NASDAQ : UTHR
United Therapeutics Corporation — Financial statements
Healthcare · Drug Manufacturers - Specialty & Generic · United States
Last price 598.72 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 25.68B
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Financial statements
United Therapeutics Corporation (UTHR) reported revenue of 3.15B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 3.15B | 3.18B | 2.88B | 2.33B | 1.94B | 1.69B |
| Revenue | 3.15B | 3.18B | 2.88B | 2.33B | 1.94B | 1.69B |
| Cost of Revenue | 437.20M | 384.40M | 309.70M | 257.50M | 151.60M | 122.50M |
| Gross Profit | 2.72B | 2.80B | 2.57B | 2.07B | 1.78B | 1.56B |
| Selling, General & Admin | 761.10M | 731.20M | 635.20M | 473.60M | 472.80M | 466.10M |
| Research & Development | 551.50M | 550.00M | 481.00M | 408.00M | 322.90M | 410.00M |
| Operating Expenses | 1.31B | 1.28B | 1.12B | 881.60M | 795.70M | 876.10M |
| Operating Income | 1.40B | 1.52B | 1.45B | 1.19B | 989.00M | 686.90M |
| Interest Expense | -12.00M | -19.50M | -42.90M | -59.30M | -32.40M | -18.60M |
| Interest & Investment Income | 162.90M | 192.00M | 199.10M | 162.70M | 45.20M | 16.70M |
| Other Non Operating Income (Expenses) | 16.30M | 6.00M | -6.60M | -17.50M | -38.30M | 43.80M |
| EBT Excluding Unusual Items | 1.57B | 1.70B | 1.60B | 1.27B | 963.50M | 728.80M |
| Gain (Loss) on Sale of Investments | 4.10M | 43.00M | 9.00M | -1.70M | -2.30M | |
| Asset Writedown | -21.70M | -11.20M | -132.60M | |||
| Legal Settlements | -3.00M | -3.00M | -71.10M | |||
| Pretax Income | 1.57B | 1.71B | 1.54B | 1.27B | 950.60M | 593.90M |
| Income Tax Expense | 262.10M | 379.20M | 343.90M | 289.50M | 223.30M | 118.10M |
| Net Income | 1.31B | 1.33B | 1.20B | 984.80M | 727.30M | 475.80M |
| Net Income to Common | 1.31B | 1.33B | 1.20B | 984.80M | 727.30M | 475.80M |
| Shares Outstanding (Basic) | 43.30M | 44.30M | 45.20M | 46.80M | 45.50M | 44.90M |
| Shares Outstanding (Diluted) | 46.90M | 47.90M | 48.50M | 49.70M | 48.50M | 47.30M |
| EPS (Basic) | 30.27 | 30.13 | 26.44 | 21.04 | 15.98 | 10.60 |
| EPS (Diluted) | 27.95 | 27.86 | 24.64 | 19.81 | 15.00 | 10.06 |
| Free Cash Flow | 1.09B | 1.04B | 1.08B | 747.60M | 663.70M | 477.40M |
| Free Cash Flow Per Share | 23.30 | 21.73 | 22.28 | 15.04 | 13.69 | 10.09 |
| Gross Margin | 86.14% | 87.92% | 89.24% | 88.94% | 92.17% | 92.73% |
| Operating Margin | 44.53% | 47.67% | 50.44% | 51.06% | 51.08% | 40.75% |
| Profit Margin | 41.56% | 41.94% | 41.53% | 42.31% | 37.56% | 28.23% |
| Free Cash Flow Margin | 34.65% | 32.70% | 37.55% | 32.12% | 34.28% | 28.32% |
| EBITDA | 1.50B | 1.60B | 1.52B | 1.24B | 1.04B | 736.80M |
| EBITDA Margin | 47.43% | 50.36% | 52.96% | 53.34% | 53.73% | 43.71% |
| D&A For EBITDA | 91.50M | 85.60M | 72.50M | 53.20M | 51.30M | 49.90M |
| EBIT | 1.40B | 1.52B | 1.45B | 1.19B | 989.00M | 686.90M |
