WST

West Pharmaceutical Services
D

WST

Arincen83/100B

West Pharmaceutical Services financials

Yes. West Pharmaceutical Services earned 638.90M USD of net income over the last twelve months, 18.8% of its revenue. It made a profit in 39 of its 41 fiscal years since 1985. Its last loss was in fiscal year 2001.

Revenue (TTM)
3.40B USD
Net income (TTM)
638.90M USD
Free cash flow (TTM)
453.40M USD
Cash and short-term investments
464.10M USD
Total debt
305.00M USD
Shareholders' equity
2.97B USD

Cash, debt and equity as of 30 Sept 2026.

West Pharmaceutical Services earnings

Next earnings · Q4 FY2026
EPS estimate
2.27 USD
Revenue estimate
825.22M USD
Last quarter · Q3 FY2026
EPS2.66Beat +20.9%Revenue874.50MBeat +5.7%

Revenue

ReportedEstimate

EPS

ReportedEstimate
PeriodReport dateEPS estimateReported EPSSurpriseEPS growthRevenue estimateReported revenueSurpriseRevenue growth
Q1 FY20272.36——+10.59%859.36M——+1.71%
Q4 FY20262.27——+11.27%825.22M——+2.51%
Q3 FY20262.202.66+20.91%+35.71%827.12M874.50M+5.73%+8.73%
Q2 FY20262.082.37+13.94%+28.80%839.98M872.30M+3.85%+13.85%
Q1 FY20261.682.13+26.79%+46.90%780.31M844.90M+8.28%+21.05%
Q4 FY20251.832.04+11.48%+12.09%794.89M805.00M+1.27%+7.51%
Q3 FY20251.681.96+16.67%+5.95%785.71M804.30M+2.37%+7.69%
Q2 FY20251.511.84+21.85%+21.05%726.09M766.20M+5.52%+9.15%

West Pharmaceutical Services growth and profitability

Full income statement
Revenue (TTM)
3.40B USD
Net income (TTM)
638.90M USD
Gross margin
37.59%
Operating margin
22.97%
Net margin
18.81%

Revenue / Net income

Revenue Net income Net margin
PeriodRevenueGrowthNet incomeGrowthGross marginOperating marginNet marginEBITDAGrowth
FY20253.07B+6.26%493.70M+0.20%35.89%20.09%16.06%770.60M+3.60%
FY20242.89B-1.98%492.70M-16.97%34.65%20.56%17.03%743.80M-11.88%
FY20232.95B+2.27%593.40M+1.28%38.38%24.09%20.11%844.10M+4.45%
FY20222.89B+1.94%585.90M-11.47%39.47%26.46%20.30%808.10M-8.14%
FY20212.83B+31.86%661.80M+91.16%41.45%26.80%23.38%879.70M+69.53%

How West Pharmaceutical Services makes its money

Proprietary Products2.49B 81.1%
Contract Manufactured Products582.00M 18.9%
Revenue3.07B 100.0%
Cost of revenue1.97B 64.1%
Gross profit1.10B 35.9%
Research and development74.30M 2.4%
Selling and administration393.10M 12.8%
Other operating expenses18.50M 0.6%
Operating income617.40M 20.1%
Tax121.60M 4.0%
Other expense2.10M 0.1%
Net income493.70M 16.1%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

West Pharmaceutical Services revenue breakdown

By product

FY2025
Proprietary Products: 81.1%Contract Manufactured Products: 18.9%81.1%Proprietary Products18.9%Contract Manufactured Products
SegmentRevenueShare of revenueChange on the year
Proprietary Products2.49B81.1%+6.8%
Contract Manufactured Products582.00M18.9%+4.2%

By region

FY2025
United States: 43.3%Other Europe Countries: 14.7%Germany: 12.4%Other Countries: 11.5%Ireland: 10.8%France: 7.4%43.3%United States14.7%Other Europe Countries12.4%Germany11.5%Other Countries10.8%Ireland7.4%France
RegionRevenueShare of revenueChange on the year
United States1.33B43.3%+8.0%
Other Europe Countries451.00M14.7%+17.0%
Germany380.30M12.4%+2.1%
Other Countries353.30M11.5%+4.2%
Ireland333.30M10.8%+3.1%
France226.60M7.4%-6.4%

Operating and free cash flow

Full cash flow statement
Operating cash flow Free cash flow
Fiscal yearOperating cash flowFree cash flow
FY2025754.80M468.90M
FY2024653.40M276.40M
FY2023776.50M414.50M
FY2022724.00M439.40M
FY2021584.00M330.60M
FY2020472.50M298.10M
FY2019367.20M240.80M
FY2018288.60M183.90M
FY2017263.30M132.50M
FY2016219.40M49.20M

West Pharmaceutical Services financial health

Full balance sheet
Cash and short-term investments
464.10M USD
Total debt
305.00M USD
Net cash
159.10M USD
Free cash flow (TTM)
453.40M USD
Current ratio
2.82
Debt to equity
0.10
Piotroski score
7 / 9
Altman Z-score
18.78

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow
Fiscal yearCash and short-term investmentsTotal debtFree cash flow
FY2025791.30M321.10M468.90M
FY2024484.60M305.30M276.40M
FY2023853.90M309.00M414.50M
FY2022894.30M317.90M439.40M
FY2021762.60M325.30M330.60M

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity
Fiscal yearTotal assetsTotal liabilitiesShareholders' equity
FY20254.27B1.09B3.18B
FY20243.64B961.10M2.68B
FY20233.83B948.50M2.88B
FY20223.62B931.90M2.68B
FY20213.31B978.40M2.34B
FY20202.79B939.30M1.85B
FY20192.34B768.20M1.57B
FY20181.59B582.60M1.40B
FY20171.86B582.90M1.28B
FY20161.72B599.20M1.12B

West Pharmaceutical Services valuation

Price to earnings ratio (TTM)
45.94
Forward P/E (FY2026)
43.42
Price to sales (TTM)
8.45
Price to book
9.67
EV / EBITDA (TTM)
29.52

Capital structure

Market capitalization
28.70B USD
+
Total debt
305.00M USD
−
Cash and short-term investments
464.10M USD
=
Enterprise value
28.55B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate
Fiscal yearP/EForward P/EP/SP/BEV/EBITDA
FY2028 (est.)34.67————
FY2027 (est.)39.7734.67———
FY2026 (est.)43.4239.77———
Now (TTM)45.9440.218.459.6729.52
FY202540.2829.016.476.2625.33
FY202448.5346.198.278.9131.91
FY202344.0753.098.879.0830.35
FY202229.8729.356.076.5220.95
FY202152.7057.3812.3314.9439.17

West Pharmaceutical Services against its own history

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: ResMed, Medline, Solventum, Baxter International, Becton, Dickinson and, and The Cooper Companies, the US Medical - Instruments & Supplies companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

  • P/E (today)Above its median45.9
    24.759.2
  • Gross marginBelow its median35.9%
    34.6%41.5%
    Against its peers: 5 of 7Peers' median 50.4%
  • Operating marginLowest in 5 years20.1%
    20.1%26.8%
    Against its peers: 3 of 7Peers' median 14.1%
  • Net marginLowest in 5 years16.1%
    16.1%23.4%
    Against its peers: 3 of 7Peers' median 7.5%
  • Return on equityLowest in 5 years15.5%
    15.5%28.3%
    Against its peers: 3 of 7Peers' median 7.7%
  • Free cash flow marginHighest in 5 years15.3%
    9.6%15.3%
    Against its peers: 2 of 7Peers' median 7.6%
  • Revenue growthAbove its median6.3%
    -2.0%31.9%
    Against its peers: 3 of 7Peers' median 5.4%
  • EPS growthAt its median1.6%
    -15.1%89.7%
    Against its peers: 3 of 6Peers' median -4.6%
  • Debt to EBITDAHighest in 5 years0.42×
    0.37×0.42×
    Against its peers: 2 of 7Peers' median 2.88×
  • Current ratioAbove its median3.02
    2.793.70
    Against its peers: 4 of 7Peers' median 2.71

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

West Pharmaceutical Services dividends

Annual dividend
1.04 USD
Dividend yield (indicated)
0.25%
Payout ratio
10.26%
Years of dividend growth
34
Frequency
Quarterly
Next payment
0.26 USD
Last ex-dividend date
10 Nov 2026
Next payment date
18 Nov 2026

Dividends per share

Year2025202420232022202120202019201820172016
Dividends per share0.850.810.770.730.690.650.610.570.530.49

West Pharmaceutical Services ownership

Institutions
98.70%
Institutional holders
856 (+85)
Free float
99.25%

Who owns the shares

Institutions 98.7% Others 1.3%
As of 30 Jun 2026

Shares free to trade

Free float 69.14M shares ·99.2% Closely held 523.89K shares ·0.8%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

QuarterPurchasesSalesShares acquiredShares disposed of
Q4 2026000.000.00
Q3 20260472.15K35.94K
Q2 20260212.44K8.41K
Q1 20260058.73K9.92K

Shares outstanding

Basic shares Diluted shares Change in diluted shares
Fiscal yearBasic sharesDiluted sharesChange in diluted shares
FY202572.30M72.70M-1.36%
FY202473.00M73.70M-2.12%
FY202374.30M75.30M-0.66%
FY202274.40M75.80M-0.66%
FY202174.40M76.30M+0.66%

Common questions about West Pharmaceutical Services's financials

Source: Financial Modeling Prep