West Pharmaceutical Services Inc. (WST) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.08	$2.37	+13.9%	—	$872.3M	—
Q1 26	$1.68	$2.13	+26.8%	—	$844.9M	—
Q4 25	$1.83	$2.04	+11.5%	—	$805M	—
Q3 25	$1.71	$1.96	+14.6%	—	$804.6M	—
Q2 25	$1.54	$1.84	+19.5%	—	$766.5M	—
Q1 25	$1.26	$1.45	+15.1%	—	$698M	—
Q4 24	$1.73	$1.82	+5.2%	—	$748.8M	—
Q3 24	$1.49	$1.85	+24.2%	—	$746.9M	—
Q2 24	$1.73	$1.52	-12.1%	—	$702.1M	—
Q1 24	$1.29	$1.56	+20.9%	—	$695.4M	—
Q4 23	$1.78	$1.83	+2.8%	—	$732M	—
Q3 23	$1.86	$2.16	+16.1%	—	$747.4M	—
Q2 23	$1.93	$2.11	+9.3%	—	$753.8M	—
Q1 23	$1.67	$1.98	+18.6%	—	$716.6M	—
Q4 22	$1.38	$1.77	+28.3%	—	$708.7M	—
Q3 22	$2.12	$2.03	-4.2%	—	$686.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.83	—	—	$3.1B	—
FY24	—	$6.75	—	—	$2.9B	—
FY23	—	$7.98	—	—	$2.9B	—
FY22	—	$7.87	—	—	$2.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.5B	$1.6B	$1.7B	$1.8B	$2.1B	$2.8B	$2.9B	$2.9B	$2.9B	$3.1B
YoY change	+7.81%	+5.96%	+7.4%	+7.13%	+16.7%	+31.9%	+1.95%	+2.18%	-1.92%	+6.25%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.5B	1.6B	1.7B	1.8B	2.1B	2.8B	2.9B	2.9B	2.9B	3.1B
Cost of revenue	1B	1.1B	1.2B	1.2B	1.4B	1.7B	1.8B	1.8B	1.9B	2B
Gross profit	501.4M	512.9M	545.4M	605.7M	767.8M	1.2B	1.1B	1.1B	998.5M	1.1B
Gross margin	33.2%	32.1%	31.8%	32.9%	35.8%	41.5%	39.4%	38.3%	34.5%	35.9%
Research & development	36.8M	39.1M	40.3M	38.9M	46.9M	52.8M	58.5M	68.4M	69.1M	74.3M
Selling, general & administrative	239.6M	246M	262.9M	272.7M	302M	362.8M	316.9M	353.4M	338.5M	393.6M
Operating expenses	274.8M	278.4M	297.5M	305.8M	348.9M	415.6M	375.4M	421.8M	407.6M	467.9M
Operating income	225M	227.8M	242.2M	298.8M	418.9M	760.2M	760.8M	707.4M	590.9M	636.1M
Operating margin	14.9%	14.2%	14.1%	16.2%	19.5%	26.8%	26.4%	24%	20.4%	20.7%
Non-operating income, net	-28.2M	1.1M	4.8M	-2.3M	-10.8M	-4.1M	-78.1M	-28.4M	-22M	-52.2M
Pretax income	189.8M	222.4M	240.7M	291.8M	401.3M	748.9M	679.9M	698M	585.5M	600.9M
Income tax	54.4M	80.9M	41.4M	59M	72.5M	107.2M	114.7M	122.3M	107.5M	121.6M
Net income	143.6M	150.7M	206.9M	241.7M	346.2M	661.8M	585.9M	593.4M	492.7M	493.7M
Net margin	9.52%	9.42%	12%	13.1%	16.1%	23.4%	20.3%	20.1%	17%	16.1%
EBITDA	320M	335.6M	357.4M	407.9M	530.6M	885.6M	835.8M	875.7M	764M	822.7M
EPS	1.96	2.04	2.8	3.27	4.68	8.89	7.87	7.98	6.75	6.83
Diluted EPS	1.91	1.99	2.74	3.21	4.57	8.67	7.73	7.88	6.69	6.79

