Latest Ratios: P/E Ratio 15.7x · EV/EBITDA 12.3x · ROE 14.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.8B | $5.6B | $7.0B | $9.1B | $5.1B | $7.8B | $10.9B | $9.7B | $4.4B | $8.1B | $2.6B |
| Enterprise Value | $3.7B | $5.5B | $6.9B | $9.0B | $5.1B | $7.5B | $10.2B | $9.6B | $4.2B | $7.9B | $2.5B |
| P/E Ratio → | 15.70 | 22.99 | 31.44 | 45.11 | 24.55 | 42.64 | 82.07 | 70.57 | 74.86 | 79.20 | 55.20 |
| P/S Ratio | 5.77 | 8.55 | 10.76 | 15.80 | 8.32 | 14.12 | 25.31 | 23.90 | 17.74 | 24.08 | 13.17 |
| P/B Ratio | 2.16 | 3.16 | 4.31 | 6.29 | 4.02 | 7.11 | 11.89 | 11.93 | 6.35 | 12.26 | 4.96 |
| P/FCF | 24.34 | 36.06 | 33.00 | 320.47 | 64.42 | 52.98 | 89.90 | 59.25 | 45.52 | 78.03 | — |
| P/OCF | 17.82 | 26.40 | 27.46 | 58.85 | 40.44 | 40.90 | 72.95 | 49.94 | 36.03 | 60.59 | 32.61 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.41 | 10.63 | 15.68 | 8.21 | 13.61 | 23.86 | 23.58 | 16.88 | 23.68 | 12.47 |
| EV / EBITDA | 12.31 | 18.40 | 24.34 | 34.69 | 16.37 | 27.94 | 52.55 | 49.56 | 47.84 | 45.90 | 27.82 |
| EV / EBIT | 14.60 | 21.81 | 28.84 | 41.62 | 18.96 | 33.09 | 64.95 | 60.33 | 73.62 | 54.35 | 36.26 |
| EV / FCF | — | 35.44 | 32.62 | 318.04 | 63.61 | 51.05 | 84.74 | 58.44 | 43.33 | 76.75 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.4% | 73.4% | 77.1% | 76.5% | 79.3% | 79.2% | 80.1% | 81.4% | 78.4% | 83.7% | 86.8% |
| Operating Margin | 38.5% | 38.5% | 36.9% | 37.7% | 43.3% | 41.1% | 36.7% | 39.1% | 22.9% | 43.6% | 34.4% |
| Net Profit Margin | 37.2% | 37.2% | 34.3% | 35.2% | 34.1% | 33.3% | 31.1% | 34.1% | 23.8% | 31.0% | 24.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.3% | 14.3% | 14.5% | 14.9% | 17.7% | 18.3% | 15.5% | 18.4% | 8.7% | 17.5% | 9.7% |
| ROA | 12.7% | 12.7% | 12.7% | 12.7% | 14.0% | 13.5% | 11.2% | 13.5% | 6.9% | 14.8% | 8.1% |
| ROIC | 11.7% | 11.7% | 12.3% | 12.6% | 19.8% | 30.9% | 24.4% | 20.5% | 8.5% | 24.0% | 13.5% |
| ROCE | 14.0% | 14.0% | 14.7% | 14.7% | 20.0% | 19.1% | 15.3% | 18.0% | 7.5% | 22.4% | 12.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | — | — | — | — |
| Debt / EBITDA | 0.15 | 0.15 | 0.07 | 0.09 | 0.09 | 0.10 | 0.04 | — | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.05 | -0.05 | -0.05 | -0.26 | -0.68 | -0.16 | -0.31 | -0.20 | -0.26 |
| Net Debt / EBITDA | -0.32 | -0.32 | -0.28 | -0.27 | -0.21 | -1.06 | -3.20 | -0.68 | -2.42 | -0.77 | -1.56 |
| Debt / FCF | — | -0.62 | -0.38 | -2.43 | -0.81 | -1.93 | -5.16 | -0.81 | -2.19 | -1.28 | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($138M) exceeds total debt ($43M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.06 | 10.06 | 7.18 | 7.72 | 6.63 | 4.93 | 5.61 | 4.91 | 4.77 | 8.13 | 9.58 |
| Quick Ratio | 7.83 | 7.83 | 5.72 | 6.24 | 5.28 | 4.21 | 5.05 | 4.51 | 4.24 | 7.57 | 9.15 |
| Cash Ratio | 5.58 | 5.58 | 3.93 | 4.33 | 4.26 | 3.53 | 4.43 | 4.00 | 3.87 | 6.59 | 8.16 |
| Asset Turnover | — | 0.33 | 0.35 | 0.35 | 0.40 | 0.38 | 0.34 | 0.36 | 0.27 | 0.43 | 0.32 |
| Inventory Turnover | 0.72 | 0.72 | 0.81 | 0.77 | 0.70 | 0.86 | 0.93 | 1.18 | 0.76 | 1.51 | 1.52 |
| Days Sales Outstanding | — | 67.30 | 64.05 | 88.55 | 54.85 | 70.98 | 70.01 | 54.46 | 63.63 | 56.94 | 45.87 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 1.5% | 1.1% | 0.7% | 1.1% | 0.5% | 0.3% | 0.2% | 0.3% | 0.1% | — |
| Payout Ratio | 35.3% | 35.3% | 34.3% | 32.9% | 27.1% | 20.6% | 21.3% | 13.6% | 19.2% | 5.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 4.4% | 3.2% | 2.2% | 4.1% | 2.3% | 1.2% | 1.4% | 1.3% | 1.3% | 1.8% |
| FCF Yield | 4.1% | 2.8% | 3.0% | 0.3% | 1.6% | 1.9% | 1.1% | 1.7% | 2.2% | 1.3% | — |
| Buyback Yield | 0.9% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.1% | 2.1% | 1.1% | 0.7% | 1.1% | 0.5% | 0.3% | 0.2% | 0.3% | 0.1% | 0.0% |
| Shares Outstanding | — | $48M | $48M | $48M | $47M | $47M | $47M | $47M | $47M | $47M | $47M |
Cyclical display demand exposure
According to current market data, Universal Display trades at a forward P/E of 20.50, which suggests investors are pricing in a premium for its unique intellectual property position relative to broader semiconductor equipment peers that often lack such high-margin, recurring licensing revenue streams.
The current P/S ratio of 6.31 indicates that the market continues to value the company's 'toll-booth' business model over the underlying volatility of the consumer electronics cycle. While the PEG ratio of 1.36 implies a reasonable growth-to-valuation trade-off, investors should monitor whether the anticipated commercialization of Blue PHOLED technology justifies this multiple expansion.
Based on reported financial statements, ROIC has trended between 2.0% and 3.6% over the last ten quarters, suggesting that while the company maintains a highly profitable core, the cyclical nature of display manufacturing creates significant variance in the efficiency of its invested capital base.
The relatively low ROIC figures, despite high gross margins, appear to be a function of the company's conservative capital allocation and the timing of large-scale R&D investments. This trend warrants further investigation into whether management can improve capital velocity as the company scales into new IT and automotive display markets.
As reported in recent filings, the cash conversion cycle has fluctuated significantly, reaching 627 days in 2026Q1, which highlights the impact of inventory management and the timing of licensing receipts on the company's overall operational efficiency compared to historical averages.
The high DIO, which peaked at 609 days in 2026Q1, suggests that inventory levels are highly sensitive to the procurement cycles of major panel manufacturers. Investors should monitor whether these extended cycles represent strategic inventory positioning ahead of product launches or a potential buildup of obsolete material components.
Based on the latest quarterly data, the company maintains a current ratio of 9.54, providing an exceptional liquidity cushion that appears designed to mitigate the inherent risks of its concentrated customer base and the volatility of its complex, milestone-driven revenue recognition model.
The quick ratio of 7.00 further underscores a balance sheet that is effectively insulated from short-term credit market disruptions. This liquidity position is a structural strength that allows the company to maintain its R&D intensity and dividend commitments even during periods of significant industry-wide demand contraction.
The P/E ratio is frequently misapplied to Universal Display, as it fails to account for the significant non-cash stock-based compensation and the timing-related volatility of licensing milestones that often distort quarterly earnings and mask the underlying cash-generative power of the patent portfolio.
Analysts should instead prioritize FCF-based valuation metrics, as they better capture the true economic value generated by the licensing segment, which requires minimal incremental capital. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation during periods of heavy R&D investment or cyclical revenue troughs.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying OLED stock.
Universal Display Corporation's current P/E ratio is 15.7x. The historical average is 62.8x.
Universal Display Corporation's current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 35.8x.
Universal Display Corporation's return on equity (ROE) is 14.3%. The historical average is -22.7%.
Based on historical data, Universal Display Corporation is trading at a P/E of 15.7x. Compare with industry peers and growth rates for a complete picture.
Universal Display Corporation's current dividend yield is 2.25% with a payout ratio of 35.3%.
Universal Display Corporation has 73.4% gross margin and 38.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Universal Display Corporation's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.