NASDAQ · Financial Statements

United Therapeutics Corporation (UTHR) Financial Statements

$587.50 NASDAQ: UTHR Market Cap $25.20B

United Therapeutics Corporation most recently reported annual revenue of $3.2B, net profit of $1.3B. Revenue grew at an average annual rate of 16.5% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

United Therapeutics Corporation: Revenue rose from $1.6B in 2016 to $3.2B in 2025, a change of +99.1% over 9 years; net profit was positive in 9 of 10 reported years; operating margin moved from 66.4% to 47.7%, a shift of -18.7 percentage points; the most recent year shows net profit of $1.3B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$1.6B$1.7B$1.6B$1.4B$1.5B$1.7B$1.9B$2.3B$2.9B$3.2B
Operating Expenses$537.0M$910.0M$822.0M$1.6B$890.0M$1.1B$957.0M$1.1B$1.5B$1.7B
Operating Profit$1.1B$815.0M$805.0M$-188.0M$594.0M$556.0M$980.0M$1.2B$1.4B$1.5B
Operating Margin66.4%47.2%49.5%-12.9%40.0%33.0%50.6%50.9%47.9%47.7%
Other Income$-1.0M$-45.0M$-46.0M$23.0M$45.0M$38.0M$-29.0M$89.0M$162.0M$197.0M
Interest$4.0M$9.0M$14.0M$44.0M$24.0M$19.0M$32.0M$59.0M$43.0M$20.0M
Depreciation$32.0M$31.0M$36.0M$46.0M$50.0M$50.0M$51.0M$53.0M$73.0M$86.0M
Profit Before Tax$1.1B$770.0M$759.0M$-165.0M$639.0M$594.0M$951.0M$1.3B$1.5B$1.7B
Tax$32.7M$45.7M$22.4M$36.7M$19.4M$19.9M$23.5M$22.7M$22.4M$22.1M
Net Profit$714.0M$418.0M$589.0M$-104.0M$515.0M$476.0M$727.0M$985.0M$1.2B$1.3B
EPS$15.25$9.31$13.39$-2.39$11.54$10.06$15.00$19.81$24.64$27.86
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$609.0M$615.0M$678.0M$715.0M$749.0M$736.0M$794.0M$799.0M$800.0M$790.0M$782.0M$783.0M
Operating Expenses$282.0M$355.0M$321.0M$395.0M$406.0M$378.0M$412.0M$434.0M$410.0M$433.0M$456.0M$453.0M
Operating Profit$327.0M$260.0M$356.0M$320.0M$343.0M$358.0M$383.0M$365.0M$389.0M$358.0M$326.0M$331.0M
Operating Margin53.7%42.3%52.6%44.8%45.8%48.6%48.2%45.6%48.7%45.2%41.7%42.2%
Interest$16.0M$15.0M$13.0M$12.0M$10.0M$8.0M$6.0M$7.0M$3.0M$3.0M$3.0M$3.0M
Profit Before Tax$352.0M$295.0M$399.0M$355.0M$389.0M$397.0M$424.0M$408.0M$438.0M$444.0M$318.0M$373.0M
Tax$23.9M$26.5M$23.1M$21.7M$20.5M$24.0M$23.9M$24.2M$22.7M$17.9M$13.6M$10.7M
Net Profit$268.0M$217.0M$307.0M$278.0M$309.0M$301.0M$322.0M$310.0M$339.0M$364.0M$275.0M$333.0M
EPS$5.38$4.36$6.17$5.85$6.39$6.19$6.63$6.41$7.16$7.66$5.82$7.27

Over the 10 years reported for United Therapeutics Corporation, cash stood at $1.6B in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 6.60 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$2.3B$2.9B$3.4B$3.9B$4.6B$5.2B$6.0B$7.2B$7.4B$7.9B
Current Assets$1.4B$1.4B$1.8B$1.9B$2.2B$2.3B$3.4B$3.6B$3.9B$3.7B
Cash$1.0B$705.0M$669.0M$738.0M$739.0M$895.0M$961.0M$1.2B$1.7B$1.6B
Inventory$100.0M$108.0M$101.0M$93.0M$87.0M$94.0M$102.0M$112.0M$158.0M$183.0M
Receivables$215.0M$297.0M$176.0M$151.0M$157.0M$199.0M$220.0M$279.0M$279.0M$350.0M
Fixed Assets$489.0M$546.0M$700.0M$739.0M$732.0M$781.0M$862.0M$1.0B$1.2B$1.7B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$30.0M$725.0M$1.2B$1.5B$2.2B$2.7B$3.2B$3.7B$3.0B$1.8B
Other Assets$10.0M$14.0M$32.0M$28.0M$28.0M$28.0M$28.0M$34.0M$32.0M$0
Total Liabilities$463.0M$778.0M$612.0M$1.1B$1.2B$1.2B$1.2B$1.2B$920.0M$784.0M
Current Liabilities$333.0M$445.0M$277.0M$463.0M$323.0M$305.0M$343.0M$804.0M$738.0M$561.0M
Borrowings$0$250.0M$250.0M$850.0M$800.0M$800.0M$800.0M$700.0M$300.0M$38.0M
Other Liabilities$463.0M$528.0M$362.0M$283.0M$420.0M$410.0M$448.0M$482.0M$620.0M$746.0M
Equity$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Reserves$1.9B$2.1B$2.8B$2.8B$3.4B$4.0B$4.8B$6.0B$6.4B$7.1B

For United Therapeutics Corporation, operating cash flow was positive in 9 of 10 reported years; free cash flow in the latest year was $1.0B; free cash flow was positive in 9 of 10 years; financing activities used $1.0B in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$644.0M$474.0M$778.0M$-207.0M$756.0M$598.0M$803.0M$978.0M$1.3B$1.6B
Investing Cash Flow$0$-922.0M$-1.0B$-419.0M$-798.0M$-608.0M$-950.0M$-950.0M$171.0M$-1.1B
Financing Cash Flow$-489.0M$-207.0M$6.0M$11.0M$33.0M$45.0M$75.0M$88.0M$-855.0M$-1.0B
Net Cash Flow$191.0M$-318.0M$-36.0M$69.0M$0$156.0M$66.0M$247.0M$490.0M$-140.0M
Free Cash Flow$600.0M$388.0M$594.0M$-290.0M$696.0M$477.0M$664.0M$748.0M$1.1B$1.0B

Valuation & Return Ratios

MetricValue
PEG Ratio1.95
EV / EBITDA12.69
FCF Yield4.80%
Quick Ratio5.41
Interest Coverage116.95
Return 1Y36.45%
Return 3Y155.93%
Return 5Y182.49%

United Therapeutics Corporation (UTHR) financials — frequently asked questions

What is United Therapeutics Corporation's annual revenue?

United Therapeutics Corporation (UTHR) reported annual revenue of $3.2B in its most recent fiscal year.

What is United Therapeutics Corporation's net profit?

United Therapeutics Corporation (UTHR) reported net profit of $1.3B in its most recent fiscal year.

What is UTHR EV/EBITDA?

United Therapeutics Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 12.69.

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