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UNITED THERAPEUTICS Corp

UTHR Clue Score77
United States Fiscal year ends December CIK 0001082554
$549.16 +3.07% Close, 9 Oct 2026
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Price $549.16 +184.48% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,598.8Operating income1,061.7Net income713.7EPS, diluted15.25Fiscal year 2017Revenue1,725.3 +7.9%Operating income814.9Net income417.9 −41.4%EPS, diluted9.31 −39.0%Fiscal year 2018Revenue1,627.8 −5.7%Operating income805.4Net income589.2 +41.0%EPS, diluted13.39 +43.8%Fiscal year 2019Revenue1,448.8 −11.0%Operating income−187.6Net income−104.5 −117.7%EPS, diluted−2.39 −117.8%Fiscal year 2020Revenue1,483.3 +2.4%Operating income593.6EPS, diluted11.54Fiscal year 2021Revenue1,685.5 +13.6%Operating income555.9Net income475.8EPS, diluted10.06 −12.8%Fiscal year 2022Revenue1,936.3 +14.9%Operating income979.7Net income727.3 +52.9%EPS, diluted15.00 +49.1%Fiscal year 2023Revenue2,327.5 +20.2%Operating income1,184.9Net income984.8 +35.4%EPS, diluted19.81 +32.1%Fiscal year 2024Revenue2,877.4 +23.6%Operating income1,377.0Net income1,195.1 +21.4%EPS, diluted24.64 +24.4%Fiscal year 2025Revenue3,182.7 +10.6%Operating income1,492.5Net income1,334.7 +11.7%EPS, diluted27.86 +13.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,598.8 1,725.3 1,627.8 1,448.8 1,483.3 1,685.5 1,936.3 2,327.5 2,877.4 3,182.7
Growth +7.9% −5.7% −11.0% +2.4% +13.6% +14.9% +20.2% +23.6% +10.6%
Operating income 1,061.7 814.9 805.4 −187.6 593.6 555.9 979.7 1,184.9 1,377.0 1,492.5
Net income 713.7 417.9 589.2 −104.5 n/a 475.8 727.3 984.8 1,195.1 1,334.7
Growth −41.4% +41.0% −117.7% +52.9% +35.4% +21.4% +11.7%
EPS, diluted 15.25 9.31 13.39 −2.39 11.54 10.06 15.00 19.81 24.64 27.86
Growth −39.0% +43.8% −117.8% −12.8% +49.1% +32.1% +24.4% +13.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Operating margin66.4%Net margin44.6%Free cash flow margin37.9%Fiscal year 2017Operating margin47.2%Net margin24.2%Free cash flow margin22.5%Fiscal year 2018Operating margin49.5%Net margin36.2%Free cash flow margin36.5%Fiscal year 2019Gross margin91.9%Operating margin−12.9%Net margin−7.2%Free cash flow margin−20.0%Fiscal year 2020Gross margin92.7%Operating margin40.0%Free cash flow margin46.9%Fiscal year 2021Gross margin92.7%Operating margin33.0%Net margin28.2%Free cash flow margin28.3%Fiscal year 2022Gross margin92.2%Operating margin50.6%Net margin37.6%Free cash flow margin34.3%Fiscal year 2023Gross margin88.9%Operating margin50.9%Net margin42.3%Free cash flow margin32.1%Fiscal year 2024Gross margin89.2%Operating margin47.9%Net margin41.5%Free cash flow margin37.6%Fiscal year 2025Gross margin87.9%Operating margin46.9%Net margin41.9%Free cash flow margin32.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a n/a 91.9% 92.7% 92.7% 92.2% 88.9% 89.2% 87.9%
Operating margin 66.4% 47.2% 49.5% −12.9% 40.0% 33.0% 50.6% 50.9% 47.9% 46.9%
Net margin 44.6% 24.2% 36.2% −7.2% n/a 28.2% 37.6% 42.3% 41.5% 41.9%
