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Screener / SEC EDGAR /CIK 0000105770 /10-K filed Feb 17, 2026, compared with Feb 18, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
CRLVEEVALGNPODDWSTRVTY
NYSE Health care · Medical Instruments

West Pharmaceutical Services WST

WST quote by TradingView

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
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $3.1B through the costs to a net profit of $493.7M · income statement of the 10-K

19% operating margin
Revenue to Gross profit: $1.1BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $584.9MGross profit to Operating expenses: $519.1MOperating profit to Net profit: $493.7MOperating profit to Tax & other: $91.2MOperating expenses to R&D: $74.3MOperating expenses to Sales, admin & other: $444.8M Revenue: $3.1B REVENUE $3.1B +6% Y/Y Gross profit: $1.1B · 36% margin GROSS PROFIT $1.1B 36% margin · +11% Y/Y Cost of revenue: $2.0B · 64% of revenue COST OF REVENUE $2.0B 64% of revenue Operating profit: $584.9M · 19% margin OPERATING PROFIT $584.9M 19% margin · +3% Y/Y Operating expenses: $519.1M · 17% of revenue OPERATING EXPENSES $519.1M 17% of revenue Net profit: $493.7M · 16% margin NET PROFIT $493.7M 16% margin · +0% Y/Y Tax & other: $91.2M · 3% of revenue TAX & OTHER $91.2M 3% of revenue R&D: $74.3M · 2% of revenue R&D $74.3M 2% of revenue Sales, admin & other: $444.8M · 14% of revenue SALES, ADMIN & OTHER $444.8M 14% of revenue
Gross profit $1.1B 36% margin · +11% Y/Y
Operating profit $584.9M 19% margin · +3% Y/Y
Net profit $493.7M 16% margin · +0% Y/Y
The full income statement, year by year

WST among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: 6.3%, above 42% of 59 peers (their median 7.2%) REVENUE GROWTH 6.3% · above 42% Gross margin: 37.6%, above 22% of 50 peers (their median 65.2%) GROSS MARGIN 37.6% · above 22% Operating margin: 23.0%, above 82% of 50 peers (their median 13.4%) OPERATING MARGIN 23.0% · above 82% Net margin: 18.8%, above 78% of 59 peers (their median 9.5%) NET MARGIN 18.8% · above 78% FCF margin: 13.3%, above 40% of 55 peers (their median 15.8%) FCF MARGIN 13.3% · above 40% Return on capital: 14.7%, above 83% of 41 peers (their median 9.0%) RETURN ON CAPITAL 14.7% · above 83%
WST Peer median Below the median

What changed

6 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 17, 2026 against Feb 18, 2025.

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.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Inventory growing faster than revenue
    Inventory +17.7% vs revenue +6.3% (+11.5 pts)
  • Receivables +4.0% vs revenue +6.3% (-2.3 pts)
9 more checks with nothing to note
  • Cash from operations $754.8M vs net income $493.7M (FY ending Dec 31, 2025)
  • 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

In their words

6 paragraphs in Risk Factors that were not in the 10-K filed Feb 18, 2025. Quoted as filed.

All 6 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    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…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    The concentration of our customer base could adversely affect our financial condition and operating results. We derive a substantial portion of our revenue from a limited number of customers. The loss of, or a significant reduction in orders from, any of these customers could have a material adverse impact on our business, financial…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results, which could lead to a loss of investor confidence in our financial statements and have an adverse effect on our stock price. Effective internal controls are necessary for us to provide reliable and accurate…

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$2.9B$2.9B$2.9B$3.1B
Net income$585.9M$593.4M$492.7M$493.7M
Operating cash flow$724.0M$776.5M$653.4M$754.8M
Free cash flow$439.4M$414.5M$276.4M$468.9M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$3.1B ▲ 6.3% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

West Pharmaceutical Services, Exton, PA · from the 10-K filed Feb 17, 2026

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. Our products include a variety of primary proprietary packaging, containment solutions, reconstitution and transfer systems, and drug delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. Our customers include leading biologic, generic, pharmaceutical, diagnostic, and medical device companies in the world. Our top priority is delivering quality products that meet the exact product specifications and quality standards customers require and expect.

Headquarters
Exton, PA
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 29, 2026
Incorporated in
PA

Employees, at the top of the page: "As of December 31, 2025, we employed approximately 10,800 people, excluding contractors and temporary workers, in our operations throughout the world" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 17, 2026 (open at SEC), compared with the 10-K filed Feb 18, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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