United Therapeutics Corporation

UTHR

Biotechnology · Healthcare

Price

$513.12

-7.88 (-1.51%)

Market Cap

$21.78B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

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Share count rising — dilution

+1.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 47.3M (2021) → 47.9M (2025)

Winston Score History

The full picture

United Therapeutics is a biotechnology company that makes medicines for people with serious lung and heart diseases. Its main products treat pulmonary arterial hypertension (PAH), a condition where blood pressure in the lungs gets dangerously high. Key drugs include Tyvaso, Remodulin, and Orenitram, which are sold primarily to hospitals and specialty pharmacies in the United States.

The company earns money by selling these prescription drugs, and its 86% gross margin reflects how profitable specialty pharmaceuticals can be once a drug is approved. United Therapeutics operates mainly in the US but has some international reach. Its moat comes from a combination of patents, complex drug delivery technology, and deep relationships with PAH specialists — a small but loyal prescriber base. A major growth driver is Tyvaso DPI, an inhaled version of its top drug, along with early-stage work in organ manufacturing using bioengineering, though regulatory and reimbursement risks remain significant.

Politician Trades

5 trades / 12mo

2 Congressional buys and 3 sells on UTHR in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+14.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$550M/ year

↑ Rising (+14% vs prior year)

17.3% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

8.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

United Therapeutics Corporation is putting 17% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

87.3%

Premium pricing power — 87.3% gross margin

Profit after running costs

Operating Margin

42.2%

Excellent — 42.2% operating margin

Return on the money invested

ROCE

21.9%

Exceptional — 21.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+2.5%

Nearly flat sales (+2.5% YoY)

Profit growth

EPS YoY

+9.1%

Earnings growing (+9.1% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

164%

Turns 164% of profit into real cash

Spare cash per sale

FCF Margin

46.1%

Converts sales into free cash efficiently (46.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

116.95x

Comfortably covers interest (117.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.0x

Fair value — P/E 17.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.0 → 12.8)

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Dividends

Not applicable for this business.

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