Free cash flow margin 37.9% 22.5% 36.5% −20.0% 46.9% 28.3% 34.3% 32.1% 37.6% 32.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow643.6Capital expenditure−38.0Free cash flow605.6Buybacks−500.0Fiscal year 2017Operating cash flow474.2Capital expenditure−86.3Free cash flow387.9 −35.9%Buybacks−250.0Fiscal year 2018Operating cash flow778.4Capital expenditure−184.4Free cash flow594.0 +53.1%Fiscal year 2019Operating cash flow−206.6Capital expenditure−83.7Free cash flow−290.3 −148.9%Fiscal year 2020Operating cash flow755.7Capital expenditure−59.3Free cash flow696.4Fiscal year 2021Operating cash flow598.2Capital expenditure−120.8Free cash flow477.4 −31.4%Fiscal year 2022Operating cash flow802.5Capital expenditure−138.8Free cash flow663.7 +39.0%Buybacks0.0Fiscal year 2023Operating cash flow978.0Capital expenditure−230.4Free cash flow747.6 +12.6%Buybacks0.0Fiscal year 2024Operating cash flow1,327.1Capital expenditure−246.5Free cash flow1,080.6 +44.5%Buybacks−1,000.0Fiscal year 2025Operating cash flow1,561.2Capital expenditure−520.5Free cash flow1,040.7 −3.7%Buybacks−1,000.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 643.6 474.2 778.4 −206.6 755.7 598.2 802.5 978.0 1,327.1 1,561.2
Capital expenditure −38.0 −86.3 −184.4 −83.7 −59.3 −120.8 −138.8 −230.4 −246.5 −520.5
Free cash flow 605.6 387.9 594.0 −290.3 696.4 477.4 663.7 747.6 1,080.6 1,040.7
Growth −35.9% +53.1% −148.9% −31.4% +39.0% +12.6% +44.5% −3.7%
Buybacks −500.0 −250.0 n/a n/a n/a n/a 0.0 0.0 −1,000.0 −1,000.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash1,023.0Shareholders’ equity1,851.3Fiscal year 2017Cash705.1Shareholders’ equity2,101.8Fiscal year 2018Cash669.2Shareholders’ equity2,788.6Fiscal year 2019Cash738.4Shareholders’ equity2,780.4Fiscal year 2020Cash738.7Shareholders’ equity3,395.2Fiscal year 2021Cash894.8Shareholders’ equity3,958.9Fiscal year 2022Cash961.2Shareholders’ equity4,796.7Fiscal year 2023Cash1,207.7Shareholders’ equity5,984.8Fiscal year 2024Cash1,697.2Shareholders’ equity6,444.0Fiscal year 2025Cash1,557.1Shareholders’ equity7,096.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1,023.0 705.1 669.2 738.4 738.7 894.8 961.2 1,207.7 1,697.2 1,557.1
Shareholders’ equity 1,851.3 2,101.8 2,788.6 2,780.4 3,395.2 3,958.9 4,796.7 5,984.8 6,444.0 7,096.2

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
n/a n/a n/a 91.9% 92.7% 92.7% 92.2% 88.9% 89.2% 87.9%
66.4% 47.2% 49.5% −12.9% 40.0% 33.0% 50.6% 50.9% 47.9% 46.9%
66.3% 44.6% 46.6% −11.4% 43.1% 35.2% 49.1% 54.7% 53.5% 53.9%
44.6% 24.2% 36.2% −7.2% n/a 28.2% 37.6% 42.3% 41.5% 41.9%
37.9% 22.5% 36.5% −20.0% 46.9% 28.3% 34.3% 32.1% 37.6% 32.7%
Spending
9.2% 15.3% 22.0% 81.6% 24.1% 32.0% 16.7% 17.5% 16.7% 17.3%
19.8% 19.1% 16.3% n/a n/a 27.7% 24.9% 20.5% 24.7% 23.7%
2.4% 5.0% 11.3% 5.8% 4.0% 7.2% 7.2% 9.9% 8.6% 16.4%
32.7% 45.7% 22.4% n/a 19.4% 19.9% 23.5% 22.7% 22.3% 22.1%
Returns
38.6% 19.9% 21.1% −3.8% n/a 12.0% 15.2% 16.5% 18.5% 18.8%
30.7% 14.5% 17.3% −2.7% n/a 9.2% 12.0% 13.7% 16.2% 16.9%
Balance and payout
19.9% 26.3% 17.4% 29.0% 26.4% 23.4% 20.6% 16.5% 12.5% 9.9%
82.6% 64.4% n/a n/a n/a n/a 0.0% 0.0% 92.5% 96.1%