— Know what they know.
/
Not Investment Advice

WST

NYSE · USD
West Pharmaceutical Services, Inc.
Healthcare · Medical - Instruments & Supplies
CEO Michel Lagarde Employees 10,800 R&D / revenue 2.4%
Last price
$384.02+0.26%last session
Market cap
$27.0B
P/E (TTM)
48.8x
From 52w high
−0.6%
From 52w low
+71.6%
1-year return
+43.8%
RSI 14 · vs SMA200
65.5 · +25.0%
IS score
71.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

WST   SPY   XLV (sector ETF) · weekly closes
100120140Jan 26Apr 26Jul 26Oct 26WST 144XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
67
Profitability
61
Growth
41
Value
84
Momentum
100
Risk (safety)
88
Quality
90
Balance sheet
72
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Net cash
Warnings
None of the computed warning flags fires for WST (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 9 / 9Altman Z 17.4Beta 1.141 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
6 open-market sales, $4.7M
Form 144 notices (12m): 1, $1.1M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+83
152 new holders, 61 closed
838 filers hold 100.4% · 306 added, 261 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+206
1,073 funds adding shares
867 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
62.7%
20-day avg 52.9%, 50-day avg 55.6%
Latest 9.8 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$3.1B
Revenue growth YoY+6.3%
Gross margin35.9%
Operating income$617.4M
Operating margin20.1%
Net income$493.7M
Net margin16.1%
EPS (diluted)$6.80
Cash flow
Operating cash flow$754.8M
Capital expenditure$285.9M
Free cash flow$468.9M
FCF conversion (FCF / OCF)62.1%
Stock-based compensation$23.8M
FCF less SBC$445.1M
Buybacks$134.0M
Dividends$61.2M
Balance sheet & returns
Cash & short-term investments$791.3M
Total debt$321.1M
Net cash$470.2M
Shareholders' equity$3.2B
Goodwill & intangibles$117.6M
Debt / equity0.10
ROE (TTM)18.5%
ROIC (TTM)15.8%
Operating margin by fiscal year
26.7%FY202126.3%FY202224.3%FY202320.6%FY202420.1%FY2025
Revenue $2.8B (FY2021) to $3.1B (FY2025), a 2.1% CAGR.

Valuation

P/E (TTM)48.8x
EV / EBITDA30.9x
Price / sales8.12x
Price / FCF61.9x
FCF yield1.62%
Buyback yield0.50%
SBC / revenue1.0%
Price / book9.09x
Forward P/E FY202642.8x
Forward P/E FY202738.3x
Forward P/E FY202833.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $420.00 across 4 analysts last quarter is theirs, not ours.

WST vs industry median

111 companies in Medical - Instruments & Supplies
Gross margin 36.8% 53.7% Operating margin 20.6% 6.7% Net margin 17.0% 4.3% ROIC 15.8% 7.2%
WST (TTM)Industry median Asset turnover 0.82 vs industry 0.60 · financial leverage 1.36

Earnings delivery

Next report 2026-10-29 · consensus EPS $2.20
92%
beat rate, 11 of 12 quarters
+16.4%
median EPS surprise
8
longest beat streak
+16+3+24-13+23+6+19+22+17+11+27+14
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
WST West Pharmaceutical Services $27.0B48.8x18.5%17.0%+6.3% +43.8%
MDLN Medline Inc. $31.5B41.8x3.2%0.8%— −12.3%
RMD ResMed Inc. $33.6B22.9x24.3%26.2%+9.9% −11.3%
HOLX Hologic, Inc. $17.0B30.3x10.9%17.1%+2.2% +19.1%
SOLV Solventum Corporation $14.6B10.4x34.0%4.2%−0.9% +20.1%
BDX Becton, Dickinson and Compan $52.2B57.8x3.8%7.6%−2.6% —
BAX Baxter International Inc. $13.1Bn/m-15.7%4.3%+5.4% —
RGEN Repligen Corporation $11.1B237.1x2.0%2.5%+16.5% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-07-23Earnings Release; Regulation FD; Exhibits
2026-07-14Material Agreement; Exhibits
2026-06-01Officer/Director Change; Regulation FD; Exhibits
2026-05-20Exhibits
2026-05-05Shareholder Vote; Exhibits
2026-04-23Earnings Release; Regulation FD; Exhibits

