Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Universal Display Corporation reported second quarter 2026 revenues of $152 million, a decline from $172 million in the same period of 2025.</li><li>The prior year benefited from elevated customer purchases ahead of anticipated tariff increases, thus inflating comparative results.</li><li>The company’s updated full-year 2026 revenue guidance now targets the lower end of its previous range of $630 million to $670 million, reflecting near-term headwinds primarily linked to the smartphone market.</li></ul>

Universal Display Corporation reported second quarter 2026 revenues of $152 million, a decline from $172 million in the same period of 2025.The prior year benefited from elevated customer purchases ahead of anticipated tariff increases, thus inflating comparative results.The company’s updated full-year 2026 revenue guidance now targets the lower end of its previous range of $630 million to $670 million, reflecting near-term headwinds primarily linked to the smartphone market.

Universal Display Corporation’s $855 Million Cash Position Strengthens Its OLED Growth Runway!

<ul><li>Universal Display Corporation reported a first quarter 2026 revenue of $142 million, reflecting a 14% decline compared to $166 million in the same period last year.</li><li>This decrease was driven principally by changes in customer mix, softer macroeconomic conditions, tariff-related purchasing activity in the prior year, and a 4% reduction in material volumes.</li><li>Material sales totaled $84 million, slightly down from $86 million a year ago, while royalty and licensing revenue decreased to $54 million from $74 million, a shift attributed mainly to customer mix dynamics.</li></ul>

Universal Display Corporation reported a first quarter 2026 revenue of $142 million, reflecting a 14% decline compared to $166 million in the same period last year.This decrease was driven principally by changes in customer mix, softer macroeconomic conditions, tariff-related purchasing activity in the prior year, and a 4% reduction in material volumes.Material sales totaled $84 million, slightly down from $86 million a year ago, while royalty and licensing revenue decreased to $54 million from $74 million, a shift attributed mainly to customer mix dynamics.

Universal Display Corporation (OLED): The High-Stakes Gen 8+ Fab Ramp That Could Drive the Next OLED Wave!

<ul><li>Universal Display Corporation (UDC) delivered its fiscal year 2025 results, showcasing a nuanced financial performance.</li><li>The company reported record annual revenue of $651 million, marking a year-over-year increment driven by expanded OLED adoption across various consumer electronics segments, including wearables, smartphones, tablets, laptops, monitors, and TVs. Operating income rose to $249 million, with net income tallied at $242 million, equating to $5.08 per diluted share.</li><li>These gains reflect effective business execution and continued industry momentum towards OLED technologies.</li></ul>

Universal Display Corporation (UDC) delivered its fiscal year 2025 results, showcasing a nuanced financial performance.The company reported record annual revenue of $651 million, marking a year-over-year increment driven by expanded OLED adoption across various consumer electronics segments, including wearables, smartphones, tablets, laptops, monitors, and TVs. Operating income rose to $249 million, with net income tallied at $242 million, equating to $5.08 per diluted share.These gains reflect effective business execution and continued industry momentum towards OLED technologies.

Universal Display: Expanding OLED Beyond Smartphones Into IT, Automotive, and Foldables!

<ul><li>Universal Display Corporation reported third-quarter financial performance with revenue of $140 million and operating profit of $43 million.</li><li>There was a noticeable decrease from the previous year's third quarter, where revenues stood at $162 million.</li><li>This decline is attributed largely to customer order shifts earlier in the year and adjustments that impacted timing.</li></ul>

Universal Display Corporation reported third-quarter financial performance with revenue of $140 million and operating profit of $43 million.There was a noticeable decrease from the previous year's third quarter, where revenues stood at $162 million.This decline is attributed largely to customer order shifts earlier in the year and adjustments that impacted timing.

Universal Display Corporation: The Untold Story of Its Blue OLED Breakthrough

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be 2 ADDs and 2 DELs for the March 2026 rebal event. We expect a one-way flow of US$2.64bn and a turnover of around 6% for March 2026.</li>
<li>There are few big impacts. None over a day's worth of volume. But there are several at US$300-900mm to trade at the close.</li>
</ul>


The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be 2 ADDs and 2 DELs for the March 2026 rebal event. We expect a one-way flow of US$2.64bn and a turnover of around 6% for March 2026.
There are few big impacts. None over a day's worth of volume. But there are several at US$300-900mm to trade at the close.


[Quiddity Index] MV US Semiconductor25 Mar26 Results: Two Index Changes; US$2.6bn One-Way

United States

Universal Display Corporation is a member of the United States Display Consortium.  The consortium is a cooperative industry/government effort aimed at developing an infrastructure to support a North American flat panel display infrastructure.  The Company and its partners are developing high-resolution, full color, light weight Organic Light Emitting Diode (OLED) technology.

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Universal Display (OLED US)

Universal Display Corporation’s $855 Million Cash Position Strengthens Its OLED Growth Runway!

Universal Display Corporation reported second quarter 2026 revenues of $152 million, a decline from $172 million in the same period of 2025. The...

Baptista Research

Universal Display Corporation (OLED): The High-Stakes Gen 8+ Fab Ramp That Could Drive the Next OLED Wave!

Universal Display Corporation reported a first quarter 2026 revenue of $142 million, reflecting a 14% decline compared to $166 million in the same...

Baptista Research

Universal Display: Expanding OLED Beyond Smartphones Into IT, Automotive, and Foldables!

Universal Display Corporation (UDC) delivered its fiscal year 2025 results, showcasing a nuanced financial performance. The company reported...

Baptista Research

Universal Display Corporation: The Untold Story of Its Blue OLED Breakthrough

Universal Display Corporation reported third-quarter financial performance with revenue of $140 million and operating profit of $43 million. There...

Baptista Research

[Quiddity Index] MV US Semiconductor25 Mar26 Results: Two Index Changes; US$2.6bn One-Way

There is US$2.6bn one-way to trade on the Market Vector US Semis 25 Index. There are several trades of several hundred million USD but nothing over...

Travis Lundy

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