# United Therapeutics (UTHR.US)

Canonical: https://gigainvestors.com/s/UTHR

Analysis as of: 2026-10-16T07:32:47.189Z. Financial observations: FY1998–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $541.51 per share; close as of 2026-10-15.

Estimated value: low $385.74 per share, central $502.16 per share, high $581.99 per share. Buy at or below the central value $502.16 per share. Valuation as of 2026-10-16T07:32:47.189Z; scenarios are not confidence intervals.

Expected annual return: 9.5% at the stated quote. About 9.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.47×

- FY2018: 0.49×

- FY2019: -0.13×

- FY2020: 0.40×

- FY2021: 0.33×

- FY2022: 0.51×

- FY2023: 0.51×

- FY2024: 0.48×

- FY2025: 0.48×

- LTM to Jun 2026: 0.44×

### moat: fail

- Recent gross margin fell 4.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 26.2%

- ROIC, second-lowest year: 15.9%

- Typical minus recent gross margin: 4.2 pp

- Typical gross margin (annual median): 92.2%

- Recent gross margin (lower of latest and 3-year median): 87.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.2%

- ROIC including acquisitions, ten-year median: 26.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 90.4%

- FY2017: 58.3%

- FY2018: 39.3%

- FY2019: -7.0%

- FY2020: 20.5%

- FY2021: 15.9%

- FY2022: 27.5%

- FY2023: 25.0%

- FY2024: 31.0%

- FY2025: 21.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.4B

- Net income, five-year total: $4.7B

- Return on incremental invested capital: 49.6%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: 16.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.78×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 58.3% vs 25.0%

- Per-share earnings: 12.73 to 24.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: 1.4%

- Market cap gain: $15B

- Cumulative retained earnings: $6.1B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: 1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.6%

- Per-share value change: $11.91

- Per-share value, starting three-year median: $12.73

- Per-share value, ending three-year median: $24.64

- Buybacks concentrated in cheaper years (correlation): 0.57

- Average buyback yield: 2.6%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $230M

- Cumulative net income, 10 years: $6.8B

- ROIC, first three-year median: 58.3%

- ROIC, last three-year median: 25.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $15.25

- FY2017: $9.31

- FY2018: $13.39

- FY2019: -$2.39

- FY2020: $11.54

- FY2021: $10.06

- FY2022: $15.00

- FY2023: $19.81

- FY2024: $24.64

- FY2025: $27.86

### accounting: pass

- Sloan accruals: -2.9%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 9.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.0%

- FY2017: -2.0%

- FY2018: -5.6%

- FY2019: 2.6%

- FY2020: -5.2%

- FY2021: -2.4%

- FY2022: -1.2%

- FY2023: 0.1%

- FY2024: -1.8%

- FY2025: -2.9%

## Holders

## Price story

Price needs cash profits to grow 5.8% a year for ten years · "United Therapeutics Growth Outlook Remains Supported by Tyvaso, Ralinepag, RBC Says" (finance.yahoo.com, May 2026) · sales -0.9%

Story as of 2026-10-16T09:59:46.746Z; price observation 2026-10-15.

Price needs cash profits to grow 5.8% a year for ten years

- 2025-07-30: Earnings call transcript: United Therapeutics Q2 2025 misses EPS, stock drops ([investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-united-therapeutics-q2-2025-misses-eps-stock-drops-93CH-4160713))

- 2025-09-02: United Therapeutics shares surge as lung disease drug meets main study goal ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/united-therapeutics-shares-surge-successful-131703558.html))

- 2026-02-26: UTHR Tops Q4 Earnings Estimates, Shares Surge 13% on Strong Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/uthr-tops-q4-earnings-estimates-140200849.html))

- 2026-03-31: UTHR Stock Rises 12.5% on Promising Data From TETON-1 Tyvaso Study ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/uthr-stock-rises-12-5-160500336.html))

### Sales · FY2025–2026

sales -0.9%; source https://www.sec.gov/Archives/edgar/data/1082554/000108255426000006/uthr-20251231.htm; observed 2026-02-25.

- FY2017: $1.7B 

- FY2018: $1.6B 

- FY2019: $1.4B 

- FY2020: $1.5B 

- FY2021: $1.7B 

- FY2022: $1.9B 

- FY2023: $2.3B 

- FY2024: $2.9B 

- FY2025: $3.2B 

- FY2026: $3.2B 

### Gross margin · FY2025

gross margin 87.9%; source https://www.sec.gov/Archives/edgar/data/1082554/000108255426000006/uthr-20251231.htm; observed 2026-02-25.

