United Therapeutics Corporation (UTHR) 10-Year Financial Performance & Capital Metrics

UTHR •

HealthcareBiotechnologyCommercial Specialty Pharma

AboutUnited Therapeutics Corporation, a biotechnology company, 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. Its commercial therapies include Remodulin to treat patients with pulmonary arterial hypertension (PAH) to diminish symptoms associated with exercise; Tyvaso, an inhaled formulation of prostacyclin analogue treprostinil to enhance the exercise ability in PAH patients and pulmonary hypertension associated with interstitial lung disease (PH-ILD); Orenitram, a tablet dosage form of treprostinil to enhance the exercise capacity in PAH patients; Unituxin, a monoclonal antibody for treating high-risk neuroblastoma; and Adcirca, an oral PDE-5 inhibitor to enhance the exercise ability in PAH patients. The company also engages in developing Tyvaso DPI, a dry powder inhalation form of Tyvaso; Remunity Pump, a small, lightweight, durable pump and separate controller; RemoPro and Ralinepag for the treatment of PAH; Aurora-GT, a gene therapy product to rebuild the blood vessels in the lungs; and Tyvaso PERFECT and TETON studies, which are the studies of Tyvaso in patients with World Health Organization (WHO) Group 3 pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD). 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 incorporated in 1996 and is headquartered in Silver Spring, Maryland.Show more

Revenue $3.18B +10.6%
EBITDA $1.58B +8.9%
Net Income $1.33B +11.7%
EPS (Diluted) 27.86 +13.1%
Gross Margin 87.92% -1.5%
EBITDA Margin 49.58% -1.6%
Operating Margin 46.89% -2.0%
Net Margin 41.94% +1.0%
ROE 19.71% +2.5%
ROIC 21.15% +7.8%
Debt/Equity -
Interest Coverage 76.54 +138.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 21.0%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 32.7% free cash flow margin
✓Momentum leader: RS Rating 82 (top 18%)
✓Strong 5Y sales CAGR of 16.5%
✓Good 3Y average ROE of 19.1%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.06%

