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Side-by-side financial comparison of HUTCHMED (China) Ltd (HCM) and UNIVERSAL DISPLAY CORP \PA\ (OLED). Click either name above to swap in a different company.
HUTCHMED (China) Ltd is the larger business by last-quarter revenue ($270.8M vs $142.2M, roughly 1.9× UNIVERSAL DISPLAY CORP \PA\). UNIVERSAL DISPLAY CORP \PA\ runs the higher net margin — 25.2% vs 0.7%, a 24.5% gap on every dollar of revenue. On growth, UNIVERSAL DISPLAY CORP \PA\ posted the faster year-over-year revenue change (-14.5% vs -16.5%).
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
Universal Display Corporation is a developer and manufacturer of organic light emitting diode (OLED) technologies and materials, and it is a provider of services to the display and lighting industries.
HCM vs OLED — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $270.8M | $142.2M |
| Net Profit | $2.0M | $35.9M |
| Gross Margin | 37.7% | 74.6% |
| Operating Margin | -13.2% | 30.1% |
| Net Margin | 0.7% | 25.2% |
| Revenue YoY | -16.5% | -14.5% |
| Net Profit YoY | -83.6% | -44.3% |
| EPS (diluted) | $0.00 | $0.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $142.2M | ||
| Q4 25 | $270.8M | $172.9M | ||
| Q3 25 | — | $139.6M | ||
| Q2 25 | $277.7M | $171.8M | ||
| Q1 25 | $324.5M | $166.3M | ||
| Q4 24 | — | $162.3M | ||
| Q3 24 | — | $161.6M | ||
| Q2 24 | $305.7M | $158.5M |
| Q1 26 | — | $35.9M | ||
| Q4 25 | $2.0M | $66.3M | ||
| Q3 25 | — | $44.0M | ||
| Q2 25 | $455.0M | $67.3M | ||
| Q1 25 | $11.9M | $64.4M | ||
| Q4 24 | — | $46.0M | ||
| Q3 24 | — | $66.9M | ||
| Q2 24 | $25.8M | $52.3M |
| Q1 26 | — | 74.6% | ||
| Q4 25 | 37.7% | 76.1% | ||
| Q3 25 | — | 74.6% | ||
| Q2 25 | 0.1% | 77.2% | ||
| Q1 25 | 48.0% | 77.1% | ||
| Q4 24 | — | 77.0% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | 41.1% | 75.8% |
| Q1 26 | — | 30.1% | ||
| Q4 25 | -13.2% | 38.9% | ||
| Q3 25 | — | 30.9% | ||
| Q2 25 | -1.3% | 39.9% | ||
| Q1 25 | -5.0% | 41.9% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | — | 41.5% | ||
| Q2 24 | -9.0% | 35.6% |
| Q1 26 | — | 25.2% | ||
| Q4 25 | 0.7% | 38.4% | ||
| Q3 25 | — | 31.5% | ||
| Q2 25 | 163.8% | 39.2% | ||
| Q1 25 | 3.7% | 38.8% | ||
| Q4 24 | — | 28.4% | ||
| Q3 24 | — | 41.4% | ||
| Q2 24 | 8.4% | 33.0% |
| Q1 26 | — | $0.76 | ||
| Q4 25 | $0.00 | $1.40 | ||
| Q3 25 | — | $0.92 | ||
| Q2 25 | $0.52 | $1.41 | ||
| Q1 25 | $0.01 | $1.35 | ||
| Q4 24 | — | $0.96 | ||
| Q3 24 | — | $1.40 | ||
| Q2 24 | $0.03 | $1.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4B | $516.4M |
| Total DebtLower is stronger | $93.2M | — |
| Stockholders' EquityBook value | $1.2B | — |
| Total Assets | $1.8B | $1.9B |
| Debt / EquityLower = less leverage | 0.08× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $516.4M | ||
| Q4 25 | $1.4B | $602.4M | ||
| Q3 25 | — | $603.0M | ||
| Q2 25 | $1.4B | $525.2M | ||
| Q1 25 | $836.1M | $571.3M | ||
| Q4 24 | — | $492.7M | ||
| Q3 24 | — | $551.6M | ||
| Q2 24 | $802.5M | $530.5M |
| Q1 26 | — | — | ||
| Q4 25 | $93.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $93.4M | — | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $82.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $759.9M | $1.7B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | $740.1M | $1.5B |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $1.8B | $2.0B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | $1.8B | $1.9B | ||
| Q1 25 | $1.3B | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | $1.3B | $1.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.11× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $8.2M | $108.9M |
| Free Cash FlowOCF − Capex | $3.4M | — |
| FCF MarginFCF / Revenue | 1.2% | — |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | 4.21× | 3.03× |
| TTM Free Cash FlowTrailing 4 quarters | $-96.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $108.9M | ||
| Q4 25 | $8.2M | $31.1M | ||
| Q3 25 | — | $97.2M | ||
| Q2 25 | $-72.9M | $51.9M | ||
| Q1 25 | $40.3M | $30.6M | ||
| Q4 24 | — | $34.7M | ||
| Q3 24 | — | $79.9M | ||
| Q2 24 | $-39.8M | $67.0M |
| Q1 26 | — | — | ||
| Q4 25 | $3.4M | $15.1M | ||
| Q3 25 | — | $84.3M | ||
| Q2 25 | $-82.2M | $37.5M | ||
| Q1 25 | $32.5M | $17.5M | ||
| Q4 24 | — | $22.0M | ||
| Q3 24 | — | $66.2M | ||
| Q2 24 | $-49.9M | $57.9M |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 8.7% | ||
| Q3 25 | — | 60.4% | ||
| Q2 25 | -29.6% | 21.8% | ||
| Q1 25 | 10.0% | 10.5% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 41.0% | ||
| Q2 24 | -16.3% | 36.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 9.3% | ||
| Q3 25 | — | 9.2% | ||
| Q2 25 | 3.3% | 8.4% | ||
| Q1 25 | 2.4% | 7.9% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 8.4% | ||
| Q2 24 | 3.3% | 5.8% |
| Q1 26 | — | 3.03× | ||
| Q4 25 | 4.21× | 0.47× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | -0.16× | 0.77× | ||
| Q1 25 | 3.38× | 0.47× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | -1.54× | 1.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCM
Segment breakdown not available.
OLED
| Material sales | $83.7M | 59% |
| Royalty and license fees | $54.2M | 38% |
| Contract research services | $4.3M | 3% |
