UTHR United Therapeutics Corporation - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 5, 2026 10-K/10-Q Aug 5, 2026
$536.40
· of 52w range
· above low
· to high
$409.0752w low
$609.3552w high
Market Cap (MRQ)
$22.89B
P/E (TTM)
19.2
EPS (TTM)
$27.91
Revenue (TTM)
$3.15B
your badges
52W Range
$409–$609
Analyst Rating
BUY
Price Target
$644
P/E
19.2
ROE
19.3%
Net Profit Margin
41.6%
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UTHR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$536.40
Market Cap (MRQ)
$22.89B
P/E (TTM)
19.2
EPS (TTM)
$27.91
Revenue (TTM)
$3.15B
ROE (TTM)
19.3%
52W Range
$409–$609
UTHR Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| Sept. 23, 2009 | 2-for-1 | Forward |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$3.18B2016-12-31 → 2025-12-31
EPS$27.862016-12-31 → 2025-12-31
Free Cash Flow$1.04B2016-12-31 → 2025-12-31
Net margin41.6%2017-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | UTHR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 19.25Y avg ≈16.6 | ≈16.6 | 22.0 | Fair value | |
| P/S (TTM) | 7.35Y avg ≈5.8 | ≈5.8 | 6.4 | Fair value | |
| P/B (MRQ) | 3.65Y avg ≈2.5 | ≈2.5 | 7.5 | Undervalued | |
| Price / FCF (TTM) | 20.95Y avg ≈17.7 | ≈17.7 | · | · | |
| Price / Cash Flow (TTM) | 13.65Y avg ≈13.7 | ≈13.7 | 13.9 | Fair value | |
| Price / Tangible Book | 3.35Y avg ≈2.5 | ≈2.5 | · | · | |
| PEG Ratio | ≈1.0 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | UTHR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 86.1%5Y avg ≈90.2% | ≈90.2% | · | · | |
| Operating Margin (TTM) | 44.4%5Y avg ≈45.8% | ≈45.8% | 17.9% | Top tier | |
| EBITDA Margin (TTM) | 47.3%5Y avg ≈48.5% | ≈48.5% | 16.9% | Top tier | |
| Pretax Margin (TTM) | 49.9%5Y avg ≈49.3% | ≈49.3% | 13.8% | Top tier | |
| Net Profit Margin (TTM) | 41.6%5Y avg ≈41.9% | ≈41.9% | 13.9% | Top tier | |
| ROA (TTM) | 17.3%5Y avg ≈16.3% | ≈16.3% | 6.8% | Top tier | |
| ROE (TTM) | 19.3%5Y avg ≈18.2% | ≈18.2% | 16.1% | Top tier | |
| ROIC | 16.4%5Y avg ≈15.0% | ≈15.0% | 14.6% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | UTHR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 5.75Y avg ≈6.7 | ≈6.7 | 3.5 | Strong liquidity | |
| Quick Ratio (MRQ) | 4.95Y avg ≈6.1 | ≈6.1 | 3.0 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | UTHR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 10.6%5Y avg ≈16.6% | ≈16.6% | · | · | |
| Revenue CAGR 3Y | 18.0%5Y avg ≈17.9% | ≈17.9% | · | · | |
| Revenue CAGR 5Y | 16.5% | · | · | · | |
| EPS YoY | 13.1%5Y avg ≈21.2% | ≈21.2% | · | · | |
| Net Income YoY | 11.7%5Y avg ≈30.3% | ≈30.3% | · | · | |
| EPS CAGR 3Y | 22.9%5Y avg ≈25.8% | ≈25.8% | · | · | |
| EPS CAGR 5Y | 19.3% | · | · | · | |
| Net Income CAGR 3Y | 22.4% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | UTHR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.45Y avg ≈0.4 | ≈0.4 | 0.7 | Weak | |
| Inventory Turnover | 2.35Y avg ≈2.0 | ≈2.0 | 2.3 | In line | |
| Receivables Turnover | 10.15Y avg ≈9.7 | ≈9.7 | 6.7 | Top tier | |
| Revenue / Employee | ≈$2.3M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-3.3%
Next Report
Oct 27, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 28, 2026 | $7.27 | $6.97 | 4.3% |
| March 31, 2026 | $5.82 | $7.01 | -16.9% | |
| Dec. 31, 2025 | $7.70 | $7.33 | 5.1% | |
| Sept. 30, 2025 | $7.16 | $7.33 | -2.3% | |
| June 30, 2025 | $6.41 | $7.08 | -9.5% | |
| March 31, 2025 | $6.63 | $6.66 | -0.45% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.18B | $2.88B | $2.33B | $1.94B | $1.69B | $1.48B | $1.45B | $1.63B | $1.73B | $1.60B | $1.47B | $1.29B | |
| Cost of Revenue | $384M | $310M | $258M | $152M | $122M | $108M | $118M | $199M | $106M | $73M | $69M | $126M | |
| Gross Profit | $2.80B | $2.57B | $2.07B | $1.78B | $1.56B | $1.38B | $1.33B | · | · | · | · | $1.15B | |
| R&D Expense | $550M | $481M | $408M | $323M | $540M | $358M | $1.18B | $358M | $265M | $148M | $245M | $242M | |
| SG&A Expense | $756M | $710M | $477M | $482M | $467M | · | · | $266M | $330M | $317M | $453M | $381M | |
| Operating Expenses | $1.69B | $1.50B | $1.14B | $957M | $1.13B | $890M | $1.64B | $822M | $910M | $537M | $767M | $750M | |
| Operating Income | $1.49B | $1.38B | $1.18B | $980M | $556M | $594M | $-188M | $805M | $815M | $1.06B | $699M | $539M | |
| Interest Expense | · | · | $59M | $32M | $19M | $24M | $44M | $14M | $9M | $4M | $5M | $18M | |
| Interest Income | $192M | $199M | $163M | $45M | $17M | $29M | $44M | $29M | $11M | $4M | · | · | |
| Other Non-op | $49M | $6M | $-14M | $-40M | $42M | $49M | $23M | $-8M | $2M | $-1M | $100.0K | $4M | |
| Pretax Income | $1.71B | $1.54B | $1.27B | $951M | $594M | $639M | $-165M | $759M | $770M | $1.06B | $1.04B | $525M | |
| Income Tax | $379M | $344M | $290M | $223M | $118M | $124M | $-60M | $170M | $352M | $346M | $393M | $185M | |
| Net Income | $1.33B | $1.20B | $985M | $727M | $476M | · | $-104M | $589M | $418M | $714M | $652M | · | |
| EPS (Basic) | $30.13 | $26.44 | $21.04 | $15.98 | $10.60 | $11.65 | $-2.39 | $13.54 | $9.50 | $16.29 | $14.17 | $7.06 | |
| EPS (Diluted) | $27.86 | $24.64 | $19.81 | $15.00 | $10.06 | $11.54 | $-2.39 | $13.39 | $9.31 | $15.25 | $12.72 | $6.28 | |
| Shares (Basic) | 44,300,000 | 45,200,000 | 46,800,000 | 45,500,000 | 44,900,000 | 44,200,000 | 43,800,000 | 43,500,000 | 44,000,000 | 43,800,000 | 46,000,000 | 48,200,000 | |
