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United Therapeutics Corp. Financials

UTHR
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows United Therapeutics Corp. (UTHR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 84 / 100
Financial Profile 84/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
100

United Therapeutics Corp. has an operating margin of 46.9%, meaning the company retains $47 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 47.9% the prior year.

Growth
51

United Therapeutics Corp.'s revenue grew 10.6% year-over-year to $3.2B, a solid pace of expansion. This earns a growth score of 51/100.

Leverage
100

United Therapeutics Corp. carries a low D/E ratio of 0.11, meaning only $0.11 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 6.60, United Therapeutics Corp. holds $6.60 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
100

United Therapeutics Corp. converts 32.7% of revenue into free cash flow ($1.0B). This strong cash generation earns a score of 100/100.

Returns
53

United Therapeutics Corp.'s ROE of 18.8% shows moderate profitability relative to equity, earning a score of 53/100. This is up from 18.6% the prior year.

Altman Z-Score Safe
22.16

United Therapeutics Corp. scores 22.16, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($25.0B) relative to total liabilities ($783.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
7/9

United Therapeutics Corp. passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.17x

For every $1 of reported earnings, United Therapeutics Corp. generates $1.17 in operating cash flow ($1.6B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
76.5x

United Therapeutics Corp. earns $76.5 in operating income for every $1 of interest expense ($1.5B vs $19.5M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.2B
YoY+10.6%
5Y CAGR+16.5%
10Y CAGR+8.1%

United Therapeutics Corp. generated $3.2B in revenue in fiscal year 2025. This represents an increase of 10.6% from the prior year.

EBITDA
$1.6B
YoY+8.9%
5Y CAGR+19.7%
10Y CAGR+8.0%

United Therapeutics Corp.'s EBITDA was $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.9% from the prior year.

Net Income
$1.3B
YoY+11.7%
5Y CAGR+21.0%
10Y CAGR+7.4%

United Therapeutics Corp. reported $1.3B in net income in fiscal year 2025. This represents an increase of 11.7% from the prior year.

EPS (Diluted)
$27.86
YoY+13.1%
5Y CAGR+19.3%
10Y CAGR+8.2%

United Therapeutics Corp. earned $27.86 per diluted share (EPS) in fiscal year 2025. This represents an increase of 13.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.0B
YoY-3.7%
5Y CAGR+8.4%
10Y CAGR+12.1%

United Therapeutics Corp. generated $1.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 3.7% from the prior year.

Cash & Debt
$1.6B
YoY-8.3%
5Y CAGR+16.1%
10Y CAGR+6.5%

United Therapeutics Corp. held $1.6B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
44M
YoY-2.7%
5Y CAGR-0.4%
10Y CAGR-0.4%

United Therapeutics Corp. had 44M shares outstanding in fiscal year 2025. This represents a decrease of 2.7% from the prior year.

Margins & Returns

Gross Margin
87.9%
YoY-1.3pp
5Y CAGR-4.8pp
10Y CAGR-7.4pp

United Therapeutics Corp.'s gross margin was 87.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.3 percentage points from the prior year.

Operating Margin
46.9%
YoY-1.0pp
5Y CAGR+6.9pp
10Y CAGR-0.8pp

United Therapeutics Corp.'s operating margin was 46.9% in fiscal year 2025, reflecting core business profitability. This is down 1.0 percentage points from the prior year.

Net Margin
41.9%
YoY+0.4pp
5Y CAGR+7.2pp
10Y CAGR-2.5pp

United Therapeutics Corp.'s net profit margin was 41.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.4 percentage points from the prior year.

Return on Equity
18.8%
YoY+0.3pp
5Y CAGR+3.6pp
10Y CAGR-22.2pp

United Therapeutics Corp.'s ROE was 18.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the prior year.

Capital Allocation

R&D Spending
$550.0M
YoY+14.3%
5Y CAGR+9.0%
10Y CAGR+8.4%

United Therapeutics Corp. invested $550.0M in research and development in fiscal year 2025. This represents an increase of 14.3% from the prior year.

Share Buybacks
$1.0B
YoY+0.0%
10Y CAGR+9.7%

United Therapeutics Corp. spent $1.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 0.0% from the prior year.

Capital Expenditures
$520.5M
YoY+111.2%
5Y CAGR+54.4%
10Y CAGR+26.5%

United Therapeutics Corp. invested $520.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 111.2% from the prior year.

UTHR Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $790.2M-1.2% $799.5M+0.1% $798.6M+0.5% $794.4M+7.9% $735.9M-1.7% $748.9M+4.8% $714.9M+5.5% $677.7M
Cost of Revenue $103.4M+2.5% $100.9M+15.2% $87.6M-5.3% $92.5M+21.9% $75.9M-8.7% $83.1M+6.8% $77.8M+6.7% $72.9M
Gross Profit $686.8M-1.7% $698.6M-1.7% $711.0M+1.3% $701.9M+6.3% $660.0M-0.9% $665.8M+4.5% $637.1M+5.3% $604.8M
R&D Expenses $139.5M+9.4% $127.5M-4.9% $134.0M-10.1% $149.0M+11.4% $133.8M+29.3% $103.5M-25.9% $139.6M+34.1% $104.1M
SG&A Expenses $190.6M+4.4% $182.6M-14.1% $212.5M+24.9% $170.1M+0.9% $168.5M-23.1% $219.2M+23.4% $177.6M+23.0% $144.4M
Operating Income $356.7M-8.2% $388.5M+6.6% $364.5M-4.8% $382.8M+7.0% $357.7M+4.3% $343.1M+7.3% $319.9M-10.2% $356.3M
Interest Expense $3.1M+3.3% $3.0M-58.9% $7.3M+19.7% $6.1M-22.8% $7.9M-21.8% $10.1M-12.9% $11.6M-12.8% $13.3M
Income Tax $79.7M-19.7% $99.3M+0.4% $98.9M-2.4% $101.3M+6.4% $95.2M+19.7% $79.5M+3.0% $77.2M-16.1% $92.0M
Net Income $364.3M+7.6% $338.7M+9.4% $309.5M-3.9% $322.2M+6.9% $301.3M-2.5% $309.1M+11.1% $278.1M-9.3% $306.6M
EPS (Diluted) N/A $7.16+11.7% $6.41-3.3% $6.63 N/A $6.39+9.2% $5.85-5.2% $6.17

UTHR Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $7.9B+7.2% $7.4B-7.0% $7.9B+2.1% $7.7B+5.2% $7.4B+3.4% $7.1B+5.9% $6.7B+3.5% $6.5B
Current Assets $3.7B+6.0% $3.5B-8.7% $3.8B-2.9% $3.9B+1.7% $3.9B-3.2% $4.0B+10.5% $3.6B+11.4% $3.2B
Cash & Equivalents $1.6B+16.2% $1.3B-15.9% $1.6B-16.1% $1.9B+11.9% $1.7B+9.2% $1.6B+14.6% $1.4B+8.3% $1.3B
Inventory $183.1M+3.7% $176.5M+4.3% $169.2M+2.3% $165.4M+4.7% $157.9M+7.6% $146.7M+7.5% $136.5M+13.6% $120.2M
Accounts Receivable $350.2M+17.6% $297.7M-21.5% $379.3M+17.8% $322.0M+15.3% $279.3M-18.3% $341.8M+17.6% $290.7M-5.4% $307.3M
Goodwill $32.3M N/A N/A N/A $32.3M N/A N/A N/A
Total Liabilities $783.8M+3.0% $760.9M+3.6% $734.4M-21.6% $936.7M+1.8% $920.0M-10.0% $1.0B-0.4% $1.0B-11.3% $1.2B
Current Liabilities $560.6M+2.6% $546.3M+3.6% $527.1M-26.9% $721.5M-2.2% $738.1M-15.5% $873.4M+4.9% $832.3M-3.3% $860.6M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $7.1B+7.7% $6.6B-8.1% $7.2B+5.4% $6.8B+5.6% $6.4B+5.6% $6.1B+7.1% $5.7B+6.7% $5.3B
Retained Earnings $8.6B+4.4% $8.2B+4.3% $7.9B+4.1% $7.5B+4.5% $7.2B+4.4% $6.9B+4.7% $6.6B+4.4% $6.3B

UTHR Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $346.2M-38.4% $562.1M+193.2% $191.7M-58.4% $461.2M+35.2% $341.2M-9.5% $377.2M+62.4% $232.2M-38.3% $376.5M
Capital Expenditures $172.9M-17.9% $210.5M+238.4% $62.2M-17.0% $74.9M-13.6% $86.7M+13.3% $76.5M+69.6% $45.1M+18.1% $38.2M
Free Cash Flow $173.3M-50.7% $351.6M+171.5% $129.5M-66.5% $386.3M+51.8% $254.5M-15.4% $300.7M+60.7% $187.1M-44.7% $338.3M
Investing Cash Flow -$227.6M-261.5% $140.9M+147.0% -$299.9M-82.1% -$164.7M-33.7% -$123.2M-7.2% -$114.9M-43.6% -$80.0M-110.9% $735.3M
Financing Cash Flow $98.4M+110.3% -$956.0M-381.4% -$198.6M-111.7% -$93.8M-25.6% -$74.7M-16.5% -$64.1M-33.5% -$48.0M+95.5% -$1.1B
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $0-100.0% $1.0B $0 $0 $0 $0 $0-100.0% $1.0B

UTHR Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 86.9%-0.5pp 87.4%-1.6pp 89.0%+0.7pp 88.4%-1.3pp 89.7%+0.8pp 88.9%-0.2pp 89.1%-0.1pp 89.2%
Operating Margin 45.1%-3.4pp 48.6%+3.0pp 45.6%-2.6pp 48.2%-0.4pp 48.6%+2.8pp 45.8%+1.1pp 44.8%-7.8pp 52.6%
Net Margin 46.1%+3.7pp 42.4%+3.6pp 38.8%-1.8pp 40.6%-0.4pp 40.9%-0.3pp 41.3%+2.4pp 38.9%-6.3pp 45.2%
Return on Equity 5.1%-0.0pp 5.1%+0.8pp 4.3%-0.4pp 4.7%+0.1pp 4.7%-0.4pp 5.1%+0.2pp 4.9%-0.9pp 5.7%
Return on Assets 4.6%0.0pp 4.6%+0.7pp 3.9%-0.2pp 4.2%+0.1pp 4.1%-0.3pp 4.3%+0.2pp 4.1%-0.6pp 4.7%
Current Ratio 6.60+0.2 6.40-0.9 7.26+1.8 5.46+0.2 5.25+0.7 4.58+0.2 4.35+0.6 3.77
Debt-to-Equity 0.110.0 0.12+0.0 0.10-0.0 0.140.0 0.14-0.0 0.17-0.0 0.18-0.0 0.22
FCF Margin 21.9%-22.1pp 44.0%+27.8pp 16.2%-32.4pp 48.6%+14.1pp 34.6%-5.6pp 40.2%+14.0pp 26.2%-23.8pp 49.9%

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Frequently Asked Questions

United Therapeutics Corp. (UTHR) reported $3.2B in total revenue for fiscal year 2025. This represents a 10.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

United Therapeutics Corp. (UTHR) revenue grew by 10.6% year-over-year, from $2.9B to $3.2B in fiscal year 2025.

Yes, United Therapeutics Corp. (UTHR) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 41.9%.

United Therapeutics Corp. (UTHR) reported diluted earnings per share of $27.86 for fiscal year 2025. This represents a 13.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

United Therapeutics Corp. (UTHR) had EBITDA of $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

United Therapeutics Corp. (UTHR) had a gross margin of 87.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

United Therapeutics Corp. (UTHR) had an operating margin of 46.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

United Therapeutics Corp. (UTHR) had a net profit margin of 41.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

United Therapeutics Corp. (UTHR) has a return on equity of 18.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

United Therapeutics Corp. (UTHR) generated $1.0B in free cash flow during fiscal year 2025. This represents a -3.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

United Therapeutics Corp. (UTHR) generated $1.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

United Therapeutics Corp. (UTHR) had $7.9B in total assets as of fiscal year 2025, including both current and long-term assets.

United Therapeutics Corp. (UTHR) invested $520.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

United Therapeutics Corp. (UTHR) invested $550.0M in research and development during fiscal year 2025.

Yes, United Therapeutics Corp. (UTHR) spent $1.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

United Therapeutics Corp. (UTHR) had 44M shares outstanding as of fiscal year 2025.

United Therapeutics Corp. (UTHR) had a current ratio of 6.60 as of fiscal year 2025, which is generally considered healthy.

United Therapeutics Corp. (UTHR) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

United Therapeutics Corp. (UTHR) had a return on assets of 16.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

United Therapeutics Corp. (UTHR) has an Altman Z-Score of 22.16, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

United Therapeutics Corp. (UTHR) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

United Therapeutics Corp. (UTHR) has an earnings quality ratio of 1.17x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

United Therapeutics Corp. (UTHR) has an interest coverage ratio of 76.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

United Therapeutics Corp. (UTHR) scores 84 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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