United Therapeutics Corp. Financials
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).
United Therapeutics runs a high-margin cash engine that can increase reinvestment and retire shares while still reducing leverage.
From FY2023 to FY2025, operating cash flow climbed from$978M to$1.56B . Over the same stretch, total liabilities fell to$784M even after$2B of buybacks across FY2024 and FY2025, a cash-conversion pattern that suggests capital returns are being funded internally rather than by stretching the balance sheet.
Gross margin eased to
Capital spending jumped to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of United Therapeutics Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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.
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 62/100.
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.
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.
United Therapeutics Corp. converts 32.7% of revenue into free cash flow ($1.0B). This strong cash generation earns a score of 100/100.
United Therapeutics Corp.'s ROE of 18.8% shows moderate profitability relative to equity, earning a score of 52/100. This is up from 18.6% the prior year.
United Therapeutics Corp. scores 21.50, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($24.1B) relative to total liabilities ($783.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
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.
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.
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
Earnings & Revenue
United Therapeutics Corp. generated $3.2B in revenue in fiscal year 2025. This represents an increase of 10.6% from the prior year.
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.
United Therapeutics Corp. reported $1.3B in net income in fiscal year 2025. This represents an increase of 11.7% from the prior year.
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
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.
United Therapeutics Corp. held $1.6B in cash against $0 in long-term debt as of fiscal year 2025.
United Therapeutics Corp. had 44M shares outstanding in fiscal year 2025. This represents a decrease of 2.7% from the prior year.
Margins & Returns
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.
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.
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.
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
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.
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $781.5M-1.1% | $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 |
| Cost of Revenue | $133.4M+29.0% | $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 |
| Gross Profit | $648.1M-5.6% | $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 |
| R&D Expenses | $138.2M-0.9% | $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 |
| SG&A Expenses | $184.1M-3.4% | $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 |
| Operating Income | $325.8M-8.7% | $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 |
| Interest Expense | $3.0M-3.2% | $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 |
| Income Tax | $43.4M-45.5% | $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 |
| Net Income | $274.9M-24.5% | $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 |
| EPS (Diluted) | $5.82 | N/A | $7.16+11.7% | $6.41-3.3% | $6.63 | N/A | $6.39+9.2% | $5.85 |
UTHR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.7B-14.8% | $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 |
| Current Assets | $2.9B-22.4% | $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 |
| Cash & Equivalents | $1.3B-17.8% | $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 |
| Inventory | $178.3M-2.6% | $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 |
| Accounts Receivable | $312.0M-10.9% | $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 |
| Goodwill | N/A | $32.3M | N/A | N/A | N/A | $32.3M | N/A | N/A |
| Total Liabilities | $813.1M+3.7% | $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 |
| Current Liabilities | $599.1M+6.9% | $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 |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $5.9B-16.8% | $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 |
| Retained Earnings | $8.8B+3.2% | $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 |
UTHR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $463.3M+33.8% | $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 |
| Capital Expenditures | $100.8M-41.7% | $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 |
| Free Cash Flow | $362.5M+109.2% | $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 |
| Investing Cash Flow | $743.7M+426.8% | -$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 |
| Financing Cash Flow | -$1.5B-1608.5% | $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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $1.5B | $0-100.0% | $1.0B | $0 | $0 | $0 | $0 | $0 |
UTHR Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.9%-4.0pp | 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% |
| Operating Margin | 41.7%-3.5pp | 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% |
| Net Margin | 35.2%-10.9pp | 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% |
| Return on Equity | 4.7%-0.5pp | 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% |
| Return on Assets | 4.1%-0.5pp | 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% |
| Current Ratio | 4.79-1.8 | 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 |
| Debt-to-Equity | 0.14+0.0 | 0.110.0 | 0.12+0.0 | 0.10-0.0 | 0.140.0 | 0.14-0.0 | 0.17-0.0 | 0.18 |
| FCF Margin | 46.4%+24.5pp | 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% |
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Frequently Asked Questions
What is United Therapeutics Corp.'s annual revenue?
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.
How fast is United Therapeutics Corp.'s revenue growing?
United Therapeutics Corp. (UTHR) revenue grew by 10.6% year-over-year, from $2.9B to $3.2B in fiscal year 2025.
Is United Therapeutics Corp. profitable?
Yes, United Therapeutics Corp. (UTHR) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 41.9%.
What is United Therapeutics Corp.'s EBITDA?
United Therapeutics Corp. (UTHR) had EBITDA of $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is United Therapeutics Corp.'s gross margin?
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.
What is United Therapeutics Corp.'s operating margin?
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.
What is United Therapeutics Corp.'s net profit margin?
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.
What is United Therapeutics Corp.'s return on equity (ROE)?
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.
What is United Therapeutics Corp.'s free cash flow?
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.
What is United Therapeutics Corp.'s operating cash flow?
United Therapeutics Corp. (UTHR) generated $1.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are United Therapeutics Corp.'s total assets?
United Therapeutics Corp. (UTHR) had $7.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are United Therapeutics Corp.'s capital expenditures?
United Therapeutics Corp. (UTHR) invested $520.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does United Therapeutics Corp. spend on research and development?
United Therapeutics Corp. (UTHR) invested $550.0M in research and development during fiscal year 2025.
What is United Therapeutics Corp.'s current ratio?
United Therapeutics Corp. (UTHR) had a current ratio of 6.60 as of fiscal year 2025, which is generally considered healthy.
What is United Therapeutics Corp.'s debt-to-equity ratio?
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.
What is United Therapeutics Corp.'s return on assets (ROA)?
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.
What is United Therapeutics Corp.'s Altman Z-Score?
United Therapeutics Corp. (UTHR) has an Altman Z-Score of 21.50, 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.
What is United Therapeutics Corp.'s Piotroski F-Score?
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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are United Therapeutics Corp.'s earnings high quality?
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.
Can United Therapeutics Corp. cover its interest payments?
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.
How financially healthy is United Therapeutics Corp.?
United Therapeutics Corp. (UTHR) scores 86 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.