- FY2016: 95.5% 

- FY2017: 93.9% 

- FY2018: 87.8% 

- FY2019: 91.9% 

- FY2020: 92.7% 

- FY2021: 92.7% 

- FY2022: 92.4% 

- FY2023: 88.9% 

- FY2024: 89.2% 

- FY2025: 87.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are USD 3.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1082554/000108255426000006/uthr-20251231.htm (filed 2026-02-25); FY2025: revenue 3182700000; grossProfit 2798300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UTHR.US: 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.

### Why customers stay

Margins ranged from 87.9% to 89.2% during 2023–25; it earns 26.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 88.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 89.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1082554/000108255426000006/uthr-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 87.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.9044669226891905],[2017,0.5833535242290749],[2018,0.39297510666287455],[2019,-0.0700231514292464],[2020,0.20508493119706683],[2021,0.15904452931638793],[2022,0.27456567242281527],[2023,0.2503992916398138],[2024,0.3104189044038668],[2025,0.2131014775200547]]; median 0.2624824820313145. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 13.6% of cash earnings; earns 49.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 11600000; upkeep 31600000; cash acquisitions 5200000; owner earnings 713700000. Growth capex plus acquisitions / owner earnings = 0.023539302227826818.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 44227475.06736994; upkeep 42072524.93263006; owner earnings 406827475.06736994. Growth capex / owner earnings = 0.10871309775733791.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 0; upkeep 184400000; cash acquisitions 124100000; owner earnings 440700000. Growth capex plus acquisitions / owner earnings = 0.281597458588609.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 9400000; upkeep 49900000; cash acquisitions 0; owner earnings 514800000. Growth capex plus acquisitions / owner earnings = 0.01825951825951826.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 70900000; upkeep 49900000; cash acquisitions 0; owner earnings 475800000. Growth capex plus acquisitions / owner earnings = 0.14901218999579655.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 87500000; upkeep 51300000; cash acquisitions 0; owner earnings 727300000. Growth capex plus acquisitions / owner earnings = 0.12030798845043311.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 177200000; upkeep 53200000; cash acquisitions 89200000; owner earnings 984800000. Growth capex plus acquisitions / owner earnings = 0.27051177904142976.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 174000000; upkeep 72500000; cash acquisitions 0; owner earnings 1195100000. Growth capex plus acquisitions / owner earnings = 0.14559451091958833.

- Source: https://www.sec.gov/Archives/edgar/data/1082554/000108255426000006/uthr-20251231.htm (filed 2026-02-25); FY2025: growth capex 142005665.6480152; upkeep 378494334.3519848; cash acquisitions 0; owner earnings 1041805665.6480153. Growth capex plus acquisitions / owner earnings = 0.13630725031590804.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 0.49580031757112103, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,7700000],[2017,0],[2018,0],[2019,14000000],[2020,38500000],[2021,0],[2022,94300000],[2023,98000000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1082554/000108255426000006/uthr-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 1000000000 USD.

### Are managers owners

Insiders own 2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UTHR.US SharesStats.PercentInsiders = 2.003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.8% yearly over ten years; actual growth was 5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate 0.06963677220195544. Price 541.51; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 12.72732421875 → FY2025 21.749596360083824. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $120.07 per share

