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UNIVERSAL DISPLAY CORP \PA\（OLED）与ORMAT TECHNOLOGIES, INC.（ORA）财务数据对比。点击上方公司名可切换其他公司
ORMAT TECHNOLOGIES, INC.的季度营收约是UNIVERSAL DISPLAY CORP \PA\的1.6倍（$276.0M vs $172.9M），UNIVERSAL DISPLAY CORP \PA\净利率更高（38.4% vs 11.4%，领先27.0%），ORMAT TECHNOLOGIES, INC.同比增速更快（19.6% vs 6.6%），UNIVERSAL DISPLAY CORP \PA\自由现金流更多（$15.1M vs $-40.0M），过去两年ORMAT TECHNOLOGIES, INC.的营收复合增速更高（11.0% vs 2.3%）
Universal Display Corporation（股票代码OLED）是有机发光二极管（OLED）技术及材料的研发与生产企业，拥有深厚的技术积累，面向显示、照明两大领域提供相关配套服务，是全球OLED上游产业链的核心供应商之一。
Ormat Technologies是总部位于美国内华达州里诺的跨国企业，主打可再生地热能源技术，累计建成超190座电站，总装机容量超3200兆瓦；截至2021年1月自主运营933兆瓦地热及余热回收电站，还向全球多国供应超千台涡轮增压器。
OLED vs ORA — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $172.9M | $276.0M |
| 净利润 | $66.3M | $31.4M |
| 毛利率 | 76.1% | 28.6% |
| 营业利润率 | 38.9% | 15.4% |
| 净利率 | 38.4% | 11.4% |
| 营收同比 | 6.6% | 19.6% |
| 净利润同比 | 44.2% | -23.2% |
| 每股收益（稀释后） | $1.40 | $0.51 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
| Q4 25 | $172.9M | $276.0M | ||
| Q3 25 | $139.6M | $249.7M | ||
| Q2 25 | $171.8M | $234.0M | ||
| Q1 25 | $166.3M | $229.8M | ||
| Q4 24 | $162.3M | $230.7M | ||
| Q3 24 | $161.6M | $211.8M | ||
| Q2 24 | $158.5M | $213.0M | ||
| Q1 24 | $165.3M | $224.2M |
| Q4 25 | $66.3M | $31.4M | ||
| Q3 25 | $44.0M | $24.1M | ||
| Q2 25 | $67.3M | $28.0M | ||
| Q1 25 | $64.4M | $40.4M | ||
| Q4 24 | $46.0M | $40.8M | ||
| Q3 24 | $66.9M | $22.1M | ||
| Q2 24 | $52.3M | $22.2M | ||
| Q1 24 | $56.9M | $38.6M |
| Q4 25 | 76.1% | 28.6% | ||
| Q3 25 | 74.6% | 25.6% | ||
| Q2 25 | 77.2% | 24.3% | ||
| Q1 25 | 77.1% | 31.7% | ||
| Q4 24 | 77.0% | 31.9% | ||
| Q3 24 | 77.8% | 27.8% | ||
| Q2 24 | 75.8% | 28.8% | ||
| Q1 24 | 77.6% | 35.2% |
| Q4 25 | 38.9% | 15.4% | ||
| Q3 25 | 30.9% | 16.2% | ||
| Q2 25 | 39.9% | 15.1% | ||
| Q1 25 | 41.9% | 22.2% | ||
| Q4 24 | 32.3% | 21.3% | ||
| Q3 24 | 41.5% | 16.8% | ||
| Q2 24 | 35.6% | 16.5% | ||
| Q1 24 | 38.0% | 23.5% |
| Q4 25 | 38.4% | 11.4% | ||
| Q3 25 | 31.5% | 9.7% | ||
| Q2 25 | 39.2% | 12.0% | ||
| Q1 25 | 38.8% | 17.6% | ||
| Q4 24 | 28.4% | 17.7% | ||
| Q3 24 | 41.4% | 10.4% | ||
| Q2 24 | 33.0% | 10.4% | ||
| Q1 24 | 34.4% | 17.2% |
| Q4 25 | $1.40 | $0.51 | ||
| Q3 25 | $0.92 | $0.39 | ||
| Q2 25 | $1.41 | $0.46 | ||
| Q1 25 | $1.35 | $0.66 | ||
| Q4 24 | $0.96 | $0.67 | ||
| Q3 24 | $1.40 | $0.36 | ||
| Q2 24 | $1.10 | $0.37 | ||
| Q1 24 | $1.19 | $0.64 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $602.4M | $147.4M |
| 总债务越低越好 | — | $2.7B |
| 股东权益账面价值 | $1.8B | $2.5B |
| 总资产 | $2.0B | $6.2B |
| 负债/权益比越低杠杆越低 | — | 1.05× |
