OLEDUNIVERSAL DISPLAY CORP \PA\

Electronic Components & Accessories

Revenue: $651M; 0.5% YoY
Operating margin: 38.2%; 3.6% YoY
EBITDA: $277M; 4.6% YoY
Market cap: $3.8B
Employees: —
Net debt / EBITDA: —
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
87% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
56% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
80% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$554M	$617M	$576M	$648M	$651M	0.5%
Operating income	$228M	$267M	$217M	$239M	$249M	4.1%
Net income	$184M	$210M	$203M	$222M	$242M	9.0%
Operating cash flow	$191M	$127M	$155M	$254M	$211M	17%
Capex	$43M	$42M	$60M	$43M	$56M	32%
Stock-based comp	$35M	$30M	$24M	$30M	$28M	6.0%
Buybacks	$0	—	$0	$0	$33M
Dividends	$38K	$57M	$67M	$76M	$86M	12%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 7
Open-market sells, 12 mo: $422K · 2
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$9M	$3M	53	370
FY2024	$9M	$4M	66	191
FY2023	$9M	$16M	85	130
FY2022	$10M	$3M	48	109
FY2021	$11M	$2M	72	123