- 2016-11: $125.61 per share

- 2016-12: $143.43 per share

- 2017-01: $163.63 per share

- 2017-02: $147.72 per share

- 2017-03: $135.38 per share

- 2017-04: $125.70 per share

- 2017-05: $120.89 per share

- 2017-06: $129.73 per share

- 2017-07: $128.40 per share

- 2017-08: $130.80 per share

- 2017-09: $117.19 per share

- 2017-10: $118.59 per share

- 2017-11: $129.99 per share

- 2017-12: $147.95 per share

- 2018-01: $129.00 per share

- 2018-02: $115.85 per share

- 2018-03: $112.36 per share

- 2018-04: $110.11 per share

- 2018-05: $106.58 per share

- 2018-06: $113.15 per share

- 2018-07: $122.91 per share

- 2018-08: $122.99 per share

- 2018-09: $127.88 per share

- 2018-10: $110.86 per share

- 2018-11: $118.10 per share

- 2018-12: $108.90 per share

- 2019-01: $115.33 per share

- 2019-02: $126.29 per share

- 2019-03: $117.37 per share

- 2019-04: $102.57 per share

- 2019-05: $83.97 per share

- 2019-06: $78.06 per share

- 2019-07: $79.24 per share

- 2019-08: $82.56 per share

- 2019-09: $79.75 per share

- 2019-10: $89.84 per share

- 2019-11: $92.26 per share

- 2019-12: $88.08 per share

- 2020-01: $97.67 per share

- 2020-02: $102.96 per share

- 2020-03: $94.83 per share

- 2020-04: $109.56 per share

- 2020-05: $117.95 per share

- 2020-06: $121.00 per share

- 2020-07: $111.47 per share

- 2020-08: $106.96 per share

- 2020-09: $101.00 per share

- 2020-10: $134.23 per share

- 2020-11: $132.64 per share

- 2020-12: $151.79 per share

- 2021-01: $163.82 per share

- 2021-02: $167.18 per share

- 2021-03: $167.27 per share

- 2021-04: $201.56 per share

- 2021-05: $185.90 per share

- 2021-06: $179.41 per share

- 2021-07: $181.93 per share

- 2021-08: $214.88 per share

- 2021-09: $184.58 per share

- 2021-10: $190.76 per share

- 2021-11: $189.50 per share

- 2021-12: $216.08 per share

- 2022-01: $201.87 per share

- 2022-02: $166.20 per share

- 2022-03: $179.41 per share

- 2022-04: $177.56 per share

- 2022-05: $230.34 per share

- 2022-06: $235.64 per share

- 2022-07: $231.07 per share

- 2022-08: $226.62 per share

- 2022-09: $209.38 per share

- 2022-10: $230.53 per share

- 2022-11: $279.89 per share

- 2022-12: $278.09 per share

- 2023-01: $263.17 per share

- 2023-02: $246.04 per share

- 2023-03: $223.96 per share

- 2023-04: $230.13 per share

- 2023-05: $209.74 per share

- 2023-06: $220.75 per share

- 2023-07: $242.72 per share

- 2023-08: $224.36 per share

- 2023-09: $225.87 per share

- 2023-10: $222.86 per share

- 2023-11: $240.00 per share

- 2023-12: $219.89 per share

- 2024-01: $214.78 per share

- 2024-02: $225.64 per share

- 2024-03: $229.72 per share

- 2024-04: $234.33 per share

- 2024-05: $275.13 per share

- 2024-06: $318.55 per share

- 2024-07: $313.29 per share

- 2024-08: $363.55 per share

- 2024-09: $358.35 per share

- 2024-10: $373.97 per share

- 2024-11: $370.49 per share

- 2024-12: $352.84 per share

- 2025-01: $351.17 per share

- 2025-02: $320.05 per share

- 2025-03: $308.27 per share

- 2025-04: $303.09 per share

- 2025-05: $318.85 per share

- 2025-06: $287.35 per share

- 2025-07: $274.70 per share

- 2025-08: $304.76 per share

- 2025-09: $419.21 per share

- 2025-10: $445.43 per share

- 2025-11: $486.00 per share

- 2025-12: $487.25 per share

- 2026-01: $469.49 per share

- 2026-02: $503.90 per share

- 2026-03: $592.98 per share

- 2026-04: $571.35 per share

- 2026-05: $556.82 per share

- 2026-06: $541.83 per share

- 2026-07: $517.71 per share

- 2026-08: $510.38 per share

- 2026-09: $541.89 per share

- 2026-10: $541.51 per share

## Annual estimated value (USD per share)

- FY2016: low $176.12 per share, central $242.26 per share, high $280.77 per share

- FY2017: low $168.96 per share, central $228.04 per share, high $262.44 per share

- FY2018: low $167.61 per share, central $225.96 per share, high $259.93 per share

- FY2019: low $131.15 per share, central $144.64 per share, high $162.61 per share

- FY2020: low $138.89 per share, central $152.46 per share, high $170.53 per share

- FY2021: low $162.49 per share, central $202.89 per share, high $230.68 per share

- FY2022: low $210.95 per share, central $276.61 per share, high $314.84 per share

- FY2023: low $280.09 per share, central $374.44 per share, high $429.48 per share

- FY2024: low $369.13 per share, central $498.95 per share, high $574.55 per share

- FY2025: low $348.20 per share, central $453.38 per share, high $525.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1082554/000108255426000006/uthr-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.