UNIVERSAL DISPLAY CORP PA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNIVERSAL DISPLAY CORP PA files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	199	336	247	405	429	554	617	576	648	651
Cost of revenue	26.3	54.7	53.5	75.4	85.5	115	128	135	148	154
Gross profit	173	281	194	330	343	439	489	441	499	496
Research and development	42.7	49.1	53.7	71.3	83.9	99.7	117	130	157	146
Selling, general and administrative	32.9	46.8	47	59.6	61.3	80.4	77.9	67.4	74.3	74.3
Operating expenses	104	135	137	171	186	211	222	224	260	248
Operating income	68.4	146	56.7	158	158	228	267	217	239	249
Other non-operating income	0.19	3.29	7.58	11.6	6	0.6	1.12	28	33.3	46.2
Pre-tax income	68.6	150	64.3	170	164	228	268	245	272	295
Income tax	20.5	45.7	5.47	31.6	30.2	44	58.2	42.2	50	52.7
Net income	48.1	104	58.8	138	133	184	210	203	222	242
EBITDA	72.7	151	65.3	171	173	248	292	245	265	277
EPS, basic	2.18	2.19	1.24	2.92	2.80	3.87	4.41	4.25	4.66	5.09
EPS, diluted	2.18	2.18	1.24	2.92	2.80	3.87	4.40	4.24	4.65	5.08
Shares, basic (weighted)	21.7	46.7	46.8	47	47.2	47.3	47.4	47.6	47.5	47.5
Shares, diluted (weighted)	21.8	46.8	46.9	47	47.2	47.4	47.5	47.6	47.7	47.7
Dividend per share		0.12	0.24	0.40	0.60	0.80	1.20	1.40	1.60	1.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	139	133	211	132	630	312	93.4	92	99	138
Short-term investments	189	287	304	514	100	351	484	422	394	464
Receivables	25	52.4	43.1	60.5	82.3	108	92.7	140	114	120
Inventory	17.3	36.3	70	64	91.6	134	183	176	183	241
Other current assets	6.39	10.3	6.37	21.9	20.7	20.9	45.8	87.4	111	124
Total current assets	385	519	635	792	925	926	899	917	900	1,087
Property, plant and equipment	27.2	56.5	69.7	87.9	102	129	143	175	195	215
Lease right-of-use assets				8.48	8.75	30.6	31.5	24.9	19.9	19.9
Goodwill	15.5	15.5	15.5	15.5	15.5	15.5	15.5	15.5	15.5	15.5
Intangible assets	152	132	111	90.8	70.3	49.7	38.4	90.3	73.6	56.8
Long-term investments	15	14.8		5	5	168	260	300	458	377
Other non-current assets	0.31	0.6	64.5	86.1	103	136	110	105	107	129
Total assets	628	780	933	1,120	1,269	1,467	1,533	1,669	1,832	1,964
Accounts payable	8.11	13.8	10.5	13.3	13.8	15	9.52	10.9	36.6	23.3
Accrued liabilities	19.8	35	36.1	49	41.4	45.5	51	52.1	46	52.6
Deferred revenue	10.3	15	80.8	97.3	105	121	45.6	47.7	33.1	21
Total current liabilities	40.2	63.8	133	162	165	188	136	119	125	108
Lease liabilities				6.9	6.88	27.3	29	22.9	19.1	19.2
Other non-current liabilities			23.9	48.6	55.9	76.1	43.7	38.7	35.4	36.2
Total liabilities	99.1	121	243	309	357	367	257	222	216	203
Paid-in capital	604	611	617	620	636	659	681	700	724	745
Retained earnings	-25.6	99.1	130	249	354	500	653	790	935	1,090
Treasury stock	-40.2	-40.2	-40.6	-41.3	-41.3	-41.3	-41.3	-41.3	-41.3	-75.4
Other comprehensive income	-10.7	-11.5	-16.2	-17	-36	-18.2	-18.5	-1.09	-1.06	0.78
Shareholders' equity	528	659	691	811	913	1,100	1,275	1,447	1,617	1,761
Total equity	528	659	691	811	913	1,100	1,275	1,447	1,617	1,761
Total liabilities and equity	628	780	933	1,120	1,269	1,467	1,533	1,669	1,832	1,964
Shares outstanding	22	47.1	47.3	47.5	47.6	47.7	47.8	47.4	47.5	47.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	48.1	104	58.8	138	133	184	210	203	222	242
Depreciation and amortization	4.27	4.92	8.61	12.5	15.2	20	24.8	27.4	25.9	28.4
Stock-based compensation	11.4	12.3	12.4	16.1	26.6	34.9	29.9	24.1	30	28.2
Deferred income tax	3.09	24.4	-12.8	-5.78	-4.45	1.75	-26.9	-3.77	-19.1	-1.04
Change in receivables	1.21	-27.4	9.23	-17.3	-21.8	-25.4	15	-47.2	26.2	-6.31
Change in payables	4.36	16.4	1.56	15.5	-8.31	1.9	3.34	4.05	10.4	2.11
Cash from operations	80.3	133	122	194	149	191	127	155	254	211
Capital expenditures	-7.3	-29.8	-25.4	-30.1	-28	-43.2	-42.5	-59.8	-42.6	-56.5
Acquisitions	-33.4
Purchases of investments	-450	-594	-629	-932	-604	-642	-702	-531	-595	-376
Cash from investing	-38.5	-126	-21	-239	391	-458	-281	-83.3	-164	-45.5
Stock issued	0.44	0.73	0.8	0.89	1.18	1.51	1.57	2.01	2.22	2.02
Share buybacks			-0.48	-0.65	0	0		0	0	-32.9
Dividends paid		-5.7	-11.3	-18.9	-28.4	-0.04	-57	-66.7	-76.2	-85.5
Cash from financing	-0.01	-14.3	-22.6	-34.6	-41.7	-51.4	-64.6	-72.9	-82.3	-126