| Shares (Diluted) | 47,900,000 | 48,500,000 | 49,700,000 | 48,500,000 | 47,300,000 | 44,600,000 | 43,800,000 | 44,000,000 | 44,900,000 | 46,800,000 | 51,200,000 | 54,200,000 | |
| EBITDA | $1.58B | $1.45B | $1.24B | $1.03B | $606M | $644M | $-142M | $841M | $846M | $1.09B | $732M | $571M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.56B | $1.70B | $1.21B | $961M | $895M | $739M | $738M | $669M | $705M | $1.02B | $832M | $398M | |
| Short-term Investments | $1.36B | $1.57B | $1.79B | $1.88B | $1.04B | $1.10B | $748M | $747M | $222M | $28M | · | · | |
| Receivables | $350M | $279M | $279M | $220M | $199M | $157M | $151M | $176M | $297M | $214M | $193M | $162M | |
| Inventory | $183M | $158M | $112M | $102M | $94M | $86M | $93M | $101M | $108M | $100M | $81M | $67M | |
| Other Current Assets | $249M | $170M | $166M | $219M | $100M | $88M | $134M | $75M | $116M | $60M | $47M | $33M | |
| Current Assets | $3.70B | $3.87B | $3.55B | $3.38B | $2.32B | $2.17B | $1.86B | $1.77B | $1.45B | $1.42B | $1.28B | $958M | |
| PP&E (Net) | $1.73B | $1.22B | $1.05B | $862M | $781M | $732M | $738M | $700M | $546M | $489M | $496M | $478M | |
| PP&E (Gross) | $2.30B | $1.71B | $1.47B | $1.24B | $1.12B | $1.04B | $1.01B | $934M | $748M | $664M | $651M | $613M | |
| Accum. Depreciation | $568M | $491M | $428M | $383M | $342M | $309M | $269M | $235M | $202M | $175M | $155M | $135M | |
| Goodwill | $32M | $32M | $34M | $28M | $28M | $28M | $28M | $32M | $14M | $10M | $10M | $10M | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | $3M | $4M | |
| Other Non-current Assets | $197M | $222M | $152M | $114M | $108M | $170M | $155M | $224M | $224M | $197M | $154M | $98M | |
| Total Assets | $7.88B | $7.36B | $7.17B | $6.04B | $5.17B | $4.62B | $3.91B | $3.40B | $2.88B | $2.33B | $2.18B | $1.88B | |
| Accounts Payable | $488M | $6M | $6M | $4M | $4M | $4M | $10M | $23M | $8M | $8M | $8M | $7M | |
| Accrued Liabilities | $481M | $338M | $292M | $226M | $171M | $183M | $138M | $143M | $163M | $96M | $96M | $78M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | $67.0K | |
| Current Liabilities | $561M | $738M | $804M | $343M | $305M | $323M | $463M | $277M | $445M | $332M | $441M | $504M | |
| Capital Leases | · | · | · | · | · | · | $3M | · | · | · | · | · | |
| Other Non-current Liabilities | $223M | $182M | $78M | $105M | $105M | $96M | $70M | $67M | $64M | $131M | $144M | $115M | |
| Total Liabilities | $784M | $920M | $1.18B | $1.25B | $1.21B | $1.22B | $1.13B | $593M | $758M | $463M | $585M | $619M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | $67.0K | |
| Common Stock | $800.0K | $800.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $660.0K | |
| Retained Earnings | $8.56B | $7.22B | $6.03B | $5.04B | $4.32B | $3.84B | $3.33B | $3.43B | $2.85B | $2.43B | $1.72B | $1.07B | |
| Treasury Stock | $4.26B | $3.47B | $2.58B | $2.58B | $2.58B | $2.58B | $2.58B | $2.58B | $2.58B | $2.38B | $1.90B | $1.19B | |
| AOCI | $900.0K | $-3M | $-13M | $-56M | $-23M | $-14M | $-14M | $-8M | $-20M | $-17M | $-20M | $-17M | |
| Stockholders' Equity | $7.10B | $6.44B | $5.98B | $4.80B | $3.96B | $3.40B | $2.78B | $2.79B | $2.10B | $1.85B | $1.59B | $1.24B | |
| Liabilities + Equity | $7.88B | $7.36B | $7.17B | $6.04B | $5.17B | $4.62B | $3.91B | $3.40B | $2.88B | $2.33B | $2.18B | $1.88B | |
| Shares Outstanding | 43,643,165 | 44,831,306 | 47,040,545 | 46,032,064 | 45,107,805 | 44,507,098 | 43,884,559 | 43,588,365 | 43,239,624 | 42,965,856 | 45,760,845 | 47,107,709 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $86M | $72M | $53M | $51M | $50M | $50M | $46M | $36M | $31M | $32M | $33M | $32M | |
| Stock-based Comp | $148M | $144M | $39M | $107M | $138M | $164M | $45M | $-26M | $74M | $12M | $280M | $190M | |
| Deferred Tax | $98M | $-64M | $-64M | $-51M | $-19M | $-10M | $-133M | $16M | $66M | $10M | $5M | $-3M | |
| Amort. of Intangibles | $900.0K | $900.0K | $300.0K | $100.0K | $100.0K | $200.0K | $200.0K | $100.0K | $500.0K | $600.0K | $1M | $1M | |
| Other Non-cash | $-104M | $-20M | $-35M | · | · | · | $-60M | $164M | $-115M | · | · | · | |
| Operating Cash Flow | $1.56B | $1.33B | $978M | $802M | $598M | $756M | $-207M | $778M | $474M | $644M | $383M | $355M | |
| CapEx | $520M | $246M | $230M | $139M | $121M | $59M | $84M | $184M | $86M | $38M | $50M | $47M | |
| Investing Cash Flow | $-551M | $417M | $-720M | $-812M | $-487M | $-738M | $-335M | $-821M | $-836M | $48M | $504M | · | |
| Stock Repurchased | $1.00B | $1.00B | $0 | $0 | · | · | · | · | $250M | $500M | $394M | $483M | |
| Net Stock Activity | $-1.00B | $-1.00B | · | · | · | · | · | · | $-250M | $-500M | $-394M | $-483M | |
| Financing Cash Flow | $-1.15B | $-1.25B | $-12M | $75M | $45M | $-17M | $611M | $6M | $43M | $-498M | $-447M | · | |
| Net Change in Cash | $-140M | $490M | $246M | $66M | $156M | $300.0K | $69M | $-36M | $-318M | $191M | $434M | $113M | |
| Taxes Paid | $313M | $401M | $332M | $276M | $153M | $93M | $120M | $103M | $347M | $362M | $293M | $196M | |
| Free Cash Flow | $1.04B | $1.08B | $748M | $664M | $477M | $696M | $-290M | $594M | $388M | $606M | $333M | $308M | |
| Levered FCF | · | · | $702M | $639M | $462M | $677M | $-318M | $583M | $383M | $603M | $330M | $296M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.9% | 89.2% | 88.9% | 92.2% | 92.7% | · | · | · | · | · | · | 89.5% | |
