Lantheus 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 $1.5B for Lantheus, about 2.0 times as much.
- West Pharmaceutical Services grew revenue faster (6.3%, against 0.5%).
- Lantheus kept more of each dollar of sales as operating profit (20.2% operating margin, against 19.0%).
- Lantheus turned more of its sales into free cash flow (23.0% FCF margin, against 15.3%).
- Lantheus earned a higher return on the capital invested in it (22.7%, against 18.7%).
- Investors pay more for each dollar of West Pharmaceutical Services’s earnings: a P/E of 50.2x against 24.2x for Lantheus.
| Latest fiscal year | LNTH · FY25 | WST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.7B | $28.0B |
| Revenue | $1.5B | $3.1B |
| Free cash flow | $354M | $469M |
| Net income | $234M | $494M |
| Growth | ||
| Revenue growth | 0.5% | 6.3% |
| 5-year growth | 35.4% | 7.4% |
| Share count change | −4.5% | −1.4% |
| Profitability | ||
| Gross margin | 61.1% | 35.9% |
| Operating margin | 20.2% | 19.0% |
| Net margin | 15.2% | 16.1% |
| FCF margin | 23.0% | 15.3% |
| Return on capital | 22.7% | 18.7% |
| Return on equity | 21.5% | 16.9% |
| Balance sheet | ||
| Net debt | $210M | −$583M |
| Net debt / EBITDA | 0.6x | −0.8x |
| Dividends and buybacks | $300M | $195M |
| Valuation & quality | ||
| P/E | 24.2x | 50.2x |
| Piotroski F-score | 5 | 9 |
Revenue
FY16
LNTH $302M
WST $1.5B
FY17
LNTH $331M
WST $1.6B
FY18
LNTH $343M
WST $1.7B
FY19
LNTH $347M
WST $1.8B
FY20
LNTH $339M
WST $2.1B
FY21
LNTH $425M
WST $2.8B
FY22
LNTH $935M
WST $2.9B
FY23
LNTH $1.3B
WST $2.9B
FY24
LNTH $1.5B
WST $2.9B
FY25
LNTH $1.5B
WST $3.1B
LNTH
WST
Operating margin
FY16
LNTH 18.8%
WST 12.9%
FY17
LNTH 15.7%
WST 14.1%
FY18
LNTH 18.8%
WST 14.0%
FY19
LNTH 14.9%
WST 16.1%
FY20
LNTH −1.2%
WST 19.0%
FY21
LNTH −14.3%
WST 26.6%
FY22
LNTH 3.9%
WST 25.4%
FY23
LNTH 28.1%
WST 22.9%
FY24
LNTH 29.8%
WST 19.7%
FY25
LNTH 20.2%
WST 19.0%
LNTH
WST
Free cash flow
FY16
LNTH $42.2M
WST $49.2M
FY17
LNTH $37.2M
WST $133M
FY18
LNTH $41.1M
WST $184M
FY19
LNTH $58.3M
WST $241M
FY20
LNTH $16.4M
WST $298M
FY21
LNTH $53.9M
WST $331M
FY22
LNTH $21.8M
WST $439M
FY23
LNTH $260M
WST $415M
FY24
LNTH $493M
WST $276M
FY25
LNTH $354M
WST $469M
LNTH
WST
Return on capital
FY16
LNTH 41.2%
WST 12.7%
FY17
LNTH 30.9%
WST 12.1%
FY18
LNTH 24.0%
WST 15.9%
FY19
LNTH 23.5%
WST 17.9%
FY20
LNTH −0.8%
WST 23.1%
FY21
LNTH −8.0%
WST 38.8%
FY22
LNTH 6.4%
WST 31.9%
FY23
LNTH 46.2%
WST 26.3%
FY24
LNTH 47.1%
WST 20.1%
FY25
LNTH 22.7%
WST 18.7%
LNTH
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.