Universal Display (OLED)
Market Price (9/4/2026): $82.3 | Market Cap: $3.8 BilSector: Information Technology | Industry: Semiconductors
Universal Display (OLED)
Market Price (9/4/2026): $82.3Market Cap: $3.8 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 34% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28% Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Advanced Materials, Electric Vehicles & Autonomous Driving, and Digital Lifestyles & Connectivity. Themes include Specialty Chemicals for Performance, Show more. | Weak multi-year price returns2Y Excs Rtn is -94%, 3Y Excs Rtn is -118% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.2%, Rev Chg QQuarterly Revenue Change % is -11% Key risksOLED key risks include [1] high customer concentration, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 34% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Electric Vehicles & Autonomous Driving, and Digital Lifestyles & Connectivity. Themes include Specialty Chemicals for Performance, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -94%, 3Y Excs Rtn is -118% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.2%, Rev Chg QQuarterly Revenue Change % is -11% |
| Key risksOLED key risks include [1] high customer concentration, Show more. |
Qualitative Assessment
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Universal Display (OLED) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Universal Display Corporation reported lower than anticipated revenue for fiscal Q2 2026, which ended on June 30, 2026.
The company's revenue of $152.2 million missed analyst estimates of $157.55 million, representing an 11.4% decrease year-over-year. This revenue miss signals a slowdown in the company's financial performance. Although the company beat EPS estimates, the revenue miss and subsequent outlook overshadowed the EPS beat.
2. The company lowered its full-year fiscal 2026 revenue guidance due to ongoing challenges in the consumer electronics market.
Universal Display revised its full-year 2026 revenue outlook to the low end of the $630 million to $670 million range, down from its prior forecast of $650 million to $700 million. This reduction was attributed to reduced material volume expectations and near-term macroeconomic pressures weighing on consumer demand, particularly in the smartphone sector, alongside higher memory pricing and supply constraints. Material sales in Q2 2026 dropped by 25.4% to $66.2 million compared to $88.7 million in Q2 2025.
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Universal Display (OLED) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Universal Display Corporation reported lower than anticipated revenue for fiscal Q2 2026, which ended on June 30, 2026.
The company's revenue of $152.2 million missed analyst estimates of $157.55 million, representing an 11.4% decrease year-over-year. This revenue miss signals a slowdown in the company's financial performance. Although the company beat EPS estimates, the revenue miss and subsequent outlook overshadowed the EPS beat.
2. The company lowered its full-year fiscal 2026 revenue guidance due to ongoing challenges in the consumer electronics market.
Universal Display revised its full-year 2026 revenue outlook to the low end of the $630 million to $670 million range, down from its prior forecast of $650 million to $700 million. This reduction was attributed to reduced material volume expectations and near-term macroeconomic pressures weighing on consumer demand, particularly in the smartphone sector, alongside higher memory pricing and supply constraints. Material sales in Q2 2026 dropped by 25.4% to $66.2 million compared to $88.7 million in Q2 2025.
3. Multiple analysts responded to the Q2 2026 results and revised guidance by lowering their price targets for OLED.
Following the earnings report, several firms adjusted their outlook. For instance, Citigroup maintained a "Neutral" rating but decreased its price target from $100 to $85 on August 3, 2026. Needham & Company LLC also maintained a "Buy" rating but reduced its target price from $120 to $100 on July 31, 2026. Oppenheimer reiterated an "Outperform" rating, lowering its price target from $130 to $120 on July 31, 2026. Susquehanna similarly maintained a "Neutral" rating and decreased its price target from $110 to $90 on July 31, 2026. These downward revisions in price targets likely contributed to negative investor sentiment and the stock's decline.
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Stock Movement Drivers
Fundamental Drivers
The -9.8% change in OLED stock from 5/31/2026 to 9/3/2026 was primarily driven by a -5.4% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.62 | 82.64 | -9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 627 | 607 | -3.1% |
| Net Income Margin (%) | 34.1% | 32.2% | -5.4% |
| P/E Multiple | 20.2 | 19.7 | -2.5% |
| Shares Outstanding (Mil) | 47 | 47 | 0.9% |
| Cumulative Contribution | -9.8% |
Market Drivers
5/31/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| OLED | -9.8% | |
| Market (SPY) | 2.2% | 54.1% |
| Sector (XLK) | -2.6% | 55.5% |
Fundamental Drivers
The -21.7% change in OLED stock from 2/28/2026 to 9/3/2026 was primarily driven by a -13.3% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 105.56 | 82.64 | -21.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 651 | 607 | -6.7% |
| Net Income Margin (%) | 37.2% | 32.2% | -13.3% |
| P/E Multiple | 20.7 | 19.7 | -4.8% |
| Shares Outstanding (Mil) | 47 | 47 | 1.8% |
| Cumulative Contribution | -21.7% |
Market Drivers
2/28/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| OLED | -21.7% | |
| Market (SPY) | 13.0% | 42.7% |
| Sector (XLK) | 34.2% | 48.4% |
Fundamental Drivers
The -39.3% change in OLED stock from 8/31/2025 to 9/3/2026 was primarily driven by a -25.6% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 136.14 | 82.64 | -39.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 662 | 607 | -8.3% |
| Net Income Margin (%) | 36.9% | 32.2% | -12.7% |
| P/E Multiple | 26.5 | 19.7 | -25.6% |
| Shares Outstanding (Mil) | 48 | 47 | 2.0% |
| Cumulative Contribution | -39.3% |
Market Drivers
8/31/2025 to 9/3/2026| Return | Correlation | |
|---|---|---|
| OLED | -39.3% | |
| Market (SPY) | 20.9% | 42.3% |
| Sector (XLK) | 42.3% | 46.0% |
Fundamental Drivers
The -47.3% change in OLED stock from 8/31/2023 to 9/3/2026 was primarily driven by a -45.0% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 156.70 | 82.64 | -47.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 607 | 607 | 0.0% |
| Net Income Margin (%) | 34.3% | 32.2% | -6.0% |
| P/E Multiple | 35.8 | 19.7 | -45.0% |
| Shares Outstanding (Mil) | 48 | 47 | 2.0% |
| Cumulative Contribution | -47.3% |
Market Drivers
8/31/2023 to 9/3/2026| Return | Correlation | |
|---|---|---|
| OLED | -47.3% | |
| Market (SPY) | 77.7% | 59.3% |
| Sector (XLK) | 115.7% | 59.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OLED Return | -28% | -34% | 79% | -23% | -19% | -28% | -62% |
| Peers Return | 5% | -22% | 10% | 40% | 41% | 34% | 137% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| OLED Win Rate | 50% | 42% | 67% | 42% | 50% | 33% | |
| Peers Win Rate | 52% | 45% | 40% | 67% | 58% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| OLED Max Drawdown | -45% | -48% | -17% | -38% | -34% | -40% | |
| Peers Max Drawdown | -26% | -41% | -28% | -23% | -36% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GLW, DOW, DD, MMM, COHR. See OLED Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/3/2026 (YTD)
How Low Can It Go
| Event | OLED | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.1% | -18.8% |
| % Gain to Breakeven | 37.1% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.6% | -24.5% |
| % Gain to Breakeven | 83.7% | 32.4% |
| Time to Breakeven | 410 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.0% | -33.7% |
| % Gain to Breakeven | 66.5% | 50.9% |
| Time to Breakeven | 139 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.5% | -19.2% |
| % Gain to Breakeven | 57.5% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.8% | -3.7% |
| % Gain to Breakeven | 18.8% | 3.9% |
| Time to Breakeven | 28 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -18.8% | -12.2% |
| % Gain to Breakeven | 23.2% | 13.9% |
| Time to Breakeven | 46 days | 62 days |
In The Past
Universal Display's stock fell -27.1% during the 2025 US Tariff Shock. Such a loss loss requires a 37.1% gain to breakeven.
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Asset Allocation
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| Event | OLED | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.1% | -18.8% |
| % Gain to Breakeven | 37.1% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.6% | -24.5% |
| % Gain to Breakeven | 83.7% | 32.4% |
| Time to Breakeven | 410 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.0% | -33.7% |
| % Gain to Breakeven | 66.5% | 50.9% |
| Time to Breakeven | 139 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.5% | -19.2% |
| % Gain to Breakeven | 57.5% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -26.3% | -6.8% |
| % Gain to Breakeven | 35.8% | 7.3% |
| Time to Breakeven | 58 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -30.5% | -17.9% |
| % Gain to Breakeven | 43.9% | 21.8% |
| Time to Breakeven | 7 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -75.9% | -53.4% |
| % Gain to Breakeven | 315.7% | 114.4% |
| Time to Breakeven | 504 days | 1085 days |
In The Past
Universal Display's stock fell -27.1% during the 2025 US Tariff Shock. Such a loss loss requires a 37.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Universal Display (OLED)
Universal Display Corporation (OLED) is a leading company focused on the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials. It holds a substantial intellectual property portfolio with approximately 5,500 issued and pending patents globally, which forms the foundation for its advanced display and solid-state lighting solutions. Essentially, Universal Display is a critical enabler of the high-performance OLED screens and lighting products seen in the market today.
The company's main offerings include its proprietary UniversalPHOLED materials, which are supplied directly to manufacturers for integration into their products. Beyond materials, Universal Display is actively involved in extensive research and development for next-generation OLED technologies. This includes innovations like flexible OLEDs (FOLED), organic vapor jet printing (OVJP) for manufacturing, advanced thin-film encapsulation for flexible devices, and printable phosphorescent OLEDs (UniversalP2OLED). The company also provides technology development support services and engages in contract research for chemical materials outside of OLED applications.
Universal Display's primary customers are display and lighting manufacturers worldwide. These manufacturers leverage Universal Display's patented materials and technologies to produce a wide array of OLED-based products, such as high-resolution smartphone screens, advanced televisions, and energy-efficient lighting panels. By developing foundational technologies and providing essential materials, Universal Display plays a pivotal role in driving the innovation, adoption, and commercial success of OLED technology across global consumer electronics and lighting markets.
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Here are 1-3 brief analogies for Universal Display (OLED):
- Universal Display is like ARM Holdings for display technology. Just as ARM designs the fundamental chip architecture that powers most mobile devices, OLED invents and licenses the core technologies and materials that make OLED screens work.
- Universal Display is like Dolby Laboratories for advanced displays. Dolby develops and licenses essential audio and video technologies to integrate into products, and OLED does the same for the critical components and patents behind OLED screens.
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- UniversalPHOLED materials: Proprietary phosphorescent OLED materials supplied to display and lighting manufacturers.
- FOLED (flexible OLEDs) technology: A technology enabling the fabrication of OLEDs on flexible substrates.
- OVJP (organic vapor jet printing) technology: An advanced manufacturing technology for organic vapor jet printing of OLEDs.
- Thin-film encapsulation technology: Used for packaging flexible OLEDs, other thin-film devices, and as a barrier film.
- UniversalP2OLED (printable phosphorescent OLEDs) technology: A technology focusing on printable phosphorescent OLEDs.
- Technology Development and Support Services: These services include third-party collaboration and support for the commercialization of OLED products.
- Contract Research Services: Provides research in chemical materials synthesis, development, and commercialization for non-OLED applications.
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Universal Display Corporation (OLED) primarily sells its proprietary materials and technology to other companies, specifically large display and lighting manufacturers. Its major customers are among the world's leading producers of OLED displays.
The company's major customers include:
- Samsung Display (a subsidiary of Samsung Electronics Co., Ltd. - Symbol: 005930.KS / SSNLF)
- LG Display Co., Ltd. (Symbol: LPL)
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- PPG Industries, Inc. (PPG)
- Hodogaya Chemical Co., Ltd. (4112.T)
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Steven V. Abramson, President, Chief Executive Officer and Director
Steven V. Abramson has been President and Chief Executive Officer of Universal Display Corporation since January 2008 and a member of its Board of Directors since 1996. He played a pivotal role in transforming UDC from an R&D startup into a global leader in the OLED industry. Prior to joining UDC, Mr. Abramson was involved in the creation and growth of new technologies, including digital cellular radio in the 1980s, where he held various positions at InterDigital, such as General Counsel, Executive Vice President, and General Manager of the Technology Licensing Division from 1982 to 1991. He also fostered the development of sustainable environmental technologies in the early 1990s, serving as Vice President, General Counsel, Secretary, and Treasurer of Roy F. Weston, Inc. from 1992 to 1996.
Brian Millard, Vice President, Chief Financial Officer and Treasurer
Brian Millard joined Universal Display Corporation as Vice President, Chief Financial Officer and Treasurer in September 2022. He brings more than 15 years of extensive financial, operational, and strategic experience from various industries. Before joining UDC, Mr. Millard was the Senior Vice President, Finance and Corporate Controller at Emergent BioSolutions. His previous roles include Vice President, Corporate Controller and Assistant Corporate Controller at Hertz Global Holdings, Inc. He began his professional career at Deloitte & Touche.
Julia J. Brown, Executive Vice President and Chief Technical Officer
Julia J. Brown is the Executive Vice President and Chief Technical Officer of Universal Display Corporation, having joined the company in 1998. She is responsible for spearheading the company's R&D vision and has been instrumental in advancing UDC's technical excellence in state-of-the-art OLED technologies and phosphorescent materials.
Mauro Premutico, Senior Vice President, Planning, Chief Legal Officer and Secretary
Mauro Premutico is the Senior Vice President, Planning, Chief Legal Officer and Secretary at Universal Display Corporation. He joined UDC in April 2012 as Vice President of Legal and has acted as the Chief Negotiator for commercial transactions, in addition to serving as Chief Investment Officer for UDC Ventures. His prior experience includes being the Managing Vice President and Chief Patent Counsel for The Walt Disney Company, and Vice President of Intellectual Property and Associate General Counsel for Lenovo Group Ltd.
Janice K. Mahon, Senior Vice President, Technology Commercialization and General Manager, Commercial Sales Business
Janice K. Mahon joined Universal Display Corporation in early 1997 and serves as the Senior Vice President of Technology Commercialization and General Manager, Commercial Sales Business. In this role, she oversees the manufacture, quality assurance, and distribution of the company's high-performance PHOLED products to global OLED display and lighting manufacturers. Her career has largely focused on building businesses centered on novel, energy-saving technologies.
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Key Risks to Universal Display (OLED)
- Reliance on Intellectual Property and Potential for Patent Expiration or Challenge: Universal Display Corporation's business model is fundamentally built upon its extensive portfolio of approximately 5,500 issued and pending patents covering OLED technologies and materials. The expiration of key patents or successful legal challenges to their validity could significantly erode the company's competitive advantage. This could allow competitors to utilize its proprietary technology and materials without licensing agreements or royalty payments, thereby severely impacting Universal Display's revenue streams derived from material sales and licensing fees.
- Competition and Technological Obsolescence: The display and lighting industries are characterized by rapid technological advancements and intense competition. Universal Display faces the ongoing risk that alternative display technologies, such as MicroLEDs or advanced quantum dot technologies, could emerge as superior or more cost-effective solutions, potentially reducing the demand for OLED technology. Furthermore, competitors within the OLED space may develop alternative phosphorescent emitter systems, more efficient fluorescent materials, or novel manufacturing processes (e.g., ink-jet printing or other deposition methods) that could diminish the need for Universal Display's specific proprietary materials or licensed technologies.
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Universal Display Corporation (NASDAQ: OLED) primarily operates within the global organic light-emitting diode (OLED) ecosystem, focusing on the research, development, and commercialization of OLED technologies and materials for display and solid-state lighting applications. The addressable markets for its main products and services are global and encompass several key segments.
Global OLED Display Market
The global OLED display market, where Universal Display's proprietary UniversalPHOLED materials and technologies are utilized, was estimated at USD 44.39 billion in 2024 and is projected to reach USD 191.86 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 18.0% from 2025 to 2033. Another report valued the market at USD 47.17 billion in 2025, expecting it to grow to USD 121.04 billion by 2032 with a CAGR of 14.4%. A third estimate places the global OLED display market at US$ 68.1 billion in 2025, anticipating growth to US$ 304.8 billion by 2036, at a CAGR of 14.3% from 2026 to 2036.
Global Flexible OLED Market
Universal Display's FOLED (flexible OLEDs) technology addresses the flexible OLED market. This global market was estimated at USD 10.22 billion in 2024 and is projected to grow to USD 35.33 billion by 2035, exhibiting a CAGR of 11.93% from 2025 to 2035. Another source noted the global Flexible Organic Light Emitting Diode (OLED) Market size reached USD 6,356.7 million in 2024. A different report valued the global flexible OLED market at $4.1 billion in 2021, with projections to reach $117.7 billion by 2031, at a significant CAGR of 40.4% from 2022 to 2031.
Global OLED Lighting Market
The company also develops materials for solid-state lighting applications. The global OLED lighting market size was valued at approximately USD 1.2 billion in 2023 and is poised to reach USD 6.7 billion by 2032, growing at an impressive CAGR of 21.5%. Similarly, the OLED Lighting Panels Market size is estimated to reach $1.2 billion by 2030, growing at a CAGR of 28% over the forecast period 2024-2030.
Global OLED Materials Market (including Phosphorescent OLED Materials)
Universal Display's core business involves supplying proprietary OLED materials. The global OLED materials market is valued at USD 26.5 billion in 2025 and is projected to grow at a CAGR of 15.9% during the forecast period of 2025 to 2035. More specifically, the global market for OLED Phosphorescent Light Emitting Materials is projected to reach a valuation of $13.24 billion by 2025, with a robust CAGR of 13.45% throughout the forecast period of 2025-2033. The global OLED luminescent material market size was valued at USD 1.64 billion in 2024 and is projected to grow from USD 1.83 billion in 2025 to USD 4.69 billion by 2032, exhibiting a CAGR of 12.4%.
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Universal Display Corporation (OLED) is anticipated to experience future revenue growth over the next 2-3 years driven by several key factors:
- Expansion into IT Applications: The proliferation of OLED technology into IT products such as tablets, laptops, and monitors is a significant growth driver. The OLED monitor market experienced substantial growth in 2025 and is projected to grow by over 50% in 2026, with OLED IT units expected to increase by 170% by 2028. This expansion is fueled by increasing demand for higher performance and power efficiency in these devices.
- Growth in Automotive OLED Displays: The automotive sector is emerging as a strong growth market for OLED technology, with analysts forecasting the automotive OLED market to nearly triple by 2028. OLED displays are becoming a strategic enabler for both design flexibility and brand positioning in vehicles.
- Commercialization of Phosphorescent Blue OLED (P-OLED) Technology: The development and commercialization of highly efficient phosphorescent blue OLED materials are expected to be a major catalyst for revenue growth. This technology promises to deliver significant improvements in OLED panel energy efficiency, potentially up to 25%, and enable new product innovations.
- Increased Adoption of Foldable OLED and Premium Smartphones: The foldable OLED market is poised for renewed momentum, with unit volumes projected to increase more than 250% from 2025 to 2030. This, along with continued adoption of OLED in premium smartphones, is expected to drive architectural advancements and expand user experiences across multiple product categories.
- Expansion of OLED Manufacturing Capacity: A pivotal growth stage in medium-sized OLED manufacturing capacity is expected in 2026, with the world's first Gen 8.6 OLED fabrication facilities in Korea and China commencing mass production. This increased capacity will support the accelerating adoption of OLED across IT and automotive applications, reinforcing the long-term growth trajectory of OLEDs.
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Share Repurchases
- Universal Display Corporation authorized a new $100 million share repurchase program, effective immediately, with no expiration date, as announced on May 1, 2025.
- The company repurchased $34.1 million of common stock during 2025.
- Through February 17, 2026, an additional $19.2 million of common stock was repurchased.
Share Issuance
- No significant dollar amount of share issuances was reported in the last 3-5 years. The number of shares outstanding showed only minor increases (e.g., 0.06% in 2024, 0.32% in 2023, 0.22% in 2022).
Outbound Investments
- Universal Display has made strategic investments including the acquisition of Adesis, Inc. and the formation of OVJP Corporation.
- The company acquired patents from Merck KGaA.
Capital Expenditures
- Capital expenditures were $43.16 million in 2021, $42.5 million in 2022, $59.79 million in 2023, and $42.64 million in 2024.
- Expected capital expenditures are $56.47 million for 2025 and $64.3 million for 2026.
- A primary focus of capital expenditures includes the purchase of a new manufacturing site in Shannon, Ireland, intended to double the production capacity for phosphorescent emitters.
Peer Outperformance in Semiconductors
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| OLED | Universal Display | 0.2% | 19.7x | -39.5% | -47.8% | -58.3% | — |
| INTC | Intel | 1.9% | -41.4x | 282.0% | 154.6% | 86.0% | +144pp |
| LSCC | Lattice Semiconductor | -0.7% | 428.7x | 69.9% | 17.1% | 80.2% | +138pp |
| AMKR | Amkor Technology | 3.1% | 21.0x | 98.6% | 74.7% | 76.7% | +135pp |
| TXN | Texas Instruments | 1.9% | 38.3x | 33.0% | 62.9% | 54.0% | +112pp |
| SLAB | Silicon Laboratories | 1.5% | -187.4x | 68.4% | 63.2% | 40.7% | +99pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 59.3% | 166.6% | 276.2% | TTMI 732% · FLEX 666% · JBL 401% |
| Semiconductor Materials & Equipment | 27 | 132.6% | 53.5% | 90.8% | AEHR 809% · AXTI 473% · KLAC 431% |
| Technology Distributors | 9 | 31.0% | 59.2% | 79.6% | CLMB 336% · AVT 161% · SNX 119% |
| Communications Equipment | 36 | 25.7% | 80.0% | 66.6% | AAOI 1200% · LITE 852% · ANET 744% |
| Electronic Components | 26 | 48.3% | 59.1% | 56.0% | CLS 3214% · BELFA 1274% · COHR 330% |
| Technology Hardware, Storage & Peripherals | 21 | 37.5% | 75.6% | 16.2% | DELL 1062% · STX 926% · SMCI 897% |
| Semiconductors ← | 55 | 33.0% | 17.1% | 15.6% | POET 1700% · MU 1231% · NVDA 903% |
| Internet Services & Infrastructure | 6 | 20.8% | 44.1% | 14.6% | DOCN 49% · GDDY 38% · VRSN 36% |
| Electronic Equipment & Instruments | 27 | -7.7% | 4.7% | -8.9% | PI 201% · OSIS 111% · NSSC 96% |
| IT Consulting & Other Services | 28 | -21.3% | -8.1% | -27.7% | CHRN 528321% · APLD 1128% · TSSI 636% |
| Application Software | 124 | -19.1% | -12.3% | -44.0% | VIDA 248900% · INLX 4900% · PLTR 585% |
| Systems Software | 68 | -5.3% | 11.5% | -56.1% | PAYS 427% · QNC 401% · ZETA 343% |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 138.56 |
| Mkt Cap | 36.8 |
| Rev LTM | 12,041 |
| Op Inc LTM | 1,213 |
| FCF LTM | 1,045 |
| FCF 3Y Avg | 353 |
| CFO LTM | 2,454 |
| CFO 3Y Avg | 1,691 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.4% |
| Rev Chg 3Y Avg | 1.7% |
| Rev Chg Q | 10.3% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 29.3% |
| Op Inc Chg 3Y Avg | 29.3% |
| Op Mgn LTM | 14.0% |
| Op Mgn 3Y Avg | 10.3% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 20.8% |
| CFO/Rev 3Y Avg | 12.4% |
| FCF/Rev LTM | 12.3% |
| FCF/Rev 3Y Avg | 4.8% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA212314 | OXYGEN, USP | oxygen | gas | 8242018 | -27.8% | 19.6% | 67.6% | 48.2% | -27.9% |
| NDA212315 | NITROGEN, NF | nitrogen, nf | gas | 8242018 | -27.8% | 19.6% | 67.6% | 48.2% | -27.9% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA212314 | OXYGEN, USP | oxygen | gas | 8242018 | -27.8% | 19.6% | 67.6% | 48.2% | -27.9% |
| NDA212315 | NITROGEN, NF | nitrogen, nf | gas | 8242018 | -27.8% | 19.6% | 67.6% | 48.2% | -27.9% |
Price Behavior
| Market Price | $82.64 | |
| Market Cap ($ Bil) | 3.9 | |
| First Trading Date | 04/12/1996 | |
| Distance from 52W High | -44.6% | |
| 50 Days | 200 Days | |
| DMA Price | $83.85 | $99.12 |
| DMA Trend | down | down |
| Distance from DMA | -1.4% | -16.6% |
| 3M | 1YR | |
| Volatility | 42.9% | 41.5% |
| Downside Capture | 214.99 | 194.06 |
| Upside Capture | 157.73 | 93.71 |
| Correlation (SPY) | 55.0% | 42.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.13 | 1.63 | 1.77 | 1.29 | 1.38 | 1.64 |
| Up Beta | 3.07 | 1.48 | 0.93 | 0.52 | 1.05 | 1.53 |
| Down Beta | 1.23 | 1.20 | 2.06 | 1.61 | 1.53 | 1.75 |
| Up Capture | 164% | 167% | 179% | 105% | 93% | 260% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 19 | 29 | 59 | 118 | 377 |
| Down Capture | 173% | 194% | 202% | 170% | 148% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 14 | 23 | 35 | 68 | 133 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OLED | |
|---|---|---|---|---|
| OLED | -39.6% | 41.5% | -1.11 | - |
| Sector ETF (XLK) | 43.1% | 26.2% | 1.33 | 46.0% |
| Equity (SPY) | 21.2% | 12.8% | 1.23 | 42.3% |
| Gold (GLD) | 25.1% | 29.1% | 0.77 | 17.3% |
| Commodities (DBC) | 42.9% | 20.4% | 1.64 | -6.0% |
| Real Estate (VNQ) | 10.7% | 13.6% | 0.50 | 2.1% |
| Bitcoin (BTCUSD) | -31.0% | 43.5% | -0.73 | 24.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OLED | |
|---|---|---|---|---|
| OLED | -15.7% | 44.1% | -0.25 | - |
| Sector ETF (XLK) | 19.8% | 25.9% | 0.68 | 63.3% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 62.0% |
| Gold (GLD) | 19.6% | 18.8% | 0.85 | 10.3% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 12.3% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 38.2% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 29.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OLED | |
|---|---|---|---|---|
| OLED | 4.0% | 47.5% | 0.26 | - |
| Sector ETF (XLK) | 24.3% | 25.0% | 0.88 | 59.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 56.7% |
| Gold (GLD) | 12.5% | 16.3% | 0.63 | 7.3% |
| Commodities (DBC) | 8.0% | 18.1% | 0.36 | 17.4% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 36.9% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.2% | 8.6% | 3.3% |
| 4/30/2026 | 10.7% | 6.5% | 9.5% |
| 2/19/2026 | -11.1% | -8.6% | -18.7% |
| 11/6/2025 | -7.7% | -13.5% | -10.2% |
| 7/31/2025 | 0.4% | -4.1% | -4.0% |
| 5/1/2025 | 2.0% | 0.6% | 3.7% |
| 2/20/2025 | 6.8% | 2.5% | 1.1% |
| 10/30/2024 | -11.2% | -8.5% | -19.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 12 |
| # Negative | 9 | 11 | 12 |
| Median Positive | 5.3% | 7.7% | 15.6% |
| Median Negative | -8.1% | -8.7% | -10.3% |
| Max Positive | 22.7% | 19.6% | 32.4% |
| Max Negative | -19.0% | -21.0% | -19.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.2% | 8.6% | 3.3% |
| 4/30/2026 | 10.7% | 6.5% | 9.5% |
| 2/19/2026 | -11.1% | -8.6% | -18.7% |
| 11/6/2025 | -7.7% | -13.5% | -10.2% |
| 7/31/2025 | 0.4% | -4.1% | -4.0% |
| 5/1/2025 | 2.0% | 0.6% | 3.7% |
| 2/20/2025 | 6.8% | 2.5% | 1.1% |
| 10/30/2024 | -11.2% | -8.5% | -19.0% |
| 8/1/2024 | -19.0% | -21.0% | -8.9% |
| 5/2/2024 | 9.3% | 11.2% | 13.6% |
| 2/22/2024 | -8.1% | -6.8% | -11.0% |
| 11/2/2023 | 3.6% | 5.3% | 24.7% |
| 8/3/2023 | 13.7% | 13.1% | 18.0% |
| 5/3/2023 | 5.1% | 7.7% | 15.4% |
| 1/10/2023 | 8.0% | 9.6% | 16.6% |
| 11/3/2022 | 12.1% | 19.4% | 32.4% |
| 8/4/2022 | 5.3% | 2.3% | -10.5% |
| 5/5/2022 | 4.1% | -7.8% | -2.5% |
| 2/23/2022 | 22.7% | 19.6% | 27.6% |
| 11/4/2021 | -5.5% | -8.7% | -18.5% |
| 8/5/2021 | -10.5% | -14.5% | -10.5% |
| 5/6/2021 | 1.4% | -12.8% | -1.3% |
| 2/18/2021 | -5.2% | -12.3% | -3.1% |
| 10/29/2020 | 0.3% | 7.2% | 15.8% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 12 |
| # Negative | 9 | 11 | 12 |
| Median Positive | 5.3% | 7.7% | 15.6% |
| Median Negative | -8.1% | -8.7% | -10.3% |
| Max Positive | 22.7% | 19.6% | 32.4% |
| Max Negative | -19.0% | -21.0% | -19.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 630.00 Mil | 630.00 Mil | 630.00 Mil | -3.1% | Lowered | Guidance: 650.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Dividends | Reported | 0.5 | Affirmed | Guidance: 0.5 for Q1 2026 | ||||
| 2026 Revenue | Reported | 630.00 Mil | 650.00 Mil | 670.00 Mil | -3.7% | Lowered | Guidance: 675.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Dividends | Reported | 0.5 | ||||||
| 2026 Revenue | Reported | 650.00 Mil | 675.00 Mil | 700.00 Mil | 3.8% | Higher New | Actual: 650.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 650.00 Mil | 650.00 Mil | 700.00 Mil | -3.7% | Lowered | Guidance: 675.00 Mil for 2025 | |
Insider Activity
Updated 8/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lacerte, Lawrence | Direct | Sell | 8202026 | 84.98 | 4,967 | 422,092 | 9,729,778 | Form | |
| 2 | Elias, Richard C | Direct | Buy | 5132026 | 92.84 | 1,000 | 92,840 | 135,175 | Form | |
| 3 | Premutico, Mauro | SVP & CLO | Direct | Buy | 5112026 | 93.40 | 3,694 | 345,034 | 4,901,937 | Form |
| 4 | Abramson, Steven V | President and CEO | Direct | Buy | 5112026 | 93.43 | 11,000 | 1,027,770 | 27,711,389 | Form |
| 5 | Millard, Brian | VP/CFO | Direct | Sell | 8212025 | 140.75 | 2,651 | 373,122 | 1,829,720 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lacerte, Lawrence | Direct | Sell | 8202026 | 84.98 | 4,967 | 422,092 | 9,729,778 | Form | |
| 2 | Elias, Richard C | Direct | Buy | 5132026 | 92.84 | 1,000 | 92,840 | 135,175 | Form | |
| 3 | Premutico, Mauro | SVP & CLO | Direct | Buy | 5112026 | 93.40 | 3,694 | 345,034 | 4,901,937 | Form |
| 4 | Abramson, Steven V | President and CEO | Direct | Buy | 5112026 | 93.43 | 11,000 | 1,027,770 | 27,711,389 | Form |
| 5 | Millard, Brian | VP/CFO | Direct | Sell | 8212025 | 140.75 | 2,651 | 373,122 | 1,829,720 | Form |
Investor Activity (13F)
Updated Sep 4, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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