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United Therapeutics Corp

UTHRAbove value

Held by 2 superinvestors.

Price$529.34
Holders2
Total value$68.0M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31
Revenue growth
+10.6%
Net margin
41.9%
ROE
18.8%
FCF margin
32.7%
Revenue $1.48B → $3.18B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$333/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$529
cheaperpricier

Zero-growth floor

$187

Central IV

$333

Optimistic top

$415

United Therapeutics Corp (UTHR): A conservative value band $187–$415 / sh (zero-growth floor to growth-capped optimistic top); central read about $333. Today’s price sits above that band (price $529 as of 2026-07-20).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Capex doubled in two years, so maintenance is hard to pin down — read the band conservatively.

Revenue growth 7% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.5% · Zero-growth downside $187

Price as of 2026-07-20 · yahoo · DGS10 4.5% @ 2026-07-17.

Method & numbers

Model cautions

  • Capex doubled within two years: maintenance is floored then capped at D&A (OE may look optimistic); Greenwald growth value is closed — growth credit stays in the owner-earnings DCF only.
  • Growth nearly matches the discount rate — the estimate is sensitive to assumptions.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $204.76 – $415.19 · Greenwald zero-growth $279.64 · zero-growth base $279.64 · reproduction $177.05

Moat Franchise (moat) · terminal value 50% of present value · owner-earnings yield 4% vs 10Y 4.5%.

Graham earnings-power value (normalized NOPAT)$234.71 – $279.64 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 172% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$187.13 – $228.71 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 172% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $7.06B + capitalized R&D $1.42B（FY 2025, 2024, 2023, 2022, 2021） = $177.05 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value gated to zero — capex doubled within two years (AI-hog); growth credit stays in the owner-earnings DCF only.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 7% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.05%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-07-17). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

What the price is betting

Today's price pencils in about 15.7% a year in owner-earnings for the next few years. Revenue actually grew 17.4% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 8 more years to hold up.

Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

2 holders · $68.0M combined · this quarter +0 opened / -0 exited

This quarter2 added
Holders 3 → 2 · last 8q

SEC 13F · notes

Written summary

United Therapeutics Corp (UTHR) is held by 2 of the superinvestors tracked on Compounder, with a combined $68.0M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.3% of the portfolio.

Other notable holders by value include Jeremy Grantham (0.0% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in UTHR, 2 added to existing ones, 0 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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