United Therapeutics

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.

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Last close · Oct 26, 2026

$592.84

0.9%

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Earnings calendar · United Therapeutics

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 8 days

Time: Before the market opens
Covers: Period ended Sep 30, 2026
Expected EPS: $5.85
Source: Earnings calendar

See who else reports that week →

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.

Results coming up

Results in 8 days

United Therapeutics will publish its results for the period ended Sep 30, 2026 on Wednesday November 4, 2026.

November 4, 2026
Before the market opens
Date from the earnings calendar

Analysts expect EPS of $5.85

Consensus estimate, usually adjusted, so it may differ from the reported (GAAP) figure.

Last results Aug 5, 2026

Share prices often move a lot around results. Dates can change: the company’s own announcement is final. Not investment advice.

KIRA’s summary AI analyst

Hi! I read United Therapeutics’s latest annual report (fiscal 2025). Here is what stands out:

3 strengths 1 to watch

1.Sales and profit

See section →

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.
United Therapeutics made $1.3B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 6.9% a year.

2.Cash and shareholders

See section →

Free cash flow was $1.0B in fiscal 2025, 32.7% of revenue.
United Therapeutics returned $1.0B to shareholders in fiscal 2025, 96% of free cash flow. The diluted share count fell 1.2%.
In the last 12 months, insiders bought $0.9M and sold $984M of shares on the open market.

4.Price and value

See section →

At $592.84 a share, the company is worth $27.2B: 21.2 times its earnings of the last four quarters.
United Therapeutics grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 1 of 3.

United Therapeutics in 30 seconds

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?

21.2x

One share costs 21.2 times its yearly profit per share. Typical for its sector: 28.4x.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap

$27.2B

Oct 26 close

P/E

21.2x

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.

Charts by

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

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).

Revenue

FY16

Revenue $1.6B

FY17

Revenue $1.7B

FY18

Revenue $1.6B

FY19

Revenue $1.4B

FY20

Revenue $1.5B

FY21

Revenue $1.7B

FY22

Revenue $1.9B

FY23

Revenue $2.3B

FY24

Revenue $2.9B

FY25

Revenue $3.2B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Revenue

Q3 '23

Revenue $609M

Q4 '23

Revenue $615M

Q1 '24

Revenue $678M

Q2 '24

Revenue $715M

Q3 '24

Revenue $749M

Q4 '24

Revenue $736M

Q1 '25

Revenue $794M

Q2 '25

Revenue $799M

Q3 '25

Revenue $800M

Q4 '25

Revenue $790M

Q1 '26

Revenue $782M

Q2 '26

Revenue $783M

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Margins, % of revenue

FY16

Gross 95.5%

Operating 66.4%

Net 44.6%

FCF 37.9%

FY17

Gross 93.9%

Operating 47.2%

Net 24.2%

FCF 22.5%

FY18

Gross 87.8%

Operating 49.5%

Net 36.2%

FCF 36.5%

FY19

Gross 91.9%

Operating −13.0%

Net −7.2%

FCF −20.0%

FY20

Gross 92.7%

Operating 40.0%

Net 34.7%

FCF 47.0%

FY21

Gross 92.7%

Operating 33.0%

Net 28.2%

FCF 28.3%

FY22

Gross 92.2%

Operating 50.6%

Net 37.6%

FCF 34.3%

FY23

Gross 88.9%

Operating 50.9%

Net 42.3%

FCF 32.1%

FY24

Gross 89.2%

Operating 47.9%

Net 41.5%

FCF 37.6%

FY25

Gross 87.9%

Operating 46.9%

Net 41.9%

FCF 32.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Gross Operating Net FCF

Margins, % of revenue

Q3 '23

Gross 88.5%

Operating 53.7%

Net 43.9%

FCF 46.0%

Q4 '23

Gross 88.5%

Operating 42.3%

Net 35.3%

FCF 11.7%

Q1 '24

Gross 89.2%

Operating 52.6%

Net 45.2%

FCF 49.9%

Q2 '24

Gross 89.1%

Operating 44.8%

Net 38.9%

FCF 26.2%

Q3 '24

Gross 88.9%

Operating 45.8%

Net 41.3%

FCF 40.2%

Q4 '24

Gross 89.7%

Operating 48.6%

Net 40.9%

FCF 34.6%

Q1 '25

Gross 88.4%

Operating 48.2%

Net 40.6%

FCF 48.6%

Q2 '25

Gross 89.0%

Operating 45.6%

Net 38.8%

FCF 16.2%

Q3 '25

Gross 87.4%

Operating 48.6%

Net 42.4%

FCF 44.0%

Q4 '25

Gross 86.9%

Operating 45.1%

Net 46.1%

FCF 21.9%

Q1 '26

Gross 82.9%

Operating 41.7%

Net 35.2%

FCF 46.4%

Q2 '26

Gross 87.3%

Operating 42.2%

Net 42.5%

FCF 26.3%

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Gross Operating Net FCF

Net income and earnings per share

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.

Net income

FY16

Net income $714M

FY17

Net income $418M

FY18

Net income $589M

FY19

Net income −$105M

FY20

Net income $515M

FY21

Net income $476M

FY22

Net income $727M

FY23

Net income $985M

FY24

Net income $1.2B

FY25

Net income $1.3B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Net income

Q3 '23

Net income $268M

Q4 '23

Net income $217M

Q1 '24

Net income $307M

Q2 '24

Net income $278M

Q3 '24

Net income $309M

Q4 '24

Net income $301M

Q1 '25

Net income $322M

Q2 '25

Net income $310M

Q3 '25

Net income $339M

Q4 '25

Net income $364M

Q1 '26

Net income $275M

Q2 '26

Net income $333M

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Diluted EPS

FY16

Diluted EPS $15.25

FY17

Diluted EPS $9.31

FY18

Diluted EPS $13.39

FY19

Diluted EPS −$2.39

FY20

Diluted EPS $11.54

FY21

Diluted EPS $10.06

FY22

Diluted EPS $15.00

FY23

Diluted EPS $19.81

FY24

Diluted EPS $24.64

FY25

Diluted EPS $27.86

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Diluted EPS

Q3 '23

Diluted EPS $5.38

Q4 '23

Diluted EPS $4.33

Q1 '24

Diluted EPS $6.17

Q2 '24

Diluted EPS $5.85

Q3 '24

Diluted EPS $6.39

Q4 '24

Diluted EPS $6.21

Q1 '25

Diluted EPS $6.63

Q2 '25

Diluted EPS $6.41

Q3 '25

Diluted EPS $7.16

Q4 '25

Diluted EPS $7.69

Q1 '26

Diluted EPS $5.82

Q2 '26

Diluted EPS $7.27

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

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.

Free cash flow

FY16

Free cash flow $606M

FY17

Free cash flow $388M

FY18

Free cash flow $594M

FY19

Free cash flow −$290M

FY20

Free cash flow $696M

FY21

Free cash flow $477M

FY22

Free cash flow $664M

FY23

Free cash flow $748M

FY24

Free cash flow $1.1B

FY25

Free cash flow $1.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Free cash flow

Q3 '23

Free cash flow $281M

Q4 '23

Free cash flow $72.0M

Q1 '24

Free cash flow $338M

Q2 '24

Free cash flow $187M

Q3 '24

Free cash flow $301M

Q4 '24

Free cash flow $255M

Q1 '25

Free cash flow $386M

Q2 '25

Free cash flow $130M

Q3 '25

Free cash flow $352M

Q4 '25

Free cash flow $173M

Q1 '26

Free cash flow $363M

Q2 '26

Free cash flow $206M

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Cash from operations vs capital spending

FY16

Cash from operations $644M

Capital spending $38.0M

FY17

Cash from operations $474M

Capital spending $86.3M

FY18

Cash from operations $778M

Capital spending $184M

FY19

Cash from operations −$207M

Capital spending $83.7M

FY20

Cash from operations $756M

Capital spending $59.3M

FY21

Cash from operations $598M

Capital spending $121M

FY22

Cash from operations $803M

Capital spending $139M

FY23

Cash from operations $978M

Capital spending $230M

FY24

Cash from operations $1.3B

Capital spending $247M

FY25

Cash from operations $1.6B

Capital spending $521M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash from operations Capital spending

