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West Pharmaceutical Services (WST) stock

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NYSE: WST NYSE Health Care Supplies Next results ~February 11, 2027

B+ Fundamentals grade

West Pharmaceutical Services is a US-listed company in the health care supplies industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$140

Cash-flow model

Base case. Range ~$100–$180 across our lower- and higher-growth cases (3.8%–13.8% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 66% below it.

Price used: $407.88, November 2, 2026

West Pharmaceutical Services valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds446 adding, 318 cuttingOf 76 active managers that changed their stake, 38 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter West Pharmaceutical Services files

10-Q filed October 29: West Pharmaceutical Services

West Pharmaceutical Services grew revenue to $3.40bn over the twelve months to September 2026, up 12.6% on a year earlier and roughly matching the pace seen a quarter earlier. Among the 12 health care supplies companies we cover, that growth ranks first. Free-cash-flow margin held steady at 13.3%, while operating margin widened to 23.0% from 19.5%. These gains lift the fundamentals grade from C+ to B+. Our model value, however, is barely changed at $131 a share, well below the $436 share price. The rating therefore stays Sell.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where West Pharmaceutical Services stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.33bn, up 12.4% on a year earlier, faster than 11.2% a quarter earlier. Free-cash-flow margin rose to 13.1% from 11.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $136 a share, against a share price of $389.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

West Pharmaceutical Services's trailing-twelve-month revenue grew 12.6% year on year, with a free-cash-flow margin of 13.3%. Where it stands out: revenue growth of 12.6% ranks 1 of 13 health care supplies companies we cover. Where it lags: gross margin of 37.6% ranks 11 of 13 health care supplies companies we cover.

Our discounted-cash-flow model values the business at ~$140 per share in the base case (~$100–$180 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net income rising while operating cash flow falls: TTM net income grew 29.9% while operating cash flow fell 5.7% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 3.5 points on a year ago.
  • Shrinking share count. Diluted shares fell 1.5% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $407.88 is 66% above our value per share of $140.
  • High earnings multiple. The shares trade at 46 times the last 12 months' earnings, so expectations are demanding.
  • Weak cash conversion. Free cash flow was 71% of net income over the last 12 months.
  • Below peers: gross margin. Gross margin of 37.6% ranks 11 of 13 health care supplies companies we cover (median 52.9%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$2.66 against an average estimate of $2.20: beat by 21.1%
Revenue
$875m, up 8.7% on a year earlier
Share reaction
+2.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $820m to $835m (Q3 2026 Guidance); revenue $3.35bn to $3.38bn (2026 Annual Guidance)
Next report
October 29, 2026; average EPS estimate $2.27

West Pharmaceutical Services' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.1%
  • 1 week+3.3%
  • 1 month+11.8%
  • This year+48.6%
  • 1 year+45.1%
  • 5 years-5.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.4B
Operating margin
23.0%
Net margin
18.8%
EPS (TTM, diluted)
$8.90

Growth

Revenue growth
+12.6%
Change in growth rate
+0.2 pts
Share count change
−1.5%

Cash

Free cash flow (TTM)
$453M
FCF margin
13.3%
Stock pay % of revenue
0.8%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Insider trade
  4. Results
  5. Guidance
  6. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

West Pharmaceutical Services valuation models and calculator

What the price is pricing in

The share price implies about 28.6% a year of cash-flow growth for five years.That is faster than the 3.7% a year revenue growth West Pharmaceutical Services has delivered.

  • Priced in28.6%
  • Last 12 months12.6%
  • 3 years a year5.1%
  • 5 years a year3.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($413.34, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$140
Price used
$413.34close November 3, 2026
Implied change
▼ 67%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of West Pharmaceutical Services's free cash flow after stock-based pay with after-tax interest added back ($402M, FY2026 Q3 TTM), growing 5.2% and 7.9% in the next two years (forecasts, guidance and its record), then back to 8.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$100–~$180 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of West Pharmaceutical Services's free cash flow after stock-based pay ( $402M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value West Pharmaceutical Services as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$140 ~$100–$180 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$100 ~$110–$190 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$170 ~$120–$240 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$160 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$100–$170 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare West Pharmaceutical Services with Health Care Supplies in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +6%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $87$116$156$207$275$363
8.5% $67$89$117$154$202$264
10% $55$72$94$122$159$206

