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United Therapeutics Corp (UTHR) stock

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NASDAQ: UTHR Nasdaq Biotechnology Next results ~November 4, 2026

B+ Fundamentals grade

United Therapeutics Corp is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$620

Cash-flow model

Base case. Range ~$480–$800 across our lower- and higher-growth cases (3.4%–13.4% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 4% below our base value.

Price used: $596.13, November 2, 2026

United Therapeutics Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 12 selling1 purchase and 2808 sales by directors and officers, last 12 monthsInsider trades
  • Funds410 adding, 396 cuttingOf 80 active managers that changed their stake, 45 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter United Therapeutics files

Where United Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.15bn, up 2.5% on a year earlier, slower than 5.9% a quarter earlier. Free-cash-flow margin held at 34.6%. Operating margin narrowed to 44.4% from 47.0%. The diluted share count is down 3.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $530 a share, against a share price of $550. At that price, our model says the market is pricing in about 9.2% a year of cash-flow growth for five years, slower than the 13.4% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

United Therapeutics Corp's trailing-twelve-month revenue grew 2.5% year on year, with a free-cash-flow margin of 34.6%. Where it stands out: operating margin of 44.4% ranks 6 of 175 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$620 per share in the base case (~$480–$800 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Gross margin compressing: TTM gross margin fell to 86.1%, down 2.8pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 44.4% of revenue is left as operating profit, against a median of -189.4% for biotechnology companies we cover.
  • Strong cash generation. 34.6% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Shrinking share count. Diluted shares fell 3.1% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $1.8bn.

Things to watch

  • Growth easing. The growth rate is 3.4 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 2.8 points on a year ago.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$7.27 against an average estimate of $6.86: beat by 5.9%
Revenue
$783m, down 1.9% on a year earlier
Share reaction
+2.7% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 4, 2026; average EPS estimate $6.34

United Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week+0.6%
  • 1 month+10.0%
  • This year+22.3%
  • 1 year+33.8%
  • 5 years+193.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.2B
Operating margin
44.4%
Net margin
41.6%
EPS (TTM, diluted)
$27.94

Growth

Revenue growth
+2.5%
Change in growth rate
−3.4 pts
Share count change
−3.1%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
34.6%
Stock pay % of revenue
4.9%

Earnings

Last results
August 5, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Announcement
  4. Announcement
  5. Agreement
  6. Results
  7. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

United Therapeutics Corp valuation models and calculator

What the price is pricing in

The share price implies about 8.4% a year of cash-flow growth for five years.That is slower than the 13.4% a year revenue growth United Therapeutics has delivered.

  • Priced in8.4%
  • Last 12 months2.5%
  • 3 years a year14.3%
  • 5 years a year13.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($603.30, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$620
Price used
$603.30close November 3, 2026
Implied change
▲ +2%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of United Therapeutics Corp's free cash flow after stock-based pay with after-tax interest added back ($967M, FY2026 Q2 TTM), growing 7.9% and 10.2% in the next two years (forecasts, guidance and its record), then back to 8.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$480–~$800 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of United Therapeutics Corp's free cash flow after stock-based pay ( $967M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value United Therapeutics Corp as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$620 ~$480–$800 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$380 ~$350–$740 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$500 ~$340–$750 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$400 ~$340–$490 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$500 ~$380–$620 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare United Therapeutics Corp with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −0%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $389$506$661$865$1131$1476
8.5% $312$397$509$655$845$1089
10% $266$331$417$529$674$859

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$156.61$143.43$147.95$108.90$88.08$151.79$216.08$278.09$219.89$352.84$487.25$596.13
Market value$8.0bn$6.7bn$6.6bn$4.8bn$3.9bn$6.8bn$10.2bn$13.5bn$10.9bn$17.1bn$23.3bn$28.0bn
+ Net debt (− = net cash)−$826m−$1.0bn−$205m−$169m$112m$61m−$95m−$161m−$508m−$1.4bn−$1.6bn−$1.8bn
Enterprise value$7.2bn$5.7bn$6.4bn$4.6bn$4.0bn$6.8bn$10.1bn$13.3bn$10.4bn$15.7bn$21.8bn$26.2bn
Multiples
Price / sales 5.5x4.2x3.9x2.9x2.7x4.6x6.1x7.0x4.7x5.9x7.3x8.9x
Price / earnings 12.3x9.4x15.9x8.1x—13.2x21.5x18.5x11.1x14.3x17.5x21.3x
Price / free cash flow 24.1x11.1x17.1x8.1x—9.7x21.4x20.3x14.6x15.8x22.4x25.6x
EV / EBITDA 9.8x5.2x7.6x5.5x—10.6x16.7x12.9x8.4x10.8x13.8x17.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

75 /100

Strong moat

How hard United Therapeutics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 28.0% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 91.0%, moving by 3.4 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 47.0%; its worst year was -10.0%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 9 of 10 years, at a median 34.7% of revenue.

  • Discipline 13 / 20

    The diluted share count rose 2.2% over five years; stock-based pay has been a median 4.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (80 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $781m and EPS of $6.34 (range $4.68 to $7.00) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $26.63 −4% $3.2bn −0%
Next $31.14 +17% $3.6bn +13%

Next year's EPS estimate has moved −1.2% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.1% on 90 days ago. In the last 30 days, 3 analysts raised United Therapeutics Corp's forecast and 1 cut it.

Consensus EPS forecast United Therapeutics Corp, last 90 days
$26.00 $28.00 $30.00 $32.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $26.92 Current fiscal year, 60 days ago: $26.04 Current fiscal year, 30 days ago: $26.07 Current fiscal year, 7 days ago: $26.60 Current fiscal year, Now: $26.63 $26.63 Next fiscal year, 90 days ago: $31.51 Next fiscal year, 60 days ago: $28.69 Next fiscal year, 30 days ago: $28.58 Next fiscal year, 7 days ago: $31.72 Next fiscal year, Now: $31.14 $31.14

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $26.92$31.51
60 days ago $26.04$28.69
30 days ago $26.07$28.58
7 days ago $26.60$31.72
Now $26.63$31.14

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $6.86 $7.27 +5.9%
Mar 2026 $6.86 $5.82 −15.1%
Dec 2025 $6.76 $7.70 +14.0%
Sept 2025 $6.96 $7.16 +2.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in United Therapeutics Corp's latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows United Therapeutics Corp's revenue by +7.9% next year and +10.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.6%, weight 69%) and the company's own record (+8.4%, weight 31%) . How the weights are set.

Analyst recommendations

15 analysts, Oct 2026
Buy1173%
Hold320%
Sell17%

Monthly trend

  1. Oct 202638315
  2. Sep 202638315
  3. Aug 202638314
  4. Jul 202639315

Counts of recommendations published by analysts covering United Therapeutics Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.7%
of tradable shares
Days to cover
2.42
at average volume
Short interest, 1 month
−12%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.0%
of shares
Employees
1,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +33.8%

$445.43 on October 31, 2025 to $596.13

ThenNowEffect
Revenue (last 12 months) $3.1bn $3.2bn +2.5%
Net margin 40.4% 41.6% +3.0%
P/E multiple 17.4x 21.3x +22.9%
Share count 48m 47m +3.2%

Biggest factor: p/e multiple.

Last 3 years +165.6%

$224.43 on November 3, 2023 to $596.13

ThenNowEffect
Revenue (last 12 months) $2.1bn $3.2bn +49.4%
Net margin 41.3% 41.6% +0.7%
P/E multiple 12.7x 21.3x +68.0%
Share count 49m 47m +5.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
UTHR+42%+29%−21%+61%+38%+22%
Industry peers (median)−36%−57%−17%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
UTHR67%42%42%58%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
UTHR−20%−23%−26%−14%−28%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 56% from February 16, 2017 to July 22, 2019. Getting back needed a 125% gain, reached on January 15, 2021, 543 days after the low.

Price behaviour

52-week range
$437.33 – $598.72
From 52-week high
−0.4%
vs 50-day average
+12.7%
vs 200-day average
+12.0%
Volatility (1 year)
34%
Beta vs S&P 500
0.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.1%
After a week
9 up, 3 down
typical move ±5.5%
After a month
9 up, 3 down
typical move ±9.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +2.7% −0.4% −1.3% −5.5%
May 6, 2026 −0.5% +1.1% +1.3% −3.9%
February 25, 2026 +6.4% +0.3% +3.5% +12.5%
October 29, 2025 +9.2% −1.1% +7.7% +17.0%
July 30, 2025 −7.7% −0.5% +1.6% +3.3%
April 30, 2025 −2.3% +0.7% +2.0% +6.0%
February 26, 2025 −9.5% −1.5% −13.0% −13.8%
October 30, 2024 +6.0% −2.3% +12.7% +5.0%
July 31, 2024 −2.9% +0.2% −4.5% +6.7%
May 1, 2024 +10.2% +0.6% +11.4% +17.4%
February 21, 2024 +1.6% +2.2% +6.1% +10.6%
November 1, 2023 +2.4% +3.0% +1.3% +8.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How United Therapeutics Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

