United Therapeutics Corporation (UTHR) Balance Sheet
UTHR balance sheet, 2025
December 31, 2025 · U.S. dollars$7.88B assets = $783.8M liabilities + $7.10B equity
Both columns are drawn to the same scale: what UTHR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
UTHR financial health
Descriptive bands, not a rating. Fiscal 2025.
UTHR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.33B2016 | $7.88B2025 | +14.5%/yr | |
| Total liabilities | $463.4M2016 | $783.8M2025 | +6.0%/yr | |
| Shareholders’ equity | $1.86B2016 | $7.10B2025 | +16.0%/yr | |
| Cash & short-term investments | $1.05B2016 | $1.56B2025 | +4.5%/yr | |
| Total debt | $250.0M2017 | $37.6M2025 | −21.1%/yr | |
| Net cash (debt) | $1.18B2017 | $1.52B2025 | +$339.4M | |
| Working capital | $1.09B2016 | $3.14B2025 | +$2.0B | |
| Book value per share | $39.792016 | $148.152025 | +15.7%/yr | |
| Current ratio | 4.292016 | 6.602025 | +2.32 | |
| Debt / equity | 0.122017 | 0.012025 | −0.11 | |
| Shares outstanding | 46.8M2016 | 47.9M2025 | +0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UTHR assets
UTHR liabilities and equity
UTHR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
UTHR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.56B | $3.27B | $2.99B | $2.84B | $1.93B | $1.83B | $1.49B | $1.42B | $1.43B | $1.05B |
| Cash & equivalents | $1.56B | $1.70B | $1.21B | $961.2M | $894.8M | $738.7M | $738.4M | $669.2M | $705.1M | $1.02B |
| Short-term investments | $1.36B | $1.57B | $1.79B | $1.88B | $1.04B | $1.10B | $747.5M | $746.7M | $222.3M | $27.8M |
| Receivables | $350.2M | $279.3M | $278.9M | $220.4M | $198.7M | $157.4M | $151.4M | $175.7M | $297.1M | $214.5M |
| Inventory | $183.1M | $157.9M | $111.8M | $102.0M | $93.8M | $86.5M | $93.4M | $101.0M | $107.9M | $100.0M |
| Other current assets | $1.61B | $169.7M | $166.2M | $219.2M | $100.4M | $88.3M | $133.8M | $75.4M | $0 | $59.5M |
| Total current assets | $3.70B | $3.87B | $3.55B | $3.38B | $2.32B | $2.17B | $1.86B | $1.77B | $1.45B | $1.42B |
| Property, plant & equipment (net) | $1.73B | $1.22B | $1.05B | $861.5M | $780.9M | $731.6M | $738.5M | $699.7M | $545.7M | $489.3M |
| Goodwill & intangible assets | $148.8M | $111.9M | $114.2M | $44.5M | $44.6M | $158.1M | $158.3M | $170.8M | $45.6M | $33.8M |
| Long-term investments | $1.78B | $1.48B | $1.91B | $1.32B | $1.65B | $1.15B | $767.5M | $442.6M | $502.7M | $2.3M |
| Other non-current assets | $522.3M | $680.5M | $546.6M | $442.0M | $370.1M | $408.5M | $384.6M | $319.9M | $337.5M | $375.4M |
| Total assets | $7.88B | $7.36B | $7.17B | $6.04B | $5.17B | $4.62B | $3.91B | $3.40B | $2.88B | $2.33B |
| Liabilities | ||||||||||
| Accounts payable | $7.1M | $6.0M | $5.6M | $4.1M | $3.8M | $4.1M | $9.9M | $23.1M | $8.4M | $8.1M |
| Short-term debt | $7.3M | $300.0M | $400.0M | — | — | — | $250.0M | — | $250.0M | — |
| Deferred revenue | — | — | $327.8M | — | — | — | $163.5M | — | — | — |
| Total current liabilities | $560.6M | $738.1M | $804.4M | $343.2M | $305.4M | $323.3M | $463.0M | $276.6M | $444.7M | $332.5M |
| Long-term debt | $0 | $0 | $300.0M | $800.0M | $800.0M | $800.0M | $600.0M | $250.0M | $250.0M | $0 |
| Other long-term liabilities | $223.2M | $181.9M | $77.8M | $104.6M | $104.8M | $96.5M | $70.0M | $66.6M | $63.7M | $130.9M |
| Total liabilities | $783.8M | $920.0M | $1.18B | $1.25B | $1.21B | $1.22B | $1.13B | $612.4M | $777.6M | $463.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $800,000 | $800,000 | $700,000 | $700,000 | $700,000 | $700,000 | $700,000 | $700,000 | $700,000 | $700,000 |
| Retained earnings (deficit) | $8.56B | $7.22B | $6.03B | $5.04B | $4.32B | $3.84B | $3.33B | $3.43B | $2.85B | $2.43B |
| Treasury stock | — | — | — | — | — | — | −$2.58B | −$2.58B | −$2.58B | −$2.38B |
| Accumulated other comprehensive income | $900,000 | −$3.4M | −$12.8M | −$55.5M | −$23.0M | −$14.2M | −$14.2M | −$7.9M | −$19.6M | −$16.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $7.10B | $6.44B | $5.98B | $4.80B | $3.96B | $3.40B | $2.78B | $2.79B | $2.10B | $1.86B |
| Key figures | ||||||||||
| Total debt | $37.6M | $300.0M | $700.0M | $800.0M | $800.0M | $800.0M | $850.0M | $250.0M | $250.0M | — |
| Net cash (debt) | $1.52B | $2.97B | $2.29B | $2.04B | $1.13B | $1.03B | $635.9M | $1.17B | $1.18B | — |
| Working capital | $3.14B | $3.14B | $2.75B | $3.04B | $2.02B | $1.84B | $1.40B | $1.49B | $1.00B | $1.09B |
| Tangible book value | $6.95B | $6.33B | $5.87B | $4.75B | $3.91B | $3.24B | $2.62B | $2.62B | $2.06B | $1.83B |
| Book value per share | $148.15 | $132.87 | $120.42 | $98.90 | $83.70 | $76.13 | $63.48 | $63.38 | $46.81 | $39.79 |
| Shares outstanding | 47.9M | 48.5M | 49.7M | 48.5M | 47.3M | 44.6M | 43.8M | 44.0M | 44.9M | 46.8M |
| Current ratio | 6.60 | 5.25 | 4.41 | 9.85 | 7.61 | 6.70 | 4.03 | 6.39 | 3.26 | 4.29 |
| Quick ratio | 3.40 | 4.80 | 4.07 | 8.91 | 6.97 | 6.16 | 3.54 | 5.75 | 3.88 | 3.81 |
| Debt / equity | 0.01 | 0.05 | 0.12 | 0.17 | 0.20 | 0.24 | 0.31 | 0.09 | 0.12 | — |
| Equity / assets | 90.1% | 87.5% | 83.5% | 79.4% | 76.6% | 73.6% | 71.0% | 82.0% | 73.0% | 80.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.66B | $2.15B | $1.56B | $2.77B | $3.05B | $3.32B | $3.27B | $3.33B | $2.97B | $2.71B | $2.99B | $2.88B |
| Cash & equivalents | $1.80B | $1.07B | $1.56B | $1.14B | $1.59B | $1.90B | $1.70B | $1.55B | $1.36B | $1.25B | $1.21B | $1.11B |
| Short-term investments | $859.1M | $1.08B | $1.36B | $1.63B | $1.46B | $1.42B | $1.57B | $1.77B | $1.62B | $1.46B | $1.79B | $1.77B |
| Receivables | $310.3M | $312.0M | $350.2M | $297.7M | $379.3M | $322.0M | $279.3M | $341.8M | $290.7M | $307.3M | $278.9M | $258.6M |
| Inventory | $193.8M | $178.3M | $183.1M | $176.5M | $169.2M | $165.4M | $157.9M | $146.7M | $136.5M | $120.2M | $111.8M | $104.3M |
| Other current assets | $317.3M | $228.0M | $1.61B | $252.2M | $229.7M | $131.1M | $169.7M | $185.4M | $220.8M | $113.4M | $166.2M | $220.5M |
| Total current assets | $3.48B | $2.87B | $3.70B | $3.49B | $3.83B | $3.94B | $3.87B | $4.00B | $3.62B | $3.25B | $3.55B | $3.46B |
| Property, plant & equipment (net) | $1.93B | $1.84B | $1.73B | $1.56B | $1.36B | $1.30B | $1.22B | $1.16B | $1.09B | $1.07B | $1.05B | $992.2M |
| Goodwill & intangible assets | $114.1M | $115.5M | $148.8M | $116.7M | $111.5M | $111.7M | $111.9M | $112.1M | $115.2M | $115.4M | $114.2M | $44.4M |
| Long-term investments | $1.14B | $1.32B | $1.78B | $1.57B | $1.92B | $1.71B | $1.48B | $1.28B | $1.33B | $1.49B | $1.91B | $2.06B |
| Other non-current assets | $551.1M | $568.6M | $522.3M | $617.5M | $689.5M | $679.0M | $680.5M | $574.5M | $563.5M | $565.2M | $546.6M | $467.3M |
| Total assets | $7.22B | $6.71B | $7.88B | $7.35B | $7.91B | $7.74B | $7.36B | $7.12B | $6.72B | $6.50B | $7.17B | $7.02B |
| Liabilities | ||||||||||||
| Accounts payable | $497.8M | $498.3M | $7.1M | $468.0M | $432.0M | $367.0M | $6.0M | $363.9M | $325.3M | $305.1M | $5.6M | $333.4M |
| Short-term debt | — | — | $7.3M | — | — | $200.0M | $300.0M | $400.0M | $400.0M | $400.0M | $400.0M | $300.0M |
| Deferred revenue | — | — | — | — | — | — | — | −$363.9M | — | −$305.1M | $327.8M | −$333.4M |
| Total current liabilities | $607.8M | $599.1M | $560.6M | $546.3M | $527.1M | $721.5M | $738.1M | $873.4M | $832.3M | $860.6M | $804.4M | $744.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $100.0M | $200.0M | $300.0M | $500.0M |
| Other long-term liabilities | $212.0M | $214.0M | $223.2M | $214.6M | $207.3M | $215.2M | $181.9M | $148.8M | $93.7M | $96.5M | $77.8M | $67.4M |
| Total liabilities | $819.8M | $813.1M | $783.8M | $760.9M | $734.4M | $936.7M | $920.0M | $1.02B | $1.03B | $1.16B | $1.18B | $1.31B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $700,000 | $700,000 | $700,000 | $700,000 | $700,000 |
| Retained earnings (deficit) | $9.16B | $8.83B | $8.56B | $8.19B | $7.85B | $7.54B | $7.22B | $6.92B | $6.61B | $6.33B | $6.03B | $5.81B |
| Accumulated other comprehensive income | −$16.2M | −$10.2M | $900,000 | $100,000 | — | −$1.2M | −$3.4M | $7.4M | −$14.9M | −$15.6M | −$12.8M | −$43.7M |
| Total shareholders' equity | $6.40B | $5.90B | $7.10B | $6.59B | $7.17B | $6.81B | $6.44B | $6.10B | $5.70B | $5.34B | $5.98B | $5.71B |
| Key figures | ||||||||||||
| Total debt | — | — | $37.6M | — | — | $200.0M | $300.0M | $400.0M | $500.0M | $600.0M | $700.0M | $800.0M |
| Net cash (debt) | — | — | $1.52B | — | — | $3.12B | $2.97B | $2.93B | $2.47B | $2.11B | $2.29B | $2.08B |
| Working capital | $2.88B | $2.27B | $3.14B | $2.95B | $3.30B | $3.22B | $3.14B | $3.13B | $2.79B | $2.39B | $2.75B | $2.71B |
| Tangible book value | $6.29B | $5.79B | $6.95B | $6.47B | $7.06B | $6.70B | $6.33B | $5.99B | $5.58B | $5.22B | $5.87B | $5.67B |
| Book value per share | $139.74 | $125.02 | $148.15 | $139.33 | $148.52 | $140.07 | $132.32 | $126.05 | $119.94 | $107.41 | $120.18 | $114.93 |
| Shares outstanding | 45.8M | 47.2M | 47.9M | 47.3M | 48.3M | 48.6M | 48.7M | 48.4M | 47.5M | 49.7M | 49.8M | 49.7M |
| Current ratio | 5.73 | 4.79 | 6.60 | 6.40 | 7.26 | 5.46 | 5.25 | 4.58 | 4.35 | 3.77 | 4.41 | 4.65 |
| Quick ratio | 4.89 | 4.12 | 3.40 | 5.61 | 6.50 | 5.05 | 4.80 | 4.20 | 3.92 | 3.50 | 4.07 | 4.21 |
| Debt / equity | — | — | 0.01 | — | — | 0.03 | 0.05 | 0.07 | 0.09 | 0.11 | 0.12 | 0.14 |
| Equity / assets | 88.6% | 87.9% | 90.1% | 89.6% | 90.7% | 87.9% | 87.5% | 85.6% | 84.7% | 82.2% | 83.5% | 81.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
UTHR financial position
At the end of fiscal 2025 (December 31, 2025), United Therapeutics had total assets of $7.9 billion (up 7.0% from a year earlier), total liabilities of $783.8 million and shareholders' equity of $7.1 billion. It held $1.6 billion in cash and short-term investments against $37.6 million of debt, a net cash position of $1.5 billion. Its current ratio was 6.60. In the latest quarter (ended June 30, 2026) total assets were $7.2 billion and equity $6.4 billion.
Related: UTHR income statement, UTHR cash flow statement, UTHR key metrics. See the UTHR stock overview for the latest quote and news.
UTHR balance sheet FAQ
What are United Therapeutics's total assets?
United Therapeutics reported total assets of $7.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $7.4 billion a year earlier.
How much debt does United Therapeutics have?
United Therapeutics had $37.6 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.01.
How much cash does United Therapeutics have?
United Therapeutics held $1.6 billion in cash and short-term investments at the end of fiscal 2025; with $37.6 million of debt that is net cash of $1.5 billion.
What is United Therapeutics's book value?
United Therapeutics's shareholders' equity (book value) was $7.1 billion at the end of fiscal 2025, or $148.15 per share.
What is United Therapeutics's current ratio?
United Therapeutics had current assets of $3.7 billion and current liabilities of $560.6 million, a current ratio of 6.60 (it can cover its short-term obligations).
How much goodwill does United Therapeutics have?
United Therapeutics carried $148.8 million of goodwill and intangible assets, 1.9% of total assets, at the end of fiscal 2025.