WSTNYSESurgical & Medical Instruments & ApparatusFiscal year ends December 31
WEST PHARMACEUTICAL SERVICES INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$383.91−0.11 (-0.03%)
Close on Oct 19, 2026
- Market cap
- $27.37B
- P/E (TTM)
- 49.2
- Dividend yield
- 0.22%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
35.9%+0.1 pts over 5 years
Operating margin
19.0%+0.1 pts over 5 years
Net margin
16.1%−0.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.3% | +2.1% | +7.4% | +8.2% | |
| Gross profit | +10.6% | -1.0% | +7.5% | +9.2% | |
| Operating income | +2.6% | -7.3% | +7.5% | +16.4% | |
| Net income | +0.2% | -5.5% | +7.4% | – | |
| EPS, diluted | +1.5% | -4.2% | +8.2% | +18.0% | |
| Free cash flow | +69.6% | +2.2% | +9.5% | +19.2% | |
| Dividend per share | +4.9% | +5.1% | +5.4% | +6.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 20.2% | 16.9% | |
| Return on assets | – | 13.5% | 12.5% | |
| Current ratio | 2.66 | 2.73 | 3.02 | |
| Debt to equity | – | 0.14 | 0.06 | |
| Net debt to EBITDA | 0.09× | -0.70× | -0.78× | |
| Interest coverage | 24.1× | 49.6× | 1169.8× | |
| Inventory turnover | 5.3× | 5.0× | 4.8× | |
| Capex to revenue | 11.3% | 8.1% | 9.3% | |
| Diluted shares | 75M | 76M | 73M |
Where the cash went
Fiscal 2021 to 2025, five years combined
West Pharmaceutical Services generated $3.49B from operations and spent $3.32B on capital expenditure, dividends and share buybacks. 47% of that went back into the business.
Generated
$3.49B
Used
$3.32B
Capital expenditure$1.56B47%Dividends$282.50M9%Share buybacks$1.47B44%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin16.1%
×Asset turnover0.78×
×Equity multiplier1.35×
=Return on equity, FY202516.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 16.1% | 0.78× | 1.35× | 16.9% |
| FY2024 | 17.0% | 0.77× | 1.34× | 17.7% |
| FY2023 | 20.1% | 0.79× | 1.34× | 21.3% |
| FY2022 | 20.3% | 0.83× | 1.38× | 23.3% |
| FY2021 | 23.4% | 0.93× | 1.46× | 31.6% |
| FY2020 | 16.1% | 0.84× | 1.50× | 20.2% |
| FY2019 | 13.1% | 0.85× | 1.45× | 16.3% |
| FY2018 | 12.0% | 0.89× | 1.44× | 15.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
9of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$493.70M
- Cash generatingOperating cash flow above zero$754.80M
- Return on assets improvedROA up on the prior year12.9% → 13.6%
- Earnings backed by cashOperating cash flow above net income$754.80M vs $493.70M
- Less leverageLong-term debt to assets fell5.6% → 4.7%
- Better liquidityCurrent ratio rose2.79 → 3.02
- No dilutionShare count did not rise74M → 73M
- Gross margin improvedGross margin up on the prior year34.51% → 35.91%
- More efficientAsset turnover rose0.76 → 0.84