Universal Display Corp 4Q25 Preview

Goldman Sachs maintains a Buy rating on Universal Display Corp (OLED) with a revised price target of $165, anticipating solid 2026 revenue growth driven by premium mix and TV unit increases.

Key Takeaways

• 1.4Q25 results are expected to be in-line with revenue of $175mn, driven by a volume rebound in China following 3Q25 inventory destocking.
• 2.2026 revenue guidance is anticipated to be in the range of $670-$720mn (MSD to HSD growth), capturing consensus expectations at the high end.
• 3.Growth in 2026 will be supported by ~10% unit growth in OLED TVs and content uplift from foldables, offsetting flat unit growth in smartphones.

Table of Contents

• Implications
• Ratios & Valuation
• Growth & Margins
• Price Performance
• Income Statement
• Balance Sheet
• Cash Flow
• Estimate changes; PT to $165
• Valuation
• Key risks
• Disclosure Appendix

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial