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Stocks · Health care · Surgical & Medical Instruments & Apparatus

West Pharmaceutical Services

WST Clue Score61
United States Fiscal year ends December CIK 0000105770
$366.00 +0.75% Close, 9 Oct 2026
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Price $366.00 −9.31% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,509.1Operating income195.2Net income143.6EPS, diluted1.91Fiscal year 2017Revenue1,599.1 +6.0%Operating income225.8Net income150.7 +4.9%EPS, diluted1.99 +4.2%Fiscal year 2018Revenue1,717.4 +7.4%Operating income240.3Net income206.9 +37.3%EPS, diluted2.74 +37.7%Fiscal year 2019Revenue1,839.9 +7.1%Operating income296.6Net income241.7 +16.8%EPS, diluted3.21 +17.2%Fiscal year 2020Revenue2,146.9 +16.7%Operating income406.9Net income346.2 +43.2%EPS, diluted4.57 +42.4%Fiscal year 2021Revenue2,831.6 +31.9%Operating income752.3Net income661.8 +91.2%EPS, diluted8.67 +89.7%Fiscal year 2022Revenue2,886.9 +2.0%Operating income734.0Net income585.9 −11.5%EPS, diluted7.73 −10.8%Fiscal year 2023Revenue2,949.8 +2.2%Operating income676.0Net income593.4 +1.3%EPS, diluted7.88 +1.9%Fiscal year 2024Revenue2,893.2 −1.9%Operating income569.9Net income492.7 −17.0%EPS, diluted6.69 −15.1%Fiscal year 2025Revenue3,074.1 +6.3%Operating income584.9Net income493.7 +0.2%EPS, diluted6.79 +1.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,509.1 1,599.1 1,717.4 1,839.9 2,146.9 2,831.6 2,886.9 2,949.8 2,893.2 3,074.1
Growth +6.0% +7.4% +7.1% +16.7% +31.9% +2.0% +2.2% −1.9% +6.3%
Operating income 195.2 225.8 240.3 296.6 406.9 752.3 734.0 676.0 569.9 584.9
Net income 143.6 150.7 206.9 241.7 346.2 661.8 585.9 593.4 492.7 493.7
Growth +4.9% +37.3% +16.8% +43.2% +91.2% −11.5% +1.3% −17.0% +0.2%
EPS, diluted 1.91 1.99 2.74 3.21 4.57 8.67 7.73 7.88 6.69 6.79
Growth +4.2% +37.7% +17.2% +42.4% +89.7% −10.8% +1.9% −15.1% +1.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin33.2%Operating margin12.9%Net margin9.5%Free cash flow margin3.3%Fiscal year 2017Gross margin32.1%Operating margin14.1%Net margin9.4%Free cash flow margin8.3%Fiscal year 2018Gross margin31.8%Operating margin14.0%Net margin12.0%Free cash flow margin10.7%Fiscal year 2019Gross margin32.9%Operating margin16.1%Net margin13.1%Free cash flow margin13.1%Fiscal year 2020Gross margin35.8%Operating margin19.0%Net margin16.1%Free cash flow margin13.9%Fiscal year 2021Gross margin41.5%Operating margin26.6%Net margin23.4%Free cash flow margin11.7%Fiscal year 2022Gross margin39.4%Operating margin25.4%Net margin20.3%Free cash flow margin15.2%Fiscal year 2023Gross margin38.3%Operating margin22.9%Net margin20.1%Free cash flow margin14.1%Fiscal year 2024Gross margin34.5%Operating margin19.7%Net margin17.0%Free cash flow margin9.6%Fiscal year 2025Gross margin35.9%Operating margin19.0%Net margin16.1%Free cash flow margin15.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 33.2% 32.1% 31.8% 32.9% 35.8% 41.5% 39.4% 38.3% 34.5% 35.9%
Operating margin 12.9% 14.1% 14.0% 16.1% 19.0% 26.6% 25.4% 22.9% 19.7% 19.0%
Net margin 9.5% 9.4% 12.0% 13.1% 16.1% 23.4% 20.3% 20.1% 17.0% 16.1%
Free cash flow margin 3.3% 8.3% 10.7% 13.1% 13.9% 11.7% 15.2% 14.1% 9.6% 15.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow219.4Capital expenditure−170.2Free cash flow49.2Buybacks−52.2Dividends paid−35.8Fiscal year 2017Operating cash flow263.3Capital expenditure−130.8Free cash flow132.5 +169.3%Buybacks−74.4Dividends paid−39.1Fiscal year 2018Operating cash flow288.6Capital expenditure−104.7Free cash flow183.9 +38.8%Buybacks−70.8Dividends paid−42.1Fiscal year 2019Operating cash flow367.2Capital expenditure−126.4Free cash flow240.8 +30.9%Buybacks−83.1Dividends paid−45.1Fiscal year 2020Operating cash flow472.5Capital expenditure−174.4Free cash flow298.1 +23.8%Buybacks−115.5Dividends paid−48.1Fiscal year 2021Operating cash flow584.0Capital expenditure−253.4Free cash flow330.6 +10.9%Buybacks−137.1Dividends paid−51.1Fiscal year 2022Operating cash flow724.0Capital expenditure−284.6Free cash flow439.4 +32.9%Buybacks−202.8Dividends paid−54.1Fiscal year 2023Operating cash flow776.5Capital expenditure−362.0Free cash flow414.5 −5.7%Buybacks−438.3Dividends paid−57.0Fiscal year 2024Operating cash flow653.4Capital expenditure−377.0Free cash flow276.4 −33.3%Buybacks−560.9Dividends paid−59.1Fiscal year 2025Operating cash flow754.8Capital expenditure−285.9Free cash flow468.9 +69.6%Buybacks−134.0Dividends paid−61.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 219.4 263.3 288.6 367.2 472.5 584.0 724.0 776.5 653.4 754.8
Capital expenditure −170.2 −130.8 −104.7 −126.4 −174.4 −253.4 −284.6 −362.0 −377.0 −285.9
Free cash flow 49.2 132.5 183.9 240.8 298.1 330.6 439.4 414.5 276.4 468.9
Growth +169.3% +38.8% +30.9% +23.8% +10.9% +32.9% −5.7% −33.3% +69.6%
Buybacks −52.2 −74.4 −70.8 −83.1 −115.5 −137.1 −202.8 −438.3 −560.9 −134.0
Dividends paid −35.8 −39.1 −42.1 −45.1 −48.1 −51.1 −54.1 −57.0 −59.1 −61.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash203.0Total debt226.2Net cash (debt)−23.2Shareholders’ equity1,117.5Debt to equity0.20Fiscal year 2017Cash235.9Total debt197.0Net cash (debt)38.9Shareholders’ equity1,279.9Debt to equity0.15Fiscal year 2018Cash337.4Total debt196.0Net cash (debt)141.4Shareholders’ equity1,396.3Debt to equity0.14Fiscal year 2019Cash439.1Total debt257.3Net cash (debt)181.8Shareholders’ equity1,573.2Debt to equity0.16Fiscal year 2020Cash615.5Total debt255.2Net cash (debt)360.3Shareholders’ equity1,854.5Debt to equity0.14Fiscal year 2021Cash762.6Total debt253.0Net cash (debt)509.6Shareholders’ equity2,335.4Debt to equity0.11Fiscal year 2022Cash894.3Total debt208.9Net cash (debt)685.4Shareholders’ equity2,684.9Debt to equity0.08Fiscal year 2023Cash853.9Total debt206.8Net cash (debt)647.1Shareholders’ equity2,881.0Debt to equity0.07Fiscal year 2024Cash484.6Total debt202.6Net cash (debt)282.0Shareholders’ equity2,682.3Debt to equity0.08Fiscal year 2025Cash791.3Total debt202.8Net cash (debt)588.5Shareholders’ equity3,176.0Debt to equity0.06
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 203.0 235.9 337.4 439.1 615.5 762.6 894.3 853.9 484.6 791.3
Total debt 226.2 197.0 196.0 257.3 255.2 253.0 208.9 206.8 202.6 202.8
Net cash (debt) −23.2 38.9 141.4 181.8 360.3 509.6 685.4 647.1 282.0 588.5
Shareholders’ equity 1,117.5 1,279.9 1,396.3 1,573.2 1,854.5 2,335.4 2,684.9 2,881.0 2,682.3 3,176.0
Debt to equity 0.20 0.15 0.14 0.16 0.14 0.11 0.08 0.07 0.08 0.06

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1,509.1 1,599.1 1,717.4 1,839.9 2,146.9 2,831.6 2,886.9 2,949.8 2,893.2 3,074.1
Growth +6.0% +7.4% +7.1% +16.7% +31.9% +2.0% +2.2% −1.9% +6.3%
1,007.7 1,086.2 1,172.0 1,234.2 1,379.1 1,655.8 1,750.7 1,820.6 1,894.7 1,970.1
501.4 512.9 545.4 605.7 767.8 1,175.8 1,136.2 1,129.2 998.5 1,104.0
Growth +2.3% +6.3% +11.1% +26.8% +53.1% −3.4% −0.6% −11.6% +10.6%
36.8 39.1 40.3 38.9 46.9 52.8 58.5 68.4 69.1 74.3
239.6 246.0 262.9 272.7 302.0 362.8 316.9 353.4 338.5 393.6
195.2 225.8 240.3 296.6 406.9 752.3 734.0 676.0 569.9 584.9
Growth +15.7% +6.4% +23.4% +37.2% +84.9% −2.4% −7.9% −15.7% +2.6%
189.8 222.4 240.7 291.8 401.3 748.9 679.9 698.0 585.5 600.9
54.4 80.9 41.4 59.0 72.5 107.2 114.7 122.3 107.5 121.6
143.6 150.7 206.9 241.7 346.2 661.8 585.9 593.4 492.7 493.7
Growth +4.9% +37.3% +16.8% +43.2% +91.2% −11.5% +1.3% −17.0% +0.2%
Per share
1.96 2.04 2.80 3.27 4.68 8.89 7.87 7.98 6.75 6.83
1.91 1.99 2.74 3.21 4.57 8.67 7.73 7.88 6.69 6.79
Growth +4.2% +37.7% +17.2% +42.4% +89.7% −10.8% +1.9% −15.1% +1.5%
73.3 73.9 73.9 74.0 73.9 74.4 74.4 74.3 73.0 72.3
75.0 75.8 75.4 75.4 75.8 76.3 75.8 75.3 73.7 72.7
Growth +1.1% −0.5% +0.0% +0.5% +0.7% −0.7% −0.7% −2.1% −1.4%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 7.4% a year over five years, and earnings per share grew 8.2% a year.
  • The diluted share count fell 4.1% in five years, so buybacks did some of the work per share.
  • Operating margin is flat at 19.0%.
  • Profitable in every one of the 10 years on file.