Upside case
Bull case
$1143+91.8%
UTHR would need investors to value it at roughly 39x earnings — about 19x more generous than today's 20x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
United Therapeutics Corporation (UTHR) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
30
analysts
15 bullish · 1 bearish · 30 covering UTHR
Strong Buy
0
Buy
15
Hold
14
Sell
1
Strong Sell
0
Consensus Target
$611
+2.4% vs today
Scenario Range
— – $1143
Model bear to bull value window
Coverage
30
Published analyst ratings
Valuation Context
20.3x
Forward P/E · Market cap $26.1B
UTHR price targets
Three scenarios for where UTHR stock could go
Current
~$596
Confidence
40 / 100
Updated
May 1, 2026
Where we are now
Current · $596
Base
$790
Bull
$1143
Market caseClosest to today
Base case
$790+32.6%
At 27x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
United Therapeutics Corporation
UTHR · NASDAQHealthcareBiotechnologyDecember year-end
United Therapeutics is a biotechnology company focused on developing and commercializing therapies for pulmonary arterial hypertension and other rare diseases. It generates revenue primarily from its portfolio of PAH treatments — including Remodulin, Tyvaso, and Orenitram — which account for the vast majority of its sales. The company's competitive advantage lies in its deep expertise in prostacyclin therapies and its vertically integrated manufacturing capabilities for complex drug delivery systems.
Market Cap
$26.1B
Revenue TTM
$3.2B
Net Income TTM
$1.3B
Net Margin
40.6%
UTHR Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
67%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+3.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$6.63/$6.29
Revenue
$794M/$779M
Q3 2025
EPS
$6.41/$7.29
Revenue
$799M/$802M
Q4 2025
EPS
$7.16/$6.89
Revenue
$800M/$815M
Q1 2026
EPS
$7.70/$7.13
Revenue
$790M/$813M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $6.63/$6.29 | +5.4% | $794M/$779M | +2.0% |
| Q3 2025 | $6.41/$7.29 | -12.1% | $799M/$802M | -0.4% |
| Q4 2025 | $7.16/$6.89 | +3.9% | $800M/$815M | -1.9% |
| Q1 2026 | $7.70/$7.13 | +8.0% | $790M/$813M | -2.8% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.5B
+9.6% YoY
FY2
$4.0B
+15.0% YoY
EPS Outlook
FY1
$31.38
+12.6% YoY
FY2
$36.93
+17.7% YoY
Trailing FCF (TTM)$1.0B
FCF Margin: 32.1%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
UTHR beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
UTHR Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $3.2B
Product Mix
Latest annual revenue by segment or product family
Tyvaso
59.0%
+15.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
95.4%
+10.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Tyvaso is the largest disclosed segment at 59.0% of FY 2025 revenue, up 15.9% YoY.
UNITED STATES is the largest reported region at 95.4%, up 10.9% YoY.
UTHR Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Fairly Valued
Fair value est. $571 — implies +0.1% from today's price.
Upside to Fair Value
0.1%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
UTHR
21.4x
vs
S&P 500
25.2x
15% discount
vs Healthcare Trailing P/E
UTHR
21.4x
vs
Healthcare
22.1x
In line with benchmark
vs UTHR 5Y Avg P/E
Today
21.4x
vs
5Y Average
16.6x
+29% premium
Forward PE
20.3x
S&P 500
19.1x
+6%
Healthcare
19.0x
+7%
5Y Avg
—
—
Trailing PE
21.4x
S&P 500
25.2x
-15%
Healthcare
22.1x
-3%
5Y Avg
16.6x
+29%
PEG Ratio
1.11x
S&P 500
1.75x
-36%
Healthcare
1.52x
-27%
5Y Avg
—
—
EV/EBITDA
15.6x
S&P 500
15.3x
+2%
Healthcare
14.1x
+10%
5Y Avg
12.5x
+24%
Price/FCF
25.1x
S&P 500
21.3x
+18%
Healthcare
18.7x
+35%
5Y Avg
18.9x
+33%
Price/Sales
8.2x
S&P 500
3.1x
+162%
Healthcare
2.8x
+188%
5Y Avg
6.2x
+32%
Dividend Yield
—
S&P 500
1.88%
—
Healthcare
1.40%
—
5Y Avg
—
—
| Metric | UTHR | S&P 500 | Healthcare | 5Y Avg UTHR |
|---|---|---|---|---|
| Forward PE | 20.3x | 19.1x | 19.0x | — |
| Trailing PE | 21.4x | 25.2x-15% | 22.1x | 16.6x+29% |
| PEG Ratio | 1.11x | 1.75x-36% | 1.52x-27% | — |
| EV/EBITDA | 15.6x | 15.3x | 14.1x+10% | 12.5x+24% |
| Price/FCF | 25.1x | 21.3x+18% | 18.7x+35% | 18.9x+33% |
| Price/Sales | 8.2x | 3.1x+162% | 2.8x+188% | 6.2x+32% |
| Dividend Yield | — | 1.88% | 1.40% | — |
UTHR trades above S&P 500 benchmarks on 2 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolUTHR Financial Health
Verdict
Exceptional
