West Pharmaceutical Services, Inc.

Surgical & Medical Instruments & Apparatus

WSTMixed9 of 11 basics passed

$366.00

+0.75%

Market cap $25.8B

$366.00

+0.75%

Market cap $25.8B

West Pharmaceutical Services is based in Pennsylvania and is a key supplier to firms in the pharmaceutical, biotechnology, and generic drug industries.

It is a $25.8B healthcare company. Revenue grew 12.4% over the last year, it keeps 17¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 47.7× earnings — around the middle of its own history.

Website: westpharma.com
Location: Exton, PA
Employees: 10 800
Sector: Healthcare

Share price · 3 years

$387.28 → $366.00-5.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $3.33B
Profit: keeps 17¢ of every $1 sold; $565M
Free cash flow: cash left after running the business; $437M
Net cash: more cash than debt; $589M
P/E: years of profit in the price; 47.7
EPS: earnings per share, TTM; $7.77
Dividend: pays out 11% of profit · 14% of FCF; 0.23%
Shares: down 3% since 2016 — buybacks; 72.7M
Volatility: beta vs the market — under 1 swings less; 1.15

Revenue, last 10 years

52-week range

Low $230.95$366.00High $376.76

Today's price is 93% of the way from the year's low to its high.

P/E vs its history5y

45.6×median 43.0×

Higher than 60% of past days — around the middle of its own history.

Valuation vs own history

P/E

45.6×

39%

P/S

7.7×

56%

EV/EBITDA

36.4×

48%

P/B

8.6×

55%

FCF yield

1.7%

57%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$2.67Mnet selling

Purchases$0

Sales$2.67M

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$25.8Btop 47%
Revenue growth+2%top 77%
Net margin17%top 28%
Return on equity19%top 37%
P/E47.7×top 82%
Dividend yield0.23%top 91%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability, health, quality and moat; Valuation and Growth lag behind.

Valuation34

P/E vs own history60th pct · 12/25
FCF yield1.7% · 5/25
P/S8.1x · 12/25
EV/EBITDA31.1x · 5/25

Growth38

Revenue CAGR2.1% · 6/25
Net income CAGR-7.1% · 0/25
EPS CAGR ~5Y8.3% · 12/25
Fwd implied growth24.8% · 20/25

Profitability80

ROIC19.1% · 20/25
ROE18.5% · 20/25
Net margin17.0% · 20/25
Operating margin20.4% · 20/25

Health75

Altman Zn/a · 0/25
Current ratio2.82 · 25/25
Interest coverage130.1x · 25/25
Net cash / debtNet cash · 25/25

Quality82

Piotroski F7/9 · 22/25
Beneish M-2.55 · 25/25
FCF conversion77% · 15/25
Margin stabilityσ 5.0% · 20/25

Moat81

ROIC >12% years10/10 yrs · 25/25
Median gross margin35.1% · 13/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 9.4% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
Best year on record
$662M net income
FY2017Financial
Became debt-free
cash now exceeds total debt
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$1.51B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2005Acquisition
West acquired The Tech Group, Scottsdale, Ariz., and Medimop Medical Projects Ltd., Ra’anana, Israel

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$8 277 today — price return only

$3.1B revenue in FY2025

Revenue up 12.4% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

10 800 employees

ROIC of 19.1%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 12.4% year over year
Net cash position after subtracting debt from cash
Interest covered 130.1× by operating earnings
High returns on invested capital (ROIC 19.1%)
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+12.4% YoY
Profitable — makes more than it spends$565M TTM
Profit growing — earnings are higher than last year-4.2% YoY
Generates cash — cash left after running and investing$437M TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$25.8B market cap
Not printing shares — share count not ballooning — you keep your slice-4.1% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 50/100
Pays a dividend — returns cash to shareholdersyield 0.23%
Valuation not extreme — price not wildly above earningsP/E 47.7

Peer comparisonWest Pharmaceutical Services, Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
WST this company	$25.8B	47.7	+12.4%	17.0%	Mixed
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: WST vs LLY · WST vs JNJ · WST vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 14Hold 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $3.33B · net income $565M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$3.33B

YoY 12.4%

Net income (TTM)

$565M

Margin 17.0%

Gross margin

36.8%

Operating margin

20.4%

P/E ratio

47.7

Dividend yield

0.23%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	2.1	2.8	2.9	2.9	2.9	3.1
Gross profit	0.8	1.2	1.1	1.1	1.0	1.1
Operating income (EBIT)	0.4	0.8	0.7	0.7	0.6	0.6
Net income	0.3	0.7	0.6	0.6	0.5	0.5
EPS (diluted)	4.57	8.67	7.73	7.88	6.69	6.79

Cash flowFree cash flow $437M · operating cash flow $662M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$437M

Margin 13.1%

Operating cash flow (TTM)

$662M

FCF margin

13.1%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.5	0.6	0.7	0.8	0.7	0.8
Capital expenditure	-0.2	-0.3	-0.3	-0.4	-0.4	-0.3
Free cash flow	0.3	0.3	0.4	0.4	0.3	0.5
FCF margin	13.9%	11.7%	15.2%	14.1%	9.6%	15.3%

Balance sheetAssets $4.27B · net cash $589M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $4.27B of assets is financed

26%

74%

Liabilities $1.09B — borrowed moneyEquity $3.18B — owners' stake

Cash vs debt

Total debt $203M − cash $791M = net cash $589M

Cash on hand covers all debt.

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

130.1x

EBIT ÷ interest expense

ROE

18.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.6	0.8	0.9	0.9	0.5	0.8
Total assets	2.8	3.3	3.6	3.8	3.6	4.3
Total liabilities	0.9	1.0	0.9	0.9	1.0	1.1
Total debt	0.3	0.2	0.2	0.1	0.2	0.2
Equity	1.9	2.3	2.7	2.9	2.7	3.2
Net debt	-0.4	-0.6	-0.7	-0.8	-0.3	-0.6

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of WST on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $366.00 · market cap $25.8B.