OLED Universal Display Corporation - Common Stock

NASDAQ · Semiconductors · View on SEC EDGAR ↗
$85.41
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026

About Universal Display Corporation - Common Stock Company overview from Wikipedia

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.

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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.

Founded in 1994, the company currently owns or has license rights to more than 6,500 issued and pending patents worldwide for the commercialization of phosphorescent based OLEDs and also flexible, transparent and stacked OLEDs - for both display and lighting applications. Its phosphorescent OLED technologies and materials are licensed and supplied to companies such as Samsung, LG, AU Optronics CMEL, Pioneer, Panasonic Idemitsu OLED lighting and Konica Minolta.

UDC is working with many other companies, including Sony, DuPont and Novaled. In 2009, UDC claimed that "virtually all AMOLEDs on the market use our technology". Based in Ewing, New Jersey, with international offices in Ireland, South Korea, Hong Kong, Japan and Taiwan, Universal Display works with a network of organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries.

UDC has been subject to a number of patent disputes. The patents however have been upheld as valid. In November 2025, it was announced UDC had acquired emissive OLED patent assets from the Darmstadt-headquartered science and technology company, Merck KGaA for an undisclosed amount.

Products that use UDC technology

Apple began using OLED panels in its watches in 2015 and in its laptops in 2016 with the introduction of an OLED touchbar to the MacBook Pro. In 2017, Apple announced the introduction of their tenth anniversary iPhone X with their own optimized OLED display licensed from Universal Display Corporation. All subsequent iPhones have had OLED displays. Apple has also expanded the use of OLED displays into iPads and also future MacBooks

The Korea Times claimed that Google's wearable display headset Google Glass would use OLED microdisplays made by Samsung Display, with licensed technology from Universal Display.

Sony have announced the 3rd generation of their Heads Up Micro-Displays (HMD) using OLED panels from UDC.

Smartphones

Universal Display's OLED screens are in Samsung's Galaxy S, S II and S III, Galaxy S IV, and Galaxy S5 smartphones.

The Galaxy S4 has a 4.99" Full-HD (1920x1080, 441 PPI) Super AMOLED display behind a Corning Gorilla Glass 3.

Universal Display reported that Samsung Display Corporation (SDC) adopted UDC's green PHOLED (host and emitter) in the 5" Full-HD Super AMOLED display used in the Galaxy S4 smartphone. This is a significant development as the green PHOLED increases energy efficiency of displays by up to 25%

Nokia's Lumia 1020 smartphone and BlackBerry's Q10 and Z30 models have OLED screens.

In October 2013, Samsung released the first ever curved display smartphone called the Galaxy Round. Samsung also introduced the "Roll Effect" where when the phone's screen is off and is rolled, it displays basic information like time or battery percentage. While it is possible to curve LCD screens, analysts say OLED screens provide better technical benefits.

Samsung introduced the Galaxy Round in the Korean market in October 2013. The device features a 1080p screen, measuring 5.7 inches (14 cm), that curves on the vertical axis in a rounded case.

The Galaxy S5, launched in Feb 2014, has a 5-inch Super AMOLED screen.

Smart watches

In September 2013 Samsung unveiled their Galaxy Gear Smartwatch having a 1.6 inch OLED screen and multiple apps to link the watch to an Android smartphone. It originally went on sale in the US in October 2013 for $299 and featured a 1.63" 320x320 (275 PPI) Super AMOLED display.

The LG G Watch R is smartwatch featuring a circular face and an OLED screen.

LG has released a second premium smart watch called the "Urbane" which retails for $590.

OLED displays are expected to dominate the smart watch market with 58% market share.

Apple began using OLED panels in its watches in 2015 and all subsequent watches.

Tablets

Panasonic has showcased a 20-inch OLED screened tablet with a resolution of 4K (3840×2160 pixels).

Samsung has released two Galaxy Tablets using OLED technology. The Galaxy Tab S 10.5 was released with Android 4.4.2 Kitkat.

The Galaxy Tab S 10.5 has a 10.5-inch WQXGA Super AMOLED screen with a resolution of 2560x1600 pixels and a pixel density of 287 ppi.

The Galaxy Tab S 8.4 has an 8.4-inch Full HD Super AMOLED screen with a resolution of 2560x1600 pixels and a pixel density of 359 ppi.

Televisions

Samsung and LG-Display showed 55-inch OLED-Television devices at CES-2012. But both companies had to delay their mass production. Also AUO, Sony and Epson will start AMOLED-TV production in 2014.

In June 2013 Samsung announced the Korean availability of a 55-inch curved OLED HDTV. Priced at 15 million Korean won (around $13,500). Samsung also reiterates the claim LG made when it launched its own curved OLED model that "keeping all parts of the screen an equal distance from the viewer makes for a better viewing experience." By August 2013, Samsung dropped the price of the OLED television by 30% claiming "better yields" in manufacturing.

In September 2013 at the IFA electronics show, Samsung unveiled their 98-inch 4K AMOLED television.

LG showcased an Ultra High Definition (UHD) curved 77inch screen at the IFA electronics show. This is a 4K WRGB OLED screen. In October 2014, LG reported that their Television sales has jumped 20x in volume shipments since 2013.

CNET reviewed the LG 55EC9300 OLED Television in September 2014 and called it "The best. Picture. Ever." Combining the best qualities of LED and Plasma without the disadvantages.

With the arrival of Quantum Dot LCD displays, LG released an article describing why they still see OLED as the future of Television displays: "In fact, OLED technology is the technology that is so much advanced that it should not be compared to an LCD based QD. Hence, even though LG already has the technology to create QD backlighting, it is focusing on developing OLED".

In January 2015, LG Display signed a long-term agreement with UDC for the supply of OLED materials and the right to use their patented OLED emitters. LG is the leader in the push for OLED Televisions.

In 2017, LG revealed five new models of OLED TVs, the flagship model being as thin as 0.9mm.

Technological advantages of OLED

The different manufacturing process of OLEDs lends itself to several advantages over flat panel displays made with current LCD technology.

Lower cost in the future

OLEDs can be printed onto any suitable substrate by an inkjet printer or even by screen printing, theoretically making them cheaper to produce than LCD or plasma displays. However, fabrication of the OLED substrate is more costly than that of a TFT LCD, until mass production methods lower cost through scalability. Roll-to-roll vapour-deposition methods for organic devices do allow mass production of thousands of devices per minute for minimal cost, although this technique also induces problems in that devices with multiple layers can be challenging to make because of registration, lining up the different printed layers to the required degree of accuracy.

Lightweight and flexible plastic substrates

OLED displays can be fabricated on flexible plastic substrates leading to the possible fabrication of flexible organic light-emitting diodes for other new applications, such as roll-up displays embedded in fabrics or clothing. As the substrate used can be flexible such as polyethylene terephthalate (PET), the displays may be produced inexpensively.

Wider viewing angles and improved brightness

OLEDs can enable a greater artificial contrast ratio (both dynamic range and static, measured in purely dark conditions) and a wider viewing angle compared to LCDs because OLED pixels emit light directly. OLED pixel colors appear correct and unshifted, even as the viewing angle approaches 90° from normal.

Better power efficiency and thickness

LCDs filter the light emitted from a backlight, allowing a small fraction of light through. So, they cannot show true black. However, an inactive OLED element does not produce light or consume power, thus allowing true blacks. Dismissing the backlight also makes OLEDs lighter because some substrates are not needed. This allows electronics potentially to be manufactured more cheaply, but, first, a larger production scale is needed, because OLEDs still somewhat are niche products. When looking at top-emitting OLEDs, thickness also plays a role when talking about index match layers (IMLs). Emission intensity is enhanced when the IML thickness is 1.3–2.5 nm. The refractive value and the matching of the optical IMLs property, including the device structure parameters, also enhance the emission intensity at these thicknesses.

Response time

OLEDs also can have a faster response time than standard LCD screens. Whereas LCD displays are capable of between 1 and 16 ms response time offering a refresh rate of 60 to 480 Hz, an OLED theoretically can have a response time less than 0.01 ms, enabling a refresh rate up to 100,000 Hz . OLEDs also can be run as a flicker display, similar to a CRT, in order to eliminate the sample-and-hold effect that creates motion blur on OLEDs.

Some disadvantages include:

Power consumption

While an OLED will consume around 40% of the power of an LCD displaying an image that is primarily black, for the majority of images it will consume 60–80% of the power of an LCD. However, an OLED can use more than three times as much power to display an image with a white background, such as a document or web site. This can lead to reduced battery life in mobile devices, when white backgrounds are used.

According to OLED Display "Samsung Display uses different Sub Pixel Matrix technologies for their smartphone Super-Amoled Displays. For the Galaxy S4 and S5 they use the Diamond Pixel Matrix."

Flexible displays

OLEDs enable screens to be made in curved or flexible format. Samsung's flexible AMOLEDs will be fabricated on a plastic (Polyimide) substrate and will be able to withstand high temperature (up to 350-400 degrees). The displays can be bendable - but since the first products will use them inside rigid glass cases - so it'll actually be "curved" displays and not flexible ones. A plastic based AMOLED will be shatterproof, and will also be lighter and thinner compared to glass based OLEDs.

OLED Info reports that for flexible displays on plastic, UDC's UniversalBarrier single-layer encapsulation technology is being evaluated by Samsung. UDC has a working 6" R&D deposition machine for the encapsulation layer. They go on to describe how Corning Glass have developed a flexible glass to help speed up the adoption of bendable OLED screens. "On Aug. 28 2013, Corning and AU Optronics announced that Corning is an important and strategic high-performance display glass collaborator for AUO’s line of AMOLED panels. AUO selected the Corning Lotus Glass platform based on the glass substrate’s outstanding thermal and dimensional stability. This aids AUO with efficient manufacturing during the high-temperature processes that are required to develop its AMOLED panels." Corning is also developing a Roll to Roll manufacturing process that will greatly reduce costs of mass-producing flexible displays.

UBI Research published a new report on flexible OLED displays, forecasting a very fast growth: from 20 million units in 2012 to 150 million units in 2013. UBI sees $6.3 billion in flexible OLED revenues in 2017. This is far more optimistic than the recent report by Markets&Markets who see the entire flexible display market at $3.2 billion in 2017.

The Flexible Display Center announced that it has successfully manufactured the world's largest flexible color AMOLED prototype using advanced mixed oxide thin film transistors (TFTs). Measuring 7.4 diagonal inches, the device was developed at the FDC in conjunction with Army Research Labs scientists. It also meets a critical target set by the U.S. Department of Defense to advance the development of full-color, full-motion video flexible OLED displays for use in thin, lightweight, bendable and highly rugged devices.

"This is a significant manufacturing breakthrough for flexible display technology," said Nick Colaneri, director of the FDC. "It provides a realistic path forward for the production of high-performance, flexible, full color OLED displays, accelerating commercialization of the technology in the process."

Universal Display's Sid Rosenblatt talking about the future of OLED technology was quoted as saying: "Samsung is going to introduce flexible screens, but the flexible plastic substrates are difficult to manufacture. Plastic is porous and oxygen with moisture causes OLEDs to degrade. [However]...These kind of displays are unbreakable, flexible on stainless steel foil. It would result in a thinner device because you don’t have the pieces of glass. It could conform around the sides, so you can show information on the sides. It would be lighter. So you can either make it smaller or thinner or you can make a larger battery so that it lasts longer. The challenges are encapsulation, so you need an encapsulation process. The temperature is too high to deposit them directly to the plastic, so they do is they literally deposit them on glass." Further, Sid Rosenblatt thinks that flexible OLEDs will be initially a niche market for the high end.

iSuppli, a market research firm, sees the flexible OLED display market growing significantly from 2013 to 2020. Their estimates are from a market value of $21 million in 2013 to $100 million in 2014 and reaching $12 billion by 2020. IHS says this will bring about "unprecedented change(s) in flat displays". Both LG and Samsung believe that flexible displays will make up as much as 40% of the Smartphone maker by 2018.

At the Flextech Conference in Phoenix, Arizona, Plastic Logic and Novaled demonstrated a new, really bendable, and completely organic AMOLED display. OLED News said: "This is a very important technological advance. For the first time we have an entirely plastic AMOLED with backplane electronics manufactured in a special low temperature process. The industrial techniques applied open up real prospects of mass producing these displays at a very competitive unit cost." Plastic Logic CEO, Indro Mukerjee, spoke of 2014 as the year when wearable technology is going to really take off. He described the advance that has been made in the following: "Flexible electronics is a reality, already proven through the development and manufacture of plastic, bendable displays and sensors. For the first time a fully organic, plastic, flexible AMOLED demonstration has been achieved with a real industrial fabrication process. This marks the start of a revolution in wearable products, the next frontier in consumer."

