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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
United Therapeutics's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $39.47.
The industry rank for United Therapeutics's Net-Net Working Capital or its related term are showing as below:
UTHR's Price-to-Net-Net-Working-Capital is ranked worse than 68.04% of 413
companies
in the Drug Manufacturers industry
Industry Median: 7.71
vs UTHR: 13.39
United Therapeutics (NAS:UTHR) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
United Therapeutics Net-Net Working Capital Related Terms
United Therapeutics Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for United Therapeutics's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
UTHR vs VTRS, NBIX, ZTS: Net-Net Working Capital Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, United Therapeutics's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
United Therapeutics Price-to-Net-Net-Working-Capital vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, United Therapeutics's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where United Therapeutics's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $39.47 mean?
United Therapeutics (UTHR) has a Net-Net Working Capital of $39.47 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on United Therapeutics According to the industry distribution chart, United Therapeutics ranks #281 out of 413 companies in the Drug Manufacturers industry, placing it in the top 68%.
Is United Therapeutics' Net-Net Working Capital too high?
United Therapeutics' current Net-Net Working Capital is $39.47. The Drug Manufacturers industry median Net-Net Working Capital is 7.71. United Therapeutics' value of $39.47 is 411.9% above this industry median. Based on the distribution chart, United Therapeutics ranks #281 out of 413 companies in the Drug Manufacturers industry, which is below the industry midpoint. Overall, United Therapeutics has a GF Score™ of 88/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does United Therapeutics' Net-Net Working Capital compare to VTRS and NBIX?
According to the Drug Manufacturers industry distribution chart, United Therapeutics ranks #281 out of 413 companies for Net-Net Working Capital. This places United Therapeutics in the lower half of its industry. The industry median Net-Net Working Capital is 7.71. United Therapeutics' value of $39.47 is 411.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Drug Manufacturers company?
The median Net-Net Working Capital among Drug Manufacturers companies is 7.71, based on 413 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. United Therapeutics's current Net-Net Working Capital of $39.47 is 411.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on United Therapeutics For the Drug Manufacturers industry, the median Net-Net Working Capital is 7.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. United Therapeutics's current Net-Net Working Capital is $39.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Therapeutics stock overvalued right now?
Based on GuruFocus' analysis, United Therapeutics (UTHR) is currently considered Significantly Overvalued. The stock's GF Value™ is $387.15, compared to a current price of $528.31 — trading 36.5% above its estimated fair value. The current Net-Net Working Capital is $39.47 and 411.9% above the Drug Manufacturers industry median of 7.71. United Therapeutics' overall GF Score™ is 88/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For United Therapeutics (UTHR), the current Net-Net Working Capital is $39.47 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is United Therapeutics (UTHR) Overvalued in 2026?
Based on GuruFocus' analysis, United Therapeutics stock appears to be overvalued.
The current stock price of $528.31 is trading 36.5% above its estimated GF Value™ of $387.15.
GuruFocus considers United Therapeutics to be Significantly Overvalued.
Key valuation signals for UTHR:
Net-Net Working Capital: $39.47
GF Value™: $387.15 vs. price of $528.31 (36.5% above fair value)
Industry Position: 411.9% above the Drug Manufacturers median (#281 of 413)
No single metric tells the full story. See the UTHR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
United Therapeutics Corp specializes in drug development for pulmonary arterial hypertension (PAH), a rare and progressive disease marked by abnormally high blood pressure in the arteries of the lungs. The company's therapies for PAH largely focus on the prostacyclin pathway, and many of its treatments are based on the same molecule, treprostinil. The company markets and sells the following commercial therapies in the United States to treat PAH: Tyvaso DPI (treprostinil) Inhalation Powder, Remodulin Injection, Orenitram (treprostinil) Extended-Release Tablets, Adcirca (tadalafil) Tablets, and Unituxin. It derives maximum revenue from the sale of Tyvaso DPI. Geographically, the company operates in United States and Rest of the World, of which United States generates majority of the revenue.
88GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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