Universal Display Corporation (OLED) Balance Sheet
OLED balance sheet, 2025
December 31, 2025 · U.S. dollars$1.96B assets = $202.7M liabilities + $1.76B equity
Both columns are drawn to the same scale: what OLED owns equals what it owes plus shareholders’ equity. Hover a block for its value.
OLED financial health
Descriptive bands, not a rating. Fiscal 2025.
OLED balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $627.6M2016 | $1.96B2025 | +13.5%/yr | |
| Total liabilities | $99.1M2016 | $202.7M2025 | +8.3%/yr | |
| Shareholders’ equity | $528.5M2016 | $1.76B2025 | +14.3%/yr | |
| Cash & short-term investments | $328.0M2016 | $602.4M2025 | +7.0%/yr | |
| Total debt | $19.8M2016 | $19.2M2025 | −0.4%/yr | |
| Net cash (debt) | $308.2M2016 | $583.1M2025 | +$275.0M | |
| Working capital | $345.2M2016 | $979.0M2025 | +$633.9M | |
| Book value per share | $11.362016 | $36.952025 | +14.0%/yr | |
| Debt / equity | 0.042016 | 0.012025 | −0.03 | |
| Shares outstanding | 46.5M2016 | 47.7M2025 | +0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OLED assets
OLED liabilities and equity
OLED debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
OLED balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $602.4M | $492.7M | $514.1M | $577.8M | $663.2M | $730.0M | $646.1M | $515.3M | $420.3M | $328.0M |
| Cash & equivalents | $138.4M | $99.0M | $92.0M | $93.4M | $312.0M | $630.0M | $131.6M | $211.0M | $132.8M | $139.4M |
| Short-term investments | $464.0M | $393.7M | $422.1M | $484.3M | $351.2M | $100.0M | $514.5M | $304.3M | $287.4M | $188.6M |
| Receivables | $120.0M | $113.6M | $139.8M | $92.7M | $107.6M | $82.3M | $60.5M | $43.1M | $52.4M | $25.0M |
| Inventory | $240.9M | $182.9M | $175.8M | $183.2M | $134.2M | $91.6M | $64.0M | $70.0M | $36.3M | $17.3M |
| Other current assets | $123.8M | $110.6M | $87.4M | $45.8M | $20.9M | $20.7M | $21.9M | $6.4M | $10.3M | $15.1M |
| Total current assets | $1.09B | $899.8M | $917.1M | $899.5M | $925.9M | $924.6M | $792.4M | $634.8M | $519.2M | $385.4M |
| Property, plant & equipment (net) | $234.9M | $215.1M | $200.1M | $174.9M | $159.4M | $110.9M | $87.9M | $69.7M | $56.5M | $27.2M |
| Goodwill & intangible assets | $76.3M | $94.5M | $112.7M | $62.2M | $74.9M | $96.5M | $118.4M | $139.9M | $161.9M | $183.9M |
| Long-term investments | $377.0M | $457.6M | $299.5M | $259.9M | $168.1M | $5.0M | $5.0M | $0 | $14.8M | $15.0M |
| Other non-current assets | $188.5M | $165.3M | $139.5M | $136.4M | $138.5M | $132.3M | $116.5M | $88.9M | $27.6M | $16.1M |
| Total assets | $1.96B | $1.83B | $1.67B | $1.53B | $1.47B | $1.27B | $1.12B | $933.4M | $780.0M | $627.6M |
| Liabilities | ||||||||||
| Accounts payable | $23.3M | $36.6M | $10.9M | $9.5M | $15.0M | $13.8M | $13.3M | $10.5M | $13.8M | $8.1M |
| Short-term debt | $4.8M | — | $52.1M | $3.7M | $45.5M | $41.4M | $49.0M | $36.1M | $35.0M | $19.8M |
| Deferred revenue | $21.0M | $33.1M | $47.7M | $45.6M | $120.9M | $105.2M | $97.3M | $80.8M | $15.0M | $10.3M |
| Total current liabilities | $108.0M | $125.4M | $118.8M | $135.7M | $187.9M | $165.0M | $161.5M | $133.2M | $63.8M | $40.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $19.2M | $19.1M | $22.9M | $29.0M | $27.3M | $6.9M | — | — | — | — |
| Other long-term liabilities | $94.7M | $90.4M | $102.9M | $121.8M | $179.1M | $191.6M | $147.2M | $109.7M | $57.1M | $58.9M |
| Total liabilities | $202.7M | $215.8M | $221.7M | $257.5M | $367.0M | $356.5M | $308.7M | $242.9M | $120.9M | $99.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $489,000 | $488,000 | $487,000 | $491,000 | $491,000 | $490,000 | $489,000 | $487,000 | $485,000 | $483,000 |
| Retained earnings (deficit) | $1.09B | $934.7M | $789.6M | $653.3M | $500.2M | $353.9M | $249.0M | $129.6M | $99.1M | −$25.6M |
| Treasury stock | — | — | — | −$41.3M | −$41.3M | −$41.3M | −$41.3M | −$40.6M | −$40.2M | −$40.2M |