UTHR generates $1.0B in free cash flow at a 32.1% margin — 21.1% ROIC signals a durable competitive advantage · returns 3.8% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$3.2B
Revenue Growth
TTM vs prior year
+5.9%
Gross Margin
Gross profit as a share of revenue
86.6%
Operating Margin
Operating income divided by revenue
45.3%
Net Margin
Net income divided by revenue
40.6%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$27.28
Free Cash Flow (TTM)
Cash generation after capex
$1.0B
FCF Margin
FCF as share of revenue — the primary cash quality signal
32.1%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
21.1%
ROA
Return on assets, trailing twelve months
17.2%
Cash & Equivalents
Liquid assets on the balance sheet
$1.6B
Net Cash
Cash exceeds total debt — no net leverage
$1.6B
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
19.2%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
3.8%
Dividend
—
Buyback
3.8%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$1.0B
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
44M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageUTHR Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Competition and Market Saturation
United Therapeutics faces significant risks from increased competition in the pulmonary arterial hypertension (PAH) market, particularly with the anticipated entry of generic versions of Orenitram starting in December 2027. This could severely impact revenue from its flagship products, Tyvaso and Orenitram, which are critical to its financial performance.
High Risk
Product and Revenue Concentration
The company's reliance on treprostinil-based therapies, including Tyvaso DPI and Orenitram, poses a high risk as these products account for a substantial portion of its revenue. Any issues affecting these specific therapies could significantly impact overall financial stability.
Medium
Regulatory and Clinical Trial Risks
The success of new therapies like ralinepag is contingent upon positive clinical trial outcomes and FDA approval, which inherently carries risks. Although recent Phase 3 data has been favorable, the regulatory process remains uncertain and could delay or prevent market entry.
Medium
Operational and Financial Risks
United Therapeutics may face increased operating expenses without successful business development, which could strain financial performance if net product revenues stagnate. Despite having a strong balance sheet, the potential for rising costs poses a medium risk to profitability.
Lower
Counterfeit Medicines
Counterfeit medicines present a health risk that United Therapeutics actively works to mitigate through internal processes aimed at prevention, detection, and communication. While this is a concern, the company's proactive measures reduce the potential financial impact.
Lower
Climate-related Risks
The company's business continuity planning includes considerations for climate-related risks, which could affect operations. However, the impact of these risks is currently assessed as lower compared to other factors.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why UTHR Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Tyvaso Expansion
There is an expectation that Tyvaso, a flagship therapy, will expand into new indications such as idiopathic pulmonary fibrosis (IPF). This expansion could significantly increase its addressable market and potentially double revenue to over $6 billion in the next five years.
Pipeline and Innovation
United Therapeutics has a robust pipeline, including innovative therapies like Aurora-GT for gene therapy and advancements in xenotransplantation. The company is also developing ralinepag, which has shown a 55% reduction in the risk of clinical worsening in a Phase 3 trial for pulmonary arterial hypertension (PAH).
Financial Strength
The company boasts a strong balance sheet with substantial operating cash flow, enabling it to fund research and development, organ technology programs, and share buybacks. It carries zero long-term debt and holds significant cash and investments.
Market Position in PAH
United Therapeutics holds a dominant position in the pulmonary arterial hypertension (PAH) market through its treprostinil franchise, which includes Tyvaso, Remodulin, and Orenitram. The global PAH market is substantial and projected to grow.
Positive Clinical Data
Recent positive clinical data from trials, such as the TETON-1 and TETON-2 studies, have boosted investor confidence and market capitalization.
Undervaluation
Some analyses suggest that the stock is undervalued, with a discounted cash flow (DCF) analysis indicating a significant discount to its intrinsic value. Analysts also have a consensus 'Buy' rating on the stock.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
UTHR Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$596.13
52W Range Position
96%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$272.12
+119.1% from the low
52-Week High
$609.35
-2.2% from the high
1 Month
+6.52%
3 Month
+22.82%
YTD
+20.0%
1 Year
+102.1%
3Y CAGR
+41.5%
5Y CAGR
+25.4%
10Y CAGR
+18.6%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
UTHR vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
20.3x
vs 32.2x median
-37% below peer median
Revenue Growth
+9.6%
vs +11.8% median
-18% below peer median
Net Margin
40.6%
vs -62.2% median
+165% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
UTH UTHR United Therapeutics Corporation | $26.1B | 20.3x | +9.6% | 40.6% | Buy | +2.4% |
IDY IDYA IDEAYA Biosciences, Inc. | $2.5B | — | -8.1% | -62.2% | Buy | +104.1% |
RAR RARE Ultragenyx Pharmaceutical Inc. | $2.5B | — | +16.6% | -91.0% | Buy | +98.6% |
ACA ACAD ACADIA Pharmaceuticals Inc. | $3.7B | 48.5x | +24.5% | 36.5% | Buy | +61.9% |
PTG PTGX Protagonist Therapeutics, Inc. | $6.6B | 32.2x | -7.2% | -648.3% | Buy | +12.3% |
INV INVA Innoviva, Inc. | $1.9B | 11.8x | +11.8% | 118.9% | Buy | +67.3% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
UTHR Dividend and Capital Return
UTHR returns 4.0% annually — null% through dividends and 4.0% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
4.0%
Dividend + buyback return per year
Buyback Yield
4.0%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
1Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$1.0B
Estimated Shares Retired
2M
Approx. Share Reduction
3.8%
Shares Outstanding
Current diluted share count from the screening snapshot
44M
At 3.8%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
FAQ
7 questionsUTHR Investor Questions
Common questions answered from live analyst data and company financials.
01Is United Therapeutics Corporation (UTHR) stock a buy or sell in 2026?
United Therapeutics Corporation (UTHR) is rated Buy by Wall Street analysts as of 2026. Of 30 analysts covering the stock, 15 rate it Buy or Strong Buy, 14 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $611, implying +2.4% from the current price of $596.
02What is the UTHR stock price target for 2026?
The Wall Street consensus price target for UTHR is $611 based on 30 analyst estimates. The high-end target is $700 (+17.4% from today), and the low-end target is $519 (-12.9%). The base case model target is $790.
03Is United Therapeutics Corporation (UTHR) stock overvalued in 2026?
UTHR trades at 20.3x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals fairly valued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for United Therapeutics Corporation (UTHR) stock in 2026?
The primary risks for UTHR in 2026 are: (1) Competition and Market Saturation — United Therapeutics faces significant risks from increased competition in the pulmonary arterial hypertension (PAH) market, particularly with the anticipated entry of generic versions of Orenitram starting in December 2027. (2) Product and Revenue Concentration — The company's reliance on treprostinil-based therapies, including Tyvaso DPI and Orenitram, poses a high risk as these products account for a substantial portion of its revenue. (3) Regulatory and Clinical Trial Risks — The success of new therapies like ralinepag is contingent upon positive clinical trial outcomes and FDA approval, which inherently carries risks. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is United Therapeutics Corporation's revenue and earnings forecast?
Analyst consensus estimates UTHR will report consensus revenue of $3.5B (+9.6% year-over-year) and EPS of $31.38 (+12.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.0B in revenue.
06When does United Therapeutics Corporation (UTHR) report its next earnings?
A confirmed upcoming earnings date for UTHR is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does United Therapeutics Corporation generate?
United Therapeutics Corporation (UTHR) generated $1.0B in free cash flow over the trailing twelve months — a free cash flow margin of 32.1%. UTHR returns capital to shareholders through and share repurchases ($1.0B TTM).