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United Therapeutics

UTHR Nasdaq Biotechnology Financials FY2016–FY2025

United Therapeutics' revenue rose 10.6% to $3.2 billion in fiscal 2025. Its operating margin was 46.9%, down from 47.9% a year earlier. Free cash flow was $1.0 billion, down 3.7%. It paid out $1.0 billion in dividends and buybacks, 96% of free cash flow. The diluted share count fell 1.2%.

Last close · Oct 23, 2026

$587.50

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$3.2B
10.6% vs prior year
Operating margin Operating income as a share of revenue.
46.9%
1.0 pts
Net income Profit after all expenses, interest and tax.
$1.3B
11.7%
Free cash flow Cash from operations minus capital spending.
$1.0B
3.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$26.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
21.0x
On $27.94 EPS (TTM)

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.

What United Therapeutics does

No business description yet.

Legal name
United Therapeutics Corporation
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001082554-26-000006
0001082554

Revenue and margins

United Therapeutics had $3.2B of revenue in fiscal 2025, up 10.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.0B in fiscal 2025, 32.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

United Therapeutics returned $1.0B to shareholders in fiscal 2025, 96% of free cash flow. The diluted share count fell 1.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value United Therapeutics yourself

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.

Discounted cash flow

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.

Earnings multiple

Value per share

—

Reference multiples: today 21.0x · peers 20.9x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably United Therapeutics can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.9B$2.8B$3.0B$3.3B$2.9B
Interest coverage 29.9x30.2x20.0x32.1x76.5x
Current ratio 7.6x9.9x4.4x5.3x6.6x
Quick ratio 7.3x9.6x4.3x5.0x6.3x
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) —————

Insider trades

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.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$58.0M

2 insiders

Of sales under plans

100%

$58.0M

DateInsiderTradeSharesPriceValueFiling
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

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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'' 11.6814.6016.93

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-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 →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
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.

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