| Accumulated other comprehensive income | $781,000 | −$1.1M | −$1.1M | −$18.5M | −$18.2M | −$36.0M | −$17.0M | −$16.2M | −$11.5M | −$10.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.76B | $1.62B | $1.45B | $1.28B | $1.10B | $912.7M | $811.4M | $690.5M | $659.1M | $528.5M |
| Key figures | ||||||||||
| Total debt | $19.2M | $19.1M | $22.9M | $29.0M | $27.3M | $6.9M | $8.5M | $36.1M | $35.0M | $19.8M |
| Net cash (debt) | $583.1M | $473.5M | $491.3M | $548.7M | $635.9M | $723.1M | $637.6M | $479.3M | $385.3M | $308.2M |
| Working capital | $979.0M | $774.4M | $798.3M | $763.8M | $738.0M | $759.6M | $630.9M | $501.7M | $455.4M | $345.2M |
| Tangible book value | $1.68B | $1.52B | $1.33B | $1.21B | $1.02B | $816.2M | $693.1M | $550.6M | $497.1M | $344.6M |
| Book value per share | $36.95 | $33.92 | $30.39 | $26.87 | $23.22 | $19.32 | $17.27 | $14.72 | $14.08 | $11.36 |
| Shares outstanding | 47.7M | 47.7M | 47.6M | 47.5M | 47.4M | 47.2M | 47.0M | 46.9M | 46.8M | 46.5M |
| Current ratio | 10.06 | 7.18 | 7.72 | 6.63 | 4.93 | 5.61 | 4.91 | 4.77 | 8.13 | 9.58 |
| Quick ratio | 6.69 | 4.83 | 5.50 | 4.94 | 4.10 | 4.92 | 4.37 | 4.19 | 7.41 | 8.78 |
| Debt / equity | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.05 | 0.05 | 0.04 |
| Equity / assets | 89.7% | 88.2% | 86.7% | 83.2% | 75.0% | 71.9% | 72.4% | 74.0% | 84.5% | 84.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $471.3M | $516.4M | $602.4M | $603.0M | $525.2M | $571.3M | $492.7M | $551.6M | $530.5M | $539.3M | $514.1M | $491.7M |
| Cash & equivalents | $120.6M | $159.4M | $138.4M | $121.6M | $95.8M | $157.5M | $99.0M | $79.6M | $92.9M | $74.0M | $92.0M | $79.3M |
| Short-term investments | $350.7M | $357.1M | $464.0M | $481.4M | $429.4M | $413.8M | $393.7M | $472.0M | $437.7M | $465.3M | $422.1M | $412.4M |
| Receivables | $126.2M | $93.6M | $120.0M | $74.2M | $147.0M | $139.6M | $113.6M | $87.7M | $124.4M | $119.6M | $139.8M | $122.2M |
| Inventory | $249.6M | $248.2M | $240.9M | $212.6M | $208.2M | $197.4M | $182.9M | $176.0M | $171.8M | $172.9M | $175.8M | $181.4M |
| Other current assets | $94.6M | $74.0M | $123.8M | $147.5M | $130.4M | $110.2M | $110.6M | $126.6M | $132.7M | $89.5M | $87.4M | $83.4M |
| Total current assets | $941.8M | $932.3M | $1.09B | $1.04B | $1.01B | $1.02B | $899.8M | $941.8M | $959.5M | $921.3M | $917.1M | $878.7M |
| Property, plant & equipment (net) | $227.6M | $232.1M | $234.9M | $232.3M | $224.2M | $216.1M | $215.1M | $213.4M | $208.6M | $199.9M | $200.1M | $200.0M |
| Goodwill & intangible assets | $115.0M | $120.7M | $76.3M | $80.9M | $85.4M | $90.0M | $94.5M | $99.1M | $103.6M | $108.2M | $112.7M | $117.3M |
| Long-term investments | $411.1M | $419.7M | $377.0M | $422.9M | $432.4M | $369.0M | $457.6M | $396.9M | $362.5M | $312.9M | $299.5M | $301.2M |
| Other non-current assets | $192.2M | $189.9M | $188.5M | $174.1M | $178.9M | $171.0M | $165.3M | $159.6M | $142.4M | $141.4M | $139.5M | $125.8M |
| Total assets | $1.89B | $1.89B | $1.96B | $1.95B | $1.93B | $1.86B | $1.83B | $1.81B | $1.78B | $1.68B | $1.67B | $1.62B |
| Liabilities | ||||||||||||
| Accounts payable | $18.6M | $17.0M | $23.3M | $34.7M | $38.5M | $28.3M | $36.6M | $24.7M | $23.6M | $12.8M | $10.9M | $20.6M |
| Short-term debt | — | $4.5M | $4.8M | — | $4.0M | — | — | $3.7M | $3.6M | $3.6M | $52.1M | $38.5M |
| Deferred revenue | $40.8M | $21.0M | $21.0M | $23.3M | $36.0M | $22.8M | $33.1M | $47.4M | $63.8M | $19.2M | $47.7M | $66.8M |
| Total current liabilities | $110.8M | $97.8M | $108.0M | $108.6M | $125.6M | $113.1M | $125.4M | $131.2M | $152.0M | $95.0M | $118.8M | $131.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $16.9M | $17.6M | $19.2M | $20.4M | $17.8M | $18.8M | $19.1M | $20.1M | $21.0M | $21.9M | $22.9M | $23.4M |
