W 
West Pharmaceutical Services WST · USD
Health Care · Health Care Equipment & Supplies · US listing · 🇺🇸 United States
S&P 500
413.09
+3.32%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$3.07bn
FY2016FY2025
Net income
$493.7m
FY2016FY2025
Free cash flow
$468.9m
FY2016FY2025
Shareholders' equity
$3.18bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.07bn | $2.89bn | $2.95bn | $2.89bn | $2.83bn | $2.15bn | $1.84bn | $1.72bn | $1.60bn | $1.51bn |
| Gross profit | $1.10bn | $1.00bn | $1.13bn | $1.14bn | $1.17bn | $767.9m | $608.8m | $546.3m | $512.6m | $501.1m |
| Research and development | $74.3m | $69.1m | $68.4m | $58.5m | $52.8m | $46.9m | $38.9m | $40.3m | $39.1m | $36.8m |
| Operating income | $617.4m | $594.6m | $710.9m | $763.5m | $757.4m | $419.0m | $299.8m | $254.8m | $228.9m | $196.8m |
| Net income | $493.7m | $492.7m | $593.4m | $585.9m | $661.8m | $346.2m | $241.7m | $206.9m | $150.7m | $143.6m |
| Diluted earnings per share | 6.79 | 6.69 | 7.91 | 7.75 | 8.66 | 4.55 | 3.19 | 2.74 | 1.99 | 1.92 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $4.27bn | $3.64bn | $3.83bn | $3.62bn | $3.31bn | $2.79bn | $2.34bn | $1.59bn | $1.86bn | $1.72bn |
| Cash and short-term investments | $791.3m | $484.6m | $853.9m | $894.3m | $762.6m | $615.5m | $439.1m | $337.4m | $235.9m | $203.0m |
| Total liabilities | $1.09bn | $961.1m | $948.5m | $931.9m | $978.4m | $939.3m | $768.2m | $582.6m | $197.0m | $599.2m |
| Debt | $207.9m | $205.6m | $206.8m | $208.9m | $253.0m | $255.2m | $257.3m | $196.1m | $197.0m | $228.6m |
| Shareholders' equity | $3.18bn | $2.68bn | $2.88bn | $2.68bn | $2.34bn | $1.85bn | $1.57bn | $1.40bn | $1.67bn | $1.12bn |
| Shares outstanding | 73m | 74m | 75m | 76m | 76m | 76m | 76m | 76m | 76m | 75m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $754.8m | $653.4m | $776.5m | $724.0m | $584.0m | $472.5m | $367.2m | $288.6m | $263.3m | $219.4m |
| Capital spending | −$285.9m | −$377.0m | −$362.0m | −$284.6m | −$253.4m | −$174.4m | −$126.4m | −$104.7m | −$130.8m | −$170.2m |
| Free cash flow | $468.9m | $276.4m | $414.5m | $439.4m | $330.6m | $298.1m | $240.8m | $183.9m | $132.5m | $49.2m |
| Dividends paid | −$61.2m | −$59.1m | −$57.0m | −$54.1m | −$51.1m | −$48.1m | −$45.1m | −$42.1m | −$39.1m | −$35.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $872.3m | $844.9m | $805.0m | $804.3m | $766.2m | $698.2m | $748.5m | $746.9m |
| Gross profit | $329.2m | $296.4m | $303.9m | $293.5m | $273.2m | $232.7m | $274.4m | $265.2m |
| Operating income | $179.1m | $177.1m | $156.6m | $173.7m | $158.2m | $128.4m | $170.6m | $167.8m |
| Net income | $154.0m | $138.8m | $132.1m | $140.0m | $131.8m | $89.8m | $130.1m | $136.0m |
| Diluted earnings per share | 2.16 | 1.95 | 1.82 | 1.93 | 1.81 | 1.24 | 1.77 | 1.85 |
| Cash from operations | $124.0m | $89.0m | $251.0m | $197.0m | $177.0m | $129.0m | $190.0m | $180.0m |
| Capital spending | −$43.0m | −$42.0m | −$76.0m | −$63.0m | −$75.0m | −$71.0m | −$104.0m | −$81.0m |
| Free cash flow | $81.0m | $47.0m | $175.0m | $134.0m | $102.0m | $58.0m | $86.0m | $99.0m |
| Total assets | $4.08bn | $4.11bn | $4.27bn | $4.11bn | $3.95bn | $3.62bn | $3.64bn | $3.68bn |
| Cash and short-term investments | $435.8m | $521.4m | $791.3m | $628.5m | $509.7m | $404.2m | $484.6m | $490.9m |
| Debt | $223.8m | $224.2m | $225.5m | $228.0m | $227.1m | $227.5m | $222.6m | $224.7m |
| Shareholders' equity | $2.99bn | $2.99bn | $3.18bn | $3.05bn | $2.93bn | $2.68bn | $2.68bn | $2.75bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 35.9% | 34.6% | 38.4% | 39.5% | 41.5% | 35.8% |
| Operating margin | 20.1% | 20.6% | 24.1% | 26.5% | 26.8% | 19.5% |
| Net margin | 16.1% | 17.0% | 20.1% | 20.3% | 23.4% | 16.1% |
| Return on equity | 15.5% | 18.4% | 20.6% | 21.8% | 28.3% | 18.7% |
| Return on assets | 11.6% | 13.5% | 15.5% | 16.2% | 20.0% | 12.4% |
| Free cash flow yield | 3.8% | 3.7% | 4.0% | 3.6% | 2.9% | 2.3% |
| Revenue growth | 6.3% | -2.0% | 2.3% | 1.9% | 31.9% | 16.4% |
| Earnings growth | 0.2% | -17.0% | 1.3% | -11.5% | 91.2% | 43.2% |
| Current ratio | 3.02x | 2.79x | 2.88x | 3.70x | 2.93x | 2.73x |
| Debt to equity | 0.07x | 0.08x | 0.08x | 0.08x | 0.11x | 0.14x |
| Equity ratio | 74.4% | 73.6% | 75.2% | 74.2% | 70.5% | 66.4% |
| Interest coverage | 1029.00x | 205.03x | 80.78x | 100.46x | 89.11x | 49.29x |
| R&D as a share of sales | 2.4% | 2.4% | 2.3% | 2.0% | 1.9% | 2.2% |
| Buybacks as a share of market value | 1.4% | 1.7% | 0.8% | 1.0% | -0.4% | -0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.1% | 7.4% | 8.2% |
| Operating income | -6.8% | 8.1% | 17.0% |
| Net income | -5.5% | 7.4% | 17.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.3% | 37.1% | 37.7% | 36.0% |
| Operating margin | 20.3% | 22.8% | 23.0% | 20.0% |
| Net margin | 16.5% | 18.3% | 18.9% | 16.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 40.5 | 30.3 | 27.5 | 18.8 | 33.5 | 38.5 | 29.1 | 22.1 | 30.7 | 27.3 |
| Price to sales | 6.5 | 5.2 | 5.5 | 3.8 | 7.8 | 6.2 | 3.8 | 2.7 | 2.9 | 2.6 |
Market value over time
30 Nov 2015 to 28 Sept 2026, in USD
$4.66bn$26.78bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 34% | -9% | 57% | -48% | 59% | 83% | 54% | -3% | 19% | 46% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 29 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.44 | 1.07 | 0.61 | 0.78 | 0.92 | 0.52 | 0.66 | 0.62 |
- 2-for-1 split · 27 Sept 2013
- 2-for-1 split · 30 Sept 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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