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WSTWest Pharmaceutical Services

Health care · Medical Instruments · NYSE
WST quote by TradingView
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FY2025 at a glance

Sales up 6.3%, free cash flow up to $468.9M

XBRL, from each 10-K
RevenueStatements ↓
$3.1B
from $2.9B in FY2024
FY2016FY2025
Net incomeStatements ↓
$493.7M
from $492.7M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$468.9M
from $276.4M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$6.79
from $6.69 in FY2024
FY2016FY2025
Operating marginStatements ↓
19.0%
from 19.7% in FY2024
FY2016FY2025
Total debtStatements ↓
$202.8M
from $202.6M in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)8.91Sales (ttm)3.4BNet income (ttm)638.9MSales growth+6.3%EPS growth+1.5%Sales Q/Q+8.7%
Free cash flow453.4MGross margin37.6%Oper. margin23.0%Net margin18.8%FCF margin13.3%ROE21.5%
ROA15.7%R&D / sales2.4%Dividend0.86Debt/Eq0.07Curr. ratio2.82Cash464.1M
Op. cash flow (ttm)654.5MEBITDA756.3MEBITDA margin24.6%Net debt-261.2MQuick ratio2.13Interest covern/m
ROIC14.7%Payout ratio12.7%Tax rate20.2%Stock pay / sales0.8%Shares out.69.7MShares Y/Y-1.4%
Book / share42.61Cash / share6.66Sales / share48.76Asset turnover0.84Inventory turns4.44Days sales out.68
Sales 3Y CAGR+2.1%Sales 5Y CAGR+7.4%EPS 3Y CAGR-4.2%EPS 5Y CAGR+8.2%Employees10,800Sales / employee315K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 70%$276.4M → $468.9M · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +6.3%-1.9% → +6.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

WST against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
WSTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+6.3%35th of 60 · median +7.1%
Net margin
18.8%14th of 60 · median 9.6%
Return on equity
21.5%11th of 54 · median 13.1%
Free cash flow margin
13.3%34th of 56 · median 15.5%
Debt / equity (less is better)
0.073rd of 49 · median 0.66
WST and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
WST West Pharmaceutical Services$3.4B +6.3%37.6%18.8%21.5%13.3%0.07
ALGN Align Technology$4.2B +0.9%69.1%11.8%11.4%14.5%-
CRL Charles River Laboratories$4.0B -0.9%-1.0%1.2%10.0%0.76
VEEV Veeva Systems$3.5B +16.3%75.0%29.3%13.7%--
PODD Insulet Corporation$3.2B +30.7%71.9%13.4%27.1%8.2%0.61
RVTY Revvity$2.9B +3.7%-8.2%3.3%19.2%0.44
Where each dollar goes

From $2.8B of sales to $661.8M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.2BRevenue to Cost of revenue: $1.7BGross profit to Operating profit: $752.3MGross profit to Operating expenses: $423.5MOperating profit to Net profit: $661.8MOperating profit to Tax & other: $90.5MOperating expenses to R&D: $52.8MOperating expenses to SG&A: $370.7M Revenue: $2.8B Revenue$2.8B +32% Y/Y Gross profit: $1.2B · 42% margin Gross profit$1.2B42% margin +53% Y/Y Cost of revenue: $1.7B · 58% of revenue Cost of revenue$1.7B58% of revenue Operating profit: $752.3M · 27% margin Operating profit$752.3M27% margin +85% Y/Y Operating expenses: $423.5M · 15% of revenue Operating expenses$423.5M15% of revenue Net profit: $661.8M · 23% margin Net profit$661.8M23% margin +91% Y/Y Tax & other: $90.5M · 3% of revenue Tax & other$90.5M3% of revenue R&D: $52.8M · 2% of revenue R&D$52.8M2% of revenue SG&A: $370.7M · 13% of revenue SG&A$370.7M13% of revenue