5Y16.5%

3Y18.02%

TTM10.61%

Profit (Net Income) CAGR

10Y7.43%

5Y20.99%

3Y22.43%

TTM11.68%

EPS CAGR

10Y8.16%

5Y19.28%

3Y22.92%

TTM13.25%

ROCE

10Y Avg22.52%

5Y Avg18.59%

3Y Avg20.75%

Latest21.41%

Peer Comparison

Commercial Specialty Pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALKSAlkermes plc	4.98B	30.10	21.05	-5.25%	16.37%	13.28%	0.01%	0.04
ADMAADMA Biologics, Inc.	3.71B	15.57	19.22	65.15%	42.87%	48.57%	2.97%	0.24
UTHRUnited Therapeutics Corporation	21.99B	503.90	18.09	10.61%	41.94%	18.81%	4.73%
PCSAProcessa Pharmaceuticals, Inc.	114.71M	2.17	-0.56			-221.71%		0.04
UNCYUnicycive Therapeutics, Inc.	144.49M	6.93	-1.24	-100%		-89.15%		0.10
PTHSPelthos Therapeutics Inc.	85.29M	26.36	-1.95		-318.41%	-40.48%
MISTMilestone Pharmaceuticals Inc.	145.64M	1.71	-2.55	-100%		-282.97%		4.17
AMRNAmarin Corporation plc	5.74B	13.80	-3.45	-25.51%	-38.01%	-18.78%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.6B	1.73B	1.63B	1.45B	1.48B	1.69B	1.94B	2.33B	2.88B	3.18B
Revenue Growth %	9.08%	7.91%	-5.65%	-11%	2.38%	13.63%	14.88%	20.2%	23.63%	10.61%
Cost of Goods Sold+	72.7M	105.7M	198.7M	117.6M	108.1M	122.5M	146.7M	257.5M	309.7M	384.4M
COGS % of Revenue	4.55%	6.13%	12.21%	8.12%	7.29%	7.27%	7.58%	11.06%	10.76%	12.08%
Gross Profit+	1.53B	1.62B	1.43B	1.33B	1.38B	1.56B	1.79B	2.07B	2.57B	2.8B
Gross Margin %	95.45%	93.87%	87.79%	91.88%	92.71%	92.73%	92.42%	88.94%	89.24%	87.92%
Gross Profit Growth %	9.26%	6.13%	-11.76%	-6.85%	3.31%	13.66%	14.5%	15.67%	24.04%	8.98%
Operating Expenses+	464.4M	594.7M	623.7M	1.52B	781.6M	1.01B	809.9M	885.1M	1.19B	1.31B
OpEx % of Revenue	29.05%	34.47%	38.32%	104.83%	52.69%	59.75%	41.83%	38.03%	41.38%	41.03%
Selling, General & Admin	316.8M	330.1M	265.8M	336.2M	423.9M	467M	487M	477.1M	638.6M	755.8M
SG&A % of Revenue	19.81%	19.13%	16.33%	23.21%	28.58%	27.71%	25.15%	20.5%	22.19%	23.75%
Research & Development	147.6M	264.6M	357.9M	1.18B	357.7M	540.1M	322.9M	408M	481M	550M
R&D % of Revenue	9.23%	15.34%	21.99%	81.63%	24.12%	32.04%	16.68%	17.53%	16.72%	17.28%
Other Operating Expenses	2.4M	0	0	0	0	0	0	0	71.1M	0
Operating Income+	1.06B	814.9M	805.4M	-187.6M	593.6M	555.9M	979.7M	1.18B	1.38B	1.49B
Operating Margin %	66.41%	47.23%	49.48%	-12.95%	40.02%	32.98%	50.6%	50.91%	47.86%	46.89%
Operating Income Growth %	51.89%	-23.25%	-1.17%	-123.29%	416.42%	-6.35%	76.24%	20.95%	16.21%	8.39%
EBITDA+	1.09B	845.9M	841.3M	-141.7M	643.5M	605.8M	1.03B	1.24B	1.45B	1.58B
EBITDA Margin %	68.38%	49.03%	51.68%	-9.78%	43.38%	35.94%	53.25%	53.19%	50.38%	49.58%
EBITDA Growth %	49.37%	-22.63%	-0.54%	-116.84%	554.13%	-5.86%	70.19%	20.09%	17.07%	8.87%
D&A (Non-Cash Add-back)	31.6M	31M	35.9M	45.9M	49.9M	49.9M	51.3M	53.2M	72.5M	85.6M
EBIT	1.06B	1.02B	802.5M	-120.8M	596.4M	686.9M	989M	1.33B	1.58B	1.73B
Net Interest Income+	-400K	1.9M	14.7M	0	5.1M	-1.9M	12.8M	103.4M	156.2M	172.5M
Interest Income	3.5M	10.9M	28.6M	44.2M	28.6M	16.7M	45.2M	162.7M	199.1M	192M
Interest Expense	3.9M	9M	13.9M	44.2M	23.5M	18.6M	32.4M	59.3M	42.9M	19.5M
Other Income/Expense	-1.5M	-45.4M	-46.5M	22.6M	45.3M	38M	-29.1M	89.4M	162M	221.4M
Pretax Income+	1.06B	769.5M	758.9M	-165M	638.9M	593.9M	950.6M	1.27B	1.54B	1.71B
Pretax Margin %	66.31%	44.6%	46.62%	-11.39%	43.07%	35.24%	49.09%	54.75%	53.49%	53.85%
Income Tax+	346.5M	351.6M	169.7M	-60.5M	124.1M	118.1M	223.3M	289.5M	343.9M	379.2M
Effective Tax Rate %	67.32%	54.31%	77.64%	63.33%	80.58%	80.11%	76.51%	77.28%	77.65%	77.88%
Net Income+	713.7M	417.9M	589.2M	-104.5M	514.8M	475.8M	727.3M	984.8M	1.2B	1.33B
Net Margin %	44.64%	24.22%	36.2%	-7.21%	34.71%	28.23%	37.56%	42.31%	41.53%	41.94%
Net Income Growth %	9.52%	-41.45%	40.99%	-117.74%	592.63%	-7.58%	52.86%	35.4%	21.35%	11.68%