Net change in cash	41.9	-6.53	78.2	-79.4	498	-318	-219	-1.45	7	39.4
Free cash flow	73	104	96.4	164	121	148	84.3	95	211	154
Income taxes paid	12.9	23.2	17.8	46.6	36.3	52.7	72.3	96.2	72	71.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $77.39 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	75.3%	Gross profit / revenue.
Operating margin	34.1%	Operating income / revenue.
EBITDA margin	39.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	39.1%	Pre-tax income / revenue.
Net margin	32.2%	Net income / revenue.
FCF margin	36.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	43.2%	Cash from operations / revenue.
Effective tax rate	17.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.4%	Net income / average total assets.
Return on invested capital (ROIC)	10.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	23.9%	Research and development expense / revenue.
SG&A / revenue	12.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.9%	Capital expenditures / revenue.
D&A / revenue	5.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	4.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	9.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	9.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-16.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-26.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	22.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	24.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	8.50x	Current assets / current liabilities.
Quick ratio	5.39x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.25x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	10.8%	Total liabilities / total assets.
Working capital	$830.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.57B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	2.89x	Revenue / average property, plant and equipment.
Inventory turnover	0.60x	Cost of revenue / average inventory.
Days inventory	609 days	365 x average inventory / cost of revenue.
Receivables turnover	4.81x	Revenue / average receivables.
Days sales outstanding	76 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	639 days	Days inventory + days sales outstanding - days payables.
FCF conversion	112.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.00	Revenue / diluted weighted shares.
FCF per share	$4.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.62	Cash from operations / diluted weighted shares.
Book value per share	$36.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$34.01	Tangible book value / shares outstanding.
Cash per share	$10.19	(Cash + short-term investments) / shares outstanding.
Payout ratio	45.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	40.6%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.56B	Share price x shares outstanding.
Enterprise value	$3.09B	Market cap + total debt - cash - short-term investments.
P/E	18.2x	Market cap / net income. Only when net income is positive.
P/S	5.86x	Market cap / revenue.
P/B	2.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.26x	Market cap / tangible book value, when positive.
P/FCF	16.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.6x	Market cap / cash from operations, when positive.
EV/Sales	5.08x	Enterprise value / revenue.
EV/EBIT	14.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.2%	Free cash flow / market cap.
Earnings yield	5.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.
PEG	3.70x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was UNIVERSAL DISPLAY CORP PA's revenue in fiscal 2025?

UNIVERSAL DISPLAY CORP PA reported revenue of $650.6M for fiscal 2025, 0.5% higher than the year before.

Was UNIVERSAL DISPLAY CORP PA profitable in fiscal 2025?

Yes. Net income was $242.1M, a net margin of 37.2%.

How much free cash flow did UNIVERSAL DISPLAY CORP PA generate in fiscal 2025?

Cash from operations of $210.8M minus capital expenditures of $56.5M left free cash flow of $154.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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