OLEDs in lighting

OLEDs provide low temperature, low energy use lighting panels. OSRAM believes that the next technological development for car lighting is OLEDs. The major advantage is that they provide "completely new options for the design of light and luminaires". The cars of the future, according to Osram will have both LED and OLED lighting sources. In 2011, OSRAM built an OLED lighting production line in Regensburg, Germany. The company invested 50 million euros (around $70 million) in the production facility and in research on OLED applications.

The German government launched a new €34 million (about $44 million) project called OLYMP ("Organic Light-emitting sYstems based on energy and cost-efficient Materials and Processes") that intends to improve "OLED lighting efficiency and lifetime".

Philips has said in 2014 OLEDs will be ready to enter the lighting market in a more significant way. Dietmar Thomas, Philips' OLED communication and brand manager says: "Philips' OLED performance increased dramatically in the past 2-3 years. Their most advanced panel (the GL350 Gen-2) offers 200 lumens and 45 lm/W. In mid 2014, Philips expects to release a panel (the GL350 Gen-3?) that will be brighter (300 lumens) and more efficient (60 lm/W). "

According to OLED-Display.net "OLED technology has been found useful in creating new forms of lighting. Because of the potential inherent with OLED technology in terms of its flexibility, transparency and thickness, a myriad of new possibilities exist for OLED illumination, lighting and light display shows. The potential is almost infinite, because OLED technology has proven to show lifetimes over 50,000 hours and because it burns at rates that surpass the efficiency of halogen and can reach up to 150 lm/W. In addition, OLED lighting utilizes less CO2, requires less energy and contains no toxic substances. This opens up a revolutionary concept of lighting displays and light based art conceptions."

Patent disputes

In 2012, UDC reported two favorable patent decisions. The first one is from Japan, regarding two patents (JP781 and JP158) relating to UDC's L2MX technology. The patents were upheld as valid by the Japanese patent office. The second decision related to one of the OVJP patents in Korea. The Korean patent office issued a favorable decision which upheld the patent as valid. Some financial analysts have contended that Universal Display's patents are likely to be rescinded in November 2013 at the EPO Board of Appeal. However, Oppenheimer analyst Andrew Uekwitz already chimed in to defend them, saying Asensio's latest article "contains nothing new or valuable" that wasn't already disclosed in its most recent quarterly report.

== References ==

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

OLED Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$85.41
Market Cap
$4.04B
P/E (TTM)
16.8
EPS (TTM)
$5.08
Revenue (TTM)
$651M
Div Yield
2.1%
ROE
13.9%
Debt/Equity
52W Range
$76 – $153

OLED Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $651M
10-point trend, +227.1%
2016-12-31 2025-12-31
EPS $5.08
10-point trend, +398.0%
2016-12-31 2025-12-31
Free Cash Flow $154M
9-point trend, +111.3%
2016-12-31 2025-12-31
Margins 37.2%
9-point trend, -12.1%
2016-12-31 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
OLED
Peer Median
P/E (TTM)
5-point trend, -46.1%
16.8
44.7
P/S (TTM)
5-point trend, -40.4%
6.2
9.3
P/B
5-point trend, -56.2%
2.3
3.8
Price / FCF
5-point trend, -32.8%
26.1

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
OLED
Peer Median
Gross Margin
5-point trend, -3.7%
76.3%
55.7%
Operating Margin
5-point trend, -7.1%
38.2%
Net Profit Margin
5-point trend, +11.8%
37.2%
-2.0%
ROA
5-point trend, -5.3%
12.8%
-1.6%
ROE
5-point trend, -19.2%
13.9%
-1.8%
ROIC
5-point trend, -30.6%
11.6%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
OLED
Peer Median
Current Ratio
5-point trend, +104.3%
10.1
5.6
Quick Ratio
5-point trend, +63.0%
6.7

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
OLED
Peer Median
Revenue YoY
5-point trend, +17.5%
0.45%
Revenue CAGR 3Y
5-point trend, +17.5%
1.8%
Revenue CAGR 5Y
5-point trend, +17.5%
8.7%
EPS YoY
5-point trend, +31.3%
9.2%
Net Income YoY
5-point trend, +31.4%
9.0%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
OLED
Peer Median
EPS (Diluted)
5-point trend, +31.3%
$5.08

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
OLED
Peer Median
Payout Ratio
5-point trend, +71.6%
35.3%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
2.1%
Payout Ratio
35.3%
5Y Div CAGR
Ex-dateAmount
June 16, 2026$0.5000
March 17, 2026$0.5000
Dec. 17, 2025$0.4500
Sept. 16, 2025$0.4500
June 16, 2025$0.4500
March 17, 2025$0.4500
Dec. 17, 2024$0.4000
Sept. 16, 2024$0.4000
June 14, 2024$0.4000
March 14, 2024$0.4000
Dec. 14, 2023$0.3500
Sept. 14, 2023$0.3500
June 15, 2023$0.3500
March 16, 2023$0.3500
Dec. 15, 2022$0.3000
Sept. 15, 2022$0.3000
June 15, 2022$0.3000
March 16, 2022$0.3000
Dec. 15, 2021$0.2000
Sept. 15, 2021$0.2000

OLED Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 17 analysts
  • Strong Buy 4 23.5%
  • Buy 9 52.9%
  • Hold 4 23.5%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

