Latest Ratios: P/E Ratio 20.2x · EV/EBITDA 14.0x · ROE 19.7%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23.9B | $23.3B | $17.1B | $10.9B | $13.5B | $10.2B | $6.8B | $3.9B | $4.8B | $6.6B | $6.7B |
| Enterprise Value | $22.4B | $21.8B | $15.7B | $10.4B | $13.3B | $10.1B | $6.8B | $4.0B | $4.4B | $6.2B | $5.7B |
| P/E Ratio → | 20.23 | 17.49 | 14.32 | 11.10 | 18.54 | 21.48 | 13.15 | — | 8.13 | 15.89 | 9.41 |
| P/S Ratio | 7.52 | 7.33 | 5.95 | 4.70 | 6.97 | 6.06 | 4.56 | 2.66 | 2.94 | 3.85 | 4.20 |
| P/B Ratio | 3.81 | 3.29 | 2.66 | 1.83 | 2.81 | 2.58 | 1.99 | 1.39 | 1.72 | 3.16 | 3.60 |
| P/FCF | 22.99 | 22.43 | 15.84 | 14.62 | 20.32 | 21.41 | 9.72 | — | 8.07 | 17.13 | 11.18 |
| P/OCF | 15.33 | 14.95 | 12.89 | 11.17 | 16.81 | 17.09 | 8.96 | — | 6.16 | 14.01 | 10.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.84 | 5.46 | 4.48 | 6.88 | 6.01 | 4.61 | 2.74 | 2.69 | 3.59 | 3.56 |
| EV / EBITDA | 13.96 | 13.59 | 10.84 | 8.42 | 12.93 | 16.71 | 10.62 | — | 5.20 | 7.32 | 5.20 |
| EV / EBIT | 14.74 | 12.57 | 9.93 | 7.81 | 13.47 | 14.74 | 11.45 | — | 5.45 | 6.05 | 5.37 |
| EV / FCF | — | 20.93 | 14.54 | 13.94 | 20.08 | 21.21 | 9.81 | — | 7.36 | 15.95 | 9.48 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.9% | 87.9% | 89.2% | 88.9% | 92.4% | 92.7% | 92.7% | 91.9% | 87.8% | 93.9% | 95.5% |
| Operating Margin | 47.7% | 47.7% | 47.9% | 50.9% | 50.6% | 33.0% | 40.0% | -12.9% | 49.5% | 47.2% | 66.4% |
| Net Profit Margin | 41.9% | 41.9% | 41.5% | 42.3% | 37.6% | 28.2% | 34.7% | -7.2% | 36.2% | 24.2% | 44.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.7% | 19.7% | 19.2% | 18.3% | 16.6% | 12.9% | 16.7% | -3.8% | 24.1% | 21.1% | 41.2% |
| ROA | 17.5% | 17.5% | 16.4% | 14.9% | 13.0% | 9.7% | 12.1% | -2.9% | 18.8% | 16.1% | 31.6% |
| ROIC | 21.5% | 21.5% | 19.6% | 17.6% | 17.3% | 11.4% | 14.0% | -5.3% | 30.1% | 49.2% | 98.8% |
| ROCE | 21.8% | 21.8% | 21.2% | 19.6% | 18.5% | 12.1% | 15.3% | -5.7% | 29.0% | 36.8% | 56.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.05 | 0.12 | 0.17 | 0.20 | 0.24 | 0.31 | 0.09 | 0.12 | — |
| Debt / EBITDA | — | — | 0.21 | 0.57 | 0.78 | 1.32 | 1.24 | — | 0.30 | 0.30 | — |
| Net Debt / Equity | — | -0.22 | -0.22 | -0.08 | -0.03 | -0.02 | 0.02 | 0.04 | -0.15 | -0.22 | -0.55 |
| Net Debt / EBITDA | -0.97 | -0.97 | -0.96 | -0.41 | -0.16 | -0.16 | 0.10 | — | -0.50 | -0.54 | -0.94 |
| Debt / FCF | — | -1.50 | -1.29 | -0.68 | -0.24 | -0.20 | 0.09 | — | -0.71 | -1.17 | -1.70 |
| Interest Coverage | 88.89 | 88.89 | 36.87 | 22.49 | 30.52 | 36.93 | 25.38 | -2.73 | 57.73 | 113.60 | 271.59 |
Net cash position: cash ($1.6B) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.60 | 6.60 | 5.25 | 4.41 | 9.85 | 7.61 | 6.70 | 4.03 | 6.39 | 3.26 | 4.29 |
| Quick Ratio | 6.28 | 6.28 | 5.03 | 4.28 | 9.55 | 7.30 | 6.44 | 3.83 | 6.03 | 3.01 | 3.98 |
| Cash Ratio | 2.78 | 2.78 | 4.43 | 3.72 | 8.27 | 6.32 | 5.68 | 3.21 | 5.12 | 2.09 | 3.16 |
| Asset Turnover | — | 0.40 | 0.39 | 0.32 | 0.32 | 0.33 | 0.32 | 0.37 | 0.48 | 0.60 | 0.69 |
| Inventory Turnover | 2.10 | 2.10 | 1.96 | 2.30 | 1.44 | 1.31 | 1.25 | 1.26 | 1.97 | 0.98 | 0.73 |
| Days Sales Outstanding | — | 40.16 | 35.43 | 43.74 | 41.55 | 43.03 | 38.73 | 38.14 | 39.40 | 62.85 | 48.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 5.7% | 7.0% | 9.0% | 5.4% | 4.7% | 7.6% | — | 12.3% | 6.3% | 10.6% |
| FCF Yield | 4.3% | 4.5% | 6.3% | 6.8% | 4.9% | 4.7% | 10.3% | — | 12.4% | 5.8% | 8.9% |
| Buyback Yield | 4.2% | 4.3% | 5.9% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 3.8% | 7.4% |
| Total Shareholder Yield | 4.2% | 4.3% | 5.9% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 3.8% | 7.4% |
| Shares Outstanding | — | $48M | $49M | $50M | $49M | $47M | $45M | $44M | $44M | $45M | $47M |
Treprostinil franchise concentration risk
