MeritValue

UNITED THERAPEUTICS Corp

UTHRdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

UNITED THERAPEUTICS Corp earns about 21% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $213.05 and $1,006.71 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.69B1$1.94B2$2.33B3$2.88B3$3.18B3
Net income$475.8M4$727.3M5$984.8M6$1.2B6$1.33B6
Operating cash flow$598.2M7$802.5M8$978M9$1.33B9$1.56B9
Capital expenditure$120.8M10$138.8M11$230.4M12$246.5M12$520.5M12
Free cash flow (derived)$477.4M7$663.7M8$747.6M9$1.08B9$1.04B9
Total debt—————
Cash & equivalents$894.8M13$961.2M14$1.21B15$1.7B16$1.56B16
Diluted shares47.3M48.5M49.7M48.5M47.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$1,481.46
your share of equity
Profit it earned you last year
$278.64
Free cash flow it threw off
$217.27
Debt you’d be carrying
—

10 shares is a claim on $1,481.46 of net worth that earned you $278.64 and generated $217.27 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
21% avg · 5y
FY21 16%FY22 20%FY23 22%FY24 25%FY25 24%

It earned about 21% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $213.05 and $1,006.71 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$1,006.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth16.2%
  • fcfBase$1.04B
DCF · Growth Exit 5Y
$642.63
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth16.2%
  • fcfBase$1.04B
Earnings Power Value
$213.05
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$984.8M
  • growthAssumed0.0%
Graham Number
$304.74
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years16.2%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $642.63
The three cases
Bear0.0%$342.93
Base16.2%$642.63
Bull20.0%$740.87

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 16.2%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001082554-24-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001082554-25-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001082554-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001082554-24-000005 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001082554-25-000005 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001082554-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001082554-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001082554-25-000005 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001082554-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001082554-24-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001082554-25-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001082554-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001082554-23-000005 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001082554-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001082554-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001082554-26-000006 (CashAndCashEquivalentsAtCarryingValue)