Discounted Cash Flow

United Therapeutics Corp.

UTHR · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.6b $713.7m $605.6m 44.6% $16.29
2017 $1.7b (7.9%) $417.9m (-41.4%) $387.9m (-35.9%) 24.2% (-45.7%) $9.50 (-41.7%)
2018 $1.6b (-5.7%) $589.2m (41.0%) $594.0m (53.1%) 36.2% (49.4%) $13.54 (42.5%)
2019 $1.4b (-11.0%) $-104.5m (-117.7%) $-290.3m (-148.9%) -7.2% (-119.9%) $-2.39 (-117.7%)
2020 $1.5b (2.4%) $514.8m (592.6%) $696.4m (339.9%) 34.7% (581.2%) $11.65 (587.4%)
2021 $1.7b (13.6%) $475.8m (-7.6%) $477.4m (-31.4%) 28.2% (-18.7%) $10.60 (-9.0%)
2022 $1.9b (14.9%) $727.3m (52.9%) $663.7m (39.0%) 37.6% (33.1%) $15.98 (50.8%)
2023 $2.3b (20.2%) $984.8m (35.4%) $747.6m (12.6%) 42.3% (12.6%) $21.04 (31.7%)
2024 $2.9b (23.6%) $1.2b (21.4%) $1.1b (44.5%) 41.5% (-1.8%) $26.44 (25.7%)
2025 $3.2b (10.6%) $1.3b (11.7%) $1.0b (-3.7%) 41.9% (1.0%) $30.13 (14.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model