West Pharmaceutical Services Inc (WST)
Health Care · Health Care Supplies · US stock · S&P 500 component
$392.15
▼ -1.88 (0.48%)
Fair valueFair
$353 −10.5% to fair value
$176fair band $300–$427$529
Day's range
$389.72 – $394.18
52-week range
$223.83 – $397.16
About West Pharmaceutical Services Inc
West Pharmaceutical Services makes the packaging and delivery components that keep injectable medicines safe. Its rubber stoppers, seals and plungers are used in vials, syringes and cartridges, while its contract manufacturing business produces devices such as auto-injectors and other drug delivery products for drug makers. Customers are pharmaceutical, biotechnology and generic drug companies.
West earns revenue from the recurring supply of components used with each injection, and from contract manufacturing. Revenue for the last twelve months was $3.3 billion, growing at 2.1% a year across the last three years. The operating margin is 20.5%, and the business earns a profit of 19% on the capital invested in it. It has net debt of -0.1 times EBITDA, meaning slightly more cash than debt. A dividend is paid, with a yield of 0.2%. On the site's X-Ray Score it receives 45 out of 100.
Price chart
52-wk range $223.83 – $397.16Volume 718,047Daily, split-adjusted
Vitals
Market cap$28.0B
52-week range$223.83 – $397.16
Volume (last day)718,047
P/E (TTM)50.2
EBIT / EV yield2.4%
Free-cash-flow yield1.6%
Dividend yield0.2%
Revenue (TTM)$3.3B
Net income (TTM)$565M
Operating margin20.5%
Return on capital18.8%
Debt incl. leases$312M
Cash & securities$436M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$353middle half of models $355 – $382
Fair
−10.5% to fair value
Average of the 11 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $392
Undervalued < $300Fair $300 – $427Overvalued > $427
P/E multiple
$388
P/B multiple
$379
P/S multiple
$366
EV/EBITDA multiple
$358
EV/EBIT multiple
$351
EV/revenue multiple
$371
10-year DCF, EBITDA exit
$357
5-year DCF, EBITDA exit
$389
10-year DCF, revenue exit
$353
5-year DCF, revenue exit
$385
10-year DCF, growth exit · not used
$151
5-year DCF, growth exit · not used
$144
Dividend discount, stable · not used
$46
Dividend discount, multi-stage · not used
$95
Earnings power value
$183
Growth the price implies
28.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
19/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.4%
Free-cash-flow yield1.6%
Fair value vs price0.9×
Growth
Weak
30/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)2.1%
EPS growth (3y)-4.2%
Growth consistency70%
Profitability
Fair
52/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital18.8%
Operating margin20.5%
Gross profitability30.0%
Financial health
Strong
82/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA-0.1×
Interest coverNo interest cost
Dividends
Weak
49/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield0.2%
Dividends vs free cash flow14%
Dividend growth4.2%
Quarterly results: last 6 quarters
+0.4%
Mar '25
+9.2%
Jun '25
+7.7%
Sep '25
+7.5%
Dec '25
+21.0%
Mar '26
+13.8%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $872M, diluted EPS $2.15.
Compare with peers
ALGN Align Technology Inc61 COO Cooper Companies, Inc.46Other Health Care Supplies companies by X-Ray Score.
SWOT analysis: West Pharmaceutical Services Inc
Strengthsinside the company
- Return on invested capital is 18.8%, against a median of 11.8% for sector peers.
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
- Operating profit covers interest 151x, so debt costs are a small drag.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Revenue growth picked up to 6.3% last year from 2.1% a year over three years.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 49.7x earnings, 77% above the 28.0x median of sector peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare WST with peers and sector
Medians of 59 Health Care peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): LLY 62, JNJ 49, ABBV 41, UNH 58, MRK 33, TMO 34.
| Metric | WST | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 45 | 49 | 49 |
| Valuation | 19 | 55 | 55 |
| Growth | 30 | 48 | 48 |
| Profitability | 52 | 49 | 49 |
| Financial health | 82 | 48 | 48 |
| Dividends | 49 | 52 | 52 |
Sector leaders: highest X-Ray Score in Health Care
WST ranks #40 of 60 in Health Care by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for WST
Each factor is rated by where WST stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 6 Average · 11 Bad of 23
Growth: 0 · 1 · 2
Profitability: 2 · 2 · 1
Financial strength: 3 · 1 · 0
Valuation: 0 · 0 · 5
Cash flow: 0 · 2 · 2
Efficiency: 1 · 0 · 1
| Factor | WST | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +2.1% | Bad beats 28% | +5.5% | – | – |
| Revenue growth, last year | +6.3% | Average beats 43% | +7.1% | +2.2% | ▲ Better |
| EPS growth, 3 years a year | −4.2% | Bad beats 23% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 36.8% | Bad beats 23% | 65.0% | 38.3% | ≈ In line |
| Operating margin | 20.5% | Average beats 66% | 16.4% | 22.9% | ▼ Worse |
| Net margin | 17.0% | Good beats 68% | 11.1% | 20.1% | ▼ Worse |
| Return on invested capital | 18.8% | Good beats 68% | 12.2% | – | – |
| Return on equity | 18.9% | Average beats 65% | 13.7% | 20.6% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | -0.1x | Good beats 87% | 2.0x | -0.8x | ▼ Worse |
| Interest cover | 151.2x | Good beats 97% | 9.4x | 50.0x | ▲ Better |
| Current ratio | 2.82 | Good beats 83% | 1.52 | 2.93 | ≈ In line |
| Piotroski F-score | 7 / 9 | Average beats 62% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 49.7x | Bad beats 20% | 28.2x | 44.7x | ▼ Worse |
| Price / book | 9.4x | Bad beats 19% | 3.7x | 9.0x | ≈ In line |
| Price / sales | 8.4x | Bad beats 16% | 3.7x | 8.3x | ≈ In line |
| EV / EBITDA | 32.5x | Bad beats 20% | 17.6x | 31.8x | ≈ In line |
| Free cash flow yield | 1.6% | Bad beats 5% | 4.4% | 1.6% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 13.1% | Average beats 38% | 16.3% | 14.1% | ≈ In line |
| Cash from operations / net income | 1.17 | Bad beats 17% | 1.61 | 1.31 | ▼ Worse |
| Free cash flow growth, 3 years a year | +2.2% | Average beats 42% | +4.3% | – | – |
| Accruals (lower is better) | −2.4% | Bad beats 24% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 4.7x | Good beats 73% | 2.9x | 4.4x | ≈ In line |
| Days sales outstanding | 78 days | Bad beats 16% | 62 days | 64 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 4 Average · ● 7 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 45/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.8B | $2.9B | $2.9B | $2.9B | $3.1B |
| Operating income | $752M | $734M | $676M | $570M | $585M |
| Net income | $662M | $586M | $593M | $493M | $494M |
| Operating cash flow | $584M | $724M | $777M | $653M | $755M |
| Operating margin | 26.6% | 25.4% | 22.9% | 19.7% | 19.0% |
| Free cash flow | $331M | $439M | $415M | $276M | $469M |
| Diluted EPS | $8.67 | $7.73 | $7.88 | $6.69 | $6.79 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 383.3 | Bullish |
| EMA 10 | 385.0 | Bullish |
| SMA 20 | 376.6 | Bullish |
| EMA 20 | 378.2 | Bullish |
| SMA 50 | 362.1 | Bullish |
| EMA 50 | 365.9 | Bullish |
| SMA 100 | 353.2 | Bullish |
| EMA 100 | 349.6 | Bullish |
| SMA 200 | 309.9 | Bullish |
| EMA 200 | 324.7 | Bullish |
Oscillators (daily)
| RSI (14) | 68.82 | Neutral |
| MACD (12, 26) | 8.28 | Bullish |
| Momentum (12) | 7.00 | Bullish |
| Stochastic %K (14) | 86.71 | Bearish |
| Williams %R (14) | -13.29 | Bearish |
| CCI (20) | 132.9 | Bearish |
Pivot points (classic, last session)
S3 385.4 | S2 387.6 | S1 389.9 | Pivot 392.0 | R1 394.3 | R2 396.5 | R3 398.8 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.88 USD
Yield on today's price
0.22%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.2200 | |
| 0.2200 | |
| 0.2200 | |
| 0.2200 | |
| 0.2100 | |
| 0.2100 | |
| 0.2100 | |
| 0.2100 | |
| 0.2000 | |
| 0.2000 | |
| 0.2000 | |
| 0.2000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold WST
| ETF | Share of the fund |
|---|---|
| NOBL ProShares S&P 500 Dividend Aristocrats | 1.72% |
| MOAT VanEck Morningstar Wide Moat | 1.70% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.65% |
| VOT Vanguard Mid-Cap Growth | 0.56% |
| NULV Nuveen ESG Large-Cap Value | 0.46% |
| TCAF T. Rowe Price Capital Appreciation Equ... | 0.45% |
| XLV Health Care Select Sector SPDR | 0.44% |
| IYH iShares U.S. Healthcare | 0.39% |
The eight funds with the largest weight in WST among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
WST stock splits
WST has split its stock 2 times since 2004. The latest was a 2-for-1 split on 27 Sep 2013.
Full WST stock split history →WST SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.