United Therapeutics Corporation (UTHR) Key Metrics
UTHR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $22.87B
- Enterprise value
- $18.22B
- P/E (TTM)
- 19.1 10-yr median 14.3
- Forward P/E
- 16.4
- PEG ratio
- 2.22
- Price / sales
- 7.2 10-yr median 4.6
- Price / book
- 3.3 10-yr median 2.6
- EV / EBITDA
- 10.9 10-yr median 8.6
- Dividend yield
- —
- Beta
- 0.49
UTHR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsUTHR valuation Price multiples at each fiscal year-end price.
UTHR returns How much profit the business earns on the capital it uses.
UTHR per-share figures Results divided by the shares outstanding at year-end.
UTHR financial health Debt, liquidity and how easily interest is covered.
UTHR efficiency & capital use Working capital cycle and where the cash goes.
UTHR valuation history
UTHR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
UTHR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
UTHR cash returned to shareholders
UTHR price vs earnings per share
UTHR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $23.34B | $17.11B | $10.93B | $13.49B | $10.22B | $6.77B | $3.86B | $4.79B | $6.64B | $6.71B |
| Enterprise value | $21.82B | $14.15B | $8.63B | $11.45B | $9.09B | $5.73B | $3.22B | $3.63B | $5.46B | $5.66B |
| P/E ratio | 17.5 | 14.3 | 11.1 | 18.5 | 21.5 | 13.2 | — | 8.1 | 15.9 | 9.4 |
| Price / sales | 7.3 | 5.9 | 4.7 | 7.0 | 6.1 | 4.6 | 2.7 | 2.9 | 3.9 | 4.2 |
| Price / book | 3.3 | 2.7 | 1.8 | 2.8 | 2.6 | 2.0 | 1.4 | 1.7 | 3.2 | 3.6 |
| Price / free cash flow | 22.4 | 15.8 | 14.6 | 20.3 | 21.4 | 9.7 | — | 8.1 | 17.1 | 11.2 |
| Price / operating cash flow | 14.9 | 12.9 | 11.2 | 16.8 | 17.1 | 9.0 | — | 6.2 | 14.0 | 10.4 |
| EV / sales | 6.9 | 4.9 | 3.7 | 5.9 | 5.4 | 3.9 | 2.2 | 2.2 | 3.2 | 3.5 |
| EV / EBITDA | 12.0 | 8.6 | 6.2 | 11.0 | 12.3 | 8.9 | — | 4.3 | 5.2 | 5.2 |
| EV / free cash flow | 21.0 | 13.1 | 11.5 | 17.2 | 19.0 | 8.2 | — | 6.1 | 14.1 | 9.4 |
| Earnings yield | 5.7% | 7.0% | 9.0% | 5.4% | 4.7% | 7.6% | −2.7% | 12.3% | 6.3% | 10.6% |
| Free cash flow yield | 4.5% | 6.3% | 6.8% | 4.9% | 4.7% | 10.3% | −7.5% | 12.4% | 5.8% | 8.9% |
| Dividend yield | — | — | 0.9% | 0.7% | — | 0.6% | 0.4% | — | 0.0% | 0.1% |
| Shareholder yield (dividends + buybacks) | 4.3% | 5.9% | 1.0% | 0.8% | 0.1% | 0.6% | 0.4% | 0.0% | 3.8% | 7.6% |
| Share price at fiscal year-end | $487.25 | $352.84 | $219.89 | $278.09 | $216.08 | $151.79 | $88.08 | $108.90 | $147.95 | $143.43 |
| Per share | ||||||||||
| Revenue per share | $66.44 | $59.33 | $46.83 | $39.92 | $35.63 | $33.26 | $33.08 | $37.00 | $38.43 | $34.16 |
| Earnings per share | $27.86 | $24.64 | $19.81 | $15.00 | $10.06 | $11.54 | −$2.39 | $13.39 | $9.31 | $15.25 |
| Operating cash flow per share | $32.59 | $27.36 | $19.68 | $16.55 | $12.65 | $16.94 | −$4.72 | $17.69 | $10.56 | $13.75 |
| Free cash flow per share | $21.73 | $22.28 | $15.04 | $13.68 | $10.09 | $15.61 | −$6.63 | $13.50 | $8.64 | $12.83 |
| Cash per share | $32.51 | $67.36 | $60.24 | $58.53 | $40.82 | $41.14 | $33.92 | $32.18 | $31.85 | $22.45 |
| Book value per share | $148.15 | $132.87 | $120.42 | $98.90 | $83.70 | $76.13 | $63.48 | $63.38 | $46.81 | $39.79 |
| Tangible book value per share | $145.04 | $130.56 | $118.12 | $97.98 | $82.75 | $72.58 | $59.87 | $59.50 | $45.80 | $39.07 |
| Dividends per share | — | — | $1.97 | $1.94 | — | $0.86 | $0.32 | — | $0.00 | $0.16 |
| Capex per share | $10.87 | $5.08 | $4.64 | $2.86 | $2.55 | $1.33 | $1.91 | $4.19 | $1.92 | $0.92 |
| Debt per share | $0.78 | $6.19 | $14.08 | $16.49 | $16.91 | $17.94 | $19.41 | $5.68 | $5.57 | $0.00 |
