Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 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.
B · Sound & dependable
Forensic grade
Safe
Financial health
16.9
Distress distance
Clean
Earnings quality
2
Forensic signals
19.7%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 16.9, placing it in the Safe zone. 2 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. 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%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 15.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
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 two 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 (2yr)+16.9%
Net Margin41.9%
Free Cash Flow$1.04B
Return on Equity19.7%
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?