The business behind the dividend
| Measure | OLED | Median | Formula |
|---|---|---|---|
| Return on equity | 13.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $213.99m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $154.36m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 38.2% | 15.0% | Operating income ÷ revenue |
| Net margin | 37.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 10.06x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.87x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 13.7% | 13.7% | 14.0% | 16.5% | 16.7% | 14.6% | 17.0% | 8.5% | 15.8% | 9.1% | 14.0% |
| Operating margin | 38.2% | 36.9% | 37.7% | 43.3% | 41.1% | 36.7% | 39.1% | 22.9% | 43.6% | 34.4% | 37.7% |
| Net margin | 37.2% | 34.3% | 35.2% | 34.1% | 33.3% | 31.1% | 34.1% | 23.8% | 31.0% | 24.2% | 33.3% |
| Current ratio | 10.06x | 7.18x | 7.72x | 6.63x | 4.93x | 5.61x | 4.91x | 4.77x | 8.13x | 9.58x | 6.63x |
| Cash conversion | 0.87x | 1.14x | 0.76x | 0.60x | 1.04x | 1.12x | 1.40x | 2.07x | 1.28x | 1.67x | 1.12x |
How it compares in technology
Among the 42 technology companies here measured on free cash flow, Universal Display Corp \Pa\ pays out less than 5 of them. The median for that group is 28.6%, against this company’s 55.4%.
Closest on free cash flow
- Automatic Data Processing (ADP) 50.1%
- International Business Machines (IBM) 51.7%
- Power Integrations (POWI) 54.1%
- Kulicke & Soffa Industries (KLIC) 56.1%
Same sector and same denominator, so the figures are comparable. All 46 in technology →