Universal Display Corp
oled.comWhat Do They Do?
Sells OLED materials and licenses OLED technologies to display and lighting manufacturers for use in screens and lighting products.
10-K for FY2025, filed Feb 19, 2026Our primary business strategy is to (1) develop new OLED materials and sell existing and new materials to product manufacturers for display…View ↗
We manufacture and sell our proprietary OLED materials to customers for evaluation and use in commercial OLED products. We also enter into…View ↗
Our current business strategy is to continue to promote and expand our portfolio of OLED technologies and materials for widespread use in…View ↗
We derive revenue from the following:View ↗
How Do They Make Money?
Display manufacturers buy OLED materials, with payment tied to shipment or delivery. License fees and royalties are paid under agreements, including fixed payments over a contract term and royalties tied to sales of licensed products; contract research customers pay for services performed under negotiated contract terms.
10-K for FY2025, filed Feb 19, 2026Material sales relate to our sale of OLED materials for incorporation into our customers’ commercial OLED products or for their OLED…View ↗
We receive license and royalty payments under certain commercial, development and technology evaluation agreements, some of which are…View ↗
Our commercial supply arrangements allow us to maintain close technical and business relationships with these OLED device manufacturers…View ↗
Contract research services revenue is revenue earned by Adesis by providing chemical materials synthesis research, development and…View ↗
On December 2, 2022, the Company entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC), replacing a…View ↗
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10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by product or service ↗
$650.6M
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10-K for FY2025, filed Feb 19, 2026
$650.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Material sales
Sold outright
10-K for FY2025, filed Feb 19, 2026 |
54%
FY2022: 54%
|
Material sales, FY2025
$353M Sources
|
Sold outright |
|
Royalty and license fees
|
42%
FY2022: 43%
|
Royalty and license fees, FY2025
$275.1M Sources
|
|
|
Contract research services
Recurring
10-K for FY2025, filed Feb 19, 2026 |
3.5%
FY2022: 3.0%
|
Contract research services, FY2025
$22.5M Sources
|
Recurring |
Who Are Their Customers?
OLED display and lighting manufacturers buy materials and license technology directly. Pharmaceutical and life sciences firms and other technology companies buy contract research services from Adesis.
10-K for FY2025, filed Feb 19, 2026We manufacture and sell our proprietary OLED materials to customers for evaluation and use in commercial OLED products. We also enter into…View ↗
Our commercial supply arrangements allow us to maintain close technical and business relationships with these OLED device manufacturers…View ↗
We generally enter into long-term agreements with our customers, which may include (1) a commercial supply agreement for the purchase of…View ↗
Contract research services revenue is revenue earned by Adesis by providing chemical materials synthesis research, development and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 37 cents of every revenue dollar as net income in FY2025 and turned 24 cents into free cash flow.
10-K for FY2025, filed Feb 19, 2026
$248.6MView ↗
10-K for FY2025, filed Feb 19, 2026
$242.1MView ↗
10-K for FY2025, filed Feb 19, 2026
$154.4MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
$49.4MView ↗
- ▼ −27%
- vs $67.3M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
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Jul 30, 2026
Company lowered its 2026 revenue outlook to the lower end of its prior range
It said 2026 revenue would be around the lower end of its previous guidance range of $630 million to $670 million.
Sources
8-K, filed Jul 30, 2026
The Company now believes that its 2026 revenue will be around the lower end of its previous guidance range of $630 million to $670 million.View ↗
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Apr 30, 2026
Company cut its 2026 revenue guidance range
The range changed to $630 million to $670 million from $650 million to $700 million.
Sources
8-K, filed Apr 30, 2026
The Company now believes that its 2026 revenue will be in the range of $630 million to $670 million, down from prior guidance of $650…View ↗
Growing. Revenue grew 18% in 4 years, from $553.5M in FY2021 to $650.6M in FY2025, about 4% a year.
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