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$57.76$81.94$95.88$95.81$147.67$279.18$463.09$232.94$349.33$325.74$274.50$407.88
Market value$4.3bn$6.1bn$7.3bn$7.2bn$11.1bn$21.2bn$35.3bn$17.7bn$26.3bn$24.0bn$20.0bn$29.3bn
+ Net debt (− = net cash)$25m$26m−$38m−$141m−$181m−$360m−$509m−$685m−$647m−$282m−$588m−$261m
Enterprise value$4.3bn$6.2bn$7.2bn$7.1bn$11.0bn$20.8bn$34.8bn$17.0bn$25.7bn$23.7bn$19.4bn$29.0bn
Multiples
Price / sales 3.0x4.1x4.5x4.2x6.1x9.9x12.5x6.1x8.9x8.3x6.5x8.6x
Price / earnings 44.6x42.8x48.2x34.9x46.1x61.1x53.4x30.1x44.3x48.7x40.4x45.8x
Price / free cash flow 52.8x124.9x54.9x39.3x46.2x71.0x106.9x40.2x63.5x86.9x42.6x64.6x
EV / EBITDA 19.6x21.6x22.4x20.5x27.4x40.3x39.8x19.9x31.5x32.7x25.6x30.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

77 /100

Strong moat

How hard West Pharmaceutical Services's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.7% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 35.2%, moving by 3.0 percentage points (standard deviation) across 10 years.

  • Durability 16 / 20

    Operating margin has been a median 19.7%; its worst year was 13.7%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 12.6% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 5.5% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (82 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.96 +23% $3.4bn +10%
Next $9.98 +11% $3.6bn +6%

Next year's EPS estimate has moved +0.5% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.0% on 90 days ago. In the last 30 days, 1 analyst raised West Pharmaceutical Services's forecast and 0 cut it.

Consensus EPS forecast West Pharmaceutical Services, last 90 days
$8.50 $9.00 $9.50 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.96 Current fiscal year, 60 days ago: $8.96 Current fiscal year, 30 days ago: $8.96 Current fiscal year, 7 days ago: $8.96 Current fiscal year, Now: $8.96 $8.96 Next fiscal year, 90 days ago: $9.94 Next fiscal year, 60 days ago: $9.96 Next fiscal year, 30 days ago: $9.98 Next fiscal year, 7 days ago: $10.00 Next fiscal year, Now: $9.98 $9.98

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.96$9.94
60 days ago $8.96$9.96
30 days ago $8.96$9.98
7 days ago $8.96$10.00
Now $8.96$9.98

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.20 $2.66 +21.1%
Jun 2026 $2.08 $2.37 +13.9%
Mar 2026 $1.68 $2.13 +27.1%
Dec 2025 $1.83 $2.04 +11.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 23, 2026
  • Revenue 2026 Annual Guidance $3.345bn to $3.38bn
    “Revenue $820M to $835M $3.345B to $3.380B” source
  • Revenue Q3 2026 Guidance $820m to $835m
    “Revenue $820M to $835M $3.345B to $3.380B” source
  • Adjusted EPS 2026 Annual Guidance $8.85 to $9.05 Non-GAAP
    “Adjusted EPS $2.14 to $2.24 $8.85 to $9.05” source
  • Adjusted EPS Q3 2026 Guidance $2.14 to $2.24 Non-GAAP
    “Adjusted EPS $2.14 to $2.24 $8.85 to $9.05” source
  • Organic Revenue Growth % 2026 Annual Guidance 10% growth to 11% growth Non-GAAP
    “Organic Revenue Growth % 7.0% to 8.9% 10.0% to 11.0%” source
  • Estimated Tax Rate 2026 Annual Guidance about 19%
    “Estimated Tax Rate ~19% ~19%” source
Show 3 more items
  • Capital Expenditure 2026 Annual Guidance $250m to $275m
    “Capital Expenditure $250M - $275M” source
  • Organic Revenue Growth % Q3 2026 Guidance 7% growth to 8.9% growth Non-GAAP
    “Organic Revenue Growth % 7.0% to 8.9% 10.0% to 11.0%” source
  • Estimated Tax Rate Q3 2026 Guidance about 19%
    “Estimated Tax Rate ~19% ~19%” source