Context

Shares outstanding70,375,800
Free float99.3%
Institutional ownership100.4%
Beta1.14
Dividend yield0.23%
Last dividend$0.22 on 2026-07-29
50 / 200-day average$357.43 / $306.75
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where WST sits among 26 scored companies in Medical - Instruments & Supplies (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureWSTIndustry medianIndustry percentileSector median
P/E (TTM) 47.8x 43.3x
53rd		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 9.92 1.31
100th		 1.28
Price / sales 8.1x 2.4x
88th		 3.7x
Price / book 9.0x 2.9x
92nd		 3.6x
Price / tangible book 8.9x 7.6x
73rd		 5.8x
Price / free cash flow 61.9x 25.3x
81st		 21.2x
Price / operating cash flow 40.8x 18.6x
77th		 17.1x
Enterprise value $26.9B $6.9B
84th		 $2.5B
EV / sales 8.1x 2.7x
88th		 3.8x
EV / EBITDA 30.9x 20.4x
70th		 16.2x
EV / EBIT 39.0x 32.2x
59th		 23.0x
EV / free cash flow 61.6x 29.9x
76th		 24.6x
Earnings yield 2.1% 0.6%
68th		 -0.3%
FCF yield 1.6% 3.8%
32nd		 1.7%
Operating cash flow yield 2.5% 4.9%
32nd		 2.9%
Graham number (per share) $86.46 $48.19
86th		 $26.70

Profitability (TTM)

MeasureWSTIndustry medianIndustry percentileSector median
Gross margin 36.8% 53.8%
20th		 65.1%
EBITDA margin 26.2% 13.9%
79th		 6.6%
Operating margin 20.6% 9.8%
79th		 3.5%
EBIT margin 20.7% 6.8%
79th		 2.4%
Net margin 17.0% 1.9%
83rd		 0.3%
NOPAT margin 16.4% 6.6%
79th		 2.7%
FCF margin 13.1% 7.9%
71st		 4.3%
Operating cash flow margin 19.9% 11.4%
83rd		 7.1%
R&D / revenue 2.2% 5.9%
12th		 12.4%
SG&A / revenue 12.8% 36.9%
0th		 37.9%
Stock comp / revenue 1.0% 1.7%
28th		 4.5%
Effective tax rate 20.6% 21.0%
28th		 21.0%

Returns on capital

MeasureWSTIndustry medianIndustry percentileSector median
ROE (on average equity) 19.1% 2.0%
92nd		 0.8%
ROA 14.1% 1.2%
92nd		 -0.3%
ROIC 19.0% 3.8%
80th		 5.5%
ROCE 20.1% 3.9%
92nd		 2.3%
Return on tangible assets 17.2% 3.3%
88th		 1.7%
Cash ROIC (OCF / invested capital) 23.1% 8.3%
84th		 9.7%
Gross profitability (GP / assets) 30.0% 24.9%
64th		 29.9%
ROIC, 3-yr average 16.6% 2.1%
90th		 2.6%
ROIC, 5-yr average 21.4% -0.2%
95th		 3.2%
ROE, 5-yr average 20.6% -0.8%
95th		 -4.9%
Incremental ROIC 225.8% 34.6%
92nd		 17.2%

