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West Pharmaceutical Services

WST NYSE Health Care Supplies Financials FY2016–FY2025

West Pharmaceutical Services' revenue rose 6.2% to $3.1 billion in fiscal 2025. Its operating margin was 19.0%, down from 19.7% a year earlier. Free cash flow was $469 million, up 69.7%. It paid out $195 million in dividends and buybacks, 42% of free cash flow. The diluted share count fell 1.4%.

Last close · Oct 23, 2026

$392.15

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$3.1B
6.3% vs prior year
Operating margin Operating income as a share of revenue.
19.0%
0.7 pts
Net income Profit after all expenses, interest and tax.
$494M
0.2%
Free cash flow Cash from operations minus capital spending.
$469M
69.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
18.7%
1.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$28.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
50.2x
On $7.81 EPS (TTM)

What West Pharmaceutical Services does

No business description yet.

Legal name
WEST PHARMACEUTICAL SERVICES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000105770-26-000010
0000105770

Revenue and margins

West Pharmaceutical Services had $3.1B of revenue in fiscal 2025, up 6.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 15.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $469M in fiscal 2025, 15.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

West Pharmaceutical Services returned $195M to shareholders in fiscal 2025, 42% of free cash flow. The diluted share count fell 1.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value West Pharmaceutical Services yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $583M and divides by 72.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 50.2x · peers 26.9x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably West Pharmaceutical Services can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $763M$894M$854M$485M$791M
Debt incl. finance leases $253M$209M$207M$206M$208M
Net debt / EBITDA −0.6x−0.8x−0.8x−0.4x−0.8x
Debt / equity 0.1x0.1x0.1x0.1x0.1x
Interest coverage 91.7x92.9x75.1x190.0x1,169.8x
Current ratio 2.9x3.7x2.9x2.8x3.0x
Quick ratio 2.3x2.9x2.2x2.1x2.3x
Total assets $3.3B$3.6B$3.8B$3.6B$4.3B
Total liabilities $978M$932M$949M$961M$1.1B
Shareholders' equity $2.3B$2.7B$2.9B$2.7B$3.2B
Net debt (− = net cash) −$510M−$685M−$647M−$279M−$583M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$6.6M

2 insiders

Of sales under plans

41%

$2.7M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Annette F FavoriteSr. VP & Chief HR Officer Sold plan 2,524 $365.00 $0.9M Form 4
Sep 14, 2026 Annette F FavoriteSr. VP & Chief HR Officer Sold plan 2,500 $355.00 $0.9M Form 4
Sep 11, 2026 Annette F FavoriteSr. VP & Chief HR Officer Sold plan 2,500 $345.00 $0.9M Form 4
Sep 8, 2026 Annette F FavoriteSr. VP & Chief HR Officer Sold 8,135 $340.81 $2.8M Form 4
Apr 27, 2026 Annette F FavoriteSr. VP & Chief HR Officer Sold 2,817 $305.20 $0.9M Form 4
Apr 27, 2026 Chad WintersVP, Chief Accounting Officer Sold 896 $300.67 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 95 / 99 / 9
Accruals ratio −4.9%−4.3%−6.6%
Altman Z'' 9.549.309.34

