Envista 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 $2.7B for Envista.
- Envista grew revenue faster (8.3%, against 6.3%).
- West Pharmaceutical Services kept more of each dollar of sales as operating profit (19.0% operating margin, against 8.0%).
- West Pharmaceutical Services turned more of its sales into free cash flow (15.3% FCF margin, against 8.5%).
- West Pharmaceutical Services earned a higher return on the capital invested in it (18.7%, against 3.2%).
- Investors pay more for each dollar of West Pharmaceutical Services’s earnings: a P/E of 50.2x against 40.7x for Envista.
| Latest fiscal year | NVST · FY25 | WST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.9B | $28.0B |
| Revenue | $2.7B | $3.1B |
| Free cash flow | $230M | $469M |
| Net income | $47.0M | $494M |
| Growth | ||
| Revenue growth | 8.3% | 6.3% |
| 5-year growth | 7.1% | 7.4% |
| Share count change | −1.7% | −1.4% |
| Profitability | ||
| Gross margin | 54.7% | 35.9% |
| Operating margin | 8.0% | 19.0% |
| Net margin | 1.7% | 16.1% |
| FCF margin | 8.5% | 15.3% |
| Return on capital | 3.2% | 18.7% |
| Return on equity | 1.6% | 16.9% |
| Balance sheet | ||
| Net debt | $237M | −$583M |
| Net debt / EBITDA | 0.7x | −0.8x |
| Dividends and buybacks | $167M | $195M |
| Valuation & quality | ||
| P/E | 40.7x | 50.2x |
| Piotroski F-score | 7 | 9 |
Revenue
FY16
NVST —
WST $1.5B
FY17
NVST $2.8B
WST $1.6B
FY18
NVST $2.8B
WST $1.7B
FY19
NVST $2.3B
WST $1.8B
FY20
NVST $1.9B
WST $2.1B
FY21
NVST $2.5B
WST $2.8B
FY22
NVST $2.6B
WST $2.9B
FY23
NVST $2.6B
WST $2.9B
FY24
NVST $2.5B
WST $2.9B
FY25
NVST $2.7B
WST $3.1B
NVST
WST
Operating margin
FY16
NVST —
WST 12.9%
FY17
NVST 13.8%
WST 14.1%
FY18
NVST 10.5%
WST 14.0%
FY19
NVST 10.3%
WST 16.1%
FY20
NVST 2.3%
WST 19.0%
FY21
NVST 12.2%
WST 26.6%
FY22
NVST 12.4%
WST 25.4%
FY23
NVST 1.2%
WST 22.9%
FY24
NVST −41.4%
WST 19.7%
FY25
NVST 8.0%
WST 19.0%
NVST
WST
Free cash flow
FY16
NVST —
WST $49.2M
FY17
NVST $310M
WST $133M
FY18
NVST $328M
WST $184M
FY19
NVST $320M
WST $241M
FY20
NVST $236M
WST $298M
FY21
NVST $307M
WST $331M
FY22
NVST $107M
WST $439M
FY23
NVST $218M
WST $415M
FY24
NVST $303M
WST $276M
FY25
NVST $230M
WST $469M
NVST
WST
Return on capital
FY16
NVST —
WST 12.7%
FY17
NVST —
WST 12.1%
FY18
NVST —
WST 15.9%
FY19
NVST 3.9%
WST 17.9%
FY20
NVST 0.7%
WST 23.1%
FY21
NVST 6.0%
WST 38.8%
FY22
NVST 5.2%
WST 31.9%
FY23
NVST 0.5%
WST 26.3%
FY24
NVST −19.9%
WST 20.1%
FY25
NVST 3.2%
WST 18.7%
NVST
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.