Who are LG Display's customers? Who does LG Display earn revenue from?

Revenue comes from counterparties including 삼성전자, Apple, LG전자. Full sourced list: valuechain.wiki/lg-display/customers.md

Who does LG Display pay? Who are its key suppliers?

Costs flow to Corning, Merck KGaA (EMD), 닛토덴코 among others. Full sourced list: valuechain.wiki/lg-display/suppliers.md

Displays · Large & small/mid OLED panels

LG Display

LG Display makes large WOLED and small/mid OLED panels, shifting its center of gravity from commodity LCD to OLED and returning to profit in 2025 with KRW 517bn operating income — its first in four years. OLED reached a record 61% of sales, with large panels for LG/Samsung OLED TVs and small/mid OLED for Apple's iPhone and Watch as the two axes. Watch Apple small/mid OLED volume, large OLED-TV recovery, and the durability of OLED differentiation against China's LCD push.

034220.KS Updated Jul 12, 2026 5 AI consumers· 4 recurring

Per the valuechain.wiki graph, LG Display is directly linked to 6 companies (3 supply, 3 revenue, 1 investment relationships) and reaches 22 companies within two hops; the links are backed by 11 dated sources, 1 of them primary filings (as of 2026-07-12).

Annual return · 2026-09-04'21-6.8%'22-30.9%'23-8.5%'24-20.6%'25+26.2%YTD-21.8%

Money in ▸Samsung Electronics●volume 800,000 대/년 Apple●Market share 58.4%LG Electronics◐

LG DisplayKRW 25.81tn

▸ Money outCorning◐Merck KGaA (EMD)◐Nitto Denko◐

Financials & Segments

Total revenue · KRW 25.81tn (2025 consolidated)
Customer concentration · KRW 517bn operating profit in 2025 (first in four years); OLED at a record 61% of revenue; large LCD exited; single customer (presumed Apple) 58.4%.
Segments · Small/mid OLED (iPhone, Watch) · Large OLED (TV) · IT and auto

Revenue from

Samsung Electronics High confidence· volume 800,000 대/년 · 2025 전망
WOLED panels for Samsung OLED TVs since 2023; 2025 volume seen up to 4x (~800k units), including flagship models.
Confirms KO ETNews Published Jan 16, 2025: Samsung adopts WOLED in flagship TVs, quadrupling LGD volume
Apple High confidence· Market share 58.4% · 2025 분기보고 단일 고객(애플 추정) · anonymized in filing; press attribution
Key small/mid OLED supplier for iPhone upper tiers, iPad and Apple Watch: ~30M iPhone 17 panels (vs 57M Samsung Display, 1.3M BOE). A single customer, presumed Apple, is 58.4% of revenue per the quarterly filing (anonymized).
Confirms KO ETNews Published Jun 22, 2026: Samsung Display and LGD ramp Apple OLED production
Mentions KO KB Securities Published Apr 30, 2026: KB Securities: LG Display H2 earnings improvement, PT KRW 17,000 (Buy); consensus ~KRW 16,700, 2026 OP +106% to KRW 1.1tn on P-OLED ramp
Confirms KO DART (Financial Supervisory Service) Published Mar 11, 2026: LG Display FY2025 Annual Business Report (DART, filed 2026-03-11)
Confirms KO LG Published Jan 28, 2026: LG Display 2025 results: KRW 25.8tn revenue, first profit in four years
Confirms EN DigiTimes Published Nov 3, 2025: SDC and LGD dominate iPhone 17 panel supply
Mentions EN Display Daily Published Sep 1, 2025: LGD quarterly filing: 58.4% of revenue from a single customer
LG Electronics Medium confidence
Sells large WOLED panels for LG Electronics OLED TVs (81% of OLED TV panel revenue).
Mentions KO ZDNet Korea Published Feb 6, 2024: LG Display holds 81% of OLED TV panel revenue

