.9% of revenue.

  • Discipline 14 / 20

    The diluted share count fell 1.1% over five years; stock-based pay has been a median 4.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (93 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.20 −17% $631m −3%
Next $4.73 +13% $678m +8%

Next year's EPS estimate has moved −5.3% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.9% on 90 days ago. In the last 30 days, 1 analyst raised Universal Display Corp \pa\'s forecast and 5 cut it.

Consensus EPS forecast Universal Display Corp \pa\, last 90 days
$4.00 $4.50 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.28 Current fiscal year, 60 days ago: $4.31 Current fiscal year, 30 days ago: $4.31 Current fiscal year, 7 days ago: $4.19 Current fiscal year, Now: $4.20 $4.20 Next fiscal year, 90 days ago: $5.00 Next fiscal year, 60 days ago: $4.96 Next fiscal year, 30 days ago: $4.96 Next fiscal year, 7 days ago: $4.79 Next fiscal year, Now: $4.73 $4.73

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.28$5.00
60 days ago $4.31$4.96
30 days ago $4.31$4.96
7 days ago $4.19$4.79
Now $4.20$4.73

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.03 $1.06 +2.4%
Mar 2026 $1.15 $0.76 −34.0%
Dec 2025 $1.28 $1.39 +8.4%
Sept 2025 $1.20 $0.92 −23.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • revenue 2026 about $630m Lowered
    “The Company now believes that its 2026 revenue will be around the lower end of its previous guidance range of $630 million to $670 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Universal Display Corp \pa\'s revenue by +5.0% next year and +3.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.2%, weight 52%) , management guidance (+6.1%, weight 21%) and the company's own record (+2.0%, weight 28%) . How the weights are set.

Analyst recommendations

9 analysts, Oct 2026
Buy667%
Hold222%
Sell111%

Monthly trend

  1. Oct 202615219
  2. Sep 20261539
  3. Aug 20261539

Counts of recommendations published by analysts covering Universal Display Corp \pa\, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.9%
of tradable shares
Days to cover
6.11
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
8.4%
of shares
Employees
469
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −37.7%

$144.23 on October 31, 2025 to $89.84

ThenNowEffect
Revenue (last 12 months) $662m $607m −8.3%
Net margin 36.9% 32.2% −12.7%
P/E multiple 28.1x 21.7x −22.8%
Share count 48m 47m +0.8%

Biggest factor: p/e multiple.

Last 3 years −36.3%

$141.15 on November 3, 2023 to $89.84

ThenNowEffect
Revenue (last 12 months) $607m $607m 0.0%
Net margin 34.3% 32.2% −6.0%
P/E multiple 32.2x 21.7x −32.7%
Share count 48m 47m +0.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
OLED−28%−34%+79%−23%−19%−22%
Industry peers (median)+21%−12%+10%+11%+8%+19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
OLED50%42%67%42%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
OLED−45%−49%−17%−38%−34%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 70% from January 19, 2021 to October 8, 2026. Getting back needed a 236% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$72.90 – $143.71
From 52-week high
−37.5%
vs 50-day average
+11.4%
vs 200-day average
−1.2%
Volatility (1 year)
43%
Beta vs S&P 500
1.36

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±10.1%
After a week
5 up, 6 down
typical move ±11.0%
After a month
5 up, 6 down
typical move ±12.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −6.0% 0.0% — —
July 30, 2026 0.0% +2.4% +8.8% +3.5%
April 30, 2026 +7.5% +1.3% +3.5% +6.4%
February 19, 2026 −13.2% +0.5% −10.7% −20.6%
November 6, 2025 −14.9% −1.0% −20.2% −16.7%
July 31, 2025 −1.0% −2.0% −5.4% −5.4%
May 1, 2025 +14.6% +2.2% +13.1% +16.6%
February 20, 2025 +7.3% −2.1% +3.0% +1.6%
October 30, 2024 −15.7% −2.3% −13.1% −23.1%
August 1, 2024 −22.6% −3.3% −24.5% −13.0%
May 2, 2024 +11.9% +2.2% +13.8% +16.3%
February 22, 2024 −6.5% +2.1% −5.1% −9.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Universal Display Corp \pa\’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.19× the last 60 days’ realised volatility , richer than 54% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

OLED Universal Display Corp \pa\ Grade B+ $89.38

Own 100 shares, sell the $100 call expiring December 18, 2026 (46 days) for $2.50 a share — $250 per contract.

