WST · West Pharmaceutical Services Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $3.07B | $2.89B | $2.95B | $2.89B | $2.83B | $2.15B |
| Cost of Revenue | $1.97B | $1.89B | $1.82B | $1.75B | $1.66B | $1.38B |
| Gross Profit | $1.10B | $998.50M | $1.13B | $1.14B | $1.18B | $767.80M |
| R&D | $74.30M | $69.10M | $68.40M | $58.50M | $52.80M | $46.90M |
| SG&A | $393.60M | $338.50M | $353.40M | $316.90M | $362.80M | $302.00M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $171.40M | $155.40M | $137.30M | $120.60M | $122.30M | $109.10M |
| Operating Income | $584.90M | $569.90M | $676.00M | $734.00M | $752.30M | $406.90M |
| Interest Expense | $15.10M | $16.20M | $9.00M | $7.90M | $8.20M | $8.20M |
| Income Tax | $121.60M | $107.50M | $122.30M | $114.70M | $107.20M | $72.50M |
| Net Income | $493.70M | $492.70M | $593.40M | $585.90M | $661.80M | $346.20M |
| EPS - Basic | $6.83 | $6.75 | $7.98 | $7.87 | $8.89 | $4.68 |
| EPS - Diluted | $6.79 | $6.69 | $7.88 | $7.73 | $8.67 | $4.57 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $791.30M | $484.60M | $853.90M | $894.30M | $762.60M | $615.50M |
| Accounts Receivable | $574.40M | $552.50M | $512.00M | $507.40M | $489.00M | $385.30M |
| Inventory | $443.90M | $377.00M | $434.70M | $414.80M | $378.40M | $321.30M |
| Accounts Payable | $253.70M | $239.30M | $242.40M | $215.40M | $232.20M | $213.10M |
| Current Assets | $1.98B | $1.54B | $1.94B | $1.92B | $1.74B | $1.37B |
| Total Assets | $4.27B | $3.64B | $3.83B | $3.62B | $3.31B | $2.79B |
| Current Liabilities | $654.90M | $550.40M | $671.80M | $519.00M | $594.10M | $503.40M |
| Long-term Debt | $202.80M | $202.60M | $72.80M | $206.70M | $208.80M | $252.90M |
| Total Liabilities | $1.09B | $961.10M | $948.50M | $931.90M | $978.40M | $939.30M |
| Stockholders' Equity | $3.18B | $2.68B | $2.88B | $2.68B | $2.34B | $1.28B |
| Retained Earnings | $4.37B | $3.96B | $3.52B | $2.99B | $2.46B | $1.85B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $754.80M | $653.40M | $776.50M | $724.00M | $584.00M | $472.50M |
| Investing Cash Flow | ($285.90M) | ($378.70M) | ($368.70M) | ($288.20M) | ($253.10M) | ($179.50M) |
| Financing Cash Flow | ($185.10M) | ($622.60M) | ($459.60M) | ($293.60M) | ($168.10M) | ($137.10M) |
| CapEx | $285.90M | $377.00M | $362.00M | $284.60M | $253.40M | $174.40M |
| Free Cash Flow | $468.90M | $276.40M | $414.50M | $439.40M | $330.60M | $298.10M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 35.9% | 34.5% | 38.3% | 39.4% | 41.5% | 35.8% |
| Operating margin | 19.0% | 19.7% | 22.9% | 25.4% | 26.6% | 19.0% |
| EBITDA margin | 24.6% | 25.1% | 27.6% | 29.6% | 30.9% | 24.0% |
| Net margin | 16.1% | 17.0% | 20.1% | 20.3% | 23.4% | 16.1% |
| Free cash flow margin | 15.3% | 9.6% | 14.1% | 15.2% | 11.7% | 13.9% |
| FCF / Net income | 0.95 | 0.56 | 0.70 | 0.75 | 0.50 | 0.86 |
| R&D / Revenue | 2.4% | 2.4% | 2.3% | 2.0% | 1.9% | 2.2% |
| SG&A / Revenue | 12.8% | 11.7% | 12.0% | 11.0% | 12.8% | 14.1% |
| Effective tax rate | 19.8% | 17.9% | 17.1% | 16.4% | 13.9% | 17.3% |
| Return on assets | 11.6% | 13.5% | 15.5% | 16.2% | 20.0% | 12.4% |
| Return on equity | 15.5% | 18.4% | 20.6% | 21.8% | 28.3% | 27.0% |
| Return on invested capital | 13.9% | 16.2% | 19.0% | 21.2% | 25.4% | 21.9% |
| Liquidity | ||||||
| Current ratio | 3.02 | 2.79 | 2.88 | 3.70 | 2.93 | 2.73 |
| Quick ratio | 2.34 | 2.11 | 2.24 | 2.90 | 2.30 | 2.09 |
| Cash ratio | 1.21 | 0.88 | 1.27 | 1.72 | 1.28 | 1.22 |
| Leverage | ||||||
| Debt / Equity | 0.06 | 0.08 | 0.03 | 0.08 | 0.09 | 0.20 |
| Debt / Assets | 0.05 | 0.06 | 0.02 | 0.06 | 0.06 | 0.09 |
| Debt / EBITDA | 0.27 | 0.28 | 0.09 | 0.24 | 0.24 | 0.49 |
| Interest coverage | 38.7x | 35.2x | 75.1x | 92.9x | 91.7x | 49.6x |
| Equity multiplier | 1.34 | 1.36 | 1.33 | 1.35 | 1.42 | 2.18 |
| Liabilities / Assets | 0.26 | 0.26 | 0.25 | 0.26 | 0.30 | 0.34 |
| Efficiency | ||||||
| Asset turnover | 0.72 | 0.79 | 0.77 | 0.80 | 0.85 | 0.77 |
| Inventory turnover | 4.44 | 5.03 | 4.19 | 4.22 | 4.38 | 4.29 |
| Days sales outstanding | 68d | 70d | 63d | 64d | 63d | 66d |
| Days inventory outstanding | 82d | 73d | 87d | 86d | 83d | 85d |
| Days payable outstanding | 47d | 46d | 49d | 45d | 51d | 56d |
| Cash conversion cycle | 103d | 96d | 102d | 106d | 95d | 94d |
| Valuation | ||||||
| P / E | 40.5x | 49.0x | 44.7x | 30.4x | 54.1x | 62.0x |
| P / B | 6.3x | 9.0x | 9.2x | 6.6x | 15.3x | 16.8x |
| P / S | 6.5x | 8.3x | 9.0x | 6.2x | 12.6x | 10.0x |
| EV / EBITDA | 25.7x | 32.9x | 31.6x | 20.1x | 40.3x | 40.9x |
| Growth | ||||||
| Revenue growth (YoY) | 6.3% | -1.9% | 2.2% | 2.0% | 31.9% | 16.7% |
| Revenue CAGR (3y) | 2.1% | 0.7% | 11.2% | 16.2% | 23.3% | 10.3% |
| Revenue CAGR (5y) | 7.4% | 9.5% | 14.3% | 12.5% | 13.4% | 8.9% |
| Gross profit growth (YoY) | 10.6% | -11.6% | -0.6% | -3.4% | 53.1% | 26.8% |
| Operating income growth (YoY) | 2.6% | -15.7% | -7.9% | -2.4% | 84.9% | 37.2% |
| Net income growth (YoY) | 0.2% | -17.0% | 1.3% | -11.5% | 91.2% | 43.2% |
| EPS growth (YoY) | 1.5% | -15.1% | 1.9% | -10.8% | 89.7% | 42.4% |
| EPS CAGR (3y) | -4.2% | -8.3% | 19.9% | 34.0% | 46.8% | 31.9% |
| EPS CAGR (5y) | 8.2% | 15.8% | 23.5% | 31.2% | 35.3% | 28.6% |
| FCF growth (YoY) | 69.6% | -33.3% | -5.7% | 32.9% | 10.9% | 23.8% |
| FCF CAGR (5y) | 9.5% | 2.8% | 17.6% | 27.1% | 46.4% | 29.8% |
| Book value growth (YoY) | 18.4% | -6.9% | 7.3% | 15.0% | 82.5% | -18.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$3.07B totalProprietary Products$2.49B · 81.1%
Contract Manufactured Products$582.00M · 18.9%
Geographic
$3.07B totalUS$1.33B · 43.3%
Other Europe Countries$451.00M · 14.7%
DE$380.30M · 12.4%
Other Countries$353.30M · 11.5%
IE$333.30M · 10.8%
FR$226.60M · 7.4%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
3.45
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing WEST PHARMACEUTICAL SERVICES INC against the 5 most active filers in the same SIC group.
Dividends
$0.87/share trailing 12 months · +4.8% YoY
| Ex-date | Per share |
|---|---|
| Apr 29, 2026 | $0.2200 |
| Jan 28, 2026 | $0.2200 |
| Nov 12, 2025 | $0.2200 |
| Jul 30, 2025 | $0.2100 |
| Apr 30, 2025 | $0.2100 |
| Feb 7, 2025 | $0.2100 |
| Nov 13, 2024 | $0.2100 |
| Jul 31, 2024 | $0.2000 |
| Apr 23, 2024 | $0.2000 |
| Jan 30, 2024 | $0.2000 |
| Nov 7, 2023 | $0.2000 |
| Jul 25, 2023 | $0.1900 |
| Apr 25, 2023 | $0.1900 |
| Jan 24, 2023 | $0.1900 |
| Nov 8, 2022 | $0.1900 |
| Jul 19, 2022 | $0.1800 |
| Apr 19, 2022 | $0.1800 |
| Jan 18, 2022 | $0.1800 |
| Nov 9, 2021 | $0.1800 |
| Jul 20, 2021 | $0.1700 |
| Apr 20, 2021 | $0.1700 |
| Jan 19, 2021 | $0.1700 |
| Nov 9, 2020 | $0.1700 |
| Jul 28, 2020 | $0.1600 |