United Therapeutics (UTHR) Financials

$295.02 -3.68 (-1.23%)

Closing price 05/6/2025 04:00 PM Eastern

Extended Trading

$298.00 +2.98 (+1.01%)

As of 07:28 AM Eastern

Annual Income Statements for United Therapeutics

This table shows United Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	652	714	418	589	-105	515	476	727	985	1,195
Consolidated Net Income / (Loss)	652	714	418	589	-105	515	476	727	985	1,195
Net Income / (Loss) Continuing Operations	652	714	418	589	-105	515	476	727	985	1,195
Total Pre-Tax Income	1,044	1,060	770	759	-165	639	594	951	1,274	1,539
Total Operating Income	699	1,062	815	805	-188	594	556	980	1,185	1,377
Total Gross Profit	1,397	1,526	1,620	1,429	1,331	1,375	1,563	1,785	2,070	2,568
Total Revenue	1,466	1,599	1,725	1,628	1,449	1,483	1,686	1,936	2,328	2,877
Operating Revenue	1,461	1,599	1,725	1,628	1,449	1,483	1,686	1,936	2,328	2,877
Total Cost of Revenue	69	73	106	199	118	108	123	152	258	310
Operating Cost of Revenue	69	73	106	199	118	108	123	152	258	310
Total Operating Expenses	698	464	805	624	1,519	782	1,007	805	885	1,191
Selling, General & Admin Expense	453	317	330	266	336	424	467	482	477	710
Research & Development Expense	245	148	265	358	1,183	358	540	323	408	481
Total Other Income / (Expense), net	345	-1.50	-45	-47	23	45	40	-29	89	162
Interest Expense	4.70	3.90	9.00	14	44	24	19	32	59	43
Interest & Investment Income	-	3.50	11	29	44	20	17	45	163	199
Other Income / (Expense), net	350	-1.10	-47	-61	23	49	42	-42	-14	5.80
Income Tax Expense	393	347	352	170	-61	124	118	223	290	344
Basic Earnings per Share	$14.17	$16.29	$9.50	$13.54	($2.39)	$11.65	$10.60	$15.98	$21.04	$26.44
Weighted Average Basic Shares Outstanding	46M	43.80M	44M	43.50M	43.80M	44.20M	44.90M	45.50M	46.80M	45.20M
Diluted Earnings per Share	$12.72	$15.25	$9.31	$13.39	($2.39)	$11.54	$10.06	$15.00	$19.81	$24.64
Weighted Average Diluted Shares Outstanding	51.20M	46.80M	44.90M	44M	43.80M	44.60M	47.30M	48.50M	49.70M	48.50M
Weighted Average Basic & Diluted Shares Outstanding	46M	43.80M	44M	43.50M	43.88M	44.54M	45.13M	46.30M	47.06M	44.91M

This table shows United Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	239	132	241	259	268	217	307	278	309	301	322
Consolidated Net Income / (Loss)	239	132	241	259	268	217	307	278	309	301	322
Net Income / (Loss) Continuing Operations	239	132	241	259	268	217	307	278	309	301	322
Total Pre-Tax Income	313	179	292	335	352	295	399	355	389	397	424
Total Operating Income	314	176	284	313	327	260	356	320	343	358	383
Total Gross Profit	479	433	455	532	539	544	605	637	666	660	702
Total Revenue	516	492	507	597	609	615	678	715	749	736	794
Operating Revenue	516	492	507	597	609	615	678	715	749	736	794
Total Cost of Revenue	37	59	52	64	70	71	73	78	83	76	93
Operating Cost of Revenue	37	59	52	64	70	71	73	78	83	76	93
Total Operating Expenses	165	257	170	219	212	284	249	317	323	302	319
Selling, General & Admin Expense	98	163	87	130	128	132	144	178	219	169	170
Research & Development Expense	66	94	83	89	85	151	104	140	104	134	149
Total Other Income / (Expense), net	-1.80	3.20	7.50	22	25	35	42	35	46	39	41
Interest Expense	9.20	12	14	15	16	15	13	12	10	7.90	6.10
Interest & Investment Income	13	21	29	37	45	51	54	46	50	49	51
Other Income / (Expense), net	-5.90	-5.30	-7.90	-0.60	-4.90	-0.60	1.80	0.80	5.80	-2.60	-4.30
Income Tax Expense	73	47	51	76	84	78	92	77	80	95	101
Basic Earnings per Share	$5.26	$2.85	$5.20	$5.53	$5.71	$4.60	$6.52	$6.26	$6.93	$6.73	$7.18
Weighted Average Basic Shares Outstanding	45.50M	45.50M	46.30M	46.90M	46.90M	46.80M	47M	44.40M	44.60M	45.20M	44.90M
Diluted Earnings per Share	$4.91	$2.65	$4.86	$5.24	$5.38	$4.33	$6.17	$5.85	$6.39	$6.23	$6.63
Weighted Average Diluted Shares Outstanding	48.70M	48.50M	49.60M	49.50M	49.70M	49.70M	49.70M	47.50M	48.40M	48.50M	48.60M
Weighted Average Basic & Diluted Shares Outstanding	45.58M	46.30M	46.85M	46.93M	46.99M	47.06M	44.36M	44.49M	44.64M	44.91M	45.11M

This table details how cash moves in and out of United Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	434	191	-318	-36	69	0.30	156	66	247	490
Net Cash From Operating Activities	383	644	474	778	-207	756	598	803	978	1,327
Net Cash From Continuing Operating Activities	383	644	474	778	-207	756	598	803	978	1,327
Net Income / (Loss) Continuing Operations	652	714	418	589	-105	515	476	727	985	1,195
Consolidated Net Income / (Loss)	652	714	418	589	-105	515	476	727	985	1,195
Depreciation Expense	33	32	31	36	46	50	50	51	53	73
Non-Cash Adjustments To Reconcile Net Income	-100	16	104	29	30	128	247	165	38	120
Changes in Operating Assets and Liabilities, net	-202	-117	-78	124	-178	63	-174	-141	-98	-60
Net Cash From Investing Activities	504	48	-836	-821	-335	-739	-487	-812	-720	417
Net Cash From Continuing Investing Activities	504	48	-836	-821	-335	-739	-487	-812	-720	417
Purchase of Property, Plant & Equipment	-50	-38	-86	-184	-84	-59	-121	-139	-230	-247
Acquisitions	-	-7.30	-	-124	-	-	0.00	0.00	-89	0.00
Purchase of Investments	-117	-37	-831	-867	-1,280	-2,309	-1,895	-1,710	-2,514	-1,677
Sale of Property, Plant & Equipment	-	-	8.30	0.00	0.00	2.40	0.00	3.50	0.00	0.00
Sale and/or Maturity of Investments	320	130	73	401	1,040	1,627	1,529	1,025	2,137	2,369
Other Investing Activities, net	-	-	0.10	-46	-13	0.00	0.00	8.60	-23	-29
Net Cash From Financing Activities	-447	-498	43	6.30	611	-17	45	75	-12	-1,255
Net Cash From Continuing Financing Activities	-447	-498	43	6.30	611	-17	45	75	-12	-1,255
Repayment of Debt	-133	-16	-0.70	-263	-201	-52	0.00	-808	-103	-403
Repurchase of Common Equity	-395	-500	-250	-	-	-	-	0.00	0.00	-1,000
Issuance of Debt	-	-	250	250	800	0.00	0.00	800	0.00	0.00
Issuance of Common Equity	4.00	4.30	4.10	3.90	4.10	4.70	5.60	5.90	6.60	7.60
Other Financing Activities, net	77	14	40	16	7.80	30	39	77	84	140
Cash Interest Paid	1.00	1.50	7.50	9.40	41	21	16	29	56	40
Cash Income Taxes Paid	293	362	347	103	120	93	153	276	333	401

This table details how cash moves in and out of United Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	172	-5.60	202	-96	40	100	44	104	198	143	203
Net Cash From Operating Activities	259	128	375	106	346	151	377	232	377	341	461
Net Cash From Continuing Operating Activities	259	128	375	106	346	151	377	232	377	341	461
Net Income / (Loss) Continuing Operations	239	132	241	259	268	217	307	278	309	301	322
Consolidated Net Income / (Loss)	239	132	241	259	268	217	307	278	309	301	322
Depreciation Expense	13	13	13	13	13	14	15	19	19	20	20
Non-Cash Adjustments To Reconcile Net Income	14	71	-6.60	14	19	12	15	44	36	24	41
Changes in Operating Assets and Liabilities, net	-7.30	-88	127	-179	46	-92	40	-109	13	-4.20	78
Net Cash From Investing Activities	-94	-189	-221	-227	-313	42	735	-80	-115	-123	-165
Net Cash From Continuing Investing Activities	-94	-189	-221	-227	-313	42	735	-80	-115	-123	-165
Purchase of Property, Plant & Equipment	-69	-40	-41	-45	-66	-79	-38	-45	-77	-87	-75
Purchase of Investments	-272	-431	-890	-672	-645	-308	-529	-231	-408	-509	-692
Sale and/or Maturity of Investments	246	269	710	493	408	527	1,307	197	387	478	612
Other Investing Activities, net	-	8.60	0.00	-3.70	-11	-8.70	-4.30	-0.40	-18	-6.00	-9.20
Net Cash From Financing Activities	7.00	56	49	25	7.60	-93	-1,068	-48	-64	-75	-94
Net Cash From Continuing Financing Activities	7.00	56	49	25	7.60	-93	-1,068	-48	-64	-75	-94
Repayment of Debt	-	-	-2.70	-	-	-100	-103	-100	-100	-100	-100
Repurchase of Common Equity	-	-	0.00	-	-	-	-1,000	-	-	-	0.00
Issuance of Common Equity	2.60	-	3.40	-	3.20	-	3.90	-	3.80	-0.10	4.90
Other Financing Activities, net	4.40	56	48	25	4.40	7.20	31	52	32	25	1.30
Cash Interest Paid	8.40	11	13	14	15	14	13	11	9.60	7.20	5.40
Cash Income Taxes Paid	51	87	0.00	148	88	97	4.70	207	77	111	0.50

This table presents United Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,184	2,326	2,879	3,401	3,913	4,615	5,169	6,045	7,167	7,364
Total Current Assets	1,275	1,425	1,448	1,768	1,865	2,167	2,324	3,380	3,551	3,874
Cash & Equivalents	832	1,023	705	669	738	739	895	961	1,208	1,697
Short-Term Investments	122	28	222	747	748	1,096	1,036	1,878	1,786	1,570
Accounts Receivable	193	215	297	176	151	157	199	220	279	279
Inventories, net	81	100	108	101	93	87	94	102	112	158
Other Current Assets	47	60	116	75	134	88	100	219	166	170
Plant, Property, & Equipment, net	496	489	546	700	739	732	781	862	1,045	1,222
Total Noncurrent Assets	413	412	886	933	1,310	1,716	2,065	1,803	2,571	2,268
Long-Term Investments	38	2.30	503	443	768	1,150	1,650	1,316	1,910	1,475
Goodwill	28	34	46	171	158	158	45	45	114	112
Noncurrent Deferred & Refundable Income Taxes	193	178	113	96	230	239	262	328	395	458
Other Noncurrent Operating Assets	154	197	224	224	155	170	108	114	152	222
Total Liabilities & Shareholders' Equity	2,184	2,326	2,879	3,401	3,913	4,615	5,169	6,045	7,167	7,364
Total Liabilities	585	463	758	593	1,133	1,220	1,210	1,248	1,182	920
Total Current Liabilities	441	333	445	277	463	323	305	343	804	738
Short-Term Debt	-	-	-	-	250	-	-	0.00	400	300
Accounts Payable	103	104	171	166	148	187	175	230	298	345
Other Current Liabilities	337	228	274	111	65	136	131	113	106	94
Total Noncurrent Liabilities	144	131	314	317	670	897	905	905	378	182
Long-Term Debt	-	-	-	250	600	800	800	800	300	0.00
Other Noncurrent Operating Liabilities	144	131	314	67	70	97	105	105	78	182
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,589	1,851	2,102	2,789	2,780	3,395	3,959	4,797	5,985	6,444
Total Preferred & Common Equity	1,589	1,851	2,102	2,789	2,780	3,395	3,959	4,797	5,985	6,444
Preferred Stock	-	-	-	-	0.00	-	-	0.00	0.00	0.00
Total Common Equity	1,589	1,851	2,102	2,789	2,780	3,395	3,959	4,797	5,985	6,444
Common Stock	1,791	1,814	1,855	1,941	2,049	2,149	2,246	2,389	2,550	2,700
Retained Earnings	1,720	2,434	2,846	3,435	3,325	3,839	4,315	5,042	6,027	7,222
Treasury Stock	-1,902	-2,380	-2,579	-2,579	-2,579	-2,579	-2,579	-2,579	-2,579	-3,475
Accumulated Other Comprehensive Income / (Loss)	-20	-17	-20	-7.90	-14	-14	-23	-56	-13	-3.40

This table presents United Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	5,782	6,346	6,681	7,024	6,495	6,723	7,123	7,744
Total Current Assets	3,056	3,193	3,213	3,459	3,249	3,620	4,000	3,940
Cash & Equivalents	967	1,164	1,067	1,108	1,252	1,356	1,554	1,900
Short-Term Investments	1,649	1,700	1,612	1,768	1,456	1,616	1,773	1,421
Accounts Receivable	232	135	273	259	307	291	342	322
Inventories, net	91	103	103	104	120	137	147	165
Other Current Assets	118	93	158	221	113	221	185	131
Plant, Property, & Equipment, net	841	897	939	992	1,074	1,095	1,157	1,303
Total Noncurrent Assets	1,884	2,257	2,529	2,573	2,173	2,009	1,966	2,501
Long-Term Investments	1,444	1,766	2,024	2,061	1,492	1,330	1,279	1,711
Goodwill	45	45	45	44	115	115	112	112
Noncurrent Deferred & Refundable Income Taxes	281	322	326	326	396	396	391	457
Other Noncurrent Operating Assets	115	125	135	142	169	168	184	222
Total Liabilities & Shareholders' Equity	5,782	6,346	6,681	7,024	6,495	6,723	7,123	7,744
Total Liabilities	1,219	1,223	1,270	1,312	1,157	1,026	1,022	937
Total Current Liabilities	316	325	370	744	861	832	873	722
Short-Term Debt	-	-	-	300	400	400	400	200
Accounts Payable	220	240	292	333	305	325	364	367
Other Current Liabilities	96	85	78	111	156	107	110	155
Total Noncurrent Liabilities	904	898	900	567	297	194	149	215
Other Noncurrent Operating Liabilities	104	98	100	67	97	94	149	215
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,562	5,123	5,411	5,712	5,338	5,697	6,101	6,807
Total Preferred & Common Equity	4,562	5,123	5,411	5,712	5,338	5,697	6,101	6,807
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,562	5,123	5,411	5,712	5,338	5,697	6,101	6,807
Common Stock	2,315	2,458	2,498	2,525	2,406	2,544	2,648	2,739
Retained Earnings	4,910	5,283	5,542	5,810	6,334	6,612	6,921	7,544
Treasury Stock	-2,579	-2,579	-2,579	-2,579	-3,386	-3,444	-3,475	-3,475
Accumulated Other Comprehensive Income / (Loss)	-84	-39	-51	-44	-16	-15	7.40	-1.20