Pays to

Corning Medium confidence
Display glass substrates from Corning (incl. Corning Precision Materials).
Mentions KO ETNews Published Apr 21, 2022: OLED materials supply-chain report (Corning glass)
Merck KGaA (EMD) Medium confidence
OLED organic materials (HTL, phosphorescent hosts) from Merck, alongside Duksan Neolux, Solus and LG Chem.
Mentions KO Digital Today Published Jun 1, 2021: LG Display's OLED organic-material sourcing
Nitto Denko Medium confidence
Sources polarizing film and optical adhesive sheets for its OLED/LCD panels from Nitto Denko, a top-tier world polarizer supplier.
Confirms EN OLED-Info Published Jun 1, 2025: Nitto Denko — polarizing film (NPF) and OLED circular polarizer

Investors

LG Electronics (largest shareholder, 36.72%) High confidence
The axis binding LG Display into the LG Group structure, doubling as an overlapping top customer — LG Electronics is the largest shareholder at 36.72%. It is also the top buyer of large WOLED for OLED TVs (81% of panel sales), so parent demand acts as a floor for large-OLED utilization.
Confirms KO DART (Financial Supervisory Service) Published Mar 11, 2026: LG Display FY2025 Annual Business Report (DART, filed 2026-03-11)

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

Company	Chain	'21	'22	'23	'24	'25	YTD
Marvell	lead2	+84.6	-57.5	+63.7	+83.8	-22.8	+163.4
AMD	lead2	+56.9	-55	+127.6	-18.1	+77.3	+123
Flex Ltd.	lead2	+1.9	+17.1	+41.9	+67.2	+57.4	+81.2
Target Corporation	lead2	+32.9	-34.2	-1.4	-2.3	-24.5	+72.9
NVIDIA	lead2	+125.5	-50.3	+239	+171.2	+38.9	+23.7
General Motors	lead2	+40.8	-42.4	+7.9	+49.8	+54.2	+8.4
Broadcom	lead2	+56.5	-13.3	+104.2	+110.5	+50.6	+3.8
Qualcomm	lead2	+22.3	-38.6	+35.1	+8.3	+13.8	+0.2
T-Mobile US, Inc.	lead2	-14	+20.7	+15	+39.7	-6.6	-9.2
Lowe's Companies, Inc.	lead2	+63.3	-21.5	+14	+13	-0.3	-13.9
Take-Two Interactive Software, Inc.	lead2	-14.5	-41.4	+54.6	+14.4	+39.1	-16.1
LG Electronics	lead1	-16.2	-20.9	-5.8	-9.5	+19.2	+105.5
Samsung Electronics	lead1	-9	-14.2	+20.9	-26.4	+212.9	+59.7
Apple	lead1	+34.6	-26.4	+49	+30.7	+9.1	+18
LG Display	node	-6.8	-30.9	-8.5	-20.6	+26.2	-21.8
LG Electronics	benef1	-16.2	-20.9	-5.8	-9.5	+19.2	+105.5
Corning	benef1	+5.9	-11.6	-1.2	+60.6	+87.8	+77.2
Merck KGaA (EMD)	benef1	+42.2	-0.4	-19.1	-2.5	-12.7	+10.4
Nitto Denko	benef1	-4.3	-2.9	+51.3	+14.7	+26	+1.3
LG Innotek	benef2	+78.2	-22	-28.8	-22.1	+66.8	+130.7
Veeva Systems	benef2	-6.2	-36.8	+19.3	+9.2	+6.2	+23.2
Kuraray	benef2	-4.9	+8.7	+50.1	+51	-24.7	+12.5
Qualcomm	benef2	+22.3	-38.6	+35.1	+8.3	+13.8	+0.2
POSCO Holdings	benef2	+13.9	+19.9	+43	-37.3	+38.3	-1.4
LG Chem	benef2	-29	+9.7	-36.6	-45.3	+31.2	-8.6

YTD as of 2026-09-04 · source: Yahoo Finance

LG Display operates across KOSPI, Display, Large & small OLED. After +26.2% in 2025, it corrected -21.8% in 2026. The supply side (avg +29.6%) has moved harder than the stock (-21.8%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is LG Electronics (+105.5%) and the furthest behind is Nitto Denko (+1.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Watch Apple small/mid OLED volume, large OLED-TV recovery, and the durability of OLED differentiation against China's LCD push.

Analysis generated from returns as of 2026-09-04

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