UTHRNasdaqPharmaceutical PreparationsFiscal year ends December 31
UNITED THERAPEUTICS Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$543.15+10.03 (+1.88%)
Close on Oct 19, 2026
- Market cap
- $24.88B
- P/E (TTM)
- 19.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
87.9%−4.8 pts over 5 years
Operating margin
46.9%+6.9 pts over 5 years
Net margin
41.9%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.6% | +18.0% | +16.5% | +8.1% | |
| Gross profit | +9.0% | +16.2% | +15.3% | +7.2% | |
| Operating income | +8.4% | +15.1% | +20.2% | +7.9% | |
| Net income | +11.7% | +22.4% | – | – | |
| EPS, diluted | +13.1% | +22.9% | +19.3% | +8.2% | |
| Free cash flow | -3.7% | +16.2% | +8.4% | +12.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 19.7% | |
| Return on assets | – | – | 17.5% | |
| Current ratio | 4.29 | 6.70 | 6.60 | |
| Interest coverage | 272.2× | 25.3× | 76.5× | |
| Inventory turnover | 0.8× | 1.2× | 2.3× | |
| Capex to revenue | 2.4% | 4.0% | 16.4% | |
| Diluted shares | 47M | 45M | 48M |
Where the cash went
Fiscal 2021 to 2025, five years combined
United Therapeutics generated $5.27B from operations and spent $3.26B on capital expenditure, dividends and share buybacks. 39% of that went back into the business.
Generated
$5.27B
Used
$3.26B
Capital expenditure$1.26B39%Dividends$00%Share buybacks$2.00B61%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin41.9%
×Asset turnover0.42×
×Equity multiplier1.13×
=Return on equity, FY202519.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 41.9% | 0.42× | 1.13× | 19.7% |
| FY2024 | 41.5% | 0.40× | 1.17× | 19.2% |
| FY2023 | 42.3% | 0.35× | 1.23× | 18.3% |
| FY2022 | 37.6% | 0.35× | 1.28× | 16.6% |
| FY2021 | 28.2% | 0.34× | 1.33× | 12.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.33B
- Cash generatingOperating cash flow above zero$1.56B
- Return on assets improvedROA up on the prior year16.7% → 18.1%
- Earnings backed by cashOperating cash flow above net income$1.56B vs $1.33B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose5.25 → 6.60
- No dilutionShare count did not rise49M → 48M
- Gross margin improvedGross margin up on the prior year89.24% → 87.92%
- More efficientAsset turnover rose0.40 → 0.43