| Other long-term liabilities | $92.9M | $93.0M | $94.7M | $94.0M | $91.5M | $92.1M | $90.4M | $93.0M | $97.7M | $103.8M | $102.9M | $109.2M |
| Total liabilities | $203.8M | $190.7M | $202.7M | $202.6M | $217.1M | $205.2M | $215.8M | $224.1M | $249.7M | $198.8M | $221.7M | $240.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $491,000 | $490,000 | $489,000 | $489,000 | $489,000 | $489,000 | $488,000 | $488,000 | $488,000 | $488,000 | $487,000 | $487,000 |
| Retained earnings (deficit) | $1.13B | $1.10B | $1.09B | $1.05B | $1.02B | $977.6M | $934.7M | $907.8M | $860.1M | $826.9M | $789.6M | $744.2M |
| Accumulated other comprehensive income | −$5.2M | −$2.6M | $781,000 | $919,000 | $153,000 | $294,000 | −$1.1M | $2.6M | −$4.7M | −$3.8M | −$1.1M | −$15.0M |
| Total shareholders' equity | $1.68B | $1.70B | $1.76B | $1.74B | $1.71B | $1.66B | $1.62B | $1.59B | $1.53B | $1.48B | $1.45B | $1.38B |
| Key figures | ||||||||||||
| Total debt | $16.9M | $17.6M | $19.2M | $20.4M | $17.8M | $18.8M | $19.1M | $20.1M | $21.0M | $21.9M | $22.9M | $23.4M |
| Net cash (debt) | $454.4M | $498.8M | $583.1M | $582.6M | $507.4M | $552.5M | $473.5M | $531.4M | $509.5M | $517.4M | $491.3M | $468.3M |
| Working capital | $830.9M | $834.5M | $979.0M | $928.7M | $885.2M | $905.3M | $774.4M | $810.7M | $807.5M | $826.3M | $798.3M | $747.4M |
| Tangible book value | $1.57B | $1.58B | $1.68B | $1.66B | $1.63B | $1.57B | $1.52B | $1.49B | $1.42B | $1.38B | $1.33B | $1.27B |
| Book value per share | $36.07 | $36.10 | $36.93 | $36.60 | $35.96 | $34.79 | $33.91 | $33.29 | $32.06 | $31.18 | $30.39 | $29.02 |
| Shares outstanding | 46.7M | 47.2M | 47.7M | 47.7M | 47.7M | 47.7M | 47.7M | 47.7M | 47.6M | 47.6M | 47.6M | 47.6M |
| Current ratio | 8.50 | 9.54 | 10.06 | 9.55 | 8.05 | 9.00 | 7.18 | 7.18 | 6.31 | 9.70 | 7.72 | 6.69 |
| Quick ratio | 5.39 | 6.24 | 6.69 | 6.23 | 5.35 | 6.29 | 4.83 | 4.87 | 4.31 | 6.94 | 5.50 | 4.67 |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 |
| Equity / assets | 89.2% | 89.9% | 89.7% | 89.6% | 88.8% | 89.0% | 88.2% | 87.6% | 85.9% | 88.2% | 86.7% | 85.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
OLED financial position
At the end of fiscal 2025 (December 31, 2025), Universal Display had total assets of $2.0 billion (up 7.2% from a year earlier), total liabilities of $202.7 million and shareholders' equity of $1.8 billion. It held $602.4 million in cash and short-term investments against $19.2 million of debt, a net cash position of $583.1 million. Its current ratio was 10.06. In the latest quarter (ended June 30, 2026) total assets were $1.9 billion and equity $1.7 billion.
Related: OLED income statement, OLED cash flow statement, OLED key metrics. See the OLED stock overview for the latest quote and news.
OLED balance sheet FAQ
What are Universal Display's total assets?
Universal Display reported total assets of $2.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.8 billion a year earlier.
How much debt does Universal Display have?
Universal Display had $19.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.
How much cash does Universal Display have?
Universal Display held $602.4 million in cash and short-term investments at the end of fiscal 2025; with $19.2 million of debt that is net cash of $583.1 million.
What is Universal Display's book value?
Universal Display's shareholders' equity (book value) was $1.8 billion at the end of fiscal 2025, or $36.95 per share.
What is Universal Display's current ratio?
Universal Display had current assets of $1.1 billion and current liabilities of $108.0 million, a current ratio of 10.06 (it can cover its short-term obligations).
How much goodwill does Universal Display have?
Universal Display carried $76.3 million of goodwill and intangible assets, 3.9% of total assets, at the end of fiscal 2025.