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
West Pharmaceutical Services WST $28.0B 6.3% 19.0% 15.3% 18.7% 50.2x 9
Envista NVST $3.9B 8.3% 8.0% 8.5% 3.2% 40.7x 7 Compare →
Dentsply Sirona XRAY $1.9B −3.0% −11.5% 2.8% −9.9% — 6 Compare →
Align Technology ALGN $11.0B 0.9% 13.5% 12.2% 13.3% 26.9x 5 Compare →
Cooper Companies COO $11.8B 5.1% 16.7% 10.6% 4.3% 21.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.5B $1.6B $1.7B $1.8B $2.1B $2.8B $2.9B $2.9B $2.9B $3.1B
Gross profit $501M $513M $545M $606M $768M $1.2B $1.1B $1.1B $999M $1.1B
Research and development $36.8M $39.1M $40.3M $38.9M $46.9M $52.8M $58.5M $68.4M $69.1M $74.3M
Operating income $195M $226M $240M $297M $407M $752M $734M $676M $570M $585M
Interest expense $8.1M $7.8M $8.4M $8.5M $8.2M $8.2M $7.9M $9.0M $3.0M $0.5M
Pretax income $190M $222M $241M $292M $401M $749M $680M $698M $586M $601M
Income tax $54.4M $80.9M $41.4M $59.0M $72.5M $107M $115M $122M $108M $122M
Net income $144M $151M $207M $242M $346M $662M $586M $593M $493M $494M
Diluted EPS $1.91 $1.99 $2.74 $3.21 $4.57 $8.67 $7.73 $7.88 $6.69 $6.79
Diluted shares 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.07B 0.07B
Cash flow
Cash from operations $219M $263M $289M $367M $473M $584M $724M $777M $653M $755M
Capital expenditure $170M $131M $105M $126M $174M $253M $285M $362M $377M $286M
Free cash flow $49.2M $133M $184M $241M $298M $331M $439M $415M $276M $469M
Depreciation and amortization $90.7M $96.7M $104M $103M $109M $122M $121M $137M $155M $171M
Stock-based compensation $19.5M $16.1M $15.1M $24.4M $34.0M $37.5M $23.7M $23.3M $18.7M $23.8M
Acquisitions $0.0M $0.0M $0.0M $18.9M $0.0M $2.2M $0.0M $0.0M $0.0M $0.0M
Share buybacks $52.2M $74.4M $70.8M $83.1M $116M $137M $203M $438M $561M $134M
Dividends paid $35.8M $39.1M $42.1M $45.1M $48.1M $51.1M $54.1M $57.0M $59.1M $61.2M
Dividends and buybacks $88.0M $114M $113M $128M $164M $188M $257M $495M $620M $195M
Balance sheet
Cash and short-term investments $203M $236M $337M $439M $616M $763M $894M $854M $485M $791M
Total debt $229M $197M $196M $257M $255M $253M $209M $207M $203M $203M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $3.0M $5.1M
Current assets $642M $744M $894M $1.1B $1.4B $1.7B $1.9B $1.9B $1.5B $2.0B
Current liabilities $241M $280M $284M $342M $503M $594M $519M $672M $550M $655M
Inventory $199M $215M $215M $236M $321M $378M $415M $435M $377M $444M
Property and equipment, net $778M $855M $822M $839M $943M $1.1B $1.2B $1.4B $1.6B $1.7B
Total assets $1.7B $1.9B $2.0B $2.3B $2.8B $3.3B $3.6B $3.8B $3.6B $4.3B
Total liabilities $599M $583M $583M $768M $939M $978M $932M $949M $961M $1.1B
Shareholders' equity $1.1B $1.3B $1.4B $1.6B $1.9B $2.3B $2.7B $2.9B $2.7B $3.2B
Margins
Gross margin 33.2% 32.1% 31.8% 32.9% 35.8% 41.5% 39.4% 38.3% 34.5% 35.9%
Operating margin 12.9% 14.1% 14.0% 16.1% 19.0% 26.6% 25.4% 22.9% 19.7% 19.0%
EBITDA margin 19.0% 20.2% 20.1% 21.7% 24.0% 30.9% 29.6% 27.6% 25.1% 24.6%
Net margin 9.5% 9.4% 12.1% 13.1% 16.1% 23.4% 20.3% 20.1% 17.0% 16.1%
FCF margin 3.3% 8.3% 10.7% 13.1% 13.9% 11.7% 15.2% 14.1% 9.6% 15.3%
Returns
Return on capital 12.7% 12.1% 15.9% 17.9% 23.1% 38.8% 31.9% 26.3% 20.1% 18.7%
Return on capital employed 13.7% 14.8% 14.7% 16.1% 19.0% 30.0% 25.2% 21.6% 18.2% 17.4%
Return on equity 13.4% 12.6% 15.5% 16.3% 20.2% 31.6% 23.3% 21.3% 17.7% 16.9%
Return on assets 8.4% 8.4% 10.8% 11.2% 13.5% 21.7% 16.9% 15.9% 13.2% 12.5%
Growth
Revenue growth 7.8% 6.0% 7.4% 7.1% 16.7% 31.9% 2.0% 2.2% −1.9% 6.3%
Net income growth 50.2% 4.9% 37.3% 16.8% 43.2% 91.2% −11.5% 1.3% −17.0% 0.2%
EPS growth 46.9% 4.2% 37.7% 17.2% 42.4% 89.7% −10.8% 1.9% −15.1% 1.5%
FCF growth −39.1% 169.3% 38.8% 30.9% 23.8% 10.9% 32.9% −5.7% −33.3% 69.7%
Share count change 1.6% 1.1% −0.5% 0.0% 0.5% 0.7% −0.7% −0.7% −2.1% −1.4%
Financial health
Net debt / EBITDA 0.1x −0.1x −0.4x −0.5x −0.7x −0.6x −0.8x −0.8x −0.4x −0.8x
Debt / equity 0.2x 0.2x 0.1x 0.2x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x
Interest coverage 24.1x 29.0x 28.6x 34.9x 49.6x 91.7x 92.9x 75.1x 190.0x 1,169.8x
Current ratio 2.7x 2.7x 3.2x 3.1x 2.7x 2.9x 3.7x 2.9x 2.8x 3.0x
Quick ratio 1.8x 1.9x 2.4x 2.4x 2.1x 2.3x 2.9x 2.2x 2.1x 2.3x
Capital allocation
Capex / revenue 11.3% 8.2% 6.1% 6.9% 8.1% 9.0% 9.9% 12.3% 13.0% 9.3%
Stock comp / revenue 1.3% 1.0% 0.9% 1.3% 1.6% 1.3% 0.8% 0.8% 0.7% 0.8%
Payouts / FCF 178.9% 85.7% 61.4% 53.2% 54.9% 56.9% 58.5% 119.5% 224.3% 41.6%
Quality scores
Piotroski F-score 8.0 6.0 7.0 7.0 6.0 7.0 6.0 5.0 5.0 9.0
Altman Z'' 6.3 6.8 7.6 7.2 7.3 8.7 9.6 9.5 9.3 9.3
Accruals ratio −4.4% −6.3% −4.3% −5.8% −4.9% 2.6% −4.0% −4.9% −4.3% −6.6%

Source: SEC EDGAR XBRL filings (CIK 0000105770). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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