Previous session · Bid $2.50, ask $3.00, quoted Mon 2 Nov, 17:32 New York time with OLED at $89.38. Option prices move with the shares: check the live chain at your broker before trading.

  • If OLED ends below $100: you keep your shares and the $250 — 2.8% extra on the position, 22.2% a year at that pace.
  • If it ends above $100: your shares are sold at $100, a total return of 14.7% including the premium — at or above our value of ~$76.
$1.3k $0 −$1.7k Our value $76.00 Break-even $86.88 Price $89.38
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$250
Annualised
22.2%
Break-even
$86.88
Max gain
$1,312
Chance of selling
~31%

Collar

Own the shares, buy the $85.00 put and sell the $100 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.60 a share ($160 per contract of 100 shares).
  • Worst case at expiry: -6.7%, if the shares fall below $85.00 (-4.9% from today).
  • Best case at expiry: +10.1%, if the shares rise above $100 (+11.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $76.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Universal Display Corp \pa\ in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Universal Display Corp \pa\
$550M $600M $650M $700M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $576.4M Revenue (TTM), FY24 Q1: $611.2M Revenue (TTM), FY24 Q2: $623.2M Revenue (TTM), FY24 Q3: $643.7M Revenue (TTM), FY24 Q4: $647.7M Revenue (TTM), FY25 Q1: $648.7M Revenue (TTM), FY25 Q2: $662M Revenue (TTM), FY25 Q3: $640M Revenue (TTM), FY25 Q4: $650.6M Revenue (TTM), FY26 Q1: $626.5M Revenue (TTM), FY26 Q2: $606.9M Revenue (TTM), FY26 Q3: $627.7M $627.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $576.4M
FY24 Q1 $611.2M
FY24 Q2 $623.2M
FY24 Q3 $643.7M
FY24 Q4 $647.7M
FY25 Q1 $648.7M
FY25 Q2 $662M
FY25 Q3 $640M
FY25 Q4 $650.6M
FY26 Q1 $626.5M
FY26 Q2 $606.9M
FY26 Q3 $627.7M
Revenue growth, TTM YoY Universal Display Corp \pa\
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -6.5% Revenue growth, TTM YoY, FY24 Q1: 2.4% Revenue growth, TTM YoY, FY24 Q2: 2.7% Revenue growth, TTM YoY, FY24 Q3: 9.6% Revenue growth, TTM YoY, FY24 Q4: 12.4% Revenue growth, TTM YoY, FY25 Q1: 6.1% Revenue growth, TTM YoY, FY25 Q2: 6.2% Revenue growth, TTM YoY, FY25 Q3: -0.6% Revenue growth, TTM YoY, FY25 Q4: 0.5% Revenue growth, TTM YoY, FY26 Q1: -3.4% Revenue growth, TTM YoY, FY26 Q2: -8.3% Revenue growth, TTM YoY, FY26 Q3: -1.9% -1.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -6.5%
FY24 Q1 2.4%
FY24 Q2 2.7%
FY24 Q3 9.6%
FY24 Q4 12.4%
FY25 Q1 6.1%
FY25 Q2 6.2%
FY25 Q3 -0.6%
FY25 Q4 0.5%
FY26 Q1 -3.4%
FY26 Q2 -8.3%
FY26 Q3 -1.9%
Operating margin (TTM) Universal Display Corp \pa\
34% 36% 38% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 37.7% Operating margin (TTM), FY24 Q1: 38.4% Operating margin (TTM), FY24 Q2: 37.3% Operating margin (TTM), FY24 Q3: 39.0% Operating margin (TTM), FY24 Q4: 36.9% Operating margin (TTM), FY25 Q1: 37.9% Operating margin (TTM), FY25 Q2: 38.9% Operating margin (TTM), FY25 Q3: 36.5% Operating margin (TTM), FY25 Q4: 38.2% Operating margin (TTM), FY26 Q1: 35.4% Operating margin (TTM), FY26 Q2: 34.1% Operating margin (TTM), FY26 Q3: 34.6% 34.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 37.7%
FY24 Q1 38.4%
FY24 Q2 37.3%
FY24 Q3 39.0%
FY24 Q4 36.9%
FY25 Q1 37.9%
FY25 Q2 38.9%
FY25 Q3 36.5%
FY25 Q4 38.2%
FY26 Q1 35.4%
FY26 Q2 34.1%
FY26 Q3 34.6%
FCF margin (TTM) Universal Display Corp \pa\
10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.5% FCF margin (TTM), FY24 Q1: 19.9% FCF margin (TTM), FY24 Q2: 30.1% FCF margin (TTM), FY24 Q3: 34.0% FCF margin (TTM), FY24 Q4: 32.6% FCF margin (TTM), FY25 Q1: 25.2% FCF margin (TTM), FY25 Q2: 21.6% FCF margin (TTM), FY25 Q3: 25.2% FCF margin (TTM), FY25 Q4: 23.7% FCF margin (TTM), FY26 Q1: 37.8% FCF margin (TTM), FY26 Q2: 36.3% FCF margin (TTM), FY26 Q3: 36.9% 36.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.5%
FY24 Q1 19.9%
FY24 Q2 30.1%
FY24 Q3 34.0%
FY24 Q4 32.6%
FY25 Q1 25.2%
FY25 Q2 21.6%
FY25 Q3 25.2%
FY25 Q4 23.7%
FY26 Q1 37.8%
FY26 Q2 36.3%
FY26 Q3 36.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Universal Display Corp \pa\ took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $651M
  2. Other income $46.2M · 7.1%
  3. Cost of revenue $154M · 23.7%
  4. Gross profit $496M · 76.3%
  5. Research and development $146M · 22.5%
  6. Selling, general and admin $74.3M · 11.4%
  7. Other operating costs $27.5M · 4.2%
  8. Operating income $249M · 38.2%
  9. Income tax $52.7M · 8.1%
  10. Net income $242M · 37.2%

