WSTWest Pharmaceutical Services

Health care · Medical Instruments · NYSE

We are a leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products. 10-K, Item 1

Employees: 10,800
Headquarters: Exton, PA
CEO: Eric M. Green
Next results: around Feb 11, 2027

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Key numbers

Latest fiscal year, with ten years behind each

RevenueFY2016–25 $3.1B+6.3% Highest in 10 years 10-K FY2025 · XBRL Net incomeFY2016–25 $493.7M+0.2% FY2024: $492.7M 10-K FY2025 · XBRL Free cash flowFY2016–25 $468.9M+69.6% Highest in 10 years 10-K FY2025 · XBRL Operating marginFY2016–25 19.0%−0.7 pts 12.9% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 17, 2026 against Feb 18, 2025

Area	What changed	Source
Risk factors	6 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Inventory growing faster than revenue	Inventory +17.7% vs revenue +6.3% (+11.5 pts)	10-K · XBRL
Accounting checks	10 other checks clear, 1 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	3 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 17, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-18. Quoted as filed.

In the normal course of business, we engage in discussions with third parties relating to possible divestitures, acquisitions and other strategic transactions. With respect to divestitures or dispositions, we continually assess the strategic fit of our existing businesses and products and may divest or otherwise dispose of businesses or…
10-K, Item 1A

All 6 new paragraphs →

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

!
Inventory growing faster than revenueInventory +17.7% vs revenue +6.3% (+11.5 pts)
✓
Receivables +4.0% vs revenue +6.3% (-2.3 pts)
✓
Cash from operations $754.8M vs net income $493.7M (FY ending 2025-12-31)
✓
Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
The same matters as last year: Provision for Income Taxes
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Oct 29, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
Oct 29, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
Oct 26, 20268-K Material agreement signed, Material agreement ended, New debt or obligation 8-K items 1.01, 1.02, 2.03

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