| Operating Margin | 46.9% | 47.9% | 50.9% | 50.6% | 33.0% | 40.0% | -13.0% | 49.5% | 47.2% | 66.4% | 47.7% | 41.8% | |
| Net Margin | 41.9% | 41.5% | 42.3% | · | · | · | -7.2% | 36.2% | 24.2% | · | · | · | |
| Pretax Margin | 53.8% | 53.5% | 54.8% | 49.1% | 35.2% | 43.1% | -11.4% | 46.6% | 44.6% | 66.3% | 71.3% | 40.8% | |
| EBITDA Margin | 49.6% | 50.4% | 53.2% | 53.2% | 35.9% | 43.4% | -9.8% | 51.7% | 49.0% | 68.4% | 49.9% | 44.3% | |
| ROA | 17.5% | 16.4% | 14.9% | · | · | · | -2.9% | 18.8% | 16.1% | · | · | · | |
| ROE | 18.7% | 19.1% | 16.8% | · | · | · | -3.8% | 21.5% | 21.1% | · | · | · | |
| ROIC | 16.4% | 16.6% | 15.3% | 15.6% | 11.2% | 14.1% | -4.3% | 22.4% | 21.1% | 38.6% | 27.5% | 28.1% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.6 | 5.2 | 4.4 | 9.8 | 7.6 | 6.7 | 4.0 | 6.4 | 3.3 | 4.3 | 2.9 | 1.9 | |
| Quick Ratio | 5.8 | 4.8 | 4.1 | 8.9 | 7.0 | 6.2 | 3.5 | 5.8 | 2.8 | 3.7 | 2.3 | 1.1 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | 0.0 | |
| Interest Coverage | · | · | 20.0 | 30.2 | 29.9 | 25.3 | -4.2 | 57.9 | 90.5 | 272.2 | 147.6 | 30.6 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.4 | 0.5 | 0.7 | 0.7 | 0.7 | 0.6 | |
| Inventory Turnover | 2.3 | 2.3 | 2.4 | 1.5 | 1.4 | 1.2 | 1.2 | 1.9 | 1.0 | 0.8 | 0.9 | 2.2 | |
| Receivables Turnover | 10.1 | 10.3 | 9.3 | 9.2 | 9.5 | 9.6 | 8.9 | 6.9 | 6.7 | 7.9 | 8.3 | 8.9 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $162.60 | $143.74 | $127.23 | $104.20 | $87.77 | $76.28 | $63.36 | $63.98 | $48.61 | $43.09 | $34.71 | $26.37 | |
| Revenue / Share | $66.44 | $59.33 | $46.83 | $39.92 | $35.63 | $33.26 | $33.08 | $37.00 | $38.43 | $34.16 | $28.62 | $23.79 | |
| Cash Flow / Share | $32.59 | $27.36 | $19.68 | $16.55 | $12.65 | $16.94 | $-4.72 | $17.69 | $10.56 | $13.75 | $7.47 | $6.56 | |
| Cash / Share | $35.68 | $37.86 | $25.67 | $20.88 | $19.84 | $16.60 | $16.83 | $15.35 | $16.31 | $23.81 | $18.18 | $8.44 | |
| EPS (TTM) | $27.86 | $24.64 | $19.81 | $15.00 | $10.06 | $11.54 | $-2.39 | $13.39 | $9.31 | $15.25 | $12.72 | $6.28 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.6% | 23.6% | 20.2% | 14.9% | 13.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 18.0% | 19.5% | 16.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 16.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 13.1% | 24.4% | 32.1% | 49.1% | -12.8% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 22.9% | 34.8% | 19.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 19.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 11.7% | 21.3% | 35.4% | 52.9% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 22.4% | 35.9% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.18B | $2.88B | $2.33B | $1.94B | $1.69B | $1.48B | $1.45B | $1.63B | $1.73B | $1.60B | $1.47B | $1.29B | |
| Net Income TTM | $1.33B | $1.20B | $985M | $727M | $476M | $548M | $-104M | $589M | $418M | $714M | $652M | $168M | |
| Market Cap | $21.27B | $15.82B | $10.34B | $12.80B | $9.75B | $6.76B | $3.87B | $4.75B | $6.40B | $6.16B | $7.17B | $6.10B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | $5.70B | |
| P/E | 17.5 | 14.3 | 11.1 | 18.5 | 21.5 | 13.2 | -36.9 | 8.1 | 15.9 | 9.4 | 12.3 | 20.6 | |
| P/S | 6.7 | 5.5 | 4.4 | 6.6 | 5.8 | 4.6 | 2.7 | 2.9 | 3.7 | 3.9 | 4.9 | 4.7 | |
| P/B | 3.0 | 2.5 | 1.7 | 2.7 | 2.5 | 2.0 | 1.4 | 1.7 | 3.0 | 3.3 | 4.5 | 4.9 | |
| P / Tangible Book | 3.0 | 2.5 | 1.7 | 2.7 | 2.5 | 2.0 | · | · | · | · | · | · | |
| P / Cash Flow | 13.6 | 11.9 | 10.6 | 16.0 | 16.3 | 8.9 | -18.7 | 6.1 | 13.5 | 9.6 | 18.7 | 17.2 | |
| P / FCF | 20.4 | 14.6 | 13.8 | 19.3 | 20.4 | 9.7 | -13.3 | 8.0 | 16.5 | 10.2 | 21.5 | 19.8 | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | 10.0 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | · | · | 18.5 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | 4.4 | |
| Earnings Yield | 5.7% | 7.0% | 9.0% | 5.4% | 4.7% | 7.6% | -2.7% | 12.3% | 6.3% | 10.6% | 8.1% | 4.9% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $783M | $782M | $790M | $800M | $799M | $794M | $736M | $749M | $715M | $678M | $615M | $609M | $596M | $507M | $492M | $516M | |
| Cost of Revenue | $100M | $133M | $103M | $101M | $88M | $92M | $76M | $83M | $78M | $73M | $71M | $70M | $64M | $52M | $59M | $37M | |
| Gross Profit | $684M | $648M | $687M | $699M | $711M | $702M | $660M | $666M | $637M | $605M | $544M | $539M | $532M | $455M | $433M | $479M | |
| R&D Expense | $146M | $138M | $140M | $128M | $134M | $149M | $134M | $104M | $140M | $104M | $151M | $85M | $89M | $83M | $94M | $66M | |
| SG&A Expense | $207M | $184M | $191M | $183M | $212M | $170M | $168M | $219M | $178M | $144M | $132M | $128M | $130M | $87M | $163M | $98M | |
| Operating Expenses | $452M | $456M | $434M | $411M | $434M | $412M | $378M | $406M | $395M | $321M | $355M | $282M | $283M | $222M | $316M | $202M | |
| Operating Income | $331M | $326M | $357M | $388M | $364M | $383M | $358M | $343M | $320M | $356M | $260M | $327M | $313M | $284M | $176M | $314M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $13M | · | $16M | $15M | $14M | · | $9M | |
| Interest Income | $32M | $42M | $43M | $46M | $51M | $51M | $49M | $50M | $46M | $54M | $51M | $45M | $37M | $29M | $21M | $13M | |
| Other Non-op | $13M | $-46M | $47M | $6M | $-100.0K | $-4M | $-3M | $6M | $800.0K | $2M | $-600.0K | $-5M | $-600.0K | $-8M | $-5M | $-6M | |
| Pretax Income | $373M | $318M | $444M | $438M | $408M | $424M | $396M | $389M | $355M | $399M | $295M | $352M | $335M | $292M | $179M | $312M | |
| Income Tax | $40M | $43M | $80M | $99M | $99M | $101M | $95M | $80M | $77M | $92M | $78M | $84M | $76M | $51M | $47M | $73M | |
| Net Income | $333M | $275M | $364M | $339M | $310M | $322M | $301M | $309M | $278M | $307M | $217M | $268M | $259M | $241M | $132M | $239M | |
| EPS (Basic) | $7.82 | $6.32 | $8.36 | $7.73 | $6.86 | $7.18 | $6.73 | $6.93 | $6.26 | $6.52 | $4.60 | $5.71 | $5.53 | $5.20 | $2.85 | $5.26 | |
| EPS (Diluted) | $7.27 | $5.82 | $7.66 | $7.16 | $6.41 | $6.63 | $6.23 | $6.39 | $5.85 | $6.17 | $4.33 | $5.38 | $5.24 | $4.86 | $2.65 | $4.91 | |
| Shares (Basic) | 42,600,000 | 43,500,000 | · | 43,800,000 | 45,100,000 | 44,900,000 | · | 44,600,000 | 44,400,000 | 47,000,000 | · | 46,900,000 | 46,900,000 | 46,300,000 | · | 45,500,000 | |
| Shares (Diluted) | 45,800,000 | 47,200,000 | · | 47,300,000 | 48,300,000 | 48,600,000 | · | 48,400,000 | 47,500,000 | 49,700,000 | · | 49,700,000 | 49,500,000 | 49,600,000 | · | 48,700,000 | |
| EBITDA | $331M | $348M | · | $388M | $364M | $403M | · | $343M | $320M | $371M | · | $327M | $313M | $298M | · | $314M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.80B | $1.28B | $1.56B | $1.34B | $1.59B | $1.90B | $1.70B | $1.55B | $1.36B | $1.25B | · | $1.11B | $1.07B | $1.16B | · | $967M | |
| Short-term Investments | $859M | $874M | $1.36B | $1.43B | $1.46B | $1.42B | $1.57B | $1.77B | $1.62B | $1.46B | · | $1.77B | $1.61B | $1.70B | · | $1.65B | |
| Receivables | $310M | $312M | $350M | $298M | $379M | $322M | $279M | $342M | $291M | $307M | · | $259M | $273M | $134M | · | $232M | |
| Inventory | $194M | $178M | $183M | $176M | $169M | $165M | $158M | $147M | $136M | $120M | · | $104M | $103M | $102M | · | $91M | |
| Other Current Assets | $317M | $228M | $249M | $252M | $230M | $131M | $170M | $185M | $221M | $113M | · | $220M | $158M | $93M | · | $118M | |
| Current Assets | $3.48B | $2.87B | $3.70B | $3.49B | $3.83B | $3.94B | $3.87B | $4.00B | $3.62B | $3.25B | · | $3.46B | $3.21B | $3.19B | · | $3.06B | |
| PP&E (Net) | $1.93B | $1.84B | $1.73B | $1.56B | $1.36B | $1.30B | $1.22B | $1.16B | $1.09B | $1.07B | · | $992M | $939M | $896M | · | $841M | |
| PP&E (Gross) | $2.54B | $2.43B | $2.30B | $2.10B | $1.89B | $1.81B | $1.71B | $1.63B | $1.56B | $1.52B | · | $1.41B | $1.35B | $1.29B | · | $1.22B | |
| Accum. Depreciation | $612M | $589M | $568M | $549M | $531M | $511M | $491M | $476M | $461M | $443M | · | $420M | $409M | $396M | · | $377M | |
| Goodwill | · | · | $32M | · | · | · | $32M | · | · | · | · | · | · | · | · | $28M | |
| Other Non-current Assets | $240M | $233M | $197M | $263M | $233M | $222M | $222M | $184M | $168M | $169M | · | $142M | $135M | $124M | · | $115M | |
| Total Assets | $7.22B | $6.71B | $7.88B | $7.35B | $7.91B | $7.74B | $7.36B | $7.12B | $6.72B | $6.50B | · | $7.02B | $6.68B | $6.35B | · | $5.78B | |
| Accounts Payable | $498M | $498M | $7M | $468M | $432M | $367M | $6M | $364M | $325M | $305M | · | $333M | $292M | $240M | · | $220M | |
| Accrued Liabilities | · | · | $481M | · | · | · | $338M | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $608M | $599M | $561M | $546M | $527M | $722M | $738M | $873M | $832M | $861M | · | $744M | $370M | $325M | · | $316M | |
| Other Non-current Liabilities | $212M | $214M | $223M | $215M | $207M | $215M | $182M | $149M | $94M | $96M | · | $67M | $100M | $98M | · | $104M | |
| Total Liabilities | $820M | $813M | $784M | $761M | $734M | $937M | $920M | $1.02B | $1.03B | $1.16B | · | $1.31B | $1.27B | $1.22B | · | $1.22B | |
| Common Stock | $800.0K | $800.0K | $800.0K | $800.0K | $800.0K | $800.0K | $800.0K | $700.0K | $700.0K | $700.0K | · | $700.0K | $700.0K | $700.0K | · | $700.0K | |
| Retained Earnings | $9.16B | $8.83B | $8.56B | $8.19B | $7.85B | $7.54B | $7.22B | $6.92B | $6.61B | $6.33B | · | $5.81B | $5.54B | $5.28B | · | $4.91B | |
| Treasury Stock | $5.64B | $5.44B | $4.26B | $4.26B | $3.47B | $3.47B | $3.47B | $3.48B | $3.44B | $3.39B | · | $2.58B | $2.58B | $2.58B | · | $2.58B | |
| AOCI | $-16M | $-10M | $900.0K | $100.0K | $0 | $-1M | $-3M | $7M | $-15M | $-16M | · | $-44M | $-51M | $-39M | · | $-84M | |
| Stockholders' Equity | $6.40B | $5.90B | $7.10B | $6.59B | $7.17B | $6.81B | $6.44B | $6.10B | $5.70B | $5.34B | $5.98B | $5.71B | $5.41B | $5.12B | $4.80B | $4.56B | |
| Liabilities + Equity | $7.22B | $6.71B | $7.88B | $7.35B | $7.91B | $7.74B | $7.36B | $7.12B | $6.72B | $6.50B | · | $7.02B | $6.68B | $6.35B | · | $5.78B | |
| Shares Outstanding | 42,676,835 | 42,156,223 | 43,643,165 | 42,902,818 | 45,215,262 | 45,074,551 | 44,831,306 | 44,615,658 | 44,421,650 | 44,204,517 | · | 46,981,211 | 46,913,260 | 46,698,538 | · | 45,563,095 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $24M | $23M | $23M | $22M | $21M | $20M | $20M | $19M | $19M | $15M | $14M | $13M | $13M | $13M | $13M | $13M | |
| Stock-based Comp | $43M | $34M | $39M | $39M | $38M | $32M | $27M | $42M | $50M | $26M | $17M | $21M | $14M | $-12M | $65M | $-2M | |
| Deferred Tax | $26M | $26M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $106M | · | · | · | $87M | · | · | · | $29M | · | · | · | $133M | · | · | |
| Operating Cash Flow | $314M | $463M | $346M | $562M | $192M | $461M | $341M | $377M | $232M | $376M | $151M | $346M | $106M | $375M | $128M | $259M | |
| CapEx | $108M | $101M | $173M | $210M | $62M | $75M | $87M | $76M | $45M | $38M | $79M | $66M | $45M | $41M | $40M | $69M | |
| Investing Cash Flow | $88M | $744M | $-228M | $141M | $-300M | $-165M | $-123M | $-115M | $-80M | $735M | $42M | $-313M | $-227M | $-221M | $-189M | $-94M | |
| Stock Repurchased | $0 | $1.50B | $0 | $1.00B | $0 | $0 | $0 | $0 | $0 | $1.00B | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $-1.50B | · | · | · | $0 | · | · | · | $-1.00B | · | · | · | · | · | · | |
| Financing Cash Flow | $122M | $-1.48B | $98M | $-956M | $-199M | $-94M | $-75M | $-64M | $-48M | $-1.07B | $-93M | $8M | $25M | $49M | $56M | $7M | |
| Net Change in Cash | $524M | $-277M | $217M | $-253M | $-307M | $203M | $143M | $198M | $104M | $44M | $100M | $40M | $-96M | $202M | $-6M | $172M | |
| Taxes Paid | $101M | $2M | $51M | $8M | $253M | $500.0K | $111M | $77M | $207M | $5M | $97M | $88M | $148M | $0 | $87M | $51M | |
| Free Cash Flow | · | $362M | · | · | · | $386M | · | · | · | $338M | · | · | · | $334M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $328M | · | · | · | $322M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.3% | 82.9% | · | 87.4% | 89.0% | 88.4% | · | 88.9% | 89.1% | 89.2% | · | 88.5% | 89.2% | 89.7% | · | 92.8% | |
| Operating Margin | 42.2% | 41.7% | · | 48.6% | 45.6% | 48.2% | · | 45.8% | 44.8% | 52.6% | · | 53.7% | 52.5% | 56.1% | · | 60.9% | |
| Net Margin | 42.5% | 35.2% | · | 42.4% | 38.8% | 40.6% | · | 41.3% | 38.9% | 45.2% | · | 43.9% | 43.5% | 47.5% | · | 46.4% | |
| Pretax Margin | 47.6% | 40.7% | · | 54.8% | 51.1% | 53.3% | · | 51.9% | 49.7% | 58.8% | · | 57.7% | 56.2% | 57.6% | · | 60.6% | |
| EBITDA Margin | 42.2% | 44.6% | · | 48.6% | 45.6% | 50.7% | · | 45.8% | 44.8% | 54.8% | · | 53.7% | 52.5% | 58.7% | · | 60.9% | |
| ROA | 4.4% | 3.8% | · | 4.7% | 4.2% | 4.5% | · | 4.4% | 4.2% | 4.8% | · | 4.2% | 4.2% | 4.1% | · | 4.4% | |
| ROE | 4.9% | 4.3% | · | 5.3% | 4.8% | 5.3% | · | 5.2% | 5.0% | 5.9% | · | 5.2% | 5.3% | 5.2% | · | 5.7% | |
| ROIC | 4.6% | 4.8% | · | 4.6% | 3.9% | 4.3% | · | 4.5% | 4.4% | 5.1% | · | 4.3% | 4.5% | 4.6% | · | 5.3% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.7 | 4.8 | · | 6.4 | 7.3 | 5.5 | · | 4.6 | 4.3 | 3.8 | · | 4.6 | 8.7 | 9.8 | · | 9.7 | |
| Quick Ratio | 4.9 | 4.1 | · | 5.6 | 6.5 | 5.0 | · | 4.2 | 3.9 | 3.5 | · | 4.2 | 8.0 | 9.2 | · | 9.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 26.8 | · | 21.0 | 21.2 | 20.6 | · | 34.2 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.5 | 0.8 | · | 0.6 | 0.6 | 0.6 | · | 0.7 | 0.6 | 0.7 | · | 0.7 | 0.7 | 0.5 | · | 0.4 | |
| Receivables Turnover | 2.3 | 2.5 | · | 2.5 | 2.4 | 2.5 | · | 2.5 | 2.5 | 3.1 | · | 2.5 | 2.7 | 3.3 | · | 2.3 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $149.97 | $139.98 | · | $153.61 | $158.65 | $151.02 | · | $136.74 | $128.25 | $120.76 | · | $121.58 | $115.34 | $109.71 | · | $100.13 | |
| Revenue / Share | $17.10 | $16.56 | · | $16.90 | $16.53 | $16.35 | · | $15.47 | $15.05 | $13.64 | · | $12.26 | $12.05 | $10.22 | · | $10.60 | |
| Cash Flow / Share | · | $9.82 | · | · | · | $9.49 | · | · | · | $7.58 | · | · | · | $7.56 | · | · | |
| Cash / Share | $42.25 | $30.36 | · | $31.24 | $35.23 | $42.15 | · | $34.83 | $30.52 | $28.31 | · | $23.58 | $22.75 | $24.92 | · | $21.22 | |
| EPS (TTM) | $27.91 | $27.05 | · | $26.43 | $25.66 | $25.10 | · | $22.74 | $21.73 | $21.12 | · | $18.13 | $17.66 | $14.83 | · | $14.73 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.15B | $3.17B | · | $3.13B | $3.08B | $2.99B | · | $2.76B | $2.62B | $2.50B | · | $2.20B | $2.11B | $1.98B | · | $1.86B | |
| Net Income TTM | $1.31B | $1.29B | · | $1.27B | $1.24B | $1.21B | · | $1.11B | $1.07B | $1.05B | · | $900M | $872M | $728M | · | $707M | |
| Market Cap | $23.12B | $25.00B | · | $17.99B | $12.99B | $13.90B | · | $15.99B | $14.15B | $10.15B | · | $10.61B | $10.36B | $10.46B | · | $9.54B | |
| P/E | 19.4 | 21.9 | · | 15.9 | 11.2 | 12.3 | · | 15.8 | 14.7 | 10.9 | · | 12.5 | 12.5 | 15.1 | · | 14.2 | |
| P/S | 7.3 | 7.9 | · | 5.7 | 4.2 | 4.6 | · | 5.8 | 5.4 | 4.1 | · | 4.8 | 4.9 | 5.3 | · | 5.1 | |
| P/B | 3.6 | 4.2 | · | 2.7 | 1.8 | 2.0 | · | 2.6 | 2.5 | 1.9 | · | 1.9 | 1.9 | 2.0 | · | 2.1 | |
| P / Tangible Book | 3.6 | 4.2 | · | 2.7 | 1.8 | 2.0 | · | 2.6 | 2.5 | 1.9 | · | 1.9 | 1.9 | 2.0 | · | 2.1 | |
| P / Cash Flow | · | 54.0 | · | · | · | 30.1 | · | · | · | 27.0 | · | · | · | 27.9 | · | · | |
| Earnings Yield | 5.1% | 4.6% | · | 6.3% | 8.9% | 8.1% | · | 6.3% | 6.8% | 9.2% | · | 8.0% | 8.0% | 6.6% | · | 7.0% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $3.18B | $2.88B | $2.33B | $1.94B | $1.69B |
| Gross Margin % | 87.9% | 89.2% | 88.9% | 92.2% | 92.7% |
| Operating Margin % | 46.9% | 47.9% | 50.9% | 50.6% | 33.0% |
| Net Income | $1.33B | $1.20B | $985M | $727M | $476M |
| Diluted EPS | $27.86 | $24.64 | $19.81 | $15.00 | $10.06 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 6.6 | 5.2 | 4.4 | 9.8 | 7.6 |
| Quick Ratio | 5.8 | 4.8 | 4.1 | 8.9 | 7.0 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $1.04B | $1.08B | $748M | $664M | $477M |
Institutional owners (13F) 931 filers · $24.9B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
931
Value held
$24.9B
New positions
104
Exited positions
67
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 104 (-40 vs prior Q) | 67 (-10 vs prior Q) | 314 (+10 vs prior Q) | 333 (+17 vs prior Q) | -1.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $2,868,735,059 | 5,294,529 | 11.54% | Shares |
| VANGUARD GROUP INC | $2,034,763,797 | 4,176,016 | 8.19% | Shares |
| Avoro Capital Advisors LLC | $1,505,082,912 | 2,777,777 | 6.05% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,040,004,215 | 1,919,429 | 4.18% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,039,368,649 | 1,918,256 | 4.18% | Shares |
| STATE STREET CORP | $1,028,428,017 | 1,898,064 | 4.14% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $925,846,052 | 1,708,739 | 3.72% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $747,197,117 | 1,379,025 | 3.01% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $538,855,226 | 996,598 | 2.17% | Shares |
| JANUS HENDERSON GROUP PLC | $514,015,988 | 866,930 | 2.07% | Shares |
| NORGES BANK | $376,438,018 | 694,753 | 1.51% | Shares |
| ASSETMARK, INC | $338,138,858 | 624,068 | 1.36% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $294,639,029 | 546,002 | 1.19% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $286,045,734 | 527,904 | 1.15% | Shares |
| FMR LLC | $256,507,207 | 473,409 | 1.03% | Shares |
| Invesco Ltd. | $256,344,651 | 473,109 | 1.03% | Shares |
| BAILLIE GIFFORD & CO | $253,147,853 | 467,209 | 1.02% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $247,616,310 | 457,000 | 1.00% | Shares |
| MORGAN STANLEY | $236,617,580 | 436,699 | 0.95% | Shares |
| Vestal Point Capital, LP | $235,696,050 | 435,000 | 0.95% | Shares |
| NORTHERN TRUST CORP | $233,444,205 | 430,844 | 0.94% | Shares |
| MILLENNIUM MANAGEMENT LLC | $221,648,565 | 409,074 | 0.89% | Shares |
| Caption Management, LLC | $204,920,106 | 378,200 | 0.82% | Put option |
| Caption Management, LLC | $198,634,878 | 366,600 | 0.80% | Call option |
| FRANKLIN RESOURCES INC | $184,371,047 | 340,275 | 0.74% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $176,799,129 | 326,300 | 0.71% | Put option |
| Swedbank AB | $175,008,379 | 322,995 | 0.70% | Shares |
| CITADEL ADVISORS LLC | $165,091,266 | 304,692 | 0.66% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $161,011,287 | 297,162 | 0.65% | Shares |
| Bank of New York Mellon Corp | $159,521,819 | 294,413 | 0.64% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $158,756,190 | 293,000 | 0.64% | Call option |
| Eversept Partners, LP | $155,867,152 | 287,668 | 0.63% | Shares |
| JANE STREET GROUP, LLC | $154,923,285 | 285,926 | 0.62% | Shares |
| Caisse de depot et placement du Quebec | $154,303,973 | 284,783 | 0.62% | Shares |
| JPMORGAN CHASE & CO | $151,010,170 | 275,358 | 0.61% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $145,468,893 | 268,477 | 0.59% | Shares |
| Pictet Asset Management Holding SA | $145,164,564 | 267,852 | 0.58% | Shares |
| CITIGROUP INC | $142,067,826 | 262,200 | 0.57% | Shares |
| ALLIANCEBERNSTEIN L.P. | $139,117,259 | 234,607 | 0.56% | Shares |
| CITADEL ADVISORS LLC | $135,132,402 | 249,400 | 0.54% | Call option |
| FIRST TRUST ADVISORS LP | $134,945,934 | 249,056 | 0.54% | Shares |
| Qube Research & Technologies Ltd | $126,592,619 | 233,639 | 0.51% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $122,930,093 | 207,309 | 0.49% | Shares |
| Soleus Capital Management, L.P. | $122,229,804 | 225,587 | 0.49% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $119,580,125 | 220,697 | 0.48% | Shares |
| UBS Group AG | $119,536,368 | 220,616 | 0.48% | Shares |
| Amundi | $118,711,702 | 219,094 | 0.48% | Shares |
| Legal & General Group Plc | $112,209,199 | 207,093 | 0.45% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $112,054,808 | 206,808 | 0.45% | Shares |
| Point72 Asset Management, L.P. | $108,993,981 | 201,159 | 0.44% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| United Therapeutics Corporation ×2 filings | Dec. 22, 2023 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 25 insiders · 8 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Martine A Rothblatt | Chairperson & CEO | Oct. 1, 2026 M | 324,443 | 1 | 1,838 | $-863,535,340 |
| Roger Jeffs | President & Co-CEO | March 15, 2016 A | 559 | 0 | 0 | $0 |
| James Edgemond | CFO AND TREASURER | June 22, 2026 M | 18,876 | 0 | 384 | $-211,569,813 |
| John Maxim Ferrari | CFO | Feb. 19, 2015 M | 407 | 0 | 0 | $0 |
| Michael Benkowitz | PRESIDENT AND COO | May 13, 2026 G | 19,046 | 0 | 154 | $-217,477,464 |
| David Zaccardelli | EVP & Chief Operating Officer | May 13, 2016 M | 1,542 | 0 | 0 | $0 |
| Paul A Mahon | EVP & GENERAL COUNSEL | Oct. 1, 2026 M | 45,172 | 0 | 203 | $-113,968,391 |
| Fred T Hadeed | EVP, Business Development | Aug. 17, 2006 M | 1,000 | 0 | 0 | $0 |
| Nilda Mesa | Director | Sept. 14, 2026 M | 5,580 | 0 | 4 | $-355,542 |
| Kevin Tracey | Director | July 22, 2026 A | · | 0 | 0 | $0 |
| Jan Malcolm | Director | July 22, 2026 A | 450 | 0 | 9 | $-373,410 |
| Linda Maxwell | Director | July 22, 2026 A | 0 | 0 | 0 | $0 |
| Judy D. Olian | Director | July 22, 2026 A | 5,555 | 0 | 4 | $-416,998 |
| Richard Giltner | Director | July 22, 2026 A | 21,884 | 0 | 0 | $0 |
| Tommy G Thompson | Director | July 22, 2026 A | 8,480 | 0 | 5 | $-2,512,716 |
| Christopher Causey | Director | July 22, 2026 A | 4,190 | 0 | 5 | $-2,325,845 |
| Christopher Patusky | Director | July 22, 2026 A | 2,140 | 0 | 3 | $-2,730,620 |
| Victor J Dzau | Director | July 22, 2026 A | · | 0 | 0 | $0 |
| Louis W Sullivan | Director | July 22, 2026 A | 2,983 | 0 | 2 | $-3,047,205 |
| Ray Kurzweil | Director | July 22, 2026 A | 13,320 | 0 | 1 | $-2,401,088 |
| Raymond Dwek | Director | July 24, 2025 A | 1,750 | 0 | 0 | $0 |
| Katherine J Klein | Director | March 8, 2024 M | 3,640 | 0 | 0 | $0 |
| Paul R Gray | Director | Nov. 1, 2013 M | 0 | 0 | 0 | $0 |
| Ricardo Balda | Director | June 15, 2004 A | · | 0 | 0 | $0 |
| Eli Lilly and Company | 10% owner | July 6, 2011 J | 5,251,394 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 119 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PJP · Invesco Exchange-Traded Fund Trust | 3.59% | 34,477 SH | Oct. 2, 2026 | Daily |
| XMHQ · Invesco Exchange-Traded Fund Trust | 3.13% | 296,077 SH | Oct. 2, 2026 | Daily |
| PBE · Invesco Exchange-Traded Fund Trust | 3.12% | 22,631 SH | Oct. 2, 2026 | Daily |
| BUL · Pacer Funds Trust | 2.81% | 7,126 NS | July 31, 2026 | N-PORT |
| SAWG · ETF Series Solutions | 2.66% | 148 NS | July 31, 2026 | N-PORT |
| VLLU · Harbor ETF Trust | 2.40% | 215 NS | July 31, 2026 | N-PORT |
| XMMO · Invesco Exchange-Traded Fund Trust | 2.34% | 291,391 SH | Oct. 2, 2026 | Daily |
| FGSI · First Trust Exchange-Traded Fund IV | 1.88% | 75 NS | July 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 1.64% | 3,037 SH | Oct. 2, 2026 | Daily |
| GRPM · Invesco Exchange-Traded Fund Trust | 1.62% | 14,081 SH | Oct. 2, 2026 | Daily |
| FXH · First Trust Exchange-Traded AlphaDE… | 1.62% | 32,701 NS | July 31, 2026 | N-PORT |
| IBB · iShares Trust | 1.53% | 313,640 SH | Sept. 11, 2026 | Daily |
| RFG · Invesco Exchange-Traded Fund Trust | 1.44% | 8,420 SH | Oct. 2, 2026 | Daily |
| BBP · ETFis Series Trust I | 1.31% | 2,487 NS | July 31, 2026 | N-PORT |
| FCPI · FIDELITY COVINGTON TRUST | 1.27% | 6,604 NS | July 31, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 1.23% | 25,306 SH | Oct. 2, 2026 | Daily |
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 1.21% | 1,620 NS | July 31, 2026 | N-PORT |
| IVOG · VANGUARD ADMIRAL FUNDS | 1.20% | 41,883 SH | Aug. 19, 2026 | Daily |
| SMDX · Tidal Trust III | 1.01% | 2,537 NS | July 31, 2026 | N-PORT |
| GURU · Global X Funds | 1.00% | 1,177 NS | July 31, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 0.92% | 39,179 NS | July 31, 2026 | N-PORT |
| PKW · Invesco Exchange-Traded Fund Trust | 0.82% | 24,210 SH | Oct. 2, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.79% | 5,692 SH | Oct. 2, 2026 | Daily |
| FLRG · FIDELITY COVINGTON TRUST | 0.72% | 4,059 NS | July 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.65% | 6,202 NS | July 31, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.63% | 68,553 SH | Aug. 19, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.62% | 4,661 NS | July 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.47% | 623 NS | July 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.42% | 16,626 NS | July 31, 2026 | N-PORT |
| USMV · iShares Trust | 0.39% | 184,400 SH | Sept. 11, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.38% | 3,411 NS | July 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.37% | 3,306 NS | July 31, 2026 | N-PORT |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.37% | 9,487 NS | July 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.37% | 17,970 NS | July 31, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 0.37% | 5,042 NS | July 31, 2026 | N-PORT |
| SDG · iShares Trust | 0.36% | 1,180 SH | Sept. 11, 2026 | Daily |
| IYH · iShares Trust | 0.34% | 24,223 SH | Sept. 11, 2026 | Daily |
| FTLS · First Trust Exchange-Traded Fund III | 0.31% | 14,960 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.31% | 281,184 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.31% | 118,559 SH | Aug. 19, 2026 | Daily |
| ACWV · iShares, Inc. | 0.30% | 20,272 SH | Sept. 11, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.30% | 18,782 NS | July 31, 2026 | N-PORT |
| COWZ · Pacer Funds Trust | 0.28% | 102,624 NS | July 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.27% | 973,490 SH | Aug. 19, 2026 | Daily |
| VFMV · VANGUARD WELLINGTON FUND | 0.27% | 2,108 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.26% | 487,029 SH | Aug. 19, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.24% | 3,907 NS | July 31, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.24% | 38,376 NS | July 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.24% | 308,974 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.20% | 61,730 SH | Sept. 11, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.20% | 7,435 SH | Aug. 19, 2026 | Daily |
| EUSA · iShares, Inc. | 0.19% | 7,375 SH | Sept. 11, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.19% | 2,510 SH | Aug. 19, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.19% | 2,063 NS | July 31, 2026 | N-PORT |
| PWS · Pacer Funds Trust | 0.18% | 85 NS | July 31, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.17% | 5,200 NS | July 31, 2026 | N-PORT |
| SIZE · iShares Trust | 0.17% | 1,447 SH | Sept. 11, 2026 | Daily |
| NULG · Nushares ETF Trust | 0.16% | 8,416 NS | July 31, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.16% | 21,042 NS | July 31, 2026 | N-PORT |
