Universal Display Corporation (OLED) Key Metrics
OLED valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.58B
- Enterprise value
- $3.14B
- P/E (TTM)
- 18.8 10-yr median 49.7
- Forward P/E
- 14.9
- PEG ratio
- 1.23
- Price / sales
- 5.9 10-yr median 15.0
- Price / book
- 2.1 10-yr median 6.3
- EV / EBITDA
- 12.2 10-yr median 28.2
- Dividend yield
- 2.57% $2.00 a year
- Beta
- 1.53
OLED key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsOLED valuation Price multiples at each fiscal year-end price.
OLED returns How much profit the business earns on the capital it uses.
OLED per-share figures Results divided by the shares outstanding at year-end.
OLED financial health Debt, liquidity and how easily interest is covered.
OLED efficiency & capital use Working capital cycle and where the cash goes.
OLED valuation history
OLED returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
OLED debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
OLED cash returned to shareholders
OLED price vs earnings per share
OLED key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.57B | $6.97B | $9.11B | $5.13B | $7.82B | $10.86B | $9.68B | $4.39B | $8.08B | $2.62B |
| Enterprise value | $4.98B | $6.49B | $8.62B | $4.58B | $7.18B | $10.13B | $9.05B | $3.91B | $7.70B | $2.31B |
| P/E ratio | 23.0 | 31.4 | 44.9 | 24.4 | 42.4 | 81.4 | 70.0 | 74.6 | 77.8 | 54.5 |
| Price / sales | 8.6 | 10.8 | 15.8 | 8.3 | 14.1 | 25.3 | 23.9 | 17.7 | 24.1 | 13.2 |
| Price / book | 3.2 | 4.3 | 6.3 | 4.0 | 7.1 | 11.9 | 11.9 | 6.4 | 12.3 | 5.0 |
| Price / free cash flow | 38.6 | 33.0 | 320.5 | 64.4 | 53.0 | 89.9 | 59.2 | 45.5 | 78.0 | — |
| Price / operating cash flow | 26.4 | 27.5 | 58.8 | 40.4 | 40.9 | 73.0 | 49.9 | 36.0 | 60.6 | 32.6 |
| EV / sales | 7.7 | 10.0 | 14.9 | 7.4 | 13.0 | 23.6 | 22.3 | 15.8 | 22.9 | 11.6 |
| EV / EBITDA | 16.9 | 20.5 | 29.9 | 14.7 | 26.6 | 52.0 | 46.9 | 44.8 | 43.9 | 25.4 |
| EV / free cash flow | 34.5 | 30.8 | 303.2 | 57.5 | 48.7 | 83.9 | 55.3 | 40.5 | 74.3 | — |
| Earnings yield | 4.3% | 3.2% | 2.2% | 4.1% | 2.4% | 1.2% | 1.4% | 1.3% | 1.3% | 1.8% |
| Free cash flow yield | 2.6% | 3.0% | 0.3% | 1.6% | 1.9% | 1.1% | 1.7% | 2.2% | 1.3% | −0.9% |
| Dividend yield | 1.5% | 1.1% | 0.7% | 1.1% | 0.5% | 0.3% | 0.2% | 0.3% | 0.1% | 0.2% |
| Shareholder yield (dividends + buybacks) | 2.1% | 1.1% | 0.8% | 1.1% | 0.5% | 0.3% | 0.2% | 0.3% | 0.2% | 0.4% |
| Share price at fiscal year-end | $116.78 | $146.20 | $191.26 | $108.04 | $165.03 | $229.80 | $206.07 | $93.57 | $172.65 | $56.30 |
| Per share | ||||||||||
| Revenue per share | $13.65 | $13.59 | $12.10 | $12.99 | $11.69 | $9.08 | $8.62 | $5.28 | $7.17 | $4.27 |
| Earnings per share | $5.08 | $4.66 | $4.26 | $4.43 | $3.89 | $2.82 | $2.94 | $1.25 | $2.22 | $1.03 |
| Operating cash flow per share | $4.42 | $5.32 | $3.25 | $2.67 | $4.03 | $3.15 | $4.13 | $2.60 | $2.85 | $1.73 |
| Free cash flow per share | $3.03 | $4.43 | $0.60 | $1.68 | $3.12 | $2.56 | $3.48 | $2.06 | $2.21 | −$0.49 |
| Cash per share | $12.64 | $10.34 | $10.80 | $12.17 | $14.00 | $15.45 | $13.75 | $10.99 | $8.98 | $7.05 |
| Book value per share | $36.95 | $33.92 | $30.39 | $26.87 | $23.22 | $19.32 | $17.27 | $14.72 | $14.08 | $11.36 |
| Tangible book value per share | $35.35 | $31.94 | $28.02 | $25.56 | $21.64 | $17.28 | $14.75 | $11.74 | $10.62 | $7.40 |
| Dividends per share | $1.80 | $1.60 | $1.40 | $1.20 | $0.80 | $0.60 | $0.40 | $0.24 | $0.12 | $0.12 |
| Capex per share | $1.39 | $0.89 | $2.65 | $0.99 | $0.92 | $0.59 | $0.65 | $0.54 | $0.64 | $2.22 |
| Debt per share | $0.40 | $0.40 | $0.48 | $0.61 | $0.58 | $0.15 | $0.18 | $0.77 | $0.75 | $0.43 |
