Universal Display Corp. \PA\ (OLED) intrinsic value & 10-year financials
Universal Display Corp. \PA\ (OLED) has a Graham intrinsic value of $168.74 per share. At $77.95 on Oct 17, 2026, the stock trades 54% below that value. Over the last 10 fiscal years revenue grew 14.1% a year to $650.6M, with an average return on invested capital of 17.1%.
- Graham intrinsic value
- $168.74
- Share price (Oct 17, 2026)
- $77.95
- Price vs Graham value
- 54% below
- Market cap
- $3.7B
- Revenue (FY2025)
- $650.6M
- Revenue growth (10-yr CAGR)
- 14.1%
- ROIC (10-yr avg)
- 17.1%
- Free cash flow (FY2025)
- $154.4M
OLED 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $650.6M | $242.1M | $5.08 | $154.4M | 38.2% | 12.7% |
| FY2024 | $647.7M | $222.1M | $4.65 | $211.1M | 36.9% | 13.2% |
| FY2023 | $576.4M | $203.0M | $4.24 | $95.0M | 37.7% | 13.6% |
| FY2022 | $616.6M | $210.1M | $4.40 | $84.3M | 43.3% | 20.1% |
| FY2021 | $553.5M | $184.2M | $3.87 | $147.9M | 41.1% | 32.3% |
| FY2020 | $428.9M | $133.4M | $2.80 | $120.8M | 36.7% | 26.1% |
| FY2019 | $405.2M | $138.3M | $2.92 | $163.9M | 39.1% | 18.8% |
| FY2018 | $247.4M | $58.8M | $1.24 | $96.4M | 22.9% | 7.7% |
| FY2017 | $335.6M | $103.9M | $2.18 | $103.6M | 43.6% | 17.1% |
| FY2016 | $198.9M | $48.1M | $1.02 | $73.0M | 34.4% | 9.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
UNIVERSAL DISPLAY CORP \PA\ is a consistent compounder, expanding top-line revenue at 14.1% annually over the past decade.
UNIVERSAL DISPLAY CORP \PA\ has earned high returns on invested capital, averaging 17.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
UNIVERSAL DISPLAY CORP \PA\ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, UNIVERSAL DISPLAY CORP \PA\ is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $168.74 per share.