Shares of revenue. Source: Universal Display Corp \pa\'s 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 16 31 61 83 147 191 191 199 336 247 405 429 554 617 576 648 651 628
Gross profit — — — — — 150 128 173 281 194 330 343 439 489 441 499 496 470
EBITDA −18 −9 7 16 40 61 35 73 151 65 171 173 248 292 245 265 277 248
Operating income −20 −10 6 14 38 59 32 68 146 57 158 158 228 267 217 239 249 217
Net income −21 −20 3 10 74 42 104 48 104 59 138 133 184 210 203 222 242 231
Diluted EPS −$0.56 −$0.53 $0.07 $0.21 $1.59 $0.90 $2.18 $1.02 $2.18 $1.24 $2.92 $2.80 $3.87 $4.40 $4.24 $4.65 $5.08 $4.93
Growth (year on year)
Revenue — +93.5% +100.7% +35.8% +76.2% +30.3% +0.0% +4.1% +68.8% −26.3% +63.8% +5.8% +29.1% +11.4% −6.5% +12.4% +0.5% −1.9%
EBITDA — — — +119.3% +157.4% +50.7% −41.7% +105.5% +108.0% −56.8% +161.4% +1.1% +43.3% +17.9% −16.2% +8.2% +4.6% −5.0%
Operating income — — — +140.5% +179.6% +53.3% −44.9% +112.0% +113.8% −61.2% +179.1% −0.5% +44.5% +17.3% −18.7% +10.0% +4.1% −7.1%
Net income — — — +206.2% +666.6% −43.5% +148.2% −53.7% +116.1% −43.4% +135.1% −3.6% +38.1% +14.0% −3.4% +9.4% +9.0% +4.0%
Diluted EPS — — — +200.0% +657.1% −43.4% +142.2% −53.2% +113.7% −43.1% +135.5% −4.1% +38.2% +13.7% −3.6% +9.7% +9.2% +5.9%
Margins
Gross margin — — — — — 78.4% 67.0% 86.8% 83.7% 78.4% 81.4% 80.1% 79.2% 79.3% 76.5% 77.1% 76.3% 74.9%
EBITDA margin −115.3% −27.9% 11.6% 18.8% 27.5% 31.8% 18.5% 36.5% 45.0% 26.4% 42.2% 40.3% 44.7% 47.3% 42.4% 40.9% 42.6% 39.5%
Operating margin −128.4% −33.5% 9.3% 16.4% 26.1% 30.7% 16.9% 34.4% 43.6% 22.9% 39.1% 36.7% 41.1% 43.3% 37.7% 36.9% 38.2% 34.6%
Net margin −129.9% −65.2% 5.1% 11.6% 50.5% 21.9% 54.4% 24.2% 31.0% 23.8% 34.1% 31.1% 33.3% 34.1% 35.2% 34.3% 37.2% 36.7%
Free-cash-flow margin −94.2% −15.0% 22.5% 18.0% 27.5% 21.5% 56.8% 36.7% 30.9% 39.0% 40.4% 28.2% 26.7% 13.7% 16.5% 32.6% 23.7% 36.9%
Cash flow
Cash from operations −15 −4 16 18 45 47 114 80 133 122 194 149 191 127 155 254 211 265
Capital spending 0 0 3 3 5 6 5 7 30 25 30 28 43 42 60 43 56 34
Free cash flow −15 −5 14 15 40 41 109 73 104 96 164 121 148 84 95 211 154 232
Stock-based pay 3 5 4 4 6 7 9 11 12 12 16 27 35 30 24 30 28 24
Free cash flow after stock pay −18 −9 9 11 34 34 99 62 91 84 148 94 113 54 71 181 126 207
Balance sheet
Cash 23 112 112 86 71 45 98 139 133 211 132 630 312 93 92 99 138 93
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1
Net debt (negative = net cash) −23 −112 −112 −86 −71 −45 −98 −139 −133 −211 −132 −630 −311 −93 −92 −98 −137 −92
Diluted shares 36m 38m 45m 47m 47m 47m 47m 47m 47m 47m 47m 47m 47m 47m 48m 48m 48m 47m
Returned to shareholders
Dividends — — — — — — — — 6 11 19 28 38 57 67 76 86 91
Buybacks — 0 0 5 5 30 0 — — 0 1 0 0 — 0 0 33 226
Total returned — 0 0 5 5 30 0 — 6 12 20 28 38 57 67 76 118 317

