vs
Side-by-side financial comparison of UNIVERSAL DISPLAY CORP \PA\ (OLED) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
UNIVERSAL DISPLAY CORP \PA\ is the larger business by last-quarter revenue ($172.9M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). UNIVERSAL DISPLAY CORP \PA\ runs the higher net margin — 38.4% vs 5.5%, a 32.9% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 6.6%). UNIVERSAL DISPLAY CORP \PA\ produced more free cash flow last quarter ($15.1M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 2.3%).
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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
OLED vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $172.9M | $148.3M |
| Net Profit | $66.3M | $8.1M |
| Gross Margin | 76.1% | 31.6% |
| Operating Margin | 38.9% | 11.7% |
| Net Margin | 38.4% | 5.5% |
| Revenue YoY | 6.6% | 38.6% |
| Net Profit YoY | 44.2% | 3.9% |
| EPS (diluted) | $1.40 | $0.05 |
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.
| Q4 25 | $172.9M | $148.3M | ||
| Q3 25 | $139.6M | $135.8M | ||
| Q2 25 | $171.8M | $110.8M | ||
| Q1 25 | $166.3M | $80.4M | ||
| Q4 24 | $162.3M | $107.0M | ||
| Q3 24 | $161.6M | $102.2M | ||
| Q2 24 | $158.5M | $99.2M | ||
| Q1 24 | $165.3M | $90.8M |
| Q4 25 | $66.3M | $8.1M | ||
| Q3 25 | $44.0M | $11.9M | ||
| Q2 25 | $67.3M | $13.9M | ||
| Q1 25 | $64.4M | $-282.0K | ||
| Q4 24 | $46.0M | $7.8M | ||
| Q3 24 | $66.9M | $-267.0K | ||
| Q2 24 | $52.3M | $11.8M | ||
| Q1 24 | $56.9M | $4.8M |
| Q4 25 | 76.1% | 31.6% | ||
| Q3 25 | 74.6% | 37.0% | ||
| Q2 25 | 77.2% | 37.2% | ||
| Q1 25 | 77.1% | 35.0% | ||
| Q4 24 | 77.0% | 37.6% | ||
| Q3 24 | 77.8% | 24.8% | ||
| Q2 24 | 75.8% | 40.3% | ||
| Q1 24 | 77.6% | 40.2% |
| Q4 25 | 38.9% | 11.7% | ||
| Q3 25 | 30.9% | 13.7% | ||
| Q2 25 | 39.9% | 14.4% | ||
| Q1 25 | 41.9% | 5.4% | ||
| Q4 24 | 32.3% | 15.4% | ||
| Q3 24 | 41.5% | 4.4% | ||
| Q2 24 | 35.6% | 18.7% | ||
| Q1 24 | 38.0% | 12.8% |
| Q4 25 | 38.4% | 5.5% | ||
| Q3 25 | 31.5% | 8.7% | ||
| Q2 25 | 39.2% | 12.5% | ||
| Q1 25 | 38.8% | -0.4% | ||
| Q4 24 | 28.4% | 7.3% | ||
| Q3 24 | 41.4% | -0.3% | ||
| Q2 24 | 33.0% | 11.9% | ||
| Q1 24 | 34.4% | 5.3% |
| Q4 25 | $1.40 | $0.05 | ||
| Q3 25 | $0.92 | $0.07 | ||
| Q2 25 | $1.41 | $0.08 | ||
| Q1 25 | $1.35 | $0.00 | ||
| Q4 24 | $0.96 | $0.04 | ||
| Q3 24 | $1.40 | $0.00 | ||
| Q2 24 | $1.10 | $0.07 | ||
| Q1 24 | $1.19 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $602.4M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.8B | $600.0M |
| Total Assets | $2.0B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $602.4M | $7.3M | ||
| Q3 25 | $603.0M | $8.6M | ||
| Q2 25 | $525.2M | $4.7M | ||
| Q1 25 | $571.3M | $35.6M | ||
| Q4 24 | $492.7M | $23.5M | ||
| Q3 24 | $551.6M | $11.1M | ||
| Q2 24 | $530.5M | $3.2M | ||
| Q1 24 | $539.3M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $1.8B | $600.0M | ||
| Q3 25 | $1.7B | $589.6M | ||
| Q2 25 | $1.7B | $575.4M | ||
| Q1 25 | $1.7B | $558.9M | ||
| Q4 24 | $1.6B | $556.8M | ||
| Q3 24 | $1.6B | $545.2M | ||
| Q2 24 | $1.5B | $544.6M | ||
| Q1 24 | $1.5B | $554.0M |
| Q4 25 | $2.0B | $904.1M | ||
| Q3 25 | $1.9B | $851.8M | ||
| Q2 25 | $1.9B | $795.0M | ||
| Q1 25 | $1.9B | $788.4M | ||
| Q4 24 | $1.8B | $793.1M | ||
| Q3 24 | $1.8B | $801.3M | ||
| Q2 24 | $1.8B | $788.4M | ||
| Q1 24 | $1.7B | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $31.1M | $-4.1M |
| Free Cash FlowOCF − Capex | $15.1M | $-11.3M |
| FCF MarginFCF / Revenue | 8.7% | -7.6% |
| Capex IntensityCapex / Revenue | 9.3% | 4.8% |
| Cash ConversionOCF / Net Profit | 0.47× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $154.4M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $-4.1M | ||
| Q3 25 | $97.2M | $19.4M | ||
| Q2 25 | $51.9M | $-13.8M | ||
| Q1 25 | $30.6M | $15.6M | ||
| Q4 24 | $34.7M | $14.0M | ||
| Q3 24 | $79.9M | $15.7M | ||
| Q2 24 | $67.0M | $37.8M | ||
| Q1 24 | $72.2M | $12.9M |
| Q4 25 | $15.1M | $-11.3M | ||
| Q3 25 | $84.3M | $9.0M | ||
| Q2 25 | $37.5M | $-26.0M | ||
| Q1 25 | $17.5M | $12.3M | ||
| Q4 24 | $22.0M | $12.5M | ||
| Q3 24 | $66.2M | $13.3M | ||
| Q2 24 | $57.9M | $35.8M | ||
| Q1 24 | $65.0M | $10.4M |
| Q4 25 | 8.7% | -7.6% | ||
| Q3 25 | 60.4% | 6.6% | ||
| Q2 25 | 21.8% | -23.5% | ||
| Q1 25 | 10.5% | 15.4% | ||
| Q4 24 | 13.6% | 11.6% | ||
| Q3 24 | 41.0% | 13.0% | ||
| Q2 24 | 36.5% | 36.1% | ||
| Q1 24 | 39.3% | 11.4% |
| Q4 25 | 9.3% | 4.8% | ||
| Q3 25 | 9.2% | 7.7% | ||
| Q2 25 | 8.4% | 11.0% | ||
| Q1 25 | 7.9% | 4.0% | ||
| Q4 24 | 7.8% | 1.4% | ||
| Q3 24 | 8.4% | 2.3% | ||
| Q2 24 | 5.8% | 2.0% | ||
| Q1 24 | 4.4% | 2.7% |
| Q4 25 | 0.47× | -0.50× | ||
| Q3 25 | 2.21× | 1.63× | ||
| Q2 25 | 0.77× | -1.00× | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.75× | 1.79× | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | 1.28× | 3.21× | ||
| Q1 24 | 1.27× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OLED
| Material Sales | $95.5M | 55% |
| Other | $72.6M | 42% |
| Contract Research Services | $4.8M | 3% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