| Shares outstanding | 47.9M | 48.5M | 49.7M | 48.5M | 47.3M | 44.6M | 43.8M | 44.0M | 44.9M | 46.8M |
| Change in shares outstanding | −1.2% | −2.4% | +2.5% | +2.5% | +6.1% | +1.8% | −0.5% | −2.0% | −4.1% | −8.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 19.7% | 19.2% | 18.3% | 16.6% | 12.9% | 16.7% | −3.8% | 24.1% | 21.1% | 41.2% |
| Return on invested capital (ROIC) | 26.1% | 29.8% | 28.4% | 26.8% | 17.2% | 21.2% | −7.9% | 49.2% | 51.1% | 97.7% |
| Return on assets (ROA) | 17.5% | 16.4% | 14.9% | 13.0% | 9.7% | 12.1% | −2.9% | 18.8% | 16.1% | 31.6% |
| Return on tangible assets | 17.3% | 16.5% | 14.0% | 12.1% | 9.3% | 11.6% | −2.8% | 18.2% | 14.7% | 31.1% |
| Free cash flow margin | 32.7% | 37.6% | 32.1% | 34.3% | 28.3% | 46.9% | −20.0% | 36.5% | 22.5% | 37.6% |
| Income quality (OCF / net income) | 1.17 | 1.11 | 0.99 | 1.10 | 1.26 | 1.47 | — | 1.32 | 1.13 | 0.90 |
| Financial health | ||||||||||
| Total debt | $37.6M | $300.0M | $700.0M | $800.0M | $800.0M | $800.0M | $850.0M | $250.0M | $250.0M | $0 |
| Cash & short-term investments | $1.56B | $3.27B | $2.99B | $2.84B | $1.93B | $1.83B | $1.49B | $1.42B | $1.43B | $1.05B |
| Net debt | −$1.52B | −$2.97B | −$2.29B | −$2.04B | −$1.13B | −$1.03B | −$635.9M | −$1.17B | −$1.18B | −$1.05B |
| Debt / equity | 0.01 | 0.05 | 0.12 | 0.17 | 0.20 | 0.24 | 0.31 | 0.09 | 0.12 | 0.00 |
| Debt / assets | 0.00 | 0.04 | 0.10 | 0.13 | 0.15 | 0.17 | 0.22 | 0.07 | 0.09 | 0.00 |
| Net debt / EBITDA | −0.84 | −1.79 | −1.65 | −1.96 | −1.53 | −1.60 | — | −1.39 | −1.12 | −0.96 |
| Current ratio | 6.60 | 5.25 | 4.41 | 9.85 | 7.61 | 6.70 | 4.03 | 6.39 | 3.26 | 4.29 |
| Quick ratio | 6.28 | 5.03 | 4.28 | 9.55 | 7.30 | 6.44 | 3.83 | 6.03 | 3.01 | 3.98 |
| Interest coverage | 77.8 | 32.1 | 20.0 | 30.2 | 29.9 | 25.3 | -4.2 | 57.9 | 90.5 | 272.2 |
| Working capital | $3.14B | $3.14B | $2.75B | $3.04B | $2.02B | $1.84B | $1.40B | $1.49B | $1.00B | $1.09B |
| Invested capital | $5.58B | $3.48B | $3.69B | $2.76B | $2.83B | $2.36B | $2.14B | $1.62B | $921.7M | $811.4M |
| Tangible asset value | $6.95B | $6.33B | $5.87B | $4.75B | $3.91B | $3.24B | $2.62B | $2.62B | $2.06B | $1.83B |
| Net current asset value | $2.92B | $2.95B | $2.37B | $2.13B | $1.11B | $947.4M | $731.5M | $1.16B | $670.3M | $961.4M |
| Graham number | $304.76 | $271.41 | $231.70 | $182.67 | $137.64 | $140.61 | — | $138.19 | $99.01 | $116.85 |
| Graham net-net per share | $23.54 | $54.34 | $41.79 | $37.26 | $19.37 | $17.41 | $11.72 | $22.40 | $20.70 | $17.06 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $98.0M | $94.3M | — | $38.5M | $14.0M | — | $0 | $7.7M |
| Share buybacks (net) | $1.00B | $1.01B | $13.8M | $11.4M | $10.8M | $3.7M | $2.1M | $0 | $250.0M | $500.0M |
| Dividend payout ratio | — | — | 10.0% | 13.0% | — | 7.5% | — | — | 0.0% | 1.1% |
| Dividends + buybacks / free cash flow | 96.1% | 93.7% | 15.0% | 15.9% | 2.3% | 6.1% | — | 0.0% | 64.4% | 84.6% |
| Capex / revenue | 16.4% | 8.6% | 9.9% | 7.2% | 7.2% | 4.0% | 5.8% | 11.3% | 5.0% | 2.7% |
| Capex / operating cash flow | 33.3% | 18.6% | 23.6% | 17.3% | 20.2% | 7.8% | — | 23.7% | 18.2% | 6.7% |
| Capex / depreciation | 6.08 | 3.40 | 4.33 | 2.71 | 2.42 | 1.19 | 1.82 | 5.14 | 2.78 | 1.37 |
| Stock-based compensation / revenue | 4.6% | 5.0% | 1.7% | 5.5% | 8.2% | 11.0% | 3.1% | −1.6% | 4.3% | 0.8% |
| R&D / revenue | 17.3% | 16.7% | 17.5% | 16.7% | 32.0% | 24.1% | 81.6% | 22.0% | 15.3% | 9.2% |
| SG&A / revenue | 23.0% | 22.2% | 20.5% | 25.2% | 27.7% | 28.6% | 23.2% | 16.3% | 19.1% | 19.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 36.1 | 35.4 | 39.2 | 39.5 | 38.6 | 38.0 | 41.2 | 53.0 | 54.1 | 46.5 |
| Days of inventory on hand | 161.9 | 158.9 | 151.5 | 243.6 | 268.6 | 303.7 | 301.7 | 191.9 | 359.0 | 455.2 |
| Days payables outstanding | 6.2 | 6.8 | 6.9 | 9.8 | 11.8 | 23.6 | 51.2 | 28.9 | 28.5 | 39.2 |
| Cash conversion cycle (days) | 191.8 | 187.5 | 183.8 | 273.3 | 295.4 | 318.1 | 291.7 | 215.9 | 384.6 | 462.5 |
| Receivables turnover | 10.11 | 10.31 | 9.32 | 9.24 | 9.47 | 9.61 | 8.86 | 6.89 | 6.74 | 7.85 |
| Payables turnover | 58.69 | 53.40 | 53.09 | 37.14 | 31.01 | 15.44 | 7.13 | 12.62 | 12.81 | 9.32 |
| Inventory turnover | 2.25 | 2.30 | 2.41 | 1.50 | 1.36 | 1.20 | 1.21 | 1.90 | 1.02 | 0.80 |
| Asset turnover | 0.42 | 0.40 | 0.35 | 0.35 | 0.34 | 0.35 | 0.40 | 0.52 | 0.66 | 0.71 |
| Average receivables | $314.8M | $279.1M | $249.7M | $209.6M | $178.1M | $154.4M | $163.6M | $236.4M | $255.8M | $203.7M |
| Average payables | $6.5M | $5.8M | $4.8M | $4.0M | $4.0M | $7.0M | $16.5M | $15.8M | $8.2M | $7.8M |
| Average inventory | $170.5M | $134.8M | $106.9M | $97.9M | $90.2M | $90.0M | $97.2M | $104.5M | $104.0M | $90.7M |
| Intangibles / total assets | 1.9% | 1.5% | 1.6% | 0.7% | 0.9% | 3.4% | 4.0% | 5.0% | 1.6% | 1.5% |
Computed from UTHR's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
UTHR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), United Therapeutics traded at 17.5 times earnings, against a 10-year median of 14.3. Based on the latest twelve months, the trailing P/E is 19.1 and the forward P/E is 16.4. United Therapeutics earned a return on equity of 19.7% and a return on invested capital of 26.1% in fiscal 2025. It ended the year with $37.6 million of debt and $1.6 billion in cash and short-term investments, a net cash position of $1.5 billion. It returned $1.0 billion to shareholders: $0 in dividends and $1.0 billion in share buybacks, 96% of free cash flow.
See the UTHR income statement, the UTHR chart for price history, or the UTHR stock overview for the latest quote and news.
UTHR key metrics FAQ
What is United Therapeutics's P/E ratio?
United Therapeutics's trailing P/E ratio is 19.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 16.4. At the end of fiscal 2025 it was 17.5, compared with a 10-year median of 14.3.
What is United Therapeutics's EV/EBITDA?
United Therapeutics's enterprise value was 12.0 times EBITDA at the end of fiscal 2025 (enterprise value $21.8 billion, EBITDA $1.8 billion); the current EV/EBITDA is 10.9.
What is United Therapeutics's return on equity?
United Therapeutics's return on equity (ROE) was 19.7% in fiscal 2025: net income of $1.3 billion on average shareholders' equity of $6.8 billion.
What is United Therapeutics's ROIC?
United Therapeutics's return on invested capital was 26.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does United Therapeutics have?
United Therapeutics had total debt of $37.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
Does United Therapeutics buy back its shares?
Yes. United Therapeutics spent $1.0 billion on net share repurchases in fiscal 2025 Shares outstanding changed −1.2% over the year, to 47.9M..
What is United Therapeutics's free cash flow yield?
United Therapeutics generated $1.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.5% on its market value at year-end ($23.3 billion).
What is United Therapeutics's current ratio?
United Therapeutics's current ratio was 6.60 at the end of fiscal 2025: current assets were 6.60 times current liabilities.