This table displays calculated financial ratios and metrics derived from United Therapeutics' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.76%	9.07%	7.91%	-5.65%	-11.00%	2.38%	13.63%	14.88%	20.20%	23.63%
EBITDA Growth	88.17%	0.94%	-26.88%	-2.32%	-115.27%	681.70%	-6.47%	52.64%	23.76%	18.89%
EBIT Growth	93.28%	1.10%	-27.63%	-3.05%	-122.17%	489.64%	-6.97%	56.80%	24.86%	18.10%
NOPAT Growth	24.99%	63.88%	-38.08%	41.29%	-121.00%	464.22%	-6.89%	68.31%	22.17%	16.77%
Net Income Growth	91.59%	9.53%	-41.45%	40.99%	-117.74%	592.63%	-7.58%	52.86%	35.40%	21.35%
EPS Growth	102.55%	19.89%	-38.95%	43.82%	-117.85%	582.85%	-12.83%	49.11%	32.07%	24.38%
Operating Cash Flow Growth	7.74%	68.13%	-26.32%	64.15%	-126.54%	465.78%	-20.84%	34.15%	21.87%	35.70%
Free Cash Flow Firm Growth	82.85%	27.74%	9.20%	-79.15%	-364.34%	308.63%	-25.91%	1.76%	18.63%	47.15%
Invested Capital Growth	5.94%	33.10%	-14.61%	73.59%	14.82%	-12.08%	-2.67%	22.36%	23.52%	12.40%
Revenue Q/Q Growth	4.16%	0.26%	3.34%	-4.87%	-4.63%	122.25%	-29.69%	4.10%	5.59%	4.40%
EBITDA Q/Q Growth	-2.06%	1.26%	-4.14%	-5.51%	-18.63%	8.98%	3.35%	2.71%	7.75%	7.51%
EBIT Q/Q Growth	-2.04%	1.31%	-4.29%	-6.09%	-14.35%	9.64%	3.73%	2.80%	8.08%	7.43%
NOPAT Q/Q Growth	-3.21%	1.16%	-18.21%	14.48%	-56.86%	2.24%	21.15%	-0.74%	7.07%	8.18%
Net Income Q/Q Growth	-1.71%	0.81%	-17.93%	8.53%	-13.83%	9.86%	2.90%	2.81%	9.45%	7.58%
EPS Q/Q Growth	-2.68%	4.02%	-18.55%	8.25%	-7.17%	8.56%	2.13%	1.83%	9.27%	8.36%
Operating Cash Flow Q/Q Growth	-14.54%	27.27%	-34.45%	28.20%	7.64%	3.24%	8.80%	-5.47%	2.35%	16.76%
Free Cash Flow Firm Q/Q Growth	-17.79%	32.47%	-0.91%	-43.69%	16.62%	6.02%	-8.51%	-15.17%	-0.97%	26.78%
Invested Capital Q/Q Growth	22.60%	-0.69%	-12.53%	6.27%	-2.71%	-5.06%	5.15%	10.67%	13.02%	5.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.29%	95.45%	93.87%	87.79%	91.88%	92.71%	92.73%	92.17%	88.94%	89.24%
EBITDA Margin	73.82%	68.31%	46.29%	47.92%	-8.22%	46.71%	38.45%	51.08%	52.59%	50.58%
Operating Margin	47.69%	66.41%	47.23%	49.48%	-12.95%	40.02%	32.98%	50.60%	50.91%	47.86%
EBIT Margin	71.57%	66.34%	44.49%	45.72%	-11.39%	43.34%	35.49%	48.43%	50.31%	48.06%
Profit (Net Income) Margin	44.45%	44.64%	24.22%	36.20%	-7.21%	34.71%	28.23%	37.56%	42.31%	41.53%
Tax Burden Percent	62.39%	67.32%	54.31%	77.64%	63.33%	80.58%	80.11%	76.51%	77.28%	77.65%
Interest Burden Percent	99.55%	99.96%	100.25%	101.98%	100.00%	99.38%	99.30%	101.36%	108.83%	111.30%
Effective Tax Rate	37.61%	32.68%	45.69%	22.36%	0.00%	19.42%	19.89%	23.49%	22.72%	22.35%
Return on Invested Capital (ROIC)	73.81%	100.88%	59.01%	66.16%	-10.19%	36.97%	37.29%	57.22%	56.83%	56.54%
ROIC Less NNEP Spread (ROIC-NNEP)	48.21%	100.98%	60.99%	68.54%	-11.98%	34.93%	36.06%	57.94%	55.00%	53.63%
Return on Net Nonoperating Assets (RNNOA)	-28.33%	-59.64%	-38.02%	-42.25%	6.45%	-20.30%	-24.35%	-40.60%	-38.56%	-37.31%
Return on Equity (ROE)	45.48%	41.23%	20.98%	23.91%	-3.74%	16.67%	12.94%	16.61%	18.27%	19.23%
Cash Return on Invested Capital (CROIC)	68.04%	72.48%	74.77%	12.37%	-23.99%	49.83%	39.99%	37.10%	35.78%	44.86%
Operating Return on Assets (OROA)	51.57%	47.03%	29.49%	23.70%	-4.51%	15.08%	12.23%	16.73%	17.73%	19.03%
Return on Assets (ROA)	32.03%	31.65%	16.06%	18.76%	-2.86%	12.07%	9.73%	12.97%	14.91%	16.45%
Return on Common Equity (ROCE)	44.94%	40.97%	20.82%	23.72%	-3.73%	16.67%	12.94%	16.61%	18.27%	19.23%
Return on Equity Simple (ROE_SIMPLE)	41.02%	38.55%	19.88%	21.13%	-3.76%	15.16%	12.02%	15.16%	16.46%	18.55%
Net Operating Profit after Tax (NOPAT)	436	715	443	625	-131	478	445	750	916	1,069
NOPAT Margin	29.75%	44.70%	25.65%	38.41%	-9.06%	32.25%	26.42%	38.71%	39.34%	37.16%
Net Nonoperating Expense Percent (NNEP)	25.60%	-0.10%	-1.99%	-2.38%	1.78%	2.03%	1.23%	-0.73%	1.83%	2.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	13.39%	13.70%	15.86%
Cost of Revenue to Revenue	4.71%	4.55%	6.13%	12.21%	8.12%	7.29%	7.27%	7.83%	11.06%	10.76%
SG&A Expenses to Revenue	30.88%	19.81%	19.13%	16.33%	23.21%	28.58%	27.71%	24.90%	20.50%	24.66%
R&D to Revenue	16.72%	9.23%	15.34%	21.99%	81.63%	24.12%	32.04%	16.68%	17.53%	16.72%
Operating Expenses to Revenue	47.61%	29.05%	46.64%	38.32%	104.83%	52.69%	59.75%	41.57%	38.03%	41.38%
Earnings before Interest and Taxes (EBIT)	1,049	1,061	768	744	-165	643	598	938	1,171	1,383
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,082	1,092	799	780	-119	693	648	989	1,224	1,455
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.50	3.29	3.04	1.70	1.39	1.99	2.46	2.64	1.73	2.44
Price to Tangible Book Value (P/TBV)	4.58	3.35	3.11	1.81	1.47	2.08	2.49	2.67	1.76	2.49
Price to Revenue (P/Rev)	4.88	3.81	3.71	2.92	2.67	4.55	5.77	6.55	4.44	5.47
Price to Earnings (P/E)	10.97	8.52	15.30	8.06	0.00	13.10	20.45	17.43	10.49	13.18
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	9.12%	11.73%	6.54%	12.41%	0.00%	7.63%	4.89%	5.74%	9.53%	7.59%
Enterprise Value to Invested Capital (EV/IC)	10.14	6.23	7.21	2.63	1.79	3.77	5.90	6.46	3.44	5.65
Enterprise Value to Revenue (EV/Rev)	4.21	3.15	2.89	1.94	1.70	3.07	4.12	4.81	2.63	3.93
Enterprise Value to EBITDA (EV/EBITDA)	5.70	4.62	6.24	4.05	0.00	6.58	10.73	9.42	5.01	7.77
Enterprise Value to EBIT (EV/EBIT)	5.88	4.75	6.49	4.24	0.00	7.09	11.62	9.94	5.23	8.18
Enterprise Value to NOPAT (EV/NOPAT)	14.14	7.05	11.26	5.05	0.00	9.54	15.61	12.43	6.69	10.58
Enterprise Value to Operating Cash Flow (EV/OCF)	16.11	7.83	10.51	4.06	0.00	6.04	11.62	11.61	6.27	8.52
Enterprise Value to Free Cash Flow (EV/FCFF)	15.34	9.82	8.88	27.01	0.00	7.07	14.55	19.17	10.63	13.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.09	0.31	0.24	0.20	0.17	0.12	0.05
Long-Term Debt to Equity	0.00	0.00	0.00	0.09	0.22	0.24	0.20	0.17	0.05	0.00
Financial Leverage	-0.59	-0.59	-0.62	-0.62	-0.54	-0.58	-0.68	-0.70	-0.70	-0.70
Leverage Ratio	1.42	1.30	1.31	1.27	1.31	1.38	1.33	1.28	1.23	1.17
Compound Leverage Factor	1.41	1.30	1.31	1.30	1.31	1.37	1.32	1.30	1.33	1.30
Debt to Total Capital	0.00%	0.00%	0.00%	8.18%	23.41%	19.07%	16.81%	14.29%	10.47%	4.45%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	6.89%	0.00%	0.00%	0.00%	5.98%	4.45%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	8.18%	16.53%	19.07%	16.81%	14.29%	4.49%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.69%	0.59%	0.91%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.31%	99.41%	99.09%	91.20%	76.59%	80.93%	83.19%	85.71%	89.53%	95.55%
Debt to EBITDA	0.00	0.00	0.00	0.32	-7.14	1.15	1.23	0.81	0.57	0.21
Net Debt to EBITDA	0.00	0.00	0.00	-2.06	11.78	-3.15	-4.29	-3.39	-3.43	-3.05
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.32	-5.04	1.15	1.23	0.81	0.25	0.00
Debt to NOPAT	0.00	0.00	0.00	0.40	-6.47	1.67	1.80	1.07	0.76	0.28
Net Debt to NOPAT	0.00	0.00	0.00	-2.57	10.69	-4.57	-6.24	-4.48	-4.59	-4.15
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.40	-4.57	1.67	1.80	1.07	0.33	0.00
Altman Z-Score	11.15	12.10	8.34	7.94	3.90	5.74	7.17	8.70	7.75	13.17
Noncontrolling Interest Sharing Ratio	1.20%	0.64%	0.76%	0.78%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.89	4.29	3.26	6.39	4.03	6.70	7.61	9.85	4.41	5.25
Quick Ratio	2.60	3.81	2.75	5.75	3.54	6.16	6.97	8.91	4.07	4.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	402	514	561	117	-309	645	478	486	577	849
Operating Cash Flow to CapEx	768.67%	1,693.68%	607.95%	422.13%	-246.83%	1,328.12%	495.20%	593.13%	424.48%	538.38%
Free Cash Flow to Firm to Interest Expense	85.53	131.67	62.31	8.41	-6.99	27.43	25.68	15.00	9.72	19.78
Operating Cash Flow to Interest Expense	81.45	165.03	52.69	56.00	-4.67	32.16	32.16	24.77	16.49	30.93
Operating Cash Flow Less CapEx to Interest Expense	70.85	155.28	44.02	42.73	-6.57	29.74	25.67	20.59	12.61	25.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.71	0.66	0.52	0.40	0.35	0.34	0.35	0.35	0.40
Accounts Receivable Turnover	8.26	7.85	6.74	6.89	8.86	9.61	9.47	9.24	9.32	10.31
Inventory Turnover	0.93	0.80	1.02	1.90	1.21	1.20	1.36	1.55	2.41	2.30
Fixed Asset Turnover	3.01	3.25	3.33	2.61	2.01	2.02	2.23	2.36	2.44	2.54
Accounts Payable Turnover	0.73	0.70	0.77	1.18	0.75	0.64	0.68	0.75	0.98	0.96
Days Sales Outstanding (DSO)	44.21	46.49	54.12	53.01	41.20	37.99	38.56	39.50	39.15	35.40
Days Inventory Outstanding (DIO)	392.05	455.12	358.96	191.87	301.68	303.72	268.61	235.71	151.53	158.93
Days Payable Outstanding (DPO)	499.31	521.14	475.33	309.71	488.06	566.24	538.71	486.95	374.14	378.61
Cash Conversion Cycle (CCC)	-63.05	-19.53	-62.26	-64.83	-145.18	-224.53	-231.54	-211.74	-183.46	-184.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	608	809	691	1,199	1,377	1,211	1,178	1,442	1,781	2,002
Invested Capital Turnover	2.48	2.26	2.30	1.72	1.12	1.15	1.41	1.48	1.44	1.52
Increase / (Decrease) in Invested Capital	34	201	-118	508	178	-166	-32	264	339	221
Enterprise Value (EV)	6,165	5,041	4,982	3,157	2,462	4,561	6,951	9,320	6,130	11,310
Market Capitalization	7,146	6,084	6,393	4,747	3,865	6,746	9,731	12,674	10,333	15,752
Book Value per Share	$34.82	$43.65	$48.64	$63.98	$63.36	$76.40	$87.90	$105.24	$127.35	$144.34
Tangible Book Value per Share	$34.19	$42.85	$47.59	$60.06	$59.75	$72.84	$86.91	$104.27	$124.92	$141.83
Total Capital	1,600	1,862	2,121	3,058	3,630	4,195	4,759	5,597	6,685	6,744
Total Debt	0.00	0.00	0.00	250	850	800	800	800	700	300
Total Long-Term Debt	0.00	0.00	0.00	250	600	800	800	800	300	0.00
Net Debt	-992	-1,053	-1,430	-1,609	-1,403	-2,185	-2,781	-3,355	-4,204	-4,442
Capital Expenditures (CapEx)	50	38	78	184	84	57	121	135	230	247
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-119	42	76	76	166	8.90	88	198	153	169
Debt-free Net Working Capital (DFNWC)	835	1,092	1,003	1,491	1,652	1,844	2,018	3,037	3,147	3,436
Net Working Capital (NWC)	835	1,092	1,003	1,491	1,402	1,844	2,018	3,037	2,747	3,136
Net Nonoperating Expense (NNE)	-215	1.01	25	36	-27	-37	-30	22	-69	-126
Net Nonoperating Obligations (NNO)	-992	-1,053	-1,430	-1,609	-1,403	-2,185	-2,781	-3,355	-4,204	-4,442
Total Depreciation and Amortization (D&A)	33	32	31	36	46	50	50	51	53	73
Debt-free, Cash-free Net Working Capital to Revenue	-8.13%	2.60%	4.39%	4.64%	11.43%	0.60%	5.19%	10.25%	6.55%	5.87%
Debt-free Net Working Capital to Revenue	56.94%	68.32%	58.15%	91.62%	113.99%	124.31%	119.74%	156.85%	135.19%	119.41%
Net Working Capital to Revenue	56.94%	68.32%	58.15%	91.62%	96.74%	124.31%	119.74%	156.85%	118.01%	108.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$14.17	$16.29	$9.50	$13.54	($2.39)	$11.65	$10.60	$15.98	$21.04	$26.44
Adjusted Weighted Average Basic Shares Outstanding	46M	43.80M	44M	43.50M	43.80M	44.20M	44.90M	45.50M	46.80M	45.20M
Adjusted Diluted Earnings per Share	$12.72	$15.25	$9.31	$13.39	($2.39)	$11.54	$10.06	$15.00	$19.81	$24.64
Adjusted Weighted Average Diluted Shares Outstanding	51.22M	46.80M	44.90M	44M	43.80M	44.60M	47.30M	48.50M	49.70M	48.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	45.35M	44.96M	43.24M	43.72M	43.88M	44.54M	45.13M	46.30M	47.06M	44.91M
Normalized Net Operating Profit after Tax (NOPAT)	436	715	557	625	-131	478	445	750	916	1,069
Normalized NOPAT Margin	29.75%	44.70%	32.26%	38.41%	-9.06%	32.25%	26.42%	38.71%	39.34%	37.16%
Pre Tax Income Margin	71.25%	66.31%	44.60%	46.62%	-11.39%	43.07%	35.24%	49.09%	54.75%	53.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	223.21	271.95	85.29	53.54	-3.73	27.36	32.16	28.94	19.75	32.23
NOPAT to Interest Expense	92.79	183.26	49.17	44.99	-2.97	20.35	23.94	23.13	15.44	24.93
EBIT Less CapEx to Interest Expense	212.62	262.21	76.62	40.27	-5.63	24.94	25.66	24.77	15.86	26.49
NOPAT Less CapEx to Interest Expense	82.19	173.52	40.51	31.72	-4.86	17.93	17.45	18.96	11.56	19.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	60.54%	70.06%	59.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	83.68%

This table displays calculated financial ratios and metrics derived from United Therapeutics' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.03%	18.38%	9.74%	27.76%	18.10%	25.07%	33.70%	19.85%	22.89%	19.72%	17.22%
EBITDA Growth	48.20%	16.58%	-9.89%	100.18%	4.39%	48.88%	28.74%	4.21%	9.72%	37.19%	6.75%
EBIT Growth	50.88%	17.61%	-10.55%	108.53%	4.44%	52.38%	29.51%	2.53%	8.32%	36.84%	5.70%
NOPAT Growth	32.21%	-4.32%	4.87%	55.91%	3.35%	47.34%	16.77%	3.32%	9.72%	42.20%	6.27%
Net Income Growth	47.08%	17.74%	0.42%	123.45%	11.83%	64.35%	27.27%	7.29%	15.51%	38.78%	5.09%
EPS Growth	43.57%	11.34%	-3.38%	117.43%	9.57%	63.40%	26.95%	11.64%	18.77%	43.88%	7.46%
Operating Cash Flow Growth	39.33%	-26.58%	29.82%	-16.30%	33.87%	17.55%	0.45%	118.44%	8.95%	126.41%	22.50%
Free Cash Flow Firm Growth	-82.62%	-179.67%	-41.90%	-155.44%	-141.49%	-10.60%	-289.02%	-205.00%	-90.78%	134.48%	132.00%
Invested Capital Growth	16.26%	22.36%	12.59%	23.51%	20.95%	23.52%	34.32%	25.65%	20.26%	12.40%	13.62%
Revenue Q/Q Growth	10.52%	-4.75%	3.13%	17.68%	2.16%	0.87%	10.25%	5.49%	4.76%	-1.74%	7.95%
EBITDA Q/Q Growth	97.48%	-42.89%	56.48%	12.39%	2.98%	-18.55%	36.57%	-9.03%	8.43%	1.85%	6.27%
EBIT Q/Q Growth	105.60%	-44.78%	60.76%	13.13%	2.97%	-19.44%	38.00%	-10.44%	8.79%	1.78%	6.59%
NOPAT Q/Q Growth	54.84%	-46.10%	80.91%	3.25%	2.64%	-23.15%	43.37%	-8.64%	8.99%	-0.40%	7.14%
Net Income Q/Q Growth	106.29%	-44.80%	82.36%	7.60%	3.24%	-18.87%	41.23%	-9.30%	11.15%	-2.52%	6.94%
EPS Q/Q Growth	103.73%	-46.03%	83.40%	7.82%	2.67%	-19.52%	42.49%	-5.19%	9.23%	-2.50%	6.42%
Operating Cash Flow Q/Q Growth	103.62%	-50.43%	192.36%	-71.64%	225.68%	-56.47%	149.83%	-38.33%	62.45%	-9.54%	35.17%
Free Cash Flow Firm Q/Q Growth	-27.57%	-328.74%	167.29%	-149.72%	45.79%	-509.71%	-15.00%	19.77%	66.09%	210.21%	6.70%
Invested Capital Q/Q Growth	6.67%	10.67%	-10.24%	16.55%	4.47%	13.02%	-2.39%	9.03%	-0.02%	5.63%	-1.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	92.79%	88.04%	89.68%	89.25%	88.50%	88.45%	89.24%	89.12%	88.90%	89.69%	88.36%
EBITDA Margin	62.27%	37.33%	57.17%	54.60%	55.04%	44.44%	55.05%	47.48%	49.14%	50.93%	50.14%
Operating Margin	60.91%	35.73%	56.11%	52.54%	53.66%	42.31%	52.57%	44.75%	45.81%	48.61%	48.19%
EBIT Margin	59.77%	34.65%	54.55%	52.44%	52.86%	42.22%	52.84%	44.86%	46.59%	48.25%	47.65%
Profit (Net Income) Margin	46.38%	26.88%	47.52%	43.45%	43.91%	35.32%	45.24%	38.90%	41.27%	40.94%	40.56%
Tax Burden Percent	76.58%	73.88%	82.53%	77.33%	76.07%	73.49%	76.92%	78.27%	79.54%	75.99%	76.08%
Interest Burden Percent	101.33%	104.99%	105.57%	107.16%	109.22%	113.83%	111.31%	110.79%	111.38%	111.66%	111.89%
Effective Tax Rate	23.42%	26.12%	17.47%	22.67%	23.93%	26.51%	23.08%	21.73%	20.46%	24.01%	23.92%
Return on Invested Capital (ROIC)	71.60%	39.01%	75.08%	62.84%	62.51%	44.92%	66.63%	53.85%	57.88%	56.19%	59.12%
ROIC Less NNEP Spread (ROIC-NNEP)	71.64%	38.94%	74.90%	62.35%	62.00%	44.23%	65.75%	53.13%	57.01%	55.51%	58.38%
Return on Net Nonoperating Assets (RNNOA)	-50.96%	-27.29%	-55.22%	-44.86%	-44.63%	-31.01%	-46.69%	-36.85%	-40.26%	-38.62%	-40.53%
Return on Equity (ROE)	20.64%	11.73%	19.86%	17.98%	17.88%	13.91%	19.94%	17.00%	17.62%	17.58%	18.59%
Cash Return on Invested Capital (CROIC)	47.29%	37.10%	50.46%	41.07%	40.45%	35.78%	33.75%	33.92%	38.56%	44.86%	45.76%
Operating Return on Assets (OROA)	20.53%	11.97%	18.47%	18.11%	18.20%	14.87%	20.56%	17.51%	18.15%	19.11%	20.04%
Return on Assets (ROA)	15.93%	9.28%	16.09%	15.01%	15.12%	12.44%	17.60%	15.19%	16.08%	16.21%	17.06%
Return on Common Equity (ROCE)	20.64%	11.73%	19.86%	17.98%	17.88%	13.91%	19.94%	17.00%	17.62%	17.58%	18.59%
Return on Equity Simple (ROE_SIMPLE)	15.51%	0.00%	14.22%	16.11%	15.75%	0.00%	19.68%	18.77%	18.21%	0.00%	17.79%
Net Operating Profit after Tax (NOPAT)	241	130	235	242	249	191	274	250	273	272	291
NOPAT Margin	46.64%	26.40%	46.30%	40.63%	40.82%	31.10%	40.44%	35.02%	36.44%	36.94%	36.66%
Net Nonoperating Expense Percent (NNEP)	-0.05%	0.08%	0.18%	0.48%	0.51%	0.69%	0.88%	0.72%	0.87%	0.68%	0.73%
Return On Investment Capital (ROIC_SIMPLE)	-	2.32%	-	-	-	2.86%	-	-	-	4.03%	4.16%
Cost of Revenue to Revenue	7.21%	11.96%	10.32%	10.75%	11.50%	11.55%	10.76%	10.88%	11.10%	10.31%	11.64%
SG&A Expenses to Revenue	19.07%	33.20%	17.22%	21.79%	20.94%	21.51%	21.31%	24.84%	29.27%	22.90%	21.41%
R&D to Revenue	12.81%	19.10%	16.35%	14.92%	13.90%	24.63%	15.36%	19.53%	13.82%	18.18%	18.76%
Operating Expenses to Revenue	31.88%	52.31%	33.58%	36.71%	34.84%	46.14%	36.67%	44.37%	43.09%	41.08%	40.17%
Earnings before Interest and Taxes (EBIT)	308	170	277	313	322	260	358	321	349	355	379
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	321	184	290	326	335	273	373	339	368	375	398
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.09	2.64	2.02	1.91	1.86	1.73	2.02	2.48	2.61	2.44	2.03
Price to Tangible Book Value (P/TBV)	2.11	2.67	2.04	1.93	1.87	1.76	2.07	2.53	2.66	2.49	2.07
Price to Revenue (P/Rev)	5.12	6.55	5.23	4.90	4.81	4.44	4.32	5.40	5.78	5.47	4.62
Price to Earnings (P/E)	13.47	17.43	14.24	11.87	11.78	10.49	10.28	13.21	14.35	13.18	11.44
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.42%	5.74%	7.02%	8.43%	8.49%	9.53%	9.73%	7.57%	6.97%	7.59%	8.74%
Enterprise Value to Invested Capital (EV/IC)	4.81	6.46	5.05	4.27	4.10	3.44	4.14	5.45	6.19	5.65	4.56
Enterprise Value to Revenue (EV/Rev)	3.37	4.81	3.30	3.05	2.93	2.63	2.88	3.95	4.26	3.93	3.01
Enterprise Value to EBITDA (EV/EBITDA)	6.51	9.42	6.82	5.74	5.69	5.01	5.50	7.82	8.67	7.77	6.09
Enterprise Value to EBIT (EV/EBIT)	6.87	9.94	7.21	6.02	5.97	5.23	5.75	8.19	9.12	8.18	6.42
Enterprise Value to NOPAT (EV/NOPAT)	8.30	12.43	8.59	7.60	7.56	6.69	7.53	10.71	11.87	10.58	8.30
Enterprise Value to Operating Cash Flow (EV/OCF)	7.39	11.61	7.36	7.42	6.77	6.27	7.34	9.34	10.33	8.52	6.38
Enterprise Value to Free Cash Flow (EV/FCFF)	10.94	19.17	10.61	11.49	11.10	10.63	14.06	17.89	17.54	13.33	10.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.18	0.17	0.16	0.15	0.14	0.12	0.11	0.09	0.07	0.05	0.03
Long-Term Debt to Equity	0.18	0.17	0.16	0.15	0.09	0.05	0.04	0.02	0.00	0.00	0.00
