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Electronic components · Technology · Fiscal year ends Dec 31
Universal Display reported revenue of $651M in the fiscal year ended Dec 2025, up 0.5% from the year before. Operating income was $249M, an operating margin of 38.2%, and net income was $242M. Operating cash flow of $211M less capital expenditure of $56M left free cash flow of $154M.
Ranks among the 18 electronic components companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 554 | 617 | 576 | 648 | 651 |
| Cost of revenue | 115 | 128 | 135 | 148 | 154 |
| Gross profit | 439 | 489 | 441 | 499 | 496 |
| Research & development | 99.7 | 117 | 130 | 157 | 146 |
| Selling, general & admin | 80.4 | 77.9 | 67.4 | 74.3 | 74.3 |
| Operating income | 228 | 267 | 217 | 239 | 249 |
| Pre-tax income | 228 | 268 | 245 | 272 | 295 |
| Income tax | 44.0 | 58.2 | 42.2 | 50.0 | 52.7 |
| Net income | 184 | 210 | 203 | 222 | 242 |
| Diluted EPS | 3.87 | 4.40 | 4.24 | 4.65 | 5.08 |
| Diluted shares | 47.4 | 47.5 | 47.6 | 47.7 | 47.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 312 | 93.4 | 92.0 | 99.0 | 138 |
| Receivables | 108 | 92.7 | 140 | 114 | 120 |
| Inventory | 134 | 183 | 176 | 183 | 241 |
| Current assets | 926 | 899 | 917 | 900 | 1,087 |
| Net PP&E | 129 | 143 | 175 | 195 | 215 |
| Goodwill | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| Total assets | 1,467 | 1,533 | 1,669 | 1,832 | 1,964 |
| Payables | 15.0 | 9.5 | 10.9 | 36.6 | 23.3 |
| Deferred revenue | 121 | 45.6 | 47.7 | 33.1 | 21.0 |
| Current liabilities | 188 | 136 | 119 | 125 | 108 |
| Total liabilities | 367 | 257 | 222 | 216 | 203 |
| Shareholders' equity | 1,100 | 1,275 | 1,447 | 1,617 | 1,761 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 191 | 127 | 155 | 254 | 211 |
| Capital expenditure | 43.2 | 42.5 | 59.8 | 42.6 | 56.5 |
| Free cash flow | 148 | 84.3 | 95.0 | 211 | 154 |
| Depreciation & amortisation | 20.0 | 24.8 | 27.4 | 25.9 | 28.4 |
| Stock-based compensation | 34.9 | 29.9 | 24.1 | 30.0 | 28.2 |
| Share buybacks | 0.0 | – | 0.0 | 0.0 | 32.9 |
| Dividends paid | 0.0 | 57.0 | 66.7 | 76.2 | 85.5 |
| Dividend per share | 0.80 | 1.20 | 1.40 | 1.60 | 1.80 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.4% | −6.5% | 12.4% | 0.5% |
| Operating income growth (YoY) | – | 17.3% | −18.7% | 10.0% | 4.1% |
| EPS growth (YoY) | – | 13.7% | −3.6% | 9.7% | 9.2% |
| Gross margin | 79.2% | 79.3% | 76.5% | 77.1% | 76.3% |
| Operating margin | 41.1% | 43.3% | 37.7% | 36.9% | 38.2% |
| Net margin | 33.3% | 34.1% | 35.2% | 34.3% | 37.2% |
| Return on equityBlank when equity is negative | 16.7% | 16.5% | 14.0% | 13.7% | 13.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.8% | 19.1% | 14.0% | 14.0% | 13.4% |
| Free cash flow margin | 26.7% | 13.7% | 16.5% | 32.6% | 23.7% |
| Cash conversion (CFO ÷ net income) | 1.04x | 0.60x | 0.76x | 1.14x | 0.87x |
| Receivable days | 71 | 55 | 89 | 64 | 67 |
| Inventory days | 426 | 523 | 474 | 450 | 571 |
| Payable days | 47 | 27 | 29 | 90 | 55 |
| Current ratio | 4.93x | 6.63x | 7.72x | 7.18x | 10.1x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.