United Therapeutics Corp
UTHRHealthcare|Drug Manufacturers - Specialty & Generic|USA
$547.06
-5.42 (-0.98%)
DCF (FCF)
$355.12
Tangible Book
$137.24
Graham Number
$291.18
Earnings Power
$241.84
Financials
Financial Snapshot
Market Cap
$23.22B
Enterprise Value
$2.15B
Revenue (TTM)
$3.17B
Net Income (TTM)
$1.29B
Cash & Equivalents
—
Net Cash/Share
$31.80
Free Cash Flow (TTM)
$1.01B
Operating CF (TTM)
$1.56B
Debt/Equity
0
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.05B | $927.4M | $1.42B | $1.49B | $1.83B | $1.93B | $2.84B | $2.99B | $3.27B | $2.92B | $2.15B | |
| Operating Cash Flow | $643.6M | $474.2M | $778.4M | $-206.6M | $755.7M | $598.2M | $802.5M | $978.0M | $1.33B | $1.56B | $1.56B | |
| Free Cash Flow | $605.6M | $387.9M | $594.0M | $-290.3M | $696.4M | $477.4M | $663.7M | $747.6M | $1.08B | $1.04B | $1.01B | |
| Capital Expenditure | $-38.0M | $-86.3M | $-184.4M | $-83.7M | $-59.3M | $-120.8M | $-138.8M | $-230.4M | $-246.5M | $-526.0M | $-551.9M | |
| Financing Cash Flow | $-497.7M | $43.3M | $6.3M | $611.2M | $-16.9M | $44.8M | $75.4M | $-11.9M | $-1.25B | $-1.15B | $-2.54B |
R&D Spending
R&D (TTM)
$539.2M
R&D Intensity
17.0%
R&D Growth YoY
-2.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.60B | $1.73B | $1.63B | $1.45B | $1.48B | $1.69B | $1.94B | $2.33B | $2.88B | $3.18B | $3.17B | |
| R&D Expense | $147.6M | $264.6M | $357.9M | $1.18B | $357.7M | $540.1M | $322.9M | $408.0M | $481.0M | $550.0M | $539.2M | |
| R&D % of Revenue | 9.2% | 15.3% | 22.0% | 81.6% | 24.1% | 32.0% | 16.7% | 17.5% | 16.7% | 17.3% | 17.0% | |
| SG&A | $316.8M | $330.1M | $265.8M | $336.2M | $423.9M | $467.0M | $482.1M | $477.1M | $638.6M | $731.1M | $746.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.60B | $1.73B | $1.63B | $1.45B | $1.48B | $1.69B | $1.94B | $2.33B | $2.88B | $3.18B | $3.17B | |
| Cost of Goods Sold | $72.7M | $105.7M | $198.7M | $117.6M | $108.1M | $122.5M | $151.6M | $257.5M | $309.7M | $384.4M | $425.3M | |
| Gross Profit | $1.53B | $1.62B | $1.43B | $1.33B | $1.38B | $1.56B | $1.78B | $2.07B | $2.57B | $2.80B | $2.74B | |
| R&D | $147.6M | $264.6M | $357.9M | $1.18B | $357.7M | $540.1M | $322.9M | $408.0M | $481.0M | $550.0M | $539.2M | |
| SG&A | $316.8M | $330.1M | $265.8M | $336.2M | $423.9M | $467.0M | $482.1M | $477.1M | $638.6M | $731.1M | $746.5M | |
| Operating Income | $1.06B | $1.02B | $805.4M | $-187.6M | $593.6M | $555.9M | $979.7M | $1.18B | $1.45B | $1.52B | $1.46B | |
| Interest Expense | $-3.9M | $-9.0M | $-13.9M | $-44.2M | $-23.5M | $-18.6M | $-32.4M | $-59.3M | $-42.9M | $-19.5M | $-16.4M | |
| Pretax Income | $1.06B | $769.5M | $758.9M | $-165.0M | $638.9M | $593.9M | $950.6M | $1.27B | $1.54B | $1.71B | $1.61B | |
| Net Income | $713.7M | $417.9M | $589.2M | $-104.5M | $514.8M | $475.8M | $727.3M | $984.8M | $1.20B | $1.33B | $1.29B | |
| EPS (Diluted) | 15.25 | 9.31 | 13.39 | -2.39 | 11.54 | 10.06 | 15.00 | 19.81 | 24.64 | 27.86 | 27.09 | |
