UTHR Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	23.55B EUR	23.12B EUR	25B EUR	21.27B EUR
Enterprise Value	20.19B EUR	21.32B EUR	23.72B EUR	19.71B EUR
Valuation Multiples
Trailing P/E	19.67x	17.64x	19.42x	21x
Forward P/E	18.06x	--	--	--
Price to Sales	7.47x	7.33x	7.89x	8.9x
Price to Book	3.66x	3.61x	4.24x	3x
EV/Revenue	6.4x	6.76x	7.48x	8.25x
EV/EBITDA	13.49x	12.71x	13.66x	14.15x
Price to FCF (P/FCF)	42.28x	21.26x	24.72x	32.77x
EV/FCF	36.24x	19.6x	23.45x	30.37x
FCF Yield	2.37%	4.7%	4.05%	3.05%