Swipe sideways for the whole flow →

From $2.9B of sales to $585.9M of profit

FY2022, from the 10-K income statement and revenue by segment
Proprietary Products to Revenue: $2.4BContract Manufactured Products to Revenue: $480.4MRevenue to Gross profit: $1.1BRevenue to Cost of revenue: $1.8BGross profit to Operating profit: $734.0MGross profit to Operating expenses: $402.2MOperating profit to Net profit: $585.9MOperating profit to Tax & other: $148.1MOperating expenses to R&D: $58.5MOperating expenses to Sales, admin & other: $343.7M Proprietary Products: $2.4B · 83% Proprietary Products$2.4B83% Contract Manufactured Products: $480.4M · 17% Contract Manufactured P…$480.4M17% Revenue: $2.9B Revenue$2.9B +2% Y/Y Gross profit: $1.1B · 39% margin Gross profit$1.1B39% margin −3% Y/Y Cost of revenue: $1.8B · 61% of revenue Cost of revenue$1.8B61% of revenue Operating profit: $734.0M · 25% margin Operating profit$734.0M25% margin −2% Y/Y Operating expenses: $402.2M · 14% of revenue Operating expenses$402.2M14% of revenue Net profit: $585.9M · 20% margin Net profit$585.9M20% margin −11% Y/Y Tax & other: $148.1M · 5% of revenue Tax & other$148.1M5% of revenue R&D: $58.5M · 2% of revenue R&D$58.5M2% of revenue Sales, admin & other: $343.7M · 12% of revenue Sales, admin & other$343.7M12% of revenue

Swipe sideways for the whole flow →

From $2.9B of sales to $593.4M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $1.1BRevenue to Cost of revenue: $1.8BGross profit to Operating profit: $676.0MGross profit to Operating expenses: $453.2MOperating profit to Net profit: $553.7MOperating profit to Tax: $122.3MOther income to Net profit: $39.7MOperating expenses to R&D: $68.4MOperating expenses to Sales, admin & other: $384.8M Revenue: $2.9B Revenue$2.9B +2% Y/Y Gross profit: $1.1B · 38% margin Gross profit$1.1B38% margin −1% Y/Y Cost of revenue: $1.8B · 62% of revenue Cost of revenue$1.8B62% of revenue Operating profit: $676.0M · 23% margin Operating profit$676.0M23% margin −8% Y/Y Other income: $39.7M · 1% of revenue Other income$39.7M1% of revenue Operating expenses: $453.2M · 15% of revenue Operating expenses$453.2M15% of revenue Net profit: $593.4M · 20% margin Net profit$593.4M20% margin +1% Y/Y Tax: $122.3M · 4% of revenue Tax$122.3M4% of revenue R&D: $68.4M · 2% of revenue R&D$68.4M2% of revenue Sales, admin & other: $384.8M · 13% of revenue Sales, admin & other$384.8M13% of revenue

Swipe sideways for the whole flow →

From $2.9B of sales to $492.7M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $998.5MRevenue to Cost of revenue: $1.9BGross profit to Operating profit: $569.9MGross profit to Operating expenses: $428.6MOperating profit to Net profit: $462.4MOperating profit to Tax: $107.5MOther income to Net profit: $30.3MOperating expenses to R&D: $69.1MOperating expenses to Sales, admin & other: $359.5M Revenue: $2.9B Revenue$2.9B −2% Y/Y Gross profit: $998.5M · 35% margin Gross profit$998.5M35% margin −12% Y/Y Cost of revenue: $1.9B · 65% of revenue Cost of revenue$1.9B65% of revenue Operating profit: $569.9M · 20% margin Operating profit$569.9M20% margin −16% Y/Y Other income: $30.3M · 1% of revenue Other income$30.3M1% of revenue Operating expenses: $428.6M · 15% of revenue Operating expenses$428.6M15% of revenue Net profit: $492.7M · 17% margin Net profit$492.7M17% margin −17% Y/Y Tax: $107.5M · 4% of revenue Tax$107.5M4% of revenue R&D: $69.1M · 2% of revenue R&D$69.1M2% of revenue Sales, admin & other: $359.5M · 12% of revenue Sales, admin & other$359.5M12% of revenue

