At a glance
Universal Display is worth $4.07B, about 18 times its fiscal 2025 earnings. Revenue grew 0.5% to $650.6M in fiscal 2025, with 37.2% kept as profit; over 5 years it has grown 8.7% a year. It pays a 2.16% dividend yield, raised every year for at least 8 years, and returned $318.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −37.7% over the past year with dividends reinvested and −11.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.9% in the 2020 crash (S&P 500: 33.7%) and 46.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 14 months after the lows.
The business in plain English
Universal Display develops and sells the materials and technology behind OLED screens. OLED stands for organic light emitting diode. These are thin, power-efficient panels found in smartphones, TVs, monitors, wearables, laptops and cars, and in some specialty lighting. The company does not make screens itself. With academic partners, it pioneered phosphorescent OLED technology, sold as UniversalPHOLED. The company says this technology can be up to four times more efficient than fluorescent OLEDs. It holds rights to more than 7,000 issued and pending patents.
It makes money in two main ways. First, it sells emitter materials, the chemicals that turn electricity into colored light inside an OLED panel. PPG Industries, its manufacturing partner for more than 25 years, produces them, and Universal Display checks their quality and resells them. Material sales made up 54.3% of fiscal 2025 revenue of $650.6 million. Second, it licenses its patents and know-how to panel makers for fixed fees and royalties on their sales. This brought in 42.3%. Contract research supplied the remaining 3.5%. Supply deals typically require customers to buy minimum quantities.
Its customers are mostly large display makers in Asia. The biggest in 2025 included Samsung Display, LG Display, BOE, Tianma, Visionox and CSOT. South Korea accounted for 58.9% of fiscal 2025 revenue and China for 36.6%. The US contributed only 3.8%.
Price history
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OLED -37.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Material Sales | $353.0M | 54.3% |
| Royalty And License Fees | $275.1M | 42.3% |
| Contract Research Services | $22.5M | 3.5% |
By geography
| KR | $383.5M | 58.9% |
| CN | $238.2M | 36.6% |
| US | $24.4M | 3.8% |
| JP | $2.8M | 0.4% |
| Other Non US | $1.7M | 0.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $160.4M, up 14.9% from a year earlier, and net income was $78.9M (+79.3%).
- For fiscal 2025, revenue was $650.6M (+0.5% year over year; +8.7% a year from FY2020 to FY2025) with a 37.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.7% good |
|---|---|
| Operating margin | 38.2% good |
| Free cash flow margin | 23.7% good |
| Return on equity (FY2025) | 13.7% watch |
| Return on assets (FY2025) | 12.3% good |
| Cash and investments | $903.1M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $428.9M | $133.4M | $120.8M |
| FY2021 | $553.5M | $184.2M | $147.9M |
| FY2022 | $616.6M | $210.1M | $84.3M |
| FY2023 | $576.4M | $203.0M | $95.0M |
| FY2024 | $647.7M | $222.1M | $211.1M |
| FY2025 | $650.6M | $242.1M | $154.4M |
Valuation snapshot
| Market value | $4.07B |
|---|---|
| P/E ratio | 17.8 |
| Dividend yield | 2.16% |
Rank among 1514 US companies
Market value at each year end
Universal Display’s market value went from $2.64B at the end of 2016 to $4.07B on Oct 28, 2026, up 54%; since the end of 2025 it is down 27%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.07B | -26.7% |
| 2025 | $5.55B | -20.0% |
| 2024 | $6.94B | -23.4% |
| 2023 | $9.06B | +77.5% |
| 2022 | $5.10B | -34.4% |
| 2021 | $7.78B | -28.2% |
| 2020 | $10.82B | +11.5% |
| 2019 | $9.71B | +120.3% |
| 2018 | $4.41B | -45.7% |
| 2017 | $8.12B | +207.1% |
| 2016 | $2.64B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OLED price data to Oct 28, 2026 | -21.2% | -37.7% | -13.2% | -11.8% | +6.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -21.2% |
| 2025 | -19.1% |
| 2024 | -22.9% |
| 2023 | +78.6% |
| 2022 | -33.9% |
| 2021 | -27.9% |
| 2020 | +11.9% |
| 2019 | +120.7% |
| 2018 | -45.7% |
| 2017 | +207.0% |
| 2016 | +3.4% |
| 2015 | +96.2% |
| 2014 | -19.2% |
| 2013 | +34.1% |
| 2012 | -30.2% |
| 2011 | +19.7% |
| 2010 | +148.0% |
| 2009 | +30.8% |
| 2008 | -54.3% |
| 2007 | +37.7% |
| 2006 | +42.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 74% over that stretch · deepest drop along the way 77%, back to its old high 17 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.7% over that stretch · deepest drop along the way 39.9%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 44.3% over that stretch · deepest drop along the way 46%, back to its old high 14 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 4 open-market purchases ($438K) and 2 sales ($422K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 18, 2026 | Lawrence Lacerte Director | sell | $395K |
| May 7, 2026 | Mauro Premutico SVP & CLO | buy | $135K |
| May 7, 2026 | Mauro Premutico SVP & CLO | buy | $134K |
| May 11, 2026 | Richard C Elias Director | buy | $93K |
| May 7, 2026 | Mauro Premutico SVP & CLO | buy | $76K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.4% | Sep 30, 2025 |
| Vanguard Portfolio Management | 6.21% | Mar 31, 2026 |
| Vanguard Capital Management | 5.02% | Sep 30, 2026 |
| Kayne Anderson Rudnick Investment Management, LLC | 4.6% | Jun 30, 2026 |
ETFs with the most weight in OLED
| ETEC iShares Breakthrough Environmental Solutions ETF | 5.24% |
| QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 3.62% |
| TINT ProShares Smart Materials ETF | 3.13% |
| TDV ProShares S&P Technology Dividend Aristocrats ETF | 2.53% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.97% |
| PBD Invesco Global Clean Energy ETF | 0.86% |
| SDVY First Trust SMID Cap Rising Dividend Achievers ETF | 0.66% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.65% |
What could go wrong
- Its most important early patents have expired. Some fundamental phosphorescent OLED patents expired in the US in 2017 and 2019 and abroad in 2018 and 2020. Newer patents may prove less essential, and rivals could design around them.
- A handful of display makers drive sales. Its biggest customers include Samsung Display, LG Display, BOE and other Asian panel makers. Disputes, renegotiation or the end of a key agreement could cut into revenue.
- One outside manufacturer makes all its materials. PPG Industries, its partner of over 25 years, makes all the OLED materials it sells. Any disruption at PPG could leave customers short, since the company is often their sole source for key materials.
- Sales depend heavily on South Korea and China. In fiscal 2025, 58.9% of revenue came from South Korea and 36.6% from China. Political, legal or financial problems there could hurt results, and better-funded rivals are based in the same region.
- Rival display technologies could reduce demand. There are many alternatives to OLED screens, and rival OLED technologies could prove cheaper or better. Advances could also let manufacturers use older, unpatented materials instead of its own.
- Consumer electronics slumps hurt demand and pricing. Its sales track phones, TVs and other consumer electronics. Industry downturns can cut demand and prices for its materials, and results can swing a lot from quarter to quarter.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released; Other company announcement
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Universal Display pays a dividend and has raised it for at least eight years in a row through fiscal 2025. It tripled from $0.60 a share in fiscal 2020 to $1.80 in fiscal 2025, about 24.6% growth a year. Fiscal 2025 dividends used 35.3% of earnings and 55.4% of free cash flow (cash left after capital spending). The yield was 2.16% as of October 28, 2026. Buybacks play a smaller role: $32.9 million in fiscal 2025, against $85.5 million in dividends.
The share price has swung hard in downturns. It fell 77% from December 2007 to March 2009 and needed 17 months from that low to recover. It dropped 39.9% in the 2020 COVID crash and recovered by August 2020. It fell 46% in the 2022 bear market and recovered by December 2023. As of October 28, 2026, it was down 37.7% over one year. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Universal Display make money?
Mainly by selling OLED materials and licensing its patents. In fiscal 2025, which ended December 31, 2025, material sales brought in 54.3% of its $650.6 million revenue. Royalty and license fees brought in 42.3%, and contract research made up the rest. PPG Industries makes its phosphorescent emitter materials, and it sells them to display makers such as Samsung Display, LG Display and BOE. It also charges fixed fees and royalties for use of its patents and know-how. It does not make screens itself.
Does Universal Display raise its dividend every year?
Yes, in recent years. It has raised its dividend for at least eight years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $0.60 in fiscal 2020 to $1.80 in fiscal 2025. The yield was 2.16% as of October 28, 2026. Increases are not guaranteed. The company's annual report warns that cutting or stopping the dividend could hurt the share price.
Is Universal Display stock volatile?
Yes, quite volatile. As of October 28, 2026, its one-year beta was 1.38. A beta above 1 means a stock has tended to swing more than the broad market. The price was down 37.7% over one year and 47% over five years, but up 95% over ten years. Its deepest fall in more than 21 years of price history was 77%, during the 2008 financial crisis.
Who are Universal Display's biggest customers?
Large Asian display makers. In 2025 its largest buyers of phosphorescent OLED materials included Samsung Display, LG Display, BOE, Tianma, Visionox and CSOT. This concentration also shows up by country. South Korea accounted for 58.9% of fiscal 2025 revenue and China for 36.6%, while the US was 3.8%. The company's annual report warns that disputes with these customers, or renegotiating or ending their agreements, could hurt revenue.
Is Universal Display profitable?
Yes. In fiscal 2025 it earned $242.1 million on $650.6 million of revenue, a net margin (profit as a share of sales) of 37.2%. Revenue grew just 0.5% from fiscal 2024, but net income rose 9%. In the quarter ended September 30, 2026, revenue rose 14.9% from a year earlier to $160.4 million. On that date it held $903.1 million in cash and investments, and its filings showed no borrowings.