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UNIVERSAL DISPLAY CORP \PA\（OLED）与威世精密集团（VPG）财务数据对比。点击上方公司名可切换其他公司
UNIVERSAL DISPLAY CORP \PA\的季度营收约是威世精密集团的2.1倍（$172.9M vs $80.6M）。UNIVERSAL DISPLAY CORP \PA\净利率更高（38.4% vs -2.4%，领先40.8%）。威世精密集团同比增速更快（10.9% vs 6.6%）。UNIVERSAL DISPLAY CORP \PA\自由现金流更多（$15.1M vs $1.4M）。过去两年UNIVERSAL DISPLAY CORP \PA\的营收复合增速更高（2.3% vs -0.1%）
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。
威世精密集团是美国知名电子元器件制造商，业务脱胎于威世集团旗下精密测量业务板块。公司在美洲、欧洲、亚洲及以色列均设有生产基地，主要生产整流器、二极管、MOS管、光电子器件、电阻电容电感等被动元件及特定集成电路，产品广泛应用于各类电子领域。
OLED vs VPG — 直观对比
营收规模更大
OLED
是对方的2.1倍
$80.6M
营收增速更快
VPG
高出4.3%
6.6%
净利率更高
OLED
高出40.8%
-2.4%
自由现金流更多
OLED
多$13.7M
$1.4M
两年增速更快
OLED
近两年复合增速
-0.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $172.9M | $80.6M |
| 净利润 | $66.3M | $-1.9M |
| 毛利率 | 76.1% | 36.8% |
| 营业利润率 | 38.9% | 1.3% |
| 净利率 | 38.4% | -2.4% |
| 营收同比 | 6.6% | 10.9% |
| 净利润同比 | 44.2% | -381.8% |
| 每股收益（稀释后） | $1.40 | $-0.14 |
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
营收OLEDVPG
| Q4 25 | $172.9M | $80.6M | ||
| Q3 25 | $139.6M | $79.7M | ||
| Q2 25 | $171.8M | $75.2M | ||
| Q1 25 | $166.3M | $71.7M | ||
| Q4 24 | $162.3M | $72.7M | ||
| Q3 24 | $161.6M | $75.7M | ||
| Q2 24 | $158.5M | $77.4M | ||
| Q1 24 | $165.3M | $80.8M |
净利润OLEDVPG
| Q4 25 | $66.3M | $-1.9M | ||
| Q3 25 | $44.0M | $7.9M | ||
| Q2 25 | $67.3M | $248.0K | ||
| Q1 25 | $64.4M | $-942.0K | ||
| Q4 24 | $46.0M | $688.0K | ||
| Q3 24 | $66.9M | $-1.4M | ||
| Q2 24 | $52.3M | $4.6M | ||
| Q1 24 | $56.9M | $5.9M |
毛利率OLEDVPG
| Q4 25 | 76.1% | 36.8% | ||
| Q3 25 | 74.6% | 40.3% | ||
| Q2 25 | 77.2% | 40.7% | ||
| Q1 25 | 77.1% | 37.7% | ||
| Q4 24 | 77.0% | 38.2% | ||
| Q3 24 | 77.8% | 40.0% | ||
| Q2 24 | 75.8% | 41.9% | ||
| Q1 24 | 77.6% | 43.4% |
营业利润率OLEDVPG
| Q4 25 | 38.9% | 1.3% | ||
| Q3 25 | 30.9% | 12.7% | ||
| Q2 25 | 39.9% | 3.6% | ||
| Q1 25 | 41.9% | -0.1% | ||
| Q4 24 | 32.3% | 0.3% | ||
| Q3 24 | 41.5% | 5.1% | ||
| Q2 24 | 35.6% | 7.6% | ||
| Q1 24 | 38.0% | 8.6% |
净利率OLEDVPG
| Q4 25 | 38.4% | -2.4% | ||
| Q3 25 | 31.5% | 9.9% | ||
| Q2 25 | 39.2% | 0.3% | ||
| Q1 25 | 38.8% | -1.3% | ||
| Q4 24 | 28.4% | 0.9% | ||
| Q3 24 | 41.4% | -1.8% | ||
| Q2 24 | 33.0% | 6.0% | ||
| Q1 24 | 34.4% | 7.3% |
每股收益（稀释后）OLEDVPG
| Q4 25 | $1.40 | $-0.14 | ||
| Q3 25 | $0.92 | $0.59 | ||
| Q2 25 | $1.41 | $0.02 | ||
| Q1 25 | $1.35 | $-0.07 | ||
| Q4 24 | $0.96 | $0.06 | ||
| Q3 24 | $1.40 | $-0.10 | ||
| Q2 24 | $1.10 | $0.34 | ||
| Q1 24 | $1.19 | $0.44 |
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 | $87.4M |
| 总债务越低越好 | — | $20.6M |
| 股东权益账面价值 | $1.8B | $336.4M |
| 总资产 | $2.0B | $455.9M |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资OLEDVPG
| Q4 25 | $602.4M | $87.4M | ||
| Q3 25 | $603.0M | $86.3M | ||
| Q2 25 | $525.2M | $90.4M | ||
| Q1 25 | $571.3M | — | ||
| Q4 24 | $492.7M | $79.3M | ||
| Q3 24 | $551.6M | — | ||
| Q2 24 | $530.5M | — | ||
| Q1 24 | $539.3M | — |
总债务OLEDVPG
| Q4 25 | — | $20.6M | ||
| Q3 25 | — | $20.6M | ||
| Q2 25 | — | $31.5M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $31.4M | ||
| Q3 24 | — | $31.4M | ||
| Q2 24 | — | $31.9M | ||
| Q1 24 | — | $31.9M |
股东权益OLEDVPG
| Q4 25 | $1.8B | $336.4M | ||
| Q3 25 | $1.7B | $337.8M | ||
| Q2 25 | $1.7B | $331.2M | ||
| Q1 25 | $1.7B | $325.0M | ||
| Q4 24 | $1.6B | $322.0M | ||
| Q3 24 | $1.6B | $330.6M | ||
| Q2 24 | $1.5B | $327.0M | ||
| Q1 24 | $1.5B | $327.9M |
总资产OLEDVPG
| Q4 25 | $2.0B | $455.9M | ||
| Q3 25 | $1.9B | $462.3M | ||
| Q2 25 | $1.9B | $465.6M | ||
| Q1 25 | $1.9B | $453.8M | ||
| Q4 24 | $1.8B | $450.9M | ||
| Q3 24 | $1.8B | $462.5M | ||
| Q2 24 | $1.8B | $462.8M | ||
| Q1 24 | $1.7B | $466.2M |
负债/权益比OLEDVPG
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | 0.09× | ||
| Q2 24 | — | 0.10× | ||
| Q1 24 | — | 0.10× |
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 | $4.4M |
| 自由现金流经营现金流 - 资本支出 | $15.1M | $1.4M |
| 自由现金流率自由现金流/营收 | 8.7% | 1.7% |
| 资本支出强度资本支出/营收 | 9.3% | 3.8% |
| 现金转化率经营现金流/净利润 | 0.47× | — |
| 过去12个月自由现金流最近4个季度 | $154.4M | $6.4M |
8季度趋势，按日历期对齐
经营现金流OLEDVPG
| Q4 25 | $31.1M | $4.4M | ||
| Q3 25 | $97.2M | $-1.3M | ||
| Q2 25 | $51.9M | $6.0M | ||
| Q1 25 | $30.6M | $5.2M | ||
| Q4 24 | $34.7M | $6.8M | ||
| Q3 24 | $79.9M | $-831.0K | ||
| Q2 24 | $67.0M | $7.5M | ||
| Q1 24 | $72.2M | $6.4M |
自由现金流OLEDVPG
| Q4 25 | $15.1M | $1.4M | ||
| Q3 25 | $84.3M | $-3.5M | ||
| Q2 25 | $37.5M | $4.7M | ||
| Q1 25 | $17.5M | $3.7M | ||
| Q4 24 | $22.0M | $4.6M | ||
| Q3 24 | $66.2M | $-2.6M | ||
| Q2 24 | $57.9M | $4.9M | ||
| Q1 24 | $65.0M | $3.8M |
自由现金流率OLEDVPG
| Q4 25 | 8.7% | 1.7% | ||
| Q3 25 | 60.4% | -4.3% | ||
| Q2 25 | 21.8% | 6.3% | ||
| Q1 25 | 10.5% | 5.2% | ||
| Q4 24 | 13.6% | 6.3% | ||
| Q3 24 | 41.0% | -3.5% | ||
| Q2 24 | 36.5% | 6.3% | ||
| Q1 24 | 39.3% | 4.7% |
资本支出强度OLEDVPG
| Q4 25 | 9.3% | 3.8% | ||
| Q3 25 | 9.2% | 2.8% | ||
| Q2 25 | 8.4% | 1.7% | ||
| Q1 25 | 7.9% | 2.1% | ||
| Q4 24 | 7.8% | 3.0% | ||
| Q3 24 | 8.4% | 2.4% | ||
| Q2 24 | 5.8% | 3.4% | ||
| Q1 24 | 4.4% | 3.2% |
现金转化率OLEDVPG
| Q4 25 | 0.47× | — | ||
| Q3 25 | 2.21× | -0.16× | ||
| Q2 25 | 0.77× | 24.04× | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.75× | 9.85× | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | 1.28× | 1.62× | ||
| Q1 24 | 1.27× | 1.09× |
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% |
VPG
| Other | $38.6M | 48% |
| Sensors Segment | $14.1M | 18% |
| Measurement Systems Segment | $13.0M | 16% |
| Weighing Solutions Segment | $11.3M | 14% |
| IL | $3.5M | 4% |