United Therapeutics Corp in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) United Therapeutics Corp
$2B $2.5B $3B $3.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.2B Revenue (TTM), FY23 Q4: $2.3B Revenue (TTM), FY24 Q1: $2.5B Revenue (TTM), FY24 Q2: $2.6B Revenue (TTM), FY24 Q3: $2.8B Revenue (TTM), FY24 Q4: $2.9B Revenue (TTM), FY25 Q1: $3B Revenue (TTM), FY25 Q2: $3.1B Revenue (TTM), FY25 Q3: $3.1B Revenue (TTM), FY25 Q4: $3.2B Revenue (TTM), FY26 Q1: $3.2B Revenue (TTM), FY26 Q2: $3.2B $3.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.2B
FY23 Q4 $2.3B
FY24 Q1 $2.5B
FY24 Q2 $2.6B
FY24 Q3 $2.8B
FY24 Q4 $2.9B
FY25 Q1 $3B
FY25 Q2 $3.1B
FY25 Q3 $3.1B
FY25 Q4 $3.2B
FY26 Q1 $3.2B
FY26 Q2 $3.2B
Revenue growth, TTM YoY United Therapeutics Corp
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 18.5% Revenue growth, TTM YoY, FY23 Q4: 20.2% Revenue growth, TTM YoY, FY24 Q1: 26.1% Revenue growth, TTM YoY, FY24 Q2: 24.0% Revenue growth, TTM YoY, FY24 Q3: 25.0% Revenue growth, TTM YoY, FY24 Q4: 23.6% Revenue growth, TTM YoY, FY25 Q1: 19.8% Revenue growth, TTM YoY, FY25 Q2: 17.6% Revenue growth, TTM YoY, FY25 Q3: 13.5% Revenue growth, TTM YoY, FY25 Q4: 10.6% Revenue growth, TTM YoY, FY26 Q1: 5.9% Revenue growth, TTM YoY, FY26 Q2: 2.5% 2.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 18.5%
FY23 Q4 20.2%
FY24 Q1 26.1%
FY24 Q2 24.0%
FY24 Q3 25.0%
FY24 Q4 23.6%
FY25 Q1 19.8%
FY25 Q2 17.6%
FY25 Q3 13.5%
FY25 Q4 10.6%
FY26 Q1 5.9%
FY26 Q2 2.5%
Operating margin (TTM) United Therapeutics Corp
44% 46% 48% 50% 52% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 49.9% Operating margin (TTM), FY23 Q4: 50.9% Operating margin (TTM), FY24 Q1: 50.3% Operating margin (TTM), FY24 Q2: 48.3% Operating margin (TTM), FY24 Q3: 46.4% Operating margin (TTM), FY24 Q4: 47.9% Operating margin (TTM), FY25 Q1: 46.9% Operating margin (TTM), FY25 Q2: 47.0% Operating margin (TTM), FY25 Q3: 47.7% Operating margin (TTM), FY25 Q4: 46.9% Operating margin (TTM), FY26 Q1: 45.3% Operating margin (TTM), FY26 Q2: 44.4% 44.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 49.9%
FY23 Q4 50.9%
FY24 Q1 50.3%
FY24 Q2 48.3%
FY24 Q3 46.4%
FY24 Q4 47.9%
FY25 Q1 46.9%
FY25 Q2 47.0%
FY25 Q3 47.7%
FY25 Q4 46.9%
FY26 Q1 45.3%
FY26 Q2 44.4%
FCF margin (TTM) United Therapeutics Corp
30% 32% 34% 36% 38% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 34.7% FCF margin (TTM), FY23 Q4: 32.1% FCF margin (TTM), FY24 Q1: 30.1% FCF margin (TTM), FY24 Q2: 33.5% FCF margin (TTM), FY24 Q3: 32.6% FCF margin (TTM), FY24 Q4: 37.6% FCF margin (TTM), FY25 Q1: 37.7% FCF margin (TTM), FY25 Q2: 34.8% FCF margin (TTM), FY25 Q3: 35.9% FCF margin (TTM), FY25 Q4: 32.7% FCF margin (TTM), FY26 Q1: 32.1% FCF margin (TTM), FY26 Q2: 34.6% 34.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 34.7%
FY23 Q4 32.1%
FY24 Q1 30.1%
FY24 Q2 33.5%
FY24 Q3 32.6%
FY24 Q4 37.6%
FY25 Q1 37.7%
FY25 Q2 34.8%
FY25 Q3 35.9%
FY25 Q4 32.7%
FY26 Q1 32.1%
FY26 Q2 34.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar United Therapeutics took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $3.2B
  2. Other income $221M · 7.0%
  3. Cost of revenue $384M · 12.1%
  4. Gross profit $2.8B · 87.9%
  5. Research and development $550M · 17.3%
  6. Selling, general and admin $756M · 23.7%
  7. Operating income $1.5B · 46.9%
  8. Income tax $379M · 11.9%
  9. Net income $1.3B · 41.9%

Shares of revenue. Source: United Therapeutics's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 359 593 743 916 1,117 1,289 1,466 1,599 1,725 1,628 1,449 1,483 1,686 1,936 2,328 2,877 3,183 3,155
Gross profit 317 524 652 787 976 1,154 — 1,526 1,620 1,429 1,331 1,375 1,563 1,785 2,070 2,568 2,798 2,717
EBITDA 37 189 338 449 324 571 732 1,093 846 841 −142 644 606 1,031 1,238 1,450 1,578 1,493
Operating income 26 171 318 422 292 539 699 1,062 815 805 −188 594 556 980 1,185 1,377 1,493 1,402
Net income 19 106 218 304 175 340 652 714 418 589 −105 515 476 727 985 1,195 1,335 1,311
Diluted EPS $0.35 $1.78 $3.67 $5.71 $3.28 $6.28 $12.72 $15.25 $9.31 $13.39 −$2.39 $11.54 $10.06 $15.00 $19.81 $24.64 $27.86 $27.94
Growth (year on year)
Revenue +27.5% +65.2% +25.3% +23.3% +21.9% +15.4% +13.8% +9.1% +7.9% −5.7% −11.0% +2.4% +13.6% +14.9% +20.2% +23.6% +10.6% +2.5%
EBITDA — +409.4% +78.8% +32.7% −27.9% +76.4% +28.2% +49.4% −22.6% −0.5% −116.8% — −5.9% +70.2% +20.1% +17.1% +8.9% −2.3%
Operating income — +565.1% +85.5% +32.7% −30.6% +84.2% +29.7% +51.9% −23.2% −1.2% −123.3% — −6.4% +76.2% +20.9% +16.2% +8.4% −3.2%
Net income — +444.2% +105.7% +39.7% −42.7% +94.8% +91.6% +9.5% −41.4% +41.0% −117.7% — −7.6% +52.9% +35.4% +21.4% +11.7% +5.5%
Diluted EPS — +408.6% +106.2% +55.6% −42.6% +91.5% +102.5% +19.9% −39.0% +43.8% −117.8% — −12.8% +49.1% +32.1% +24.4% +13.1% +8.9%
Margins
Gross margin 88.3% 88.4% 87.8% 85.9% 87.4% 89.5% — 95.5% 93.9% 87.8% 91.9% 92.7% 92.7% 92.2% 88.9% 89.2% 87.9% 86.1%
EBITDA margin 10.4% 31.9% 45.5% 49.0% 29.0% 44.3% 49.9% 68.4% 49.0% 51.7% −9.8% 43.4% 35.9% 53.2% 53.2% 50.4% 49.6% 47.3%
Operating margin 7.2% 28.9% 42.8% 46.0% 26.2% 41.8% 47.7% 66.4% 47.2% 49.5% −12.9% 40.0% 33.0% 50.6% 50.9% 47.9% 46.9% 44.4%
Net margin 5.4% 17.9% 29.3% 33.2% 15.6% 26.4% 44.5% 44.6% 24.2% 36.2% −7.2% 34.7% 28.2% 37.6% 42.3% 41.5% 41.9% 41.6%
Free-cash-flow margin 1.2% 32.5% 28.8% 23.1% 35.2% 23.9% 22.7% 37.9% 22.5% 36.5% −20.0% 46.9% 28.3% 34.3% 32.1% 37.6% 32.7% 34.6%
Cash flow
Cash from operations 100 212 250 324 425 355 383 644 474 778 −207 756 598 803 978 1,327 1,561 1,685
Capital spending 95 19 36 112 32 47 50 38 86 184 84 59 121 139 230 247 521 592
Free cash flow 4 193 214 212 393 308 333 606 388 594 −290 696 477 664 748 1,081 1,041 1,093
Stock-based pay 101 114 −16 30 321 190 280 12 74 −26 45 164 139 107 39 144 148 155
Free cash flow after stock pay −97 79 230 182 73 118 53 594 314 620 −336 533 339 557 709 937 893 938
Balance sheet
Cash 100 252 168 159 284 398 832 1,023 705 669 738 739 895 961 1,208 1,697 1,557 1,803
Total debt 220 305 194 206 286 — 5 0 500 500 850 800 800 800 700 300 — 0
Net debt (negative = net cash) 120 53 26 47 2 −398 −826 −1,023 −205 −169 112 61 −95 −161 −508 −1,397 −1,557 −1,803
Diluted shares 56m 60m 59m 53m 53m 54m 51m 47m 45m 44m 44m 45m 47m 49m 50m 49m 48m 47m
Returned to shareholders
Buybacks — — 212 188 42 483 395 500 250 — — — — 0 0 1,000 1,000 2,500
Total returned — — 212 188 42 483 395 500 250 — — — — 0 0 1,000 1,000 2,500