Swipe sideways for the whole flow →

From $3.1B of sales to $493.7M of profit

FY2025, from the 10-K income statement and revenue by segment
Proprietary Products to Revenue: $2.5BContract-Manufactured Products to Revenue: $582.0MRevenue 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 Proprietary Products: $2.5B · 81% Proprietary Products$2.5B81% Contract-Manufactured Products: $582.0M · 19% Contract-Manufactured P…$582.0M19% Revenue: $3.1B Revenue$3.1B +6% Y/Y Gross profit: $1.1B · 36% margin Gross profit$1.1B36% margin +11% Y/Y Cost of revenue: $2.0B · 64% of revenue Cost of revenue$2.0B64% of revenue Operating profit: $584.9M · 19% margin Operating profit$584.9M19% margin +3% Y/Y Operating expenses: $519.1M · 17% of revenue Operating expenses$519.1M17% of revenue Net profit: $493.7M · 16% margin Net profit$493.7M16% margin +0% Y/Y Tax & other: $91.2M · 3% of revenue Tax & other$91.2M3% of revenue R&D: $74.3M · 2% of revenue R&D$74.3M2% of revenue Sales, admin & other: $444.8M · 14% of revenue Sales, admin & other$444.8M14% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median18.8% vs 9.6%
  • ✓
    Gross margin up over 5 years35.8% → 35.9%
  • ✓
    Return on equity above 15%21.5%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 9.5% → 16.1%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is over 100× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.07 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.82
  • ✓
    More cash than debtNet cash $261.2M
Debt / equity at each year end, FY2016 to FY2025: 0.21 → 0.06

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$468.9M last year
  • ✓
    Share count down over 5 years−4.1%
  • ✓
    Dividend per share up over 5 years$0.66 → $0.86
  • ✓
    Cash from operations above net income$754.8M vs $493.7M
Free cash flow, FY2016 to FY2025: 49.2M → 468.9M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 3.1B Net income 493.7M
FY2016 revenue 1.5B · Revenues, 0000105770-19-000012 FY2016 net income 143.6M · ProfitLoss, 0000105770-19-000012 1.5B FY2016 FY2017 revenue 1.6B · Revenues, 0000105770-20-000015 FY2017 net income 150.7M · ProfitLoss, 0000105770-20-000015 1.6B FY2017 FY2018 revenue 1.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000105770-21-000008 FY2018 net income 206.9M · NetIncomeLoss, 0000105770-21-000008 1.7B FY2018 FY2019 revenue 1.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-22-003342 FY2019 net income 241.7M · NetIncomeLoss, 0001628280-22-003342 1.8B FY2019 FY2020 revenue 2.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000105770-23-000012 FY2020 net income 346.2M · NetIncomeLoss, 0000105770-23-000012 2.1B FY2020 FY2021 revenue 2.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000105770-24-000015 FY2021 net income 661.8M · NetIncomeLoss, 0000105770-24-000015 2.8B FY2021 FY2022 revenue 2.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000105770-25-000013 FY2022 net income 585.9M · NetIncomeLoss, 0000105770-25-000013 2.9B FY2022 FY2023 revenue 2.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000105770-26-000010 FY2023 net income 593.4M · NetIncomeLoss, 0000105770-26-000010 2.9B FY2023 FY2024 revenue 2.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000105770-26-000010 FY2024 net income 492.7M · NetIncomeLoss, 0000105770-26-000010 2.9B FY2024 FY2025 revenue 3.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000105770-26-000010 FY2025 net income 493.7M · NetIncomeLoss, 0000105770-26-000010 3.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

WST's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue3.1B
FY2016: 1.5BFY2017: 1.6BFY2018: 1.7BFY2019: 1.8BFY2020: 2.1BFY2021: 2.8BFY2022: 2.9BFY2023: 2.9BFY2024: 2.9BFY2025: 3.1B FY2017FY2019FY2021FY2023FY2025
Net income493.7M
FY2016: 143.6MFY2017: 150.7MFY2018: 206.9MFY2019: 241.7MFY2020: 346.2MFY2021: 661.8MFY2022: 585.9MFY2023: 593.4MFY2024: 492.7MFY2025: 493.7M FY2017FY2019FY2021FY2023FY2025
Free cash flow468.9M
FY2016: 49.2MFY2017: 132.5MFY2018: 183.9MFY2019: 240.8MFY2020: 298.1MFY2021: 330.6MFY2022: 439.4MFY2023: 414.5MFY2024: 276.4MFY2025: 468.9M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)6.79
FY2016: 1.91FY2017: 1.99FY2018: 2.74FY2019: 3.21FY2020: 4.57FY2021: 8.67FY2022: 7.73FY2023: 7.88FY2024: 6.69FY2025: 6.79 FY2017FY2019FY2021FY2023FY2025
Dividend per share0.86
FY2016: 0.50FY2017: 0.54FY2018: 0.58FY2019: 0.62FY2020: 0.66FY2021: 0.70FY2022: 0.74FY2023: 0.78FY2024: 0.82FY2025: 0.86 FY2017FY2019FY2021FY2023FY2025
Diluted shares72.7M
FY2016: 75.0MFY2017: 75.8MFY2018: 75.4MFY2019: 75.4MFY2020: 75.8MFY2021: 76.3MFY2022: 75.8MFY2023: 75.3MFY2024: 73.7MFY2025: 72.7M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Proprietary Products 2.5B81.1% +6.8%
Contract-Manufactured Products 582.0M18.9% +4.2%

10-K 0000105770-26-000010, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 1.3B43.3% +8.0%
Other European countries 451.0M14.7% +17.0%
Germany 380.3M12.4% +2.1%
Other 353.3M11.5% +4.2%
Ireland 333.3M10.8% +3.1%
France 226.6M7.4% -6.4%

10-K 0000105770-26-000010, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.5B1.6B1.7B1.8B2.1B2.8B2.9B2.9B2.9B3.1B
Cost of revenue1.0B1.1B1.2B1.2B1.4B1.7B1.8B1.8B1.9B2.0B
Gross profit501.4M512.9M545.4M605.7M767.8M1.2B1.1B1.1B998.5M1.1B
R&D36.8M39.1M40.3M38.9M46.9M52.8M58.5M68.4M69.1M74.3M
SG&A239.6M246.0M262.9M272.7M302.0M362.8M316.9M353.4M338.5M393.6M
Operating income195.2M225.8M240.3M296.6M406.9M752.3M734.0M676.0M569.9M584.9M
Interest expense8.1M7.8M8.4M8.5M8.2M8.2M7.9M9.0M3.0M500K
Pretax income189.8M222.4M240.7M291.8M401.3M748.9M679.9M698.0M585.5M600.9M
Income tax54.4M80.9M41.4M59.0M72.5M107.2M114.7M122.3M107.5M121.6M
Net income143.6M150.7M206.9M241.7M346.2M661.8M585.9M593.4M492.7M493.7M
EPS (diluted)1.911.992.743.214.578.677.737.886.696.79
Diluted shares75.0M75.8M75.4M75.4M75.8M76.3M75.8M75.3M73.7M72.7M
Depreciation & amortization90.7M96.7M104.4M103.4M109.1M122.3M120.6M137.3M155.4M171.4M
EBITDA285.9M322.5M344.7M400.0M516.0M874.6M854.6M813.3M725.3M756.3M
Gross margin33.2%32.1%31.8%32.9%35.8%41.5%39.4%38.3%34.5%35.9%
Operating margin12.9%14.1%14.0%16.1%19.0%26.6%25.4%22.9%19.7%19.0%
Net margin9.5%9.4%12.0%13.1%16.1%23.4%20.3%20.1%17.0%16.1%
Revenue growth-+6.0%+7.4%+7.1%+16.7%+31.9%+2.0%+2.2%-1.9%+6.3%
EPS growth-+4.2%+37.7%+17.2%+42.4%+89.7%-10.8%+1.9%-15.1%+1.5%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash203.0M235.9M337.4M439.1M615.5M762.6M894.3M853.9M484.6M791.3M
Receivables200.5M253.2M288.2M319.3M385.3M489.0M507.4M512.0M552.5M574.4M
Inventory199.3M215.2M214.5M235.7M321.3M378.4M414.8M434.7M377.0M443.9M
Current assets641.9M743.5M894.4M1.1B1.4B1.7B1.9B1.9B1.5B2.0B
Property & equipment778.3M855.0M822.0M839.3M943.2M1.1B1.2B1.4B1.6B1.7B
Goodwill103.0M107.7M105.8M107.8M111.1M109.9M107.3M108.5M106.0M109.9M
Total assets1.7B1.9B2.0B2.3B2.8B3.3B3.6B3.8B3.6B4.3B
Accounts payable122.0M138.1M130.4M156.8M213.1M232.2M215.4M242.4M239.3M253.7M
Current liabilities241.0M279.5M283.7M341.6M503.4M594.1M519.0M671.8M550.4M654.9M
Total debt231.0M197.0M196.2M257.3M255.2M253.0M208.9M206.8M202.6M202.8M
Total liabilities599.2M582.9M582.6M768.2M939.3M978.4M931.9M948.5M961.1M1.1B
Shareholders' equity1.1B1.3B1.4B1.6B1.9B2.3B2.7B2.9B2.7B3.2B
Retained earnings1.1B1.2B1.4B1.5B1.8B2.5B3.0B3.5B4.0B4.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow219.4M263.3M288.6M367.2M472.5M584.0M724.0M776.5M653.4M754.8M
Capital spending170.2M130.8M104.7M126.4M174.4M253.4M284.6M362.0M377.0M285.9M
Free cash flow49.2M132.5M183.9M240.8M298.1M330.6M439.4M414.5M276.4M468.9M
Stock-based pay (added back)19.5M16.1M15.1M24.4M34.0M37.5M23.7M23.3M18.7M23.8M
Dividends paid35.8M39.1M42.1M45.1M48.1M51.1M54.1M57.0M59.1M61.2M
Buybacks52.2M74.4M70.8M83.1M115.5M137.1M202.8M438.3M560.9M134.0M
Acquisitions-0018.9M02.2M00--
Debt raised------00164.7M0
Debt repaid-34.9M01.2M0044.3M2.3M169.0M0
Investing cash flow-175.8M-133.6M-100.8M-228.0M-179.5M-253.1M-288.2M-368.7M-378.7M-285.9M
Financing cash flow-113.9M-109.0M-80.7M-36.8M-137.1M-168.1M-293.6M-459.6M-622.6M-185.1M
Dividend per share0.500.540.580.620.660.700.740.780.820.86

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)19.5M16.1M15.1M24.4M34.0M37.5M23.7M23.3M18.7M23.8M
Stock-based pay / revenue1.3%1.0%0.9%1.3%1.6%1.3%0.8%0.8%0.6%0.8%
Operating lease cost---12.9M12.8M12.7M15.5M20.3M24.2M26.5M
Operating lease cash paid---12.5M12.6M12.1M13.3M19.1M32.5M25.5M
Finance lease principal paid------0100K23.3M1.1M
Right-of-use assets--070.1M68.3M69.3M104.4M99.2M104.5M117.0M
Operating lease liabilities--072.0M70.5M72.3M109.0M102.2M99.7M118.3M
Finance lease liabilities---0000-3.0M5.1M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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