United Therapeutics (UTHR) Financials

$316.34 -4.03 (-1.26%)

Closing price 04:00 PM Eastern

Extended Trading

$316.78 +0.44 (+0.14%)

As of 06:48 PM 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,195	985	727	476	515	-105	589	418	714	652
Consolidated Net Income / (Loss)	1,195	985	727	476	515	-105	589	418	714	652
Net Income / (Loss) Continuing Operations	1,195	985	727	476	515	-105	589	418	714	652
Total Pre-Tax Income	1,539	1,274	951	594	639	-165	759	770	1,060	1,044
Total Operating Income	1,377	1,185	980	556	594	-188	805	815	1,062	699
Total Gross Profit	2,568	2,070	1,785	1,563	1,375	1,331	1,429	1,620	1,526	1,397
Total Revenue	2,877	2,328	1,936	1,686	1,483	1,449	1,628	1,725	1,599	1,466
Operating Revenue	2,877	2,328	1,936	1,686	1,483	1,449	1,628	1,725	1,599	1,461
Total Cost of Revenue	310	258	152	123	108	118	199	106	73	69
Operating Cost of Revenue	310	258	152	123	108	118	199	106	73	69
Total Operating Expenses	1,191	885	805	1,007	782	1,519	624	805	464	698
Selling, General & Admin Expense	710	477	482	467	424	336	266	330	317	453
Research & Development Expense	481	408	323	540	358	1,183	358	265	148	245
Total Other Income / (Expense), net	162	89	-29	40	45	23	-47	-45	-1.50	345
Interest Expense	43	59	32	19	24	44	14	9.00	3.90	4.70
Interest & Investment Income	199	163	45	17	20	44	29	11	3.50	-
Other Income / (Expense), net	5.80	-14	-42	42	49	23	-61	-47	-1.10	350
Income Tax Expense	344	290	223	118	124	-61	170	352	347	393
Basic Earnings per Share	$26.44	$21.04	$15.98	$10.60	$11.65	($2.39)	$13.54	$9.50	$16.29	$14.17
Weighted Average Basic Shares Outstanding	45.20M	46.80M	45.50M	44.90M	44.20M	43.80M	43.50M	44M	43.80M	46M
Diluted Earnings per Share	$24.64	$19.81	$15.00	$10.06	$11.54	($2.39)	$13.39	$9.31	$15.25	$12.72
Weighted Average Diluted Shares Outstanding	48.50M	49.70M	48.50M	47.30M	44.60M	43.80M	44M	44.90M	46.80M	51.20M
Weighted Average Basic & Diluted Shares Outstanding	44.91M	47.06M	46.30M	45.13M	44.54M	43.88M	43.50M	44M	43.80M	46M

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

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About United Therapeutics' Financials

When does United Therapeutics's financial year end?

According to the most recent income statement we have on file, United Therapeutics' fiscal year ends in December. Their fiscal 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 where experts think United Therapeutics is headed by visiting United Therapeutics' forecast page.

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%.

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This page (NASDAQ:UTHR) was last updated on 5/30/2025 by MarketBeat.com Staff

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United Therapeutics (UTHR) Financials

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United Therapeutics (UTHR) Financials

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