Net Income (Continuing)	713.7M	417.9M	589.2M	-104.5M	514.8M	475.8M	727.3M	984.8M	1.2B	1.33B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	15.25	9.31	13.39	-2.39	11.54	10.06	15.00	19.81	24.64	27.86
EPS Growth %	19.89%	-38.95%	43.82%	-117.85%	582.85%	-12.83%	49.11%	32.07%	24.38%	13.07%
EPS (Basic)	16.29	9.50	13.54	-2.39	11.65	10.60	15.98	21.04	26.44	30.13
Diluted Shares Outstanding	46.8M	44.9M	44M	43.8M	44.6M	47.3M	48.5M	49.7M	48.5M	47.9M
Basic Shares Outstanding	43.8M	44M	43.5M	43.8M	44.2M	44.9M	45.5M	46.8M	45.2M	44.3M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.42B	1.45B	1.77B	1.86B	2.17B	2.32B	3.38B	3.55B	3.87B	3.7B
Cash & Short-Term Investments	1.05B	927.4M	1.42B	1.49B	1.83B	1.93B	2.84B	2.99B	3.27B	1.56B
Cash Only	1.02B	705.1M	669.2M	738.4M	738.7M	894.8M	961.2M	1.21B	1.7B	1.56B
Short-Term Investments	27.8M	222.3M	746.7M	747.5M	1.1B	1.04B	1.88B	1.79B	1.57B	0
Accounts Receivable	214.5M	297.1M	175.7M	151.4M	157.4M	198.7M	220.4M	278.9M	279.3M	350.2M
Days Sales Outstanding	48.97	62.85	39.4	38.14	38.73	43.03	41.55	43.74	35.43	40.16
Inventory	100M	107.9M	101M	93.4M	86.5M	93.8M	102M	111.8M	157.9M	183.1M
Days Inventory Outstanding	502.06	372.6	185.53	289.89	292.07	279.49	253.78	158.47	186.09	173.86
Other Current Assets	59.5M	115.5M	75.4M	-633.7M	88.3M	100.4M	219.2M	166.2M	169.7M	1.61B
Total Non-Current Assets+	900.8M	1.43B	1.63B	2.05B	2.45B	2.85B	2.66B	3.62B	3.49B	4.18B
Property, Plant & Equipment	489.3M	545.7M	699.7M	738.5M	731.6M	780.9M	861.5M	1.05B	1.22B	1.73B
Fixed Asset Turnover	3.27x	3.16x	2.33x	1.96x	2.03x	2.16x	2.25x	2.23x	2.35x	1.84x
Goodwill	10.3M	13.7M	31.5M	28M	28M	28M	28M	33.7M	32.3M	0
Intangible Assets	23.5M	31.9M	139.3M	130.3M	130.1M	16.6M	16.5M	80.5M	79.6M	116.5M
Long-Term Investments	2.3M	502.7M	442.6M	767.5M	1.15B	1.65B	1.32B	1.91B	1.48B	1.78B
Other Non-Current Assets	197.1M	224.1M	224.2M	154.6M	169.9M	108.2M	114.3M	151.8M	222.1M	196.9M
Total Assets+	2.33B	2.88B	3.4B	3.91B	4.62B	5.17B	6.04B	7.17B	7.36B	7.88B
Asset Turnover	0.69x	0.60x	0.48x	0.37x	0.32x	0.33x	0.32x	0.32x	0.39x	0.40x
Asset Growth %	6.46%	23.81%	18.11%	15.07%	17.93%	12.01%	16.94%	18.57%	2.75%	7.01%
Total Current Liabilities+	332.5M	444.7M	276.6M	463M	323.3M	305.4M	343.2M	804.4M	738.1M	560.6M
Accounts Payable	8.1M	8.4M	23.1M	9.9M	4.1M	3.8M	4.1M	5.6M	6M	0
Days Payables Outstanding	40.67	29.01	42.43	30.73	13.84	11.32	10.2	7.94	7.07	-
Short-Term Debt	0	0	0	250M	0	0	0	400M	300M	0
Deferred Revenue (Current)	0	0	0	163.5M	0	0	0	0	0	0
Other Current Liabilities	293.8M	401.7M	215.6M	-141.4M	20.4M	248M	13M	40.5M	432.1M	560.6M
Current Ratio	4.29x	3.26x	6.39x	4.03x	6.70x	7.61x	9.85x	4.41x	5.25x	6.60x
Quick Ratio	3.98x	3.01x	6.03x	3.83x	6.44x	7.30x	9.55x	4.28x	5.03x	6.28x
Cash Conversion Cycle	510.37	406.44	182.49	297.31	316.96	311.19	285.13	194.27	214.45	-
Total Non-Current Liabilities+	130.9M	313.7M	316.6M	670M	896.5M	904.8M	904.6M	377.8M	181.9M	223.2M
Long-Term Debt	0	250M	250M	600M	800M	800M	800M	300M	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	130.9M	63.7M	66.6M	70M	96.5M	104.8M	104.6M	77.8M	181.9M	223.2M
Total Liabilities	463.4M	777.6M	612.4M	1.13B	1.22B	1.21B	1.25B	1.18B	920M	783.8M
Total Debt+	0	250M	250M	850M	800M	800M	800M	700M	300M	0
Net Debt	-1.02B	-455.1M	-419.2M	111.6M	61.3M	-94.8M	-161.2M	-507.7M	-1.4B	-1.56B
Debt / Equity	-	0.12x	0.09x	0.31x	0.24x	0.20x	0.17x	0.12x	0.05x	-
Debt / EBITDA	-	0.30x	0.30x	-	1.24x	1.32x	0.78x	0.57x	0.21x	-
Net Debt / EBITDA	-0.94x	-0.54x	-0.50x	-	0.10x	-0.16x	-0.16x	-0.41x	-0.96x	-0.99x
Interest Coverage	272.23x	90.54x	57.94x	-4.24x	25.26x	29.89x	30.24x	19.98x	32.10x	76.54x
Total Equity+	1.86B	2.1B	2.79B	2.78B	3.4B	3.96B	4.8B	5.98B	6.44B	7.1B
Equity Growth %	16.41%	12.87%	32.68%	-0.29%	22.11%	16.6%	21.16%	24.77%	7.67%	10.12%
Book Value per Share	39.79	46.81	63.38	63.48	76.13	83.70	98.90	120.42	132.87	148.15
Total Shareholders' Equity	1.86B	2.1B	2.79B	2.78B	3.4B	3.96B	4.8B	5.98B	6.44B	7.1B
Common Stock	700K	700K	700K	700K	700K	700K	700K	700K	800K	800K
Retained Earnings	2.43B	2.85B	3.43B	3.33B	3.84B	4.32B	5.04B	6.03B	7.22B	8.56B
Treasury Stock	-2.38B	-2.58B	-2.58B	-2.58B	-2.58B	-2.58B	-2.58B	-2.58B	-3.47B	-4.26B
Accumulated OCI	-16.8M	-19.6M	-7.9M	-14.2M	-14.2M	-23M	-55.5M	-12.8M	-3.4M	900K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	643.6M	474.2M	778.4M	-206.6M	755.7M	598.2M	802.5M	978M	1.33B	1.56B
Operating CF Margin %	40.26%	27.49%	47.82%	-14.26%	50.95%	35.49%	41.45%	42.02%	46.12%	49.05%
Operating CF Growth %	68.13%	-26.32%	64.15%	-126.54%	465.78%	-20.84%	34.15%	21.87%	35.7%	17.64%
Net Income	713.7M	417.9M	589.2M	-104.5M	514.8M	475.8M	727.3M	984.8M	1.2B	1.33B
Depreciation & Amortization	31.6M	31M	35.9M	45.9M	49.9M	49.9M	51.3M	53.2M	72.5M	85.6M
Stock-Based Compensation	12.1M	73.5M	-26.4M	45.4M	163.8M	138.5M	106.8M	39.1M	144M	147.7M
Deferred Taxes	0	0	0	0	0	0	0	0	0	97.7M
Other Non-Cash Items	3.6M	30.2M	55.3M	-15.1M	-35.9M	108.2M	58.3M	-1.3M	-24.3M	2M
Working Capital Changes	-117.4M	-78.4M	124.4M	-178.3M	63.1M	-174.2M	-141.2M	-97.8M	-60.2M	-106.4M
Change in Receivables	-21.7M	-82.7M	121.4M	24.4M	-6M	-41.3M	-21.7M	-58.5M	-400K	-70.9M
Change in Inventory	-24.5M	-500K	9.3M	12.9M	10.3M	-7.5M	-13.4M	-13.6M	-46.9M	-52.6M
Change in Payables	600K	66.2M	0	0	0	0	0	0	0	97.9M
Cash from Investing+	48.3M	-835.6M	-820.6M	-335.4M	-738.5M	-486.9M	-811.5M	-719.6M	417.2M	-551.3M
Capital Expenditures	-43.2M	-86.3M	-184.4M	-83.7M	-59.3M	-120.8M	-138.8M	-230.4M	-246.5M	-520.5M
CapEx % of Revenue	2.7%	5%	11.33%	5.78%	4%	7.17%	7.17%	9.9%	8.57%	16.35%
Acquisitions	-43.3M	-60.3M	-129.1M	-20.5M	0	0	-1.5M	-89.2M	-30.5M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	8.3M	-46M	0	2.4M	0	3.5M	-23M	-28.5M	1.85B
Cash from Financing+	-497.7M	43.3M	6.3M	611.2M	-16.9M	44.8M	75.4M	-11.9M	-1.25B	-1.15B
Debt Issued (Net)	-8.8M	250M	0	600M	-50M	0	0	-100M	-400M	-300M
Equity Issued (Net)	-1000K	-1000K	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-500M	-250M	0	-2.1M	-3.7M	-10.8M	-11.4M	-13.8M	-1.01B	-1B
Other Financing	11.1M	43.3M	6.3M	13.3M	36.8M	55.6M	86.8M	101.9M	157.4M	-33.1M
Net Change in Cash	191.2M	-317.9M	-35.9M	69.2M	300K	156.1M	66.4M	246.5M	489.5M	-140.1M
Free Cash Flow+	600.4M	387.9M	594M	-290.3M	696.4M	477.4M	663.7M	747.6M	1.08B	1.04B
FCF Margin %	37.55%	22.48%	36.49%	-20.04%	46.95%	28.32%	34.28%	32.12%	37.55%	32.7%
FCF Growth %	80.3%	-35.39%	53.13%	-148.87%	339.89%	-31.45%	39.02%	12.64%	44.54%	-3.69%
FCF per Share	12.83	8.64	13.50	-6.63	15.61	10.09	13.68	15.04	22.28	21.73
FCF Conversion (FCF/Net Income)	0.90x	1.13x	1.32x	1.98x	1.47x	1.26x	1.10x	0.99x	1.11x	1.17x
Interest Paid	1.5M	7.5M	9.4M	41M	20.7M	16.2M	29.1M	56M	40.2M	13.5M
Taxes Paid	362.4M	346.9M	102.7M	120.2M	92.8M	153.3M	275.7M	332.5M	400.6M	313.3M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	41.23%	21.08%	24.1%	-3.75%	16.67%	12.94%	16.61%	18.27%	19.23%	19.71%
Return on Invested Capital (ROIC)	98.77%	49.17%	30.08%	-5.35%	14.03%	11.39%	17.29%	17.58%	19.63%	21.15%
Gross Margin	95.45%	93.87%	87.79%	91.88%	92.71%	92.73%	92.42%	88.94%	89.24%	87.92%
Net Margin	44.64%	24.22%	36.2%	-7.21%	34.71%	28.23%	37.56%	42.31%	41.53%	41.94%
Debt / Equity	-	0.12x	0.09x	0.31x	0.24x	0.20x	0.17x	0.12x	0.05x	-
Interest Coverage	272.23x	90.54x	57.94x	-4.24x	25.26x	29.89x	30.24x	19.98x	32.10x	76.54x
FCF Conversion	0.90x	1.13x	1.32x	1.98x	1.47x	1.26x	1.10x	0.99x	1.11x	1.17x
Revenue Growth	9.08%	7.91%	-5.65%	-11%	2.38%	13.63%	14.88%	20.2%	23.63%	10.61%