Financial Leverage	-0.71	-0.70	-0.74	-0.72	-0.72	-0.70	-0.71	-0.69	-0.71	-0.70	-0.69
Leverage Ratio	1.29	1.28	1.26	1.26	1.25	1.23	1.23	1.21	1.20	1.17	1.17
Compound Leverage Factor	1.31	1.34	1.33	1.35	1.36	1.39	1.37	1.34	1.33	1.31	1.31
Debt to Total Capital	14.92%	14.29%	13.51%	12.88%	12.28%	10.47%	10.10%	8.07%	6.15%	4.45%	2.85%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	4.61%	5.98%	6.74%	6.45%	6.15%	4.45%	2.85%
Long-Term Debt to Total Capital	14.92%	14.29%	13.51%	12.88%	7.68%	4.49%	3.37%	1.61%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	85.08%	85.71%	86.49%	87.12%	87.72%	89.53%	89.90%	91.93%	93.85%	95.55%	97.15%
Debt to EBITDA	0.83	0.81	0.83	0.71	0.70	0.57	0.46	0.38	0.30	0.21	0.14
Net Debt to EBITDA	-3.38	-3.39	-3.99	-3.48	-3.64	-3.43	-2.75	-2.88	-3.11	-3.05	-3.26
Long-Term Debt to EBITDA	0.83	0.81	0.83	0.71	0.44	0.25	0.15	0.08	0.00	0.00	0.00
Debt to NOPAT	1.06	1.07	1.05	0.94	0.94	0.76	0.63	0.52	0.40	0.28	0.18
Net Debt to NOPAT	-4.32	-4.48	-5.03	-4.60	-4.84	-4.59	-3.77	-3.94	-4.26	-4.15	-4.45
Long-Term Debt to NOPAT	1.06	1.07	1.05	0.94	0.58	0.33	0.21	0.10	0.00	0.00	0.00
Altman Z-Score	6.94	8.28	7.25	7.03	6.94	7.33	7.97	10.68	11.79	12.71	11.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	9.68	9.85	9.84	8.68	4.65	4.41	3.77	4.35	4.58	5.25	5.46
Quick Ratio	9.01	8.91	9.24	7.97	4.21	4.07	3.50	3.92	4.20	4.80	5.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	58	-134	90	-45	-24	-148	-170	-137	-46	51	54
Operating Cash Flow to CapEx	375.87%	324.56%	907.51%	237.81%	526.94%	191.49%	985.60%	514.86%	493.07%	393.54%	615.75%
Free Cash Flow to Firm to Interest Expense	6.36	-10.88	6.52	-3.02	-1.56	-9.80	-12.79	-11.77	-4.58	6.46	8.92
Operating Cash Flow to Interest Expense	28.11	10.42	27.16	7.18	22.19	9.98	28.31	20.02	37.35	43.19	75.61
Operating Cash Flow Less CapEx to Interest Expense	20.63	7.21	24.17	4.16	17.98	4.77	25.44	16.13	29.77	32.22	63.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.35	0.34	0.35	0.34	0.35	0.39	0.39	0.39	0.40	0.42
Accounts Receivable Turnover	8.37	9.24	12.99	9.46	8.99	9.32	11.31	9.29	9.18	10.31	9.52
Inventory Turnover	1.36	1.55	1.87	2.20	2.51	2.41	2.50	2.43	2.43	2.30	2.31
Fixed Asset Turnover	2.37	2.36	2.36	2.44	2.41	2.44	2.54	2.57	2.57	2.54	2.52
Accounts Payable Turnover	0.59	0.75	0.88	0.87	0.89	0.98	1.02	0.95	0.87	0.96	0.98
Days Sales Outstanding (DSO)	43.61	39.50	28.09	38.57	40.59	39.15	32.27	39.29	39.76	35.40	38.36
Days Inventory Outstanding (DIO)	268.88	235.71	195.52	166.00	145.30	151.53	146.14	149.98	150.29	158.93	158.28
Days Payable Outstanding (DPO)	616.83	486.95	416.37	419.82	411.80	374.14	357.52	386.08	417.51	378.61	372.48
Cash Conversion Cycle (CCC)	-304.34	-211.74	-192.75	-215.25	-225.90	-183.46	-179.10	-196.81	-227.47	-184.28	-175.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,303	1,442	1,294	1,508	1,576	1,781	1,738	1,895	1,895	2,002	1,975
Invested Capital Turnover	1.54	1.48	1.62	1.55	1.53	1.44	1.65	1.54	1.59	1.52	1.61
Increase / (Decrease) in Invested Capital	182	264	145	287	273	339	444	387	319	221	237
Enterprise Value (EV)	6,271	9,320	6,541	6,439	6,464	6,130	7,196	10,328	11,738	11,310	9,013
Market Capitalization	9,530	12,674	10,370	10,341	10,601	10,333	10,795	14,130	15,943	15,752	13,845
Book Value per Share	$100.23	$105.24	$110.65	$115.50	$121.71	$127.35	$113.58	$128.44	$137.13	$144.34	$151.57
Tangible Book Value per Share	$99.25	$104.27	$109.69	$114.55	$120.76	$124.92	$111.12	$125.85	$134.61	$141.83	$149.08
Total Capital	5,362	5,597	5,923	6,211	6,512	6,685	5,938	6,197	6,501	6,744	7,007
Total Debt	800	800	800	800	800	700	600	500	400	300	200
Total Long-Term Debt	800	800	800	800	500	300	200	100	0.00	0.00	0.00
Net Debt	-3,259	-3,355	-3,829	-3,903	-4,136	-4,204	-3,600	-3,802	-4,206	-4,442	-4,832
Capital Expenditures (CapEx)	69	40	41	45	66	79	38	45	77	87	75
Debt-free, Cash-free Net Working Capital (DFCFNWC)	125	198	5.00	164	139	153	80	216	201	169	97
Debt-free Net Working Capital (DFNWC)	2,741	3,037	2,868	2,843	3,015	3,147	2,788	3,187	3,527	3,436	3,418
Net Working Capital (NWC)	2,741	3,037	2,868	2,843	2,715	2,747	2,388	2,787	3,127	3,136	3,218
Net Nonoperating Expense (NNE)	1.38	-2.36	-6.19	-17	-19	-26	-33	-28	-36	-29	-31
Net Nonoperating Obligations (NNO)	-3,259	-3,355	-3,829	-3,903	-4,136	-4,204	-3,600	-3,802	-4,206	-4,442	-4,832
Total Depreciation and Amortization (D&A)	13	13	13	13	13	14	15	19	19	20	20
Debt-free, Cash-free Net Working Capital to Revenue	6.72%	10.25%	0.25%	7.77%	6.32%	6.55%	3.21%	8.24%	7.27%	5.87%	3.24%
Debt-free Net Working Capital to Revenue	147.34%	156.85%	144.77%	134.69%	136.77%	135.19%	111.60%	121.80%	127.97%	119.41%	114.17%
Net Working Capital to Revenue	147.34%	156.85%	144.77%	134.69%	123.16%	118.01%	95.59%	106.52%	113.45%	108.98%	107.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.26	$2.85	$5.20	$5.53	$5.71	$4.60	$6.52	$6.26	$6.93	$6.73	$7.18
Adjusted Weighted Average Basic Shares Outstanding	45.50M	45.50M	46.30M	46.90M	46.90M	46.80M	47M	44.40M	44.60M	45.20M	44.90M
Adjusted Diluted Earnings per Share	$4.91	$2.65	$4.86	$5.24	$5.38	$4.33	$6.17	$5.85	$6.39	$6.23	$6.63
Adjusted Weighted Average Diluted Shares Outstanding	48.70M	48.50M	49.60M	49.50M	49.70M	49.70M	49.70M	47.50M	48.40M	48.50M	48.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	45.58M	46.30M	46.85M	46.93M	46.99M	47.06M	44.36M	44.49M	44.64M	44.91M	45.11M
Normalized Net Operating Profit after Tax (NOPAT)	241	130	235	242	249	191	274	250	273	272	291
Normalized NOPAT Margin	46.64%	26.40%	46.30%	40.63%	40.82%	31.10%	40.44%	35.02%	36.44%	36.94%	36.66%
Pre Tax Income Margin	60.56%	36.38%	57.59%	56.19%	57.73%	48.06%	58.82%	49.70%	51.89%	53.88%	53.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	33.52	13.85	20.04	21.14	20.65	17.19	26.92	27.65	34.54	44.95	62.05
NOPAT to Interest Expense	26.16	10.55	17.01	16.37	15.94	12.66	20.61	21.59	27.02	34.41	47.74
EBIT Less CapEx to Interest Expense	26.04	10.63	17.04	18.11	16.44	11.97	24.05	23.76	26.97	33.97	49.77
NOPAT Less CapEx to Interest Expense	18.68	7.34	14.02	13.35	11.73	7.45	17.73	17.70	19.45	23.43	35.46
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	83.68%	0.00%

Frequently Asked Questions About United Therapeutics' Financials

When does United Therapeutics's fiscal year end?

According to the most recent income statement we have on file, United Therapeutics' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has United Therapeutics' net income changed over the last 9 years?

United Therapeutics' net income appears to be on an upward trend, with a most recent value of $1.20 billion in 2024, rising from $651.60 million in 2015. The previous period was $984.80 million in 2023. See United Therapeutics' forecast for analyst expectations on what’s next for the company.

What is United Therapeutics's operating income?

United Therapeutics's total operating income in 2024 was $1.38 billion, based on the following breakdown:

Total Gross Profit: $2.57 billion
Total Operating Expenses: $1.19 billion

How has United Therapeutics revenue changed over the last 9 years?

Over the last 9 years, United Therapeutics' total revenue changed from $1.47 billion in 2015 to $2.88 billion in 2024, a change of 96.3%.

How much debt does United Therapeutics have?

United Therapeutics' total liabilities were at $920 million at the end of 2024, a 22.2% decrease from 2023, and a 57.3% increase since 2015.

How much cash does United Therapeutics have?

In the past 9 years, United Therapeutics' cash and equivalents has ranged from $669.20 million in 2018 to $1.70 billion in 2024, and is currently $1.70 billion as of their latest financial filing in 2024.

How has United Therapeutics' book value per share changed over the last 9 years?

Over the last 9 years, United Therapeutics' book value per share changed from 34.82 in 2015 to 144.34 in 2024, a change of 314.6%.

Related Companies

This page (NASDAQ:UTHR) was last updated on 5/7/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

United Therapeutics (UTHR) Financials

Frequently Asked Questions About United Therapeutics' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

United Therapeutics (UTHR) Financials

Annual Income Statements for United Therapeutics

Quarterly Income Statements for United Therapeutics

Annual Cash Flow Statements for United Therapeutics

Quarterly Cash Flow Statements for United Therapeutics

Annual Balance Sheets for United Therapeutics

Quarterly Balance Sheets for United Therapeutics

Annual Metrics and Ratios for United Therapeutics

Quarterly Metrics and Ratios for United Therapeutics

Frequently Asked Questions About United Therapeutics' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools