UNITED THERAPEUTICS Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNITED THERAPEUTICS Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,599	1,725	1,628	1,449	1,483	1,686	1,936	2,328	2,877	3,183
Cost of revenue	72.7	106	199	118	108	123	152	258	310	384
Gross profit	1,526	1,620	1,429	1,331	1,375	1,563	1,785	2,070	2,568	2,798
Research and development	148	265	358	1,183	358	540	323	408	481	550
Selling, general and administrative	317	330	266			467	482	477	710	756
Operating income	1,062	815	805	-188	594	556	980	1,185	1,377	1,493
Interest expense	3.9	9	13.9	44.2	23.5	18.6	32.4	59.3	42.9	19.5
Interest income	3.5	10.9	28.6	44.2	28.6	16.7	45.2	163	199	192
Other non-operating income	-1.5	-45.4	-46.5	22.6	45.3	38	-29.1	89.4	162	221
Pre-tax income	1,060	770	759	-165	639	594	951	1,274	1,539	1,714
Income tax	347	352	170	-60.5	124	118	223	290	344	379
Net income	714	418	589	-105	515	476	727	985	1,195	1,335
EBITDA	1,093	846	841	-142	644	606	1,031	1,238	1,450	1,578
EPS, basic	16.29	9.50	13.54	-2.39	11.65	10.60	15.98	21.04	26.44	30.13
EPS, diluted	15.25	9.31	13.39	-2.39	11.54	10.06	15.00	19.81	24.64	27.86
Shares, basic (weighted)	43.8	44	43.5	43.8	44.2	44.9	45.5	46.8	45.2	44.3
Shares, diluted (weighted)	46.8	44.9	44	43.8	44.6	47.3	48.5	49.7	48.5	47.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,023	705	669	738	739	895	961	1,208	1,697	1,557
Short-term investments	27.8	222	747	748	1,096	1,036	1,878	1,786	1,570	1,363
Receivables	215	297	176	151	157	199	220	279	279	350
Inventory	100	108	101	93.4	86.5	93.8	102	112	158	183
Other current assets	59.5	116	75.4	134	88.3	100	219	166	170	249
Total current assets	1,425	1,448	1,768	1,865	2,167	2,324	3,380	3,551	3,874	3,703
Property, plant and equipment	489	546	700	739	732	781	862	1,045	1,222	1,730
Lease right-of-use assets				4.8
Goodwill	10.3	13.7	31.5	28	28	28	28	33.7	32.3	32.3
Long-term investments	2.3	503	443	768	1,150	1,650	1,316	1,910	1,475	1,777
Other non-current assets	197	224	224	155	170	108	114	152	222	197
Total assets	2,326	2,879	3,401	3,913	4,615	5,169	6,045	7,167	7,364	7,880
Accounts payable	8.1	8.4	23.1	9.9	4.1	3.8	4.1	5.6	6	7.1
Accrued liabilities	96.1	163	143	139	183	171	226	292	339	481
Total current liabilities	333	445	277	463	323	305	343	804	738	561
Lease liabilities				3
Other non-current liabilities	131	63.7	66.6	70	96.5	105	105	77.8	182	223
Total liabilities	463	758	593	1,133	1,220	1,210	1,248	1,182	920	784
Paid-in capital	1,814	1,854	1,940	2,048	2,149	2,245	2,388	2,549	2,699	2,798
Retained earnings	2,434	2,846	3,435	3,325	3,839	4,315	5,042	6,027	7,222	8,557
Treasury stock	-2,380	-2,579	-2,579	-2,579	-2,579	-2,579	-2,579	-2,579	-3,475	-4,260
Other comprehensive income	-16.8	-19.6	-7.9	-14.2	-14.2	-23	-55.5	-12.8	-3.4	0.9
Shareholders' equity	1,851	2,102	2,789	2,780	3,395	3,959	4,797	5,985	6,444	7,096
Total equity	1,851	2,102	2,789	2,780	3,395	3,959	4,797	5,985	6,444	7,096
Total liabilities and equity	2,326	2,879	3,401	3,913	4,615	5,169	6,045	7,167	7,364	7,880
Shares outstanding	43	43.2	43.6	43.9	44.5	45.1	46	47	44.8	43.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	714	418	589	-105	515	476	727	985	1,195	1,335
Depreciation and amortization	31.6	31	35.9	45.9	49.9	49.9	51.3	53.2	72.5	85.6
Stock-based compensation	12.1	73.5	-26.4	45.4	164	139	107	39.1	144	148
Deferred income tax	10.5	66.4	15.7	-133	-10.5	-18.8	-50.8	-64.4	-64.1	97.7
Change in receivables	-21.7	-82.7	121	24.4	-6	-41.3	-21.7	-58.5	-0.4	-70.9
Change in inventory	-24.5	-0.5	9.3	12.9	10.3	-7.5	-13.4	-13.6	-46.9	-52.6
Change in payables	0.6	66.2	-11	-16.3	38.6	-12.5	44.5	57.1	42.7	97.9
Cash from operations	644	474	778	-207	756	598	803	978	1,327	1,561
Capital expenditures	-38	-86.3	-184	-83.7	-59.3	-121	-139	-230	-247	-521
Acquisitions	-5.2		-124	0	0	0	0	-89.2	0	0
Purchases of investments	-36	-718	-763	-1,272	-2,309	-1,895	-1,709	-2,514	-1,646	-3,405
Sales and maturities of investments		20	266	799	1,523	1,370	1,022	2,137	1,537	1,584
Cash from investing	48.3	-836	-821	-335	-739	-487	-812	-720	417	-551
Stock issued	7.7	39.9	15.6	9.9	33.8	50	88.4	98	153	174
Share buybacks	-500	-250					0	0	-1,000	-1,000
Cash from financing	-498	43.3	6.3	611	-16.9	44.8	75.4	-11.9	-1,255	-1,150
Exchange rate effect	-3	0.2
Net change in cash	191	-318	-35.9	69.2	0.3	156	66.4	247	490	-140
Free cash flow	606	388	594	-290	696	477	664	748	1,081	1,041
Interest paid	1.5	7.5	9.4	41	20.7	16.2	29.1	56	40.2	13.5
Income taxes paid	362	347	103	120	92.8	153	276	333	401	313

