UTHRUnited Therapeutics Corporation
Is the business good?
The checks split: 7 of 9 health tests passed and earnings fully cash-backed (1.4×), but margins compressing.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 20% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is UTHR?
United Therapeutics Corporation keeps 44% of every revenue dollar as operating profit, against 9.5% for the median Drug Manufacturers - Specialty & Generic name.
Operating margin · Drug Manufacturers - Specialty & Generic median 9.5% · 12 months to Q2 2026
- Cash conversion
- 1.44×
Cash conversion · 1.23× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −5.2%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 17%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 40% |
| FY2021 | 33% |
| FY2022 | 51% |
| FY2023 | 51% |
| FY2024 | 48% |
| FY2025 | 47% |
Details›
- Gross margin12 months to Q2 2026
- 86%
- Operating margin12 months to Q2 2026
- 44%
- Net margin12 months to Q2 2026
- 42%
- Free cash flow margin
- 35%
- R&D as % of revenue
- 17%
- Revenue, trailing twelve months
- $3.15B
- Free cash flow, trailing twelve months
- $1.09B
- Net income, trailing twelve months
- $1.31B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from UTHR and who it buys from, as the companies report it.
- Distributor 151%
Share of revenue · FY2025 10-K
- Distributor 236%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; UTHR’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Drug Manufacturers, Specialty & Generic
Ranks #3 of 39 by RyuScore