Fortrea vs United Therapeutics
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The short version
- United Therapeutics is the larger business, with $3.2B of revenue in fiscal 2025 against $2.7B for Fortrea.
- United Therapeutics grew revenue faster (10.6%, against 1.0%).
- United Therapeutics kept more of each dollar of sales as operating profit (46.9% operating margin, against β32.0%).
- United Therapeutics turned more of its sales into free cash flow (32.7% FCF margin, against 3.2%).
| Latest fiscal year | FTRE Β· FY25 | UTHR Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.2B | $26.9B |
| Revenue | $2.7B | $3.2B |
| Free cash flow | $88.3M | $1.0B |
| Net income | β$986M | $1.3B |
| Growth | ||
| Revenue growth | 1.0% | 10.6% |
| 5-year growth | β | 16.5% |
| Share count change | β | β1.2% |
| Profitability | ||
| Gross margin | β | 87.9% |
| Operating margin | β32.0% | 46.9% |
| Net margin | β36.2% | 41.9% |
| FCF margin | 3.2% | 32.7% |
| Return on capital | β36.2% | β |
| Return on equity | β102.4% | 19.7% |
| Balance sheet | ||
| Net debt | $878M | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $0.0M | $1.0B |
| Valuation & quality | ||
| P/E | β | 21.0x |
| Piotroski F-score | β | β |
Revenue
FY16
FTRE β
UTHR $1.6B
FY17
FTRE β
UTHR $1.7B
FY18
FTRE β
UTHR $1.6B
FY19
FTRE β
UTHR $1.4B
FY20
FTRE β
UTHR $1.5B
FY21
FTRE $3.1B
UTHR $1.7B
FY22
FTRE $2.8B
UTHR $1.9B
FY23
FTRE $2.8B
UTHR $2.3B
FY24
FTRE $2.7B
UTHR $2.9B
FY25
FTRE $2.7B
UTHR $3.2B
FTRE
UTHR
Operating margin
FY16
FTRE β
UTHR 66.4%
FY17
FTRE β
UTHR 47.2%
FY18
FTRE β
UTHR 49.5%
FY19
FTRE β
UTHR β13.0%
FY20
FTRE β
UTHR 40.0%
FY21
FTRE 3.7%
UTHR 33.0%
FY22
FTRE 6.6%
UTHR 50.6%
FY23
FTRE 1.1%
UTHR 50.9%
FY24
FTRE β6.0%
UTHR 47.9%
FY25
FTRE β32.0%
UTHR 46.9%
FTRE
UTHR
Free cash flow
FY16
FTRE β
UTHR $606M
FY17
FTRE β
UTHR $388M
FY18
FTRE β
UTHR $594M
FY19
FTRE β
UTHR β$290M
FY20
FTRE β
UTHR $696M
FY21
FTRE $143M
UTHR $477M
FY22
FTRE $28.3M
UTHR $664M
FY23
FTRE $128M
UTHR $748M
FY24
FTRE $237M
UTHR $1.1B
FY25
FTRE $88.3M
UTHR $1.0B
FTRE
UTHR
Return on capital
FY16
FTRE β
UTHR β
FY17
FTRE β
UTHR β
FY18
FTRE β
UTHR β
FY19
FTRE β
UTHR β
FY20
FTRE β
UTHR β
FY21
FTRE β
UTHR β
FY22
FTRE β
UTHR β
FY23
FTRE 0.8%
UTHR β
FY24
FTRE β4.6%
UTHR β
FY25
FTRE β36.2%
UTHR β
FTRE
UTHR
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.