West Pharmaceutical Services vs Dentsply Sirona
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The short version
- Dentsply Sirona is the larger business, with $3.7B of revenue in fiscal 2025 against $3.1B for West Pharmaceutical Services.
- West Pharmaceutical Services grew revenue faster (6.3%, against −3.0%).
- West Pharmaceutical Services kept more of each dollar of sales as operating profit (19.0% operating margin, against −11.5%).
- West Pharmaceutical Services turned more of its sales into free cash flow (15.3% FCF margin, against 2.8%).
- West Pharmaceutical Services earned a higher return on the capital invested in it (18.7%, against −9.9%).
| Latest fiscal year | WST · FY25 | XRAY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $28.0B | $1.9B |
| Revenue | $3.1B | $3.7B |
| Free cash flow | $469M | $104M |
| Net income | $494M | −$598M |
| Growth | ||
| Revenue growth | 6.3% | −3.0% |
| 5-year growth | 7.4% | 2.0% |
| Share count change | −1.4% | −1.9% |
| Profitability | ||
| Gross margin | 35.9% | 50.0% |
| Operating margin | 19.0% | −11.5% |
| Net margin | 16.1% | −16.3% |
| FCF margin | 15.3% | 2.8% |
| Return on capital | 18.7% | −9.9% |
| Return on equity | 16.9% | −36.5% |
| Balance sheet | ||
| Net debt | −$583M | $2.0B |
| Net debt / EBITDA | −0.8x | — |
| Dividends and buybacks | $195M | $128M |
| Valuation & quality | ||
| P/E | 50.2x | — |
| Piotroski F-score | 9 | 6 |
Revenue
FY16
WST $1.5B
XRAY $0.0M
FY17
WST $1.6B
XRAY $4.0B
FY18
WST $1.7B
XRAY $4.0B
FY19
WST $1.8B
XRAY $4.0B
FY20
WST $2.1B
XRAY $3.3B
FY21
WST $2.8B
XRAY $4.2B
FY22
WST $2.9B
XRAY $3.9B
FY23
WST $2.9B
XRAY $4.0B
FY24
WST $2.9B
XRAY $3.8B
FY25
WST $3.1B
XRAY $3.7B
WST
XRAY
Operating margin
FY16
WST 12.9%
XRAY —
FY17
WST 14.1%
XRAY −39.1%
FY18
WST 14.0%
XRAY −24.0%
FY19
WST 16.1%
XRAY 8.8%
FY20
WST 19.0%
XRAY −0.1%
FY21
WST 26.6%
XRAY 14.4%
FY22
WST 25.4%
XRAY −23.9%
FY23
WST 22.9%
XRAY −2.1%
FY24
WST 19.7%
XRAY −23.2%
FY25
WST 19.0%
XRAY −11.5%
WST
XRAY
Free cash flow
FY16
WST $49.2M
XRAY $438M
FY17
WST $133M
XRAY $458M
FY18
WST $184M
XRAY $317M
FY19
WST $241M
XRAY $516M
FY20
WST $298M
XRAY $562M
FY21
WST $331M
XRAY $515M
FY22
WST $439M
XRAY $368M
FY23
WST $415M
XRAY $228M
FY24
WST $276M
XRAY $281M
FY25
WST $469M
XRAY $104M
WST
XRAY
Return on capital
FY16
WST 12.7%
XRAY 7.1%
FY17
WST 12.1%
XRAY −14.4%
FY18
WST 15.9%
XRAY −10.6%
FY19
WST 17.9%
XRAY 4.3%
FY20
WST 23.1%
XRAY −0.0%
FY21
WST 38.8%
XRAY 6.9%
FY22
WST 31.9%
XRAY −12.4%
FY23
WST 26.3%
XRAY −1.3%
FY24
WST 20.1%
XRAY −16.8%
FY25
WST 18.7%
XRAY −9.9%
WST
XRAY
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.