| EBITDA | $1.10B | $809.5M | $808.7M | $-74.9M | $712.3M | $662.4M | $1.03B | $1.39B | $1.65B | $1.82B | $1.71B | |
| Shares Out. (M) | 46.80 | 44.90 | 44.00 | 43.80 | 44.60 | 47.30 | 48.50 | 49.70 | 48.50 | 47.90 | 47.20 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.02B | $705.1M | $669.2M | $738.4M | $738.7M | $894.8M | $961.2M | $1.21B | $1.70B | $1.56B | $1.28B | |
| Marketable Securities | $27.8M | $222.3M | $746.7M | $747.5M | $1.10B | $1.04B | $1.88B | $1.79B | $1.57B | $1.36B | $874.0M | |
| Total Current Assets | $1.42B | $1.45B | $1.77B | $1.86B | $2.17B | $2.32B | $3.38B | $3.55B | $3.87B | $3.70B | $2.87B | |
| Total Assets | $2.33B | $2.88B | $3.40B | $3.91B | $4.62B | $5.17B | $6.04B | $7.17B | $7.36B | $7.88B | $6.71B | |
| Total Current Liabilities | $332.5M | $444.7M | $276.6M | $463.0M | $323.3M | $305.4M | $343.2M | $804.4M | $738.1M | $560.6M | $599.1M | |
| Long-Term Debt | $0.00 | $250.0M | $250.0M | $600.0M | $800.0M | $800.0M | $800.0M | $300.0M | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $463.4M | $758.4M | $593.2M | $1.13B | $1.22B | $1.21B | $1.25B | $1.18B | $920.0M | $783.8M | $813.1M | |
| Stockholders' Equity | $1.86B | $2.12B | $2.81B | $2.78B | $3.40B | $3.96B | $4.80B | $5.98B | $6.44B | $7.10B | $5.90B | |
| Retained Earnings | $2.43B | $2.85B | $3.43B | $3.33B | $3.84B | $4.32B | $5.04B | $6.03B | $7.22B | $8.56B | $8.83B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $643.6M | $474.2M | $778.4M | $-206.6M | $755.7M | $598.2M | $802.5M | $978.0M | $1.33B | $1.56B | $1.56B | |
| Capital Expenditure | $-38.0M | $-86.3M | $-184.4M | $-83.7M | $-59.3M | $-120.8M | $-138.8M | $-230.4M | $-246.5M | $-526.0M | $-551.9M | |
| Free Cash Flow | $605.6M | $387.9M | $594.0M | $-290.3M | $696.4M | $477.4M | $663.7M | $747.6M | $1.08B | $1.04B | $1.01B | |
| Investing Cash Flow | $48.3M | $-835.6M | $-820.6M | $-335.4M | $-738.5M | $-486.9M | $-811.5M | $-719.6M | $417.2M | $-551.3M | $357.1M | |
| Financing Cash Flow | $-497.7M | $43.3M | $6.3M | $611.2M | $-16.9M | $44.8M | $75.4M | $-11.9M | $-1.25B | $-1.15B | $-2.54B | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $-500.0M | $-250.0M | $0.00 | $-2.1M | $-3.7M | $-10.8M | $-11.4M | $-13.8M | $-1.01B | $-1.02B | $-2.52B | |
| Issuance of Debt | $0.00 | $250.0M | $250.0M | $800.0M | $0.00 | $0.00 | $1.60B | $0.00 | $0.00 | $200.0M | $200.0M | |
| Payments of Debt | $-8.8M | $0.00 | $-250.0M | $-200.0M | $-50.0M | $0.00 | $-1.60B | $-100.0M | $-400.0M | $-500.0M | $-400.0M | |
| Stock Based Comp. | $12.1M | $73.5M | $-26.4M | $45.4M | $163.8M | $138.5M | $106.8M | $39.1M | $144.0M | $147.7M | $149.8M | |
| Net Change in Cash | $191.2M | $-317.9M | $-35.9M | $69.2M | $300.0K | $156.1M | $66.4M | $246.5M | $489.5M | $-140.1M | $-620.2M |
Dilution Tracker
Shares Outstanding
47M
5-Year Share Growth
-0.2%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 46.80 | 44.90 | 44.00 | 43.80 | 44.60 | 47.30 | 48.50 | 49.70 | 48.50 | 47.90 | 47.20 | |
