United Therapeutics (UTHR) Financials

$575.79 -3.75 (-0.65%)

Closing price 04:00 PM Eastern

Extended Trading

$575.90 +0.11 (+0.02%)

As of 07:28 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	652	714	418	589	-105	515	476	727	985	1,195	1,335
Consolidated Net Income / (Loss)	652	714	418	589	-105	515	476	727	985	1,195	1,335
Net Income / (Loss) Continuing Operations	652	714	418	589	-105	515	476	727	985	1,195	1,335
Total Pre-Tax Income	1,044	1,060	770	759	-165	639	594	951	1,274	1,539	1,714
Total Operating Income	699	1,062	815	805	-188	594	556	980	1,185	1,377	1,493
Total Gross Profit	1,397	1,526	1,620	1,429	1,331	1,375	1,563	1,785	2,070	2,568	2,798
Total Revenue	1,466	1,599	1,725	1,628	1,449	1,483	1,686	1,936	2,328	2,877	3,183
Operating Revenue	1,461	1,599	1,725	1,628	1,449	1,483	1,686	1,936	2,328	2,877	3,183
Total Cost of Revenue	69	73	106	199	118	108	123	152	258	310	384
Operating Cost of Revenue	69	73	106	199	118	108	123	152	258	310	384
Total Operating Expenses	698	464	805	624	1,519	782	1,007	805	885	1,191	1,306
Selling, General & Admin Expense	453	317	330	266	336	424	467	482	477	710	756
Research & Development Expense	245	148	265	358	1,183	358	540	323	408	481	550
Total Other Income / (Expense), net	345	-1.50	-45	-47	23	45	40	-29	89	162	221
Interest Expense	4.70	3.90	9.00	14	44	24	19	32	59	43	20
Interest & Investment Income	-	3.50	11	29	44	20	17	45	163	199	192
Other Income / (Expense), net	350	-1.10	-47	-61	23	49	42	-42	-14	5.80	49
Income Tax Expense	393	347	352	170	-61	124	118	223	290	344	379
Basic Earnings per Share	$14.17	$16.29	$9.50	$13.54	($2.39)	$11.65	$10.60	$15.98	$21.04	$26.44	$30.13
Weighted Average Basic Shares Outstanding	46M	43.80M	44M	43.50M	43.80M	44.20M	44.90M	45.50M	46.80M	45.20M	44.30M
Diluted Earnings per Share	$12.72	$15.25	$9.31	$13.39	($2.39)	$11.54	$10.06	$15.00	$19.81	$24.64	$27.86
Weighted Average Diluted Shares Outstanding	51.20M	46.80M	44.90M	44M	43.80M	44.60M	47.30M	48.50M	49.70M	48.50M	47.90M
Weighted Average Basic & Diluted Shares Outstanding	46M	43.80M	44M	43.50M	43.88M	44.54M	45.13M	46.30M	47.06M	44.91M	43.83M

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	268	217	307	278	309	301	322	310	339	364	275
Consolidated Net Income / (Loss)	268	217	307	278	309	301	322	310	339	364	275
Net Income / (Loss) Continuing Operations	268	217	307	278	309	301	322	310	339	364	275
Total Pre-Tax Income	352	295	399	355	389	397	424	408	438	444	318
Total Operating Income	327	260	356	320	343	358	383	365	389	357	326
Total Gross Profit	539	544	605	637	666	660	702	711	699	687	648
Total Revenue	609	615	678	715	749	736	794	799	800	790	782
Operating Revenue	609	615	678	715	749	736	794	799	800	790	782
Total Cost of Revenue	70	71	73	78	83	76	93	88	101	103	133
Operating Cost of Revenue	70	71	73	78	83	76	93	88	101	103	133
Total Operating Expenses	212	284	249	317	323	302	319	347	310	330	322
Selling, General & Admin Expense	128	132	144	178	219	169	170	213	183	191	184
Research & Development Expense	85	151	104	140	104	134	149	134	128	140	138
Total Other Income / (Expense), net	25	35	42	35	46	39	41	44	50	87	-7.50
Interest Expense	16	15	13	12	10	7.90	6.10	7.30	3.00	3.10	3.00
Interest & Investment Income	45	51	54	46	50	49	51	51	46	43	42
Other Income / (Expense), net	-4.90	-0.60	1.80	0.80	5.80	-2.60	-4.30	-0.10	6.10	47	-46
Income Tax Expense	84	78	92	77	80	95	101	99	99	80	43
Basic Earnings per Share	$5.71	$4.60	$6.52	$6.26	$6.93	$6.73	$7.18	$6.86	$7.73	$8.36	$6.32
Weighted Average Basic Shares Outstanding	46.90M	46.80M	47M	44.40M	44.60M	45.20M	44.90M	45.10M	43.80M	44.30M	43.50M
Diluted Earnings per Share	$5.38	$4.33	$6.17	$5.85	$6.39	$6.23	$6.63	$6.41	$7.16	$7.66	$5.82
Weighted Average Diluted Shares Outstanding	49.70M	49.70M	49.70M	47.50M	48.40M	48.50M	48.60M	48.30M	47.30M	47.90M	47.20M
Weighted Average Basic & Diluted Shares Outstanding	46.99M	47.06M	44.36M	44.49M	44.64M	44.91M	45.11M	45.23M	43.06M	43.83M	42.45M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	434	191	-318	-36	69	0.30	156	66	247	490	-140
Net Cash From Operating Activities	383	644	474	778	-207	756	598	803	978	1,327	1,561
Net Cash From Continuing Operating Activities	383	644	474	778	-207	756	598	803	978	1,327	1,561
Net Income / (Loss) Continuing Operations	652	714	418	589	-105	515	476	727	985	1,195	1,335
Consolidated Net Income / (Loss)	652	714	418	589	-105	515	476	727	985	1,195	1,335
Depreciation Expense	33	32	31	36	46	50	50	51	53	73	86
Non-Cash Adjustments To Reconcile Net Income	-100	16	104	29	30	128	247	165	38	120	150
Changes in Operating Assets and Liabilities, net	-202	-117	-78	124	-178	63	-174	-141	-98	-60	-8.80
Net Cash From Investing Activities	504	48	-836	-821	-335	-739	-487	-812	-720	417	-551
Net Cash From Continuing Investing Activities	504	48	-836	-821	-335	-739	-487	-812	-720	417	-551
Purchase of Property, Plant & Equipment	-50	-38	-86	-184	-84	-59	-121	-139	-230	-247	-521
Acquisitions	-	-7.30	-	-124	-	-	0.00	0.00	-89	0.00	-5.50
Purchase of Investments	-117	-37	-831	-867	-1,280	-2,309	-1,895	-1,710	-2,514	-1,677	-3,460
Sale and/or Maturity of Investments	320	130	73	401	1,040	1,627	1,529	1,025	2,137	2,369	3,446
Other Investing Activities, net	-	-	0.10	-46	-13	0.00	0.00	8.60	-23	-29	-10
Net Cash From Financing Activities	-447	-498	43	6.30	611	-17	45	75	-12	-1,255	-1,150
Net Cash From Continuing Financing Activities	-447	-498	43	6.30	611	-17	45	75	-12	-1,255	-1,150
Repayment of Debt	-133	-16	-0.70	-263	-201	-52	0.00	-808	-103	-403	-512
Repurchase of Preferred Equity	-	-	-	-	-	-	-	-	0.00	0.00	-5.00
Repurchase of Common Equity	-395	-500	-250	-	-	-	-	0.00	0.00	-1,000	-1,000
Issuance of Debt	-	-	250	250	800	0.00	0.00	800	0.00	0.00	200
Issuance of Common Equity	4.00	4.30	4.10	3.90	4.10	4.70	5.60	5.90	6.60	7.60	9.20
Other Financing Activities, net	77	14	40	16	7.80	30	39	77	84	140	157
Cash Interest Paid	1.00	1.50	7.50	9.40	41	21	16	29	56	40	14
Cash Income Taxes Paid	293	362	347	103	120	93	153	276	333	401	313

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	40	100	44	104	198	143	203	-307	-253	217	-277
Net Cash From Operating Activities	346	151	377	232	377	341	461	192	562	346	463
Net Cash From Continuing Operating Activities	346	151	377	232	377	341	461	192	562	346	463
Net Income / (Loss) Continuing Operations	268	217	307	278	309	301	322	310	339	364	275
Consolidated Net Income / (Loss)	268	217	307	278	309	301	322	310	339	364	275
Depreciation Expense	13	14	15	19	19	20	20	21	22	23	23
Non-Cash Adjustments To Reconcile Net Income	19	12	15	44	36	24	41	64	39	5.40	128
Changes in Operating Assets and Liabilities, net	46	-92	40	-109	13	-4.20	78	-203	163	-46	38
Net Cash From Investing Activities	-313	42	735	-80	-115	-123	-165	-300	141	-228	744
Net Cash From Continuing Investing Activities	-313	42	735	-80	-115	-123	-165	-300	141	-228	744
Purchase of Property, Plant & Equipment	-66	-79	-38	-45	-77	-87	-75	-62	-211	-173	-101
Purchase of Investments	-645	-308	-529	-231	-408	-509	-692	-1,807	-416	-545	-727
Sale and/or Maturity of Investments	408	527	1,307	197	387	478	612	1,570	779	486	1,577
Other Investing Activities, net	-11	-8.70	-4.30	-0.40	-18	-6.00	-9.20	-0.60	-5.70	5.10	-5.70
Net Cash From Financing Activities	7.60	-93	-1,068	-48	-64	-75	-94	-199	-956	98	-1,484
Net Cash From Continuing Financing Activities	7.60	-93	-1,068	-48	-64	-75	-94	-199	-956	98	-1,484
Repayment of Debt	-	-100	-103	-100	-100	-100	-100	-412	-	-	0.00
Repurchase of Common Equity	-	-	-1,000	-	-	-	0.00	-	-1,000	-	-1,500
Issuance of Common Equity	3.20	-	3.90	-	3.80	-0.10	4.90	-	4.30	-	5.60
Other Financing Activities, net	4.40	7.20	31	52	32	25	1.30	18	40	98	10
Cash Interest Paid	15	14	13	11	9.60	7.20	5.40	4.20	1.90	2.00	1.90
Cash Income Taxes Paid	88	97	4.70	207	77	111	0.50	253	8.40	51	1.50

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	2025
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	12/31/2025
Total Assets	2,184	2,326	2,879	3,401	3,913	4,615	5,169	6,045	7,167	7,364	7,880
Total Current Assets	1,275	1,425	1,448	1,768	1,865	2,167	2,324	3,380	3,551	3,874	3,703
Cash & Equivalents	832	1,023	705	669	738	739	895	961	1,208	1,697	1,557
Short-Term Investments	122	28	222	747	748	1,096	1,036	1,878	1,786	1,570	1,363
Accounts Receivable	193	215	297	176	151	157	199	220	279	279	350
Inventories, net	81	100	108	101	93	87	94	102	112	158	183
Other Current Assets	47	60	116	75	134	88	100	219	166	170	249
Plant, Property, & Equipment, net	496	489	546	700	739	732	781	862	1,045	1,222	1,730
Total Noncurrent Assets	413	412	886	933	1,310	1,716	2,065	1,803	2,571	2,268	2,448
Long-Term Investments	38	2.30	503	443	768	1,150	1,650	1,316	1,910	1,475	1,777
Goodwill	28	34	46	171	158	158	45	45	114	112	117
Noncurrent Deferred & Refundable Income Taxes	193	178	113	96	230	239	262	328	395	458	358
Other Noncurrent Operating Assets	154	197	224	224	155	170	108	114	152	222	197
Total Liabilities & Shareholders' Equity	2,184	2,326	2,879	3,401	3,913	4,615	5,169	6,045	7,167	7,364	7,880
Total Liabilities	585	463	758	593	1,133	1,220	1,210	1,248	1,182	920	784
Total Current Liabilities	441	333	445	277	463	323	305	343	804	738	561
Accounts Payable	103	104	171	166	148	187	175	230	298	345	488
Other Current Liabilities	337	228	274	111	65	136	131	113	106	94	73
Total Noncurrent Liabilities	144	131	314	317	670	897	905	905	378	182	223
Other Noncurrent Operating Liabilities	144	131	314	67	70	97	105	105	78	182	223
Commitments & Contingencies	0.00	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	7,096
Total Preferred & Common Equity	1,589	1,851	2,102	2,789	2,780	3,395	3,959	4,797	5,985	6,444	7,096
Preferred Stock	-	-	-	-	0.00	-	-	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	7,096
Common Stock	1,791	1,814	1,855	1,941	2,049	2,149	2,246	2,389	2,550	2,700	2,799
Retained Earnings	1,720	2,434	2,846	3,435	3,325	3,839	4,315	5,042	6,027	7,222	8,557
Treasury Stock	-1,902	-2,380	-2,579	-2,579	-2,579	-2,579	-2,579	-2,579	-2,579	-3,475	-4,260
Accumulated Other Comprehensive Income / (Loss)	-20	-17	-20	-7.90	-14	-14	-23	-56	-13	-3.40	0.90

