Forensic Analysis · Communications Equipment & Electronic Components · as of Nov 8, 2026
Universal Display Corp \Pa\ (OLED)
A forensic read on Universal Display Corp \Pa\ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
15.1
Distress distance
Clean
Earnings quality
3
Forensic signals
14.3%
ROE
0.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Universal Display Corp \Pa\ earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 15.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
502d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 441 to 502 FY2024→FY2025 (against cost of goods sold; inventory +32% vs +4% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
0.93×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.93× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
12.3%
FY2025
Return on invested capital.Return on invested capital is 12.3% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.4-point range. After-tax operating profit was $180M in FY2023 and $204M in FY2025, with operating income at 37.7% of revenue in FY2023, 36.9% in FY2024 and 38.2% in FY2025. The capital base behind it grew +14% across FY2023–FY2025, from $1.5B to $1.7B, and the return held at 12.3% to one decimal doing it, so the dollars added over that window earned no more than the 12.3% the older base was already earning. $429M of the $1.7B base at FY2025 is short-term investments (25.8%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
Key fundamentals
Latest Revenue$650.6M
Revenue Growth YoY+0.5%
Revenue CAGR (2yr)+6.2%
Net Margin37.2%
Free Cash Flow$154.4M
Return on Equity14.3%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Universal Display Corp \Pa\'s actual 10-K/10-Q/8-K filings?