NYSE : WST
West Pharmaceutical Services, Inc. — Financial statements
Healthcare · Medical Instruments & Supplies · United States
Last price 412.62 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 28.74B
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Financial statements
West Pharmaceutical Services, Inc. (WST) reported revenue of 3.40B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.40B | 3.07B | 2.89B | 2.95B | 2.89B | 2.83B |
| Cost of Revenue | 2.12B | 1.97B | 1.89B | 1.82B | 1.75B | 1.65B |
| Gross Profit | 1.28B | 1.10B | 998.50M | 1.13B | 1.14B | 1.18B |
| Selling, General & Admin | 426.20M | 389.70M | 334.90M | 354.10M | 316.00M | 356.30M |
| Research & Development | 75.60M | 74.30M | 69.10M | 68.40M | 58.50M | 52.80M |
| Other Operating Expenses | -1.90M | 1.30M | 900.00K | 1.30M | -2.10M | |
| Operating Expenses | 499.90M | 465.30M | 404.90M | 423.80M | 372.40M | 409.10M |
| Operating Income | 777.00M | 638.70M | 593.60M | 706.20M | 763.80M | 768.60M |
| Interest Expense | -8.10M | -500.00K | -3.00M | -9.00M | -7.90M | -8.20M |
| Interest & Investment Income | 18.30M | 17.50M | 19.60M | 28.00M | 5.10M | 1.00M |
| Earnings From Equity Investments | 17.70M | 14.40M | 14.70M | 17.70M | 20.70M | 20.10M |
| Currency Exchange Gain (Loss) | -6.70M | -8.40M | -10.20M | -9.40M | 4.10M | 1.40M |
| EBT Excluding Unusual Items | 798.20M | 661.70M | 614.70M | 733.50M | 785.80M | 782.90M |
| Merger & Restructuring Charges | -26.90M | -29.50M | -2.10M | 2.00M | -23.80M | -2.20M |
| Gain (Loss) on Sale of Investments | -8.00M | -4.50M | -300.00K | -4.30M | -3.50M | -4.30M |
| Gain (Loss) on Sale of Assets | 55.70M | -11.60M | ||||
| Asset Writedown | -3.40M | -3.70M | -7.00M | -5.30M | -2.70M | -4.10M |
| Legal Settlements | 3.80M | |||||
| Other Unusual Items | -8.50M | -8.70M | -5.10M | -2.40M | -55.20M | -3.30M |
| Pretax Income | 807.10M | 615.30M | 600.20M | 715.70M | 700.60M | 769.00M |
| Income Tax Expense | 168.20M | 121.60M | 107.50M | 122.30M | 114.70M | 107.20M |
| Net Income | 638.90M | 493.70M | 492.70M | 593.40M | 585.90M | 661.80M |
| Net Income to Common | 638.90M | 493.70M | 492.70M | 593.40M | 585.90M | 661.80M |
| Shares Outstanding (Basic) | 71.40M | 72.30M | 73.00M | 74.30M | 74.40M | 74.40M |
| Shares Outstanding (Diluted) | 71.80M | 72.70M | 73.70M | 75.30M | 75.80M | 76.30M |
| EPS (Basic) | 8.95 | 6.83 | 6.75 | 7.99 | 7.88 | 8.90 |
| EPS (Diluted) | 8.90 | 6.79 | 6.69 | 7.88 | 7.73 | 8.67 |
| Free Cash Flow | 453.40M | 468.90M | 276.40M | 414.50M | 439.40M | 330.60M |
| Free Cash Flow Per Share | 6.32 | 6.45 | 3.75 | 5.50 | 5.80 | 4.33 |
| Dividend Per Share | 0.88 | 0.85 | 0.81 | 0.77 | 0.73 | 0.69 |
| Gross Margin | 37.59% | 35.91% | 34.51% | 38.31% | 39.36% | 41.59% |
| Operating Margin | 22.88% | 20.78% | 20.52% | 23.94% | 26.46% | 27.14% |
| Profit Margin | 18.81% | 16.06% | 17.03% | 20.12% | 20.29% | 23.37% |
| Free Cash Flow Margin | 13.35% | 15.25% | 9.55% | 14.05% | 15.22% | 11.68% |
| EBITDA | 961.30M | 810.10M | 749.00M | 843.50M | 884.40M | 890.90M |
| EBITDA Margin | 28.30% | 26.35% | 25.89% | 28.59% | 30.64% | 31.46% |
| D&A For EBITDA | 184.30M | 171.40M | 155.40M | 137.30M | 120.60M | 122.30M |
| EBIT | 777.00M | 638.70M | 593.60M | 706.20M | 763.80M | 768.60M |
| EBIT Margin | 22.88% | 20.78% | 20.52% | 23.94% | 26.46% | 27.14% |
| Effective Tax Rate | 20.84% | 19.76% | 17.91% | 17.09% | 16.37% | 13.94% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 464.10M | 791.30M | 484.60M | 853.90M | 894.30M | 762.60M |
| Cash & Short-Term Investments | 464.10M | 791.30M | 484.60M | 853.90M | 894.30M | 762.60M |
| Receivables | 763.30M | 586.30M | 575.80M | 533.50M | 523.70M | 503.60M |
| Inventory | 464.70M | 443.90M | 377.00M | 434.70M | 414.80M | 378.40M |
| Other Current Assets | 124.40M | 156.70M | 100.70M | 114.30M | 86.70M | 97.40M |
| Total Current Assets | 1.82B | 1.98B | 1.54B | 1.94B | 1.92B | 1.74B |
| Property, Plant & Equipment | 1.81B | 1.88B | 1.72B | 1.51B | 1.26B | 1.13B |
| Long-Term Investments | 215.80M | 212.30M | 202.10M | 210.00M | 204.90M | 207.70M |
| Goodwill | 108.70M | 109.90M | 106.00M | 108.50M | 107.30M | 109.90M |
| Other Intangible Assets | 6.20M | 7.70M | 10.80M | 15.10M | 18.40M | 23.00M |
| Long-Term Deferred Tax Assets | 60.20M | 38.40M | 26.00M | 25.70M | 65.60M | 48.50M |
| Other Long-Term Assets | 45.40M | 45.40M | 44.60M | 21.30M | 38.40M | 55.90M |
| Total Assets | 4.06B | 4.27B | 3.64B | 3.83B | 3.62B | 3.31B |
| Accounts Payable | 249.40M | 253.70M | 239.30M | 242.40M | 215.40M | 232.20M |
| Accrued Expenses | 162.90M | 214.60M | 138.00M | 161.30M | 145.80M | 186.10M |
| Current Portion of Long-Term Debt | 134.00M | 2.20M | 44.20M | |||
| Current Portion of Leases | 20.90M | 24.20M | 18.80M | 17.70M | 16.00M | 9.30M |
| Current Income Taxes Payable | 56.20M | 28.10M | 31.50M | 16.60M | 24.80M | 26.30M |
| Current Unearned Revenue | 51.90M | 49.60M | 41.70M | 57.30M | 48.70M | |
| Other Current Liabilities | 154.90M | 82.40M | 73.20M | 58.10M | 57.50M | 47.30M |
| Total Current Liabilities | 644.30M | 654.90M | 550.40M | 671.80M | 519.00M | 594.10M |
| Long-Term Debt | 202.90M | 202.80M | 202.60M | 72.80M | 206.70M | 208.80M |
| Long-Term Leases | 90.10M | 99.20M | 83.90M | 84.50M | 93.00M | 63.00M |
| Long-Term Unearned Revenue | 1.80M | 3.60M | 12.20M | 10.90M | ||
| Pension & Post-Retirement Benefits | 28.60M | 29.00M | 28.20M | 29.60M | 28.20M | 40.50M |
| Long-Term Deferred Tax Liabilities | 23.00M | 23.00M | 20.50M | 12.70M | 14.30M | 4.90M |
| Other Long-Term Liabilities | 103.60M | 83.30M | 71.90M | 64.90M | 59.80M | 67.10M |
| Total Liabilities | 1.09B | 1.09B | 961.10M | 948.50M | 931.90M | 978.40M |
| Common Stock | 18.80M | 18.80M | 18.80M | 18.80M | 18.80M | 18.80M |
| Additional Paid-In Capital | 22.10M | 120.20M | 232.20M | 249.00M | ||
| Retained Earnings | 4.82B | 4.37B | 3.96B | 3.52B | 2.99B | 2.46B |
| Treasury Stock | -1.73B | -1.11B | -1.06B | -637.60M | -370.90M | -229.50M |
| Comprehensive Income & Other | -137.00M | -105.50M | -258.10M | -143.80M | -183.00M | -159.60M |
| Shareholders' Equity | 2.97B | 3.18B | 2.68B | 2.88B | 2.68B | 2.34B |
| Total Liabilities & Equity | 4.06B | 4.27B | 3.64B | 3.83B | 3.62B | 3.31B |
| Total Debt | 313.90M | 326.20M | 305.30M | 309.00M | 317.90M | 325.30M |
| Net Cash (Debt) | 150.20M | 465.10M | 179.30M | 544.90M | 576.40M | 437.30M |
| Net Cash Per Share | 2.09 | 6.40 | 2.43 | 7.24 | 7.60 | 5.73 |
| Filing Date Shares Outstanding | 69.66M | 72.02M | 72.30M | 73.30M | 74.14M | 74.28M |
| Total Common Shares Outstanding | 69.80M | 72.00M | 72.30M | 73.50M | 74.10M | 74.20M |
| Working Capital | 1.17B | 1.32B | 987.70M | 1.26B | 1.40B | 1.15B |
| Book Value Per Share | 42.52 | 44.11 | 37.10 | 39.20 | 36.23 | 31.47 |
| Tangible Book Value | 2.85B | 3.06B | 2.57B | 2.76B | 2.56B | 2.20B |
| Tangible Book Value Per Share | 40.88 | 42.48 | 35.48 | 37.52 | 34.54 | 29.68 |
| Land | 29.20M | 27.90M | 33.70M | 29.00M | 29.30M | |
| Buildings | 1.18B | 916.10M | 771.50M | 663.60M | 644.80M | |
| Machinery | 1.76B | 1.63B | 1.52B | 1.39B | 1.30B | |
| Construction In Progress | 256.70M | 410.80M | 415.20M | 305.90M | 242.70M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 638.90M | 493.70M | 492.70M | 593.40M | 585.90M | 661.80M |
| Depreciation & Amortization | 184.30M | 171.40M | 155.40M | 137.30M | 120.60M | 122.30M |
| Loss (Gain) From Sale of Assets | -55.70M | 11.60M | ||||
| Asset Writedown & Restructuring Costs | 18.60M | 17.10M | 7.30M | 9.60M | 21.50M | 5.60M |
| Loss (Gain) on Equity Investments | -10.50M | -10.50M | -13.40M | -14.30M | -18.10M | -17.40M |
| Stock-Based Compensation | 28.50M | 23.80M | 18.70M | 23.30M | 23.70M | 37.50M |
| Other Operating Activities | -23.10M | -20.50M | -10.20M | 36.00M | 5.40M | -27.70M |
| Change in Accounts Receivable | 6.90M | 6.90M | -58.80M | 4.00M | -35.60M | -123.50M |
| Change in Inventory | -62.80M | -62.80M | 42.00M | -13.50M | -49.80M | -86.50M |
| Change in Accounts Payable | 17.90M | 17.90M | 2.90M | 4.40M | -2.80M | 16.80M |
| Change in Other Net Operating Assets | -88.50M | 117.80M | 16.80M | -15.30M | 73.20M | -4.90M |
| Operating Cash Flow | 654.50M | 754.80M | 653.40M | 776.50M | 724.00M | 584.00M |
| Capital Expenditures | -201.10M | -285.90M | -377.00M | -362.00M | -284.60M | -253.40M |
| Cash Acquisitions | -2.20M | |||||
| Other Investing Activities | -8.90M | -1.70M | -6.70M | -3.60M | 2.50M | |
| Investing Cash Flow | -83.10M | -285.90M | -378.70M | -368.70M | -288.20M | -253.10M |
| Long-Term Debt Issued | 164.70M | |||||
| Total Debt Issued | 50.00M | 164.70M | ||||
| Long-Term Debt Repaid | -1.10M | -192.30M | -2.40M | -44.30M | -2.20M | |
| Total Debt Repaid | -51.50M | -1.10M | -192.30M | -2.40M | -44.30M | -2.20M |
| Net Debt Issued (Repaid) | -1.50M | -1.10M | -27.60M | -2.40M | -44.30M | -2.20M |
| Issuance of Common Stock | 27.40M | 18.20M | 32.70M | 51.00M | 28.20M | 37.10M |
| Repurchase of Common Stock | -689.30M | -136.80M | -566.60M | -451.20M | -222.20M | -151.90M |
| Common Dividends Paid | -62.80M | -61.20M | -59.10M | -57.00M | -54.10M | -51.10M |
| Other Financing Activities | -800.00K | -4.20M | -2.00M | -1.20M | ||
| Financing Cash Flow | -727.00M | -185.10M | -622.60M | -459.60M | -293.60M | -168.10M |
| Foreign Exchange Rate Adjustments | -8.80M | 22.90M | -21.40M | 11.40M | -10.50M | -15.70M |
| Net Cash Flow | -164.40M | 306.70M | -369.30M | -40.40M | 131.70M | 147.10M |
| Free Cash Flow | 453.40M | 468.90M | 276.40M | 414.50M | 439.40M | 330.60M |
| Free Cash Flow Margin | 13.35% | 15.25% | 9.55% | 14.05% | 15.22% | 11.68% |
| Free Cash Flow Per Share | 6.32 | 6.45 | 3.75 | 5.50 | 5.80 | 4.33 |
| Levered Free Cash Flow | 345.56M | 273.88M | 206.72M | 196.35M | 246.54M | 210.05M |
| Unlevered Free Cash Flow | 350.62M | 274.19M | 208.60M | 201.97M | 251.47M | 215.18M |
| Cash Interest Paid | 300.00K | 300.00K | 500.00K | 6.00M | 6.60M | 8.00M |
| Cash Income Tax Paid | 125.20M | 125.20M | 71.40M | 90.80M | 109.70M | 171.80M |
| Change in Working Capital | -126.50M | 79.80M | 2.90M | -20.40M | -15.00M | -198.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 28.41B | 19.79B | 23.72B | 26.05B | 17.42B | 34.74B |
| Enterprise Value | 28.26B | 19.47B | 23.54B | 25.46B | 16.99B | 34.37B |
| Last Close Price | 412.62 | 274.50 | 325.74 | 349.33 | 232.94 | 463.09 |
| PE Ratio | 45.81 | 40.09 | 48.15 | 43.91 | 29.74 | 52.50 |
| Forward PE | 40.87 | 36.69 | 45.90 | 42.23 | 34.84 | 53.55 |
| PS Ratio | 8.44 | 6.44 | 8.20 | 8.83 | 6.04 | 12.27 |
| PB Ratio | 9.70 | 6.23 | 8.84 | 9.04 | 6.49 | 14.88 |
| P/TBV Ratio | 10.04 | 6.47 | 9.25 | 9.45 | 6.81 | 15.78 |
| P/FCF Ratio | 63.20 | 42.22 | 85.83 | 62.85 | 39.65 | 105.09 |
| P/OCF Ratio | 43.78 | 26.23 | 36.31 | 33.55 | 24.07 | 59.49 |
| PEG Ratio | 2.69 | 3.06 | 5.25 | 5.39 | 2.31 | 2.37 |
| EV/Sales Ratio | 8.39 | 6.33 | 8.14 | 8.63 | 5.89 | 12.14 |
| EV/EBITDA Ratio | 29.65 | 24.03 | 31.43 | 30.18 | 19.22 | 38.58 |
| EV/EBIT Ratio | 36.68 | 30.48 | 39.66 | 36.05 | 22.25 | 44.72 |
| EV/FCF Ratio | 62.86 | 41.52 | 85.17 | 61.43 | 38.68 | 103.97 |
| Debt / Equity Ratio | 0.11 | 0.10 | 0.11 | 0.11 | 0.12 | 0.14 |
| Debt / EBITDA Ratio | 0.31 | 0.38 | 0.39 | 0.35 | 0.35 | 0.36 |
| Debt / FCF Ratio | 0.69 | 0.70 | 1.10 | 0.74 | 0.72 | 0.98 |
| Net Debt / Equity Ratio | -0.05 | -0.15 | -0.07 | -0.19 | -0.21 | -0.19 |
| Net Debt / EBITDA Ratio | -0.16 | -0.57 | -0.24 | -0.65 | -0.65 | -0.49 |
| Net Debt / FCF Ratio | -0.33 | -0.99 | -0.65 | -1.31 | -1.31 | -1.32 |
| Asset Turnover | 0.83 | 0.78 | 0.77 | 0.79 | 0.83 | 0.93 |
| Inventory Turnover | 4.70 | 4.80 | 4.67 | 4.28 | 4.41 | 4.73 |
| Quick Ratio | 1.91 | 2.10 | 1.93 | 2.06 | 2.73 | 2.13 |
| Current Ratio | 2.82 | 3.02 | 2.79 | 2.88 | 3.70 | 2.93 |
| Return on Equity (ROE) | 21.23% | 16.86% | 17.71% | 21.32% | 23.34% | 31.59% |
| Return on Assets (ROA) | 11.89% | 10.09% | 9.93% | 11.86% | 13.78% | 15.73% |
| Return on Invested Capital (ROIC) | 21.62% | 19.66% | 20.14% | 26.35% | 31.89% | 38.14% |
| Return on Capital Employed (ROCE) | 22.70% | 17.70% | 19.20% | 22.40% | 24.70% | 28.30% |
| Earnings Yield | 2.18% | 2.49% | 2.08% | 2.28% | 3.36% | 1.91% |
| FCF Yield | 1.58% | 2.37% | 1.17% | 1.59% | 2.52% | 0.95% |
| Dividend Yield | 0.26% | 0.31% | 0.25% | 0.22% | 0.31% | 0.15% |
| Payout Ratio | 10.33% | 12.40% | 12.00% | 9.61% | 9.23% | 7.72% |
| Buyback Yield / Dilution | 1.47% | 1.36% | 2.12% | 0.66% | 0.66% | -0.66% |
| Total Shareholder Return | 1.73% | 1.67% | 2.37% | 0.88% | 0.97% | -0.51% |