Health Care · Health Care Supplies · US stock · price as of 22 Oct 2026
Key indicators
Price
$394.03
52-week range
$223.83 – $397.16
Market cap
$28.1B
P/E (trailing)
50.4×
EV / EBITDA
32.3×
Free-cash-flow yield
1.6%
Dividend yield
0.2%
Revenue (last 12 months)
$3.3B
Revenue growth (3y a year)
2.1%
Operating margin
20.5%
Return on invested capital
18.8%
Net debt / EBITDA
-0.1×
Fair value
Fair value (average of valid models)$352.68 middle half of models $355 – $382
Versus priceFair−11% to fair value
P/E multiple
$388.40
P/B multiple
$379.32
P/S multiple
$365.89
EV/EBITDA multiple
$357.58
EV/EBIT multiple
$351.45
EV/revenue multiple
$370.78
10-year DCF, EBITDA exit
$356.80
5-year DCF, EBITDA exit
$388.53
10-year DCF, revenue exit
$352.82
5-year DCF, revenue exit
$385.25
Earnings power value
$182.68
Model uncertainty
Medium
X-Ray Score
45/ 100 · High confidence · ahead of 33% of sector peers
Valuation19
Growth30
Profitability52
Financial health82
Dividends49
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives West Pharmaceutical Services Inc an X-Ray Score of 45 out of 100 (high confidence), ahead of 33% of the S&P 500 stocks in its sector. Its strongest lens is financial health (82) and its weakest is valuation (19).
Our fair value (the average of the valid models) is $352.68 (range $354.81 to $382.29). At $394.03 the stock trades 12% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
West Pharmaceutical Services Inc (WST)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$463.09
$232.94
$349.33
$325.74
$274.50
$394.03
Market cap
$35.3B
$17.7B
$26.3B
$24.0B
$20.0B
$28.1B
P/E
53.4×
30.1×
44.3×
48.7×
40.4×
50.4×
EV / revenue
12.3×
5.9×
8.7×
8.2×
6.3×
8.4×
EV / EBITDA
39.8×
19.9×
31.5×
32.7×
25.6×
32.3×
Price / free cash flow
106.9×
40.2×
63.5×
86.9×
42.6×
64.3×
Free-cash-flow yield
0.9%
2.5%
1.6%
1.2%
2.3%
1.6%
Price / book
15.1×
6.6×
9.1×
9.0×
6.3×
9.4×
Dividend yield
0.15%
0.32%
0.22%
0.25%
0.31%
0.22%
Fundamentals checklist ● 5 Good · ● 4 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.4%Bad
Free-cash-flow yield1.6%Bad
Risk models
Altman Z score9.6×Good
Piotroski F-Score7 of 9Average
Growth
EPS growth (3y)−4.2%Bad
Free-cash-flow growth (3y)2.2%Average
Revenue growth (3y)2.1%Bad
Growth consistency70%Bad
Balance sheet
Current ratio2.8×Good
Net debt / EBITDA-0.1×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.9×Bad
EBIT / EV yield2.4%Bad
Profitability
Return on invested capital18.8%Good
Operating margin20.5%Average
Gross profitability30.0%Average
XStocksXray
West Pharmaceutical Services Inc (WST)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
2,832
2,887
2,950
2,893
3,074
3,327
Gross profit
1,176
1,136
1,129
999
1,104
1,224
Operating income
752
734
676
570
585
680
Net income
662
586
593
493
494
565
Diluted EPS ($)
8.67
7.73
7.88
6.69
6.79
7.82
Free cash flow
331
439
415
276
469
437
Gross margin
41.5%
39.4%
38.3%
34.5%
35.9%
36.8%
Operating margin
26.6%
25.4%
22.9%
19.7%
19.0%
20.5%
Net margin
23.4%
20.3%
20.1%
17.0%
16.1%
17.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
3,314
3,617
3,830
3,643
4,270
4,076
Cash
763
894
854
485
791
436
Total debt
253
209
207
203
203
203
Equity
2,335
2,685
2,881
2,682
3,176
2,990
Dividend per share ($)
0.70
0.74
0.78
0.82
0.86
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