Cash from operations vs capital spending

Q3 '23

Cash from operations $346M

Capital spending $65.7M

Q4 '23

Cash from operations $151M

Capital spending $78.7M

Q1 '24

Cash from operations $377M

Capital spending $38.2M

Q2 '24

Cash from operations $232M

Capital spending $45.1M

Q3 '24

Cash from operations $377M

Capital spending $76.5M

Q4 '24

Cash from operations $341M

Capital spending $86.7M

Q1 '25

Cash from operations $461M

Capital spending $74.9M

Q2 '25

Cash from operations $192M

Capital spending $62.2M

Q3 '25

Cash from operations $562M

Capital spending $211M

Q4 '25

Cash from operations $346M

Capital spending $173M

Q1 '26

Cash from operations $463M

Capital spending $101M

Q2 '26

Cash from operations $314M

Capital spending $108M

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Cash from operations Capital spending

Dividends, buybacks and share count

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).

Dividends and buybacks

FY16

Dividends $0.0M

Buybacks $500M

FY17

Dividends $0.0M

Buybacks $250M

FY18

Dividends $0.0M

Buybacks $0.0M

FY19

Dividends $0.0M

Buybacks $0.0M

FY20

Dividends $0.0M

Buybacks $0.0M

FY21

Dividends $0.0M

Buybacks $0.0M

FY22

Dividends $0.0M

Buybacks $0.0M

FY23

Dividends $0.0M

Buybacks $0.0M

FY24

Dividends $0.0M

Buybacks $1.0B

FY25

Dividends $0.0M

Buybacks $1.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Dividends Buybacks

Dividends and buybacks

Q3 '23

Dividends $0.0M

Buybacks $0.0M

Q4 '23

Dividends $0.0M

Buybacks $0.0M

Q1 '24

Dividends $0.0M

Buybacks $1.0B

Q2 '24

Dividends $0.0M

Buybacks $0.0M

Q3 '24

Dividends $0.0M

Buybacks $0.0M

Q4 '24

Dividends $0.0M

Buybacks $0.0M

Q1 '25

Dividends $0.0M

Buybacks $0.0M

Q2 '25

Dividends $0.0M

Buybacks $0.0M

Q3 '25

Dividends $0.0M

Buybacks $1.0B

Q4 '25

Dividends $0.0M

Buybacks $0.0M

Q1 '26

Dividends $0.0M

Buybacks $1.5B

Q2 '26

Dividends $0.0M

Buybacks $0.0M

Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Dividends Buybacks

Diluted shares outstanding (annual)

FY16

Diluted shares 0.05B

FY17

Diluted shares 0.04B

FY18

Diluted shares 0.04B

FY19

Diluted shares 0.04B

FY20

Diluted shares 0.04B

FY21

Diluted shares 0.05B

FY22

Diluted shares 0.05B

FY23

Diluted shares 0.05B

FY24

Diluted shares 0.05B

FY25

Diluted shares 0.05B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Insider trades

KIRA · In the last 12 months, insiders bought $0.9M and sold $984M of shares on the open market.

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

$0.9M

1 insider

Sold, 12 months

$984M

8 insiders

Of sales under plans

100%

$983M

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 23, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$582.76	$5.5M	Form 4
Oct 22, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$583.38	$5.5M	Form 4
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
Oct 14, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$539.99	$5.1M	Form 4
Oct 13, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$545.52	$5.2M	Form 4
Oct 12, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$550.70	$5.2M	Form 4
Oct 9, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$544.94	$5.2M	Form 4
Oct 8, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$534.31	$5.1M	Form 4
Oct 7, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$548.95	$5.2M	Form 4
Oct 6, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$538.67	$5.1M	Form 4
Oct 5, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$541.64	$5.1M	Form 4
Oct 2, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$549.37	$5.2M	Form 4
Oct 1, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$576.47	$5.5M	Form 4
Oct 1, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$564.95	$4.7M	Form 4
Sep 30, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	7,580	$517.97	$3.9M	Form 4
Sep 30, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	1,920	$550.22	$1.1M	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
Sep 21, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$494.55	$4.7M	Form 4
Sep 18, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$494.79	$4.7M	Form 4
Sep 17, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$496.06	$4.7M	Form 4
Sep 17, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$497.54	$4.1M	Form 4
Sep 16, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$501.39	$4.8M	Form 4
Sep 15, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$501.59	$4.8M	Form 4
Sep 14, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$504.12	$4.8M	Form 4
Sep 14, 2026	Nilda MesaDirector	Sold	228	$505.87	$0.1M	Form 4
Sep 11, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$500.82	$4.8M	Form 4
Sep 10, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$502.35	$4.8M	Form 4
Sep 9, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$501.84	$4.8M	Form 4
Sep 8, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$499.03	$4.7M	Form 4
Sep 4, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$489.20	$4.6M	Form 4
Sep 3, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$487.54	$4.6M	Form 4
Sep 3, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$482.03	$4.0M	Form 4
Sep 2, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$493.46	$4.7M	Form 4
Sep 1, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$514.09	$4.9M	Form 4
Aug 31, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$511.08	$4.9M	Form 4
Aug 28, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$517.51	$4.9M	Form 4
Aug 27, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$522.57	$5.0M	Form 4
Aug 26, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$517.28	$4.9M	Form 4
Aug 25, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$517.71	$4.9M	Form 4
Aug 24, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$511.97	$4.9M	Form 4
Aug 21, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$518.39	$4.9M	Form 4
Aug 20, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$521.02	$4.9M	Form 4
Aug 20, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$523.14	$4.3M	Form 4
Aug 19, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$526.96	$5.0M	Form 4
Aug 18, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$515.60	$4.9M	Form 4
Aug 17, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$506.59	$4.8M	Form 4
Aug 14, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$498.91	$4.7M	Form 4
Aug 13, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$504.24	$4.8M	Form 4
Aug 12, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$515.03	$4.9M	Form 4
Aug 11, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$522.87	$5.0M	Form 4
Aug 10, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$530.11	$5.0M	Form 4
Aug 7, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$531.38	$5.0M	Form 4
Aug 6, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$525.36	$5.0M	Form 4
Aug 6, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$517.05	$4.3M	Form 4
Aug 5, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$518.73	$4.9M	Form 4
Aug 4, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$517.09	$4.9M	Form 4
Aug 3, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$516.06	$4.9M	Form 4
Jul 31, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$518.96	$4.9M	Form 4
Jul 30, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$524.90	$5.0M	Form 4
Jul 29, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$522.37	$5.0M	Form 4
Jul 28, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$526.73	$5.0M	Form 4
Jul 27, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$530.42	$5.0M	Form 4
Jul 24, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$531.74	$5.1M	Form 4
Jul 23, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$528.58	$5.0M	Form 4
Jul 22, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$530.57	$5.0M	Form 4
Jul 21, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$532.24	$5.1M	Form 4
Jul 20, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$531.69	$5.1M	Form 4
Jul 17, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$537.05	$5.1M	Form 4
Jul 16, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$530.91	$5.0M	Form 4
Jul 16, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$533.69	$4.4M	Form 4
Jul 15, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$530.35	$5.0M	Form 4
Jul 14, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$526.83	$5.0M	Form 4
Jul 13, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$536.00	$5.1M	Form 4
Jul 10, 2026	Jan MalcolmDirector	Sold plan	325	$550.59	$0.2M	Form 4
Jul 10, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$544.60	$5.2M	Form 4
Jul 9, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$551.13	$5.2M	Form 4
Jul 8, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$553.17	$5.3M	Form 4
Jul 7, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$558.87	$5.3M	Form 4
Jul 6, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$548.96	$5.2M	Form 4
Jul 2, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$554.61	$5.3M	Form 4
Jul 2, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$552.57	$4.6M	Form 4
Jul 1, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$543.66	$5.2M	Form 4
Jun 30, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$541.01	$5.1M	Form 4
Jun 29, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$545.80	$5.2M	Form 4
Jun 26, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$543.97	$5.2M	Form 4
Jun 25, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$550.40	$5.2M	Form 4
Jun 24, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$548.69	$5.2M	Form 4
Jun 23, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$543.95	$5.2M	Form 4
Jun 22, 2026	James EdgemondCFO and Treasurer	Sold plan	8,750	$538.15	$4.7M	Form 4
Jun 22, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$537.74	$5.1M	Form 4
Jun 18, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$540.15	$5.4M	Form 4
Jun 18, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$540.18	$5.1M	Form 4
Jun 18, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$541.55	$4.5M	Form 4
Jun 17, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$552.40	$5.2M	Form 4
Jun 16, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$549.80	$5.2M	Form 4
Jun 15, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$549.17	$5.5M	Form 4
Jun 15, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$549.15	$5.2M	Form 4
Jun 12, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$541.39	$5.1M	Form 4
Jun 11, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$549.29	$5.5M	Form 4
Jun 11, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$549.23	$5.2M	Form 4
Jun 10, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$545.83	$5.2M	Form 4
Jun 9, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$549.32	$5.2M	Form 4
Jun 8, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$547.50	$5.5M	Form 4
Jun 8, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$547.49	$5.2M	Form 4
Jun 5, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$547.62	$5.2M	Form 4
Jun 4, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$546.28	$5.5M	Form 4
Jun 4, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$546.33	$5.2M	Form 4
Jun 4, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$547.07	$4.5M	Form 4
Jun 3, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$547.61	$5.2M	Form 4
Jun 2, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$538.40	$5.1M	Form 4
Jun 1, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$547.87	$5.5M	Form 4
Jun 1, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$547.91	$5.2M	Form 4
May 29, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$553.83	$5.3M	Form 4
May 28, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$565.63	$5.7M	Form 4
May 28, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$565.64	$5.4M	Form 4
May 27, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$575.40	$5.5M	Form 4
May 26, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$572.94	$5.7M	Form 4
May 26, 2026	Martine A RothblattChairperson & CEO, Director	Bought plan	1,500	$575.96	$0.9M	Form 4
May 26, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	8,000	$572.37	$4.6M	Form 4
May 22, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$567.75	$5.4M	Form 4
May 21, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$564.11	$5.6M	Form 4
May 21, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$564.11	$5.4M	Form 4
May 21, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$562.82	$4.7M	Form 4
May 20, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$565.98	$5.4M	Form 4
May 19, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$567.94	$5.4M	Form 4
May 18, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$567.31	$5.7M	Form 4
May 18, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$567.04	$5.4M	Form 4
May 15, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$568.11	$5.4M	Form 4
May 14, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$574.48	$5.7M	Form 4
May 14, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$574.48	$5.5M	Form 4
May 13, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$578.65	$5.5M	Form 4
May 12, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$578.38	$5.5M	Form 4
May 12, 2026	Nilda MesaDirector	Sold	258	$581.94	$0.2M	Form 4
May 11, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$573.03	$5.7M	Form 4
May 11, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$573.10	$5.4M	Form 4
May 8, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$564.95	$5.4M	Form 4
May 7, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$578.58	$5.8M	Form 4
May 7, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$578.54	$5.5M	Form 4
May 7, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$586.75	$4.9M	Form 4
May 6, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$589.52	$5.6M	Form 4
May 5, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$576.24	$5.5M	Form 4
May 4, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$576.94	$5.8M	Form 4
May 4, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$576.97	$5.5M	Form 4
May 1, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$570.58	$5.4M	Form 4
Apr 30, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$572.60	$5.7M	Form 4
Apr 30, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$572.63	$5.4M	Form 4
Apr 29, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$571.22	$5.4M	Form 4
Apr 28, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$568.04	$5.4M	Form 4
Apr 27, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$568.83	$5.7M	Form 4
Apr 27, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$568.81	$5.4M	Form 4
Apr 24, 2026	Christopher PatuskyDirector	Sold plan	2,910	$569.00	$1.7M	Form 4
Apr 24, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$564.81	$5.4M	Form 4
Apr 23, 2026	James EdgemondCFO and Treasurer	Sold plan	9,636	$572.21	$5.5M	Form 4
Apr 23, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$572.35	$5.4M	Form 4
Apr 22, 2026	James EdgemondCFO and Treasurer	Sold plan	364	$575.85	$0.2M	Form 4
Apr 22, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$576.57	$5.5M	Form 4
Apr 21, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$570.42	$5.4M	Form 4
Apr 20, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$577.86	$5.8M	Form 4
Apr 20, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$577.83	$5.5M	Form 4
Apr 17, 2026	Christopher PatuskyDirector	Sold plan	1,000	$578.88	$0.6M	Form 4
Apr 17, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$586.66	$5.6M	Form 4
Apr 16, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$577.18	$5.8M	Form 4
Apr 16, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$577.21	$5.5M	Form 4
Apr 16, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$576.82	$4.8M	Form 4
Apr 15, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$580.36	$5.5M	Form 4
Apr 14, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$579.36	$5.5M	Form 4
Apr 13, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$574.88	$5.7M	Form 4
Apr 13, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$574.87	$5.5M	Form 4
Apr 10, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$569.28	$5.4M	Form 4
Apr 9, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$577.89	$5.8M	Form 4
Apr 9, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$577.87	$5.5M	Form 4
Apr 8, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$580.45	$5.5M	Form 4
Apr 7, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$564.01	$5.4M	Form 4
Apr 6, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$558.40	$5.6M	Form 4
Apr 6, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$558.41	$5.3M	Form 4
Apr 2, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$561.50	$5.6M	Form 4
Apr 2, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$561.37	$5.3M	Form 4
Apr 2, 2026	Paul A MahonEVP & General Counsel	Sold plan	8,300	$565.87	$4.7M	Form 4
Apr 1, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$581.63	$5.5M	Form 4
Mar 31, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$585.76	$5.6M	Form 4
Mar 30, 2026	Christopher CauseyDirector	Sold plan	1,300	$604.64	$0.8M	Form 4
Mar 30, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$593.17	$5.9M	Form 4
Mar 30, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$590.58	$5.6M	Form 4
Mar 27, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$526.96	$5.0M	Form 4
Mar 26, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$535.90	$5.4M	Form 4
Mar 26, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$535.81	$5.1M	Form 4
Mar 26, 2026	Tommy G ThompsonDirector	Sold	2,000	$539.17	$1.1M	Form 4
Mar 25, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$543.73	$5.2M	Form 4
Mar 24, 2026	Martine A RothblattChairperson & CEO, Director	Sold plan	9,500	$529.36	$5.0M	Form 4
Mar 23, 2026	James EdgemondCFO and Treasurer	Sold plan	10,000	$527.48	$5.3M	Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

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.

Cash vs debt (incl. leases)

FY16

Cash $1.1B

Debt —

FY17

Cash $927M

Debt —

FY18

Cash $1.4B

Debt —

FY19

Cash $1.5B

Debt —

FY20

Cash $1.8B

Debt —

FY21

Cash $1.9B

Debt —

FY22

Cash $2.8B

Debt —

FY23

Cash $3.0B

Debt —

FY24

Cash $3.3B

Debt —

FY25

Cash $2.9B

Debt —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash Debt

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)	—	—	—	—	—

Returns on capital

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.

Return on capital, equity and assets (annual)

FY16

Return on capital —

Return on equity 41.5%

Return on assets 31.7%

FY17

Return on capital —

Return on equity 21.1%

Return on assets 16.1%

FY18

Return on capital —

Return on equity 24.1%

Return on assets 18.8%

FY19

Return on capital —

Return on equity −3.8%

Return on assets −2.9%

FY20

Return on capital —

Return on equity 16.7%

Return on assets 12.1%

FY21

Return on capital —

Return on equity 12.9%

Return on assets 9.7%

FY22

Return on capital —

Return on equity 16.6%

Return on assets 13.0%

FY23

Return on capital —

Return on equity 18.3%

Return on assets 14.9%

FY24

Return on capital —

Return on equity 19.2%

Return on assets 16.5%

FY25

Return on capital —

Return on equity 19.7%

Return on assets 17.5%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Return on capital Return on equity Return on assets

Piotroski F-score

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

Price and value

What does the share cost, and how does it compare?

Value United Therapeutics yourself

KIRA · At $592.84 a share, the company is worth $27.2B: 21.2 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.

Discounted cash flow

Value per share

—

Starting free cash flow Growth, years 1–5 Growth, years 6–10 Growth after year 10 Discount rate

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

—

Earnings per share EPS growth a year P/E multiple Years ahead Discount rate

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

Similar companies

KIRA · United Therapeutics grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 1 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	$27.2B	10.6%	46.9%	32.7%	—	21.2x	—
BioMarin Pharmaceutical BMRN	$10.8B	12.9%	12.7%	22.5%	5.8%	150.7x	5	Compare →
Neurocrine Biosciences NBIX	$15.2B	21.5%	21.6%	26.2%	25.6%	21.4x	6	Compare →
Fortrea FTRE	$2.3B	1.0%	−32.0%	3.2%	−36.2%	—	—	Compare →
Exelixis EXEL	$16.9B	7.0%	37.6%	37.8%	64.9%	20.5x	6	Compare →

All figures

Every number, year by year.

10 years of figures

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.

Download CSV

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.

United Therapeutics

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