US Stock Screener

...

United Therapeutics Corporation (UTHR) 10-Year Financial Performance & Capital Metrics

UTHR •

HealthcareBiotechnologyCommercial Specialty Pharma

Revenue $3.18B +10.6%
EBITDA $1.58B +8.9%
Net Income $1.33B +11.7%
EPS (Diluted) 27.86 +13.1%
Gross Margin 87.92% -1.5%
EBITDA Margin 49.58% -1.6%
Operating Margin 46.89% -2.0%
Net Margin 41.94% +1.0%
ROE 19.71% +2.5%
ROIC 21.15% +7.8%
Debt/Equity -
Interest Coverage 76.54 +138.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 21.0%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 32.7% free cash flow margin
✓Momentum leader: RS Rating 82 (top 18%)
✓Strong 5Y sales CAGR of 16.5%
✓Good 3Y average ROE of 19.1%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y8.06%

5Y16.5%

3Y18.02%

TTM10.61%

Profit (Net Income) CAGR

10Y7.43%

5Y20.99%

3Y22.43%

TTM11.68%

EPS CAGR

10Y8.16%

5Y19.28%

3Y22.92%

TTM13.25%

ROCE

10Y Avg22.52%

5Y Avg18.59%

3Y Avg20.75%

Latest21.41%

Peer Comparison

Commercial Specialty Pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALKSAlkermes plc	4.98B	30.10	21.05	-5.25%	16.37%	13.28%	0.01%	0.04
ADMAADMA Biologics, Inc.	3.71B	15.57	19.22	65.15%	42.87%	48.57%	2.97%	0.24
UTHRUnited Therapeutics Corporation	21.99B	503.90	18.09	10.61%	41.94%	18.81%	4.73%
PCSAProcessa Pharmaceuticals, Inc.	114.71M	2.17	-0.56			-221.71%		0.04
UNCYUnicycive Therapeutics, Inc.	144.49M	6.93	-1.24	-100%		-89.15%		0.10
PTHSPelthos Therapeutics Inc.	85.29M	26.36	-1.95		-318.41%	-40.48%
MISTMilestone Pharmaceuticals Inc.	145.64M	1.71	-2.55	-100%		-282.97%		4.17
AMRNAmarin Corporation plc	5.74B	13.80	-3.45	-25.51%	-38.01%	-18.78%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.6B	1.73B	1.63B	1.45B	1.48B	1.69B	1.94B	2.33B	2.88B	3.18B
Revenue Growth %	9.08%	7.91%	-5.65%	-11%	2.38%	13.63%	14.88%	20.2%	23.63%	10.61%
Cost of Goods Sold+	72.7M	105.7M	198.7M	117.6M	108.1M	122.5M	146.7M	257.5M	309.7M	384.4M
COGS % of Revenue	4.55%	6.13%	12.21%	8.12%	7.29%	7.27%	7.58%	11.06%	10.76%	12.08%
Gross Profit+	1.53B	1.62B	1.43B	1.33B	1.38B	1.56B	1.79B	2.07B	2.57B	2.8B
Gross Margin %	95.45%	93.87%	87.79%	91.88%	92.71%	92.73%	92.42%	88.94%	89.24%	87.92%
Gross Profit Growth %	9.26%	6.13%	-11.76%	-6.85%	3.31%	13.66%	14.5%	15.67%	24.04%	8.98%
Operating Expenses+	464.4M	594.7M	623.7M	1.52B	781.6M	1.01B	809.9M	885.1M	1.19B	1.31B
OpEx % of Revenue	29.05%	34.47%	38.32%	104.83%	52.69%	59.75%	41.83%	38.03%	41.38%	41.03%
Selling, General & Admin	316.8M	330.1M	265.8M	336.2M	423.9M	467M	487M	477.1M	638.6M	755.8M
SG&A % of Revenue	19.81%	19.13%	16.33%	23.21%	28.58%	27.71%	25.15%	20.5%	22.19%	23.75%
Research & Development	147.6M	264.6M	357.9M	1.18B	357.7M	540.1M	322.9M	408M	481M	550M
R&D % of Revenue	9.23%	15.34%	21.99%	81.63%	24.12%	32.04%	16.68%	17.53%	16.72%	17.28%
Other Operating Expenses	2.4M	0	0	0	0	0	0	0	71.1M	0
Operating Income+	1.06B	814.9M	805.4M	-187.6M	593.6M	555.9M	979.7M	1.18B	1.38B	1.49B
Operating Margin %	66.41%	47.23%	49.48%	-12.95%	40.02%	32.98%	50.6%	50.91%	47.86%	46.89%
Operating Income Growth %	51.89%	-23.25%	-1.17%	-123.29%	416.42%	-6.35%	76.24%	20.95%	16.21%	8.39%
EBITDA+	1.09B	845.9M	841.3M	-141.7M	643.5M	605.8M	1.03B	1.24B	1.45B	1.58B
EBITDA Margin %	68.38%	49.03%	51.68%	-9.78%	43.38%	35.94%	53.25%	53.19%	50.38%	49.58%
EBITDA Growth %	49.37%	-22.63%	-0.54%	-116.84%	554.13%	-5.86%	70.19%	20.09%	17.07%	8.87%
D&A (Non-Cash Add-back)	31.6M	31M	35.9M	45.9M	49.9M	49.9M	51.3M	53.2M	72.5M	85.6M
EBIT	1.06B	1.02B	802.5M	-120.8M	596.4M	686.9M	989M	1.33B	1.58B	1.73B
Net Interest Income+	-400K	1.9M	14.7M	0	5.1M	-1.9M	12.8M	103.4M	156.2M	172.5M
Interest Income	3.5M	10.9M	28.6M	44.2M	28.6M	16.7M	45.2M	162.7M	199.1M	192M
Interest Expense	3.9M	9M	13.9M	44.2M	23.5M	18.6M	32.4M	59.3M	42.9M	19.5M
Other Income/Expense	-1.5M	-45.4M	-46.5M	22.6M	45.3M	38M	-29.1M	89.4M	162M	221.4M
Pretax Income+	1.06B	769.5M	758.9M	-165M	638.9M	593.9M	950.6M	1.27B	1.54B	1.71B
Pretax Margin %	66.31%	44.6%	46.62%	-11.39%	43.07%	35.24%	49.09%	54.75%	53.49%	53.85%
Income Tax+	346.5M	351.6M	169.7M	-60.5M	124.1M	118.1M	223.3M	289.5M	343.9M	379.2M
Effective Tax Rate %	67.32%	54.31%	77.64%	63.33%	80.58%	80.11%	76.51%	77.28%	77.65%	77.88%
Net Income+	713.7M	417.9M	589.2M	-104.5M	514.8M	475.8M	727.3M	984.8M	1.2B	1.33B
Net Margin %	44.64%	24.22%	36.2%	-7.21%	34.71%	28.23%	37.56%	42.31%	41.53%	41.94%
Net Income Growth %	9.52%	-41.45%	40.99%	-117.74%	592.63%	-7.58%	52.86%	35.4%	21.35%	11.68%
Net Income (Continuing)	713.7M	417.9M	589.2M	-104.5M	514.8M	475.8M	727.3M	984.8M	1.2B	1.33B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	15.25	9.31	13.39	-2.39	11.54	10.06	15.00	19.81	24.64	27.86
EPS Growth %	19.89%	-38.95%	43.82%	-117.85%	582.85%	-12.83%	49.11%	32.07%	24.38%	13.07%
EPS (Basic)	16.29	9.50	13.54	-2.39	11.65	10.60	15.98	21.04	26.44	30.13
Diluted Shares Outstanding	46.8M	44.9M	44M	43.8M	44.6M	47.3M	48.5M	49.7M	48.5M	47.9M
Basic Shares Outstanding	43.8M	44M	43.5M	43.8M	44.2M	44.9M	45.5M	46.8M	45.2M	44.3M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.42B	1.45B	1.77B	1.86B	2.17B	2.32B	3.38B	3.55B	3.87B	3.7B
Cash & Short-Term Investments	1.05B	927.4M	1.42B	1.49B	1.83B	1.93B	2.84B	2.99B	3.27B	1.56B
Cash Only	1.02B	705.1M	669.2M	738.4M	738.7M	894.8M	961.2M	1.21B	1.7B	1.56B
Short-Term Investments	27.8M	222.3M	746.7M	747.5M	1.1B	1.04B	1.88B	1.79B	1.57B	0
Accounts Receivable	214.5M	297.1M	175.7M	151.4M	157.4M	198.7M	220.4M	278.9M	279.3M	350.2M
Days Sales Outstanding	48.97	62.85	39.4	38.14	38.73	43.03	41.55	43.74	35.43	40.16
Inventory	100M	107.9M	101M	93.4M	86.5M	93.8M	102M	111.8M	157.9M	183.1M
Days Inventory Outstanding	502.06	372.6	185.53	289.89	292.07	279.49	253.78	158.47	186.09	173.86
Other Current Assets	59.5M	115.5M	75.4M	-633.7M	88.3M	100.4M	219.2M	166.2M	169.7M	1.61B
Total Non-Current Assets+	900.8M	1.43B	1.63B	2.05B	2.45B	2.85B	2.66B	3.62B	3.49B	4.18B
Property, Plant & Equipment	489.3M	545.7M	699.7M	738.5M	731.6M	780.9M	861.5M	1.05B	1.22B	1.73B
Fixed Asset Turnover	3.27x	3.16x	2.33x	1.96x	2.03x	2.16x	2.25x	2.23x	2.35x	1.84x
Goodwill	10.3M	13.7M	31.5M	28M	28M	28M	28M	33.7M	32.3M	0
Intangible Assets	23.5M	31.9M	139.3M	130.3M	130.1M	16.6M	16.5M	80.5M	79.6M	116.5M
