Universal Display Corporation logo OLED - Universal Display Corporation

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STRONG
BUY
0
BUY 12
HOLD 7
SELL 0
STRONG
SELL
0
| PRICE TARGET: $141.00 DETAILS
HIGH: $168.00
LOW: $120.00
MEDIAN: $135.00
CONSENSUS: $141.00
UPSIDE: 49.51%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Revenue
Revenue 650.6 647.7 576.4 616.6 553.5 428.9 405.2 247.4 335.6 198.9 191.0 191.0 146.6 83.2 61.3 30.5 15.8 11.1 11.3 11.9 10.1 7.0 6.6 2.4 1.3 0.5 0.5 0.4 0.1 0.1 0.1
Cost of Revenue 172.8 148.5 135.4 127.9 115.0 85.5 75.4 53.5 54.7 26.3 63.0 41.3 28.9 4.5 3.7 0.9 0.4 0.9 1.2 1.0 0.1 0.2 0.1 0 0 (1.1) (0.1) (0.0) (0.0) 0 0
Gross Profit 477.8 499.2 441.1 488.7 438.5 343.4 329.8 193.9 280.9 172.6 128.0 149.7 117.8 78.7 57.6 29.7 15.4 10.2 10.1 10.9 10.0 6.9 6.5 0 0 1.5 0.6 0.4 0.1 0 0
Operating Expenses
R&D Expenses 143.9 157.2 130.5 117.1 99.7 83.9 71.3 53.7 49.1 42.7 44.6 41.2 34.2 30.0 24.1 21.7 20.0 22.3 20.9 19.9 19.2 16.7 17.9 15.8 12.4 7.1 3.2 1.4 4.2 0.9 0
SG&A Expenses 74.3 74.3 67.4 77.9 80.4 61.3 59.6 47.0 46.8 32.9 29.0 28.1 24.7 19.6 26.4 18.2 14.6 10.2 9.6 8.9 8.3 7.4 6.1 4.8 3.9 3.3 2.7 1.9 2 0.9 3.1
Other Expenses 8.8 28.9 26.0 26.7 30.8 40.6 40.6 36.4 38.7 28.6 22.1 21.8 20.5 15.5 8.8 5.1 0 0 0 0 0 0 0 0.3 0 1.1 0.1 0.0 0.0 0 0
Operating Expenses 227.0 260.4 223.9 221.6 210.9 185.9 171.5 137.1 134.7 104.2 95.8 91.1 79.5 65.0 51.9 39.9 35.7 32.8 30.5 28.8 27.5 24.1 24.0 20.8 16.3 11.4 6.0 3.4 6.2 1.8 3.1
Operating Income
Operating Income 250.8 238.8 217.2 267.1 227.6 157.5 158.3 56.7 146.2 68.4 32.3 58.6 38.2 13.7 5.7 (10.2) (20.3) (22.7) (20.4) (17.9) (17.5) (17.2) (17.5) (18.4) (15.0) (9.9) (5.4) (2.9) (6.1) (1.7) (3)
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 39.7 40.7 28.2 7.8 0.5 5.1 10.8 7.7 3.3 2.1 0.8 0.7 0.8 1.2 1.0 0.3 0.7 2.6 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 297.4 282.9 260.6 309.4 269.6 194.7 192.8 87.3 175.2 91.2 49.0 75.9 56.3 28.3 9.9 (15.8) (16.9) (16.4) (17.2) (14.5) (14.2) (14.1) (13.7) (1.8) (10.5) (8.8) (5.3) (3.0) (6.1) (1.7) (3)
EBIT 250.8 238.8 217.2 267.1 227.6 157.5 158.3 56.7 146.2 68.4 32.3 58.6 39.1 14.9 2.5 (20.0) (20.6) (20.1) (20.4) (17.9) (17.5) (17.2) (17.5) (18.4) (15.0) (9.9) (5.4) (3.0) (6.1) (1.7) (3)
Income Before Tax 294.8 272.1 245.2 268.2 228.2 163.5 169.9 64.3 149.5 68.6 33.1 59.3 39.0 14.9 2.4 (20.1) (20.6) (20.1) (16.8) (15.7) (16.2) (16.4) (17.5) (28.4) (16.4) 0 0 (2.7) (5.9) (1.6) 0
Income Tax Expense 52.7 50.0 42.2 58.2 44.0 30.2 31.6 5.5 45.7 20.5 18.4 17.5 (35.0) 5.2 (0.7) (0.1) (0.1) (1.0) (0.8) (0.5) (0.4) (0.6) (0.2) 12.7 0 (0.3) (0.3) 0.1 0 0.2 3.1
Net Income 242.1 222.1 203.0 210.1 184.2 133.4 138.3 58.8 103.9 48.1 14.7 41.9 74.1 9.7 3.2 (19.9) (20.5) (19.1) (16.0) (15.2) (15.8) (15.8) (17.4) (31.0) (16.4) (9.5) (5.1) (2.8) (5.9) (1.8) (3.1)
Per Share Data
EPS (Basic) 5.09 4.66 4.25 4.41 3.87 2.80 2.92 1.26 2.19 1.02 0.31 0.90 1.61 0.21 0.07 -0.53 -0.56 -0.53 -0.47 -0.49 -0.56 -0.59 -0.77 -1.61 -0.96 -0.62 -0.42 -0.27 -0.63 -0.21 -0.39
EPS (Diluted) 5.08 4.65 4.24 4.40 3.87 2.80 2.92 1.25 2.18 1.02 0.31 0.90 1.59 0.21 0.07 -0.53 -0.56 -0.53 -0.47 -0.49 -0.56 -0.59 -0.77 -1.61 -0.96 -0.62 -0.42 -0.27 -0.63 -0.21 -0.39
Shares Outstanding 47.5 47.5 47.6 47.4 47.3 47.2 47.0 46.8 46.7 46.4 46.8 46.3 45.9 46.0 43.7 37.6 36.5 35.9 33.8 30.9 28.5 26.8 22.4 19.2 17.0 15.3 12.3 10.3 9.3 8.6 8
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Current Assets
Cash & Cash Equivalents 138.4 99.0 92.0 93.4 312.0 630.0 131.6 211.0 132.8 139.4 22.7 28.3 18.9 14.1 15.9 7.9 7.7 1.6 1.8 0.1 0.6 0
Short-Term Investments 464.0 393.7 422.1 484.3 351.2 100.0 514.5 304.3 287.4 188.6 41.2 49.1 26.3 12.8 4.7 4.5 2.7 4.3 0 0 0 0
Net Receivables 120.0 113.6 139.8 92.7 107.6 82.3 60.5 43.1 52.4 25.0 3.3 2.5 2.6 0.8 0.7 0.5 0.3 0.3 0.1 0.1 0 0
Inventory 240.9 182.9 175.8 183.2 134.2 91.6 64.0 70 36.3 17.3 0.0 0.0 0.0 0.0 0 0 0 0 0 0 0 0
Other Current Assets 123.8 110.6 87.4 45.8 20.9 20.7 21.9 6.4 10.3 15.1 0.4 0.5 0.2 0.2 0 15.2 0.2 0.5 1 5.1 2.5 0
Total Current Assets 1,087.1 899.8 917.1 899.5 925.9 924.6 792.4 634.8 519.2 385.4 67.6 80.4 48.0 27.9 21.4 28.5 10.9 6.6 2.9 5.3 3.1 0
Non-Current Assets
Property, Plant & Equipment 234.9 215.1 200.1 174.9 159.4 110.9 87.9 69.7 56.5 27.2 11.0 12.9 9.6 3.5 4.6 5.3 4.6 3.7 0.1 0.1 0.1 0
Goodwill 15.5 15.5 15.5 15.5 15.5 15.5 15.5 15.5 15.5 15.5 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 60.8 79 97.2 46.6 59.4 80.9 102.8 124.4 146.4 168.4 1.2 2.9 9.7 11.4 13.1 14.8 0 0 0 0 0 0
Long-Term Investments 479.8 457.6 299.5 259.9 168.1 5 5 0 14.8 15.0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 6.2 86.9 80.4 78.3 105.1 94.6 86.1 64.5 0.6 0.3 0.2 0.1 6.6 3.4 0.5 0.0 16.5 0.1 0.1 0 0.1 0
Total Non-Current Assets 885.8 932.5 751.8 633.4 541.0 344.6 327.7 298.6 260.8 242.2 12.5 15.9 25.9 18.3 18.2 20.1 21.2 3.7 0.2 0.1 0.2 0
Total Assets 1,972.9 1,832.3 1,669.0 1,532.8 1,466.9 1,269.2 1,120.2 933.4 780.0 627.6 80.1 96.2 73.9 46.2 39.6 48.6 32.1 10.3 3.1 5.4 3.3 0
Current Liabilities
Account Payables 23.3 36.6 10.9 9.5 15.0 13.8 13.3 10.5 13.8 8.1 1.3 1.6 0.7 0.4 0.4 0.6 0.8 0.7 0.2 0.3 0.1 0.5
Short-Term Debt 4.8 0 0 0 0 0 0 0 0 0 0 0 0.3 0.0 0.0 8.3 0.0 0 0 0 0 0
Deferred Revenue 21.0 33.1 47.7 45.6 120.9 105.2 97.3 80.8 15.0 10.3 1.4 2.7 0.9 0.5 0.3 1.1 0 0 0 0 0 0
Other Current Liabilities 29.7 38.5 37.6 61.3 34.3 26.7 32.2 19.6 21.0 12.8 6.0 6.1 1.8 1.3 1.1 0.5 0.9 0.2 0.3 0 0 0.1
Total Current Liabilities 108.0 125.4 118.8 135.7 187.9 165.0 161.5 133.2 63.8 40.2 14.0 15.8 7.4 4.2 2.9 10.5 1.7 0.9 0.5 0.3 0.1 0.6
Non-Current Liabilities
Long-Term Debt 19.2 0 0 0 0 0 0 0 0 0 0 0 4.2 0 0 0 0.0 0.0 0 0 0 0
Deferred Tax Liabilities 9.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 54.4 70.7 68.1 74.4 115.6 127.6 99.7 68.0 33.2 27.6 6.5 3.4 3.1 3.1 3.1 0 0.6 0 0 0 0 0
Total Non-Current Liabilities 103.8 90.4 102.9 121.8 179.1 191.6 147.2 109.7 57.1 58.9 6.5 3.7 7.3 3.1 3.1 0.0 0.6 0.0 0 0 0 0
Total Liabilities 211.8 215.8 221.7 257.5 367.0 356.5 308.7 242.9 120.9 99.1 20.5 19.5 14.7 7.3 6.0 10.5 2.3 0.9 0.5 0.3 0.1 0.6
Stockholders' Equity
Common Stock 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.3 0.2 0.2 0.2 0.2 0.1 0 0 0 0
Retained Earnings 1,090.5 934.7 789.6 653.3 500.2 353.9 249.0 129.6 99.1 (25.6) (197.1) (180.5) (114.4) (98.5) (80.1) (47.1) (28.2) (18.7) (13.6) (10.8) (4.9) (3.1)
Accumulated Other Comprehensive Income 0.8 (1.1) (1.1) (18.5) (18.2) (36.0) (17.0) (16.2) (11.5) (10.7) 0.0 0.1 (0.1) (0.0) (0.0) (0.0) (0.7) (0.1) (0.1) 0 0 0
Total Stockholders' Equity 1,761.0 1,616.5 1,447.2 1,275.4 1,099.9 912.7 811.4 690.5 659.1 528.5 59.6 76.7 59.2 38.9 33.7 38.1 29.8 9.4 2.6 5.1 3.2 (0.6)
Total Liabilities & Equity 1,972.9 1,832.3 1,669.0 1,532.8 1,466.9 1,269.2 1,120.2 933.4 780.0 627.6 80.1 96.2 73.9 46.2 39.6 48.6 32.1 10.3 3.1 5.4 3.3 0
Debt Metrics
Total Debt 43.2 19.1 22.9 29.0 27.3 6.9 0 0 0 0 0 0 4.5 0.0 0.0 8.3 0.0 0.0 0 0 0 0
Net Debt (95.2) (79.8) (69.1) (64.4) (284.7) (623.1) (131.6) (211.0) (132.8) (139.4) (22.7) (28.3) (14.4) (14.1) (15.9) 0.4 (7.7) (1.5) (1.8) (0.1) (0.6) 0
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Operating Activities
Net Income 242.1 222.1 203.0 210.1 184.2 133.4 138.3 58.8 103.9 48.1 (15.8) (15.8) (17.4) (31.0) (16.4) (9.5) (5.1) (2.8) (5.9) (1.8) (3.1)
Depreciation & Amortization 46.6 44.1 43.4 42.3 42.0 37.2 34.4 30.6 26.9 20.8 3.2 3.1 3.8 16.6 4.5 1.1 0.1 0 0 0 0
Stock-Based Compensation 28.2 30.0 24.1 29.9 36.3 28.3 17.7 16.8 14.9 13.1 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (99.5) (25.3) (103.5) (134.3) 140.4 136.6 139.5 95.3 (27.6) 4.8 7.6 0.0 1.3 3.5 0.1 0.7 0.3 0.2 0.1 (0.6) 0.8
Other Non-Cash Items (5.5) 1.9 (8.5) 5.8 (213.5) (182.2) (130.3) (66.9) (9.1) (9.5) 4.6 5.7 6.5 6.1 4.0 1.3 0.5 0.4 3.4 0 0.4
Operating Cash Flow 210.8 253.7 154.8 126.8 191.1 148.8 193.9 121.8 133.4 80.3 (0.3) (7.0) (5.8) (4.8) (7.7) (6.5) (4.3) (2.2) (2.4) (2.4) (1.9)
Investing Activities
Capital Expenditure (56.5) (42.6) (126.4) (47.2) (43.6) (28.1) (30.5) (25.4) (29.8) (103.3) (5.7) (7.4) (1.0) (1.2) (1.7) (1.2) (3.2) 0 0 (0.1) 0
Acquisitions 0 0 0 4.7 0.4 0.1 0.4 0 0 (33.4) 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments (375.5) (594.8) (531.1) (702.0) (642.2) (604.2) (931.9) (628.8) (594.3) (450.3) (22.8) (48.7) (19.2) (6.9) (7.1) (3.4) (7.8) (0.3) (5) (2.4) 0
Sales/Maturities of Investments 396.5 473.1 574.2 468.5 228.0 1,023.5 723.6 633.2 498.5 548.5 32.4 36.2 8.1 6.4 5.3 5.0 4.0 4.3 2.9 0 0
Other Investing Activities (10) 0 (66.6) (4.7) (0.4) (0.1) (0.4) 4.4 (95.8) 2.2 0 0 0 15.2 (15.2) (0.0) 0 0 0 0 0
Investing Cash Flow (45.5) (164.4) (83.3) (280.7) (457.8) 391.3 (238.7) (21.0) (125.6) (38.5) 3.9 (19.9) (12.1) 13.5 (18.7) 0.4 (7.0) 4 (2.1) (2.5) 0
Financing Activities
Net Debt Issuance 0 0 0 0 0 0 0 0 0 0 (4.5) 4.5 (0.0) (8.8) 15.0 (0.0) 0 0 0 0 0
Stock Repurchased (32.9) 0 0 0 0 0 (0.6) (0.5) 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid (85.5) (76.2) (66.7) (57.0) (37.9) (28.4) (18.9) (11.3) (5.7) 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (9.6) (8.4) (8.2) (9.2) (14.9) (14.4) (16.0) (11.6) (9.4) (0.5) 4.2 (4.2) 0 0 0 0 0 0 0 0 0
Financing Cash Flow (126.0) (82.3) (72.9) (64.6) (51.4) (41.7) (34.6) (22.6) (14.3) (0.0) 8.1 31.7 16.0 (0.7) 26.6 12.2 11.0 0 4 5.5 1.9
Cash Position
Net Change in Cash 39.4 7.0 (1.4) (218.6) (318.0) 498.4 (79.4) 78.2 (6.5) 41.9 11.7 4.9 (1.8) 8.0 0.2 6.1 (0.3) 1.8 (0.5) 0.6 0
Cash at Beginning 99.0 92.0 93.4 312.0 630.0 131.6 211.0 132.8 139.4 97.5 18.9 14.1 15.9 7.9 7.7 1.6 1.8 0.1 0.6 0 0
Cash at End 138.4 99.0 92.0 93.4 312.0 630.0 131.6 211.0 132.8 139.4 30.7 18.9 14.1 15.9 7.9 7.7 1.6 1.9 0.1 0.6 0
Free Cash Flow 154.4 211.1 28.4 79.6 147.6 120.7 163.5 96.4 103.6 (23.0) (6.0) (14.4) (6.8) (5.9) (9.4) (7.6) (7.5) (2.2) (2.4) (2.5) (1.9)
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Income Statement
Revenue 650.6 647.7 576.4 616.6 553.5 428.9 405.2 247.4 335.6 198.9 191.0 191.0 146.6 83.2 61.3 30.5 15.8 11.1 11.3 11.9 10.1 7.0 6.6 2.4 1.3 0.5 0.5 0.4 0.1 0.1 0.1
Gross Profit 477.8 499.2 441.1 488.7 438.5 343.4 329.8 193.9 280.9 172.6 128.0 149.7 117.8 78.7 57.6 29.7 15.4 10.2 10.1 10.9 10.0 6.9 6.5 0 0 1.5 0.6 0.4 0.1 0 0
Operating Income 250.8 238.8 217.2 267.1 227.6 157.5 158.3 56.7 146.2 68.4 32.3 58.6 38.2 13.7 5.7 (10.2) (20.3) (22.7) (20.4) (17.9) (17.5) (17.2) (17.5) (18.4) (15.0) (9.9) (5.4) (2.9) (6.1) (1.7) (3)
Net Income 242.1 222.1 203.0 210.1 184.2 133.4 138.3 58.8 103.9 48.1 14.7 41.9 74.1 9.7 3.2 (19.9) (20.5) (19.1) (16.0) (15.2) (15.8) (15.8) (17.4) (31.0) (16.4) (9.5) (5.1) (2.8) (5.9) (1.8) (3.1)
EPS (Diluted) 5.08 4.65 4.24 4.40 3.87 2.80 2.92 1.25 2.18 1.02 0.31 0.90 1.59 0.21 0.07 -0.53 -0.56 -0.53 -0.47 -0.49 -0.56 -0.59 -0.77 -1.61 -0.96 -0.62 -0.42 -0.27 -0.63 -0.21 -0.39
Balance Sheet
Cash & Equivalents 138.4 99.0 92.0 93.4 312.0 630.0 131.6 211.0 132.8 139.4 22.7 28.3 18.9 14.1 15.9 7.9 7.7 1.6 1.8 0.1 0.6 0
Total Assets 1,972.9 1,832.3 1,669.0 1,532.8 1,466.9 1,269.2 1,120.2 933.4 780.0 627.6 80.1 96.2 73.9 46.2 39.6 48.6 32.1 10.3 3.1 5.4 3.3 0
Total Debt 43.2 19.1 22.9 29.0 27.3 6.9 0 0 0 0 0 0 4.5 0.0 0.0 8.3 0.0 0.0 0 0 0 0
Stockholders' Equity 1,761.0 1,616.5 1,447.2 1,275.4 1,099.9 912.7 811.4 690.5 659.1 528.5 59.6 76.7 59.2 38.9 33.7 38.1 29.8 9.4 2.6 5.1 3.2 (0.6)
Cash Flow
Operating Cash Flow 210.8 253.7 154.8 126.8 191.1 148.8 193.9 121.8 133.4 80.3 (0.3) (7.0) (5.8) (4.8) (7.7) (6.5) (4.3) (2.2) (2.4) (2.4) (1.9)
Capital Expenditure (56.5) (42.6) (126.4) (47.2) (43.6) (28.1) (30.5) (25.4) (29.8) (103.3) (5.7) (7.4) (1.0) (1.2) (1.7) (1.2) (3.2) 0 0 (0.1) 0
Free Cash Flow 154.4 211.1 28.4 79.6 147.6 120.7 163.5 96.4 103.6 (23.0) (6.0) (14.4) (6.8) (5.9) (9.4) (7.6) (7.5) (2.2) (2.4) (2.5) (1.9)