OLED
Universal Display Corporation117.76
-1.45-1.22%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A clarifies H2 ramp, China investments
Q&A reinforces 2026's mid-single-digit growth aligning with OLED area expansion, but pins H2 weighting on Q2 Gen 8.6 ramps from Samsung and BOE plus launches. China tariffs cleared, restoring H2 seasonality amid competition—met by new local lab and team. Blue phosphorescent progress hinges on customer commercialization; revenues stay developmental at $4-5M. Iridium hikes pressure gross margins to 74-76%, no pricing offsets. LG contract renews smoothly. Management stayed crisp on details. Watch IT demand durability.
Key Stats
Market Cap
5.60BP/E (TTM)
25.38Basic EPS (TTM)
4.64Dividend Yield
0.01%Recent Filings
8-K
Record Q4 revenue reported
Universal Display posted record Q4 revenue of $172.9 million, up from $162.3 million, driven by higher material sales and royalties, yielding $66.3 million net income. Full-year revenue held steady at $650.6 million while operating income rose to $248.6 million, aided by lower R&D after prior restructuring. OLED market shifts favor IT and foldables. 2026 revenue guided at $650M-$700M. Dynamic variables loom.
10-K
FY2025 results
Universal Display posted FY2025 revenue of $651M, up slightly from 2024, driven by 3% higher royalty/license fees to $275M despite 3% softer material sales at $353M—green emitters flat on volume, red down 4%. Material mix shifted while Q4 saw steady customer ramp-ups from BOE, LG Display, and new 2025 Tianma deals, offsetting Adesis' 46% contract research surge to $23M. Gross margins slipped to 76%; R&D eased 7% post-OVJP restructuring. Q4 accelerated buybacks ($66M remaining authorization) alongside quarterly dividends; cash pile hit $955M. Patent challenges loom large.
8-K
Q3 results dip; Merck patents acquired
Universal Display posted Q3 revenue of $139.6M, down from $161.6M last year due to royalty fee drops from customer mix shifts and a $9.5M out-of-period adjustment, yet held gross margin at 75%. UDC Ireland agreed October 31 to buy Merck KGaA's OLED patents—over 300 assets—for $50M cash, closing Q1 2026 to bolster IP. Full-year revenue now eyes low end of $650M-$700M range. Patents expand emissive tech coverage.
10-Q
Q3 FY2025 results
Universal Display's Q3 revenue fell 14% y/y to $140M (derived), driven by 29% drop in royalty/license fees to $53M from customer mix and $9.5M out-of-period adjustment, while material sales held steady at $83M and Adesis services edged up 1%. Gross margin slipped to 75% from 78%, yet operating income of $43M and diluted EPS $0.92 remained solid, reconciling to 47.7M shares with no anti-dilution flagged. Cash swelled to $122M with $482M short-term investments; operating cash flow generated $180M, free cash flow not disclosed in the 10-Q. Inventory built for strategic materials. Patents face routine oppositions.
10-Q
Q2 FY2025 results
Universal Display Corporation posted solid Q2 FY2025 results, with total revenue climbing 8% year-over-year to $171.8 million, driven by a 27% surge in royalty and license fees to $75.7 million despite a 7% dip in material sales to $88.7 million from customer mix shifts; gross margin expanded to 77% of revenue, up from 76%, while operating income rose 22% to $68.5 million on steady expenses. Diluted EPS hit $1.41, up 28% y/y and matching basic due to minimal dilution from 47.7 million weighted shares. Operating cash flow for the half-year stood at $82.5 million, with free cash flow at $54.9 million (derived) after $27.5 million in capex, bolstering a liquidity position of $95.8 million in cash equivalents and $429.4 million in short-term investments—no debt. Restructuring costs of $0.6 million tied to relocating OVJP operations to Singapore and New Jersey trimmed R&D slightly. Cash dividends rose to $0.45 per share. Patent oppositions pose ongoing risks to IP protection.
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