United Therapeutics Corporation
UTHR Healthcare Drug Manufacturers Specialty & Generic
United Therapeutics Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 10.6% from fiscal 2024. In the quarter to June 2026, revenue fell 1.92%, EPS grew 14.0% and free cash flow grew 58.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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United Therapeutics Corporation (UTHR) Altman Z-score
United Therapeutics Corporation's Altman Z-score for fiscal 2025 is 19.55, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 19.55 | 6.26 |
| FY2024 | 13.29 | 5.56 |
| FY2023 | 7.73 | (0.98) |
| FY2022 | 8.71 | 1.58 |
| FY2021 | 7.13 | 1.44 |
| FY2020 | 5.69 | 1.82 |
| FY2019 | 3.87 | (3.97) |
| FY2018 | 7.84 | (0.52) |
| FY2017 | 8.36 | (3.81) |
| FY2016 | 12.17 | 1.63 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.40 | — | 0.48 | |
| Retained earnings / total assets | 1.09 | — | 1.52 | |
| EBIT / total assets | 0.19 | — | 0.63 | |
| Market value of equity / total liabilities | 27.54 | — | 16.52 | |
| Sales / total assets | 0.40 | — | 0.40 | |
| Altman Z-score | Safe zone | 19.55 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 16.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| UTHR United Therapeutics Corporation | 19.6× |
| NBIX Neurocrine Biosciences, Inc. compare | 7.8× |
| ZTS Zoetis Inc. compare | 5.7× |
| RDY Dr. Reddy's Laboratories Ltd compare | 5.3× |
| HLN Haleon PLC Sponsored ADR compare | 3.0× |
| ELAN Elanco Animal Health Incorporated compare | 1.3× |
| TAK Takeda Pharmaceutical Co. compare | 1.0× |
| TEVA Teva Pharmaceutical Industries Ltd. compare | 0.8× |
| VTRS Viatris Inc. compare | 0.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets