Haemonetics vs West Pharmaceutical Services
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The short version
- West Pharmaceutical Services is the larger business, with $3.1B of revenue in fiscal 2025 against $1.3B for Haemonetics, about 2.3 times as much.
- West Pharmaceutical Services grew revenue faster (6.3%, against −2.0%).
- West Pharmaceutical Services kept more of each dollar of sales as operating profit (19.0% operating margin, against 11.8%).
- Haemonetics turned more of its sales into free cash flow (19.5% FCF margin, against 15.3%).
- West Pharmaceutical Services earned a higher return on the capital invested in it (18.7%, against 6.7%).
- Investors pay more for each dollar of Haemonetics’s earnings: a P/E of 57.3x against 50.2x for West Pharmaceutical Services.
| Latest fiscal year | HAE · FY26 | WST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $28.0B |
| Revenue | $1.3B | $3.1B |
| Free cash flow | $260M | $469M |
| Net income | $97.3M | $494M |
| Growth | ||
| Revenue growth | −2.0% | 6.3% |
| 5-year growth | 8.9% | 7.4% |
| Share count change | −6.7% | −1.4% |
| Profitability | ||
| Gross margin | 59.0% | 35.9% |
| Operating margin | 11.8% | 19.0% |
| Net margin | 7.3% | 16.1% |
| FCF margin | 19.5% | 15.3% |
| Return on capital | 6.7% | 18.7% |
| Return on equity | 12.0% | 16.9% |
| Balance sheet | ||
| Net debt | $994M | −$583M |
| Net debt / EBITDA | 3.7x | −0.8x |
| Dividends and buybacks | $175M | $195M |
| Valuation & quality | ||
| P/E | 57.3x | 50.2x |
| Piotroski F-score | 7 | 9 |
Revenue
FY17
HAE $886M
WST $1.6B
FY18
HAE $904M
WST $1.7B
FY19
HAE $968M
WST $1.8B
FY20
HAE $989M
WST $2.1B
FY21
HAE $871M
WST $2.8B
FY22
HAE $993M
WST $2.9B
FY23
HAE $1.2B
WST $2.9B
FY24
HAE $1.3B
WST $2.9B
FY25
HAE $1.4B
WST $3.1B
FY26
HAE $1.3B
WST —
HAE
WST
Operating margin
FY17
HAE −2.2%
WST 14.1%
FY18
HAE 6.2%
WST 14.0%
FY19
HAE 8.6%
WST 16.1%
FY20
HAE 10.5%
WST 19.0%
FY21
HAE 10.3%
WST 26.6%
FY22
HAE 8.1%
WST 25.4%
FY23
HAE 13.4%
WST 22.9%
FY24
HAE 12.6%
WST 19.7%
FY25
HAE 16.3%
WST 19.0%
FY26
HAE 11.8%
WST —
HAE
WST
Free cash flow
FY17
HAE $83.6M
WST $133M
FY18
HAE $146M
WST $184M
FY19
HAE $40.3M
WST $241M
FY20
HAE $109M
WST $298M
FY21
HAE $71.8M
WST $331M
FY22
HAE $75.8M
WST $439M
FY23
HAE $81.7M
WST $415M
FY24
HAE $144M
WST $276M
FY25
HAE $142M
WST $469M
FY26
HAE $260M
WST —
HAE
WST
Return on capital
FY17
HAE −1.6%
WST 12.1%
FY18
HAE 4.9%
WST 15.9%
FY19
HAE 7.5%
WST 17.9%
FY20
HAE 10.8%
WST 23.1%
FY21
HAE 8.6%
WST 38.8%
FY22
HAE 4.4%
WST 31.9%
FY23
HAE 9.9%
WST 26.3%
FY24
HAE 8.8%
WST 20.1%
FY25
HAE 10.5%
WST 18.7%
FY26
HAE 6.7%
WST —
HAE
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.