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $7.2bn
Short-term assets $3.5bnLonger-term assets $3.7bn
What it owes, and who funded it · $7.2bn
Short-term liabilities $608mLonger-term liabilities $212mShareholders' equity $6.4bn
  • Short-term assets cover short-term liabilities $3.5bn of assets due within a year against $608m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.5bn short-term assets against $212m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $1.4bn against $12m of interest.

From United Therapeutics Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$2.5B
Returned to shareholders
229%
of free cash flow
Buybacks, last 3 fiscal years
$2B
Diluted share count
−3.1%
year over year
Total shareholder yield
9.8%
dividends 0.0% + buybacks 9.8% of market value
R&D spending
17.5%
of revenue
Sales & admin spending
24.2%
of revenue
Days sales outstanding
36 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated UTHR BNTX BMRN NTRA NBIX EXEL Median
Revenue, last 12 months $3.2bn $3.2bn $3.4bn $2.7bn $3.7bn $2.5bn $56m
Revenue growth, last 12 months 2.5% 9.0% 11.2% 37.8% 38.0% 9.1% 12.6%
Revenue growth, 3-year average 14.3% — 15.1% 42.7% 27.5% 12.1% 13.7%
Revenue growth, latest quarter −1.9% — 19.9% 37.7% 41.2% 10.2% 10.2%
Gross margin 86.1% 77.6% 76.1% 42.0% 98.2% 96.3% 82.9%
Operating margin 44.4% −49.0% 4.4% −10.7% 24.0% 40.2% −189.4%
Operating margin, 3-year average 46.6% −22.6% 13.3% −16.2% 23.4% 33.4% −363.5%
Net margin 41.6% −39.6% 2.1% −7.1% 19.0% 35.5% −169.8%
Cash from operations / revenue 53.4% 15.9% 25.2% 8.4% 28.8% 47.0% −168.0%
Free-cash-flow margin 34.6% 9.8% 21.7% 3.1% 28.1% 46.5% −162.4%
Free-cash-flow margin, 3-year average 34.3% −37.0% 17.8% 0.2% 23.3% 33.8% −310.0%
Stock pay / revenue 4.9% 3.7% 6.3% 14.1% 6.4% 4.4% 20.0%
Change in share count −3.1% 0.5% 1.0% 6.5% 1.9% −7.5% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 2.5% 12.6% 106 of 172
Change in growth rate Growth -3.4pp -0.1pp 102 of 172
Gross margin Profitability 86.1% 82.4% 30 of 75
Operating margin Profitability 44.4% -189.4% 6 of 175
Net margin Profitability 41.6% -157.3% 9 of 180
Free-cash-flow margin Cash generation 34.6% -145.4% 14 of 176
Stock pay as % of revenue Cash generation 4.9% 19.2% 34 of 179
Change in share count Balance sheet -3.1% 7.9% 11 of 156
Days sales outstanding Balance sheet 36 days 75 days 16 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Tyvaso $1.9B ▲ 15.9%
Tyvaso DPI $1.3B ▲ 25.0%
Nebulized Tyvaso $586M ▼ 0.2%
Remodulin $527M ▼ 2.1%
Orenitram $497M ▲ 14.4%
Unituxin $227M ▼ 5.0%
Adcirca $30M ▲ 26.1%
Other $24M ▲ 8.6%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $3B 95.4% ▲ 10.9%
Outside the US $146M 4.6% ▲ 5.8%

From United Therapeutics Corp's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$22.6B
Institutions reporting
872
Shares held vs prior quarter
▲ 0.6%
Positions opened / closed
95 / 68

Top buyers and sellers, Q2 2026: 410 institutions bought and 396 sold ; the biggest buyer was Vestal Point Capital, LP (+360K shares) and the biggest seller Wellington Management Group LLP (−885K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.9B 5.3M 12.7% ▼ 1.9%
Avoro Capital Advisors LLC $1.5B 2.8M 6.6% ▲ 5.6%
Vanguard Portfolio Management LLC $1B 1.9M 4.6% ▼ 4.2%
Vanguard Capital Management LLC $1B 1.9M 4.6% ▼ 2.0%
State Street Corp $1B 1.9M 4.5% ▲ 2.9%
Renaissance Technologies LLC $926M 1.7M 4.1% ▼ 4.4%
Wellington Management Group LLP $747M 1.4M 3.3% ▼ 39.1%
Geode Capital Management, LLC $539M 997K 2.4% ▼ 19.2%
Jupiter Topco LLC $450M 831K 2.0% —
Norges Bank $376M 695K 1.7% —
Assetmark, Inc $338M 624K 1.5% ▲ 1.3%
AQR Capital Management LLC $295M 546K 1.3% ▼ 33.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not United Therapeutics Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $863,940 1 trade by 1 insider, last 12 months Insider sales History → $1.5B 2808 trades by 12 insiders · 99% under pre-set plans
Net ▼ $1.5B net selling
Insider Date Trade Shares Price Value
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 40 $608.05 $24,322
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 80 $606.91 $48,553
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 40 $605.33 $24,213
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 183 $603.89 $110,512
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 577 $603.13 $348,008
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 2,018 $601.94 $1.2M
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 1,742 $600.96 $1M
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 1,200 $600.25 $720,302
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 884 $598.94 $529,465
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 1,496 $598.04 $894,664
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 393 $596.84 $234,557
Rothblatt Martine A Chairperson & CEO October 30, 2026 Sell pre-set plan 728 $596.01 $433,893

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in United Therapeutics Corp disclosed in the last 12 months; 6 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 28, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 25, 2026
  • October 29, 2025
  • July 30, 2025
  • April 30, 2025

Recent SEC filings

Data status

When each part of this page on United Therapeutics Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

United Therapeutics Corp in brief

What does United Therapeutics Corp do?
United Therapeutics Corp is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is United Therapeutics Corp's stock ticker?
United Therapeutics Corp trades under the ticker UTHR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is United Therapeutics Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, United Therapeutics Corp reported revenue of $3.2B, 2.5% higher than a year earlier, according to its SEC filings.
What is United Therapeutics Corp's free cash flow?
United Therapeutics Corp's free-cash-flow margin is 34.6% of revenue over the trailing twelve months, ranking 14 of the 176 biotechnology companies we cover.
What is United Therapeutics Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of United Therapeutics Corp's free cash flow after stock-based pay gives ~$620 per share in the base case, and ~$480–$800 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are United Therapeutics Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Avoro Capital Advisors LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is United Therapeutics Corp buying back stock, and does it pay a dividend?
United Therapeutics Corp spent $2.5B on share repurchases over the trailing twelve months, and its diluted share count fell 3.1% over the year.
What is United Therapeutics Corp's market cap?
On November 2, 2026, United Therapeutics Corp's market capitalisation was about $28B, with a price-to-earnings ratio of 21.3 and net debt of -$1.8B. Market figures come from third-party market data and may be delayed.
Who are United Therapeutics Corp's competitors?
In our Biotechnology peer group, the companies closest to United Therapeutics Corp are Biontech SE, Biomarin Pharmaceutical Inc, Natera, Inc., Neurocrine Biosciences Inc and Exelixis, Inc. The side-by-side comparison below sets their revenue, margins and growth against United Therapeutics Corp's.
Are insiders buying or selling United Therapeutics Corp stock?
Over the last 12 months, United Therapeutics Corp's directors and officers reported 1 open-market purchases and 2808 sales on Form 4. The insider trading page charts every trade.
When is United Therapeutics Corp's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — United Therapeutics Corp announces its own schedule.