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $475.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	86.1%	Gross profit / revenue.
Operating margin	44.4%	Operating income / revenue.
EBITDA margin	47.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	49.9%	Pre-tax income / revenue.
Net margin	41.6%	Net income / revenue.
FCF margin	34.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	53.4%	Cash from operations / revenue.
Effective tax rate	16.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	18.2%	Net income / average total assets.
Return on invested capital (ROIC)	25.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	17.5%	Research and development expense / revenue.
SG&A / revenue	24.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	18.8%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	22.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	24.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.73x	Current assets / current liabilities.
Quick ratio	4.89x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.38x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	11.4%	Total liabilities / total assets.
Interest coverage	117x	Operating income / interest expense.
Working capital	$2.88B	Current assets - current liabilities.
Tangible book value	$6.40B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	1.63x	Revenue / average property, plant and equipment.
Inventory turnover	2.26x	Cost of revenue / average inventory.
Days inventory	162 days	365 x average inventory / cost of revenue.
Receivables turnover	10.2x	Revenue / average receivables.
Days sales outstanding	36 days	365 x average receivables / revenue.
Days payables	416 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-218 days	Days inventory + days sales outstanding - days payables.
FCF conversion	83.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	35.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$28.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$68.88	Revenue / diluted weighted shares.
FCF per share	$23.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	$36.79	Cash from operations / diluted weighted shares.
Book value per share	$149.97	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$149.97	Tangible book value / shares outstanding.
Cash per share	$62.38	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	228.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$20.39B	Share price x shares outstanding.
Enterprise value	$17.73B	Market cap + total debt - cash - short-term investments.
P/E	15.6x	Market cap / net income. Only when net income is positive.
P/S	6.46x	Market cap / revenue.
P/B	3.19x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.19x	Market cap / tangible book value, when positive.
P/FCF	18.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.1x	Market cap / cash from operations, when positive.
EV/Sales	5.62x	Enterprise value / revenue.
EV/EBIT	12.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.4%	Free cash flow / market cap.
Earnings yield	6.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	12.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.68x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was UNITED THERAPEUTICS Corp's revenue in fiscal 2025?

UNITED THERAPEUTICS Corp reported revenue of $3.18B for fiscal 2025, 10.6% higher than the year before.

Was UNITED THERAPEUTICS Corp profitable in fiscal 2025?

Yes. Net income was $1.33B, a net margin of 41.9%.

How much free cash flow did UNITED THERAPEUTICS Corp generate in fiscal 2025?

Cash from operations of $1.56B minus capital expenditures of $520.5M left free cash flow of $1.04B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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