Long-Term Investments	2.3M	502.7M	442.6M	767.5M	1.15B	1.65B	1.32B	1.91B	1.48B	1.78B
Other Non-Current Assets	197.1M	224.1M	224.2M	154.6M	169.9M	108.2M	114.3M	151.8M	222.1M	196.9M
Total Assets+	2.33B	2.88B	3.4B	3.91B	4.62B	5.17B	6.04B	7.17B	7.36B	7.88B
Asset Turnover	0.69x	0.60x	0.48x	0.37x	0.32x	0.33x	0.32x	0.32x	0.39x	0.40x
Asset Growth %	6.46%	23.81%	18.11%	15.07%	17.93%	12.01%	16.94%	18.57%	2.75%	7.01%
Total Current Liabilities+	332.5M	444.7M	276.6M	463M	323.3M	305.4M	343.2M	804.4M	738.1M	560.6M
Accounts Payable	8.1M	8.4M	23.1M	9.9M	4.1M	3.8M	4.1M	5.6M	6M	0
Days Payables Outstanding	40.67	29.01	42.43	30.73	13.84	11.32	10.2	7.94	7.07	-
Short-Term Debt	0	0	0	250M	0	0	0	400M	300M	0
Deferred Revenue (Current)	0	0	0	163.5M	0	0	0	0	0	0
Other Current Liabilities	293.8M	401.7M	215.6M	-141.4M	20.4M	248M	13M	40.5M	432.1M	560.6M
Current Ratio	4.29x	3.26x	6.39x	4.03x	6.70x	7.61x	9.85x	4.41x	5.25x	6.60x
Quick Ratio	3.98x	3.01x	6.03x	3.83x	6.44x	7.30x	9.55x	4.28x	5.03x	6.28x
Cash Conversion Cycle	510.37	406.44	182.49	297.31	316.96	311.19	285.13	194.27	214.45	-
Total Non-Current Liabilities+	130.9M	313.7M	316.6M	670M	896.5M	904.8M	904.6M	377.8M	181.9M	223.2M
Long-Term Debt	0	250M	250M	600M	800M	800M	800M	300M	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	130.9M	63.7M	66.6M	70M	96.5M	104.8M	104.6M	77.8M	181.9M	223.2M
Total Liabilities	463.4M	777.6M	612.4M	1.13B	1.22B	1.21B	1.25B	1.18B	920M	783.8M
Total Debt+	0	250M	250M	850M	800M	800M	800M	700M	300M	0
Net Debt	-1.02B	-455.1M	-419.2M	111.6M	61.3M	-94.8M	-161.2M	-507.7M	-1.4B	-1.56B
Debt / Equity	-	0.12x	0.09x	0.31x	0.24x	0.20x	0.17x	0.12x	0.05x	-
Debt / EBITDA	-	0.30x	0.30x	-	1.24x	1.32x	0.78x	0.57x	0.21x	-
Net Debt / EBITDA	-0.94x	-0.54x	-0.50x	-	0.10x	-0.16x	-0.16x	-0.41x	-0.96x	-0.99x
Interest Coverage	272.23x	90.54x	57.94x	-4.24x	25.26x	29.89x	30.24x	19.98x	32.10x	76.54x
Total Equity+	1.86B	2.1B	2.79B	2.78B	3.4B	3.96B	4.8B	5.98B	6.44B	7.1B
Equity Growth %	16.41%	12.87%	32.68%	-0.29%	22.11%	16.6%	21.16%	24.77%	7.67%	10.12%
Book Value per Share	39.79	46.81	63.38	63.48	76.13	83.70	98.90	120.42	132.87	148.15
Total Shareholders' Equity	1.86B	2.1B	2.79B	2.78B	3.4B	3.96B	4.8B	5.98B	6.44B	7.1B
Common Stock	700K	700K	700K	700K	700K	700K	700K	700K	800K	800K
Retained Earnings	2.43B	2.85B	3.43B	3.33B	3.84B	4.32B	5.04B	6.03B	7.22B	8.56B
Treasury Stock	-2.38B	-2.58B	-2.58B	-2.58B	-2.58B	-2.58B	-2.58B	-2.58B	-3.47B	-4.26B
Accumulated OCI	-16.8M	-19.6M	-7.9M	-14.2M	-14.2M	-23M	-55.5M	-12.8M	-3.4M	900K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	643.6M	474.2M	778.4M	-206.6M	755.7M	598.2M	802.5M	978M	1.33B	1.56B
Operating CF Margin %	40.26%	27.49%	47.82%	-14.26%	50.95%	35.49%	41.45%	42.02%	46.12%	49.05%
Operating CF Growth %	68.13%	-26.32%	64.15%	-126.54%	465.78%	-20.84%	34.15%	21.87%	35.7%	17.64%
Net Income	713.7M	417.9M	589.2M	-104.5M	514.8M	475.8M	727.3M	984.8M	1.2B	1.33B
Depreciation & Amortization	31.6M	31M	35.9M	45.9M	49.9M	49.9M	51.3M	53.2M	72.5M	85.6M
Stock-Based Compensation	12.1M	73.5M	-26.4M	45.4M	163.8M	138.5M	106.8M	39.1M	144M	147.7M
Deferred Taxes	0	0	0	0	0	0	0	0	0	97.7M