| EBIT Margin | 44.53% | 47.67% | 50.44% | 51.06% | 51.08% | 40.75% |
| Effective Tax Rate | 16.66% | 22.12% | 22.35% | 22.72% | 23.49% | 19.89% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.80B | 1.56B | 1.70B | 1.21B | 961.20M | 894.80M |
| Short-Term Investments | 859.10M | 1.36B | 1.57B | 1.79B | 1.88B | 1.04B |
| Cash & Short-Term Investments | 2.66B | 2.92B | 3.27B | 2.99B | 2.84B | 1.93B |
| Accounts Receivable | 310.30M | 350.20M | 279.30M | 278.90M | 220.40M | 198.70M |
| Other Receivables | 21.00M | 70.00M | ||||
| Receivables | 310.30M | 350.20M | 279.30M | 299.90M | 290.40M | 198.70M |
| Inventory | 193.80M | 183.10M | 157.90M | 111.80M | 102.00M | 93.80M |
| Other Current Assets | 317.30M | 248.90M | 169.70M | 145.20M | 149.20M | 100.40M |
| Total Current Assets | 3.48B | 3.70B | 3.87B | 3.55B | 3.38B | 2.32B |
| Property, Plant & Equipment | 1.93B | 1.73B | 1.22B | 1.05B | 861.50M | 780.90M |
| Long-Term Investments | 1.23B | 1.83B | 1.53B | 1.94B | 1.34B | 1.68B |
| Goodwill | 32.30M | 32.30M | 33.70M | 28.00M | 28.00M | |
| Other Intangible Assets | 114.10M | 84.20M | 79.60M | 80.50M | 16.50M | 16.60M |
| Long-Term Deferred Tax Assets | 311.60M | 357.70M | 458.40M | 394.80M | 327.70M | 261.90M |
| Other Long-Term Assets | 147.90M | 143.10M | 163.10M | 123.30M | 85.80M | 77.10M |
| Total Assets | 7.22B | 7.88B | 7.36B | 7.17B | 6.04B | 5.17B |
| Accounts Payable | 497.80M | 7.10M | 6.00M | 5.60M | 4.10M | 3.80M |
| Accrued Expenses | 506.90M | 369.30M | 358.30M | 326.10M | 291.40M | |
| Current Portion of Long-Term Debt | 300.00M | 400.00M | ||||
| Current Portion of Leases | 7.30M | |||||
| Other Current Liabilities | 110.00M | 39.30M | 62.80M | 40.50M | 13.00M | 10.20M |
| Total Current Liabilities | 607.80M | 560.60M | 738.10M | 804.40M | 343.20M | 305.40M |
| Long-Term Debt | 300.00M | 800.00M | 800.00M | |||
| Long-Term Leases | 30.30M | |||||
| Pension & Post-Retirement Benefits | 28.80M | 21.30M | 18.30M | 32.00M | 48.90M | |
| Other Long-Term Liabilities | 212.00M | 164.10M | 160.60M | 59.50M | 72.60M | 55.90M |
| Total Liabilities | 819.80M | 783.80M | 920.00M | 1.18B | 1.25B | 1.21B |
| Common Stock | 800.00K | 800.00K | 800.00K | 700.00K | 700.00K | 700.00K |
| Additional Paid-In Capital | 2.90B | 2.80B | 2.70B | 2.55B | 2.39B | 2.25B |
| Retained Earnings | 9.16B | 8.56B | 7.22B | 6.03B | 5.04B | 4.32B |
| Treasury Stock | -5.64B | -4.26B | -3.47B | -2.58B | -2.58B | -2.58B |
| Comprehensive Income & Other | -16.20M | 900.00K | -3.40M | -12.80M | -55.50M | -23.00M |
| Shareholders' Equity | 6.40B | 7.10B | 6.44B | 5.98B | 4.80B | 3.96B |
| Total Liabilities & Equity | 7.22B | 7.88B | 7.36B | 7.17B | 6.04B | 5.17B |
| Total Debt | 37.60M | 300.00M | 700.00M | 800.00M | 800.00M | |
| Net Cash (Debt) | 3.80B | 4.66B | 4.44B | 4.20B | 3.35B | 2.78B |
