United Therapeutics Corp. (UTHR) intrinsic value & 10-year financials
United Therapeutics Corp. (UTHR) has a Graham intrinsic value of $536.97 per share. At $533.12 on Oct 17, 2026, the stock trades 1% below that value. Over the last 10 fiscal years revenue grew 8.0% a year to $3.2B, with an average return on invested capital of 18.5%.
- Graham intrinsic value
- $536.97
- Share price (Oct 17, 2026)
- $533.12
- Price vs Graham value
- 1% below
- Market cap
- $25.5B
- Revenue (FY2025)
- $3.2B
- Revenue growth (10-yr CAGR)
- 8.0%
- ROIC (10-yr avg)
- 18.5%
- Free cash flow (FY2025)
- $1.0B
UTHR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.2B | $1.3B | $27.86 | $1.0B | 46.9% | 17.2% |
| FY2024 | $2.9B | $1.2B | $24.64 | $1.1B | 47.9% | 17.2% |
| FY2023 | $2.3B | $984.8M | $19.81 | $747.6M | 50.9% | 17.0% |
| FY2022 | $1.9B | $727.3M | $15.00 | $663.7M | 50.6% | 17.1% |
| FY2021 | $1.7B | $475.8M | $10.06 | $477.4M | 33.0% | 12.1% |
| FY2020 | $1.5B | $514.8M | $11.54 | $696.4M | 40.0% | 23.4% |
| FY2019 | $1.4B | -$104.5M | -$2.39 | -$290.3M | -12.9% | -5.8% |
| FY2018 | $1.6B | $589.2M | $13.39 | $594.0M | 49.5% | 25.6% |
| FY2017 | $1.7B | $417.9M | $9.31 | $387.9M | 47.2% | 22.4% |
| FY2016 | $1.6B | $713.7M | $15.25 | $605.6M | 66.4% | 38.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
UNITED THERAPEUTICS Corp has demonstrated mature, steady growth, with revenue compounding at 7.9% annually over the past decade.
UNITED THERAPEUTICS Corp has earned high returns on invested capital, averaging 18.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
UNITED THERAPEUTICS Corp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, UNITED THERAPEUTICS Corp is modeled at 6.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $536.97 per share.