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.

Price · UTHR

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$3.18B	$2.88B	$2.33B	$1.94B	$1.69B	$1.48B
Cost of Revenue	$384.40M	$309.70M	$257.50M	$151.60M	$122.50M	$108.10M
Gross Profit	$2.80B	$2.57B	$2.07B	$1.78B	$1.38B	$1.38B
R&D	$550.00M	$481.00M	$408.00M	$322.90M	$540.10M	$357.70M
SG&A	$755.80M	$709.70M	$482.10M	$482.10M◇	$467.00M◇	-
Total Operating Expenses	$1.69B	$1.50B	$1.14B	$956.60M	$1.13B	$889.70M
D&A	$85.60M	$72.50M	$53.20M	$51.30M	$49.90M	$49.90M
Operating Income	$1.49B	$1.38B	$1.18B	$979.70M	$555.90M	$593.60M
Interest Expense	$19.50M	$42.90M	$59.30M	$32.40M	$18.60M	$23.50M
Income Tax	$379.20M	$343.90M	$289.50M	$223.30M	$118.10M	$124.10M
Net Income	$1.33B	$1.20B	$727.30M	$727.30M	$475.80M	$514.80M
EPS - Basic	$30.13	$26.44	$21.04	$15.98	$10.60	$11.65
EPS - Diluted	$27.86	$24.64	$19.81	$15.00	$10.06	$11.54

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$1.56B	$1.70B	$1.21B	$961.20M	$894.80M	$738.70M
Accounts Receivable	$350.20M	$279.30M	$278.90M	$220.40M	$198.70M	$157.40M
Inventory	$183.10M	$157.90M	$111.80M	$102.00M	$93.80M	$86.50M
Accounts Payable	$7.10M	$6.00M	$5.60M	$4.10M	$3.80M	$4.10M
Current Assets	$3.70B	$3.87B	$3.55B	$3.38B	$2.32B	$2.17B
Total Assets	$7.88B	$7.36B	$7.17B	$6.04B	$5.17B	$4.62B
Current Liabilities	$560.60M	$738.10M	$804.40M	$343.20M	$305.40M	$323.30M
Long-term Debt	-	-	-	-	-	-
Total Liabilities	$783.80M	$920.00M	$1.18B	$1.25B	$1.21B	$1.22B
Stockholders' Equity	$7.10B	$6.44B	$5.98B	$4.80B	$3.96B	$3.40B
Retained Earnings	$8.56B	$7.22B	$6.03B	$5.04B	$4.32B	$3.84B

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$1.56B	$1.33B	$978.00M	$802.50M	$598.20M	$755.70M
Investing Cash Flow	($551.30M)	$417.20M	($719.60M)	($811.50M)	($486.90M)	($738.50M)
Financing Cash Flow	($1.15B)	($1.25B)	($11.90M)	$75.40M	$44.80M	($16.90M)
CapEx	$520.50M	$246.50M	$230.40M	$138.80M	$120.80M	$59.30M
Free Cash Flow	$1.04B	$1.08B	$747.60M	$663.70M	$477.40M	$696.40M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	87.9%	89.2%	88.9%	92.2%	81.6%	92.7%
Operating margin	46.9%	47.9%	50.9%	50.6%	33.0%	40.0%
EBITDA margin	49.6%	50.4%	53.2%	53.2%	35.9%	43.4%
Net margin	41.9%	41.5%	31.2%	37.6%	28.2%	34.7%
Free cash flow margin	32.7%	37.6%	32.1%	34.3%	28.3%	46.9%
FCF / Net income	0.78	0.90	1.03	0.91	1.00	1.35
R&D / Revenue	17.3%	16.7%	17.5%	16.7%	32.0%	24.1%
SG&A / Revenue	23.7%	24.7%	20.7%	24.9%	27.7%	-
Effective tax rate	22.1%	22.3%	28.5%	23.5%	19.9%	19.4%
Return on assets	16.9%	16.2%	10.1%	12.0%	9.2%	11.2%
Return on equity	18.8%	18.5%	12.2%	15.2%	12.0%	15.2%
Return on invested capital	-	-	-	-	-	-
Liquidity
Current ratio	6.60	5.25	4.41	9.85	7.61	6.70
Quick ratio	6.28	5.03	4.28	9.55	7.30	6.44
Cash ratio	2.78	2.30	1.50	2.80	2.93	2.28
Leverage
Debt / Equity	-	-	-	-	-	-
Debt / Assets	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-
Interest coverage	76.5x	32.1x	20.0x	30.2x	29.9x	25.3x
Equity multiplier	1.11	1.14	1.20	1.26	1.31	1.36
Liabilities / Assets	0.10	0.12	0.16	0.21	0.23	0.26
Efficiency
Asset turnover	0.40	0.39	0.32	0.32	0.33	0.32
Inventory turnover	2.10	1.96	2.30	1.49	1.31	1.25
Days sales outstanding	40d	35d	44d	42d	43d	39d
Days inventory outstanding	174d	186d	158d	246d	279d	292d
Days payable outstanding	7d	7d	8d	10d	11d	14d
Cash conversion cycle	207d	214d	194d	277d	311d	317d
Valuation
P / E	17.5x	14.3x	11.1x	18.5x	21.5x	13.2x
P / B	3.3x	2.7x	1.8x	2.8x	2.6x	2.0x
P / S	7.3x	5.9x	4.7x	7.0x	6.1x	4.6x
EV / EBITDA	13.8x	10.6x	7.9x	12.1x	15.4x	9.4x
Growth
Revenue growth (YoY)	10.6%	23.6%	20.2%	14.9%	13.6%	2.4%
Revenue CAGR (3y)	18.0%	19.5%	16.2%	10.2%	1.2%	-4.9%
Revenue CAGR (5y)	16.5%	14.7%	7.4%	2.3%	1.1%	0.2%
Gross profit growth (YoY)	9.0%	24.0%	16.0%	29.8%	0.0%	3.3%
Operating income growth (YoY)	8.4%	16.2%	20.9%	76.2%	-6.4%	-
Net income growth (YoY)	11.7%	64.3%	0.0%	52.9%	-7.6%	-
EPS growth (YoY)	13.1%	24.4%	32.1%	49.1%	-12.8%	-
EPS CAGR (3y)	22.9%	34.8%	19.7%	-	-9.1%	7.4%
EPS CAGR (5y)	19.3%	-	8.1%	10.0%	-8.0%	-1.9%
FCF growth (YoY)	-3.7%	44.5%	12.6%	39.0%	-31.4%	-
FCF CAGR (5y)	8.4%	-	4.7%	3.6%	-4.6%	15.9%
Book value growth (YoY)	10.1%	7.7%	24.8%	21.2%	16.6%	22.1%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Product / service

$4.98B total

Tyvaso$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 total

US$3.04B · 95.4%

Non Us$145.70M · 4.6%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

6.00

Safe

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

7/9

Strong

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
-Long-term debt decreased
✓Current ratio improved
✓No share dilution
✗Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Pharmaceutical Preparations

Company	Revenue (last FY)	Net margin	ROE
LLY	$65.18B	31.7%	77.8%
PFE	$62.58B	12.4%	9.0%
ZTS	$9.47B	28.2%	80.2%
VRTX	$12.00B	32.9%	21.2%
CYTK	$88.04M	-891.6%	119.0%

Comparing UNITED THERAPEUTICS Corp against the 5 most active filers in the same SIC group.

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.