| Shares outstanding | 47.7M | 47.7M | 47.6M | 47.5M | 47.4M | 47.2M | 47.0M | 46.9M | 46.8M | 46.5M |
| Change in shares outstanding | +0.0% | +0.1% | +0.3% | +0.2% | +0.3% | +0.5% | +0.2% | +0.2% | +0.6% | −2.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 14.3% | 14.5% | 14.9% | 17.7% | 18.3% | 15.5% | 18.4% | 8.7% | 17.5% | 9.7% |
| Return on invested capital (ROIC) | 17.6% | 18.6% | 21.4% | 35.1% | 56.2% | 70.7% | 66.9% | 21.4% | 41.1% | 31.0% |
| Return on assets (ROA) | 12.8% | 12.7% | 12.7% | 14.0% | 13.5% | 11.2% | 13.5% | 6.9% | 14.8% | 8.1% |
| Return on tangible assets | 12.8% | 12.8% | 13.0% | 14.3% | 13.2% | 11.4% | 13.8% | 7.4% | 16.8% | 10.8% |
| Free cash flow margin | 22.2% | 32.6% | 4.9% | 12.9% | 26.7% | 28.2% | 40.3% | 39.0% | 30.9% | −11.5% |
| Income quality (OCF / net income) | 0.87 | 1.14 | 0.76 | 0.60 | 1.04 | 1.12 | 1.40 | 2.07 | 1.28 | 1.67 |
| Financial health | ||||||||||
| Total debt | $19.2M | $19.1M | $22.9M | $29.0M | $27.3M | $6.9M | $8.5M | $36.1M | $35.0M | $19.8M |
| Cash & short-term investments | $602.4M | $492.7M | $514.1M | $577.8M | $663.2M | $730.0M | $646.1M | $515.3M | $420.3M | $328.0M |
| Net debt | −$583.1M | −$473.5M | −$491.3M | −$548.7M | −$635.9M | −$723.1M | −$637.6M | −$479.3M | −$385.3M | −$308.2M |
| Debt / equity | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.05 | 0.05 | 0.04 |
| Debt / assets | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.01 | 0.04 | 0.04 | 0.03 |
| Net debt / EBITDA | −1.98 | −1.50 | −1.70 | −1.77 | −2.35 | −3.71 | −3.31 | −5.49 | −2.20 | −3.38 |
| Current ratio | 10.06 | 7.18 | 7.72 | 6.63 | 4.93 | 5.61 | 4.91 | 4.77 | 8.13 | 9.58 |
| Quick ratio | 7.83 | 5.72 | 6.24 | 5.28 | 4.21 | 5.05 | 4.51 | 4.24 | 7.57 | 9.15 |
| Interest coverage | — | — | — | 34.2 | 377.5 | 26.2 | 13.7 | 7.5 | 44.5 | 369.8 |
| Working capital | $979.0M | $774.4M | $798.3M | $763.8M | $738.0M | $759.6M | $630.9M | $501.7M | $455.4M | $345.2M |
| Invested capital | $1.18B | $1.14B | $956.0M | $726.6M | $464.0M | $189.6M | $173.9M | $211.2M | $273.8M | $220.3M |
| Tangible asset value | $1.68B | $1.52B | $1.33B | $1.21B | $1.02B | $816.2M | $693.1M | $550.6M | $497.1M | $344.6M |
| Net current asset value | $884.3M | $684.0M | $695.4M | $642.0M | $558.9M | $568.1M | $483.7M | $391.9M | $398.3M | $286.3M |
| Graham number | $64.98 | $59.64 | $53.99 | $51.72 | $45.08 | $35.04 | $33.81 | $20.39 | $26.52 | $16.25 |
| Graham net-net per share | $12.80 | $9.52 | $10.19 | $10.14 | $9.37 | $10.18 | $8.82 | $7.25 | $7.62 | $5.51 |
| Capital allocation | ||||||||||
| Dividends paid | $85.5M | $76.2M | $66.7M | $57.0M | $37.9M | $28.4M | $18.9M | $11.3M | $5.7M | $5.7M |
| Share buybacks (net) | $32.9M | $0 | $8.2M | $0 | $0 | $0 | $649,000 | $477,000 | $9.4M | $4.9M |
| Dividend payout ratio | 35.3% | 34.3% | 32.9% | 27.1% | 20.6% | 21.3% | 13.6% | 19.2% | 5.4% | 11.8% |
| Dividends + buybacks / free cash flow | 82.0% | 36.1% | 263.7% | 71.6% | 25.7% | 23.6% | 11.9% | 12.2% | 14.6% | — |
| Capex / revenue | 10.2% | 6.6% | 21.9% | 7.7% | 7.9% | 6.5% | 7.5% | 10.3% | 8.9% | 51.9% |
| Capex / operating cash flow | 31.5% | 16.8% | 81.6% | 37.2% | 22.8% | 18.9% | 15.7% | 20.8% | 22.3% | 128.6% |
| Capex / depreciation | 1.43 | 0.97 | 2.91 | 1.12 | 1.04 | 0.75 | 0.89 | 0.83 | 1.11 | 4.97 |
| Stock-based compensation / revenue | 4.3% | 4.6% | 4.2% | 4.9% | 6.6% | 6.6% | 4.4% | 6.8% | 4.4% | 6.6% |
| R&D / revenue | 22.5% | 24.3% | 22.6% | 19.0% | 18.0% | 19.6% | 17.6% | 21.7% | 14.6% | 21.5% |
| SG&A / revenue | 11.4% | 11.5% | 12.0% | 12.6% | 14.5% | 14.3% | 14.7% | 19.0% | 13.9% | 16.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 65.5 | 71.4 | 73.6 | 59.3 | 62.6 | 60.7 | 46.7 | 70.4 | 42.1 | 45.6 |