9 analysts · 2026-08-18
Median target $115.00 +34.7%
Mean target $115.37 +35.1%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
-0.12%
Period EPS Actual EPS Est Surprise
June 30, 2026 $1.06 $1.05 0.01%
March 31, 2026 $0.76 $1.20 -0.44%
Dec. 31, 2025 $0.76 $1.20 -0.44%
Sept. 30, 2025 $0.92 $1.24 -0.32%
June 30, 2025 $1.41 $1.18 0.23%
March 31, 2025 $1.35 $1.11 0.24%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
OLED $5.52B 23.0 0.45% 37.2% 13.9% 76.3%
CRUS $7.25B 18.3 5.3% 20.8% 19.9% 52.8%
RGTI
PI $5.26B -470.3 -1.4% -3.0% -5.5% 52.5%
DIOD $2.26B 34.5 13.0% 4.5% 3.6% 31.2%
SYNA $4.73B -9.6 11.4% -41.0% -42.4% 44.7%
NVTS -12.5 -44.9%
AMBA $2.74B -35.6 37.1% -19.4% -13.0% 59.2%
POWI $1.97B 91.1 5.9% 5.0% 3.1% 54.5%
PENG $1.27B 86.2 16.9% 1.8% 6.5% 28.8%
AMBQ $522M -6.2 -4.7% -50.3% 50.3% 44.3%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 18
Annual Income Statement data for OLED
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +240.6% $651M $648M $576M $617M $554M $429M $405M $247M $336M $199M $191M $191M
Cost of Revenue 12-point trend, +273.1% $154M $148M $135M $128M $115M $85M $75M $54M $55M $26M $63M $41M
Gross Profit 12-point trend, +231.6% $496M $499M $441M $489M $439M $343M $330M $194M $281M $173M $128M $150M
R&D Expense 12-point trend, +255.0% $146M $157M $130M $117M $100M $84M $71M $54M $49M $43M $45M $41M
SG&A Expense 12-point trend, +164.1% $74M $74M $67M $78M $80M $61M $60M $47M $47M $33M $29M $28M
Operating Expenses 12-point trend, +172.1% $248M $260M $224M $222M $211M $186M $171M $137M $135M $104M $96M $91M
Operating Income 12-point trend, +324.0% $249M $239M $217M $267M $228M $158M $158M $57M $146M $68M $32M $59M
Interest Expense 2-point trend, -22.9% · · · · · · · · · · $54.0K $70.0K
Interest Income 2-point trend, +7.7% · · · · · · · · · · $837.0K $777.0K
Other Non-op 10-point trend, +437.7% $7M $-7M $-184.0K $-7M $98.0K $864.0K $767.0K $-83.0K $-4.0K $-2M · ·
Pretax Income 12-point trend, +396.9% $295M $272M $245M $268M $228M $164M $170M $64M $150M $69M $33M $59M
Income Tax 12-point trend, +201.7% $53M $50M $42M $58M $44M $30M $32M $5M $46M $21M $18M $17M
Net Income 12-point trend, +478.4% $242M $222M $203M $210M $184M $133M $138M $59M $104M $48M $104M $42M
EPS (Basic) 12-point trend, +465.6% $5.09 $4.66 $4.25 $4.41 $3.87 $2.80 $2.92 $1.24 $2.19 $1.02 $2.19 $0.90
EPS (Diluted) 12-point trend, +464.4% $5.08 $4.65 $4.24 $4.40 $3.87 $2.80 $2.92 $1.24 $2.18 $1.02 $2.18 $0.90
Shares (Basic) 12-point trend, +2.8% 47,548,046 47,548,931 47,559,669 47,390,352 47,296,447 47,198,982 46,959,775 46,849,588 46,725,289 46,408,460 46,725,289 46,252,960
Shares (Diluted) 12-point trend, +2.1% 47,658,295 47,652,662 47,622,763 47,468,507 47,365,435 47,236,994 46,995,462 46,896,766 46,805,194 46,535,980 46,805,194 46,685,145
EBITDA 11-point trend, +324.0% $249M $239M $217M $267M $228M $158M · $57M $146M $68M $32M $59M
Balance Sheet 27
Annual Balance Sheet data for OLED
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +204.6% $138M $99M $92M $93M $312M $630M $132M $211M $133M $139M $98M $45M
Short-term Investments 12-point trend, +90.9% $464M $394M $422M $484M $351M $100M $514M $304M $287M $189M $298M $243M
Receivables 12-point trend, +443.4% $120M $114M $140M $93M $108M $82M $60M $43M $52M $25M $25M $22M
Inventory 12-point trend, +549.2% $241M $183M $176M $183M $134M $92M $64M $70M $36M $17M $13M $37M
Other Current Assets 12-point trend, +2742.9% $124M $111M $87M $46M $21M $21M $22M $6M $10M $6M $2M $4M
Current Assets 12-point trend, +193.4% $1.09B $900M $917M $899M $926M $925M $792M $635M $519M $385M $448M $371M
PP&E (Net) 12-point trend, +978.9% $215M $195M $175M $143M $129M $102M $88M $70M $56M $27M $22M $20M
PP&E (Gross) 12-point trend, +803.7% $404M $365M $319M $261M $221M $175M $145M $115M $93M $59M $50M $45M
Accum. Depreciation 12-point trend, +663.0% $189M $170M $144M $117M $92M $72M $57M $45M $36M $32M $28M $25M
Goodwill Flat — no change across 10 periods $16M $16M $16M $16M $16M $16M $16M $16M $16M $16M · ·
Intangibles 12-point trend, -31.6% $57M $74M $90M $38M $50M $70M $91M $111M $132M $152M $72M $83M
Other Non-current Assets 12-point trend, +30236.9% $129M $107M $105M $110M $136M $103M $86M $65M $604.0K $307.0K $174.0K $425.0K
Total Assets 12-point trend, +300.9% $1.96B $1.83B $1.67B $1.53B $1.47B $1.27B $1.12B $933M $780M $628M $559M $490M
Accounts Payable 12-point trend, +152.1% $23M $37M $11M $10M $15M $14M $13M $11M $14M $8M $7M $9M
Accrued Liabilities 12-point trend, +250.8% $53M $46M $52M $51M $45M $41M $49M $36M $35M $20M $17M $15M
Current Liabilities 12-point trend, +302.7% $108M $125M $119M $136M $188M $165M $162M $133M $64M $40M $35M $27M
Capital Leases 7-point trend, +178.5% $19M $19M $23M $29M $27M $7M $7M · · · · ·
Other Non-current Liabilities 8-point trend, +51.7% $36M $35M $39M $44M $76M $56M $49M $24M · · · ·
Total Liabilities 12-point trend, +393.2% $203M $216M $222M $257M $367M $357M $309M $243M $121M $99M $93M $41M
Common Stock 12-point trend, +3.8% $489.0K $488.0K $487.0K $491.0K $491.0K $490.0K $489.0K $487.0K $485.0K $483.0K $482.0K $471.0K
Paid-in Capital 12-point trend, +28.1% $745M $724M $700M $681M $659M $636M $620M $617M $611M $604M $590M $581M
Retained Earnings 12-point trend, +1334.9% $1.09B $935M $790M $653M $500M $354M $249M $130M $99M $-26M $-74M $-88M
Treasury Stock 12-point trend, +87.8% $75M $41M $41M $41M $41M $41M $41M $41M $40M $40M $40M $40M
AOCI 12-point trend, +117.8% $781.0K $-1M $-1M $-18M $-18M $-36M $-17M $-16M $-11M $-11M $-10M $-4M
Stockholders' Equity 12-point trend, +292.4% $1.76B $1.62B $1.45B $1.28B $1.10B $913M $811M $691M $659M $528M $467M $449M
Liabilities + Equity 12-point trend, +300.9% $1.96B $1.83B $1.67B $1.53B $1.47B $1.27B $1.12B $933M $780M $628M $559M $490M
Shares Outstanding 12-point trend, +0.4% 47,259,748 47,468,893 47,365,378 47,770,382 47,700,276 47,647,828 47,486,545 47,319,887 47,118,171 46,913,127 46,774,360 47,061,826
Cash Flow 15
Annual Cash Flow data for OLED
Metric Trend 202520242023202220212020201920182017201620152014
Stock-based Comp 12-point trend, +287.8% $28M $30M $24M $30M $35M $27M $16M $12M $12M $11M $9M $7M
Deferred Tax 12-point trend, -111.4% $-1M $-19M $-4M $-27M $2M $-4M $-6M $-13M $24M $3M $7M $9M
Amort. of Intangibles 12-point trend, +65.5% $18M $18M $16M $17M $22M $22M $22M $22M $22M $16M $11M $11M
Operating Cash Flow 12-point trend, +346.0% $211M $254M $155M $127M $191M $149M $194M $122M $133M $80M $114M $47M
CapEx 12-point trend, +817.8% $56M $43M $60M $42M $43M $28M $30M $25M $30M $7M $5M $6M
Investing Cash Flow 12-point trend, -7.5% $-45M $-164M $-83M $-281M $-458M $391M $-239M $-21M $-126M $-38M $-59M $-42M
Stock Issued 12-point trend, +515.9% $2M $2M $2M $2M $2M $1M $889.0K $798.0K $734.0K $439.0K $354.0K $328.0K
Stock Repurchased 9-point trend, +11.5% $33M $0 $0 · $0 $0 $649.0K $477.0K · · $0 $30M
Net Stock Activity 11-point trend, -5.8% $-31M $2M $2M $2M $2M $1M · $321.0K $734.0K $439.0K $354.0K $-29M
Dividends Paid 9-point trend, +1413.6% $86M $76M $67M $57M $38M $28M $19M $11M $6M · · ·
Financing Cash Flow 12-point trend, -318.1% $-126M $-82M $-73M $-65M $-51M $-42M $-35M $-23M $-14M $-14.0K $-3M $-30M
Net Change in Cash 12-point trend, +256.4% $39M $7M $-1M $-219M $-318M $498M $-79M $78M $-7M $42M $52M $-25M
Taxes Paid 12-point trend, +763.3% $71M $72M $96M $72M $53M $36M $47M $18M $23M $13M $10M $8M
Free Cash Flow 11-point trend, +275.4% $154M $211M $95M $84M $148M $121M · $96M $104M $73M $109M $41M
Levered FCF 2-point trend, +164.2% · · · · · · · · · · $108M $41M
Profitability 8
Annual Profitability data for OLED
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 9-point trend, -12.1% 76.3% 77.1% 76.5% 79.3% 79.2% 80.1% · 78.4% 83.7% 86.8% · ·
Operating Margin 11-point trend, +24.5% 38.2% 36.9% 37.7% 43.3% 41.1% 36.7% · 22.9% 43.6% 34.4% 16.9% 30.7%
Net Margin 11-point trend, +69.8% 37.2% 34.3% 35.2% 34.1% 33.3% 31.1% · 23.8% 30.9% 24.2% 7.7% 21.9%
Pretax Margin 11-point trend, +45.9% 45.3% 42.0% 42.5% 43.5% 41.2% 38.1% · 26.0% 44.5% 34.5% 17.3% 31.1%
EBITDA Margin 11-point trend, +24.5% 38.2% 36.9% 37.7% 43.3% 41.1% 36.7% · 22.9% 43.6% 34.4% 16.9% 30.7%
ROA 11-point trend, +45.1% 12.8% 12.7% 12.7% 14.0% 13.5% 11.2% · 6.9% 14.8% 8.1% 2.8% 8.8%
ROE 11-point trend, +45.9% 13.9% 13.9% 14.3% 16.9% 17.2% 14.9% · 8.6% 17.5% 9.7% 3.2% 9.6%
ROIC 11-point trend, +25.7% 11.6% 12.1% 12.4% 16.4% 16.7% 14.1% · 7.5% 15.4% 9.1% 3.1% 9.2%
Liquidity & Solvency 3
Annual Liquidity & Solvency data for OLED
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 11-point trend, -27.1% 10.1 7.2 7.7 6.6 4.9 5.6 · 4.8 8.1 9.6 13.0 13.8
Quick Ratio 11-point trend, -42.2% 6.7 4.8 5.5 4.9 4.1 4.9 · 4.2 7.4 8.8 12.2 11.6
Interest Coverage 2-point trend, -28.6% · · · · · · · · · · 597.7 837.4
Efficiency 3
Annual Efficiency data for OLED
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 11-point trend, -14.5% 0.3 0.4 0.4 0.4 0.4 0.4 · 0.3 0.5 0.3 0.4 0.4
Inventory Turnover 11-point trend, -58.0% 0.7 0.8 0.8 0.8 1.0 1.1 · 1.0 2.0 1.7 2.5 1.7
Receivables Turnover 11-point trend, -45.0% 5.6 5.1 5.0 6.2 5.8 6.0 · 5.2 8.7 8.0 8.2 10.1
Per Share 7
Annual Per Share data for OLED
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 11-point trend, +290.8% $37.26 $34.05 $30.55 $26.70 $23.06 $19.16 · $14.59 $13.99 $11.26 $9.70 $9.54
Revenue / Share 11-point trend, +233.6% $13.65 $13.59 $12.10 $12.99 $11.69 $9.08 · $5.28 $7.17 $4.27 $4.02 $4.09
Cash Flow / Share 11-point trend, +336.9% $4.42 $5.32 $3.25 $2.67 $4.03 $3.15 · $2.60 $2.85 $1.73 $2.39 $1.01
Cash / Share 11-point trend, +203.3% $2.93 $2.09 $1.94 $1.96 $6.54 $13.22 · $4.46 $2.82 $2.97 $2.03 $0.97
Dividend / Share 9-point trend, +1400.0% $2 $2 $1 $1 $1 $1 $0 $0 $0 · · ·
Dividend Paid / Share 8-point trend, +1400.0% $2 $2 $1 $1 · $1 $0 $0 $0 · · ·
EPS (TTM) 12-point trend, +464.4% $5.08 $4.65 $4.24 $4.40 $3.87 $2.80 $2.92 $1.24 $2.18 $1.02 $2.18 $0.90
Growth Rates 10
Annual Growth Rates data for OLED
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -98.5% 0.45% 12.4% -6.5% 11.4% 29.1% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -82.6% 1.8% 5.4% 10.4% · · · · · · · · ·
Revenue CAGR 5Y 8.7% · · · · · · · · · · ·
EPS YoY 5-point trend, -75.8% 9.2% 9.7% -3.6% 13.7% 38.2% · · · · · · ·
EPS CAGR 3Y 3-point trend, -66.9% 4.9% 6.3% 14.8% · · · · · · · · ·
EPS CAGR 5Y 12.7% · · · · · · · · · · ·
Net Income YoY 5-point trend, -76.4% 9.0% 9.4% -3.4% 14.0% 38.1% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -67.8% 4.8% 6.4% 15.0% · · · · · · · · ·
Net Income CAGR 5Y 12.7% · · · · · · · · · · ·
Dividend CAGR 5Y 24.6% · · · · · · · · · · ·
Valuation (TTM) 13
Annual Valuation (TTM) data for OLED
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +240.6% $651M $648M $576M $617M $554M $429M $405M $247M $336M $199M $191M $191M
Net Income TTM 12-point trend, +478.4% $242M $222M $203M $210M $184M $133M $138M $59M $104M $48M $104M $42M
Market Cap 11-point trend, +322.6% $5.52B $6.94B $9.06B $5.16B $7.87B $10.95B · $4.43B $8.13B $2.64B $2.62B $1.31B
P/E 12-point trend, -25.4% 23.0 31.4 45.1 24.6 42.6 82.1 70.6 75.5 79.2 55.2 25.0 30.8
P/S 11-point trend, +24.1% 8.5 10.7 15.7 8.4 14.2 25.5 · 17.9 24.2 13.3 13.7 6.8
P/B 11-point trend, +7.7% 3.1 4.3 6.3 4.0 7.2 12.0 · 6.4 12.3 5.0 5.6 2.9
P / Tangible Book 6-point trend, -75.3% 3.3 4.5 6.8 4.2 7.6 13.2 · · · · · ·
P / Cash Flow 11-point trend, -5.2% 26.2 27.4 58.5 40.7 41.2 73.6 · 36.4 61.0 32.9 23.1 27.6
P / FCF 11-point trend, +12.6% 35.8 32.9 95.4 61.2 53.2 90.6 · 45.9 78.6 36.2 24.1 31.8
Dividend Yield 8-point trend, +2114.3% 1.6% 1.1% 0.74% 1.1% 0.48% 0.26% · 0.26% 0.07% · · ·
Earnings Yield 12-point trend, +34.3% 4.3% 3.2% 2.2% 4.1% 2.4% 1.2% 1.4% 1.3% 1.3% 1.8% 4.0% 3.2%
Payout Ratio 8-point trend, +549.6% 35.3% 34.3% 32.9% 27.1% 20.6% 21.3% · 19.2% 5.4% · · ·
Annual Payout 9-point trend, +1413.6% $86M $76M $67M $57M $38M $28M $19M $11M $6M · · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $651M$648M$576M$617M$554M
Gross Margin % 76.3%77.1%76.5%79.3%79.2%
Operating Margin % 38.2%36.9%37.7%43.3%41.1%
Net Income $242M$222M$203M$210M$184M
Diluted EPS $5.08$4.65$4.24$4.40$3.87
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Current Ratio 10.17.27.76.64.9
Quick Ratio 6.74.85.54.94.1
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $154M$211M$95M$84M$148M

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Institutional owners (13F) 493 filers · $2.6B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
63 (-19 vs prior Q) 64 (-13 vs prior Q) 165 (-8 vs prior Q) 154 (+6 vs prior Q) +4.3M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD PORTFOLIO MANAGEMENT LLC $257,259,410 2,971,006 9.74% Shares
STATE STREET CORP $190,250,612 2,197,143 7.20% Shares
PRIMECAP MANAGEMENT CO/CA/ $190,135,882 2,195,818 7.20% Shares
VANGUARD CAPITAL MANAGEMENT LLC $172,045,498 1,986,898 6.52% Shares
FIRST TRUST ADVISORS LP $127,450,759 1,471,891 4.83% Shares
ALLIANCEBERNSTEIN L.P. $107,506,456 1,172,883 4.07% Shares
GEODE CAPITAL MANAGEMENT, LLC $97,078,035 1,120,925 3.68% Shares
DIMENSIONAL FUND ADVISORS LP $67,974,883 785,020 2.57% Shares
XXEC, Inc. $63,716,093 703,521 2.41% Shares
SORA INVESTORS LLC $60,713,704 701,163 2.30% Shares
BROWN ADVISORY INC $56,562,502 653,222 2.14% Shares
NORGES BANK $50,356,068 581,546 1.91% Shares
MARSHALL WACE, LLP $47,778,111 551,774 1.81% Shares
Copeland Capital Management, LLC $40,741,771 470,513 1.54% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $39,799,015 459,626 1.51% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $39,182,928 452,511 1.48% Shares
CITADEL ADVISORS LLC $31,870,056 368,057 1.21% Shares
CANADA PENSION PLAN INVESTMENT BOARD $31,796,368 367,206 1.20% Shares
FRONTIER CAPITAL MANAGEMENT CO LLC $31,580,987 364,719 1.20% Shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC $30,341,309 350,402 1.15% Shares
ENVESTNET ASSET MANAGEMENT INC $26,195,047 302,518 0.99% Shares
NEUBERGER BERMAN GROUP LLC $24,342,441 281,123 0.92% Shares
VANGUARD FIDUCIARY TRUST CO $23,915,465 276,192 0.91% Shares
RAYMOND JAMES FINANCIAL INC $23,175,514 267,647 0.88% Shares
MACKENZIE FINANCIAL CORP $22,158,814 255,905 0.84% Shares
RENAISSANCE TECHNOLOGIES LLC $22,066,509 254,839 0.84% Shares
BNP PARIBAS FINANCIAL MARKETS $21,597,797 249,426 0.82% Shares
JANUS HENDERSON GROUP PLC $20,664,782 225,635 0.78% Shares
AVENIR CORP $19,743,732 228,014 0.75% Shares
SYSTEMATIC FINANCIAL MANAGEMENT LP $18,576,845 214,538 0.70% Shares
MILLENNIUM MANAGEMENT LLC $16,606,230 191,780 0.63% Shares
UBS Group AG $16,510,202 190,671 0.63% Shares
GRIFFIN ASSET MANAGEMENT, INC. $16,375,113 189,111 0.62% Shares
RHUMBLINE ADVISERS $14,091,266 162,736 0.53% Shares
Triodos Investment Management BV $13,940,990 161,000 0.53% Shares
Grantham, Mayo, Van Otterloo & Co. LLC $13,672,301 157,897 0.52% Shares
STIFEL FINANCIAL CORP $13,594,644 156,998 0.51% Shares
GOLDMAN SACHS GROUP INC $13,026,625 150,440 0.49% Shares
PEAK6 LLC $12,988,500 150,000 0.49% Call option
Walleye Capital LLC $12,453,807 143,825 0.47% Shares
SEGALL BRYANT & HAMILL, LLC $11,802,823 136,307 0.45% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $11,801,351 136,290 0.45% Shares
S SQUARED TECHNOLOGY, LLC $11,776,240 136,000 0.45% Shares
Crossmark Global Holdings, Inc. $11,663,014 134,692 0.44% Shares
Hardman Johnston Global Advisors LLC $11,489,194 132,685 0.44% Shares
Governors Lane LP $11,358,183 131,172 0.43% Shares
Connor, Clark & Lunn Investment Management Ltd. $10,211,299 117,927 0.39% Shares
M&G PLC $9,508,926 109,298 0.36% Shares
CAPITAL FUND MANAGEMENT S.A. $8,889,848 102,666 0.34% Shares
INTECH INVESTMENT MANAGEMENT LLC $8,407,803 97,099 0.32% Shares
California Public Employees Retirement System $7,756,126 89,573 0.29% Shares
Swiss National Bank $7,567,966 87,400 0.29% Shares
MORGAN STANLEY $7,238,689 83,597 0.27% Shares
LOS ANGELES CAPITAL MANAGEMENT LLC $6,737,135 77,805 0.26% Shares
ProShare Advisors LLC $6,702,586 77,406 0.25% Shares
Retirement Systems of Alabama $6,482,907 74,869 0.25% Shares
LHM, INC. $6,455,458 74,552 0.24% Shares
Vest Financial, LLC $6,299,076 72,746 0.24% Shares
D. E. Shaw & Co., Inc. $6,213,785 71,761 0.24% Shares
Holocene Advisors, LP $5,976,182 69,017 0.23% Shares
FMR LLC $5,970,467 68,951 0.23% Shares
BlackRock, Inc. $5,909,854 68,251 0.22% Shares
Man Group plc $5,736,155 66,245 0.22% Shares
BANK OF AMERICA CORP /DE/ $5,569,122 64,316 0.21% Shares
WINTON GROUP Ltd $5,448,156 62,919 0.21% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $5,401,224 62,377 0.20% Shares
CITADEL ADVISORS LLC $5,273,331 60,900 0.20% Put option
PEAK6 LLC $5,195,400 60,000 0.20% Put option
STATE OF WISCONSIN INVESTMENT BOARD $5,188,040 59,915 0.20% Shares
TRUIST FINANCIAL CORP $5,047,772 58,295 0.19% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $5,044,907 58,262 0.19% Shares
GENERAL AMERICAN INVESTORS CO INC $5,022,999 58,009 0.19% Shares
WOLVERINE TRADING, LLC $4,817,511 33,300 0.18% Call option
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $4,805,734 52,430 0.18% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $4,640,878 53,596 0.18% Shares
Sargent Investment Group, LLC $4,553,682 52,589 0.17% Shares
OPPENHEIMER & CO INC $4,549,525 52,541 0.17% Shares
Quantinno Capital Management LP $4,501,410 51,985 0.17% Shares
Cetera Investment Advisers $4,381,207 50,597 0.17% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $4,355,477 50,300 0.16% Put option
AMERICAN CENTURY COMPANIES INC $4,343,528 50,162 0.16% Shares
Gotham Asset Management, LLC $4,216,413 48,694 0.16% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $4,173,638 48,200 0.16% Call option
WELLINGTON MANAGEMENT GROUP LLP $4,110,514 47,471 0.16% Shares
Edgestream Partners, L.P. $4,005,653 46,260 0.15% Shares
Baird Financial Group, Inc. $3,965,996 45,802 0.15% Shares
VANGUARD ASSET MANAGEMENT, Ltd $3,845,029 44,405 0.15% Shares
VICTORY CAPITAL MANAGEMENT INC $3,709,861 42,844 0.14% Shares
CITADEL ADVISORS LLC $3,645,439 42,100 0.14% Call option
Sterling Capital Management LLC $3,613,487 41,731 0.14% Shares
Amundi $3,594,158 41,491 0.14% Shares
Summit Trail Advisors, LLC $3,568,893 41,216 0.14% Shares
DNB Asset Management AS $3,479,879 40,188 0.13% Shares
FRED ALGER MANAGEMENT, LLC $3,366,100 38,874 0.13% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $3,353,458 38,728 0.13% Shares
S.A.C. Capital Advisors (Hong Kong) Ltd. $3,297,294 22,957 0.12% Shares
Y-Intercept (Hong Kong) Ltd $3,232,405 37,330 0.12% Shares
PRINCETON CAPITAL MANAGEMENT LLC $3,204,932 37,013 0.12% Shares
Assenagon Asset Management S.A. $3,026,494 34,952 0.11% Shares
Qube Research & Technologies Ltd $2,998,525 34,629 0.11% Shares

Company insiders 21 insiders · 7 officers · 14 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Steven V Abramson President and CEO May 7, 2026 P 296,589 3 0 $1,027,770
Brian Millard VP/CFO March 7, 2026 F 22,028 0 0 $0
Mauro Premutico SVP & CLO May 7, 2026 P 52,481 3 0 $345,035
Janice M Dufour SVP of Tech Commercialization March 7, 2026 F 64,946 0 0 $0
Julia J Brown EVP & Chief Technical Officer March 7, 2026 F 95,952 0 0 $0
Sherwin I Seligsohn Chairman of Board and Founder April 5, 2022 F 89,137 0 0 $0
Michael G Hack GM OLED Lighting & Displays,VP June 24, 2014 S 33,187 0 0 $0
Richard C Elias Director July 10, 2026 G 11,326 1 0 $92,840
April Walker Director June 30, 2026 A 2,281 0 0 $0
Nigel Brown Director June 30, 2026 A 3,316 0 0 $0
Joan Lau Director June 30, 2026 A 3,316 0 0 $0
Celia M Joseph Director June 30, 2026 A 8,863 0 0 $0
Cynthia Jane Comparin Director June 30, 2026 A 8,863 0 0 $0
Sidney D Rosenblatt Director June 30, 2026 A 137,639 0 0 $0
GEMMILL ELIZABETH H Director June 30, 2026 A 100,307 0 0 $0
Keith C Hartley Director June 30, 2026 A 84,753 0 0 $0
Lawrence Lacerte Director June 30, 2026 A 119,463 0 0 $0
Rosemarie B Greco Director May 7, 2019 S 6,793 0 0 $0
Leonard Becker Director May 24, 2017 S 13,750 0 0 $0
Scott Seligsohn 10% owner Dec. 14, 2007 M 203,492 0 0 $0
DISCOVERY GLOBAL OPPORTUNITY MASTER FUND, LTD March 31, 2015 S 4,483,736 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 103 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
TINT · ProShares Trust 4.06% 932 NS May 31, 2026 N-PORT
TDV · ProShares Trust 2.24% 70,488 NS May 31, 2026 N-PORT
VERS · ProShares Trust 2.06% 1,624 NS May 31, 2026 N-PORT
FXL · First Trust Exchange-Traded AlphaDE… 1.36% 232,317 NS April 30, 2026 N-PORT
FFND · Northern Lights Fund Trust II 0.74% 8,267 NS May 31, 2026 N-PORT
SMDX · Tidal Trust III 0.73% 10,470 NS April 30, 2026 N-PORT
SDVD · First Trust Exchange-Traded Fund IV 0.56% 53,588 NS April 30, 2026 N-PORT
MCOW · Pacer Funds Trust 0.49% 55 NS April 30, 2026 N-PORT
KRMA · Global X Funds 0.46% 6,043 NS May 31, 2026 N-PORT
FNK · First Trust Exchange-Traded AlphaDE… 0.27% 6,622 NS April 30, 2026 N-PORT
FNX · First Trust Exchange-Traded AlphaDE… 0.26% 39,705 NS April 30, 2026 N-PORT
TMFX · RBB Fund, Inc. 0.21% 728 NS May 31, 2026 N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.19% 15,741 NS May 31, 2026 N-PORT
JVAL · J.P. Morgan Exchange-Traded Fund Tr… 0.18% 14,807 NS April 30, 2026 N-PORT
BKSE · BNY Mellon ETF Trust 0.17% 1,595 NS April 30, 2026 N-PORT
MIDE · DBX ETF Trust 0.16% 59 NS May 29, 2026 N-PORT
PTMC · Pacer Funds Trust 0.11% 5,080 NS April 30, 2026 N-PORT
VALQ · AMERICAN CENTURY ETF TRUST 0.11% 4,020 NS May 31, 2026 N-PORT
JQUA · J.P. Morgan Exchange-Traded Fund Tr… 0.10% 81,664 NS April 30, 2026 N-PORT
FSMD · FIDELITY COVINGTON TRUST 0.09% 25,557 NS April 30, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.09% 145,469 NS April 30, 2026 N-PORT
MVV · ProShares Trust 0.09% 1,529 NS May 31, 2026 N-PORT
AVSC · AMERICAN CENTURY ETF TRUST 0.09% 26,535 NS May 31, 2026 N-PORT
TDVI · First Trust Exchange-Traded Fund IV 0.09% 4,187 NS April 30, 2026 N-PORT
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.08% 19,153 NS April 30, 2026 N-PORT
FAB · First Trust Exchange-Traded AlphaDE… 0.08% 1,278 NS April 30, 2026 N-PORT
MIDU · Direxion Shares ETF Trust 0.08% 732 NS April 30, 2026 N-PORT
SCHM · SCHWAB STRATEGIC TRUST 0.08% 119,686 NS May 31, 2026 N-PORT
UMDD · ProShares Trust 0.06% 213 NS May 31, 2026 N-PORT
FTEC · FIDELITY COVINGTON TRUST 0.06% 120,396 NS April 30, 2026 N-PORT
FNDA · SCHWAB STRATEGIC TRUST 0.06% 55,856 NS May 31, 2026 N-PORT
PEXL · Pacer Funds Trust 0.04% 202 NS April 30, 2026 N-PORT
DEUS · DBX ETF Trust 0.02% 521 NS May 29, 2026 N-PORT
DXUV · Dimensional ETF Trust 0.02% 792 NS April 30, 2026 N-PORT
SCHG · SCHWAB STRATEGIC TRUST 0.01% 93,794 NS May 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.01% 60,515 NS April 30, 2026 N-PORT
GVUS · Goldman Sachs ETF Trust 0.01% 528 NS May 31, 2026 N-PORT
USD · ProShares Trust 0.01% 2,934 NS May 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.01% 10,266 NS April 30, 2026 N-PORT
DFSU · Dimensional ETF Trust 0.01% 1,858 NS April 30, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.01% 2,380 NS April 30, 2026 N-PORT
ONEQ · Fidelity Commonwealth Trust 0.01% 7,695 NS May 31, 2026 N-PORT
AVSU · AMERICAN CENTURY ETF TRUST 0.01% 323 NS May 31, 2026 N-PORT
SCHX · SCHWAB STRATEGIC TRUST 0.01% 47,043 NS May 31, 2026 N-PORT
GUSA · Goldman Sachs ETF Trust II 0.01% 1,502 NS May 31, 2026 N-PORT
SCHK · SCHWAB STRATEGIC TRUST 0.01% 3,554 NS May 31, 2026 N-PORT
SCHB · SCHWAB STRATEGIC TRUST 0.01% 25,688 NS May 31, 2026 N-PORT
AVUS · AMERICAN CENTURY ETF TRUST 0.01% 7,868 NS May 31, 2026 N-PORT
TILT · FlexShares Trust 0.01% 1,232 NS April 30, 2026 N-PORT
MSLC · MORGAN STANLEY PATHWAY FUNDS 0.00% 1,696 NS May 31, 2026 N-PORT