• Universal Display average return on tangible equity for 2023 was 16.68, a 7.85% decline from 2022.
• Universal Display average return on tangible equity for 2022 was 18.1, a 11.23% decline from 2021.
• Universal Display average return on tangible equity for 2021 was 20.39, a 21.01% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.