Universal Display Corporation (OLED) 10-Year Financial Performance & Capital Metrics

OLED • • Industrial / General

TechnologySemiconductorsOptoelectronics & PhotonicsLED & Display Components

AboutUniversal 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 licenses, or has sole rights to sublicense approximately 5,500 issued and pending patents worldwide. The company supplies its proprietary UniversalPHOLED materials to display and lighting manufacturers, and others. It is also involved in the research, development, and commercialization of other OLED device and manufacturing technologies, including FOLED that are flexible OLEDs for the fabrication of OLEDs on flexible substrates; OVJP, an organic vapor jet printing technology; thin-film encapsulation technology for the packaging of flexible OLEDs and other thin-film devices, as well as for use as a barrier film for plastic substrates; and UniversalP2OLED, which are printable phosphorescent OLEDs. In addition, the company provides technology development and support services, including third-party collaboration and support to third parties for the commercialization of their OLED products. Further, it provides contract research services in the areas of chemical materials synthesis research, development, and commercialization for non-OLED applications. Universal Display Corporation was founded in 1985 and is headquartered in Ewing, New Jersey.Show more

Revenue $648M +12.4%
EBITDA $283M +8.6%
Net Income $222M +9.4%
EPS (Diluted) 4.65 +9.7%
Gross Margin 77.08% +0.7%
EBITDA Margin 43.69% -3.4%
Operating Margin 36.87% -2.1%
Net Margin 34.29% -2.6%
ROE 14.5% -2.8%
ROIC 12.29% -2.3%
Debt/Equity 0.01 -25.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 32.6% free cash flow margin
✓Good 3Y average ROE of 15.7%
✓Healthy 5Y average net margin of 33.6%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.99%

5Y9.84%

3Y5.38%

TTM-0.58%

Profit (Net Income) CAGR

10Y18.16%

5Y9.93%

3Y6.43%

TTM-6.87%

EPS CAGR

10Y17.85%

5Y9.75%

3Y6.31%

TTM-6.63%

ROCE

10Y Avg15.05%

5Y Avg16.75%

3Y Avg16.45%

Latest14.66%

Peer Comparison

LED & Display Components

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OLEDUniversal Display Corporation	5.69B	119.74	25.75	12.36%	34.64%	12.71%	3.71%	0.01
HIMXHimax Technologies, Inc.	1.47B	8.42	18.30	-4.09%	7.18%	7.05%	7%	0.61
LEDSSemiLEDs Corporation	16.21M	1.97	-13.13	7.3%	-1.59%	-12.42%	10.14%	1.44
ALMUAeluma, Inc.	386.27M	21.63	-94.04	407.86%	-67.97%	-9.26%		0.05

