Universal Display Corporation (OLED) is a leading innovator in the research, development, and commercialization of organic light-emitting diode (OLED) technologies and materials. The company specializes in providing advanced OLED materials and intellectual property for display and lighting applications. OLED sells proprietary materials, licenses its technologies, and offers development and support services to manufacturers worldwide.
- Sales of OLED Materials - Supplies proprietary OLED materials for evaluation, development, and commercial manufacturing, used in products such as mobile phones, televisions, monitors, wearables, tablets, notebook computers, personal computers, automotive displays, and lighting products.
- Intellectual Property and Technology Licensing - Licenses a portfolio of over 6,500 patents worldwide, enabling manufacturers to integrate OLED technologies into their products, with agreements often including royalty payments and non-refundable advances.
- Technology Development and Support - Collaborates with third parties to support the commercialization of OLED products, providing expertise and technical assistance.
- Contract Research Services - Conducts research and development in chemical materials synthesis for non-OLED applications, offering specialized services to external clients.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Steven V. Abramson ExecutiveBoard | President, Chief Executive Officer, and Director | Steven V. Abramson is the President, Chief Executive Officer, and Director at OLED, having been a member of the Board of Directors since May 1996. He previously served as President and Chief Operating Officer from May 1996 through December 2007, and held key roles at Roy F. Weston, Inc. and InterDigital, Inc.. | View Report → | |
Brian Millard Executive | Vice President, Chief Financial Officer, and Treasurer | Brian Millard has been serving as the Vice President, Chief Financial Officer, and Treasurer of Universal Display Corporation (OLED) since September 2022. Previously, he held key executive finance roles at Emergent BioSolutions and Hertz Global Holdings. | ||
Janice K. Mahon Executive | Senior Vice President, Technology Commercialization and General Manager, Commercial Sales Business | Janice K. Mahon is the Senior Vice President, Technology Commercialization and General Manager, Commercial Sales Business at Universal Display Corporation since April 2021. She previously served as Vice President of Technology Commercialization from January 1997 and as General Manager of PHOLED Material Sales Business beginning January 2007. | ||
Julia J. Brown Executive | Executive Vice President and Chief Technical Officer | Julia J. Brown, Ph.D., has been with OLED since 1998 and currently serves as the Executive Vice President and Chief Technical Officer since April 2021. She previously held the Senior Vice President role from June 2008 to April 2021 and has been a crucial technology leader at the company, starting as Vice President of Technology Development in June 1998. | ||
Mauro Premutico Executive | Senior Vice President, Planning, and Chief Legal Officer | Mauro Premutico has served as the Senior Vice President, Planning, and Chief Legal Officer at OLED since April 2021 and as Secretary since September 2022. Prior to these roles, he significantly contributed as the Vice President of Legal and General Manager of Patents and Licensing from April 2012 to April 2021, demonstrating extensive expertise in legal and intellectual property management. | ||
Dr. Joan Lau Board | Independent Director on the Board of Directors | CEO of Spirovant Sciences; Board Member of Brandywine Realty Trust; Board Member of Rockwell Medical, Inc.; Adjunct Professor and Trustee at the University of Pennsylvania | Dr. Joan Lau has served as an independent director on OLED's Board of Directors since March 4, 2024 and brings over 20 years of leadership experience in biotechnology, biopharmaceuticals, and R&D-focused industries. She leverages her extensive expertise from other organizations, including active roles as CEO, board member, and academic leader. | |
Dr. Nigel Brown Board | Independent Director | Founder and Chief Executive Officer at Princeton Healthcare Advisory, LLC; Advisor at Rothschild & Co. and Five Arrows Managers LLP; Board member at Inotiv, Inc. | Dr. Nigel Brown, with over 25 years of experience in the pharmaceutical, biotechnology, and contract research industries, currently serves as an independent director on the Board of Directors at OLED since March 2024. Previously, he has held leadership roles, including founding Princeton Healthcare Advisory, LLC and advising Rothschild & Co. and Five Arrows Managers LLP. | |
Ms. April Walker Board | Board Director | Board member at Sangoma Technologies Corporation ; Advisory board member at Drexel University Solutions Institute ; Adjunct Professor at Drexel’s Executive MBA program | Ms. April Walker is a global leader in the technology industry with over 30 years of leadership experience at companies including Microsoft, MetLife, NBCUniversal, and Salesforce. She was elected to the Board of Directors at OLED, with her position effective as of January 1, 2025, further enhancing strategic digital innovation. |
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Given the deceleration in material sales growth from 14% last year to an expected 4% growth this year, can you elaborate on the factors contributing to this slowdown and your strategies to address them?
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Regarding the commercialization of phosphorescent blue, can you provide more clarity on the specific milestones that need to be achieved and any potential hurdles that could impact your timeline of "months, not years"?
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With increasing competition from local Chinese material suppliers in the OLED emitter space, what specific strategies are you implementing to maintain your market leadership and protect your margins?
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You've projected a 10-15% increase in SG&A expenses for 2025 while R&D expenses are expected to remain flat; can you explain the reasons behind this significant increase and how it aligns with your growth strategy?
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Considering that your growth rates have historically been just shy of overall industry growth due to customer efficiencies and pricing dynamics, how do you plan to capture the expected OLED capacity increase of approximately 10% over the next two years?
Research analysts who have asked questions during UNIVERSAL DISPLAY CORP \PA\ earnings calls.
Martin Yang
Oppenheimer & Co. Inc.
4 questions for OLED
Scott Searle
ROTH MKM
4 questions for OLED
James Ricchiuti
Needham & Company, LLC
3 questions for OLED
Brian Lee
Goldman Sachs Group, Inc.
2 questions for OLED
Mehdi Hosseini
Susquehanna Financial Group
2 questions for OLED
Nam Hyung Kim
Arete Research
2 questions for OLED
Atif Malik
Citigroup Inc.
1 question for OLED
Hadi Orabi
TD Cowen
1 question for OLED
Tyler Bisset
Goldman Sachs
1 question for OLED
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Developed and patented the original fluorescent OLED technology in 1987. | |
Cambridge Display Technology, Ltd. | Developed and patented polymer OLED technology in 1989 and was acquired by Sumitomo Chemical Company in 2007. |
Sumitomo Chemical Company | Engaged in OLED research, development, and commercialization activities, and selling or sampling competing OLED materials. |
Selling or sampling competing OLED materials and is a supplier of fluorescent emitter materials. | |
Selling or sampling competing OLED materials and has significant resources in the host materials business. | |
Kyulux Inc. | Selling or sampling competing OLED materials. |
Summer Sprout Technology | Selling or sampling competing OLED materials. |
Selling or sampling competing OLED materials. | |
Aglaia Tech | Selling or sampling competing OLED materials. |
Jilin OLED Photoelectric Materials Co., Ltd. | Selling or sampling competing OLED materials. |
Nanjing Topto Semiconductor Materials Co., Ltd. | Selling or sampling competing OLED materials. |
Solus Advanced Materials Co., Ltd. | Supplier of fluorescent emitter materials and has significant resources in the host materials business. |
Previously known as Gracel Display, supplier of fluorescent emitter materials and has significant resources in the host materials business. | |
SFC Co. Ltd. | Supplier of fluorescent emitter materials. |
Duksan Neolux Co., Ltd. | Has significant resources in the host materials business. |
NSCC | Has significant resources in the host materials business. |
Beijing Sineva Technology Co., Ltd. | Has significant resources in the host materials business. |
China Ray | Has significant resources in the host materials business. |
Lumilan | Has significant resources in the host materials business. |
Eternal Material Technology (EMT) | Has significant resources in the host materials business. |
Samsung SDI Co. Ltd. | Has significant resources in the host materials business. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Merck KGaA | 2023 | Acquisition of Phosphorescent OLED Emitter IP assets: Completed on April 28, 2023, Universal Display Corporation (UDC) acquired a portfolio featuring over 550 issued and pending patents across 172 patent families for a cash payment of $66.0 million, which will be amortized over 10 years. The deal strategically expands UDC’s emitter technology leadership and includes a multi-year collaboration agreement with Merck KGaA. |
Recent press releases and 8-K filings for OLED.
- Universal Display anticipates significant growth in the IT market, with current OLED penetration at approximately 5% globally and key customers like Samsung, BOE, and Visionox announcing new CapEx plans for IT capacity. Tandem structures, frequently used in IT products, are expected to require 1.5 to 2 times more material consumption for UDC compared to single-layer structures.
- LG's recent announcement of a display utilizing UDC's phosphorescent blue material in a hybrid tandem panel is a significant development, demonstrating a 15% reduction in energy consumption and representing an entirely new revenue stream for UDC. While the original timeline for commercial performance was 2024, challenges, particularly with lifetime characteristics, caused delays, and no new specific timeline for a standalone blue or all-phosphorescent RGB architecture has been provided.
- The company's board authorized a $100 million share buyback in late April, which will be deployed opportunistically, complementing their historical dividend program as part of their capital allocation strategy that prioritizes organic R&D and M&A.
- Universal Display is increasingly optimistic about the automotive market, where only about 1% of the 85 million new vehicles sold annually currently incorporate OLED products, indicating substantial growth potential through increased penetration and content per vehicle.
- Universal Display reported record performance in the second quarter of 2025, with revenue of $172 million, net income of $67 million, and $1.41 per diluted share.
- The company raised the low end of its 2025 revenue guidance range to $650 million to $700 million and expects 2025 operating margins to be at the upper end of their 35% to 40% guidance range.
- The OLED market is experiencing robust growth, driven by expanding product adoption in consumer electronics and automotive markets, with OLED IT units forecasted to more than double to 48.6 million units in 2027 from 23 million units in 2024.
- A major milestone was achieved with the verification of commercialization level performance of blue phosphorescent OLED panels on a mass production line by one of their customers.
- Universal Display ended the quarter with approximately $932 million in cash, cash equivalents, and investments and approved a $0.45 quarterly dividend.
- IR Head Doris Liu, with 12 years at the company, provided insights on the OLED display market and UDC’s long history of innovation.
- UDC discussed growth catalysts in OLED driven by investments in medium-sized panel production for smartphones, IT, and automotive, highlighting new fab capacities such as Samsung’s Gen 8.6 expected Q2 2026 and BOE’s Q4 2026 rollout.
- The company detailed its dual revenue model, emphasizing long-term materials and IP licensing agreements with a 1.4:1 material-to-royalty ratio, and noted future opportunities with blue emitter technology.
- UDC reaffirmed strong margin guidance (gross margins of 76%-77% and operating margins of 35%-40%), along with a commitment to shareholder returns via an ongoing dividend program and a $100 million buyback initiative.
- Q1 2025 Financial Performance: Reported total revenue of $166 million (with slight variation to $166.3 million), net income of $64 million (nearly $64.4 million) and operating income of approximately $70 million .
- Dividend Declaration: Announced a quarterly cash dividend of $0.45 per share payable on June 30, 2025 .
- Share Repurchase Authorization: Approved a program to repurchase up to $100 million of common stock, providing flexibility to capitalize on market opportunities .
- Full-Year Outlook & Capital Allocation: Provided full-year revenue guidance of $640 million to $700 million along with strategic capital allocation measures [doc 2].
- Blue OLED Update: LG Display confirmed commercialization-level performance for blue phosphorescent panels with blue development revenues of approximately $1.1 million [doc 1] [doc 8].
- 2025 guidance was provided with revenue expected between $640 million and $700 million, with a midpoint at $670 million and approximately 3.5% growth from the previous year, amid macroeconomic uncertainties.
- The discussion highlighted strong smartphone and IT market opportunities, with OLED penetration exceeding 50% in smartphones and IT displays expected to grow from 3-4% today to potentially 20% by 2030.
- The company is advancing its phosphorescent blue emitter technology, noting a delay from 2024 with commercial specification expected to be achieved within months (starting at the beginning of 2025) and a typical 9-12 month design cycle for product introduction.
- Additionally, Universal Display emphasized strategic use of its $1 billion cash position for dividends, buybacks, and R&D investments, supporting both current operations and future growth initiatives.