| YoY Change % | — | -4.1% | -2.0% | -0.5% | 1.8% | 6.1% | 2.5% | 2.5% | -2.4% | -1.2% | -1.5% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $-500.0M | $-250.0M | $0.00 | $-2.1M | $-3.7M | $-10.8M | $-11.4M | $-13.8M | $-1.01B | $-1.02B | $-2.52B | |
| Stock Based Comp. | $12.1M | $73.5M | $-26.4M | $45.4M | $163.8M | $138.5M | $106.8M | $39.1M | $144.0M | $147.7M | $149.8M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 95.5% | 93.9% | 87.8% | 91.9% | 92.7% | 92.7% | 92.2% | 88.9% | 89.2% | 87.9% | 86.6% | |
| Operating Margin % | 66.4% | 59.4% | 49.5% | -12.9% | 40.0% | 33.0% | 50.6% | 50.9% | 50.3% | 47.7% | 46.0% | |
| Net Margin % | 44.6% | 24.2% | 36.2% | -7.2% | 34.7% | 28.2% | 37.6% | 42.3% | 41.5% | 41.9% | 40.6% | |
| EBITDA Margin % | 68.5% | 46.9% | 49.7% | -5.2% | 48.0% | 39.3% | 53.4% | 59.6% | 57.5% | 57.2% | 54.1% | |
| FCF Margin % | 37.9% | 22.5% | 36.5% | -20.0% | 46.9% | 28.3% | 34.3% | 32.1% | 37.6% | 32.5% | 31.9% | |
| ROE % | 41.2% | 21.0% | 23.9% | -3.7% | 16.7% | 12.9% | 16.6% | 18.3% | 19.2% | 19.7% | 19.2% | |
| ROA % | 31.6% | 16.1% | 18.8% | -2.9% | 12.1% | 9.7% | 13.0% | 14.9% | 16.4% | 17.5% | 17.1% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)20.19
Historical5.38 / 13.20 / 22.93
Industry Med.20.77
P/S8.20
Historical2.12 / 4.83 / 8.82
Industry Med.2.30
P/B3.91
Historical1.28 / 2.22 / 4.20
Industry Med.1.91
EV/EBITDA11.73
Historical-59.70 / 7.10 / 15.27
Industry Med.12.99
EV/Revenue6.34
Historical1.69 / 3.95 / 8.08
Industry Med.2.45
P/FCF25.63
Historical6.84 / 14.57 / 27.57
Industry Med.20.81
Intrinsic Value Models
DCF (FCF Based)
$355.12
Tangible Book
$137.24
Net Current Assets
$48.840
Graham Number
$291.18
Peter Lynch Value
$686.43
Median P/S Value
$327.26
Net-Net Working Capital
$39.47
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 9.41 | 15.89 | 8.13 | At Loss | 13.15 | 21.48 | 18.54 | 11.10 | 14.32 | 17.49 | 20.19 | |
| PS Ratio | 4.20 | 3.85 | 2.94 | 2.66 | 4.56 | 6.06 | 6.97 | 4.70 | 5.95 | 7.33 | 8.20 | |
| PB Ratio | 3.33 | 3.04 | 1.70 | 1.39 | 1.99 | 2.46 | 2.67 | 1.73 | 2.45 | 3.00 | 3.91 | |
| EV/EBITDA | 4.68 | 7.09 | 4.45 | -43.12 | 8.03 | 13.01 | 10.41 | 5.80 | 7.77 | 10.09 | 11.73 | |
| EV/Revenue | 3.20 | 3.33 | 2.21 | 2.23 | 3.86 | 5.11 | 5.56 | 3.46 | 4.47 | 5.76 | 6.34 |
Analyst Estimates & Quality
Altman Z-Score
20.65
Safe
Piotroski F-Score
5
Moderate
Beneish M-Score
-2.67
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $3,251M | $3,703M | $4,280M |
| Net Income | $1,247M | $1,459M | $1,747M |
| EPS | 27.13 | 32.33 | 38.11 |
| Book Value per Share | 178.20 | 195.13 | 272.75 |
| Operating Cash Flow per Share | 34.15 | 38.48 | 53.06 |
| Operating CF | $1,611.72M | $1,816.41M | $2,504.43M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Tyvaso DPI | $1.29B |
| Adcirca | $30.0M |
| Nebulized Tyvaso | $585.7M |
| Orenitram | $496.9M |
| Other | $24.0M |
| Remodulin | $526.8M |
| Unituxin | $226.8M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $3.04B |
| Rest-of-World (ROW) | $145.7M |