How earlier guidance turned out

  • Revenue, Q3 2026 Guidance guided $820m to $835m Above range: $875m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows West Pharmaceutical Services's revenue by +5.2% next year and +7.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.1%, weight 56%) , management guidance (+3.7%, weight 19%) and the company's own record (+8.8%, weight 25%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy1594%
Hold00%
Sell16%

Monthly trend

  1. Oct 202631216
  2. Sep 202641217
  3. Aug 2026311216
  4. Jul 2026311216

Counts of recommendations published by analysts covering West Pharmaceutical Services, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.4%
of tradable shares
Days to cover
3.38
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.7%
of shares
Employees
10,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +45.1%

$281.19 on October 31, 2025 to $407.88

ThenNowEffect
Revenue (last 12 months) $3.0bn $3.3bn +12.4%
Net margin 16.5% 17.0% +3.1%
P/E multiple 42.1x 52.2x +23.8%
Share count 73m 72m +1.1%

Biggest factor: p/e multiple.

Last 3 years +22.8%

$332.15 on November 3, 2023 to $407.88

ThenNowEffect
Revenue (last 12 months) $2.9bn $3.3bn +16.1%
Net margin 18.1% 17.0% −6.2%
P/E multiple 48.4x 52.2x +7.7%
Share count 76m 72m +4.7%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WST+66%−50%+50%−7%−16%+49%
Industry peers (median)+13%−45%+22%−11%−18%−19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WST83%33%67%50%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WST−16%−55%−23%−33%−45%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 59% from December 30, 2021 to April 8, 2025. Getting back needed a 146% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$230.63 – $416.67
From 52-week high
−2.1%
vs 50-day average
+10.6%
vs 200-day average
+30.0%
Volatility (1 year)
31%
Beta vs S&P 500
0.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±10.0%
After a week
4 up, 7 down
typical move ±8.0%
After a month
3 up, 8 down
typical move ±8.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +2.2% −2.1% — —
July 23, 2026 −8.4% −1.1% −5.2% −1.4%
April 23, 2026 +11.6% +0.4% +8.5% +15.4%
February 12, 2026 +1.8% −1.5% −2.0% −2.4%
October 23, 2025 +7.4% +1.4% +0.6% −2.1%
July 24, 2025 +15.9% +0.5% +5.3% +9.1%
April 24, 2025 −1.7% +2.8% −3.5% −5.7%
February 13, 2025 −33.4% +1.1% −34.6% −28.2%
October 24, 2024 +7.5% +0.2% +7.5% +10.6%
July 25, 2024 −12.0% +0.6% −6.6% −6.4%
April 25, 2024 −6.6% +0.6% −4.5% −14.0%
February 15, 2024 −11.3% +0.2% −10.0% −3.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How West Pharmaceutical Services’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

West Pharmaceutical Services in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) West Pharmaceutical Services
$2.8B $3B $3.2B $3.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.9B Revenue (TTM), FY24 Q1: $2.9B Revenue (TTM), FY24 Q2: $2.9B Revenue (TTM), FY24 Q3: $2.9B Revenue (TTM), FY24 Q4: $2.9B Revenue (TTM), FY25 Q1: $2.9B Revenue (TTM), FY25 Q2: $3B Revenue (TTM), FY25 Q3: $3B Revenue (TTM), FY25 Q4: $3.1B Revenue (TTM), FY26 Q1: $3.2B Revenue (TTM), FY26 Q2: $3.3B Revenue (TTM), FY26 Q3: $3.4B $3.4B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.9B
FY24 Q1 $2.9B
FY24 Q2 $2.9B
FY24 Q3 $2.9B
FY24 Q4 $2.9B
FY25 Q1 $2.9B
FY25 Q2 $3B
FY25 Q3 $3B
FY25 Q4 $3.1B
FY26 Q1 $3.2B
FY26 Q2 $3.3B
FY26 Q3 $3.4B
Revenue growth, TTM YoY West Pharmaceutical Services
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.2% Revenue growth, TTM YoY, FY24 Q1: 1.6% Revenue growth, TTM YoY, FY24 Q2: 0.4% Revenue growth, TTM YoY, FY24 Q3: -1.7% Revenue growth, TTM YoY, FY24 Q4: -1.9% Revenue growth, TTM YoY, FY25 Q1: -1.1% Revenue growth, TTM YoY, FY25 Q2: 2.9% Revenue growth, TTM YoY, FY25 Q3: 4.9% Revenue growth, TTM YoY, FY25 Q4: 6.3% Revenue growth, TTM YoY, FY26 Q1: 11.2% Revenue growth, TTM YoY, FY26 Q2: 12.4% Revenue growth, TTM YoY, FY26 Q3: 12.6% 12.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.2%
FY24 Q1 1.6%
FY24 Q2 0.4%
FY24 Q3 -1.7%
FY24 Q4 -1.9%
FY25 Q1 -1.1%
FY25 Q2 2.9%
FY25 Q3 4.9%
FY25 Q4 6.3%
FY26 Q1 11.2%
FY26 Q2 12.4%
FY26 Q3 12.6%
Operating margin (TTM) West Pharmaceutical Services
19% 20% 21% 22% 23% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 22.9% Operating margin (TTM), FY24 Q1: 22.0% Operating margin (TTM), FY24 Q2: 20.4% Operating margin (TTM), FY24 Q3: 19.9% Operating margin (TTM), FY24 Q4: 19.7% Operating margin (TTM), FY25 Q1: 19.1% Operating margin (TTM), FY25 Q2: 19.6% Operating margin (TTM), FY25 Q3: 19.5% Operating margin (TTM), FY25 Q4: 19.0% Operating margin (TTM), FY26 Q1: 20.3% Operating margin (TTM), FY26 Q2: 20.5% Operating margin (TTM), FY26 Q3: 23.0% 23.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 22.9%
FY24 Q1 22.0%
FY24 Q2 20.4%
FY24 Q3 19.9%
FY24 Q4 19.7%
FY25 Q1 19.1%
FY25 Q2 19.6%
FY25 Q3 19.5%
FY25 Q4 19.0%
FY26 Q1 20.3%
FY26 Q2 20.5%
FY26 Q3 23.0%
FCF margin (TTM) West Pharmaceutical Services
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.1% FCF margin (TTM), FY24 Q1: 13.2% FCF margin (TTM), FY24 Q2: 12.4% FCF margin (TTM), FY24 Q3: 11.2% FCF margin (TTM), FY24 Q4: 9.6% FCF margin (TTM), FY25 Q1: 10.6% FCF margin (TTM), FY25 Q2: 11.6% FCF margin (TTM), FY25 Q3: 12.6% FCF margin (TTM), FY25 Q4: 15.3% FCF margin (TTM), FY26 Q1: 14.2% FCF margin (TTM), FY26 Q2: 13.1% FCF margin (TTM), FY26 Q3: 13.3% 13.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.1%
FY24 Q1 13.2%
FY24 Q2 12.4%
FY24 Q3 11.2%
FY24 Q4 9.6%
FY25 Q1 10.6%
FY25 Q2 11.6%
FY25 Q3 12.6%
FY25 Q4 15.3%
FY26 Q1 14.2%
FY26 Q2 13.1%
FY26 Q3 13.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar West Pharmaceutical Services took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $3.1B
  2. Other income $30.4M · 1.0%
  3. Cost of revenue $2B · 64.1%
  4. Gross profit $1.1B · 35.9%
  5. Research and development $74.3M · 2.4%
  6. Selling, general and admin $394M · 12.8%
  7. Other operating costs $51.2M · 1.7%
  8. Operating income $585M · 19.0%
  9. Income tax $122M · 4.0%
  10. Net income $494M · 16.1%

Shares of revenue. Source: West Pharmaceutical Services's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,056 1,105 1,192 1,266 1,368 1,421 1,400 1,509 1,599 1,717 1,840 2,147 2,832 2,887 2,950 2,893 3,074 3,397
Gross profit 304 318 339 388 435 448 456 501 513 545 606 768 1,176 1,136 1,129 999 1,104 1,277
EBITDA 166 164 185 212 248 272 219 286 323 345 400 516 875 855 813 725 756 965
Operating income 98 91 110 135 162 182 129 195 226 240 297 407 752 734 676 570 585 780
Net income 73 65 76 81 112 127 96 144 151 207 242 346 662 586 593 493 494 639
Diluted EPS $1.06 $0.94 $1.08 $1.15 $1.57 $1.75 $1.30 $1.91 $1.99 $2.74 $3.21 $4.57 $8.67 $7.73 $7.88 $6.69 $6.79 $8.90
Growth (year on year)
Revenue +0.4% +4.6% +7.9% +6.2% +8.1% +3.9% −1.5% +7.8% +6.0% +7.4% +7.1% +16.7% +31.9% +2.0% +2.2% −1.9% +6.3% +12.6%
EBITDA −8.1% −1.0% +13.1% +14.4% +16.8% +9.9% −19.7% +30.8% +12.8% +6.9% +16.0% +29.0% +69.5% −2.3% −4.8% −10.8% +4.3% +28.1%
Operating income −21.4% −7.0% +20.8% +23.3% +20.2% +12.1% −29.3% +51.8% +15.7% +6.4% +23.4% +37.2% +84.9% −2.4% −7.9% −15.7% +2.6% +32.7%
Net income −15.6% −10.1% +15.6% +6.9% +39.2% +13.2% −24.8% +50.2% +4.9% +37.3% +16.8% +43.2% +91.2% −11.5% +1.3% −17.0% +0.2% +29.9%
Diluted EPS −15.2% −10.8% +14.3% +6.5% +36.5% +11.5% −25.7% +46.9% +4.2% +37.7% +17.2% +42.4% +89.7% −10.8% +1.9% −15.1% +1.5% +31.9%
Margins
Gross margin 28.8% 28.8% 28.5% 30.6% 31.8% 31.5% 32.6% 33.2% 32.1% 31.8% 32.9% 35.8% 41.5% 39.4% 38.3% 34.5% 35.9% 37.6%
EBITDA margin 15.7% 14.8% 15.5% 16.7% 18.1% 19.1% 15.6% 18.9% 20.2% 20.1% 21.7% 24.0% 30.9% 29.6% 27.6% 25.1% 24.6% 28.4%
Operating margin 9.2% 8.2% 9.2% 10.7% 11.9% 12.8% 9.2% 12.9% 14.1% 14.0% 16.1% 19.0% 26.6% 25.4% 22.9% 19.7% 19.0% 23.0%
Net margin 6.9% 5.9% 6.3% 6.4% 8.2% 8.9% 6.8% 9.5% 9.4% 12.0% 13.1% 16.1% 23.4% 20.3% 20.1% 17.0% 16.1% 18.8%
Free-cash-flow margin 3.1% 6.1% 3.0% 4.4% 5.0% 5.0% 5.8% 3.3% 8.3% 10.7% 13.1% 13.9% 11.7% 15.2% 14.1% 9.6% 15.3% 13.3%
Cash flow
Cash from operations 138 138 131 187 221 183 212 219 263 289 367 473 584 724 777 653 755 655
Capital spending 105 71 95 131 152 112 132 170 131 105 126 174 253 285 362 377 286 201
Free cash flow 33 67 35 56 69 71 81 49 133 184 241 298 331 439 415 276 469 453
Stock-based pay 8 8 8 16 21 19 30 20 16 15 24 34 38 24 23 19 24 29
Free cash flow after stock pay 25 59 27 41 47 52 51 30 116 169 216 264 293 416 391 258 445 425
Balance sheet
Cash 83 110 92 162 230 255 275 203 236 337 439 616 763 894 854 485 791 464
Total debt 380 358 349 412 374 336 299 229 198 197 258 256 254 209 207 203 203 203
Net debt (negative = net cash) 297 248 258 250 144 80 25 26 −38 −141 −181 −360 −509 −685 −647 −282 −588 −261
Diluted shares 73m 73m 74m 72m 71m 73m 74m 75m 76m 75m 75m 76m 76m 76m 75m 74m 73m 72m
Returned to shareholders
Dividends 20 22 23 25 27 29 32 36 39 42 45 48 51 54 57 59 61 63
Buybacks 1 2 4 5 — 0 0 52 74 71 83 116 137 203 438 561 134 685
Total returned 21 24 27 30 27 29 32 88 114 113 128 164 188 257 495 620 195 748

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $4.1bn
Short-term assets $1.8bnLonger-term assets $2.2bn
What it owes, and who funded it · $4.1bn
Short-term liabilities $644mLonger-term liabilities $448mShareholders' equity $3.0bn
  • Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $644m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.8bn short-term assets against $448m of longer-dated liabilities.
  • More cash than debt $464m of cash against $203m of debt.
  • Debt below 40% of shareholders' equity Debt is 7% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 9% to 7% over five years.
  • A year's operating cash flow covers at least 20% of debt $654m of operating cash flow against $203m of debt.
  • Operating profit covers interest at least five times over Operating income of $780m against $8m of interest.

From West Pharmaceutical Services's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$685M
Dividends (TTM)
$62.8M
Returned to shareholders
165%
of free cash flow
Buybacks, last 3 fiscal years
$1.1B
Diluted share count
−1.5%
year over year
Total shareholder yield
2.6%
dividends 0.2% + buybacks 2.4% of market value
Dividend payout ratio
10%
of net income paid out
R&D spending
2.2%
of revenue
Sales & admin spending
12.9%
of revenue
Days sales outstanding
80 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care supplies
Last 12 months unless stated WST XRAY NVST ALGN COO ICUI Median
Revenue, last 12 months $3.4bn $3.6bn $2.9bn $4.1bn $4.2bn $2.2bn $1.0bn
Revenue growth, last 12 months 12.6% −0.8% 11.9% 4.4% 4.7% −9.0% 3.4%
Revenue growth, 3-year average 5.1% −2.5% 3.4% 3.5% 6.4% −2.0% 0.0%
Revenue growth, latest quarter 8.7% −4.1% 7.1% 4.3% 0.6% 0.5% 0.6%
Gross margin 37.6% 49.5% 55.2% 68.0% 65.9% 39.1% 52.9%
Operating margin 23.0% −8.5% 9.6% 13.2% 12.8% 3.3% 3.3%
Operating margin, 3-year average 20.8% −12.9% −10.9% 14.9% 16.0% 2.2% 2.2%
Net margin 18.8% −15.0% 3.3% 10.0% 13.5% 1.4% 1.4%
Cash from operations / revenue 19.3% 8.8% 10.6% 18.3% 24.4% 10.9% 10.6%
Free-cash-flow margin 13.3% 3.9% 8.7% 15.3% 16.0% 6.7% 6.7%
Free-cash-flow margin, 3-year average 12.4% 5.7% 10.0% 13.8% 10.4% 5.2% 9.8%
Stock pay / revenue 0.8% 0.9% 1.4% 4.3% 1.6% 2.5% 2.5%
Change in share count −1.5% 0.1% −3.3% −2.8% −2.4% 2.5% −0.4%

Median of all 13 companies we cover in health care supplies. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

13 health care supplies companies
Measure Company Peer median Rank
Revenue growth Growth 12.6% 3.4% 1 of 13
Change in growth rate Growth +0.2pp -0.3pp 6 of 13
Gross margin Profitability 37.6% 52.9% 11 of 13
Operating margin Profitability 23.0% 3.3% 1 of 13
Net margin Profitability 18.8% 1.4% 1 of 13
Free-cash-flow margin Cash generation 13.3% 6.7% 4 of 13
Stock pay as % of revenue Cash generation 0.8% 2.5% 1 of 13
Long-term debt as % of assets Balance sheet 5.0% 15.4% 3 of 9
Change in share count Balance sheet -1.5% 0.1% 5 of 12
Days sales outstanding Balance sheet 80 days 65 days 8 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Proprietary Products $2.5B 81.1% ▲ 6.8%
Contract Manufactured Products $582M 18.9% ▲ 4.2%
Geography
Region Revenue Share YoY
United States $1.3B 43.3% ▲ 8.0%
Other Europe Countries $451M 14.7% ▲ 17.0%
Germany $380M 12.4% ▲ 2.1%
Other Countries $353M 11.5% ▲ 4.2%
Ireland $333M 10.8% ▲ 3.1%
France $227M 7.4% ▼ 6.4%

From West Pharmaceutical Services's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$25.2B
Institutions reporting
830
Shares held vs prior quarter
▼ 0.8%
Positions opened / closed
143 / 61

Top buyers and sellers, Q2 2026: 446 institutions bought and 318 sold ; the biggest buyer was FMR LLC (+2.3M shares) and the biggest seller APG Asset Management N.V (−707K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.4B 6.7M 9.5% ▼ 2.7%
Vanguard Capital Management LLC $1.7B 4.6M 6.6% ▼ 1.5%
Vanguard Portfolio Management LLC $1.4B 4.0M 5.7% ▼ 1.9%
FMR LLC $1.3B 3.6M 5.1% ▲ 186.0%
State Street Corp $1.2B 3.3M 4.8% ▲ 1.7%
Artisan Partners Limited Partnership $866M 2.4M 3.4% ▼ 9.3%
Bank Of New York Mellon Corp $734M 2.0M 2.9% ▼ 17.1%
Generation Investment Management LLP $728M 2.0M 2.9% ▼ 9.6%
Geode Capital Management, LLC $681M 1.9M 2.7% ▼ 0.5%
T. Rowe Price Investment Management, Inc. $648M 1.8M 2.6% ▼ 22.9%
Morgan Stanley $568M 1.6M 2.3% ▲ 8.5%
Jpmorgan Chase & Co $413M 1.2M 1.6% ▲ 11.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not West Pharmaceutical Services's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $6.6M 8 trades by 2 insiders · 41% under pre-set plans
Net ▼ $6.6M net selling
Insider Date Trade Shares Price Value
Favorite Annette F Sr. VP & Chief HR Officer September 15, 2026 Sell pre-set plan 2,524 $365.00 $921,260
Favorite Annette F Sr. VP & Chief HR Officer September 14, 2026 Sell pre-set plan 2,500 $355.00 $887,500
Favorite Annette F Sr. VP & Chief HR Officer September 11, 2026 Sell pre-set plan 2,500 $345.00 $862,500
Favorite Annette F Sr. VP & Chief HR Officer September 8, 2026 Sell 2,817 $340.81 $960,062
Favorite Annette F Sr. VP & Chief HR Officer September 8, 2026 Sell 2,500 $340.81 $852,025
Favorite Annette F Sr. VP & Chief HR Officer September 8, 2026 Sell 2,818 $340.81 $960,403
Winters Chad VP, Chief Accounting Officer April 27, 2026 Sell 896 $300.67 $269,400
Favorite Annette F Sr. VP & Chief HR Officer April 27, 2026 Sell 2,817 $305.20 $859,748

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 17 trades and filings

No trades in West Pharmaceutical Services disclosed in the last 12 months; 17 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 22, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 23, 2026
  • April 23, 2026
  • February 12, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on West Pharmaceutical Services was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

West Pharmaceutical Services in brief

What does West Pharmaceutical Services do?
West Pharmaceutical Services is a US-listed company in the health care supplies industry. Its financial year ends in December.
What is West Pharmaceutical Services's stock ticker?
West Pharmaceutical Services trades under the ticker WST on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is West Pharmaceutical Services's revenue, and how fast is it growing?
Over its most recent trailing twelve months, West Pharmaceutical Services reported revenue of $3.4B, 12.6% higher than a year earlier, according to its SEC filings.
What is West Pharmaceutical Services's free cash flow?
West Pharmaceutical Services's free-cash-flow margin is 13.3% of revenue over the trailing twelve months, ranking 4 of the 13 health care supplies companies we cover.
What is West Pharmaceutical Services's fair value (intrinsic value) per share?
Our discounted-cash-flow model of West Pharmaceutical Services's free cash flow after stock-based pay gives ~$140 per share in the base case, and ~$100–$180 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are West Pharmaceutical Services's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is West Pharmaceutical Services buying back stock, and does it pay a dividend?
West Pharmaceutical Services spent $685M on share repurchases over the trailing twelve months, and its diluted share count fell 1.5% over the year.
What is West Pharmaceutical Services's market cap?
On November 2, 2026, West Pharmaceutical Services's market capitalisation was about $29.3B, with a price-to-earnings ratio of 45.8 and net debt of -$261M. Market figures come from third-party market data and may be delayed.
Does West Pharmaceutical Services pay a dividend?
Yes: West Pharmaceutical Services paid $62.8M in dividends over the trailing twelve months, a dividend yield of 0.22% and a payout ratio of 9.8%.
How much debt does West Pharmaceutical Services have?
West Pharmaceutical Services's debt-to-equity ratio is 6.8%, from its latest balance sheet (9.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are West Pharmaceutical Services's competitors?
In our Health Care Supplies peer group, the companies closest to West Pharmaceutical Services are Dentsply Sirona Inc., Envista Holdings Corp, Align Technology, The Cooper Companies and ICU Medical Inc. The side-by-side comparison below sets their revenue, margins and growth against West Pharmaceutical Services's.
Are insiders buying or selling West Pharmaceutical Services stock?
Over the last 12 months, West Pharmaceutical Services's directors and officers reported 0 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is West Pharmaceutical Services's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — West Pharmaceutical Services announces its own schedule.