Growth

MeasureWSTIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 12.4% 8.8%
74th		 10.5%
Revenue growth (QoQ) 3.2% 4.8%
24th		 7.2%
Revenue CAGR, 3 yr 5.1% 3.5%
62nd		 10.7%
Revenue CAGR, 5 yr 5.7% 7.0%
47th		 12.1%
Gross profit CAGR, 3 yr 3.8% 2.8%
57th		 10.6%
Operating income CAGR, 3 yr -0.8% 9.5%
29th		 11.7%
Net income growth (TTM YoY) 15.8% 20.4%
40th		 17.5%
Net income CAGR, 3 yr 2.9% 15.3%
36th		 11.3%
EPS growth (TTM YoY) 18.3% 22.3%
40th		 19.2%
EPS CAGR, 3 yr 4.8% 15.5%
36th		 14.0%
EPS CAGR, 5 yr 2.9% -4.8%
55th		 8.1%
FCF growth (TTM YoY) 27.0% 14.5%
59th		 18.6%
FCF CAGR, 3 yr 3.3% 24.8%
21st		 15.4%
Operating cash flow CAGR, 3 yr -2.2% 8.4%
19th		 11.9%
Book value CAGR, 3 yr 4.8% 1.8%
76th		 2.1%
Dividend CAGR, 3 yr 3.2% 2.1%
62nd		 2.2%
Sustainable growth rate 17.0% 6.8%
86th		 12.2%

Margin history & stability

MeasureWSTIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 36.0% 54.6%
18th		 62.6%
Operating margin, 3-yr average 21.1% 7.2%
86th		 1.0%
Net margin, 3-yr average 17.2% 2.3%
86th		 -2.6%
FCF margin, 3-yr average 12.4% 8.8%
68th		 3.2%
Revenue stability (0-1) 0.90 0.73
57th		 0.80
Earnings stability (0-1) 0.07 0.40
13th		 0.37
Margin stability (0-1) 0.96 0.96
36th		 0.93

Liquidity (latest quarter)

MeasureWSTIndustry medianIndustry percentileSector median
Cash & short-term investments $435.8M $316.3M
68th		 $330.9M
Net cash (− = net debt) $123.7M −$416.9M
80th		 $8.4M
Working capital $1.2B $705.4M
84th		 $381.1M
Current ratio 2.82 2.54
60th		 3.02
Quick ratio 2.12 2.12
52nd		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.68 0.83
48th		 1.43
Defensive interval (days) 782 days 399 days
92nd		 415 days

Leverage & solvency (latest quarter)

MeasureWSTIndustry medianIndustry percentileSector median
Total debt $312.1M $1.0B
36th		 $289.1M
Debt / equity 0.10 0.49
21st		 0.45
Net debt / equity −0.04 0.22
42nd		 −0.13
Debt / assets 7.7% 28.5%
20th		 24.4%
Debt / capital 9.5% 32.8%
21st		 31.1%
Debt / EBITDA 0.36 3.77
5th		 2.62
Net debt / EBITDA −0.14 1.79
30th		 1.42
Interest coverage (EBIT / interest) 6,896.0x 2.3x
100th		 2.1x
Cash interest coverage 6,622.0x 5.3x
100th		 3.6x
Debt payback (years of OCF) 0.5 yrs 5.1 yrs
9th		 2.7 yrs
Liabilities / assets 26.6% 43.2%
24th		 49.8%
IS credit model rating AAA — —
Implied credit spread (bps) 50 288
0th		 225

Efficiency

MeasureWSTIndustry medianIndustry percentileSector median
Asset turnover 0.83 0.55
84th		 0.56
Fixed asset turnover 0.99 3.55
4th		 4.87
Inventory turnover 4.8 2.7
84th		 2.7
Receivables turnover 5.1 6.3
20th		 6.4
Days sales outstanding 71 days 58 days
80th		 57 days
Days inventory outstanding 75 days 138 days
16th		 136 days
Days payables outstanding 43 days 55 days
24th		 59 days
Cash conversion cycle (days) 104 days 124 days
32nd		 70 days
Capex / revenue 6.8% 3.9%
83rd		 2.6%
Capex / depreciation 1.25 0.48
96th		 0.55
Operating expense ratio 17.2% 43.1%
4th		 56.5%

