It is well-known but sometimes overlooked that constraints on the oblique parameters (most notably S and T parameters) are generally speaking only applicable to a special class of new physics scenarios known as universal theories. In the effective field theory (EFT) framework, the oblique parameters should not be associated with Wilson coefficients in a particular operator basis, unless restrictions have been imposed on the EFT so that it describes universal theories. We work out these restrictions, and present a detailed EFT analysis of universal theories. We find that at the dimension-6 level, universal theories are completely characterized by 16 parameters. They are conveniently chosen to be: 5 oblique parameters that agree with the commonly-adopted ones, 4 anomalous triple-gauge couplings, 3 rescaling factors for the h 3 , hf f , hV V vertices, 3 parameters for hV V vertices absent in the Standard Model, and 1 four-fermion coupling of order y 2 f . All these parameters are defined in an unambiguous and basis-independent way, allowing for consistent constraints on the universal theories parameter space from precision electroweak and Higgs data.