Other Non-Cash Items	3.6M	30.2M	55.3M	-15.1M	-35.9M	108.2M	58.3M	-1.3M	-24.3M	2M
Working Capital Changes	-117.4M	-78.4M	124.4M	-178.3M	63.1M	-174.2M	-141.2M	-97.8M	-60.2M	-106.4M
Change in Receivables	-21.7M	-82.7M	121.4M	24.4M	-6M	-41.3M	-21.7M	-58.5M	-400K	-70.9M
Change in Inventory	-24.5M	-500K	9.3M	12.9M	10.3M	-7.5M	-13.4M	-13.6M	-46.9M	-52.6M
Change in Payables	600K	66.2M	0	0	0	0	0	0	0	97.9M
Cash from Investing+	48.3M	-835.6M	-820.6M	-335.4M	-738.5M	-486.9M	-811.5M	-719.6M	417.2M	-551.3M
Capital Expenditures	-43.2M	-86.3M	-184.4M	-83.7M	-59.3M	-120.8M	-138.8M	-230.4M	-246.5M	-520.5M
CapEx % of Revenue	2.7%	5%	11.33%	5.78%	4%	7.17%	7.17%	9.9%	8.57%	16.35%
Acquisitions	-43.3M	-60.3M	-129.1M	-20.5M	0	0	-1.5M	-89.2M	-30.5M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	8.3M	-46M	0	2.4M	0	3.5M	-23M	-28.5M	1.85B
Cash from Financing+	-497.7M	43.3M	6.3M	611.2M	-16.9M	44.8M	75.4M	-11.9M	-1.25B	-1.15B
Debt Issued (Net)	-8.8M	250M	0	600M	-50M	0	0	-100M	-400M	-300M
Equity Issued (Net)	-1000K	-1000K	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-500M	-250M	0	-2.1M	-3.7M	-10.8M	-11.4M	-13.8M	-1.01B	-1B
Other Financing	11.1M	43.3M	6.3M	13.3M	36.8M	55.6M	86.8M	101.9M	157.4M	-33.1M
Net Change in Cash	191.2M	-317.9M	-35.9M	69.2M	300K	156.1M	66.4M	246.5M	489.5M	-140.1M
Free Cash Flow+	600.4M	387.9M	594M	-290.3M	696.4M	477.4M	663.7M	747.6M	1.08B	1.04B
FCF Margin %	37.55%	22.48%	36.49%	-20.04%	46.95%	28.32%	34.28%	32.12%	37.55%	32.7%
FCF Growth %	80.3%	-35.39%	53.13%	-148.87%	339.89%	-31.45%	39.02%	12.64%	44.54%	-3.69%
FCF per Share	12.83	8.64	13.50	-6.63	15.61	10.09	13.68	15.04	22.28	21.73
FCF Conversion (FCF/Net Income)	0.90x	1.13x	1.32x	1.98x	1.47x	1.26x	1.10x	0.99x	1.11x	1.17x
Interest Paid	1.5M	7.5M	9.4M	41M	20.7M	16.2M	29.1M	56M	40.2M	13.5M
Taxes Paid	362.4M	346.9M	102.7M	120.2M	92.8M	153.3M	275.7M	332.5M	400.6M	313.3M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	41.23%	21.08%	24.1%	-3.75%	16.67%	12.94%	16.61%	18.27%	19.23%	19.71%
Return on Invested Capital (ROIC)	98.77%	49.17%	30.08%	-5.35%	14.03%	11.39%	17.29%	17.58%	19.63%	21.15%
Gross Margin	95.45%	93.87%	87.79%	91.88%	92.71%	92.73%	92.42%	88.94%	89.24%	87.92%
Net Margin	44.64%	24.22%	36.2%	-7.21%	34.71%	28.23%	37.56%	42.31%	41.53%	41.94%
Debt / Equity	-	0.12x	0.09x	0.31x	0.24x	0.20x	0.17x	0.12x	0.05x	-
Interest Coverage	272.23x	90.54x	57.94x	-4.24x	25.26x	29.89x	30.24x	19.98x	32.10x	76.54x
FCF Conversion	0.90x	1.13x	1.32x	1.98x	1.47x	1.26x	1.10x	0.99x	1.11x	1.17x
Revenue Growth	9.08%	7.91%	-5.65%	-11%	2.38%	13.63%	14.88%	20.2%	23.63%	10.61%

United Therapeutics Corporation (UTHR) 10-Year Financial Performance & Capital Metrics

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Profit & Loss

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Deep Dive Analysis

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Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

United Therapeutics Corporation (UTHR) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare UTHR vs Peers

vs ZLAB

vs AMRN

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios