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. In the quarter to June 2026, revenue grew 13.8%, EPS grew 19.2%, free cash flow fell 20.7% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years.
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West Pharmaceutical Services, Inc. (WST) Altman Z-score
West Pharmaceutical Services, Inc.'s Altman Z-score for fiscal 2025 is 13.89, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 13.89 | (4.20) |
| FY2024 | 18.08 | (1.50) |
| FY2023 | 19.59 | 5.22 |
| FY2022 | 14.36 | (10.09) |
| FY2021 | 24.46 | 8.53 |
| FY2020 | 15.92 | 4.74 |
| FY2019 | 11.19 | 1.13 |
| FY2018 | 10.06 | 0.11 |
| FY2017 | 9.95 | 1.31 |
| FY2016 | 8.63 | 2.63 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.31 | — | 0.37 | |
| Retained earnings / total assets | 1.02 | — | 1.43 | |
| EBIT / total assets | 0.14 | — | 0.45 | |
| Market value of equity / total liabilities | 18.18 | — | 10.91 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Safe zone | 13.89 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 9.34 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WST West Pharmaceutical Services, Inc. | 13.9× |
| RMD ResMed Inc. compare | 10.0× |
| RGEN Repligen Corporation compare | 7.5× |
| COO The Cooper Companies, Inc. compare | 3.5× |
| MDLN Medline Inc. compare | 2.2× |
| SOLV Solventum Corporation compare | 2.2× |
| BAX Baxter International Inc. compare | 2.1× |
| BDX Becton, Dickinson and Company compare | 1.8× |
| ALC Alcon compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on WST
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement