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West Pharmaceutical Services, Inc.

WST Healthcare Medical Instruments & Supplies

West Pharmaceutical Services, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 6.25% from fiscal 2024.

Revenue
+8.69%
EPS
+56.7%
Free cash flow
+12.3%
Total debt
+0.10%

Quarter to September 2026, against a year earlier

392.97 15.81 −3.87%
Market cap
$27.3B
P/E
43.8×
Fwd P/E
48.1×
Dividend yield
0.22%
F-score
8/9
Altman Z
13.89
Beneish M
−2.79
Dividend safety
100/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Proprietary Products
  • West Vantage

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 6.57
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 2 — — — — 2 — —
Insider Ownership 1.79%

Capital & Financial Ratios $m

Size
Market Cap 27,340.00
Revenue ttm 3,396.70
Net income ttm 638.90
Free cash flow ttm 453.40
Net debt Q (261.20)
Valuation
P/E 43.81 (above 35: high)
Forward P/E 48.10 (above 35: high)
Price / sales 8.14
Forward P/S Powerpack
Price / FCF 61.53
Price / book 9.32 (above 6: high)
Financial health
Current ratio Q 2.82 (at or above 1.5: strong)
Debt / equity Q 0.07 (at or below 0.5: strong)
Interest coverage Q 70.37
Growth
Revenue growth Q +8.69% (above 0%: growing)
Operating income growth Q +59.55% (above 0%: growing)
EPS, this year +30.18% (at or above 15%: strong)
EPS, next year A +9.18%
Revenue, next year A +11.19% (at or above 10%: strong)
EPS, past 5 yrs +8.24%
EPS, next 5 yrs A +17.69% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.1×, against a ten-year median of 6.2×; over the ten years it ranged from 2.9× in 2016 to 13.1× in 2021.
P/E against its own 10 years 45.25%
10-year low 10-year high
P/S against its own 10 years 66.92%
10-year low 10-year high
P/B against its own 10 years 70.85%
10-year low 10-year high
EV/Sales against its own 10 years 67.84%
10-year low 10-year high
EV/FCF against its own 10 years 49.91%
10-year low 10-year high

Dividends raised every year since 2018

Yield
0.22%
Annual rate
0.88
Payout ratio
9.87%
Growth, 2018–26
+6.17%/yr
  1. 0.57 ’18
  2. 0.61 ’19 +7
  3. 0.65 ’20 +7
  4. 0.69 ’21 +6
  5. 0.73 ’22 +6
  6. 0.77 ’23 +5
  7. 0.81 ’24 +5
  8. 0.85 ’25 +5
  9. 0.92 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 854 485 791 464
Receivables 512 553 574 748
Inventory 435 377 444 465
Other 136 124 169 140
1,936 1,538 1,978 1,817
2023 2024 2025 Q'26
Payables 242 239 254 249
ST’ Debt — — — —
Other 155 188 215 156
672 550 655 644

Compound Annual Growth %

10y 5y 3y
Sales 8.18% 7.44% 2.12%
Cash Flow 13.52% 9.82% 1.40%
Earnings 17.84% 7.36% (5.55%)
Book Value 11.99% 11.36% 5.76%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.18 Actual 2.66

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.83 2.04 Beat by 0.21
Q1 FY26 1.68 2.13 Beat by 0.45
Q2 FY26 2.08 2.37 Beat by 0.29
Q3 FY26 2.18 2.66 Beat by 0.48
Q4 FY26 2.27 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.92 2.15 3.02 — —
’25 1.23 1.82 1.92 1.82 6.79
’24 1.55 1.51 1.85 1.78 6.69
’23 1.85 2.06 2.14 1.83 7.88
’22 2.29 2.48 1.59 1.36 7.73
’21 1.99 2.47 2.31 1.93 8.67
’20 0.99 1.21 1.09 1.29 4.57
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 845 872 875 — —
’25 698 767 805 805 3,074
’24 695 702 747 749 2,893
’23 717 754 747 732 2,950
’22 720 771 687 709 2,887
’21 671 724 707 731 2,832
’20 492 527 548 580 2,147
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 90 124 190 — —
’25 129 177 197 251 755
’24 118 165 180 190 653
’23 138 169 230 239 777
’22 151 173 169 231 724
’21 89 144 190 161 584
’20 57 148 119 149 473
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 47 81 150 — —
’25 58 102 134 175 469
’24 28 65 99 85 276
’23 56 94 134 130 415
’22 85 107 111 136 439
’21 34 88 125 84 331
’20 25 107 71 91 298
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 21.5% a year for ten years. It grew 27.2% a year over the last ten.

Implied
21.5%
10 years, reported
27.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,509 1,599 1,717 1,840 2,147 2,832 2,887 2,950 2,893 3,074 3,397 +8.2% 3,418 3,617 3,895 +8.2%
Gross margin, % 33.23 32.07 31.76 32.92 35.76 41.52 39.36 38.28 34.51 35.91 37.59 +2.7 pt
EBT 190 222 241 292 401 749 680 698 586 601 789 +13.7%
EBT margin, % 12.58 13.91 14.02 15.86 18.69 26.45 23.55 23.66 20.24 19.55 23.24 +7.0 pt
Net income 144 151 207 242 346 662 586 593 493 494 639 +14.7%
Per share, $
Per share, $ Revenue 20.59 21.64 23.24 24.86 29.05 38.06 38.80 39.70 39.63 42.52 48.25 +8.4%
Earnings 1.96 2.04 2.80 3.27 4.68 8.89 7.87 7.98 6.75 6.83 8.97 +14.9%
Cash flow 2.99 3.56 3.91 4.96 6.39 7.85 9.73 10.45 8.95 10.44 9.30 +14.9%
Capex (2.32) (1.77) (1.42) (1.71) (2.36) (3.41) (3.83) (4.87) (5.16) (3.95) (2.86) +6.1%
Free cash flow 0.67 1.79 2.49 3.25 4.03 4.44 5.91 5.58 3.79 6.49 6.44 +28.7%
Book value 15.25 17.32 18.89 21.26 25.09 31.39 36.09 38.78 36.74 43.93 42.16 +12.5%
Shares, m 73 74 74 74 74 74 74 74 73 72 71 (0.2%)
Valuation, ×
Valuation, × P/E 42.89 48.54 35.01 45.97 60.41 52.58 29.79 43.70 48.53 40.28 43.81 44.8
P/S 4.08 4.60 4.22 6.05 9.75 12.32 6.04 8.78 8.26 6.47 8.14 7.1
P/B 5.51 5.75 5.19 7.07 11.29 14.94 6.50 8.99 8.91 6.26 9.32 8.0
EV/Sales 4.10 4.57 4.14 5.95 9.58 12.13 5.80 8.52 8.17 6.28 8.07 6.9
EV/FCF 131.89 56.18 39.11 45.60 69.91 105.08 38.46 61.18 86.68 41.51 60.95 67.6
Cash, $m
Cash, $m Operating cash flow 219 263 289 367 473 584 724 777 653 755 655 +14.7%
Capex (170) (131) (105) (126) (174) (253) (285) (362) (377) (286) (201) +5.9%
Free cash flow 49 133 184 241 298 331 439 415 276 469 453 +28.5%
Balance, $m
Balance, $m Working capital 401 464 611 717 870 1,148 1,401 1,265 988 1,323 1,172 +14.2%
Net debt 23 (39) (141) (184) (363) (554) (688) (781) (282) (588) (261) n/m
Shareholders’ equity 1,118 1,280 1,396 1,573 1,855 2,335 2,685 2,881 2,682 3,176 2,968 +12.3%
Returns, %
Returns, % ROA 8.42 8.42 10.77 11.19 13.48 21.67 16.91 15.94 13.19 12.48 15.65 +4.1 pt
ROIC 10.70 11.37 11.97 13.34 17.05 26.39 22.97 20.12 14.84 14.13 18.01 +3.4 pt
ROE 13.41 12.57 15.46 16.28 20.20 31.59 23.34 21.32 17.71 16.85 21.23 +3.4 pt
People
People Employees 7,100 7,500 7,700 8,200 9,200 10,065 13,550 10,600 10,600 10,800 — +4.8%
Revenue/emp, $m 0.21 0.21 0.22 0.22 0.23 0.28 0.21 0.28 0.27 0.28 — +3.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

West Pharmaceutical Services designs and makes components used to contain and deliver injectable medicines. Its customers include biologic, generic and pharmaceutical drug makers, as well as diagnostic and medical device companies. Michele Lagarde is president and chief executive officer.

Many of West’s products sit in direct contact with a drug or help keep it contained until use. They include stoppers and seals for injectable packaging, as well as components for syringes and cartridges. The company also supplies vials, syringes, plungers and cartridges, along with systems used to mix, transfer or administer medicines. Its self-injection devices are designed for therapies patients can take at home.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Proprietary Products 2,492 81.07%
West Vantage 582 18.93%
Gross margin 35.91%
Operating margin 19.03%
Pre-tax margin 19.55%

Revenue by segment since 2009

West Pharmaceutical Services, Inc. vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BDX Becton, Dickinson and Company $58.2B 64.1× 39.2× −9.55% (below 0%: shrinking) −31.50% (below 0%: shrinking) −31.57% (below 0%: shrinking) 46.46% 13.31% Compare
MDLN Medline Inc. $52.3B 58.4× — +14.09% (above 0%: growing) — +916.09% (above 0%: growing) 24.50% 6.36% Compare
ALC Alcon $36.9B 58.4× 44.5× +8.74% (above 0%: growing) n/m −0.54% (below 0%: shrinking) 59.33% 0.39% Compare
RMD ResMed Inc. $33.7B 21.7× 19.6× +5.93% (above 0%: growing) +23.11% (above 0%: growing) −9.79% (below 0%: shrinking) 61.53% 32.02% Compare
WST West Pharmaceutical Services, Inc. $27.3B 43.8× 48.1× +8.69% (above 0%: growing) +56.69% (above 0%: growing) +12.32% (above 0%: growing) 39.73% 30.58%
SOLV Solventum Corporation $14.8B 97.3× 47.7× −7.01% (below 0%: shrinking) n/m +561.90% (above 0%: growing) 0.00% 0.00% Compare
BAX Baxter International Inc. $13.3B — (loss-making) 21.3× +4.97% (above 0%: growing) n/m +255.56% (above 0%: growing) 33.40% 7.56% Compare
COO The Cooper Companies, Inc. $12.1B 21.7× 17.5× +0.56% (above 0%: growing) +357.14% (above 0%: growing) +65.96% (above 0%: growing) 66.77% 20.82% Compare
ALGN Align Technology, Inc. $11.3B 23.1× 20.4× +1.92% (above 0%: growing) +143.87% (above 0%: growing) +8.26% (above 0%: growing) 68.73% 16.67% Compare
Median of peers $24.3B 58.4× 21.3× +3.45% +83.49% +37.11% 52.90% 10.44%

All 53 Medical Instruments & Supplies stocks →

From the latest earnings call

Updated

  • CEO Michele Lagarde said West is prioritizing closer customer relationships and continuous improvement, including automation to expand capacity.
  • CFO Bob McMahon said demand for biologics and GLP-1 components helped drive growth, while West Vantage sales fell as a glucose-monitoring program rolled off.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 99.01%
Held by the ten largest 50.05%
Holder Shares Stake Change
Vanguard 9.36m 13.30% −147.15k
BlackRock 6.65m 9.45% −184.93k
Fidelity (FMR) 3.57m 5.08% +2.33m
State Street 3.35m 4.76% +54.92k
Artisan Partners Limited Partnership 2.41m 3.43% −246.10k
T. Rowe Price 2.33m 3.31% −537.11k
BNY 2.04m 2.90% −422.03k
GENERATION INVESTMENT MANAGEMENT LLP 2.03m 2.88% −215.65k
Geode Capital Management 1.90m 2.70% −9.18k
Morgan Stanley 1.58m 2.25% +124.26k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 12 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.19m 4.12m 59.00
2024 8.39m 5.25m 70.00
2023 9.42m 16.99m 75.00
2022 7.91m (12.07m) 50.00
2021 9.47m 35.10m 100.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

West Pharmaceutical Services, Inc. (WST) Latest News

1 Nov

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31 Oct

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28 Oct

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20 Sep

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13 Aug

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7 Aug

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WST metrics, ten years each

stockrow.com/WST · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com