| QLC · FlexShares Trust | 0.16% | 3,136 NS | July 31, 2026 | N-PORT |
| IMCG · iShares Trust | 0.15% | 12,236 SH | Sept. 11, 2026 | Daily |
| IWR · iShares Trust | 0.15% | 169,940 SH | Sept. 11, 2026 | Daily |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.15% | 3,257 SH | Oct. 2, 2026 | Daily |
| VLUE · iShares Trust | 0.14% | 26,829 SH | Sept. 11, 2026 | Daily |
| IMCB · iShares Trust | 0.13% | 4,435 SH | Sept. 11, 2026 | Daily |
| DFVX · Dimensional ETF Trust | 0.13% | 1,341 NS | July 31, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.13% | 455 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.13% | 10,468 SH | Oct. 2, 2026 | Daily |
| LRND · New York Life Investments ETF Trust | 0.12% | 958 NS | July 31, 2026 | N-PORT |
| QLV · FlexShares Trust | 0.12% | 370 NS | July 31, 2026 | N-PORT |
| IMCV · iShares Trust | 0.11% | 2,578 SH | Sept. 11, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.11% | 1,501 SH | Oct. 2, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.10% | 31,218 NS | July 31, 2026 | N-PORT |
| NULC · Nushares ETF Trust | 0.10% | 141 NS | July 31, 2026 | N-PORT |
| DYNF · BlackRock ETF Trust | 0.09% | 76,266 SH | Sept. 11, 2026 | Daily |
| MTUM · iShares Trust | 0.09% | 41,286 SH | Sept. 11, 2026 | Daily |
| USXF · iShares Trust | 0.08% | 2,269 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.07% | 743 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.07% | 63,020 NS | July 31, 2026 | N-PORT |
| QUAL · iShares Trust | 0.07% | 62,268 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.07% | 4,282 NS | July 31, 2026 | N-PORT |
| GARP · iShares Trust | 0.07% | 3,943 SH | Sept. 11, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.06% | 532 SH | Aug. 19, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.06% | 24,986 SH | Aug. 19, 2026 | Daily |
| REVS · Columbia ETF Trust I | 0.06% | 374 NS | July 31, 2026 | N-PORT |
| IUSG · iShares Trust | 0.06% | 37,398 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.06% | 91,890 SH | Sept. 11, 2026 | Daily |
| AQLT · iShares Trust | 0.05% | 347 SH | Sept. 10, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.05% | 829 SH | Oct. 2, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.04% | 9,369 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.04% | 9,084 NS | July 31, 2026 | N-PORT |
| ILCG · iShares Trust | 0.04% | 2,162 SH | Sept. 11, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.03% | 5,925 SH | Oct. 2, 2026 | Daily |
| CRBN · iShares Trust | 0.03% | 783 SH | Sept. 10, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.03% | 6,629 SH | Oct. 2, 2026 | Daily |
| BKLC · BNY Mellon ETF Trust | 0.03% | 3,490 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.03% | 3,507 NS | July 31, 2026 | N-PORT |
| IYY · iShares Trust | 0.03% | 1,840 SH | Sept. 10, 2026 | Daily |
| VOTE · TCW ETF Trust | 0.03% | 641 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.03% | 1,347,956 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.03% | 6,822 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.03% | 3,486 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.03% | 130 NS | July 31, 2026 | N-PORT |
| IWB · iShares Trust | 0.03% | 28,590 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.03% | 11,700 SH | Sept. 10, 2026 | Daily |
| ITOT · iShares Trust | 0.03% | 55,071 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.03% | 11,616 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.03% | 734 SH | Sept. 10, 2026 | Daily |
| TILT · FlexShares Trust | 0.03% | 1,106 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.02% | 109 SH | Sept. 11, 2026 | Daily |
| ILCV · iShares Trust | 0.02% | 609 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.02% | 3,591 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.02% | 35,334 SH | Aug. 19, 2026 | Daily |
| ACWI · iShares Trust | 0.02% | 12,609 SH | Sept. 10, 2026 | Daily |
| HDUS · Lattice Strategies Trust | 0.01% | 47 NS | July 31, 2026 | N-PORT |
| IJH · iShares Trust | · | 1,489,603 SH | Sept. 11, 2026 | Daily |
| IJK · iShares Trust | · | 245,958 SH | Sept. 11, 2026 | Daily |
| XJH · iShares Trust | · | 5,799 SH | Sept. 8, 2026 | Daily |
| SMLF · iShares Trust | · | 31,858 SH | Sept. 11, 2026 | Daily |
UTHR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 22 analysts
BUY
Median target
$685.00
+27.7%
6 27.3%
Strong Buy
12 54.5%
Buy
4 18.2%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
14 analysts · 2026-10-02Mean target $644.36 +20.1%
Now
Current price $536.40
Low$321.00
Mean$644.36
High$728.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| UTHR | $21.27B | 17.5 | 10.6% | 41.9% | 18.7% | 87.9% |
| RVMD | · | · | · | · | · | · |
| BIIB | $25.84B | 20.0 | 2.2% | 13.1% | 7.2% | · |
| ALNY | $52.64B | 170.7 | 65.2% | 8.5% | 60.4% | · |
| INCY | $19.60B | 15.4 | 21.2% | 25.0% | 27.6% | · |
| INSM | $37.29B | -27.1 | 66.7% | -210.5% | -128.4% | · |
| NBIX | $14.20B | 30.4 | 21.4% | 16.7% | 16.1% | · |
| EXEL | $11.44B | 15.7 | 7.0% | 33.7% | 37.3% | · |
| SMMT | $13.56B | -12.1 | · | · | -235.1% | · |
| TWST | $1.71B | -21.6 | 20.3% | -20.6% | -17.0% | · |
Latest News Recent headlines mentioning this company
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
No open signal right now — no card is filled, and that's honest.
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Source: SEC 10-Q filed Aug 5, 2026