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	747.4M	732M	695.4M	702.1M	746.9M	748.8M	698M	766.5M	804.6M	805M	844.9M	872.3M
Cost of revenue	459.1M	453.8M	465.2M	472.1M	482.2M	475.2M	466.1M	492.6M	510.3M	501.1M	548.5M	543.1M
Gross profit	288.3M	278.2M	230.2M	230M	264.7M	273.6M	231.9M	273.9M	294.3M	303.9M	296.4M	329.2M
Gross margin	38.6%	38%	33.1%	32.8%	35.4%	36.5%	33.2%	35.7%	36.6%	37.8%	35.1%	37.7%
Research & development	16.4M	18.4M	17.6M	17.5M	15.5M	18.5M	16.3M	19.1M	17.1M	21.8M	15.8M	19.7M
Selling, general & administrative	89M	90M	86.7M	83M	83.5M	85.3M	88M	95.9M	102.7M	107M	99.5M	117.6M
Operating expenses	105.4M	108.4M	104.3M	100.5M	99M	103.8M	104.3M	115M	119.8M	128.8M	115.3M	137.3M
Operating income	182.9M	169.8M	125.9M	129.5M	165.7M	169.8M	127.6M	158.9M	174.5M	175.1M	181.1M	191.9M
Operating margin	24.5%	23.2%	18.1%	18.4%	22.2%	22.7%	18.3%	20.7%	21.7%	21.8%	21.4%	22%
Non-operating income, net	-1.8M	-9.8M	-3.1M	-3.3M	-5.1M	-10.5M	-20.8M	-5.4M	-7.1M	-18.9M	-4.2M	-13M
Pretax income	187M	168.2M	127.4M	128.7M	164.5M	164.9M	110.5M	157M	171.9M	161.5M	180.1M	180.1M
Income tax	29.4M	34.5M	16.4M	21.9M	32.4M	36.8M	24.1M	30.2M	34M	33.3M	44.7M	32.2M
Net income	161.3M	137M	115.3M	111.3M	136M	130.1M	89.8M	131.8M	140M	132.1M	138.8M	154M
Net margin	21.6%	18.7%	16.6%	15.9%	18.2%	17.4%	12.9%	17.2%	17.4%	16.4%	16.4%	17.7%
EBITDA	231.6M	214M	167.4M	172.4M	209.2M	215M	171.2M	203.4M	221.7M	226.4M	231.2M	241.2M
EPS	2.17	1.85	1.57	1.52	1.87	1.79	1.24	1.82	1.94	1.83	1.93	2.17
Diluted EPS	2.14	1.83	1.55	1.51	1.85	1.78	1.23	1.82	1.92	1.82	1.92	2.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.2B	7.3B	7.2B	11.1B	20.9B	34.9B	17.5B	26.2B	23.9B	19.9B	26.4B
Enterprise value	6.2B	7.3B	7.1B	11B	20.6B	34.5B	16.9B	25.6B	23.7B	19.4B	26B
Shares outstanding	73.3M	73.9M	73.9M	74M	73.9M	74.4M	74.4M	74.3M	73M	72.3M	72.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	43.3	48.4	35	46	60.5	52.7	29.9	44.1	48.5	40.3	47.4
P/S	4.12	4.56	4.22	6.05	9.75	12.3	6.07	8.87	8.26	6.47	7.84
P/B	5.56	5.7	5.19	7.07	11.3	14.9	6.52	9.08	8.91	6.26	8.72
EV/EBITDA	19.5	21.6	19.9	27	38.9	38.9	20.3	29.3	31.1	23.6	28.4
EV/Sales	4.14	4.54	4.14	5.99	9.62	12.2	5.87	8.68	8.2	6.32	7.8
Earnings yield	2.31%	2.07%	2.86%	2.17%	1.65%	1.9%	3.35%	2.27%	2.06%	2.48%	2.11%
FCF yield	0.79%	1.82%	2.54%	2.16%	1.42%	0.95%	2.51%	1.58%	1.16%	2.36%	1.05%
PEG	—	—	—	—	—	—	—	—	—	—	2.46

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	33.2%	32.1%	31.8%	32.9%	35.8%	41.5%	39.4%	38.3%	34.5%	35.9%	37.7%
Operating margin	14.9%	14.2%	14.1%	16.2%	19.5%	26.8%	26.4%	24%	20.4%	20.7%	22.5%
Net margin	9.52%	9.42%	12%	13.1%	16.1%	23.4%	20.3%	20.1%	17%	16.1%	17%
ROE	12.9%	11.8%	14.8%	15.4%	18.7%	28.3%	21.8%	20.6%	18.4%	15.5%	19.1%
ROA	8.36%	8.09%	10.5%	10.3%	12.4%	20%	16.2%	15.5%	13.5%	11.6%	11.4%
ROIC	14%	11.7%	16%	16.3%	21.9%	34.3%	30%	25%	19.3%	18.8%	20%
Return on tangible assets	9.81%	9.4%	12%	11.7%	13.8%	21.7%	17.4%	16.6%	14.4%	12.2%	14.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.66	2.66	3.15	3.1	2.73	2.93	3.7	2.88	2.79	3.02	2.82
Quick ratio	1.84	1.89	2.4	2.41	2.09	2.3	2.9	2.24	2.11	2.34	2.12
Debt / equity	0.2	0.15	0.14	0.21	0.18	0.14	0.12	0.11	0.11	0.1	0.11
Debt / assets	0.13	0.11	0.1	0.14	0.12	0.1	0.09	0.08	0.08	0.08	0.08
Net debt / EBITDA	0.08	-0.12	-0.4	-0.27	-0.55	-0.49	-0.69	-0.62	-0.24	-0.57	-0.13
Interest coverage	24.4	29.5	29.7	35.3	49.9	92.3	87.1	78.6	196.2	1.2K	142.5
Effective tax rate	28.7%	36.4%	17.2%	20.2%	18.1%	14.3%	16.9%	17.5%	18.4%	20.2%	20.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	20.6	21.6	23.2	24.9	29.1	38.1	38.8	39.7	39.6	42.5	46.3
EPS (basic)	1.96	2.04	2.8	3.27	4.68	8.89	7.87	7.98	6.75	6.83	6.83
EPS (diluted)	1.91	1.99	2.74	3.21	4.57	8.67	7.73	7.88	6.69	6.79	7.82
Book value per share	15.2	17.3	18.9	21.3	25.1	31.4	36.1	38.8	36.7	43.9	42.5
FCF per share	0.67	1.79	2.49	3.25	4.03	4.44	5.91	5.58	3.79	6.49	6.13
Cash per share	2.77	3.19	4.57	5.93	8.33	10.3	12	11.5	6.64	10.9	6.19
Capex per share	—	—	—	—	—	—	—	—	—	3.95	3.16

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	9.3%	6.77%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	37.9%	34%
Payout ratio	24.9%	25.9%	20.3%	18.7%	13.9%	7.72%	9.23%	9.61%	12%	12.4%	11.1%
Dividend yield	0.58%	0.54%	0.58%	0.41%	0.23%	0.15%	0.31%	0.22%	0.25%	0.31%	0.23%

Yield

0.23%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.22

ex-dividend Jul 29, 2026

Payout ratio

11%

of earnings

Dividend growth

19 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 29, 2026	$0.22
Apr 29, 2026	$0.22
Jan 28, 2026	$0.22

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$747.4M	$732M	$695.4M	$702.1M	$746.9M	$748.8M	$698M	$766.5M	$804.6M	$805M	$844.9M	$872.3M
YoY change	+8.81%	+3.29%	-2.96%	-6.86%	-0.07%	+2.3%	+0.37%	+9.17%	+7.73%	+7.51%	+21%	+13.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	203M	235.9M	337.4M	439.1M	615.5M	762.6M	894.3M	853.9M	484.6M	791.3M
Receivables	200.5M	253.2M	288.2M	319.3M	385.3M	489M	507.4M	512M	552.5M	574.4M
Inventory	199.3M	215.2M	214.5M	235.7M	321.3M	378.4M	414.8M	434.7M	377M	443.9M
Total current assets	641.9M	743.5M	894.4M	1.1B	1.4B	1.7B	1.9B	1.9B	1.5B	2B
Property, plant & equipment	335M	315.8M	252.9M	336.5M	393.4M	482M	599.1M	741M	770M	662.7M
Goodwill & intangibles	252.6M	258.8M	252.2M	275.2M	283.2M	265.8M	251.4M	247.2M	233.8M	235.4M
Total assets	1.7B	1.9B	2B	2.3B	2.8B	3.3B	3.6B	3.8B	3.6B	4.3B
Accounts payable	122M	138.1M	130.4M	156.8M	213.1M	232.2M	215.4M	242.4M	239.3M	253.7M
Short-term debt	2.4M	—	100K	11.9M	12.4M	53.5M	18.2M	151.7M	17.9M	22.7M
Total current liabilities	241M	279.5M	283.7M	341.6M	503.4M	594.1M	519M	671.8M	550.4M	654.9M
Long-term debt	226.2M	197M	196M	317.4M	313.3M	271.8M	299.7M	157.3M	284.4M	298.4M
Total liabilities	599.2M	582.9M	582.6M	768.2M	939.3M	978.4M	931.9M	948.5M	961.1M	1.1B
Shareholders' equity	1.1B	1.3B	1.4B	1.6B	1.9B	2.3B	2.7B	2.9B	2.7B	3.2B
Total debt	228.6M	197M	196.1M	329.3M	325.7M	325.3M	317.9M	309M	302.3M	321.1M
Net debt	25.6M	-38.9M	-141.3M	-109.8M	-289.8M	-437.3M	-576.4M	-544.9M	-182.3M	-470.2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	898.6M	853.9M	601.8M	446.2M	490.9M	484.6M	404.2M	509.7M	628.5M	791.3M	521.4M	435.8M
Receivables	519.1M	512M	524M	479.4M	524.3M	552.5M	543.6M	582.4M	625M	574.4M	685.6M	712M
Inventory	431.8M	434.7M	429.9M	419.2M	401.2M	377M	388.7M	421.1M	438M	443.9M	452.6M	447.4M
Total current assets	2B	1.9B	1.7B	1.5B	1.6B	1.5B	1.5B	1.7B	1.8B	2B	1.8B	1.8B
Property, plant & equipment	1.4B	741M	1.5B	1.6B	1.7B	770M	1.7B	1.8B	1.8B	662.7M	1.8B	1.8B
Goodwill & intangibles	245M	247.2M	243M	240.4M	242.2M	233.8M	235M	241.2M	239M	235.4M	232.4M	230.2M
Total assets	3.8B	3.8B	3.6B	3.5B	3.7B	3.6B	3.6B	4B	4.1B	4.3B	4.1B	4.1B
Accounts payable	219.8M	242.4M	240.1M	211.7M	224.3M	239.3M	228.4M	239M	255.8M	253.7M	252.3M	252.7M
Short-term debt	71.7M	151.7M	151.4M	153.2M	19.9M	17.9M	21.8M	20.9M	21.4M	22.7M	21.4M	20.9M
Total current liabilities	533.5M	671.8M	648.4M	633.7M	516.5M	550.4M	526.7M	604.6M	635.4M	654.9M	674M	640.5M
Long-term debt	235.1M	157.3M	155.2M	157.5M	284.9M	284.4M	281.4M	282.4M	276.2M	298.4M	294.8M	291.2M
Total liabilities	886.5M	948.5M	921.7M	912.6M	923M	961.1M	935.1M	1B	1.1B	1.1B	1.1B	1.1B
Shareholders' equity	2.9B	2.9B	2.7B	2.6B	2.8B	2.7B	2.7B	2.9B	3.1B	3.2B	3B	3B
Total debt	306.8M	309M	306.6M	310.7M	304.8M	302.3M	303.2M	303.3M	297.6M	321.1M	316.2M	312.1M
Net debt	-591.8M	-544.9M	-295.2M	-135.5M	-186.1M	-182.3M	-101M	-206.4M	-330.9M	-470.2M	-205.2M	-123.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	143.6M	150.7M	206.9M	241.7M	346.2M	661.8M	585.9M	593.4M	492.7M	493.7M
Depreciation & amortization	90.7M	96.7M	104.4M	103.4M	109.1M	122.3M	120.6M	137.3M	155.4M	171.4M
Stock-based compensation	19.5M	16.1M	15.1M	24.4M	34M	37.5M	23.7M	23.3M	18.7M	23.8M
Change in working capital	-58.7M	-41.4M	-28.3M	-14.4M	-10.3M	-198.1M	-15M	-20.4M	2.9M	79.8M
Operating cash flow	234.1M	264.5M	300.6M	372.2M	472.3M	579.2M	697.7M	772.1M	661.5M	754.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	-285.9M
Investing cash flow	-14M	-2.8M	3.9M	-101.6M	-5.1M	300K	-3.6M	-6.7M	-1.7M	-285.9M
Dividends paid	-35.8M	-39.1M	-42.1M	-45.1M	-48.1M	-51.1M	-54.1M	-57M	-59.1M	-61.2M
Share repurchases	-55.9M	-74.4M	-70.8M	-85.3M	-121.4M	-151.9M	-222.2M	-451.2M	-566.6M	-136.8M
Financing cash flow	-143.6M	-149.1M	-113M	-205.8M	-171.8M	-205.2M	-321.8M	-510.6M	-655.3M	-203.3M
Net change in cash	76.5M	112.6M	191.5M	64.8M	295.4M	374.3M	372.3M	254.8M	4.5M	265.6M
Free cash flow	49.2M	132.5M	183.9M	240.8M	298.1M	330.6M	439.4M	414.5M	276.4M	468.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	161.3M	137M	115.3M	111.3M	136M	130.1M	89.8M	131.8M	140M	132.1M	138.8M	154M
Depreciation & amortization	35.7M	35.9M	35.6M	38.9M	40.2M	40.7M	40M	41.4M	43M	47M	45.2M	46.2M
Stock-based compensation	5.9M	1.4M	5M	4.3M	5.1M	4.3M	1.3M	7.4M	8.4M	6.7M	6.6M	10.9M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	201.8M	188.8M	152.2M	150.6M	179.2M	180.1M	129M	177.4M	197.2M	251.1M	89.9M	124M
Capital expenditure	—	—	—	—	—	—	—	—	-63.3M	-76.1M	-42.7M	-43.2M
Investing cash flow	100K	-100K	—	—	-800K	100K	—	—	-63.3M	-76.1M	-42.7M	-43.2M
Dividends paid	-14M	-14.8M	-14.7M	-14.6M	-14.5M	-15.3M	-15.2M	-15.1M	-15.1M	-15.8M	-15.8M	-15.7M
Share repurchases	-28.1M	-177.1M	-272.4M	-187.2M	-52.4M	-54.6M	-136M	-500K	-100K	-200K	-300.1M	-156.7M
Financing cash flow	-42.7M	-192.5M	-287.8M	-260.1M	-70.4M	-70M	-151.4M	-15.9M	-15.5M	-16.3M	-316.2M	-222.8M
Net change in cash	159.2M	-3.8M	-135.6M	-109.5M	108M	110.2M	-22.4M	161.5M	118.4M	158.7M	-269M	-142M
Free cash flow	134.3M	130.4M	27.6M	64.8M	98.8M	85.2M	58.1M	101.9M	133.9M	175M	47.2M	80.8M

Date	Ratio
Sep 27, 2013	2:1
Sep 30, 2004	2:1
Sep 29, 2004	2:1
Jun 2, 1987	2:1
May 6, 1982	2:1

West Pharmaceutical Services Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history