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $1.9bn
Short-term assets $900mLonger-term assets $978m
What it owes, and who funded it · $1.9bn
Short-term liabilities $119mLonger-term liabilities $94mShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $900m of assets due within a year against $119m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $900m short-term assets against $94m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Universal Display Corp \pa\'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$226M
Dividends (TTM)
$90.7M
Returned to shareholders
137%
of free cash flow
Buybacks, last 3 fiscal years
$32.9M
Diluted share count
−1.8%
year over year
Total shareholder yield
7.8%
dividends 2.2% + buybacks 5.5% of market value
Dividend payout ratio
39%
of net income paid out
R&D spending
23.1%
of revenue
Sales & admin spending
12.5%
of revenue
Days sales outstanding
52 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic components
Last 12 months unless stated OLED KN CTS BELFA ROG PI Median
Revenue, last 12 months $628m $666m $571m $744m $855m $388m $647m
Revenue growth, last 12 months −1.9% 16.1% 7.6% 25.3% 6.7% 7.7% 15.0%
Revenue growth, 3-year average 2.3% 25.5% 0.2% 2.6% −2.7% 7.3% 5.6%
Revenue growth, latest quarter 14.9% 20.3% 4.6% 25.2% 9.3% 16.7% 18.4%
Gross margin 74.9% 44.4% 40.6% 39.5% 32.7% 53.5% 36.5%
Operating margin 34.6% 14.6% 17.0% 15.9% 7.9% −0.7% 8.5%
Operating margin, 3-year average 36.7% 11.2% 15.1% 14.6% 2.6% −2.2% 8.3%
Net margin 36.7% 10.8% 12.9% 7.2% 5.3% −2.5% 5.8%
Cash from operations / revenue 42.2% — 21.6% 11.2% 13.9% 19.7% 10.4%
Free-cash-flow margin 36.9% — 19.0% 9.9% 11.3% 16.9% 3.7%
Free-cash-flow margin, 3-year average 32.0% — 17.1% 11.7% 9.8% 19.2% 8.9%
Stock pay / revenue 3.9% 4.4% 0.9% 1.2% 1.1% 16.1% 1.9%
Change in share count −1.8% −0.4% −3.7% — −2.6% 6.4% 2.9%