| Days of inventory on hand | 501.9 | 441.0 | 484.0 | 452.9 | 358.3 | 332.1 | 324.3 | 362.2 | 178.8 | 208.7 |
| Days payables outstanding | 71.0 | 58.4 | 27.6 | 34.9 | 45.6 | 57.9 | 57.7 | 82.8 | 73.0 | 103.9 |
| Cash conversion cycle (days) | 496.4 | 454.0 | 530.0 | 477.2 | 375.3 | 335.0 | 313.3 | 349.8 | 147.8 | 150.5 |
| Receivables turnover | 5.57 | 5.11 | 4.96 | 6.16 | 5.83 | 6.01 | 7.82 | 5.18 | 8.68 | 8.00 |
| Payables turnover | 5.14 | 6.25 | 13.24 | 10.45 | 8.00 | 6.31 | 6.33 | 4.41 | 5.00 | 3.51 |
| Inventory turnover | 0.73 | 0.83 | 0.75 | 0.81 | 1.02 | 1.10 | 1.13 | 1.01 | 2.04 | 1.75 |
| Asset turnover | 0.34 | 0.37 | 0.36 | 0.41 | 0.40 | 0.36 | 0.39 | 0.29 | 0.48 | 0.34 |
| Average receivables | $116.8M | $126.7M | $116.3M | $100.2M | $95.0M | $71.4M | $51.8M | $47.7M | $38.7M | $24.9M |
| Average payables | $30.0M | $23.8M | $10.2M | $12.2M | $14.4M | $13.5M | $11.9M | $12.2M | $10.9M | $7.5M |
| Average inventory | $211.9M | $179.4M | $179.5M | $158.7M | $112.9M | $77.8M | $67.0M | $53.1M | $26.8M | $15.0M |
| Intangibles / total assets | 3.9% | 5.2% | 6.8% | 4.1% | 5.1% | 7.6% | 10.6% | 15.0% | 20.8% | 29.3% |
Computed from OLED's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
OLED valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Universal Display traded at 23.0 times earnings, against a 10-year median of 49.7. Based on the latest twelve months, the trailing P/E is 18.8 and the forward P/E is 14.9. Universal Display earned a return on equity of 14.3% and a return on invested capital of 17.6% in fiscal 2025. It ended the year with $19.2 million of debt and $602.4 million in cash and short-term investments, a net cash position of $583.1 million. It returned $118.4 million to shareholders: $85.5 million in dividends and $32.9 million in share buybacks, 82% of free cash flow.
See the OLED income statement, the OLED chart for price history, or the OLED stock overview for the latest quote and news.
OLED key metrics FAQ
What is Universal Display's P/E ratio?
Universal Display's trailing P/E ratio is 18.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.9. At the end of fiscal 2025 it was 23.0, compared with a 10-year median of 49.7.
What is Universal Display's EV/EBITDA?
Universal Display's enterprise value was 16.9 times EBITDA at the end of fiscal 2025 (enterprise value $5.0 billion, EBITDA $295.2 million); the current EV/EBITDA is 12.2.
What is Universal Display's return on equity?
Universal Display's return on equity (ROE) was 14.3% in fiscal 2025: net income of $242.1 million on average shareholders' equity of $1.7 billion.
What is Universal Display's ROIC?
Universal Display's return on invested capital was 17.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Universal Display have?
Universal Display had total debt of $19.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
What is Universal Display's dividend yield?
Universal Display's forward dividend yield is 2.57%. Universal Display paid $85.5 million in dividends in fiscal 2025 ($1.80 per share), a payout ratio of 35.3%.
Does Universal Display buy back its shares?
Yes. Universal Display spent $32.9 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.0% over the year, to 47.7M..
What is Universal Display's free cash flow yield?
Universal Display generated $144.4 million of free cash flow in fiscal 2025, a free cash flow yield of 2.6% on its market value at year-end ($5.6 billion).
What is Universal Display's current ratio?
Universal Display's current ratio was 10.06 at the end of fiscal 2025: current assets were 10.06 times current liabilities.