NYSE: WST
West Pharmaceutical Services
Health Care · Surgical & Medical Instruments & Apparatus
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$25.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.21B |
| FY2017, ended Dec 31, 2017 | $7.30B |
| FY2018, ended Dec 31, 2018 | $7.27B |
| FY2019, ended Dec 31, 2019 | $11.1B |
| FY2020, ended Dec 31, 2020 | $21.0B |
| FY2021, ended Dec 31, 2021 | $34.8B |
| FY2022, ended Dec 31, 2022 | $17.4B |
| FY2023, ended Dec 31, 2023 | $25.8B |
| FY2024, ended Dec 31, 2024 | $23.7B |
| FY2025, ended Dec 31, 2025 | $19.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $25.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.40B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.51B |
| FY2017, ended Dec 31, 2017 | $1.60B |
| FY2018, ended Dec 31, 2018 | $1.72B |
| FY2019, ended Dec 31, 2019 | $1.84B |
| FY2020, ended Dec 31, 2020 | $2.15B |
| FY2021, ended Dec 31, 2021 | $2.83B |
| FY2022, ended Dec 31, 2022 | $2.89B |
| FY2023, ended Dec 31, 2023 | $2.95B |
| FY2024, ended Dec 31, 2024 | $2.89B |
| FY2025, ended Dec 31, 2025 | $3.07B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.40B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $144M | $49.2M |
| FY2017, ended Dec 31, 2017 | $151M | $133M |
| FY2018, ended Dec 31, 2018 | $207M | $184M |
| FY2019, ended Dec 31, 2019 | $242M | $241M |
| FY2020, ended Dec 31, 2020 | $346M | $298M |
| FY2021, ended Dec 31, 2021 | $662M | $331M |
| FY2022, ended Dec 31, 2022 | $586M | $439M |
| FY2023, ended Dec 31, 2023 | $593M | $415M |
| FY2024, ended Dec 31, 2024 | $493M | $276M |
| FY2025, ended Dec 31, 2025 | $494M | $469M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $639M | $453M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$464M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $203M |
| FY2017, ended Dec 31, 2017 | $236M |
| FY2018, ended Dec 31, 2018 | $337M |
| FY2019, ended Dec 31, 2019 | $439M |
| FY2020, ended Dec 31, 2020 | $616M |
| FY2021, ended Dec 31, 2021 | $763M |
| FY2022, ended Dec 31, 2022 | $894M |
| FY2023, ended Dec 31, 2023 | $854M |
| FY2024, ended Dec 31, 2024 | $485M |
| FY2025, ended Dec 31, 2025 | $791M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $464M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$203M
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $229M |
| FY2017, ended Dec 31, 2017 | $197M |
| FY2018, ended Dec 31, 2018 | $196M |
| FY2019, ended Dec 31, 2019 | $257M |
| FY2020, ended Dec 31, 2020 | $255M |
| FY2021, ended Dec 31, 2021 | $253M |
| FY2022, ended Dec 31, 2022 | $209M |
| FY2023, ended Dec 31, 2023 | $207M |
| FY2024, ended Dec 31, 2024 | $203M |
| FY2025, ended Dec 31, 2025 | $203M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $203M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 4.9% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.69.7M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 73.3M |
| FY2017, ended Dec 31, 2017 | 74.0M |
| FY2018, ended Dec 31, 2018 | 74.2M |
| FY2019, ended Dec 31, 2019 | 73.8M |
| FY2020, ended Dec 31, 2020 | 74.1M |
| FY2021, ended Dec 31, 2021 | 74.3M |
| FY2022, ended Dec 31, 2022 | 74.1M |
| FY2023, ended Dec 31, 2023 | 73.3M |
| FY2024, ended Dec 31, 2024 | 72.3M |
| FY2025, ended Dec 31, 2025 | 72.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 69.7M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $657M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $52.2M | $19.5M | — |
| FY2017, ended Dec 31, 2017 | $74.4M | $16.1M | — |
| FY2018, ended Dec 31, 2018 | $70.8M | $15.1M | — |
| FY2019, ended Dec 31, 2019 | $83.1M | $24.4M | $4.90M |
| FY2020, ended Dec 31, 2020 | $116M | $34.0M | — |
| FY2021, ended Dec 31, 2021 | $137M | $37.5M | — |
| FY2022, ended Dec 31, 2022 | $203M | $23.7M | — |
| FY2023, ended Dec 31, 2023 | $438M | $23.3M | — |
| FY2024, ended Dec 31, 2024 | $561M | $18.7M | — |
| FY2025, ended Dec 31, 2025 | $134M | $23.8M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $685M | $28.5M | — |
Revenue (TTM)
$3.40B
+12.6% YoY
Net income (TTM)
$639M
+29.9% YoY
Cash
$464M
−26.2% YoY
Total debt
$203M
+0.1% YoY
Valuation
At current price- Market Cap
- $28.7B
- P/E
- 45.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 8.5×
- Price / Book
- 9.7×
- EV / EBITDA
- 29.5×
Growth
Trailing 12 months- Revenue (TTM)
- $3.40B
- Revenue Growth YoY
- 12.6%
- Revenue CAGR 3Y
- 2.1%
- Revenue CAGR 5Y
- 7.4%
- EPS Growth YoY
- 32.0%
- Net Income Growth YoY
- 29.9%
Profitability
Trailing 12 months- Gross Margin
- 37.6%
- Operating Margin
- 23.0%
- Net Margin
- 18.8%
- FCF Margin
- 13.3%
- Return on Equity
- 21.2%
Earnings
Trailing 12 months- Net Income
- $639M
- EPS (diluted)
- $8.91
- EBITDA
- $965M
- Operating Income
- $780M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $464M
- Total Debt
- $203M
- Net Cash
- $261M
- Total Assets
- $4.06B
- Total Liabilities
- $1.09B
- Shareholders' Equity
- $2.97B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $655M
- Capital Expenditure
- $201M
- Free Cash Flow
- $453M
Dividends and risk
Last 12 months- Dividend Yield
- 0.2%
- Dividend / Share
- $0.88
- Beta (5Y)
- 1.12
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 12.6% year over year, at $3.40B.
Strength
Operating margin widened 3.5 pts in a year, to 23.0%.
Strength
Holds more cash than debt, with $261M in net cash.
Note
Free cash flow of $453M, 13.3% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K66Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 17, 2026 · Read the filing on EDGAR
- Sales rose 6.3% to $3,074.1 million, while operating profit rose only 2.6% to $584.9 million and net income was nearly flat at $493.7 million.
- Proprietary Products profit rose 13.7% on demand for high-value components, but Contract-Manufactured profit fell 12.3% and corporate costs climbed.
- Cash rose to $791.3 million from $484.6 million as operating cash flow grew and buybacks fell; debt stayed at about $203 million.
- New this year: an investor class action filed in May 2025 and an agreement to sell the SmartDose 3.5mL business to AbbVie.
Business momentum
Improving
“Consolidated net sales increased by $180.9 million, or 6.3%, in 2025, including a favorable foreign currency translation impact of $56.4 million.”
Outlook
Neutral
“We believe that cash on hand and cash generated from operations, together with availability under our multi-currency revolving credit facility, will be adequate to address our foreseeable liquidity needs”
Financial stress
None
“At December 31, 2025, we had no outstanding borrowings under the multi-currency revolving credit facility.”
Tone against the previous report
More positive
Red flags
- Medium
Major lawsuit
“On May 5, 2025, New England Teamsters Pension Fund filed a class action against us and certain of our current and former officers in the United States District Court for the Eastern District of Pennsylvania”
Positives
Main segment recovered on demand for high-value components, higher factory use and price increases
“Proprietary Products operating profit increased by $79.4 million, or 13.7%, in 2025”
Operating cash flow grew and cash balance rose well above total debt
“Net cash provided by operating activities increased by $101.4 million in 2025, due primarily to improved operating results and the timing of incentive payments.”
Growth in obesity and diabetes injection devices lifted contract manufacturing sales
“due primarily to an increase in sales of self-injection devices for obesity and diabetes, partially offset by a decrease in sales of healthcare diagnostic devices”
Concerns
Contract-Manufactured Products profit fell on higher production costs
“Contract-Manufactured Products operating profit decreased by $8.9 million, or 12.3%, in 2025”
Overhead grew much faster than sales, largely from higher incentive pay
“Consolidated SG&A costs increased by $55.1 million, or 16.3%, in 2025”
Currency helped results: without it, sales growth was smaller and operating profit would have dipped
“Consolidated operating profit increased by $15.0 million, or 2.6%, in 2025, including a favorable foreign currency translation impact of $22.3 million”
New risks since the previous report
Shift to oral GLP-1 drugs could reduce demand for injectable packaging and devices
“our customers fail to continue to sell, develop and deploy injectable products and opt for products delivered via alternative means, such as oral GLP-1s”
SmartDose sale to AbbVie may not deliver expected results and could leave costs or liabilities behind
“the Company entered into a definitive agreement to sell all manufacturing and supply rights for the SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie”
New US tariffs and retaliation by other countries, though not material to 2025 results
“In recent months, the U.S. government has imposed additional tariffs and trade restrictions on certain goods produced outside of the United States.”
Possible PFAS chemical restrictions in packaging could force changes to materials
“Such regulations restricting or banning PFAS could adversely affect our business and results of operations in the event of our non-compliance and/or our development and adoption of alternative materials in our products.”
Reliance on a small number of large customers
“We derive a substantial portion of our revenue from a limited number of customers.”
Biggest risks named
- Dependence on injectable drugs, including a shift to oral GLP-1s
- Customer concentration and inventory cuts by customers
- Currency, tariff and political risk, with 56.7% of sales outside the US
- Manufacturing, raw material and single-source supply disruptions
- Loss of key Daikyo technology licences expiring in 2027
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | +2 | |
| Red flags | −2.4 | |
| New risks | −2 | |
| Score | 66 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 17, 2026 | 66 | Improving | 1 medium | |
| 10-K | Feb 18, 2025 | 53 | Weakening | None | |
| 10-K | Feb 20, 2024 | 56 | Mixed | None | |
| 10-K | Feb 21, 2023 | 53 | Mixed | None | |
| 10-K | Feb 22, 2022 | 72 | Strong improvement | None | |
| 10-K | Feb 23, 2021 | 73 | Strong improvement | None | |
| 10-K | Feb 24, 2020 | 73 | Strong improvement | None | |
| 10-K | Feb 28, 2019 | 70 | Strong improvement | 1 minor | |
| 10-K | Feb 26, 2018 | 64 | Improving | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR