Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 8, 2026
United Therapeutics Corp (UTHR)
A forensic read on United Therapeutics Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality compounder
Forensic grade
Safe
Financial health
20.0
Distress distance
Clean
Earnings quality
3
Forensic signals
17.7
P / E (ttm)
18.8%
ROE
$23.1B
Market cap
10.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
United Therapeutics Corp earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 20.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+15.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +15.4% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by PP&E up +42% against revenue +11% and receivables up +25% against revenue +11%. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.
-0.4%/yr
FY2022–FY2025
Share count.Diluted share count changed -1% over the last 3 years to FY2025 (-0.4%/yr). Roughly flat — buybacks ($1.0B) are about offsetting stock comp ($148M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
96% of FCF
FY2025
Shareholder returns.Returned $1.0B to shareholders (buybacks + dividends) in FY2025 — 96% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 0% of free cash flow a few years back — not just sitting there. Counting the $148M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 110%.
Key fundamentals
Latest Revenue$3.18B
Revenue Growth YoY+10.6%
Revenue CAGR (3yr)+18.0%
Net Margin41.9%
Free Cash Flow$1.04B
Return on Equity18.8%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from United Therapeutics Corp's actual 10-K/10-Q/8-K filings?