| Net Cash Per Share | 81.10 | 97.27 | 91.59 | 84.59 | 69.17 | 58.79 |
| Filing Date Shares Outstanding | 42.89M | 43.83M | 44.91M | 47.06M | 46.30M | 45.13M |
| Total Common Shares Outstanding | 42.68M | 43.64M | 44.83M | 47.04M | 46.03M | 45.11M |
| Working Capital | 2.88B | 3.14B | 3.14B | 2.75B | 3.04B | 2.02B |
| Book Value Per Share | 149.97 | 162.60 | 143.74 | 127.23 | 104.20 | 87.77 |
| Tangible Book Value | 6.29B | 6.98B | 6.33B | 5.87B | 4.75B | 3.91B |
| Tangible Book Value Per Share | 147.30 | 159.93 | 141.24 | 124.80 | 103.24 | 86.78 |
| Land | 275.80M | 266.50M | 181.90M | 148.00M | 142.70M | 132.60M |
| Buildings | 955.10M | 944.70M | 863.80M | 685.30M | 636.70M | 612.70M |
| Machinery | 517.30M | 493.60M | 449.70M | 381.20M | 353.90M | 322.90M |
| Construction In Progress | 794.00M | 592.70M | 218.20M | 259.10M | 110.90M | 55.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.31B | 1.33B | 1.20B | 984.80M | 727.30M | 475.80M |
| Depreciation & Amortization | 91.50M | 85.60M | 72.50M | 53.20M | 51.30M | 49.90M |
| Asset Writedown & Restructuring Costs | 21.70M | 3.60M | 11.20M | 132.60M | ||
| Loss (Gain) From Sale of Investments | 38.90M | -5.40M | -90.30M | |||
| Stock-Based Compensation | 155.40M | 147.70M | 144.00M | 39.10M | 106.80M | 138.50M |
| Other Operating Activities | 181.70M | 78.00M | -88.40M | -69.30M | 52.50M | 65.90M |
| Change in Accounts Receivable | 69.00M | -70.90M | -400.00K | -58.50M | -21.70M | -41.30M |
| Change in Inventory | -91.80M | -52.60M | -46.90M | -13.60M | -13.40M | -7.50M |
| Change in Accounts Payable | 37.70M | 97.90M | 42.70M | 57.10M | 44.50M | -12.50M |
| Change in Other Net Operating Assets | -108.10M | -80.90M | 8.50M | -18.40M | -150.60M | -112.90M |
| Operating Cash Flow | 1.69B | 1.56B | 1.33B | 978.00M | 802.50M | 598.20M |
| Capital Expenditures | -592.20M | -520.50M | -246.50M | -230.40M | -138.80M | -120.80M |
| Cash Acquisitions | -89.20M | |||||
| Sale (Purchase) of Intangibles | -5.50M | -5.50M | ||||
| Investment in Securities | 1.35B | -14.90M | 692.20M | -377.00M | -676.20M | -366.10M |
| Other Investing Activities | -7.00M | -10.40M | -28.50M | -23.00M | 3.50M | |
| Investing Cash Flow | 744.50M | -551.30M | 417.20M | -719.60M | -811.50M | -486.90M |
| Long-Term Debt Issued | 200.00M | 800.00M | ||||
| Long-Term Debt Repaid | -500.00M | -400.00M | -100.00M | -800.00M | ||
| Net Debt Issued (Repaid) | -300.00M | -400.00M | -100.00M | |||
| Issuance of Common Stock | 343.70M | 183.10M | 160.10M | 104.60M | 94.30M | 55.60M |
| Repurchase of Common Stock | -2.56B | -1.02B | -1.01B | -13.80M | -11.40M | -10.80M |
| Other Financing Activities | -3.40M | -11.50M | -2.70M | -2.70M | -7.50M | |
| Financing Cash Flow | -2.22B | -1.15B | -1.25B | -11.90M | 75.40M | 44.80M |
| Net Cash Flow | 210.10M | -140.10M | 489.50M | 246.50M | 66.40M | 156.10M |
| Free Cash Flow | 1.09B | 1.04B | 1.08B | 747.60M | 663.70M | 477.40M |
| Free Cash Flow Margin | 34.65% | 32.70% | 37.55% | 32.12% | 34.28% | 28.32% |
| Free Cash Flow Per Share | 23.30 | 21.73 | 22.28 | 15.04 | 13.69 | 10.09 |
| Levered Free Cash Flow | 557.14M | 583.20M | 834.08M | 613.49M | 506.27M | 406.69M |
| Unlevered Free Cash Flow | 564.64M | 595.39M | 860.89M | 650.55M | 526.52M | 418.31M |
| Cash Interest Paid | 7.70M | 13.50M | 40.20M | 56.00M | 29.10M | 16.20M |
| Cash Income Tax Paid | 161.90M | 313.30M | 400.60M | 332.50M | 275.70M | 153.30M |
| Change in Working Capital | -93.20M | -106.50M | 3.90M | -33.40M | -141.20M | -174.20M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 25.57B | 20.98B | 15.75B | 10.33B | 12.67B | 9.73B |
| Enterprise Value | 21.77B | 16.64B | 11.55B | 6.20B | 9.42B | 7.02B |
| Last Close Price | 598.72 | 487.25 | 352.84 | 219.89 | 278.09 | 216.08 |
| PE Ratio | 21.33 | 15.72 | 13.18 | 10.49 | 17.43 | 20.45 |
| Forward PE | 21.07 | 17.14 | 12.17 | 9.93 | 13.56 | 13.45 |
| PS Ratio | 8.11 | 6.59 | 5.47 | 4.44 | 6.55 | 5.77 |
| PB Ratio | 3.99 | 2.96 | 2.44 | 1.73 | 2.64 | 2.46 |
| P/TBV Ratio | 4.07 | 3.01 | 2.49 | 1.76 | 2.67 | 2.49 |
| P/FCF Ratio | 23.39 | 20.16 | 14.58 | 13.82 | 19.10 | 20.38 |
| P/OCF Ratio | 15.17 | 13.44 | 11.87 | 10.57 | 15.79 | 16.27 |
| PEG Ratio | 3.21 | 4.43 | 1.02 | 13.47 | 1.03 | 0.71 |
| EV/Sales Ratio | 6.90 | 5.23 | 4.01 | 2.66 | 4.86 | 4.17 |
| EV/EBITDA Ratio | 14.55 | 10.38 | 7.58 | 4.99 | 9.05 | 9.53 |
| EV/EBIT Ratio | 15.49 | 10.97 | 7.96 | 5.21 | 9.52 | 10.22 |
| EV/FCF Ratio | 19.91 | 15.99 | 10.69 | 8.29 | 14.19 | 14.71 |
| Debt / Equity Ratio | 0.01 | 0.05 | 0.12 | 0.17 | 0.20 | |
| Debt / EBITDA Ratio | 0.02 | 0.20 | 0.56 | 0.77 | 1.09 | |
| Debt / FCF Ratio | 0.04 | 0.28 | 0.94 | 1.21 | 1.68 | |
| Net Debt / Equity Ratio | -0.59 | -0.66 | -0.69 | -0.70 | -0.70 | -0.70 |
| Net Debt / EBITDA Ratio | -2.54 | -2.91 | -2.92 | -3.39 | -3.23 | -3.77 |
| Net Debt / FCF Ratio | -3.48 | -4.48 | -4.11 | -5.62 | -5.05 | -5.82 |
| Asset Turnover | 0.42 | 0.42 | 0.40 | 0.35 | 0.34 | 0.34 |
| Inventory Turnover | 2.41 | 2.25 | 2.30 | 2.41 | 1.55 | 1.36 |
| Quick Ratio | 4.89 | 5.83 | 4.80 | 4.09 | 9.12 | 6.97 |
| Current Ratio | 5.73 | 6.61 | 5.25 | 4.41 | 9.85 | 7.61 |
| Return on Equity (ROE) | 19.31% | 19.71% | 19.23% | 18.27% | 16.61% | 12.94% |
| Return on Assets (ROA) | 11.61% | 12.44% | 12.49% | 11.24% | 11.03% | 8.78% |
| Return on Invested Capital (ROIC) | 31.28% | 30.73% | 31.45% | 28.48% | 27.09% | 21.21% |
| Return on Capital Employed (ROCE) | 21.20% | 20.70% | 21.90% | 18.70% | 17.30% | 14.10% |
| Earnings Yield | 4.69% | 6.36% | 7.59% | 9.53% | 5.74% | 4.89% |
| FCF Yield | 4.27% | 4.96% | 6.86% | 7.23% | 5.24% | 4.91% |
| Buyback Yield / Dilution | 3.20% | 1.24% | 2.41% | -2.47% | -2.54% | -6.05% |