UTHR UNITED THERAPEUTICS Corp

Overview and Growth

UNITED THERAPEUTICS Corp generated $3.18B of revenue in fiscal 2025, with net income of $1.33B and an operating cash inflow of $1.56B. The $3.18B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 10.6% from $2.88B in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of $27.86, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS increased by 13.1% from $24.64 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Asset turnover was 0.4x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $2.80B as gross profit before recognizing operating expenses and other items. Gross margin was 87.9%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operating income was $1.49B, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 46.9%, showing the portion of revenue preserved after the full set of operating costs. After all reported below-operating-line items, the company recorded net income of $1.33B for the fiscal year. The final earnings result represented 41.9% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $1.71B of earnings, providing a bridge between the operating result and final net income. Pretax income represented 53.9% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $379.20M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 22.1%, quantifying the portion of pre-tax earnings paid in income tax. The relationship between net income and period-end equity was 18.8%, indicating the profitability achieved on book capital. The net-income-to-assets relationship measured 16.9%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

Total assets were $7.88B, supported by $783.80M of liabilities and $7.10B of shareholder equity. At period end, current assets of $3.70B compared with current liabilities of $560.60M, defining the company’s short-term resource position. The current ratio was 6.6x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $1.56B, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 277.8% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Liabilities represented 9.9% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 19.8% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $7.36B in fiscal 2024, the current asset base moved 7.0% and finished higher.

Cash Flow and Earnings Quality

The company reported $1.56B of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 1.17x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $520.50M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 33.3% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $1.04B, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 32.7%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 13.2%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.