olivLaw · US equity research
Universal Display Corporation OLED
Electronic Components & Accessories · SIC 3670 · Vertical: Electronic Components & Accessories (SIC 3670)
Universal Display Corporation develops and commercializes OLED materials and technologies for displays and solid-state lighting, earning revenue from material sales, licenses and royalties. The company matters now because revenue in the first half of 2026 fell from the prior year and its 2026 guidance was revised toward the lower end of the announced range, amid a weaker consumer electronics market while investment in new OLED capacity continues.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Universal Display Corporation (OLED) stock was 89.57 USD (+0.19% on the day), with market capitalisation 4.0 bn USD, P/E 18.2 on diluted EPS of 4.93 USD over the last 12 months, dividend yield 2.18%, beta 1.52, 52-week range 72.90–146.75 USD. Latest reported quarter (Q3 2026): revenue of 160.4 m USD (+14.9% YoY), net income of 78.9 m USD (+79.3% YoY), diluted EPS 1.72 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.2
- strong (55–70)
- Bollinger (20, 2)
- 70.93 – 94.81
- in the upper half of the band · %B 0.78 · band width 28.8%
- SMA 50 / 200
- 80.93 / 91.53
- mixed trend
- MACD (12, 26, 9)
- 2.73 / 2.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.2% | −1.1% | +13.3 pp | — |
| 3 months | +4.2% | −0.5% | +4.7 pp | — |
| 6 months | −4.7% | +4.4% | −9.1 pp | — |
| Year to date | −23.3% | +12.3% | −35.6 pp | — |
| 1 year | −37.0% | +13.5% | −50.5 pp | +2.1% |
| 3 years | −39.1% | +76.4% | −115.5 pp | +46.1% |
| 5 years | −48.6% | +63.7% | −112.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 162.3 m | 166.3 m | 171.8 m | 139.6 m | 172.9 m | 142.2 m | 152.2 m | 160.4 m |
| Cost of revenue | 37.4 m | 38.1 m | 39.2 m | 35.5 m | 41.3 m | 36.1 m | 36.8 m | 43.1 m |
| Gross profit | 124.9 m | 128.1 m | 132.6 m | 104.1 m | 131.6 m | 106.1 m | 115.4 m | 117.4 m |
| Research & development | 46.3 m | 34.9 m | 36.4 m | 36.3 m | 38.5 m | 35.2 m | 35.0 m | 36.3 m |
| SG&A | 19.5 m | 17.0 m | 20.4 m | 18.0 m | 18.8 m | 20.0 m | 18.6 m | 20.9 m |
| Operating income | 52.5 m | 69.7 m | 68.5 m | 43.1 m | 67.2 m | 42.8 m | 53.6 m | 53.7 m |
| Pre-tax income | 55.3 m | 80.1 m | 83.9 m | 54.1 m | 76.7 m | 45.3 m | 61.0 m | 99.2 m |
| Income tax | 9.3 m | 15.7 m | 16.6 m | 10.1 m | 10.3 m | 9.4 m | 11.6 m | 20.2 m |
| Net income | 46.0 m | 64.4 m | 67.3 m | 44.0 m | 66.3 m | 35.9 m | 49.4 m | 78.9 m |
| Diluted EPS | 0.97 ≈ | 1.35 | 1.41 | 0.92 | 1.39 ≈ | 0.76 | 1.06 | 1.72 |
| Operating cash flow | 34.7 m | 30.6 m | 51.9 m ≈ | 97.2 m ≈ | 31.1 m | 108.9 m | 25.0 m ≈ | 100.2 m ≈ |
| Capex | 12.7 m | 13.1 m | 14.5 m ≈ | 12.8 m ≈ | 16.1 m | 8.6 m | 4.6 m ≈ | 4.3 m ≈ |
| Dividends paid | 18.3 m | 21.4 m | 21.4 m | 21.4 m | 21.3 m | 23.5 m | 23.2 m | 22.7 m |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | 32.9 m | 67.1 m | 48.1 m ≈ | 77.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 3 percentile of its own 40-quarter history (min 15.6, median 44.3, max 86.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 247.4 m | 405.2 m | 428.9 m | 553.5 m | 616.6 m | 576.4 m | 647.7 m | 650.6 m |
| Revenue YoY | −26.3% | +63.8% | +5.8% | +29.1% | +11.4% | −6.5% | +12.4% | +0.5% |
| Net income | 58.8 m | 138.3 m | 133.4 m | 184.2 m | 210.1 m | 203.0 m | 222.1 m | 242.1 m |
| Net income YoY | −43.4% | +135.1% | −3.6% | +38.1% | +14.0% | −3.4% | +9.4% | +9.0% |
| Diluted EPS | 1.24 | 2.92 | 2.80 | 3.87 | 4.40 | 4.24 | 4.65 | 5.08 |
| Diluted EPS YoY | −43.1% | +135.5% | −4.1% | +38.2% | +13.7% | −3.6% | +9.7% | +9.2% |
| net % | 23.8% | 34.1% | 31.1% | 33.3% | 34.1% | 35.2% | 34.3% | 37.2% |
| Free cash flow | 96.4 m | 163.9 m | 120.8 m | 147.9 m | 84.3 m | 95.0 m | 211.1 m | 154.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 138.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.8 bn USD
- Total assets
- 2.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 10.06x
- ROE
- 14.3%
- ROA
- 12.8%
- FCF margin
