UTHR · United Therapeutics Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $781.50M | - | $799.50M | $798.60M | $794.40M | - | $748.90M | $714.90M | $677.70M | - |
| Cost of Revenue | $133.40M | - | $100.90M | $87.60M | $92.50M | - | $83.10M | $77.80M | $72.90M | - |
| Gross Profit | $648.10M | - | $698.60M | $711.00M | $701.90M | - | $665.80M | $637.10M | $604.80M | - |
| R&D | $138.20M | - | $127.50M | $134.00M | $149.00M | - | $103.50M | $139.60M | $104.10M | - |
| SG&A | $184.10M | - | $182.60M | $212.50M | $170.10M | - | $219.20M | $177.60M | $144.40M | - |
| Total Operating Expenses | $455.70M | - | $411.00M | $434.10M | $411.60M | - | $405.80M | $395.00M | $321.40M | - |
| D&A | $22.60M | - | - | - | $19.80M | - | - | - | $15.00M | - |
| Operating Income | $325.80M | - | $388.50M | $364.50M | $382.80M | - | $343.10M | $319.90M | $356.30M | - |
| Interest Expense | $3.00M | - | $3.00M | $7.30M | $13.30M | - | $10.10M | $14.80M | $13.30M | - |
| Income Tax | $43.40M | - | $99.30M | $98.90M | $101.30M | - | $79.50M | $77.20M | $92.00M | - |
| Net Income | $274.90M | - | $338.70M | $309.50M | $322.20M | - | $309.10M | $278.10M | $306.60M | - |
| EPS - Basic | $6.32 | - | $7.73 | $6.86 | $7.18 | - | $6.93 | $6.26 | $6.52 | - |
| EPS - Diluted | $5.82 | - | $7.16 | $6.41 | $6.63 | - | $6.39 | $5.85 | $6.17 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.28B | $1.56B | $1.34B | $1.59B | $1.90B | $1.70B | $1.55B | $1.36B | $1.25B | $1.21B |
| Accounts Receivable | $312.00M | $350.20M | $297.70M | $379.30M | $322.00M | $279.30M | $341.80M | $290.70M | $307.30M | $278.90M |
| Inventory | $178.30M | $183.10M | $176.50M | $169.20M | $165.40M | $157.90M | $146.70M | $136.50M | $120.20M | $111.80M |
| Accounts Payable | - | $7.10M | - | - | - | $6.00M | - | - | - | $5.60M |
| Current Assets | $2.87B | $3.70B | $3.49B | $3.83B | $3.94B | $3.87B | $4.00B | $3.62B | $3.25B | $3.55B |
| Total Assets | $6.71B | $7.88B | $7.35B | $7.91B | $7.74B | $7.36B | $7.12B | $6.72B | $6.50B | $7.17B |
| Current Liabilities | $599.10M | $560.60M | $546.30M | $527.10M | $721.50M | $738.10M | $873.40M | $832.30M | $860.60M | $804.40M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $813.10M | $783.80M | $760.90M | $734.40M | $936.70M | $920.00M | $1.02B | $1.03B | $1.16B | $1.18B |
| Stockholders' Equity | $5.90B | $7.10B | $6.59B | $7.17B | $6.81B | $6.44B | $6.10B | $5.70B | $5.34B | $5.98B |
| Retained Earnings | $8.83B | $8.56B | $8.19B | $7.85B | $7.54B | $7.22B | $6.92B | $6.61B | $6.33B | $6.03B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $463.30M | - | - | - | $461.20M | - | - | - | $376.50M | - |
| Investing Cash Flow | $743.70M | - | - | - | ($164.70M) | - | - | - | $735.30M | - |
| Financing Cash Flow | ($1.48B) | - | - | - | ($93.80M) | - | - | - | ($1.07B) | - |
| CapEx | $100.80M | - | - | - | $74.90M | - | - | - | $38.20M | - |
| Free Cash Flow | $362.50M | - | - | - | $386.30M | - | - | - | $338.30M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 82.9% | - | 87.4% | 89.0% | 88.4% | - | 88.9% | 89.1% | 89.2% | - |
| Operating margin | 41.7% | - | 48.6% | 45.6% | 48.2% | - | 45.8% | 44.7% | 52.6% | - |
| EBITDA margin | 44.6% | - | - | - | 50.7% | - | - | - | 54.8% | - |
| Net margin | 35.2% | - | 42.4% | 38.8% | 40.6% | - | 41.3% | 38.9% | 45.2% | - |
| Free cash flow margin | 46.4% | - | - | - | 48.6% | - | - | - | 49.9% | - |
| FCF / Net income | 1.32 | - | - | - | 1.20 | - | - | - | 1.10 | - |
| R&D / Revenue | 17.7% | - | 15.9% | 16.8% | 18.8% | - | 13.8% | 19.5% | 15.4% | - |
| SG&A / Revenue | 23.6% | - | 22.8% | 26.6% | 21.4% | - | 29.3% | 24.8% | 21.3% | - |
| Effective tax rate | 13.6% | - | 22.7% | 24.2% | 23.9% | - | 20.5% | 21.7% | 23.1% | - |
| Return on assets | 4.1% | - | 4.6% | 3.9% | 4.2% | - | 4.3% | 4.1% | 4.7% | - |
| Return on equity | 4.7% | - | 5.1% | 4.3% | 4.7% | - | 5.1% | 4.9% | 5.7% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 4.79 | 6.60 | 6.40 | 7.26 | 5.46 | 5.25 | 4.58 | 4.35 | 3.77 | 4.41 |
| Quick ratio | 4.50 | 6.28 | 6.07 | 6.94 | 5.23 | 5.03 | 4.41 | 4.18 | 3.64 | 4.28 |
| Cash ratio | 2.14 | 2.78 | 2.45 | 3.02 | 2.63 | 2.30 | 1.78 | 1.63 | 1.45 | 1.50 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 108.6x | - | 129.5x | 49.9x | 28.8x | - | 34.0x | 21.6x | 26.8x | - |
| Equity multiplier | 1.14 | 1.11 | 1.12 | 1.10 | 1.14 | 1.14 | 1.17 | 1.18 | 1.22 | 1.20 |
| Liabilities / Assets | 0.12 | 0.10 | 0.10 | 0.09 | 0.12 | 0.12 | 0.14 | 0.15 | 0.18 | 0.16 |
| Efficiency | ||||||||||
| Asset turnover | 0.12 | - | 0.11 | 0.10 | 0.10 | - | 0.11 | 0.11 | 0.10 | - |
| Inventory turnover | 0.75 | - | 0.57 | 0.52 | 0.56 | - | 0.57 | 0.57 | 0.61 | - |
| Days sales outstanding | 146d | - | 136d | 173d | 148d | - | 167d | 148d | 166d | - |
| Days inventory outstanding | 488d | - | 638d | 705d | 653d | - | 644d | 640d | 602d | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 101.9x | - | 58.5x | 44.8x | 46.5x | - | 56.1x | 54.5x | 37.2x | - |
| P / B | 4.7x | - | 3.0x | 1.9x | 2.2x | - | 2.8x | 2.7x | 2.1x | - |
| P / S | 35.8x | - | 24.8x | 17.4x | 18.9x | - | 23.2x | 21.2x | 16.8x | - |
| EV / EBITDA | 76.7x | - | - | - | 32.5x | - | - | - | 27.4x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -1.6% | - | 6.8% | 11.7% | 17.2% | - | 22.9% | 19.8% | 33.7% | - |
| Revenue CAGR (3y) | 15.5% | - | 15.7% | 19.6% | 19.8% | - | 19.0% | 17.0% | 21.4% | - |
| Revenue CAGR (5y) | 15.6% | - | 16.0% | 17.1% | 17.4% | - | 13.3% | 13.9% | 13.3% | - |
| Gross profit growth (YoY) | -7.7% | - | 4.9% | 11.6% | 16.1% | - | 23.5% | 19.7% | 33.0% | - |
| Operating income growth (YoY) | -14.9% | - | 13.2% | 13.9% | 7.4% | - | 4.9% | 2.1% | 25.3% | - |
| Net income growth (YoY) | -14.7% | - | 9.6% | 11.3% | 5.1% | - | 15.5% | 7.3% | 27.3% | - |
| EPS growth (YoY) | -12.2% | - | 12.1% | 9.6% | 7.5% | - | 18.8% | 11.6% | 27.0% | - |
| EPS CAGR (3y) | 6.2% | - | 13.4% | 38.6% | 9.6% | - | 23.2% | 17.0% | 116.3% | - |
| EPS CAGR (5y) | 57.0% | - | 13.3% | 21.6% | 16.3% | - | 16.2% | 4.7% | - | - |
| FCF growth (YoY) | -6.2% | - | - | - | 14.2% | - | - | - | 1.4% | - |
| FCF CAGR (5y) | 35.6% | - | - | - | 13.9% | - | - | - | - | - |
| Book value growth (YoY) | -13.3% | 10.1% | 8.0% | 25.9% | 27.5% | 7.7% | 6.8% | 5.3% | 4.2% | 24.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$4.98B totalTyvaso$1.82B · 36.6%
Tyvaso DPI$1.29B · 26.0%
Nebulized Tyvaso$585.70M · 11.8%
Remodulin$526.80M · 10.6%
Orenitram$496.90M · 10.0%
Unituxin$226.80M · 4.6%
Product And Service Other$24.00M · 0.5%
Adcirca$1.00M · 0.0%
Geographic
$3.18B totalUS$3.04B · 95.4%
Non Us$145.70M · 4.6%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing UNITED THERAPEUTICS Corp against the 5 most active filers in the same SIC group.