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	5,782	6,346	6,681	7,024	6,495	6,723	7,123	7,744	7,908	7,351	6,714
Total Current Assets	3,056	3,193	3,213	3,459	3,249	3,620	4,000	3,940	3,827	3,494	2,872
Cash & Equivalents	967	1,164	1,067	1,108	1,252	1,356	1,554	1,900	1,593	1,340	1,280
Short-Term Investments	1,649	1,700	1,612	1,768	1,456	1,616	1,773	1,421	1,456	1,428	874
Accounts Receivable	232	135	273	259	307	291	342	322	379	298	312
Inventories, net	91	103	103	104	120	137	147	165	169	177	178
Other Current Assets	118	93	158	221	113	221	185	131	230	252	228
Plant, Property, & Equipment, net	841	897	939	992	1,074	1,095	1,157	1,303	1,362	1,556	1,841
Total Noncurrent Assets	1,884	2,257	2,529	2,573	2,173	2,009	1,966	2,501	2,719	2,302	2,002
Long-Term Investments	1,444	1,766	2,024	2,061	1,492	1,330	1,279	1,711	1,918	1,567	1,317
Goodwill	45	45	45	44	115	115	112	112	112	117	116
Noncurrent Deferred & Refundable Income Taxes	281	322	326	326	396	396	391	457	456	355	335
Other Noncurrent Operating Assets	115	125	135	142	169	168	184	222	233	263	233
Total Liabilities & Shareholders' Equity	5,782	6,346	6,681	7,024	6,495	6,723	7,123	7,744	7,908	7,351	6,714
Total Liabilities	1,219	1,223	1,270	1,312	1,157	1,026	1,022	937	734	761	813
Total Current Liabilities	316	325	370	744	861	832	873	722	527	546	599
Accounts Payable	220	240	292	333	305	325	364	367	432	468	498
Other Current Liabilities	96	85	78	111	156	107	110	155	95	78	101
Total Noncurrent Liabilities	904	898	900	567	297	194	149	215	207	215	214
Other Noncurrent Operating Liabilities	104	98	100	67	97	94	149	215	207	215	214
Commitments & Contingencies	0.00	0.00	0.00	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	7,174	6,590	5,901
Total Preferred & Common Equity	4,562	5,123	5,411	5,712	5,338	5,697	6,101	6,807	7,174	6,590	5,901
Preferred Stock	0.00	-	0.00	0.00	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	7,174	6,590	5,901
Common Stock	2,315	2,458	2,498	2,525	2,406	2,544	2,648	2,739	2,794	2,660	2,521
Retained Earnings	4,910	5,283	5,542	5,810	6,334	6,612	6,921	7,544	7,854	8,193	8,832
Treasury Stock	-2,579	-2,579	-2,579	-2,579	-3,386	-3,444	-3,475	-3,475	-3,475	-4,262	-5,442
Accumulated Other Comprehensive Income / (Loss)	-84	-39	-51	-44	-16	-15	7.40	-1.20	0.00	0.10	-10

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.76%	9.07%	7.91%	-5.65%	-11.00%	2.38%	13.63%	14.88%	20.20%	23.63%	10.61%
EBITDA Growth	88.17%	0.94%	-26.88%	-2.32%	-115.27%	681.70%	-6.47%	52.64%	23.76%	18.89%	11.80%
EBIT Growth	93.28%	1.10%	-27.63%	-3.05%	-122.17%	489.64%	-6.97%	56.80%	24.86%	18.10%	11.47%
NOPAT Growth	24.99%	63.88%	-38.08%	41.29%	-121.00%	464.22%	-6.89%	68.31%	22.17%	16.77%	8.70%
Net Income Growth	91.59%	9.53%	-41.45%	40.99%	-117.74%	592.63%	-7.58%	52.86%	35.40%	21.35%	11.68%
EPS Growth	102.55%	19.89%	-38.95%	43.82%	-117.85%	582.85%	-12.83%	49.11%	32.07%	24.38%	13.07%
Operating Cash Flow Growth	7.74%	68.13%	-26.32%	64.15%	-126.54%	465.78%	-20.84%	34.15%	21.87%	35.70%	17.64%
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%	-9.87%
Invested Capital Growth	5.94%	33.10%	-14.61%	73.59%	14.82%	-12.08%	-2.67%	22.36%	23.52%	12.40%	19.86%
Revenue Q/Q Growth	4.16%	0.26%	3.34%	-4.87%	-4.63%	122.25%	-29.69%	4.10%	5.59%	4.40%	1.74%
EBITDA Q/Q Growth	-2.06%	1.26%	-4.14%	-5.51%	-18.63%	8.98%	3.35%	2.71%	7.75%	7.51%	3.30%
EBIT Q/Q Growth	-2.04%	1.31%	-4.29%	-6.09%	-14.35%	9.64%	3.73%	2.80%	8.08%	7.43%	3.27%
NOPAT Q/Q Growth	-3.21%	1.16%	-18.21%	14.48%	-56.86%	2.24%	21.15%	-0.74%	7.07%	8.18%	1.98%
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%	4.95%
EPS Q/Q Growth	-2.68%	4.02%	-18.55%	8.25%	-7.17%	8.56%	2.13%	1.83%	9.27%	8.36%	5.41%
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%	0.32%
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%	-1.88%
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%	6.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.29%	95.45%	93.87%	87.79%	91.88%	92.71%	92.73%	92.17%	88.94%	89.24%	87.92%
EBITDA Margin	73.82%	68.31%	46.29%	47.92%	-8.22%	46.71%	38.45%	51.08%	52.59%	50.58%	51.12%
Operating Margin	47.69%	66.41%	47.23%	49.48%	-12.95%	40.02%	32.98%	50.60%	50.91%	47.86%	46.89%
EBIT Margin	71.57%	66.34%	44.49%	45.72%	-11.39%	43.34%	35.49%	48.43%	50.31%	48.06%	48.43%
Profit (Net Income) Margin	44.45%	44.64%	24.22%	36.20%	-7.21%	34.71%	28.23%	37.56%	42.31%	41.53%	41.94%
Tax Burden Percent	62.39%	67.32%	54.31%	77.64%	63.33%	80.58%	80.11%	76.51%	77.28%	77.65%	77.88%
Interest Burden Percent	99.55%	99.96%	100.25%	101.98%	100.00%	99.38%	99.30%	101.36%	108.83%	111.30%	111.19%
Effective Tax Rate	37.61%	32.68%	45.69%	22.36%	0.00%	19.42%	19.89%	23.49%	22.72%	22.35%	22.13%
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%	52.82%
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%	49.05%
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%	-33.11%
Return on Equity (ROE)	45.48%	41.23%	20.98%	23.91%	-3.74%	16.67%	12.94%	16.61%	18.27%	19.23%	19.71%
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%	34.76%
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%	20.22%
Return on Assets (ROA)	32.03%	31.65%	16.06%	18.76%	-2.86%	12.07%	9.73%	12.97%	14.91%	16.45%	17.51%
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%	19.71%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	436	715	443	625	-131	478	445	750	916	1,069	1,162
NOPAT Margin	29.75%	44.70%	25.65%	38.41%	-9.06%	32.25%	26.42%	38.71%	39.34%	37.16%	36.52%
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%	3.77%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	13.39%	13.70%	15.86%	16.38%
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%	12.08%
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%	23.75%
R&D to Revenue	16.72%	9.23%	15.34%	21.99%	81.63%	24.12%	32.04%	16.68%	17.53%	16.72%	17.28%
Operating Expenses to Revenue	47.61%	29.05%	46.64%	38.32%	104.83%	52.69%	59.75%	41.57%	38.03%	41.38%	41.03%
Earnings before Interest and Taxes (EBIT)	1,049	1,061	768	744	-165	643	598	938	1,171	1,383	1,541
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,082	1,092	799	780	-119	693	648	989	1,224	1,455	1,627
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	2.96
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	3.01
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	6.59
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	15.72
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	9.12%	11.73%	6.54%	12.41%	0.00%	7.63%	4.89%	5.74%	9.53%	7.59%	6.36%
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	6.79
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	5.12
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	10.01
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	10.56
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	14.01
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	10.43
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	21.29
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	0.00
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	0.00
Financial Leverage	-0.59	-0.59	-0.62	-0.62	-0.54	-0.58	-0.68	-0.70	-0.70	-0.70	-0.68
Leverage Ratio	1.42	1.30	1.31	1.27	1.31	1.38	1.33	1.28	1.23	1.17	1.13
Compound Leverage Factor	1.41	1.30	1.31	1.30	1.31	1.37	1.32	1.30	1.33	1.30	1.25
Debt to Total Capital	0.00%	0.00%	0.00%	8.18%	23.41%	19.07%	16.81%	14.29%	10.47%	4.45%	0.00%
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%	0.00%
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%	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	0.69%	0.59%	0.91%	0.63%	0.00%	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%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.32	-7.14	1.15	1.23	0.81	0.57	0.21	0.00
Net Debt to EBITDA	0.00	0.00	0.00	-2.06	11.78	-3.15	-4.29	-3.39	-3.43	-3.05	0.00
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	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	0.00
Net Debt to NOPAT	0.00	0.00	0.00	-2.57	10.69	-4.57	-6.24	-4.48	-4.59	-4.15	0.00
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	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	19.11
Noncontrolling Interest Sharing Ratio	1.20%	0.64%	0.76%	0.78%	0.34%	0.00%	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	6.60
Quick Ratio	2.60	3.81	2.75	5.75	3.54	6.16	6.97	8.91	4.07	4.80	5.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	402	514	561	117	-309	645	478	486	577	849	765
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%	299.94%
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	39.22
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	80.06
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	53.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.71	0.66	0.52	0.40	0.35	0.34	0.35	0.35	0.40	0.42
Accounts Receivable Turnover	8.26	7.85	6.74	6.89	8.86	9.61	9.47	9.24	9.32	10.31	10.11
Inventory Turnover	0.93	0.80	1.02	1.90	1.21	1.20	1.36	1.55	2.41	2.30	2.25
Fixed Asset Turnover	3.01	3.25	3.33	2.61	2.01	2.02	2.23	2.36	2.44	2.54	2.16
Accounts Payable Turnover	0.73	0.70	0.77	1.18	0.75	0.64	0.68	0.75	0.98	0.96	0.92
Days Sales Outstanding (DSO)	44.21	46.49	54.12	53.01	41.20	37.99	38.56	39.50	39.15	35.40	36.10
Days Inventory Outstanding (DIO)	392.05	455.12	358.96	191.87	301.68	303.72	268.61	235.71	151.53	158.93	161.90
Days Payable Outstanding (DPO)	499.31	521.14	475.33	309.71	488.06	566.24	538.71	486.95	374.14	378.61	395.24
Cash Conversion Cycle (CCC)	-63.05	-19.53	-62.26	-64.83	-145.18	-224.53	-231.54	-211.74	-183.46	-184.28	-197.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	608	809	691	1,199	1,377	1,211	1,178	1,442	1,781	2,002	2,399
Invested Capital Turnover	2.48	2.26	2.30	1.72	1.12	1.15	1.41	1.48	1.44	1.52	1.45
Increase / (Decrease) in Invested Capital	34	201	-118	508	178	-166	-32	264	339	221	398
Enterprise Value (EV)	6,165	5,041	4,982	3,157	2,462	4,561	6,951	9,320	6,130	11,310	16,282
Market Capitalization	7,146	6,084	6,393	4,747	3,865	6,746	9,731	12,674	10,333	15,752	20,979
Book Value per Share	$34.82	$43.65	$48.64	$63.98	$63.36	$76.40	$87.90	$105.24	$127.35	$144.34	$164.81
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	$162.11
Total Capital	1,600	1,862	2,121	3,058	3,630	4,195	4,759	5,597	6,685	6,744	7,096
Total Debt	0.00	0.00	0.00	250	850	800	800	800	700	300	0.00
Total Long-Term Debt	0.00	0.00	0.00	250	600	800	800	800	300	0.00	0.00
Net Debt	-992	-1,053	-1,430	-1,609	-1,403	-2,185	-2,781	-3,355	-4,204	-4,442	-4,697
Capital Expenditures (CapEx)	50	38	78	184	84	57	121	135	230	247	521
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-119	42	76	76	166	8.90	88	198	153	169	222
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	3,142
Net Working Capital (NWC)	835	1,092	1,003	1,491	1,402	1,844	2,018	3,037	2,747	3,136	3,142
Net Nonoperating Expense (NNE)	-215	1.01	25	36	-27	-37	-30	22	-69	-126	-172
Net Nonoperating Obligations (NNO)	-992	-1,053	-1,430	-1,609	-1,403	-2,185	-2,781	-3,355	-4,204	-4,442	-4,697
Total Depreciation and Amortization (D&A)	33	32	31	36	46	50	50	51	53	73	86
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%	6.96%
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%	98.72%
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%	98.72%
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	$30.13
Adjusted Weighted Average Basic Shares Outstanding	46M	43.80M	44M	43.50M	43.80M	44.20M	44.90M	45.50M	46.80M	45.20M	44.30M
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	$27.86
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	47.90M
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	45.35M	44.96M	43.24M	43.72M	43.88M	44.54M	45.13M	46.30M	47.06M	44.91M	43.83M
Normalized Net Operating Profit after Tax (NOPAT)	436	715	557	625	-131	478	445	750	916	1,069	1,162
Normalized NOPAT Margin	29.75%	44.70%	32.26%	38.41%	-9.06%	32.25%	26.42%	38.71%	39.34%	37.16%	36.52%
Pre Tax Income Margin	71.25%	66.31%	44.60%	46.62%	-11.39%	43.07%	35.24%	49.09%	54.75%	53.49%	53.85%
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	79.05
NOPAT to Interest Expense	92.79	183.26	49.17	44.99	-2.97	20.35	23.94	23.13	15.44	24.93	59.60
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	52.35
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	32.91
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	60.54%	70.06%	59.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	83.68%	74.92%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	43,827,686.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	43,827,686.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	6.27
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.10%	25.07%	33.70%	19.85%	22.89%	19.72%	17.22%	11.71%	6.76%	7.38%	-1.62%
EBITDA Growth	4.39%	48.88%	28.74%	4.21%	9.72%	37.19%	6.75%	13.58%	13.18%	13.85%	-24.15%
EBIT Growth	4.44%	52.38%	29.51%	2.53%	8.32%	36.84%	5.70%	13.63%	13.10%	13.74%	-26.16%
NOPAT Growth	3.35%	47.34%	16.77%	3.32%	9.72%	42.20%	6.27%	10.32%	10.08%	7.67%	-3.38%
Net Income Growth	11.83%	64.35%	27.27%	7.29%	15.51%	38.78%	5.09%	11.29%	9.58%	20.91%	-14.68%
EPS Growth	9.57%	63.40%	26.95%	11.64%	18.77%	43.88%	7.46%	9.57%	12.05%	22.95%	-12.22%
Operating Cash Flow Growth	33.87%	17.55%	0.45%	118.44%	8.95%	126.41%	22.50%	-17.44%	49.02%	1.47%	0.46%
Free Cash Flow Firm Growth	-141.49%	-10.60%	-289.02%	-205.00%	-90.78%	134.48%	132.00%	73.87%	-29.35%	-305.48%	-418.58%
Invested Capital Growth	20.95%	23.52%	34.32%	25.65%	20.26%	12.40%	13.62%	16.46%	19.01%	19.86%	23.03%
Revenue Q/Q Growth	2.16%	0.87%	10.25%	5.49%	4.76%	-1.74%	7.95%	0.53%	0.11%	-1.16%	-1.10%
EBITDA Q/Q Growth	2.98%	-18.55%	36.57%	-9.03%	8.43%	1.85%	6.27%	-3.21%	8.04%	2.45%	-29.20%
EBIT Q/Q Growth	2.97%	-19.44%	38.00%	-10.44%	8.79%	1.78%	6.59%	-3.73%	8.29%	2.36%	-30.80%
NOPAT Q/Q Growth	2.64%	-23.15%	43.37%	-8.64%	8.99%	-0.40%	7.14%	-5.15%	8.76%	-2.58%	-3.86%
Net Income Q/Q Growth	3.24%	-18.87%	41.23%	-9.30%	11.15%	-2.52%	6.94%	-3.94%	9.43%	7.56%	-24.54%
EPS Q/Q Growth	2.67%	-19.52%	42.49%	-5.19%	9.23%	-2.50%	6.42%	-3.32%	11.70%	6.98%	-24.02%
Operating Cash Flow Q/Q Growth	225.68%	-56.47%	149.83%	-38.33%	62.45%	-9.54%	35.17%	-58.43%	193.22%	-38.41%	33.82%
Free Cash Flow Firm Q/Q Growth	45.79%	-509.71%	-15.00%	19.77%	66.09%	210.21%	6.70%	-165.53%	-67.87%	-75.07%	-65.43%
Invested Capital Q/Q Growth	4.47%	13.02%	-2.39%	9.03%	-0.02%	5.63%	-1.32%	11.75%	2.18%	6.38%	1.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	88.50%	88.45%	89.24%	89.12%	88.90%	89.69%	88.36%	89.03%	87.38%	86.91%	82.93%
EBITDA Margin	55.04%	44.44%	55.05%	47.48%	49.14%	50.93%	50.14%	48.27%	52.10%	54.00%	38.66%
Operating Margin	53.66%	42.31%	52.57%	44.75%	45.81%	48.61%	48.19%	45.64%	48.59%	45.14%	41.69%
EBIT Margin	52.86%	42.22%	52.84%	44.86%	46.59%	48.25%	47.65%	45.63%	49.36%	51.11%	35.76%
Profit (Net Income) Margin	43.91%	35.32%	45.24%	38.90%	41.27%	40.94%	40.56%	38.76%	42.36%	46.10%	35.18%
Tax Burden Percent	76.07%	73.49%	76.92%	78.27%	79.54%	75.99%	76.08%	75.78%	77.33%	82.05%	86.37%
Interest Burden Percent	109.22%	113.83%	111.31%	110.79%	111.38%	111.66%	111.89%	112.07%	111.00%	109.93%	113.88%
Effective Tax Rate	23.93%	26.51%	23.08%	21.73%	20.46%	24.01%	23.92%	24.22%	22.67%	17.95%	13.63%
Return on Invested Capital (ROIC)	62.51%	44.92%	66.63%	53.85%	57.88%	56.19%	59.12%	51.90%	56.65%	53.57%	51.82%
ROIC Less NNEP Spread (ROIC-NNEP)	62.00%	44.23%	65.75%	53.13%	57.01%	55.51%	58.38%	51.14%	55.75%	52.00%	51.97%
Return on Net Nonoperating Assets (RNNOA)	-44.63%	-31.01%	-46.69%	-36.85%	-40.26%	-38.62%	-40.53%	-34.84%	-37.52%	-35.10%	-33.96%
Return on Equity (ROE)	17.88%	13.91%	19.94%	17.00%	17.62%	17.58%	18.59%	17.06%	19.13%	18.47%	17.86%
Cash Return on Invested Capital (CROIC)	40.45%	35.78%	33.75%	33.92%	38.56%	44.86%	45.76%	39.02%	37.56%	34.76%	31.51%
Operating Return on Assets (OROA)	18.20%	14.87%	20.56%	17.51%	18.15%	19.11%	20.04%	19.20%	21.34%	21.34%	15.68%
Return on Assets (ROA)	15.12%	12.44%	17.60%	15.19%	16.08%	16.21%	17.06%	16.31%	18.31%	19.25%	15.42%
Return on Common Equity (ROCE)	17.88%	13.91%	19.94%	17.00%	17.62%	17.58%	18.59%	17.06%	19.13%	18.47%	17.86%
Return on Equity Simple (ROE_SIMPLE)	15.75%	0.00%	19.68%	18.77%	18.21%	0.00%	17.79%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	249	191	274	250	273	272	291	276	300	293	281
NOPAT Margin	40.82%	31.10%	40.44%	35.02%	36.44%	36.94%	36.66%	34.59%	37.58%	37.04%	36.00%
Net Nonoperating Expense Percent (NNEP)	0.51%	0.69%	0.88%	0.72%	0.87%	0.68%	0.73%	0.76%	0.90%	1.57%	-0.16%
Return On Investment Capital (ROIC_SIMPLE)	-	2.86%	-	-	-	4.03%	4.16%	3.85%	4.56%	4.12%	4.77%
Cost of Revenue to Revenue	11.50%	11.55%	10.76%	10.88%	11.10%	10.31%	11.64%	10.97%	12.62%	13.09%	17.07%
SG&A Expenses to Revenue	20.94%	21.51%	21.31%	24.84%	29.27%	22.90%	21.41%	26.61%	22.84%	24.12%	23.56%
R&D to Revenue	13.90%	24.63%	15.36%	19.53%	13.82%	18.18%	18.76%	16.78%	15.95%	17.65%	17.68%
Operating Expenses to Revenue	34.84%	46.14%	36.67%	44.37%	43.09%	41.08%	40.17%	43.39%	38.79%	41.77%	41.24%
Earnings before Interest and Taxes (EBIT)	322	260	358	321	349	355	379	364	395	404	280
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	335	273	373	339	368	375	398	386	417	427	302
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.86	1.73	2.02	2.48	2.61	2.44	2.03	1.81	2.88	2.96	4.40
Price to Tangible Book Value (P/TBV)	1.87	1.76	2.07	2.53	2.66	2.49	2.07	1.84	2.93	3.01	4.49
Price to Revenue (P/Rev)	4.81	4.44	4.32	5.40	5.78	5.47	4.62	4.21	6.06	6.59	8.20
Price to Earnings (P/E)	11.78	10.49	10.28	13.21	14.35	13.18	11.44	10.44	14.91	15.72	20.19
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	8.49%	9.53%	9.73%	7.57%	6.97%	7.59%	8.74%	9.58%	6.71%	6.36%	4.95%
Enterprise Value to Invested Capital (EV/IC)	4.10	3.44	4.14	5.45	6.19	5.65	4.56	3.62	6.48	6.79	9.27
Enterprise Value to Revenue (EV/Rev)	2.93	2.63	2.88	3.95	4.26	3.93	3.01	2.60	4.67	5.12	7.10
Enterprise Value to EBITDA (EV/EBITDA)	5.69	5.01	5.50	7.82	8.67	7.77	6.09	5.24	9.28	10.01	14.71
Enterprise Value to EBIT (EV/EBIT)	5.97	5.23	5.75	8.19	9.12	8.18	6.42	5.53	9.80	10.56	15.61
Enterprise Value to NOPAT (EV/NOPAT)	7.56	6.69	7.53	10.71	11.87	10.58	8.30	7.19	12.83	14.01	19.60
Enterprise Value to Operating Cash Flow (EV/OCF)	6.77	6.27	7.34	9.34	10.33	8.52	6.38	5.83	9.40	10.43	14.40
Enterprise Value to Free Cash Flow (EV/FCFF)	11.10	10.63	14.06	17.89	17.54	13.33	10.61	9.99	18.76	21.29	32.45
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.14	0.12	0.11	0.09	0.07	0.05	0.03	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.09	0.05	0.04	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.72	-0.70	-0.71	-0.69	-0.71	-0.70	-0.69	-0.68	-0.67	-0.68	-0.65
Leverage Ratio	1.25	1.23	1.23	1.21	1.20	1.17	1.17	1.14	1.14	1.13	1.14
Compound Leverage Factor	1.36	1.39	1.37	1.34	1.33	1.31	1.31	1.27	1.27	1.24	1.30
Debt to Total Capital	12.28%	10.47%	10.10%	8.07%	6.15%	4.45%	2.85%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	4.61%	5.98%	6.74%	6.45%	6.15%	4.45%	2.85%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	7.68%	4.49%	3.37%	1.61%	0.00%	0.00%	0.00%	0.00%	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	87.72%	89.53%	89.90%	91.93%	93.85%	95.55%	97.15%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.70	0.57	0.46	0.38	0.30	0.21	0.14	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-3.64	-3.43	-2.75	-2.88	-3.11	-3.05	-3.26	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.44	0.25	0.15	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.94	0.76	0.63	0.52	0.40	0.28	0.18	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-4.84	-4.59	-3.77	-3.94	-4.26	-4.15	-4.45	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.58	0.33	0.21	0.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	6.94	7.33	7.97	10.68	11.79	12.71	11.28	13.02	17.59	18.63	22.03
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	4.65	4.41	3.77	4.35	4.58	5.25	5.46	7.26	6.40	6.60	4.79
Quick Ratio	4.21	4.07	3.50	3.92	4.20	4.80	5.05	6.50	5.61	5.83	4.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-24	-148	-170	-137	-46	51	54	-36	-60	-105	-173
Operating Cash Flow to CapEx	526.94%	191.49%	985.60%	514.86%	493.07%	393.54%	615.75%	308.20%	267.03%	200.23%	459.62%
Free Cash Flow to Firm to Interest Expense	-1.56	-9.80	-12.79	-11.77	-4.58	6.46	8.92	-4.89	-19.96	-33.82	-57.81
Operating Cash Flow to Interest Expense	22.19	9.98	28.31	20.02	37.35	43.19	75.61	26.26	187.37	111.68	154.43
Operating Cash Flow Less CapEx to Interest Expense	17.98	4.77	25.44	16.13	29.77	32.22	63.33	17.74	117.20	55.90	120.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.35	0.39	0.39	0.39	0.40	0.42	0.42	0.43	0.42	0.44
Accounts Receivable Turnover	8.99	9.32	11.31	9.29	9.18	10.31	9.52	9.19	9.78	10.11	10.00
Inventory Turnover	2.51	2.41	2.50	2.43	2.43	2.30	2.31	2.22	2.21	2.25	2.47
Fixed Asset Turnover	2.41	2.44	2.54	2.57	2.57	2.54	2.52	2.51	2.31	2.16	2.02
Accounts Payable Turnover	0.89	0.98	1.02	0.95	0.87	0.96	0.98	0.90	0.86	0.92	0.98
Days Sales Outstanding (DSO)	40.59	39.15	32.27	39.29	39.76	35.40	38.36	39.73	37.31	36.10	36.50
Days Inventory Outstanding (DIO)	145.30	151.53	146.14	149.98	150.29	158.93	158.28	164.52	165.27	161.90	147.48
Days Payable Outstanding (DPO)	411.80	374.14	357.52	386.08	417.51	378.61	372.48	407.57	425.39	395.24	371.31
Cash Conversion Cycle (CCC)	-225.90	-183.46	-179.10	-196.81	-227.47	-184.28	-175.84	-203.32	-222.82	-197.25	-187.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,576	1,781	1,738	1,895	1,895	2,002	1,975	2,207	2,255	2,399	2,430
Invested Capital Turnover	1.53	1.44	1.65	1.54	1.59	1.52	1.61	1.50	1.51	1.45	1.44
Increase / (Decrease) in Invested Capital	273	339	444	387	319	221	237	312	360	398	455
Enterprise Value (EV)	6,464	6,130	7,196	10,328	11,738	11,310	9,013	7,995	14,624	16,282	22,518
Market Capitalization	10,601	10,333	10,795	14,130	15,943	15,752	13,845	12,961	18,959	20,979	25,989
Book Value per Share	$121.71	$127.35	$113.58	$128.44	$137.13	$144.34	$151.57	$159.04	$145.72	$164.81	$134.64
Tangible Book Value per Share	$120.76	$124.92	$111.12	$125.85	$134.61	$141.83	$149.08	$156.56	$143.14	$162.11	$132.01
Total Capital	6,512	6,685	5,938	6,197	6,501	6,744	7,007	7,174	6,590	7,096	5,901
Total Debt	800	700	600	500	400	300	200	0.00	0.00	0.00	0.00
Total Long-Term Debt	500	300	200	100	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-4,136	-4,204	-3,600	-3,802	-4,206	-4,442	-4,832	-4,966	-4,335	-4,697	-3,471
Capital Expenditures (CapEx)	66	79	38	45	77	87	75	62	211	173	101
Debt-free, Cash-free Net Working Capital (DFCFNWC)	139	153	80	216	201	169	97	251	180	222	119
Debt-free Net Working Capital (DFNWC)	3,015	3,147	2,788	3,187	3,527	3,436	3,418	3,300	2,948	3,142	2,273
Net Working Capital (NWC)	2,715	2,747	2,388	2,787	3,127	3,136	3,218	3,300	2,948	3,142	2,273
Net Nonoperating Expense (NNE)	-19	-26	-33	-28	-36	-29	-31	-33	-38	-72	6.48
Net Nonoperating Obligations (NNO)	-4,136	-4,204	-3,600	-3,802	-4,206	-4,442	-4,832	-4,966	-4,335	-4,697	-3,471
Total Depreciation and Amortization (D&A)	13	14	15	19	19	20	20	21	22	23	23
Debt-free, Cash-free Net Working Capital to Revenue	6.32%	6.55%	3.21%	8.24%	7.27%	5.87%	3.24%	8.16%	5.76%	6.96%	3.76%
Debt-free Net Working Capital to Revenue	136.77%	135.19%	111.60%	121.80%	127.97%	119.41%	114.17%	107.21%	94.22%	98.72%	71.70%
Net Working Capital to Revenue	123.16%	118.01%	95.59%	106.52%	113.45%	108.98%	107.49%	107.21%	94.22%	98.72%	71.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.71	$4.60	$6.52	$6.26	$6.93	$6.73	$7.18	$6.86	$7.73	$8.36	$6.32
Adjusted Weighted Average Basic Shares Outstanding	46.90M	46.80M	47M	44.40M	44.60M	45.20M	44.90M	45.10M	43.80M	44.30M	43.50M
Adjusted Diluted Earnings per Share	$5.38	$4.33	$6.17	$5.85	$6.39	$6.23	$6.63	$6.41	$7.16	$7.66	$5.82
Adjusted Weighted Average Diluted Shares Outstanding	49.70M	49.70M	49.70M	47.50M	48.40M	48.50M	48.60M	48.30M	47.30M	47.90M	47.20M
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	46.99M	47.06M	44.36M	44.49M	44.64M	44.91M	45.11M	45.23M	43.06M	43.83M	42.45M
Normalized Net Operating Profit after Tax (NOPAT)	249	191	274	250	273	272	291	276	300	293	281
Normalized NOPAT Margin	40.82%	31.10%	40.44%	35.02%	36.44%	36.94%	36.66%	34.59%	37.58%	37.04%	36.00%
Pre Tax Income Margin	57.73%	48.06%	58.82%	49.70%	51.89%	53.88%	53.31%	51.14%	54.78%	56.19%	40.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	20.65	17.19	26.92	27.65	34.54	44.95	62.05	49.92	131.53	130.29	93.17
NOPAT to Interest Expense	15.94	12.66	20.61	21.59	27.02	34.41	47.74	37.84	100.14	94.41	93.79
EBIT Less CapEx to Interest Expense	16.44	11.97	24.05	23.76	26.97	33.97	49.77	41.40	61.37	74.52	59.57
NOPAT Less CapEx to Interest Expense	11.73	7.45	17.73	17.70	19.45	23.43	35.46	29.32	29.97	38.64	60.19
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%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	83.68%	0.00%	0.00%	78.63%	74.92%	194.19%