Cash flow & earnings quality

MeasureWSTIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.17 1.97
13th		 1.61
FCF / net income 0.77 1.64
13th		 1.36
FCF / operating cash flow 66.0% 74.0%
43rd		 81.2%
Capex / operating cash flow 34.0% 26.0%
57th		 18.8%
Accruals ratio -2.4% -5.1%
92nd		 -5.4%
Sloan accruals ratio -2.2% -2.4%
52nd		 -1.3%
Earnings quality score (0-1) 1.00 1.00
47th		 0.75

Dividends & buybacks

MeasureWSTIndustry medianIndustry percentileSector median
Dividend yield 0.2% 0.0%
72nd		 0.0%
Dividend per share (TTM) $0.88 $0.00
80th		 $0.00
Payout ratio (dividends / net income) 11.0% 0.0%
67th		 0.0%
Dividends / FCF 14.3% 0.0%
62nd		 0.0%
Dividend growth (YoY) 6.0% 6.0%
50th		 4.5%
Buyback yield 0.0% 0.5%
20th		 0.0%
Shareholder yield (dividends + buybacks) 0.2% 0.7%
28th		 0.0%
Share count change (YoY) -2.1% 0.0%
21st		 2.0%
Buybacks, last 5 years $870.2M $56.9M
76th		 $0

Scores & forensic checks

MeasureWSTIndustry medianIndustry percentileSector median
IS score 72 43
88th		 46
IS profitability 67 32
88th		 22
IS growth 61 57
61st		 60
IS value 41 42
36th		 39
IS momentum 84 70
70th		 67
IS risk (safety) 100 80
72nd		 80
IS quality 88 58
88th		 49
IS balance sheet 90 53
88th		 55
IS earnings quality 72 60
64th		 56
IS cash flow 73 51
84th		 41
Piotroski F-score (0-9) 9 6
96th		 5
Altman Z-score 17.4 3.2
92nd		 3.2
Beneish M-score −3.79 −2.68
9th		 −2.62
Ohlson O-score −10.58 −8.33
8th		 −7.16
IS credit score 96 58
96th		 62

Per share

MeasureWSTIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.92 $0.50
88th		 −$0.03
Book value per share $41.94 $18.30
76th		 $7.10
Tangible book per share $40.61 $3.11
96th		 $1.91
Revenue per share $46.65 $17.79
80th		 $9.38
FCF per share $6.13 $1.57
84th		 $0.46
Operating cash flow per share $9.29 $2.10
84th		 $0.93
Cash per share $6.11 $3.47
64th		 $3.51

Size (TTM)

MeasureWSTIndustry medianIndustry percentileSector median
Market cap $27.0B $5.4B
84th		 $2.4B
Revenue $3.3B $2.7B
56th		 $770.2M
EBITDA $870.4M $262.0M
76th		 $56.1M
Net income $564.9M $35.8M
80th		 −$3.3M
Free cash flow $436.9M $158.7M
72nd		 $41.2M
Total assets $4.1B $4.6B
48th		 $1.3B
Shareholders' equity $3.0B $2.4B
60th		 $568.4M
Employees 10,800 11,685
44th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Haugen Janet Brutschea
Director
 Award / grant 44——351
2026-09-15Favorite Annette F
Sr. VP & Chief HR Officer
 Option exercise 2,524$89.64$226,25124,342
2026-09-15Favorite Annette F
Sr. VP & Chief HR Officer
 Open-market sale 2,524$365.00$921,26021,818
2026-09-15Favorite Annette F
Sr. VP & Chief HR Officer
 Option exercise 2,524$89.64$226,2510
2026-09-14Favorite Annette F
Sr. VP & Chief HR Officer
 Option exercise 2,500$89.64$224,10024,318
2026-09-14Favorite Annette F
Sr. VP & Chief HR Officer
 Open-market sale 2,500$355.00$887,50021,818
2026-09-14Favorite Annette F
Sr. VP & Chief HR Officer
 Option exercise 2,500$89.64$224,1002,524
2026-09-11Favorite Annette F
Sr. VP & Chief HR Officer
 Open-market sale 2,500$345.00$862,50021,818
2026-09-11Favorite Annette F
Sr. VP & Chief HR Officer
 Option exercise 2,500$89.64$224,1005,024
2026-09-08Lagarde Michel
Director, President and CEO
 Award / grant 13,879$337.75$4.7M13,879
2026-09-08Lagarde Michel
Director, President and CEO
 Award / grant 11,081$337.75$3.7M11,081
2026-09-08Lagarde Michel
Director, President and CEO
 Award / grant 12,088$337.75$4.1M12,088

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1859,798$12.5M
Open-market saleDisposed613,737$4.7M
Option exerciseDisposed1227,291$1.8M
Option exerciseAcquired1124,791$1.5M
Tax withholdingDisposed43,328$1.2M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 3,384 shares · $1.1M
FiledFilerShares proposedEst. proceeds
2026-05-07Hofmann Thomas W3,384$1.1M
2024-08-06Green Eric Mark30,732$9.4M
2024-05-10Hofmann Thomas W617$225,773
2024-05-07Green Eric Mark66,000$24.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 0 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2025-07-22Lisa McClainHouseSale (Full)$1,001 - $15,0002025-08-13
2025-06-17Lisa McClainHousePurchase$1,001 - $15,0002025-08-13
2025-06-16Lisa C. McClainHousePurchase$1,001 - $15,0002025-08-13
2025-04-08Rob BresnahanHouseSale (Full)$1,001 - $15,0002025-05-08
2022-03-30Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-04-08
2022-03-30Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-04-07
2022-03-30Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002022-04-07
2021-03-29Tommy TubervilleSenatePurchase$1,001 - $15,0002021-07-23
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.6,651,784$2.4B9.45%
VANGUARD CAPITAL MANAGEMENT LLC4,613,134$1.7B6.56%
VANGUARD PORTFOLIO MANAGEMENT LLC4,015,766$1.4B5.71%
FMR LLC3,574,816$1.3B5.08%
STATE STREET CORP3,348,698$1.2B4.76%
Artisan Partners Limited Partnership2,411,792$865.8M3.43%
GENERATION INVESTMENT MANAGEMENT LLP2,028,322$728.2M2.88%
GEODE CAPITAL MANAGEMENT, LLC1,903,279$680.6M2.70%
T. Rowe Price Investment Management, Inc.1,805,019$648.0M2.56%
MORGAN STANLEY1,279,346$459.3M1.82%
Longview Partners1,033,826$371.1M1.47%
JPMORGAN CHASE & CO1,028,066$364.6M1.46%
Invesco Ltd.1,009,852$362.5M1.43%
NORGES BANK862,915$309.8M1.23%
GOLDMAN SACHS GROUP INC814,772$292.5M1.16%

Institutional ownership by quarter

2023-092026-06100.4%
% of shares held by 13F filers
2023-092026-06838
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30838100.4%15230626161
2026-03-31755100.4%89265281125
2025-12-3180598.2%11327129155
2025-09-3076197.7%11927224885
2025-06-3073799.0%10726926482
2025-03-3171998.7%95274262113
2024-12-3174998.7%10929625881
2024-09-3073496.9%64294270104
2024-06-3078296.5%8827829678
2024-03-3178496.8%10029326492
2023-12-3178797.1%9726130861
2023-09-3076297.0%8624330449

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-06SCHEDULE 13GAbigail P. Johnson5.0%3,559,016
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%5,397,791
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.7%4,102,674
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$828.2M
VTSAX0.04%$828.2M
VSMPX0.04%$828.2M
VTI0.04%$828.2M
VFFSX0.04%$684.8M
VFIAX0.04%$684.8M

Share structure

Shares outstanding70,375,800
Float69,849,351
Free float99.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.8B$2.9B$3.0B$2.9B$3.1B
Cost of revenue$1.7B$1.7B$1.8B$1.9B$2.0B
Gross profit$1.2B$1.1B$1.1B$1.0B$1.1B
R&D$52.8M$58.5M$68.4M$69.1M$74.3M
SG&A$361.9M$316.9M$353.4M$338.5M$393.1M
Operating income$758.7M$763.5M$710.9M$594.6M$617.4M
EBITDA$879.7M$808.1M$844.1M$743.8M$723.6M
Pretax income$769.0M$700.6M$715.7M$600.2M$615.3M
Income tax$107.2M$114.7M$122.3M$107.5M$121.6M
Net income$661.8M$585.9M$593.4M$492.7M$493.7M
EPS, diluted$8.67$7.73$7.88$6.69$6.80
Diluted shares76.3M75.8M75.3M73.7M72.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$762.6M$894.3M$853.9M$484.6M$791.3M
Receivables$489.0M$507.4M$512.0M$552.5M$574.4M
Inventory$378.4M$414.8M$434.7M$377.0M$443.9M
Total current assets$1.7B$1.9B$1.9B$1.5B$2.0B
PP&E, net$1.1B$1.3B$1.5B$1.7B$0
Goodwill & intangibles$132.9M$125.7M$123.6M$116.9M$117.6M
Total assets$3.3B$3.6B$3.8B$3.6B$4.3B
Accounts payable$232.2M$215.4M$242.4M$239.3M$253.7M
Total current liabilities$594.1M$519.0M$671.8M$550.4M$654.9M
Long-term debt$208.8M$206.7M$72.8M$202.6M$298.4M
Total liabilities$978.4M$931.9M$948.5M$961.1M$1.1B
Shareholders' equity$2.3B$2.7B$2.9B$2.7B$3.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$661.8M$585.9M$593.4M$492.7M$493.7M
Depreciation & amortization$122.3M$120.6M$137.3M$155.4M$168.6M
Stock-based compensation$37.5M$23.7M$23.3M$18.7M$23.8M
Change in working capital−$193.8M−$15.0M−$20.4M$2.9M$79.8M
Operating cash flow$584.0M$724.0M$776.5M$653.4M$754.8M
Capital expenditure−$253.4M−$284.6M−$362.0M−$377.0M−$285.9M
Free cash flow$330.6M$439.4M$414.5M$276.4M$468.9M
Investing cash flow−$253.1M−$288.2M−$368.7M−$378.7M−$285.9M
Net debt issued / repaid−$2.2M−$44.3M−$2.3M−$27.6M−$1.1M
Buybacks−$151.9M−$222.2M−$451.2M−$566.6M−$134.0M
Dividends paid−$51.1M−$54.1M−$57.0M−$59.1M−$61.2M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin41.3%39.3%38.4%34.6%35.9%
Operating margin26.7%26.3%24.3%20.6%20.1%
Net margin23.4%20.3%20.1%17.0%16.1%
FCF margin11.7%15.2%14.1%9.6%15.3%
ROE31.6%23.3%21.3%17.7%16.9%
ROIC34.2%30.1%25.4%19.6%17.7%
ROA21.7%16.9%15.9%13.2%12.5%
Debt / equity0.140.120.110.110.13
Interest coverage90.2x90.4x80.3x159.2x1,007.7x
Current ratio2.933.702.882.793.02
Revenue growth+31.9%+2.0%+2.2%−1.9%+6.3%
EPS growth+90.4%−10.5%+2.1%−15.5%+1.6%
P/E at year end53.6x30.1x44.3x48.8x40.5x
EV / EBITDA at year end39.8x21.1x30.5x32.1x25.3x
FCF yield at year end0.93%2.49%1.58%1.15%2.34%
Dividend payout7.7%9.2%9.6%12.0%12.4%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Proprietary Products$2.3B$2.4B$2.4B$2.3B$2.5B
Contract Manufactured Products$514.7M$480.4M$552.5M$558.7M$582.0M

Revenue by region · FY2025

UNITED STATES$1.3B · 43%
Other Europe Countries$451.0M · 15%
GERMANY$380.3M · 12%
Other Countries$353.3M · 11%
IRELAND$333.3M · 11%
FRANCE$226.6M · 7%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $2.20 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$3.4B$3.3B – $3.4B$8.98$8.88 – $9.051042.8x
2027$3.6B$3.5B – $3.6B$10.03$9.50 – $10.341138.3x
2028$3.9B$3.7B – $4.0B$11.46$10.43 – $12.61533.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-23$2.08$2.37+13.9%$840.0M$872.3M+3.8%
2026-04-23$1.68$2.13+26.8%$780.3M$844.9M+8.3%
2026-02-12$1.83$2.04+11.5%$794.9M$805.0M+1.3%
2025-10-23$1.68$1.96+16.7%$785.7M$804.3M+2.4%
2025-07-24$1.51$1.84+21.9%$726.1M$766.2M+5.5%
2025-04-24$1.22$1.45+18.9%$713.0M$698.0M−2.1%
2025-02-13$1.71$1.82+6.4%$740.5M$748.8M+1.1%
2024-10-24$1.50$1.85+23.3%$709.6M$746.9M+5.3%
2024-07-25$1.74$1.52−12.6%$729.4M$702.0M−3.8%
2024-04-25$1.26$1.56+23.8%$670.6M$695.4M+3.7%
2024-02-15$1.78$1.83+2.8%$739.5M$732.0M−1.0%
2023-10-26$1.86$2.16+16.1%$750.3M$747.4M−0.4%
2023-07-27$1.93$2.11+9.3%$756.5M$753.8M−0.4%
2023-04-27$1.67$1.98+18.6%$698.2M$716.6M+2.6%
2023-02-16$1.38$1.77+28.3%$657.2M$708.7M+7.8%
2022-10-27$2.12$2.03−4.2%$727.4M$686.9M−5.6%
2022-07-28$2.21$2.47+11.8%$754.3M$771.3M+2.3%
2022-04-28$2.12$2.30+8.5%$720.9M$720.0M−0.1%
2022-02-17$1.92$2.04+6.3%$710.2M$730.8M+2.9%
2021-10-28$1.80$2.06+14.4%$687.1M$706.5M+2.8%
2021-07-29$1.74$2.46+41.4%$669.4M$723.6M+8.1%
2021-04-29$1.43$2.05+43.4%$611.4M$670.7M+9.7%
2021-02-18$1.13$1.34+18.6%$543.7M$580.2M+6.7%
2020-10-22$1.00$1.15+15.0%$476.5M$548.0M+15.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.606-220.406-290.407-060.307-130.607-200.607-270.208-030.308-100.208-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$182.6M535,14426,091
2026-08-24$248.6M714,74732,565
2026-08-17$235.3M666,51630,119
2026-08-10$284.7M811,60232,534
2026-08-03$238.9M683,16529,144
2026-07-27$605.6M1,807,18448,013

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1562.7%
DateShort shareShort volumeTotal volume
2026-10-1562.7%102,426163,345
2026-10-1451.7%96,133185,965
2026-10-1361.2%120,611196,919
2026-10-1264.9%92,959143,298
2026-10-0950.3%106,733212,135
2026-10-0857.6%105,090182,489
2026-10-0776.7%137,201178,809
2026-10-0657.3%88,278154,085
2026-10-0540.1%153,736383,041
2026-10-0266.6%143,929215,966
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.4Jan-1.3Feb+4.3Mar+2.7Apr+0.4May+1.9Jun+3.7Jul+0.5Aug-0.4Sep+1.5Oct+2.8Nov+2.1Dec
MonthAvg returnUp yearsYears
Jan−0.4%50%20
Feb−1.3%50%20
Mar+4.3%71%21
Apr+2.7%70%20
May+0.4%55%20
Jun+1.9%65%20
Jul+3.7%65%20
Aug+0.5%60%20
Sep−0.4%40%20
Oct+1.5%65%20
Nov+2.8%70%20
Dec+2.1%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1465.5
MFI63.1
ADX35.6
Stochastic %K / %D84.7 / 70.0
Williams %R-10.3
CCI190
TSI / signal18.8 / 17.0
Chaikin money flow0.03
ATR$8.75
Bollinger width6.4%
Volume vs 20-day avg0.74x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$371.59 (+3.3%)
SMA 50$358.14 (+7.2%)
SMA 200$307.25 (+25.0%)
EMA 21$369.58 (+3.9%)
EMA 50$360.39 (+6.6%)
EMA 200$321.55 (+19.4%)
Bollinger upper$383.51 (+0.1%)
Bollinger lower$359.68 (+6.8%)
Parabolic SAR$359.99 (+6.7%)
Open the live chart, 110+ indicators

About West Pharmaceutical Services, Inc.