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	191.05M	198.89M	335.63M	247.41M	405.18M	428.87M	553.52M	616.62M	576.43M	647.68M
Revenue Growth %	0%	0.04%	0.69%	-0.26%	0.64%	0.06%	0.29%	0.11%	-0.07%	0.12%
Cost of Goods Sold+	63M	26.29M	54.7M	53.54M	75.37M	85.48M	114.99M	127.9M	135.38M	148.46M
COGS % of Revenue	0.33%	0.13%	0.16%	0.22%	0.19%	0.2%	0.21%	0.21%	0.23%	0.23%
Gross Profit+	128.05M	172.6M	280.93M	193.87M	329.8M	343.39M	438.53M	488.72M	441.05M	499.22M
Gross Margin %	0.67%	0.87%	0.84%	0.78%	0.81%	0.8%	0.79%	0.79%	0.77%	0.77%
Gross Profit Growth %	-0.14%	0.35%	0.63%	-0.31%	0.7%	0.04%	0.28%	0.11%	-0.1%	0.13%
Operating Expenses+	95.77M	104.19M	134.68M	137.14M	171.46M	185.86M	210.89M	221.61M	223.86M	260.42M
OpEx % of Revenue	0.5%	0.52%	0.4%	0.55%	0.42%	0.43%	0.38%	0.36%	0.39%	0.4%
Selling, General & Admin	29.05M	32.88M	46.81M	47M	59.61M	61.35M	80.37M	77.89M	67.39M	74.29M
SG&A % of Revenue	0.15%	0.17%	0.14%	0.19%	0.15%	0.14%	0.15%	0.13%	0.12%	0.11%
Research & Development	44.64M	42.74M	49.14M	53.72M	71.28M	83.89M	99.67M	117.06M	130.48M	157.19M
R&D % of Revenue	0.23%	0.21%	0.15%	0.22%	0.18%	0.2%	0.18%	0.19%	0.23%	0.24%
Other Operating Expenses	22.09M	28.57M	38.73M	36.42M	40.57M	40.62M	30.84M	26.66M	26M	28.95M
Operating Income+	32.28M	68.41M	146.25M	56.73M	158.34M	157.53M	227.64M	267.11M	217.19M	238.8M
Operating Margin %	0.17%	0.34%	0.44%	0.23%	0.39%	0.37%	0.41%	0.43%	0.38%	0.37%
Operating Income Growth %	-0.45%	1.12%	1.14%	-0.61%	1.79%	-0.01%	0.45%	0.17%	-0.19%	0.1%
EBITDA+	46.36M	89.17M	173.15M	87.31M	192.76M	194.71M	269.61M	309.38M	260.59M	282.94M
EBITDA Margin %	0.24%	0.45%	0.52%	0.35%	0.48%	0.45%	0.49%	0.5%	0.45%	0.44%
EBITDA Growth %	-0.35%	0.92%	0.94%	-0.5%	1.21%	0.01%	0.38%	0.15%	-0.16%	0.09%
D&A (Non-Cash Add-back)	14.09M	20.76M	26.9M	30.57M	34.42M	37.19M	41.96M	42.27M	43.4M	44.14M
EBIT	32.28M	68.41M	146.25M	56.73M	158.34M	157.53M	227.64M	267.11M	217.19M	238.8M
Net Interest Income+	783K	2.11M	3.29M	7.66M	10.79M	5.14M	505K	7.81M	28.17M	40.68M
Interest Income	783K	2.11M	3.29M	7.66M	10.79M	5.14M	505K	7.81M	28.17M	40.68M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	783K	185K	3.29M	7.58M	11.56M	6M	603K	1.12M	27.98M	33.33M
Pretax Income+	33.06M	68.6M	149.54M	64.31M	169.91M	163.53M	228.25M	268.23M	245.17M	272.13M
Pretax Margin %	0.17%	0.34%	0.45%	0.26%	0.42%	0.38%	0.41%	0.44%	0.43%	0.42%
Income Tax+	18.38M	20.53M	45.65M	5.47M	31.6M	30.16M	44.03M	58.17M	42.16M	50.05M
Effective Tax Rate %	0.44%	0.7%	0.69%	0.91%	0.81%	0.82%	0.81%	0.78%	0.83%	0.82%
Net Income+	14.68M	48.07M	103.89M	58.84M	138.3M	133.37M	184.21M	210.06M	203.01M	222.08M
Net Margin %	0.08%	0.24%	0.31%	0.24%	0.34%	0.31%	0.33%	0.34%	0.35%	0.34%
Net Income Growth %	-0.65%	2.27%	1.16%	-0.43%	1.35%	-0.04%	0.38%	0.14%	-0.03%	0.09%
Net Income (Continuing)	14.68M	48.07M	103.89M	58.84M	138.3M	133.37M	184.21M	210.06M	203.01M	222.08M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.31	1.02	2.18	1.25	2.92	2.80	3.87	4.40	4.24	4.65
EPS Growth %	-0.66%	2.29%	1.14%	-0.43%	1.34%	-0.04%	0.38%	0.14%	-0.04%	0.1%
EPS (Basic)	0.31	1.02	2.19	1.26	2.92	2.80	3.87	4.41	4.25	4.66
Diluted Shares Outstanding	47.49M	46.54M	46.81M	46.9M	47M	47.24M	47.37M	47.47M	47.62M	47.65M
Basic Shares Outstanding	46.82M	46.41M	46.73M	46.85M	46.96M	47.2M	47.3M	47.39M	47.56M	47.55M
Dividend Payout Ratio	-	-	0.05%	0.19%	0.14%	0.21%	0.21%	0.27%	0.33%	0.34%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	447.68M	385.37M	519.18M	634.84M	792.44M	924.61M	925.93M	899.45M	917.13M	899.83M
Cash & Short-Term Investments	395.49M	328.01M	420.29M	515.35M	646.09M	730.01M	663.19M	577.77M	514.12M	492.67M
Cash Only	97.51M	139.37M	132.84M	211.02M	131.63M	630.01M	311.99M	93.43M	91.98M	98.98M
Short-Term Investments	297.98M	188.64M	287.45M	304.32M	514.46M	100M	351.19M	484.35M	422.14M	393.69M
Accounts Receivable	24.73M	24.99M	52.35M	43.13M	60.45M	82.26M	107.64M	92.66M	139.85M	113.65M
Days Sales Outstanding	47.25	45.87	56.94	63.63	54.46	70.01	70.98	54.85	88.55	64.05
Inventory	12.75M	17.31M	36.27M	70M	63.95M	91.59M	134.16M	183.22M	175.79M	182.94M
Days Inventory Outstanding	73.86	240.4	242	477.2	309.69	391.1	425.85	522.89	473.98	449.76
Other Current Assets	14.71M	15.05M	10.28M	6.37M	21.95M	20.75M	20.95M	45.79M	87.36M	110.58M
Total Non-Current Assets+	111.73M	242.19M	260.77M	298.58M	327.72M	344.62M	540.99M	633.37M	751.83M	932.5M
Property, Plant & Equipment	22.41M	27.2M	56.45M	69.74M	87.87M	110.86M	159.45M	174.93M	200.06M	215.11M
Fixed Asset Turnover	8.53x	7.31x	5.95x	3.55x	4.61x	3.87x	3.47x	3.52x	2.88x	3.01x
Goodwill	0	15.54M	15.54M	15.54M	15.54M	15.54M	15.54M	15.54M	15.54M	15.54M
Intangible Assets	72.02M	168.35M	146.37M	124.41M	102.85M	80.94M	59.38M	46.63M	97.2M	79M
Long-Term Investments	2.19M	14.96M	14.79M	0	5M	5M	168.08M	259.86M	299.55M	457.59M
Other Non-Current Assets	174K	307K	604K	64.53M	86.09M	94.59M	105.1M	78.25M	80.38M	86.95M
Total Assets+	559.41M	627.56M	779.96M	933.42M	1.12B	1.27B	1.47B	1.53B	1.67B	1.83B
Asset Turnover	0.34x	0.32x	0.43x	0.27x	0.36x	0.34x	0.38x	0.40x	0.35x	0.35x
Asset Growth %	0.14%	0.12%	0.24%	0.2%	0.2%	0.13%	0.16%	0.04%	0.09%	0.1%
Total Current Liabilities+	34.51M	40.21M	63.82M	133.18M	161.51M	164.96M	187.94M	135.7M	118.82M	125.41M
Accounts Payable	6.85M	8.11M	13.77M	10.53M	13.3M	13.8M	14.96M	9.52M	10.93M	36.59M
Days Payables Outstanding	39.68	112.63	91.91	71.8	64.39	58.93	47.47	27.17	29.48	89.96
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	10.05M	12.8M	21.05M	19.61M	32.15M	26.69M	34.33M	61.33M	37.55M	38.46M
Current Ratio	12.97x	9.58x	8.13x	4.77x	4.91x	5.61x	4.93x	6.63x	7.72x	7.18x
Quick Ratio	12.60x	9.15x	7.57x	4.24x	4.51x	5.05x	4.21x	5.28x	6.24x	5.72x
Cash Conversion Cycle	81.42	173.64	207.02	469.03	299.77	402.18	449.35	550.57	533.05	423.85
Total Non-Current Liabilities+	58.14M	58.88M	57.08M	109.74M	147.2M	191.55M	179.07M	121.75M	102.91M	90.4M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	6.88M	27.26M	29.04M	22.86M	19.14M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	22.59M	27.56M	33.18M	67.95M	99.67M	127.59M	115.59M	74.44M	68.05M	70.73M
Total Liabilities	92.65M	99.09M	120.9M	242.92M	308.71M	356.51M	367M	257.45M	221.74M	215.81M
Total Debt+	0	0	0	0	0	6.88M	27.26M	29.04M	22.86M	19.14M
Net Debt	-97.51M	-139.37M	-132.84M	-211.02M	-131.63M	-623.13M	-284.73M	-64.39M	-69.13M	-79.84M
Debt / Equity	-	-	-	-	-	0.01x	0.02x	0.02x	0.02x	0.01x
Debt / EBITDA	-	-	-	-	-	0.04x	0.10x	0.09x	0.09x	0.07x
Net Debt / EBITDA	-2.10x	-1.56x	-0.77x	-2.42x	-0.68x	-3.20x	-1.06x	-0.21x	-0.27x	-0.28x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	466.76M	528.47M	659.05M	690.51M	811.45M	912.71M	1.1B	1.28B	1.45B	1.62B
Equity Growth %	0.04%	0.13%	0.25%	0.05%	0.18%	0.12%	0.21%	0.16%	0.13%	0.12%
Book Value per Share	9.83	11.36	14.08	14.72	17.27	19.32	23.22	26.87	30.39	33.92
Total Shareholders' Equity	466.76M	528.47M	659.05M	690.51M	811.45M	912.71M	1.1B	1.28B	1.45B	1.62B
Common Stock	482K	483K	485K	487K	489K	490K	491K	491K	487K	488K
Retained Earnings	-73.63M	-25.56M	99.13M	129.55M	249M	353.93M	500.21M	653.28M	789.55M	934.65M
Treasury Stock	-40.16M	-40.16M	-40.16M	-40.63M	-41.28M	-41.28M	-41.28M	-41.28M	-41.28M	-41.28M
Accumulated OCI	-9.82M	-10.67M	-11.46M	-16.23M	-17M	-36.02M	-18.23M	-18.45M	-1.09M	-1.05M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	113.61M	80.34M	133.37M	121.8M	193.91M	148.79M	191.1M	126.81M	154.78M	253.74M
Operating CF Margin %	0.59%	0.4%	0.4%	0.49%	0.48%	0.35%	0.35%	0.21%	0.27%	0.39%
Operating CF Growth %	1.4%	-0.29%	0.66%	-0.09%	0.59%	-0.23%	0.28%	-0.34%	0.22%	0.64%
Net Income	14.68M	48.07M	103.89M	58.84M	138.3M	133.37M	184.21M	210.06M	203.01M	222.08M
Depreciation & Amortization	14.09M	20.76M	26.9M	30.57M	34.42M	37.19M	41.96M	42.27M	43.4M	44.14M
Stock-Based Compensation	10.46M	13.09M	14.89M	16.8M	17.7M	28.28M	36.27M	29.95M	24.11M	30.03M
Deferred Taxes	7.14M	3.09M	24.4M	-12.81M	-5.78M	-4.45M	1.75M	-26.95M	-3.77M	-19.12M
Other Non-Cash Items	26.66M	-9.5M	-9.12M	-66.94M	-130.25M	-182.19M	-213.49M	5.78M	-8.47M	1.91M
Working Capital Changes	40.59M	4.83M	-27.59M	95.34M	139.53M	136.59M	140.4M	-134.3M	-103.5M	-25.3M
Change in Receivables	-2.65M	1.21M	-27.36M	9.23M	-17.32M	-21.81M	-25.38M	14.97M	-47.19M	26.2M
Change in Inventory	-8.64M	-4.46M	-18.95M	-37.37M	109K	-28.75M	-46.12M	-49.06M	7.42M	-7.14M
Change in Payables	790K	4.36M	16.42M	-27.84M	-582K	-5.22M	10.42M	3.34M	4.05M	10.36M
Cash from Investing+	-58.57M	-38.47M	-125.58M	-21M	-238.71M	391.26M	-457.75M	-280.74M	-83.29M	-164.41M
Capital Expenditures	-5.1M	-103.29M	-29.8M	-25.39M	-30.46M	-28.05M	-43.55M	-47.21M	-59.79M	-42.64M
CapEx % of Revenue	0.03%	0.52%	0.09%	0.1%	0.08%	0.07%	0.08%	0.08%	0.1%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-53.47M	2.21M	-95.78M	4.39M	-401K	-60K	-394K	-4.71M	-66.56M	0
Cash from Financing+	-2.95M	-14K	-14.31M	-22.61M	-34.59M	-41.66M	-51.37M	-64.64M	-72.93M	-82.33M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-5.65M	-11.31M	-18.85M	-28.45M	-37.93M	-57M	-66.73M	-76.17M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-3.3M	-453K	-9.39M	-11.62M	-15.98M	-14.39M	-14.95M	-9.21M	-8.21M	-8.39M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	108.51M	-22.95M	103.56M	96.41M	163.45M	120.74M	147.55M	79.61M	28.42M	211.1M
FCF Margin %	0.57%	-0.12%	0.31%	0.39%	0.4%	0.28%	0.27%	0.13%	0.05%	0.33%
FCF Growth %	1.64%	-1.21%	5.51%	-0.07%	0.7%	-0.26%	0.22%	-0.46%	-0.64%	6.43%
FCF per Share	2.28	-0.49	2.21	2.06	3.48	2.56	3.12	1.68	0.60	4.43
FCF Conversion (FCF/Net Income)	7.74x	1.67x	1.28x	2.07x	1.40x	1.12x	1.04x	0.60x	0.76x	1.14x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	17.77M	46.6M	36.27M	52.65M	72.35M	96.18M	71.97M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.21%	9.66%	17.5%	8.72%	18.42%	15.47%	18.31%	17.69%	14.91%	14.5%
Return on Invested Capital (ROIC)	6.27%	13.53%	23.97%	8.46%	20.49%	24.37%	30.91%	19.77%	12.58%	12.29%
Gross Margin	67.03%	86.78%	83.7%	78.36%	81.4%	80.07%	79.23%	79.26%	76.51%	77.08%
Net Margin	7.68%	24.17%	30.95%	23.78%	34.13%	31.1%	33.28%	34.07%	35.22%	34.29%
Debt / Equity	-	-	-	-	-	0.01x	0.02x	0.02x	0.02x	0.01x
FCF Conversion	7.74x	1.67x	1.28x	2.07x	1.40x	1.12x	1.04x	0.60x	0.76x	1.14x
Revenue Growth	0.01%	4.1%	68.75%	-26.28%	63.76%	5.85%	29.07%	11.4%	-6.52%	12.36%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Material Sales	-	-	-	-	-	229.75M	318.62M	331.08M	322.03M	365.42M
Material Sales Growth	-	-	-	-	-	-	38.68%	3.91%	-2.73%	13.47%
Royalty And License Fees	-	-	-	-	-	185.05M	219.03M	267.12M	238.39M	266.82M
Royalty And License Fees Growth	-	-	-	-	-	-	18.36%	21.95%	-10.75%	11.93%
Contract Research Services	-	-	-	-	-	14.06M	15.87M	18.42M	16.01M	15.45M
Contract Research Services Growth	-	-	-	-	-	-	12.84%	16.09%	-13.09%	-3.54%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
KOREA, REPUBLIC OF	168.27M	181.77M	289.42M	171.91M	250.56M	263.08M	334.83M	360.64M	322.51M	397.82M
KOREA, REPUBLIC OF Growth	-	8.03%	59.22%	-40.60%	45.75%	5.00%	27.28%	7.71%	-10.57%	23.35%
CHINA	-	7.18M	24.89M	51.93M	135.26M	142.08M	192.08M	230.58M	229.73M	229.44M
CHINA Growth	-	-	246.69%	108.63%	160.46%	5.04%	35.19%	20.05%	-0.37%	-0.13%
UNITED STATES	1.22M	3.78M	10.34M	13.78M	11.81M	14.58M	16.12M	15.99M	12.81M	14.36M
UNITED STATES Growth	-	210.02%	173.81%	33.26%	-14.28%	23.45%	10.54%	-0.79%	-19.88%	12.08%
JAPAN	16.54M	4.31M	8.54M	6.82M	5.28M	7.41M	7.36M	5.58M	6.97M	3.61M
JAPAN Growth	-	-73.95%	98.19%	-20.12%	-22.67%	40.35%	-0.63%	-24.18%	24.95%	-48.23%
Other Non U S	-	1.85M	2.44M	2.97M	2.27M	1.73M	3.14M	3.83M	4.41M	2.46M
Other Non U S Growth	-	-	31.86%	21.70%	-23.49%	-23.88%	81.54%	22.06%	15.20%	-44.32%
TAIWAN, PROVINCE OF CHINA	2.17M	-	-	-	-	-	-	-	-	-
TAIWAN, PROVINCE OF CHINA Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Universal Display Corporation (OLED) has a price-to-earnings (P/E) ratio of 25.8x. This suggests investors expect higher future growth.

Growth & Financials

Universal Display Corporation (OLED) reported $640.0M in revenue for fiscal year 2024. This represents a 944% increase from $61.3M in 2011.

Universal Display Corporation (OLED) grew revenue by 12.4% over the past year. This is steady growth.

Yes, Universal Display Corporation (OLED) is profitable, generating $221.7M in net income for fiscal year 2024 (34.3% net margin).

Dividend & Returns

Yes, Universal Display Corporation (OLED) pays a dividend with a yield of 1.33%. This makes it attractive for income-focused investors.

Universal Display Corporation (OLED) has a return on equity (ROE) of 14.5%. This is reasonable for most industries.

Universal Display Corporation (OLED) generated $161.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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