Median of all 26 companies we cover in electronic components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

26 electronic components companies
Measure Company Peer median Rank
Revenue growth Growth -1.9% 16.1% 25 of 26
Change in growth rate Growth +6.4pp +3.5pp 8 of 26
Gross margin Profitability 74.9% 36.8% 1 of 24
Operating margin Profitability 34.6% 9.0% 1 of 25
Net margin Profitability 36.7% 6.0% 1 of 26
Free-cash-flow margin Cash generation 36.9% 5.6% 1 of 24
Stock pay as % of revenue Cash generation 3.9% 2.1% 18 of 24
Change in share count Balance sheet -1.8% 3.5% 4 of 22
Days sales outstanding Balance sheet 52 days 69 days 5 of 24

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Material Sales $353M 54.3% ▼ 3.4%
Royalty and License Fees $275M 42.3% ▲ 3.1%
Contract Research Services $22.5M 3.5% ▲ 45.7%
Geography
Region Revenue Share YoY
Outside the US $626M 96.0% ▼ 1.1%
South Korea $384M 61.2% ▼ 3.6%
China $238M 38.0% ▲ 3.8%
Japan $2.8M 0.5% ▼ 21.9%
United States $24.4M 3.7% ▲ 70.1%
Other Non US $1.7M 0.3% ▼ 32.5%

From Universal Display Corp \pa\'s 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.8B
Institutions reporting
439
Shares held vs prior quarter
▲ 8.9%
Positions opened / closed
52 / 68

Top buyers and sellers, Q2 2026: 218 institutions bought and 229 sold ; the biggest buyer was Franklin Resources Inc (+819K shares) and the biggest seller Kayne Anderson Rudnick Investment Management LLC (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $374M 4.3M 9.8% ▲ 0.7%
Vanguard Portfolio Management LLC $257M 3.0M 6.8% ▲ 1.7%
State Street Corp $190M 2.2M 5.0% ▲ 21.1%
Primecap Management Co $190M 2.2M 5.0% ▲ 0.4%
Kayne Anderson Rudnick Investment Management LLC $188M 2.2M 4.9% ▼ 32.7%
Vanguard Capital Management LLC $172M 2.0M 4.5% ▲ 0.4%
First Trust Advisors LP $127M 1.5M 3.4% ▲ 50.7%
Marshall Wace, LLP $116M 1.3M 3.1% ▲ 101.3%
Geode Capital Management, LLC $112M 1.3M 2.9% ▲ 3.5%
Alliancebernstein L.P. $108M 1.2M 2.8% ▲ 9.4%
Jpmorgan Chase & Co $74.8M 865K 2.0% ▼ 49.2%
Dimensional Fund Advisors LP $74M 855K 1.9% ▲ 12.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Universal Display Corp \pa\'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.5M 7 trades by 3 insiders, last 12 months Insider sales History → $422,092 2 trades by 1 insider · 0% under pre-set plans
Net ▲ $1M net buying
Insider Date Trade Shares Price Value
Lacerte Lawrence Director August 18, 2026 Sell 314 $85.56 $26,866
Lacerte Lawrence Director August 18, 2026 Sell 4,653 $84.94 $395,226
Elias Richard C Director May 11, 2026 Buy 1,000 $92.84 $92,840
Abramson Steven V President and CEO May 7, 2026 Buy 3,650 $92.46 $337,479
Abramson Steven V President and CEO May 7, 2026 Buy 4,550 $93.62 $425,971
Abramson Steven V President and CEO May 7, 2026 Buy 2,800 $94.40 $264,320
Premutico Mauro SVP & CLO May 7, 2026 Buy 1,450 $92.51 $134,140
Premutico Mauro SVP & CLO May 7, 2026 Buy 1,444 $93.75 $135,375
Premutico Mauro SVP & CLO May 7, 2026 Buy 800 $94.40 $75,520

