Universal Display Corporation (OLED) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-48.7%

$46.12

vs $89.84 price

Levered DCF

$43.94

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

13.58

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	22.94×	31.37×	45×	24.5×	42.64×	82.07×	70.57×	74.26×
P/B	3.15×	4.3×	6.29×	4.01×	7.1×	11.88×	11.93×	6.35×
P/S	8.53×	10.73×	15.78×	8.3×	14.1×	25.29×	23.88×	17.72×
EV / EBITDA	18.41×	21.73×	31.28×	16.28×	27.83×	52.5×	49.52×	47.79×
Gross margin	76.3%	77.1%	76.5%	79.3%	79.2%	80.1%	81.4%	78.4%
Operating margin	38.2%	36.9%	37.7%	43.3%	41.1%	36.7%	39.1%	22.9%
Net margin	37.2%	34.3%	35.2%	34.1%	33.3%	31.1%	34.1%	23.8%
Current ratio	10.06×	7.18×	7.72×	6.63×	4.93×	5.61×	4.91×	4.77×
Debt / equity	0.01×	0.01×	0.02×	0.02×	0.02×	0.01×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	1.5%	1.1%	0.7%	1.1%	0.5%	0.3%	0.2%	0.3%
Payout ratio	35.3%	34.3%	32.9%	27.1%	20.6%	21.3%	13.6%	19.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	13.7%	14.0%	16.5%	16.7%	14.6%	17.0%	8.5%
Return on invested capital	11.0%	11.4%	11.6%	15.0%	14.4%	11.6%	13.4%	6.5%
Return on assets	12.3%	12.1%	12.2%	13.7%	12.6%	10.5%	12.3%	6.3%
Free cash flow yield	2.6%	3.0%	0.3%	1.6%	1.9%	1.1%	1.7%	2.2%
Earnings yield	4.4%	3.2%	2.2%	4.1%	2.4%	1.2%	1.4%	1.3%
Enterprise value	$5.4B	$6.9B	$9B	$5.1B	$7.5B	$10.2B	$9.5B	$4.2B
Net debt / EBITDA	-0.4×	-0.25×	-0.24×	-0.21×	-1.05×	-3.2×	-0.68×	-2.42×
Cash conversion cycle (days)	583	424	533	551	449	402	300	469