West Pharmaceutical Services, Inc. (WST) specializes in the development, manufacturing, and global distribution of essential containment and delivery solutions for injectable pharmaceuticals and other healthcare products. The company's operations span across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region, structured into two primary business units: Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment offers a comprehensive array of components for injectable packaging, including stoppers and seals, alongside syringe and cartridge parts, which can be customized for specific injectable drug delivery requirements. It also provides advanced drug administration systems designed to enhance safe and effective delivery through sophisticated reconstitution, mixing, and transfer technologies. This segment further supplies ancillary services such as specialized films, protective coatings, cleaning, precision vision inspection, and sterilization processes to elevate the quality of packaging components. Innovative drug containment options, like Crystal Zenith – a cyclic olefin polymer used in vials, syringes, and cartridges – and user-friendly self-injection devices are also key offerings. Additionally, it provides a suite of integrated support services covering analytical laboratory analysis, primary packaging assistance during the pre-approval stage, engineering development, regulatory guidance, and post-purchase technical support. Its clientele primarily includes manufacturers of biologic, generic, and other pharmaceutical products. In contrast, the Contract-Manufactured Products division focuses on the design, production, and automated assembly of various devices for surgical, diagnostic, ophthalmic, and general drug delivery applications, alongside consumer items. This segment caters to pharmaceutical, diagnostic, and medical device manufacturers. The company's offerings reach customers worldwide through a dedicated sales team, an extensive distribution network, and partnerships with contract sales agents and regional distributors. Established in 1923, West Pharmaceutical Services, Inc. is headquartered in Exton, Pennsylvania.

https://www.westpharma.com

Key executives

NameTitlePayBorn
Robert W. McMahonSenior Vice President & Chief Financial Officer$4.5M1969
Eric GreenNon-Independent Chair of the Board, President & Chief Executive Officer$2.7M1970
Devesh MathurSenior Vice President & Chief Technology Officer$972,092—
Shane CampbellSVP & Chief Proprietary Segment Officer$949,8341980
Annette F. FavoriteChief Human Resources Officer & Senior Vice President$927,8471965
Andy PolywaczPresident of Integrated Systems——
Chad R. WintersVice President of Finance & Chief Accounting Officer—1979
John SweeneyVice President of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Robert W. McMahon SVP, Chief Financial Officer2025$292,308$5.8M$403,368$11.8M
Eric M. Green President and CEO, Chair of Board2025$1.2M$3.3M$1.5M$7.2M
Shane A. Campbell SVP, Chief Proprietary Segment Officer2025$369,231$1.2M$455,680$2.4M
Bernard J. Birkett Former SVP, Chief Financial Officer2025$637,808$1.1M$0$2.1M
Annette F. Favorite SVP, Chief Human Resources Officer2025$450,000$342,875$448,590$1.4M
Kimberly B. MacKay Former SVP, General Counsel and Secretary2025$487,000$318,188$316,550$1.3M

Employees

8k20188k20199k202010k202111k202211k202311k202411k2025

Dividends

Ex-dateAmountPaid
2026-07-29$0.222026-08-05
2026-04-29$0.222026-05-06
2026-01-28$0.222026-02-04
2025-11-12$0.222025-11-19
2025-07-30$0.212025-08-06
2025-04-30$0.212025-05-07
2025-02-07$0.212025-02-11
2024-11-13$0.212024-11-20

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage80
Intangibles42
Switching costs38
Network effect40
Efficient scale83
Our component scores (0-100) and overall 54.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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