8季度趋势，按日历期对齐
| Q4 25 | $602.4M | $147.4M | ||
| Q3 25 | $603.0M | $79.6M | ||
| Q2 25 | $525.2M | $88.5M | ||
| Q1 25 | $571.3M | $112.7M | ||
| Q4 24 | $492.7M | $94.4M | ||
| Q3 24 | $551.6M | $88.1M | ||
| Q2 24 | $530.5M | $66.3M | ||
| Q1 24 | $539.3M | $201.5M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.8B | $2.5B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.7B | $2.5B | ||
| Q4 24 | $1.6B | $2.4B | ||
| Q3 24 | $1.6B | $2.4B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $1.5B | $2.4B |
| Q4 25 | $2.0B | $6.2B | ||
| Q3 25 | $1.9B | $6.1B | ||
| Q2 25 | $1.9B | $6.0B | ||
| Q1 25 | $1.9B | $5.8B | ||
| Q4 24 | $1.8B | $5.7B | ||
| Q3 24 | $1.8B | $5.6B | ||
| Q2 24 | $1.8B | $5.5B | ||
| Q1 24 | $1.7B | $5.5B |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.97× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $31.1M | $105.0M |
| 自由现金流经营现金流 - 资本支出 | $15.1M | $-40.0M |
| 自由现金流率自由现金流/营收 | 8.7% | -14.5% |
| 资本支出强度资本支出/营收 | 9.3% | 52.6% |
| 现金转化率经营现金流/净利润 | 0.47× | 3.35× |
| 过去12个月自由现金流最近4个季度 | $154.4M | $-284.7M |
8季度趋势，按日历期对齐
| Q4 25 | $31.1M | $105.0M | ||
| Q3 25 | $97.2M | $45.2M | ||
| Q2 25 | $51.9M | $96.9M | ||
| Q1 25 | $30.6M | $88.0M | ||
| Q4 24 | $34.7M | $158.6M | ||
| Q3 24 | $79.9M | $106.4M | ||
| Q2 24 | $67.0M | $30.7M | ||
| Q1 24 | $72.2M | $115.2M |
| Q4 25 | $15.1M | $-40.0M | ||
| Q3 25 | $84.3M | $-102.1M | ||
| Q2 25 | $37.5M | $-37.9M | ||
| Q1 25 | $17.5M | $-104.6M | ||
| Q4 24 | $22.0M | $30.9M | ||
| Q3 24 | $66.2M | $-3.3M | ||
| Q2 24 | $57.9M | $-116.1M | ||
| Q1 24 | $65.0M | $11.8M |
| Q4 25 | 8.7% | -14.5% | ||
| Q3 25 | 60.4% | -40.9% | ||
| Q2 25 | 21.8% | -16.2% | ||
| Q1 25 | 10.5% | -45.5% | ||
| Q4 24 | 13.6% | 13.4% | ||
| Q3 24 | 41.0% | -1.6% | ||
| Q2 24 | 36.5% | -54.5% | ||
| Q1 24 | 39.3% | 5.3% |
| Q4 25 | 9.3% | 52.6% | ||
| Q3 25 | 9.2% | 59.0% | ||
| Q2 25 | 8.4% | 57.6% | ||
| Q1 25 | 7.9% | 83.8% | ||
| Q4 24 | 7.8% | 55.4% | ||
| Q3 24 | 8.4% | 51.8% | ||
| Q2 24 | 5.8% | 69.0% | ||
| Q1 24 | 4.4% | 46.1% |
| Q4 25 | 0.47× | 3.35× | ||
| Q3 25 | 2.21× | 1.87× | ||
| Q2 25 | 0.77× | 3.45× | ||
| Q1 25 | 0.47× | 2.18× | ||
| Q4 24 | 0.75× | 3.89× | ||
| Q3 24 | 1.19× | 4.82× | ||
| Q2 24 | 1.28× | 1.38× | ||
| Q1 24 | 1.27× | 2.99× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
OLED
| Material Sales | $95.5M | 55% |
| Other | $72.6M | 42% |
| Contract Research Services | $4.8M | 3% |
ORA
| Electricity | $186.6M | 68% |
| Products | $63.1M | 23% |
| Energy Storage Segment | $26.3M | 10% |
| Product Segment | $1.2M | 0% |
