FirmAtlas
Company handbook · WST · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
WST · CIK 105770 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
WEST PHARMACEUTICAL SERVICES, INC.
$384.02
+1.00 (+0.26%)
Close, Oct 16, 2026 · 52-week $224–386
Last fiscal year
WEST PHARMACEUTICAL SERVICES, INC. reported revenue of $3.1B for the year ended Dec 31, 2025 (FY25), up 6.3% from FY24. Net income was $494M, operating cash flow $755M and free cash flow $469M. Source: 10-K filed Feb 17, 2026.
Market cap
$27.6B
P/E
49.0
EV/EBITDA
35.8x
P/B
9.2
Div yield
0.23%
ROIC
18.7%
Revenue 1Y
6.3%/yr
EPS 1Y
1.5%/yr
Shares 1Y
−0.4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMichel Lagarde
HQExton, PA
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Revenue by segment · FY25
Proprietary Products81%
Contract Manufacturing19%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
18.1%
−1.0%
−0.2%
43.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.5B deployed
Capex
$663M
44.8%
Dividends
$120M
8.1%
Buybacks
$695M
47.0%
Operating cash flow over the period: $1.4B. Total debt changed by +$0M. R&D of $143M is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
2,893
3,074+6.3%
3,327
YoY
+6.3%
Gross profit
998
1,104+10.6%
1,224
Gross margin
34.5%
35.9%+1.4 pp
—
Operating income
570
585+2.6%
680
Operating margin
19.7%
19.0%−0.7 pp
—
EBITDA
725
756+4.3%
—
EBITDA margin
25.1%
24.6%−0.5 pp
—
Interest expense
16
15−6.8%
—
Interest coverage
44.77x
50.09x+5.31x
—
Net income
493
494+0.2%
565
YoY
+0.2%
Net margin
17.0%
16.1%−1.0 pp
—
EPS (diluted, $)
6.69
6.79+1.5%
7.82
YoY
+1.5%
Balance sheet
Total assets
3,643
4,270+17.2%
4,076
Cash & short-term investments
485
791+63.3%
—
Accounts receivable
552
574+4.0%
—
Inventory
377
444+17.7%
—
Net PP&E
1,582
1,726+9.2%
—
Other assets
648
734+13.3%
—
Total liabilities
961
1,094+13.8%
1,086
Accounts payable
239
254+6.0%
—
Total debt
203
203+0.1%
203
Other liabilities
519
638+22.8%
—
Shareholders’ equity
2,682
3,176+18.4%
2,990
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
653
755+15.5%
662
Net income
493
494+0.2%
—
Depreciation & amortization
155
171+10.3%
—
Stock-based compensation
19
24+27.3%
—
Working capital & other
(13)
66n/m
—
Cash from investing
(379)
(286)n/m
—
Capex
(377)
(286)n/m
—
Other investing
(2)
0n/m
—
Cash from financing
(623)
(185)n/m
—
Debt raised
165
0−100.0%
—
Debt repaid
(169)
0n/m
—
Dividends
(59)
(61)n/m
—
Buybacks
(561)
(134)n/m
—
Shares issued
26
11−55.7%
—
Other financing
(24)
(1)n/m
—
Net change in cash
(369)
307n/m
—
Free cash flow (OCF − capex)
276
469+69.6%
437
Where the cash went
Operating cash flow
653
755+15.5%
662
Reinvested in the business
377
286−24.2%
—
% of operating cash flow
57.7%
37.9%
Capex
377
286−24.2%
225
R&D (memo, already in costs)
69
74+7.5%
—
Free cash flow
276
469+69.6%
437
YoY
+69.6%
Returned to shareholders
620
195−68.5%
—
% of free cash flow
224.3%
41.6%
Dividends
59
61+3.6%
—
Buybacks
561
134−76.1%
—
Change in total debt
—
0.2
—
Cash left over
—
274
—
FCF conversion (FCF ÷ net income)
56.1%
95.0%+38.9 pp
—
Owner earnings
—
305
—
Owner earnings margin
—
9.9%
—
Buyback yield
2.4%
0.7%−1.7 pp
—
Returns & ratios
ROIC (all capital)
19.4%
18.7%−0.7 pp
—
ROIC (operating)
20.5%
19.6%−0.9 pp
—
Net debt / EBITDA
−0.39x
−0.78x−0.39x
—
Debt / equity
0.08x
0.06x−0.01x
—
Cash conversion cycle (days)
96
103+7 d
—
ROE
18.4%
15.5%−2.8 pp
—
ROA
13.5%
11.6%−2.0 pp
—
ROCE
18.4%
16.2%−2.2 pp
—
NOPAT
465
467+0.3%
—
Invested capital (operating)
2,272
2,491+9.6%
—
Invested capital (all)
2,400
2,588+7.8%
—
Reinvestment rate
—
47.0%
—
Debtor days
70
68−2 d
—
Inventory days
73
82+10 d
—
Days payable
46
47+1 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
805
805
845
872
vs year-ago quarter
Gross profit
294
304
296
329
Gross margin
36.6%
37.8%
35.1%
37.7%
Operating income
168
157
177
179
Net income
140
132
139
154
vs year-ago quarter
Net margin
17.4%
16.4%
16.4%
17.7%
EPS (diluted, $)
1.92
1.83
1.92
2.15
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
4,106
4,270
4,110
4,076
Cash & equivalents
628
791
521
436
Total debt
203
203
203
203
Shareholders’ equity
3,052
3,176
2,990
2,990
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
197
251
90
124
Capex
63
76
43
43
Free cash flow
134
175
47
81
vs year-ago quarter