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UNIVERSAL DISPLAY CORP \PA\

OLED Clue Score71
United States Fiscal year ends December CIK 0001005284
$74.96 +2.83% Close, 9 Oct 2026
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Price $74.96 −55.94% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue198.9Operating income68.4Net income48.1EPS, diluted1.02Fiscal year 2017Revenue335.6 +68.8%Operating income146.2Net income103.9 +116.1%EPS, diluted2.18 +113.7%Fiscal year 2018Revenue247.4 −26.3%Operating income56.7Net income58.8 −43.4%EPS, diluted1.24 −43.1%Fiscal year 2019Revenue405.2 +63.8%Operating income158.3Net income138.3 +135.1%EPS, diluted2.92 +135.5%Fiscal year 2020Revenue428.9 +5.8%Operating income157.5Net income133.4 −3.6%EPS, diluted2.80 −4.1%Fiscal year 2021Revenue553.5 +29.1%Operating income227.6Net income184.2 +38.1%EPS, diluted3.87 +38.2%Fiscal year 2022Revenue616.6 +11.4%Operating income267.1Net income210.1 +14.0%EPS, diluted4.40 +13.7%Fiscal year 2023Revenue576.4 −6.5%Operating income217.2Net income203.0 −3.4%EPS, diluted4.24 −3.6%Fiscal year 2024Revenue647.7 +12.4%Operating income238.8Net income222.1 +9.4%EPS, diluted4.65 +9.7%Fiscal year 2025Revenue650.6 +0.5%Operating income248.6Net income242.1 +9.0%EPS, diluted5.08 +9.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 198.9 335.6 247.4 405.2 428.9 553.5 616.6 576.4 647.7 650.6
Growth +68.8% −26.3% +63.8% +5.8% +29.1% +11.4% −6.5% +12.4% +0.5%
Operating income 68.4 146.2 56.7 158.3 157.5 227.6 267.1 217.2 238.8 248.6
Net income 48.1 103.9 58.8 138.3 133.4 184.2 210.1 203.0 222.1 242.1
Growth +116.1% −43.4% +135.1% −3.6% +38.1% +14.0% −3.4% +9.4% +9.0%
EPS, diluted 1.02 2.18 1.24 2.92 2.80 3.87 4.40 4.24 4.65 5.08
Growth +113.7% −43.1% +135.5% −4.1% +38.2% +13.7% −3.6% +9.7% +9.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin86.8%Operating margin34.4%Net margin24.2%Free cash flow margin36.7%Fiscal year 2017Gross margin83.7%Operating margin43.6%Net margin31.0%Free cash flow margin30.9%Fiscal year 2018Gross margin78.4%Operating margin22.9%Net margin23.8%Free cash flow margin39.0%Fiscal year 2019Gross margin81.4%Operating margin39.1%Net margin34.1%Free cash flow margin40.4%Fiscal year 2020Gross margin80.1%Operating margin36.7%Net margin31.1%Free cash flow margin28.2%Fiscal year 2021Gross margin79.2%Operating margin41.1%Net margin33.3%Free cash flow margin26.7%Fiscal year 2022Gross margin79.3%Operating margin43.3%Net margin34.1%Free cash flow margin13.7%Fiscal year 2023Gross margin76.5%Operating margin37.7%Net margin35.2%Free cash flow margin16.5%Fiscal year 2024Gross margin77.1%Operating margin36.9%Net margin34.3%Free cash flow margin32.6%Fiscal year 2025Gross margin76.3%Operating margin38.2%Net margin37.2%Free cash flow margin23.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 86.8% 83.7% 78.4% 81.4% 80.1% 79.2% 79.3% 76.5% 77.1% 76.3%
Operating margin 34.4% 43.6% 22.9% 39.1% 36.7% 41.1% 43.3% 37.7% 36.9% 38.2%
Net margin 24.2% 31.0% 23.8% 34.1% 31.1% 33.3% 34.1% 35.2% 34.3% 37.2%
Free cash flow margin 36.7% 30.9% 39.0% 40.4% 28.2% 26.7% 13.7% 16.5% 32.6% 23.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow80.3Capital expenditure−7.3Free cash flow73.0Fiscal year 2017Operating cash flow133.4Capital expenditure−29.8Free cash flow103.6 +41.8%Dividends paid−5.7Fiscal year 2018Operating cash flow121.8Capital expenditure−25.4Free cash flow96.4 −6.9%Buybacks−0.5Dividends paid−11.3Fiscal year 2019Operating cash flow193.9Capital expenditure−30.1Free cash flow163.9 +70.0%Buybacks−0.6Dividends paid−18.9Fiscal year 2020Operating cash flow148.8Capital expenditure−28.0Free cash flow120.8 −26.3%Buybacks0.0Dividends paid−28.4Fiscal year 2021Operating cash flow191.1Capital expenditure−43.2Free cash flow147.9 +22.5%Buybacks0.0Dividends paid−0.0Fiscal year 2022Operating cash flow126.8Capital expenditure−42.5Free cash flow84.3 −43.0%Dividends paid−57.0Fiscal year 2023Operating cash flow154.8Capital expenditure−59.8Free cash flow95.0 +12.7%Buybacks0.0Dividends paid−66.7Fiscal year 2024Operating cash flow253.7Capital expenditure−42.6Free cash flow211.1 +122.2%Buybacks0.0Dividends paid−76.2Fiscal year 2025Operating cash flow210.8Capital expenditure−56.5Free cash flow154.4 −26.9%Buybacks−32.9Dividends paid−85.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 80.3 133.4 121.8 193.9 148.8 191.1 126.8 154.8 253.7 210.8
Capital expenditure −7.3 −29.8 −25.4 −30.1 −28.0 −43.2 −42.5 −59.8 −42.6 −56.5
Free cash flow 73.0 103.6 96.4 163.9 120.8 147.9 84.3 95.0 211.1 154.4
Growth +41.8% −6.9% +70.0% −26.3% +22.5% −43.0% +12.7% +122.2% −26.9%
Buybacks n/a n/a −0.5 −0.6 0.0 0.0 n/a 0.0 0.0 −32.9
Dividends paid n/a −5.7 −11.3 −18.9 −28.4 −0.0 −57.0 −66.7 −76.2 −85.5

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash139.4Shareholders’ equity528.5Fiscal year 2017Cash132.8Shareholders’ equity659.1Fiscal year 2018Cash211.0Shareholders’ equity690.5Fiscal year 2019Cash131.6Shareholders’ equity811.4Fiscal year 2020Cash630.0Shareholders’ equity912.7Fiscal year 2021Cash312.0Shareholders’ equity1,099.9Fiscal year 2022Cash93.4Shareholders’ equity1,275.4Fiscal year 2023Cash92.0Shareholders’ equity1,447.2Fiscal year 2024Cash99.0Shareholders’ equity1,616.5Fiscal year 2025Cash138.4Shareholders’ equity1,761.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 139.4 132.8 211.0 131.6 630.0 312.0 93.4 92.0 99.0 138.4
Shareholders’ equity 528.5 659.1 690.5 811.4 912.7 1,099.9 1,275.4 1,447.2 1,616.5 1,761.0

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
86.8% 83.7% 78.4% 81.4% 80.1% 79.2% 79.3% 76.5% 77.1% 76.3%
34.4% 43.6% 22.9% 39.1% 36.7% 41.1% 43.3% 37.7% 36.9% 38.2%
34.5% 44.6% 26.0% 41.9% 38.1% 41.2% 43.5% 42.5% 42.0% 45.3%
24.2% 31.0% 23.8% 34.1% 31.1% 33.3% 34.1% 35.2% 34.3% 37.2%
36.7% 30.9% 39.0% 40.4% 28.2% 26.7% 13.7% 16.5% 32.6% 23.7%
Spending
21.5% 14.6% 21.7% 17.6% 19.6% 18.0% 19.0% 22.6% 24.3% 22.5%
16.5% 13.9% 19.0% 14.7% 14.3% 14.5% 12.6% 11.7% 11.5% 11.4%
3.7% 8.9% 10.3% 7.4% 6.5% 7.8% 6.9% 10.4% 6.6% 8.7%
29.9% 30.5% 8.5% 18.6% 18.4% 19.3% 21.7% 17.2% 18.4% 17.9%
Returns
9.1% 15.8% 8.5% 17.0% 14.6% 16.7% 16.5% 14.0% 13.7% 13.7%
7.7% 13.3% 6.3% 12.3% 10.5% 12.6% 13.7% 12.2% 12.1% 12.3%
Balance and payout
15.8% 15.5% 26.0% 27.6% 28.1% 25.0% 16.8% 13.3% 11.8% 10.3%
n/a 5.5% 19.2% 13.7% 21.3% 0.0% 27.1% 32.9% 34.3% 35.3%
n/a 5.5% 12.2% 11.9% 23.5% 0.0% 67.6% 70.2% 36.1% 76.7%