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UNIVERSAL DISPLAY CORP \PA\（OLED）与威世（VSH）财务数据对比。点击上方公司名可切换其他公司
威世的季度营收约是UNIVERSAL DISPLAY CORP \PA\的4.6倍（$800.9M vs $172.9M）。UNIVERSAL DISPLAY CORP \PA\净利率更高（38.4% vs 0.1%，领先38.2%）。威世同比增速更快（12.1% vs 6.6%）。威世自由现金流更多（$54.6M vs $15.1M）。过去两年威世的营收复合增速更高（3.6% 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。
威世（Vishay Intertechnology）是美国知名的分立半导体与被动电子元器件制造商，由企业家菲利克斯·赞德曼创立。公司在以色列、亚洲、欧洲、美洲均设有生产基地，产品覆盖整流器、二极管、MOSFET、光电器件、精选集成电路、电阻器、电容器、电感器等品类，2024年营收达29亿美元，全球全职员工约2.27万人。
OLED vs VSH — 直观对比
营收规模更大
VSH
是对方的4.6倍
$172.9M
营收增速更快
VSH
高出5.5%
6.6%
净利率更高
OLED
高出38.2%
0.1%
自由现金流更多
VSH
多$39.5M
$15.1M
两年增速更快
VSH
近两年复合增速
2.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $172.9M | $800.9M |
| 净利润 | $66.3M | $986.0K |
| 毛利率 | 76.1% | 19.6% |
| 营业利润率 | 38.9% | 1.8% |
| 净利率 | 38.4% | 0.1% |
| 营收同比 | 6.6% | 12.1% |
| 净利润同比 | 44.2% | 101.5% |
| 每股收益（稀释后） | $1.40 | $0.01 |
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OLEDVSH
| Q4 25 | $172.9M | $800.9M | ||
| Q3 25 | $139.6M | $790.6M | ||
| Q2 25 | $171.8M | $762.3M | ||
| Q1 25 | $166.3M | $715.2M | ||
| Q4 24 | $162.3M | $714.7M | ||
| Q3 24 | $161.6M | $735.4M | ||
| Q2 24 | $158.5M | $741.2M | ||
| Q1 24 | $165.3M | $746.3M |
净利润OLEDVSH
| Q4 25 | $66.3M | $986.0K | ||
| Q3 25 | $44.0M | $-7.9M | ||
| Q2 25 | $67.3M | $2.0M | ||
| Q1 25 | $64.4M | $-4.1M | ||
| Q4 24 | $46.0M | $-66.1M | ||
| Q3 24 | $66.9M | $-19.3M | ||
| Q2 24 | $52.3M | $23.5M | ||
| Q1 24 | $56.9M | $30.9M |
毛利率OLEDVSH
| Q4 25 | 76.1% | 19.6% | ||
| Q3 25 | 74.6% | 19.5% | ||
| Q2 25 | 77.2% | 19.5% | ||
| Q1 25 | 77.1% | 19.0% | ||
| Q4 24 | 77.0% | 19.9% | ||
| Q3 24 | 77.8% | 20.5% | ||
| Q2 24 | 75.8% | 22.0% | ||
| Q1 24 | 77.6% | 22.8% |
营业利润率OLEDVSH
| Q4 25 | 38.9% | 1.8% | ||
| Q3 25 | 30.9% | 2.4% | ||
| Q2 25 | 39.9% | 2.9% | ||
| Q1 25 | 41.9% | 0.1% | ||
| Q4 24 | 32.3% | -7.9% | ||
| Q3 24 | 41.5% | -2.5% | ||
| Q2 24 | 35.6% | 5.1% | ||
| Q1 24 | 38.0% | 5.7% |
净利率OLEDVSH
| Q4 25 | 38.4% | 0.1% | ||
| Q3 25 | 31.5% | -1.0% | ||
| Q2 25 | 39.2% | 0.3% | ||
| Q1 25 | 38.8% | -0.6% | ||
| Q4 24 | 28.4% | -9.2% | ||
| Q3 24 | 41.4% | -2.6% | ||
| Q2 24 | 33.0% | 3.2% | ||
| Q1 24 | 34.4% | 4.1% |
每股收益（稀释后）OLEDVSH
| Q4 25 | $1.40 | $0.01 | ||
| Q3 25 | $0.92 | $-0.06 | ||
| Q2 25 | $1.41 | $0.01 | ||
| Q1 25 | $1.35 | $-0.03 | ||
| Q4 24 | $0.96 | $-0.48 | ||
| Q3 24 | $1.40 | $-0.14 | ||
| Q2 24 | $1.10 | $0.17 | ||
| Q1 24 | $1.19 | $0.22 |
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 | $515.0M |
| 总债务越低越好 | — | $950.9M |
| 股东权益账面价值 | $1.8B | $2.1B |
| 总资产 | $2.0B | $4.2B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资OLEDVSH
| Q4 25 | $602.4M | $515.0M | ||
| Q3 25 | $603.0M | $443.9M | ||
| Q2 25 | $525.2M | $473.9M | ||
| Q1 25 | $571.3M | $609.4M | ||
| Q4 24 | $492.7M | $590.3M | ||
| Q3 24 | $551.6M | $643.8M | ||
| Q2 24 | $530.5M | $672.7M | ||
| Q1 24 | $539.3M | $796.5M |
总债务OLEDVSH
| Q4 25 | — | $950.9M | ||
| Q3 25 | — | $919.7M | ||
| Q2 25 | — | $914.5M | ||
| Q1 25 | — | $988.2M | ||
| Q4 24 | — | $905.0M | ||
| Q3 24 | — | $820.8M | ||
| Q2 24 | — | $820.6M | ||
| Q1 24 | — | $819.4M |
股东权益OLEDVSH
| Q4 25 | $1.8B | $2.1B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.7B | $2.0B | ||
| Q4 24 | $1.6B | $2.0B | ||
| Q3 24 | $1.6B | $2.2B | ||
| Q2 24 | $1.5B | $2.2B | ||
| Q1 24 | $1.5B | $2.2B |
总资产OLEDVSH
| Q4 25 | $2.0B | $4.2B | ||
| Q3 25 | $1.9B | $4.2B | ||
| Q2 25 | $1.9B | $4.2B | ||
| Q1 25 | $1.9B | $4.2B | ||
| Q4 24 | $1.8B | $4.1B | ||
| Q3 24 | $1.8B | $4.2B | ||
| Q2 24 | $1.8B | $4.2B | ||
| Q1 24 | $1.7B | $4.3B |
负债/权益比OLEDVSH
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 0.38× |
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 | $149.4M |
| 自由现金流经营现金流 - 资本支出 | $15.1M | $54.6M |
| 自由现金流率自由现金流/营收 | 8.7% | 6.8% |
| 资本支出强度资本支出/营收 | 9.3% | 11.8% |
| 现金转化率经营现金流/净利润 | 0.47× | 151.48× |
| 过去12个月自由现金流最近4个季度 | $154.4M | $-89.0M |
8季度趋势，按日历期对齐
经营现金流OLEDVSH
| Q4 25 | $31.1M | $149.4M | ||
| Q3 25 | $97.2M | $27.6M | ||
| Q2 25 | $51.9M | $-8.8M | ||
| Q1 25 | $30.6M | $16.1M | ||
| Q4 24 | $34.7M | $67.7M | ||
| Q3 24 | $79.9M | $50.6M | ||
| Q2 24 | $67.0M | $-24.7M | ||
| Q1 24 | $72.2M | $80.2M |
自由现金流OLEDVSH
| Q4 25 | $15.1M | $54.6M | ||
| Q3 25 | $84.3M | $-24.7M | ||
| Q2 25 | $37.5M | $-73.4M | ||
| Q1 25 | $17.5M | $-45.5M | ||
| Q4 24 | $22.0M | $-77.2M | ||
| Q3 24 | $66.2M | $-9.0M | ||
| Q2 24 | $57.9M | $-87.3M | ||
| Q1 24 | $65.0M | $27.1M |
自由现金流率OLEDVSH
| Q4 25 | 8.7% | 6.8% | ||
| Q3 25 | 60.4% | -3.1% | ||
| Q2 25 | 21.8% | -9.6% | ||
| Q1 25 | 10.5% | -6.4% | ||
| Q4 24 | 13.6% | -10.8% | ||
| Q3 24 | 41.0% | -1.2% | ||
| Q2 24 | 36.5% | -11.8% | ||
| Q1 24 | 39.3% | 3.6% |
资本支出强度OLEDVSH
| Q4 25 | 9.3% | 11.8% | ||
| Q3 25 | 9.2% | 6.6% | ||
| Q2 25 | 8.4% | 8.5% | ||
| Q1 25 | 7.9% | 8.6% | ||
| Q4 24 | 7.8% | 20.3% | ||
| Q3 24 | 8.4% | 8.1% | ||
| Q2 24 | 5.8% | 8.4% | ||
| Q1 24 | 4.4% | 7.1% |
现金转化率OLEDVSH
| Q4 25 | 0.47× | 151.48× | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 0.77× | -4.39× | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | 1.28× | -1.05× | ||
| Q1 24 | 1.27× | 2.59× |
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% |
VSH
| Resistors Segment | $189.4M | 24% |
| Diodes Segment | $154.2M | 19% |
| Capacitors Segment | $136.5M | 17% |
| Other | $126.4M | 16% |
| Inductors Segment | $92.6M | 12% |
| Optoelectronic Components Segment | $55.7M | 7% |
| EMS Companies | $51.6M | 6% |
