United Therapeutics Corporation

UTHRNASDAQHealthcare● Active

$549.87

+$2.18(+0.40%)

Market Cap$23.3B

P/E Ratio—

52W High$609.35

52W Low$272.12

Avg Volume546K

Open$547.10

Beta0.57

Overview

United Therapeutics Corporation (UTHR) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

UTHR · free cash flow · updated Jun 8, 2026

Core FCF metrics

UTHR · FCF · TTM · margin & CAGR

Free cash flow was $1.04B for FY2025 (fiscal year ending 2025-12-31), down 3.7% year-over-year The FCF margin was 32.7%. Five-year CAGR stands at +8.4%.

FY2025 Free Cash Flow$1.04B▼ -3.7% YoY

Trailing 12M (TTM)$1.02Btrailing 4 quarters sum

FCF Margin32.7%$1.04B ÷ revenue

3-Year CAGR+16.2%FY2022 → FY2025

5-Year CAGR+8.4%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

UTHR · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.56B(521M)$1.04B▼ 3.7%32.7%

FY2024$1.33B(247M)$1.08B▲ +44.5%37.5%

FY2023$978.0M(230M)$747.6M▲ +12.6%32.1%

FY2022$802.5M(139M)$663.7M▲ +39.0%34.3%

FY2021$598.2M(121M)$477.4M▼ 31.4%28.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

UTHR · P/FCF · FCF yield · FCF per share

United Therapeutics Corporation (UTHR) trades at a FCF yield of 4.36% and a price-to-free-cash-flow ratio of 24.0x. FCF per share stands at $22.95, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.36%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$22.95

TTM FCF ÷ Shares Outstanding

Price / FCF

x24.0

Share Price ÷ FCF per Share

EV / FCF (TTM)

x21.9

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

UTHR · cash flow statement · operating / investing / financing

For FY2025, United Therapeutics Corporation generated $1.56B in operating cash flow and spent 521M in capital expenditures, yielding $1.04B in free cash flow.

Operating Activities

+$1.56B

Cash from core business operations

2025-12-31

Investing Activities

−$551.3M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.15B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($1.56B) − |CapEx| (521M) = FCF ($1.04B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

UTHR vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

United Therapeutics CorporationYOU

UTHR

$1.04B-3.7%32.7%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

United Therapeutics Corporation (UTHR) reported free cash flow of $1.04B for FY2025 (fiscal year ending 2025-12-31), down 3.7% year-over-year. The FCF margin was 32.7%.

Based on available data, United Therapeutics Corporation has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $1.08B in FY2024. The 5-year CAGR stands at +8.4%.

United Therapeutics Corporation's FCF yield is 4.36% and price-to-FCF ratio is 24.0x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

UTHR free cash flow · 8 questions

United Therapeutics Corporation free cash flow was $1.04B for FY2025, down 3.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.02B.

UTHR free cash flowUTHR FCFUTHR FCF 2025UTHR free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · United Therapeutics Corporation · United Therapeutics Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026