UTHR Nasdaq Biotechnology Financials FY2016–FY2025
United Therapeutics had $3.2B of revenue in fiscal 2025, up 10.6% on the year before. Over five years, revenue changed +16.5% a year on average.
Hi! I read United Therapeutics’s latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+10.6%
Yes. Sales grew 10.6% last year.
Does it make a profit?
41.9%
Yes. It keeps 41.9% of every sale as profit.
Does profit turn into cash?
32.7%
Yes. 32.7% of sales ends up as free cash.
How is the share priced?
21.0x
One share costs 21.0 times its yearly profit per share. Typical for its sector: 28.4x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. United Therapeutics' only borrowings have been under bank credit lines (none at the end of 2016 or 2025), and its filings tag them inconsistently: its 2018 10-K tags the US$250 million line as current debt and the next 10-K tags the same US$250 million as long-term, which would count it twice, so debt is left blank.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days United Therapeutics did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday · in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 5, 2026 | Q2 '26 | Before the market opens | 8-K ↗ |
| May 6, 2026 | Q1 '26 | Before the market opens | 8-K ↗ |
| Feb 25, 2026 | Q4 '25 | Before the market opens | 8-K ↗ |
| Oct 29, 2025 | Q3 '25 | Before the market opens | 8-K ↗ |
| Jul 30, 2025 | Q2 '25 | Before the market opens | 8-K ↗ |
| Apr 30, 2025 | Q1 '25 | Before the market opens | 8-K ↗ |
| Feb 26, 2025 | Q4 '24 | Before the market opens | 8-K ↗ |
| Oct 30, 2024 | Q3 '24 | Before the market opens | 8-K ↗ |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA · United Therapeutics had $3.2B of revenue in fiscal 2025, up 10.6% on the year before. Over five years, revenue changed +16.5% a year on average. Its operating margin was 46.9%, down 1.0 pts: of every 100 in sales, about 47 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
KIRA · United Therapeutics made $1.3B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 6.9% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
KIRA · Free cash flow was $1.0B in fiscal 2025, 32.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA · United Therapeutics returned $1.0B to shareholders in fiscal 2025, 96% of free cash flow. The diluted share count fell 1.2%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
KIRA · In the last 12 months, insiders sold $58.0M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$58.0M
2 insiders
Of sales under plans
100%
$58.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 21, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $560.07 | $5.3M | Form 4 |
| Oct 20, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $553.87 | $5.3M | Form 4 |
| Oct 19, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $543.32 | $5.2M | Form 4 |
| Oct 16, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $534.66 | $5.1M | Form 4 |
| Oct 15, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $546.65 | $5.2M | Form 4 |
| Oct 15, 2026 | Paul A MahonEVP & General Counsel | Sold plan | 8,300 | $544.30 | $4.5M | Form 4 |
| Sep 29, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $477.42 | $4.5M | Form 4 |
| Sep 28, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $480.85 | $4.6M | Form 4 |
| Sep 25, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $476.17 | $4.5M | Form 4 |
| Sep 24, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $473.55 | $4.5M | Form 4 |
| Sep 23, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $491.57 | $4.7M | Form 4 |
| Sep 22, 2026 | Martine A RothblattChairperson & CEO, Director | Sold plan | 9,500 | $494.83 | $4.7M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably United Therapeutics can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.9B | $2.8B | $3.0B | $3.3B | $2.9B |
| Interest coverage | 29.9x | 30.2x | 20.0x | 32.1x | 76.5x |
| Current ratio | 7.6x | 9.9x | 4.4x | 5.3x | 6.6x |
| Quick ratio | 7.3x | 9.6x | 4.3x | 5.0x | 6.3x |
| Total assets | $5.2B | $6.0B | $7.2B | $7.4B | $7.9B |
| Total liabilities | $1.2B | $1.2B | $1.2B | $920M | $784M |
| Shareholders' equity | $4.0B | $4.8B | $6.0B | $6.4B | $7.1B |
| Net debt (− = net cash) | — | — | — | — | — |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✓ | ✓ |
| Gross margin rose | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | 0.1% | −1.8% | −3.0% |
| Altman Z'' | 11.68 | 14.60 | 16.93 |
What does the share cost, and how does it compare?
KIRA · At $587.50 a share, the company is worth $26.9B: 21.0 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
—
Adds net cash of — and divides by 47.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
—
Reference multiples: today 21.0x · peers 20.9x · sector 28.4x.
KIRA · United Therapeutics grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 2 of 3.
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| United Therapeutics UTHR | $26.9B | 10.6% | 46.9% | 32.7% | — | 21.0x | — | |
| BioMarin Pharmaceutical BMRN | $10.9B | 12.9% | 12.7% | 22.5% | 5.8% | 151.2x | 5 | Compare → |
| Neurocrine Biosciences NBIX | $14.9B | 21.5% | 21.6% | 26.2% | 25.6% | 20.9x | 6 | Compare → |
| Fortrea FTRE | $2.2B | 1.0% | −32.0% | 3.2% | −36.2% | — | — | Compare → |
| Exelixis EXEL | $16.8B | 7.0% | 37.6% | 37.8% | 64.9% | 20.3x | 6 | Compare → |
Every number, year by year.
Amounts in USD. Hover a ratio’s name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.6B | $1.7B | $1.6B | $1.4B | $1.5B | $1.7B | $1.9B | $2.3B | $2.9B | $3.2B |
| Gross profit | $1.5B | $1.6B | $1.4B | $1.3B | $1.4B | $1.6B | $1.8B | $2.1B | $2.6B | $2.8B |
| Research and development | $148M | $265M | $358M | $1.2B | $358M | $540M | $323M | $408M | $481M | $550M |
| Operating income | $1.1B | $815M | $805M | −$188M | $594M | $556M | $980M | $1.2B | $1.4B | $1.5B |
| Interest expense | $3.9M | $9.0M | $13.9M | $44.2M | $23.5M | $18.6M | $32.4M | $59.3M | $42.9M | $19.5M |
| Pretax income | $1.1B | $770M | $759M | −$165M | $639M | $594M | $951M | $1.3B | $1.5B | $1.7B |
| Income tax | $347M | $352M | $170M | −$60.5M | $124M | $118M | $223M | $290M | $344M | $379M |
| Net income | $714M | $418M | $589M | −$105M | $515M | $476M | $727M | $985M | $1.2B | $1.3B |
| Diluted EPS | $15.25 | $9.31 | $13.39 | −$2.39 | $11.54 | $10.06 | $15.00 | $19.81 | $24.64 | $27.86 |
| Diluted shares | 0.05B | 0.04B | 0.04B | 0.04B | 0.04B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | $644M | $474M | $778M | −$207M | $756M | $598M | $803M | $978M | $1.3B | $1.6B |
| Capital expenditure | $38.0M | $86.3M | $184M | $83.7M | $59.3M | $121M | $139M | $230M | $247M | $521M |
| Free cash flow | $606M | $388M | $594M | −$290M | $696M | $477M | $664M | $748M | $1.1B | $1.0B |
| Depreciation and amortization | $31.6M | $31.0M | $35.9M | $45.9M | $49.9M | $49.9M | $51.3M | $53.2M | $72.5M | $85.6M |
| Stock-based compensation | $12.1M | $73.5M | −$26.4M | $45.4M | $164M | $139M | $107M | $39.1M | $144M | $148M |
| Acquisitions | $5.2M | $0.0M | $124M | $0.0M | $0.0M | $0.0M | $0.0M | $89.2M | $0.0M | $0.0M |
| Share buybacks | $500M | $250M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $1.0B | $1.0B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $500M | $250M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $1.0B | $1.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.1B | $927M | $1.4B | $1.5B | $1.8B | $1.9B | $2.8B | $3.0B | $3.3B | $2.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $1.4B | $1.4B | $1.8B | $1.9B | $2.2B | $2.3B | $3.4B | $3.6B | $3.9B | $3.7B |