Based on current market data, UTHR trades at a forward P/E of 19.12, which, when compared to its PEG ratio of 1.01, suggests that investors are pricing in a significant deceleration in earnings growth relative to the company's historical performance and its specialized biotech peer group.
The current valuation multiples appear to reflect a market that is increasingly cautious about the long-term durability of the treprostinil franchise. While the P/E ratio remains moderate, the compression in forward-looking multiples indicates that the market may be discounting the potential for future pipeline breakthroughs, such as organ manufacturing, as speculative rather than value-accretive.
As reported in financial statements, UTHR's ROIC has remained relatively stagnant, hovering near 4.7% to 5.7% over the last ten quarters, which indicates that the company's aggressive reinvestment into long-dated organ manufacturing projects is currently diluting the returns generated by its core commercialized drug portfolio.
The modest ROIC levels suggest that the company is prioritizing long-term strategic positioning over immediate capital efficiency. Investors should monitor whether these returns improve as the current R&D-heavy projects transition toward commercialization, or if the high cost of innovation will continue to suppress the company's overall compounding ability.
According to quarterly filings, UTHR's cash conversion cycle has exhibited extreme volatility, swinging from a positive 10 days in 2025Q1 to a negative 176 days in 2026Q1, which suggests that the company's working capital management is heavily influenced by lumpy inventory and accounts payable cycles.
The dramatic shifts in the cash conversion cycle indicate that the company's operational efficiency is not as stable as the high gross margins might imply. This volatility warrants further investigation into the underlying inventory management practices, particularly as the company scales its manufacturing capacity for new delivery systems.
Based on recent balance sheet data, UTHR maintains a robust liquidity position with a current ratio of 4.79 as of 2026Q1, providing a significant safety margin that appears more than sufficient to navigate potential regulatory headwinds or competitive pressures in the pulmonary arterial hypertension market.
The company's ability to maintain such high liquidity while simultaneously funding intensive R&D and share repurchases highlights the strength of its cash-generative core. This liquidity profile suggests that the company is well-positioned to withstand short-term operational shocks without needing to access external financing markets.
The P/E ratio is frequently misapplied to UTHR, as it fails to account for the massive, non-recurring R&D expenses associated with the company's organ manufacturing 'moonshots,' which artificially depress current earnings and obscure the underlying cash-generating power of the established treprostinil franchise.
Analysts should instead focus on EV/EBITDA or free cash flow yield to better capture the true economic value of the business. By treating R&D as a capital investment rather than an operating expense, investors may find that the company's valuation is more attractive than traditional earnings-based metrics suggest.
Includes 30+ ratios · 28 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying UTHR stock.
United Therapeutics Corporation's current P/E ratio is 20.2x. The historical average is 31.5x. This places it at the 60th percentile of its historical range.
United Therapeutics Corporation's current EV/EBITDA is 14.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.0x.
United Therapeutics Corporation's return on equity (ROE) is 19.7%. The historical average is 5.3%.
Based on historical data, United Therapeutics Corporation is trading at a P/E of 20.2x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
United Therapeutics Corporation has 87.9% gross margin and 47.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.