- 23.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 428.9 m | 553.5 m | 616.6 m | 576.4 m | 647.7 m | 650.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 85.5 m | 115.0 m | 127.9 m | 135.4 m | 148.5 m | 154.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 343.4 m | 438.5 m | 488.7 m | 441.1 m | 499.2 m | 496.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Research & development | 83.9 m | 99.7 m | 117.1 m | 130.5 m | 157.2 m | 146.1 m | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 61.3 m | 80.4 m | 77.9 m | 67.4 m | 74.3 m | 74.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 157.5 m | 227.6 m | 267.1 m | 217.2 m | 238.8 m | 248.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 163.5 m | 228.2 m | 268.2 m | 245.2 m | 272.1 m | 294.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 30.2 m | 44.0 m | 58.2 m | 42.2 m | 50.0 m | 52.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 133.4 m | 184.2 m | 210.1 m | 203.0 m | 222.1 m | 242.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 2.80 | 3.87 | 4.40 | 4.24 | 4.65 | 5.08 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 47.2 m | 47.4 m | 47.5 m | 47.6 m | 47.7 m | 47.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 0.60 | 0.80 | 1.20 | 1.40 | 1.60 | 1.80 | SEC (XBRL)· 19 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 630.0 m | 312.0 m | 93.4 m | 92.0 m | 99.0 m | 138.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 82.3 m | 107.6 m | 92.7 m | 139.9 m | 113.6 m | 120.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 91.6 m | 134.2 m | 183.2 m | 175.8 m | 182.9 m | 240.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 924.6 m | 925.9 m | 899.5 m | 917.1 m | 899.8 m | 1.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 102.1 m | 128.8 m | 143.4 m | 175.2 m | 195.2 m | 214.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 15.5 m | 15.5 m | 15.5 m | 15.5 m | 15.5 m | 15.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 70.3 m | 49.7 m | 38.4 m | 90.3 m | 73.6 m | 56.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 1.3 bn | 1.5 bn | 1.5 bn | 1.7 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 13.8 m | 15.0 m | 9.5 m | 10.9 m | 36.6 m | 23.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 165.0 m | 187.9 m | 135.7 m | 118.8 m | 125.4 m | 108.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 356.5 m | 367.0 m | 257.5 m | 221.7 m | 215.8 m | 202.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 912.7 m † | 1.1 bn † | 1.3 bn † | 1.4 bn † | 1.6 bn † | 1.8 bn † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 148.8 m | 191.1 m | 126.8 m | 154.8 m | 253.7 m | 210.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 28.0 m | 43.2 m | 42.5 m | 59.8 m | 42.6 m | 56.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 120.8 m ≈ | 147.9 m ≈ | 84.3 m ≈ | 95.0 m ≈ | 211.1 m ≈ | 154.4 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | 391.3 m | -457.8 m | -280.7 m | -83.3 m | -164.4 m | -45.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -41.7 m | -51.4 m | -64.6 m | -72.9 m | -82.3 m | -126.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 28.4 m | 37.9 m | 57.0 m | 66.7 m | 76.2 m | 85.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 0 | 0 | — | 0 | 0 | 32.9 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 74.9% | 87 (on a fixed band) | 14% |
| EBIT margin · Quality | 34.6% | 100 (vs peers) | 11% |
| FCF margin · Quality | 36.9% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 1.8% | 7 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 0.5% | 17 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 7.6x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.7% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 7.8% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth10/100 · 2/2 factors with a value
- Quality95/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
UNIVERSAL DISPLAY CORPORATION (OLED). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 650.6 m USD in 2025; YoY growth 0.5%; net margin 36.7%; ROE 13.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 74.9%
- EBIT margin: 34.6%
- FCF margin: 36.9%
- Current ratio: 7.6x
- FCF yield: 5.7%
- Shareholder yield (distributions): 7.8%
What contradicts it
- Revenue CAGR 3Y: 1.8%
- Revenue growth (YoY): 0.5%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Electronic Components & Accessories (SIC 3670) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HUBBHubbell Inc | 23.2 bn | 25.7 | 23.3% | 13.8% | +3.8% | +2% / +46% |
| MRCYMercury Systems, Inc. | 4.3 bn | — | -2.0% | -3.0% | +7.9% | +3% / +109% |
| OLEDUniversal Display Corporation | 4.0 bn | 18.2 | 13.5% | 36.7% | +0.5% | −37% / −39% |
| VPGVishay Precision Group, Inc. | 605.1 m | — | -1.0% | -1.0% | +0.2% | +45% / +62% |
| KULRKulr Technology Group, Inc. | 75.4 m | — | -97.8% | -648.0% | +50.6% | −50% / −30% |
| LNKSLinkers Industries Limited | — | — | -18.4% | -22.0% | +12.0% | −99% / unavailable |
| VSHVishay Intertechnology, Inc. | — | 41.9 | 3.8% | 2.7% | +4.5% | +89% / +16% |
1- and 3-year price returns: for OLED from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 53.47 Total return -39% · Per year -39% | 94.66 Total return 8% · Per year 8% | 142.75 Total return 62% · Per year 62% |
| 3 years | 49.12 Total return -40% · Per year -16% | 98.10 Total return 17% · Per year 5% | 162.84 Total return 91% · Per year 24% |
| 5 years | 45.12 Total return -42% · Per year -10% | 101.68 Total return 25% · Per year 5% | 185.76 Total return 123% · Per year 17% |
- Exit P/E± 24.53
- Net margin± 17.17
- Annual revenue growth± 14.47
- Annual dilution± 1.44
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Universal Display Corporation develops and commercializes OLED materials and technologies for displays and solid-state lighting, earning revenue from material sales, licenses and royalties. The company matters now because revenue in the first half of 2026 fell from the prior year and its 2026 guidance was revised toward the lower end of the announced range, amid a weaker consumer electronics market while investment in new OLED capacity continues.
SWOT
Strengths
- The company has a very large portfolio of patents and know-how, a leading position in PHOLED materials and long-standing relationships with major display makers 1.
- The business model combines material sales with licenses and royalties, providing recurring revenue and a high gross margin 13.
- The company has a solid financial position, with significant cash and short-term investments and the capacity to repurchase shares 3.
Weaknesses
- Revenue depends on a small number of large Asian customers, and losing or renegotiating a contract could strongly affect results 1.
- Revenue is sensitive to unit material volume and mix changes, which makes quarterly results hard to predict 3.
- The company does not make finished products itself, so growth depends on display makers' decisions 1.
Opportunities
- OLED adoption in IT, automotive and wearables could open new revenue sources 13.
- New production capacity under construction could raise volumes over the medium term, if it materializes 3.
- Dry printing technologies such as UVJP could become relevant for large displays, although the market is uncertain 1.
Threats
Risks
- Customer concentrationhigh
A small number of Asian customers generate most revenue, and relationships may be renegotiated or not renewed on favorable terms 1.
- Patent protectionhigh
Patents can be challenged or invalidated, and litigation could be costly and divert management attention from core operations 1.
- Expiry of fundamental patentsmedium
Some fundamental patents have already expired, and competitiveness could be affected if the remaining patents offer less protection 1.
- Volume and product mixmedium
Changes in unit volume and customer structure reduced material revenue in 2026, and cumulative adjustments can make results harder to compare 3.
- Revised guidancemedium
The 2026 revenue guidance was moved to the lower end of the range, signalling pressure on full-year results 3.
Investment thesis
What would need to be true (bull case)
- If OLED expansion into IT, automotive and new production capacity materializes, demand for the company's materials could return to an upward trend.
- A high gross margin and the royalty-based model could support profitability even in periods of lower volume.
- The large patent portfolio and relationships with major manufacturers could sustain its leading position in PHOLED materials over the long term.
What would break the thesis
- If consumer electronics demand stays weak, material revenue could keep declining and guidance could be reduced again.
- Dependence on a few large customers means a strategy change by one of them could have a major effect on results.
- The expiry of fundamental patents and the emergence of alternative materials could gradually reduce market share and negotiating power.
What to watch
- Evolution of the 2026 revenue guidance and final full-year figuresnext 10-K
- Material sales volume and cumulative catch-up adjustments in quarterly reportsQ3 2026
- Whether new Gen 6 and Gen 8.6 capacity enters production and how it affects demand2027
- Renewal or renegotiation of contracts with major Asian customers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Universal Display is a leader in the research, development and commercialization of OLED technologies and materials, which are thin, lightweight and power-efficient and can be used in displays and lighting. The company does not directly make finished display or lighting products; it sells PHOLED emitter materials to device manufacturers and licenses its patents and know-how to them, owning, exclusively licensing or sub-licensing more than 7,000 patents issued and pending 1. Its main customers are manufacturers in the Asia-Pacific region, and in 2025 three of them, BOE, LG Display and SDC, each generated more than 10% of revenue 1. Revenue is substantially denominated in U.S. dollars.
Segments
Material sales
Material sales were 352,974 thousand dollars in 2025, down 12,445 thousand dollars from 2024 1. In the first quarter of 2026 they fell further, reflecting lower unit material volume and changes in customer mix, with an unfavorable cumulative catch-up adjustment adding to the decline 3.
Royalty and license fees
Royalty and license fees were 275,134 thousand dollars in 2025, up from 2024 1. In the second quarter of 2026 they rose to 81.2 million dollars, supported by a favorable cumulative catch-up adjustment, although lower volume and customer mix had a negative effect 3.
Contract research services
Contract research services, provided through the Adesis subsidiary, contributed 22,503 thousand dollars in 2025 1. This is a smaller part of the business and also uses research capacity that supports OLED development.
Market context
OLED displays are gaining share over LCDs in phones, televisions, monitors and wearables, and the company notes manufacturers are also developing large-area OLED displays for televisions and monitors 1. The OLED lighting market is still at an early stage with limited applications. The company observes that the industry currently focuses on growing demand for IT capacity, and demand in consumer electronics was weaker in the first half of 2026 3.
Trends
- OLED adoption in consumer electronicsmixed
OLED displays are increasingly used in phones, tablets and other devices, which could support long-term demand for materials and licenses 1. However, recent volumes were lower, weighing on first-half revenue 3.
- New production capacitytailwind
Investment in new Gen 6 and Gen 8.6 capacity could create future demand for the company's materials if production expands 3. The effect depends on when these lines come into operation.
- Expansion into IT and automotivetailwind
Wider OLED adoption in computers, cars and new device form factors could diversify the revenue base beyond phones 13. The company links this direction to its next phase of growth.
- Pressure on demand and pricingheadwind
Changes in customer product mix and contract adjustments reduced material revenue in 2026, and these effects could persist if consumer demand stays weak 3.
Competitive position
Universal Display holds a leading position in PHOLED emitter materials, protected by an extensive patent portfolio, but it competes with companies developing alternative materials and technologies. The company names Kodak, CDT, Canon, Semiconductor Energy Laboratories, Idemitsu Kosan and Mitsubishi Chemical among other OLED patent holders 1. Its own customers, such as SDC and LG Display, also hold patents and could develop their own solutions.
- Kodak
Company whose substantially all OLED assets were sold to a group of LG companies in 2009, named among OLED patent holders.
- CDT
Company acquired by Sumitomo in 2007, holding OLED patents and applications.
- Canon
Manufacturer with active OLED patents, also present in the display area.
- Idemitsu Kosan
Japanese company filing patents on OLED materials.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Universal Display (OLED): Is the AI Infrastructure Boom Becoming a Hidden Risk for Display Suppliers?Yahoo Finance — News · 15 Sept 2026 · EN
The latest news item in our archive is from 15 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Other events · Financial statements and exhibits
- Proxy statement23 Apr 2026
- Annual report19 Feb 2026
- Current report19 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Universal Display Corporation · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Universal Display Corporation · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Universal Display Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.