United Therapeutics Corp (UTHR)

United Therapeutics Corporation engages in the development and commercialization of products to address the unmet medical needs of patients with chronic and life-threatening diseases in the United States and internationally. It offers Tyvaso DPI, an inhaled dry powder via pre-filled and single-use cartridges; Nebulized Tyvaso, an inhaled solution via ultrasonic nebulizer; Remodulin (treprostinil) injection to treat patients with pulmonary arterial hypertension to diminish symptoms associated with exercise; Orenitram, a tablet dosage form of treprostinil, to delay disease progression and improve exercise capacity in PAH patients; and Adcirca, an oral PDE-5 inhibitor to enhance the exercise ability in PAH patients. It also markets and sells Unituxin (dinutuximab) injection, a monoclonal antibody for high-risk neuroblastoma; and Remunity Pump, which contains a pump and separate controller for Remodulin. In addition, it is involved in developing RemunityPRO Pump and Ralinepag for the treatment of PAH;and Nebulized Tyvaso, for the treatment of idiopathic pulmonary fibrosis, as well as xenografts, which are development-stage organ products. Further, it provides preclinical products, including EVLP/CLES, for lung transplant; UKidney, UHeart, UThymoKidney, a development-stage gene-edited porcine kidneys and hearts for xenotransplantation; ULobe, for allogeneic regenerative medicine; ULung, for autologous regenerative medicine; IVIVA Kidney, for autologous regenerative medicine; miroliver, for allogeneic regenerative medicine; and mirokidney, for allogeneic regenerative medicine. It has licensing and collaboration agreements with DEKA Research & Development Corp. to develop a semi-disposable system for the subcutaneous delivery of treprostinil; MannKind Corporation to develop and license treprostinil inhalation powder and the Dreamboat device; and Arena Pharmaceuticals, Inc. to develop Ralinepag. The company was founded in 1996 and is headquartered in Silver Spring, Maryland.

Ticker
UTHR
Exchange
Nasdaq
Sector
Healthcare
Industry
Drug Manufacturers - Specialty & Generic
Market cap
$23.82B
52-week range
$444.04 - $614.23

Valuation

Share price
$562.02 (close of Nov 6, 2026)
P/E (TTM)
19.68x
Price to book
3.80x
Price to free cash flow
27.47x
Enterprise value
$22.63B
Book value per share
$148.08

Price performance

PeriodChange
1 day-0.65%
5 days-6.13%
1 month+3.77%
3 months+5.46%
6 months-5.82%
Year to date+15.35%
1 year+23.79%
3 years+146.31%
5 years+177.82%
10 years+392.40%
All time+9,122.89%

Short interest

As of
Oct 15, 2026
Short % of float
6.79%
Shares short
2.46M
Days to cover
2.57
Change since prior report
-31.67%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
18.81%
Return on invested capital
15.69%
Return on assets
16.94%
Return on capital employed
20.39%
Gross margin
87.92%
Net margin
41.94%
EBITDA margin
49.58%
Revenue growth
10.61%
Net income growth
11.68%
Free cash flow growth
-3.69%

Cash flow and balance sheet

Free cash flow yield (TTM)
3.64%
Current ratio
4.61x
Net debt to EBITDA
-0.74x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$3.18B
Cost of revenue
$384.40M
Gross profit
$2.80B
EBITDA
$1.58B
Net income
$1.33B
Earnings per share
$30.13
Research and development
$550.00M
Interest expense
$19.50M
Shares outstanding
44.30M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$3.18B$2.80B$1.33B$30.13
2024-12-31$2.88B$2.57B$1.20B$26.44
2023-12-31$2.33B$2.07B$984.80M$21.04
2022-12-31$1.94B$1.78B$727.30M$15.98
2021-12-31$1.69B$1.56B$475.80M$10.60
2020-12-31$1.48B$1.38B$514.80M$11.65
2019-12-31$1.45B$1.33B-$104.50M-$2.39
2018-12-31$1.63B$1.43B$589.20M$13.54
2017-12-31$1.73B$1.62B$417.90M$9.50
2016-12-31$1.60B$1.53B$713.70M$16.29

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3187.92%41.94%18.81%15.69%
2024-12-3189.24%41.53%18.55%15.32%
2023-12-3188.94%42.31%16.46%13.39%
2022-12-3192.17%37.56%15.16%13.52%
2021-12-3192.73%28.23%12.02%9.20%
2020-12-3192.71%34.71%15.16%11.19%
2019-12-3191.88%-7.21%-3.76%-3.75%
2018-12-3187.79%36.20%21.13%20.86%
2017-12-3193.87%24.22%19.88%22.04%
2016-12-3195.45%44.64%38.55%38.63%

Cash and debt by year

Period endCashDebt
2025-12-31$1.56B-
2024-12-31$1.70B-
2023-12-31$1.21B$300.00M
2022-12-31$961.20M$800.00M
2021-12-31$894.80M$800.00M
2020-12-31$738.70M$800.00M
2019-12-31$738.40M$600.00M
2018-12-31$669.20M$250.00M
2017-12-31$705.10M-
2016-12-31$1.02B-

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$1.04B$147.70M
2024-12-31$1.08B$144.00M
2023-12-31$747.60M$39.10M
2022-12-31$663.70M$106.80M
2021-12-31$477.40M$138.50M
2020-12-31$696.40M$163.80M
2019-12-31-$290.30M$45.40M
2018-12-31$594.00M-$26.40M
2017-12-31$387.90M$73.50M
2016-12-31$605.60M$12.10M

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-04Sep 2026$5.85
2026-08-05Jun 2026$6.82
2026-05-06Mar 2026$6.73
2026-02-25Dec 2025$6.78
2025-10-29Sep 2025$6.89
2025-07-30Jun 2025$6.80
2025-04-30Mar 2025$6.29
2025-02-26Dec 2024$6.10

Filings and sources

Company website
unither.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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