| Current liabilities | $333M | $445M | $277M | $463M | $323M | $305M | $343M | $804M | $738M | $561M |
| Inventory | $100M | $108M | $101M | $93.4M | $86.5M | $93.8M | $102M | $112M | $158M | $183M |
| Property and equipment, net | $489M | $546M | $700M | $739M | $732M | $781M | $862M | $1.0B | $1.2B | $1.7B |
| Total assets | $2.3B | $2.9B | $3.4B | $3.9B | $4.6B | $5.2B | $6.0B | $7.2B | $7.4B | $7.9B |
| Total liabilities | $463M | $758M | $593M | $1.1B | $1.2B | $1.2B | $1.2B | $1.2B | $920M | $784M |
| Shareholders' equity | $1.9B | $2.1B | $2.8B | $2.8B | $3.4B | $4.0B | $4.8B | $6.0B | $6.4B | $7.1B |
| Margins | ||||||||||
| Gross margin | 95.5% | 93.9% | 87.8% | 91.9% | 92.7% | 92.7% | 92.2% | 88.9% | 89.2% | 87.9% |
| Operating margin | 66.4% | 47.2% | 49.5% | −13.0% | 40.0% | 33.0% | 50.6% | 50.9% | 47.9% | 46.9% |
| EBITDA margin | 68.4% | 49.0% | 51.7% | −9.8% | 43.4% | 35.9% | 53.3% | 53.2% | 50.4% | 49.6% |
| Net margin | 44.6% | 24.2% | 36.2% | −7.2% | 34.7% | 28.2% | 37.6% | 42.3% | 41.5% | 41.9% |
| FCF margin | 37.9% | 22.5% | 36.5% | −20.0% | 47.0% | 28.3% | 34.3% | 32.1% | 37.6% | 32.7% |
| Returns | ||||||||||
| Return on capital employed | 56.8% | 36.8% | 29.0% | −5.7% | 15.3% | 12.1% | 18.6% | 19.6% | 21.2% | 21.4% |
| Return on equity | 41.5% | 21.1% | 24.1% | −3.8% | 16.7% | 12.9% | 16.6% | 18.3% | 19.2% | 19.7% |
| Return on assets | 31.7% | 16.1% | 18.8% | −2.9% | 12.1% | 9.7% | 13.0% | 14.9% | 16.5% | 17.5% |
| Growth | ||||||||||
| Revenue growth | 9.1% | 7.9% | −5.7% | −11.0% | 2.4% | 13.6% | 14.9% | 20.2% | 23.6% | 10.6% |
| Net income growth | 9.5% | −41.5% | 41.0% | −117.7% | — | −7.6% | 52.9% | 35.4% | 21.4% | 11.7% |
| EPS growth | 19.9% | −39.0% | 43.8% | −117.9% | — | −12.8% | 49.1% | 32.1% | 24.4% | 13.1% |
| FCF growth | 81.9% | −36.0% | 53.1% | −148.9% | — | −31.5% | 39.0% | 12.6% | 44.5% | −3.7% |
| Share count change | −8.6% | −4.1% | −2.0% | −0.5% | 1.8% | 6.1% | 2.5% | 2.5% | −2.4% | −1.2% |
| Financial health | ||||||||||
| Interest coverage | 272.2x | 90.5x | 57.9x | −4.2x | 25.3x | 29.9x | 30.2x | 20.0x | 32.1x | 76.5x |
| Current ratio | 4.3x | 3.3x | 6.4x | 4.0x | 6.7x | 7.6x | 9.9x | 4.4x | 5.3x | 6.6x |
| Quick ratio | 4.0x | 3.0x | 6.0x | 3.8x | 6.4x | 7.3x | 9.6x | 4.3x | 5.0x | 6.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.4% | 5.0% | 11.3% | 5.8% | 4.0% | 7.2% | 7.2% | 9.9% | 8.6% | 16.4% |
| Stock comp / revenue | 0.8% | 4.3% | −1.6% | 3.1% | 11.0% | 8.2% | 5.5% | 1.7% | 5.0% | 4.6% |
| Payouts / FCF | 82.6% | 64.5% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 92.5% | 96.1% |
| Quality scores | ||||||||||
| Altman Z'' | 13.8 | 10.3 | 12.7 | 7.4 | 9.1 | 9.4 | 11.1 | 11.7 | 14.6 | 16.9 |
| Accruals ratio | 3.1% | −2.2% | −6.0% | 2.8% | −5.7% | −2.5% | −1.3% | 0.1% | −1.8% | −3.0% |
Source: SEC EDGAR XBRL filings (CIK 0001082554). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.
