Filing Flows › United Therapeutics (UTHR) › Takeover & LBO
Is United Therapeutics (UTHR) a takeover target?
A leveraged buyout at today's price plus 30% ($778.34 a share) would return a loss of about 4% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 1.8% of companies with its figures were bought within a year (0.37× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $778.34 | today's $598.72 plus 30% |
| × shares | 45.3 million | |
| = Equity value | $35.3B | |
| + Debt refinanced | $0 | |
| − Cash | $2.1B | |
| = Enterprise value | $33.2B | 23.4× EBITDA of $1.4B |
| Fees | $664M | 2% of the price |
| New debt | $7.8B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $26.1B | 77% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $3.2B | $1.4B | $596M | $131M | $7.7B |
| Year 2 | $3.3B | $1.5B | $586M | $151M | $7.5B |
| Year 3 | $3.4B | $1.5B | $575M | $175M | $7.3B |
| Year 4 | $3.5B | $1.6B | $561M | $203M | $7.1B |
| Year 5 | $3.6B | $1.6B | $546M | $235M | $6.9B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 17.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $28.3B | |
| − Debt left | $6.9B | |
| = Buyer's equity | $21.4B | |
| Money multiple | 0.82× | on $26.1B put in |
| Buyer's yearly return (IRR) | −3.9% |
Price against return
What the buyer makes at other premiums over today's $598.72.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $658.59 | 0.8% |
| 20% | $718.46 | −1.7% |
| 30% | $778.34 | −3.9% |
| 40% | $838.21 | −5.8% |
| 50% | $898.08 | −7.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $3.2B | |
| EBITDA, last 12 months | $1.4B | 44.5% of revenue |
| Depreciation and amortization | $96.0M | |
| Capital spending | $562M | |
| Debt | $0 | |
| Cash | $2.1B | |
| Share price | $598.72 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 1.9% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 18% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, United Therapeutics would cost about $808.27 a share, $36.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $730.44 | $33.1B |
| Median | 35% | $808.27 | $36.6B |
| High end (a quarter paid more) | 45% | $868.14 | $39.3B |
The odds, from history
Historically 1.8% of companies with its figures were bought within a year (0.37× the average). Its figures put it in decile 1 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
United Therapeutics' latest quarter
United Therapeutics, Q3 2026: revenue $832M (+4% year over year), operating margin 37.0%, net earnings $259M, operating cash flow $306M. The chart follows the revenue to costs, profit and cash.
Questions
Is United Therapeutics being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy United Therapeutics?
A leveraged buyout at today's price plus 30% ($778.34 a share) would return a loss of about 4% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of United Therapeutics cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, United Therapeutics would cost about $808.27 a share, $36.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.