SOMEWHAT. Universal Display's primary competitive advantage is its portfolio of over 5,000 licensed patents in the OLED space, giving it a REGULATORY BARRIERS moat. While this protects sales, regulatory moats are one of the weaker forms of protection, as they can often be circumvented and even disappear entirely if a court case goes the wrong way. Customer concentration is also a concern, as Samsung, LG, and BOE as a group comprise the vast majority of the company's revenue (close to 85%). A loss of one of these customers to a competing display technology would be very impactful. While Universal Display has a strong moat in the OLED space, new and competing display and lighting technologies continue to pop up, including new variations on established LCD and LED techs (QLED, microLED, miniLED, etc). In the technology space, new inventions can lead to massive disruption of established firms like Universal, over the long term.