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 27 trades and filings

No trades in Universal Display Corp \pa\ disclosed in the last 12 months; 27 earlier trades on record.

  • Alan S. Lowenthal(D-CA 47):Sale (full), $190.45, traded October 20, 2020, filed October 28, 2020
  • Alan S. Lowenthal(D-CA 47):Sale (full), $1,001 - $15,000, traded October 20, 2020, filed October 28, 2020
  • Alan S. Lowenthal(D-CA 47):Sale (partial), $192.29, traded October 19, 2020, filed October 28, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 30, 2026
  • April 30, 2026
  • February 19, 2026
  • November 6, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Universal Display Corp \pa\ was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Universal Display Corp \pa\ in brief

What does Universal Display Corp \pa\ do?
Universal Display Corp \pa\ is a US-listed company in the electronic components industry. Its financial year ends in December.
What is Universal Display Corp \pa\'s stock ticker?
Universal Display Corp \pa\ trades under the ticker OLED on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Universal Display Corp \pa\'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Universal Display Corp \pa\ reported revenue of $628M, 1.9% lower than a year earlier, according to its SEC filings.
What is Universal Display Corp \pa\'s free cash flow?
Universal Display Corp \pa\'s free-cash-flow margin is 36.9% of revenue over the trailing twelve months, ranking 1 of the 24 electronic components companies we cover.
What is Universal Display Corp \pa\'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Universal Display Corp \pa\'s free cash flow after stock-based pay gives ~$76 per share in the base case, and ~$59–$98 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Universal Display Corp \pa\'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Universal Display Corp \pa\ buying back stock, and does it pay a dividend?
Universal Display Corp \pa\ spent $226M on share repurchases over the trailing twelve months, and its diluted share count fell 1.8% over the year.
What is Universal Display Corp \pa\'s market cap?
On November 2, 2026, Universal Display Corp \pa\'s market capitalisation was about $4.2B, with a price-to-earnings ratio of 18.2 and net debt of -$92.2M. Market figures come from third-party market data and may be delayed.
Does Universal Display Corp \pa\ pay a dividend?
Yes: Universal Display Corp \pa\ paid $90.7M in dividends over the trailing twelve months, a dividend yield of 2.23% and a payout ratio of 39.3%.
Who are Universal Display Corp \pa\'s competitors?
In our Electronic Components peer group, the companies closest to Universal Display Corp \pa\ are Knowles Corp, CTS Corp, BEL Fuse Inc, Rogers Corp and Impinj Inc. The side-by-side comparison below sets their revenue, margins and growth against Universal Display Corp \pa\'s.
Are insiders buying or selling Universal Display Corp \pa\ stock?
Over the last 12 months, Universal Display Corp \pa\'s directors and officers reported 7 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Universal Display Corp \pa\'s next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Universal Display Corp \pa\ announces its own schedule.