Financials Breakdown Chart

Key Financial Trends

United Therapeutics (UTHR) has shown a generally positive trajectory in revenue, profitability, and cash flow over the last four years, with a debt-free balance sheet and a sizable capital-return program. Below are the most important takeaways for retail investors, focused on the latest Q4 2025 results and the broader four-year trend.

Revenue growth trend: Operating revenue rose to 790.2 million in Q4 2025 from 614.7 million in Q4 2023, continuing a multi-year uptrend (also 735.9 million in Q4 2024).
Gross margin remains very high: Total Gross Profit of 686.8 million in Q4 2025 on 790.2 million in revenue implies a gross margin around 86.9%, with margins generally in the mid-to-high 80s across recent years (e.g., 87–89%).
Net income growth and EPS strength: Net income attributable to common shareholders was 364.3 million in Q4 2025, up from 217.1 million in Q4 2023; Diluted EPS stood at 7.66 in Q4 2025 (Basic EPS 8.36), vs 6.23 and 6.73 in the prior year period.
Robust operating cash flow: Net cash from continuing operating activities remained strong, e.g., 562.1 million in Q3 2025 and 346.2 million in Q4 2025, indicating high-quality earnings and solid liquidity.
Debt-free balance sheet with ample equity: Long-term debt is effectively zero in the recent quarters, and total equity remains substantial (Total Common Equity around 6.3–7.0 billion), reflecting a conservative capital structure and strong balance sheet stability.
Free cash flow potential: A rough view of free cash flow for Q4 2025 (CFO around 346.2 million minus capex of 172.9 million) yields roughly 173 million of free cash flow, suggesting meaningful cash generation beyond earnings.
Cash balance volatility: Cash and equivalents fluctuated across 2025 (e.g., 1.34 billion in Q3 2025 versus about 1.90 billion earlier in the year), reflecting timing of investments and capital returns but not indicating an ongoing liquidity issue.
Investing and capitalization swings: Investing activity shows periodic swings (sales and purchases of investments, PPE), which can influence quarterly cash flow visibility but have not derailed overall cash generation.
Significant financing outflows in 2025: A notable one-time cash outflow occurred in Q3 2025 from a large share repurchase (Repurchase of Common Equity around 1.0 billion), contributing to a negative net cash from continuing financing activities in that period.
Financing outflows in other quarters: Financing activity cash flows were negative in other periods (e.g., Q2 2025 net financing outflow around 198.6 million), which can pressure near-term liquidity if not offset by operating cash.

05/14/26 11:48 PM ETAI Generated. May Contain Errors.

United Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, United Therapeutics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

United Therapeutics' net income appears to be on an upward trend, with a most recent value of $1.33 billion in 2025, rising from $651.60 million in 2015. The previous period was $1.20 billion in 2024. See where experts think United Therapeutics is headed by visiting United Therapeutics' forecast page.

United Therapeutics' total operating income in 2025 was $1.49 billion, based on the following breakdown:

Total Gross Profit: $2.80 billion
Total Operating Expenses: $1.31 billion

Over the last 10 years, United Therapeutics' total revenue changed from $1.47 billion in 2015 to $3.18 billion in 2025, a change of 117.1%.

United Therapeutics' total liabilities were at $783.80 million at the end of 2025, a 14.8% decrease from 2024, and a 34.1% increase since 2015.

In the past 10 years, United Therapeutics' cash and equivalents has ranged from $669.20 million in 2018 to $1.70 billion in 2024, and is currently $1.56 billion as of their latest financial filing in 2025.

Over the last 10 years, United Therapeutics' book value per share changed from 34.82 in 2015 to 164.81 in 2025, a change of 373.4%.

Related Companies

Financial statements for NASDAQ:UTHR last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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

Financials Breakdown Chart

Key Financial Trends

United Therapeutics Financials - Frequently Asked Questions

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

Financials Breakdown Chart

Key Financial Trends

United Therapeutics Financials - Frequently Asked Questions

When does United Therapeutics' financial year end?

How has United Therapeutics' net income changed over the last 10 years?

What is United Therapeutics' operating income?

How has United Therapeutics' revenue changed over the last 10 years?

How much debt does United Therapeutics have?

How much cash does United Therapeutics have?

How has United Therapeutics' book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools