UNIVERSAL DISPLAY CORP \PA\

Listed Company

OLEDCIK 0001005284NasdaqLarge AcceleratedElectronic Components & AccessoriesPennsylvaniaFY ends Dec 31

Period

FY 2025

Revenue

$650.61M

Net Income

$242.07M

Total Assets

$1.96B

Equity

$1.76B

Shares Out

46.75M

Op. Cash Flow

$210.83M

Business

UNIVERSAL DISPLAY CORP is a developer and commercializer of organic light-emitting diode (OLED) technologies and materials for display and solid-state lighting applications. It sells proprietary phosphorescent emitter and host materials, licenses OLED patents and know-how, develops next-generation device and manufacturing technologies (including OVJP and flexible OLEDs), and provides contract research and manufacturing support through a CDMO. Its key business segments are material sales, intellectual property and technology licensing, technology development, and CDMO services. The company serves global display and lighting manufacturers, with a strong focus on Asia-Pacific markets via regional subsidiaries and application centers.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	651	648	576	617	554
COST OF SALES	154	148	135	128	115
Gross margin	496	499	441	489	439
Research and development	146	157	130	117	100
Selling, general and administrative	74	74	67	78	80
Amortization of acquired technology and other intangible assets	18	18	16	17	22
Patent costs	9	9	9	8	8
Royalty and license expense	504,000	2	647,000	877,000	691,000
Total operating expenses	248	260	224	222	211
OPERATING INCOME	249	239	217	267	228
Interest income, net	40	41	28	8	505,000
Other and other income, net	7	−7	−184,000	−7	98,000
Interest and other income, net	46	33	28	1	603,000
Income before income taxes	295	272	245	268	228
INCOME TAX EXPENSE	−53	−50	−42	−58	−44
NET INCOME	242	222	203	210	184
BASIC (per share)	5.09	4.66	4.25	4.41	3.87
DILUTED (per share)	5.08	4.65	4.24	4.4	3.87
BASIC (shares)	48	48	48	47	47
DILUTED (shares)	48	48	48	47	47
CASH DIVIDEND DECLARED PER COMMON SHARE	1.8	1.6	1.4	1.2	0.8

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	138	99	92	93	312
Short-term investments	464	394	422	484	351
Accounts receivable	120	114	140	93	108
Inventory	241	183	176	183	134
Other current assets	124	111	87	46	21
Total current assets	1,087	900	917	899	926
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $189,326 and $169,877	215	195	175	143	129
ACQUIRED TECHNOLOGY, net of accumulated amortization of $220,392 and $203,621	57	74	90	38	50
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $13,269 and $11,842	4	5	7	8	10
GOODWILL	16	16	16	16	16
INVESTMENTS	377	458	300	260	168
DEFERRED INCOME TAXES	79	78	59	58	33
OTHER ASSETS	129	107	105	110	136
TOTAL ASSETS	1,964	1,832	1,669	1,533	1,467
Accounts payable	23	37	11	10	15
Accrued expenses	53	46	52	51	45
Deferred revenue	21	33	48	46	121
Other current liabilities	11	10	8	30	7
Total current liabilities	108	125	119	136	188
DEFERRED REVENUE	2	537,000	12	18	36
RETIREMENT PLAN BENEFIT LIABILITY	57	54	52	60	67
OTHER LIABILITIES	36	35	39	44	76
Total liabilities	203	216	222	257	367
COMMITMENTS AND CONTINGENCIES (Note 18)	—	—	—	—	—
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500)	2,000	2,000	2,000	2,000	2,000
Common Stock, par value $ 0.01 per share, 200,000,000 shares authorized, 48,916,606 and 48,834,541 share issued, and 47,259,748 and 47,468,893 shares outstanding at December 31,2025 and December 31, 2024, respectively	489,000	488,000	487,000	491,000	491,000
Additional paid-in capital	745	724	700	681	659
Retained earnings	1,090	935	790	653	500
Accumulated other comprehensive income (loss)	781,000	−1	−1	−18	−18
Treasury stock, at cost (1,656,858 and 1,365,648 shares at December 31,2025 and December 31,2024 respectively)	−75	−41	−41	−41	−41
Total shareholders equity	1,761	1,617	1,447	1,275	1,100
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	1,964	1,832	1,669	1,533	1,467

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	28	26	27	25	20
Impairment of property and equipment and right-of-use asset due to OVJP restructuring	2	7	0	0	—
Amortization of intangibles	18	18	16	17	22
Investment gains, net	−9	−7	−12	−6	−373,000
Stock-based compensation	28	30	24	30	35
Deferred income tax benefit	−1	−19	−4	−27	2
Retirement plan expense, net of benefit payments	2	2	3	5	9
Accounts receivable	−6	26	−47	15	−25
Inventory	−58	−7	7	−49	−43
Other current assets	−3	−23	−42	−25	−202,000
Other assets	−24	−3	4	26	−32
Accounts payable and accrued expenses	2	10	4	3	2
Other current liabilities	−441,000	1	−21	21	2
Deferred revenue	−11	−26	−4	−93	−5
Other liabilities	689,000	−4	−5	−32	20
Net cash provided by operating activities	211	254	155	127	191
Purchases of property and equipment	−56	−43	−60	−42	−43
Purchase of intangibles	−10	0	−67	−5	−394,000
Purchases of investments	−376	−595	−531	−702	−642
Proceeds from sale and maturity of investments	397	473	574	468	228
Net cash used in investing activities	−45	−164	−83	−281	−458
Proceeds from issuance of common stock	2	2	2	2	2
Repurchase of common stock	−33	0	0	—	0
Payment of withholding taxes related to stock-based compensation to employees	−10	−8	−8	−9	−15
Cash dividends paid	−86	−76	−67	−57	−38
Net cash used in financing activities	−126	−82	−73	−65	−51
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	39	7	−1	−219	−318

Filings

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