ICU Medical vs West Pharmaceutical Services
Add, change or remove companies; up to four.
The short version
- West Pharmaceutical Services is the larger business, with $3.1B of revenue in fiscal 2025 against $2.2B for ICU Medical.
- West Pharmaceutical Services grew revenue faster (6.3%, against −6.3%).
- West Pharmaceutical Services kept more of each dollar of sales as operating profit (19.0% operating margin, against 1.9%).
- West Pharmaceutical Services turned more of its sales into free cash flow (15.3% FCF margin, against 4.1%).
- West Pharmaceutical Services earned a higher return on the capital invested in it (18.7%, against 0.7%).
- Investors pay more for each dollar of ICU Medical’s earnings: a P/E of 140.0x against 50.2x for West Pharmaceutical Services.
| Latest fiscal year | ICUI · FY25 | WST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $28.0B |
| Revenue | $2.2B | $3.1B |
| Free cash flow | $91.8M | $469M |
| Net income | $0.7M | $494M |
| Growth | ||
| Revenue growth | −6.3% | 6.3% |
| 5-year growth | 11.9% | 7.4% |
| Share count change | 2.1% | −1.4% |
| Profitability | ||
| Gross margin | 36.8% | 35.9% |
| Operating margin | 1.9% | 19.0% |
| Net margin | 0.0% | 16.1% |
| FCF margin | 4.1% | 15.3% |
| Return on capital | 0.7% | 18.7% |
| Return on equity | 0.0% | 16.9% |
| Balance sheet | ||
| Net debt | $983M | −$583M |
| Net debt / EBITDA | 4.0x | −0.8x |
| Dividends and buybacks | $8.8M | $195M |
| Valuation & quality | ||
| P/E | 140.0x | 50.2x |
| Piotroski F-score | 6 | 9 |
Revenue
FY16
ICUI $379M
WST $1.5B
FY17
ICUI $1.3B
WST $1.6B
FY18
ICUI $1.4B
WST $1.7B
FY19
ICUI $1.3B
WST $1.8B
FY20
ICUI $1.3B
WST $2.1B
FY21
ICUI $1.3B
WST $2.8B
FY22
ICUI $2.3B
WST $2.9B
FY23
ICUI $2.3B
WST $2.9B
FY24
ICUI $2.4B
WST $2.9B
FY25
ICUI $2.2B
WST $3.1B
ICUI
WST
Operating margin
FY16
ICUI 21.9%
WST 12.9%
FY17
ICUI −1.0%
WST 14.1%
FY18
ICUI 2.1%
WST 14.0%
FY19
ICUI 8.5%
WST 16.1%
FY20
ICUI 7.7%
WST 19.0%
FY21
ICUI 9.4%
WST 26.6%
FY22
ICUI −1.9%
WST 25.4%
FY23
ICUI 1.0%
WST 22.9%
FY24
ICUI 1.8%
WST 19.7%
FY25
ICUI 1.9%
WST 19.0%
ICUI
WST
Free cash flow
FY16
ICUI $66.6M
WST $49.2M
FY17
ICUI $79.9M
WST $133M
FY18
ICUI $67.5M
WST $184M
FY19
ICUI $4.6M
WST $241M
FY20
ICUI $131M
WST $298M
FY21
ICUI $199M
WST $331M
FY22
ICUI −$152M
WST $439M
FY23
ICUI $82.3M
WST $415M
FY24
ICUI $125M
WST $276M
FY25
ICUI $91.8M
WST $469M
ICUI
WST
Return on capital
FY16
ICUI —
WST 12.7%
FY17
ICUI —
WST 12.1%
FY18
ICUI —
WST 15.9%
FY19
ICUI —
WST 17.9%
FY20
ICUI —
WST 23.1%
FY21
ICUI —
WST 38.8%
FY22
ICUI —
WST 31.9%
FY23
ICUI 0.5%
WST 26.3%
FY24
ICUI 1.0%
WST 20.1%
FY25
ICUI 0.7%
WST 18.7%
ICUI
WST
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.