Exelixis vs United Therapeutics
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KIRA’s take AI analyst
I put Exelixis and United Therapeutics side by side, using each one’s latest annual report. Here is what stands out:
- United Therapeutics is the larger business, with $3.2B of revenue in fiscal 2025 against $2.3B for Exelixis.
- United Therapeutics grew revenue faster (10.6%, against 7.0%).
- United Therapeutics kept more of each dollar of sales as operating profit (46.9% operating margin, against 37.6%).
- Exelixis turned more of its sales into free cash flow (37.8% FCF margin, against 32.7%).
- Investors pay more for each dollar of United Therapeutics’s earnings: a P/E of 21.2x against 20.5x for Exelixis.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Exelixis
EXEL
5/8
5-year growthGross marginFCF marginReturn on equityShare count change
United Therapeutics
UTHR
3/8
Revenue growthOperating marginNet margin
Side by side
Best in the row
| Latest fiscal year | EXEL FY25 | UTHR FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.9B | $27.2B |
| Revenue | $2.3B | $3.2B |
| Free cash flow | $876M | $1.0B |
| Net income | $783M | $1.3B |
| Growth | ||
| Revenue growth | 7.0% | 10.6% |
| 5-year growth | 18.6% | 16.5% |
| Share count change | −4.8% | −1.2% |
| Profitability | ||
| Gross margin | 96.4% | 87.9% |
| Operating margin | 37.6% | 46.9% |
| Net margin | 33.7% | 41.9% |
| FCF margin | 37.8% | 32.7% |
| Return on capital | 64.9% | — |
| Return on equity | 35.5% | 19.7% |
| Balance sheet | ||
| Net debt | −$1.1B | — |
| Net debt / EBITDA | −1.2x | — |
| Dividends and buybacks | $948M | $1.0B |
| Valuation & quality | ||
| P/E | 20.5x | 21.2x |
| Piotroski F-score | 6 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.