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West Pharmaceutical Services, Inc. (WST) 10-Year Financial Performance & Capital Metrics

WST • • Industrial / General
HealthcareMedical InstrumentsMedical Consumables & DisposablesMedical Packaging & Containers
AboutWest Pharmaceutical Services, Inc. designs, manufactures, and sells containment and delivery systems for injectable drugs and healthcare products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates in two segments, Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment offers stoppers and seals for injectable packaging systems; syringe and cartridge components, including custom solutions for the needs of injectable drug applications, as well as administration systems that enhance the safe delivery of drugs through advanced reconstitution, mixing, and transfer technologies; and films, coatings, washing, and vision inspection and sterilization processes and services to enhance the quality of packaging components. It also provides drug containment solutions, including Crystal Zenith, a cyclic olefin polymer in the form of vials, syringes, and cartridges; and self-injection devices, as well as a range of integrated solutions, including analytical lab services, pre-approval primary packaging support and engineering development, regulatory expertise, and after-sales technical support. This segment serves biologic, generic, and pharmaceutical drug companies. The Contract-Manufactured Products segment is involved in the design, manufacture, and automated assembly of devices used in surgical, diagnostic, ophthalmic, injectable, and other drug delivery systems, as well as consumer products. It serves pharmaceutical, diagnostic, and medical device companies. The company distributes its products through its sales force and distribution network, as well as contract sales agents and regional distributors. West Pharmaceutical Services, Inc. was incorporated in 1923 and is headquartered in Exton, Pennsylvania.Show more
  • Revenue $2.89B -2.0%
  • EBITDA $750M -11.6%
  • Net Income $493M -17.0%
  • EPS (Diluted) 6.69 -15.1%
  • Gross Margin 34.65% -9.7%
  • EBITDA Margin 25.93% -9.8%
  • Operating Margin 20.56% -14.7%
  • Net Margin 17.03% -15.3%
  • ROE 17.71% -16.9%
  • ROIC 18.43% -23.2%
  • Debt/Equity 0.11 +6.1%
  • Interest Coverage 205.03 +153.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 20.8%
  • ✓Strong 5Y profit CAGR of 15.3%
  • ✓24 consecutive years of dividend growth
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Share count reduced 2.1% through buybacks
  • ✓Healthy 5Y average net margin of 19.4%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.36%
5Y9.43%
3Y0.72%
TTM4.9%

Profit (Net Income) CAGR

10Y14.51%
5Y15.31%
3Y-9.37%
TTM-1.58%

EPS CAGR

10Y14.35%
5Y15.82%
3Y-8.28%
TTM0.15%

ROCE

10Y Avg19.25%
5Y Avg23.56%
3Y Avg22.67%
Latest19.03%

Peer Comparison

Medical Packaging & Containers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
STVNStevanato Group S.p.A.1.04B21.0048.841.72%12.01%9.78%0.31
WSTWest Pharmaceutical Services, Inc.20.1B279.4141.77-1.98%16.3%16.11%1.38%0.11
ATRAptarGroup, Inc.8.21B125.1122.622.74%11.45%14.91%4.25%0.43
MHUAMeihua International Medical Technologies Co., Ltd.181.69M3.250.08-0.19%10.09%11.25%7.98%0.05

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+1.4B1.51B1.6B1.72B1.84B2.15B2.83B2.89B2.95B2.89B
Revenue Growth %-0.02%0.08%0.06%0.07%0.07%0.16%0.32%0.02%0.02%-0.02%
Cost of Goods Sold+943.9M1.01B1.09B1.17B1.23B1.38B1.66B1.75B1.82B1.89B
COGS % of Revenue0.68%0.67%0.68%0.68%0.67%0.64%0.59%0.61%0.62%0.65%
Gross Profit+454.1M501M514.8M546.3M608.8M767.9M1.17B1.14B1.13B1B
Gross Margin %0.32%0.33%0.32%0.32%0.33%0.36%0.41%0.39%0.38%0.35%
Gross Profit Growth %0.01%0.1%0.03%0.06%0.11%0.26%0.53%-0.03%-0.01%-0.12%
Operating Expenses+328.4M285.5M285.1M291.5M311.6M348.9M414.7M375.4M421.8M407.6M
OpEx % of Revenue0.23%0.19%0.18%0.17%0.17%0.16%0.15%0.13%0.14%0.14%
Selling, General & Admin233M239.8M246M262.9M272.7M302M361.9M316.9M353.4M338.5M
SG&A % of Revenue0.17%0.16%0.15%0.15%0.15%0.14%0.13%0.11%0.12%0.12%
Research & Development34.1M36.8M39.1M40.3M38.9M46.9M52.8M58.5M68.4M69.1M
R&D % of Revenue0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%
Other Operating Expenses61.3M8.9M0-11.7M000000
Operating Income+125.7M215.5M229.7M254.8M297.2M419M758.7M763.5M710.9M594.6M
Operating Margin %0.09%0.14%0.14%0.15%0.16%0.2%0.27%0.26%0.24%0.21%
Operating Income Growth %-0.31%0.71%0.07%0.11%0.17%0.41%0.81%0.01%-0.07%-0.16%
EBITDA+215.6M306.2M326.4M359.2M400.6M528.1M881M884.1M848.2M750M
EBITDA Margin %0.15%0.2%0.2%0.21%0.22%0.25%0.31%0.31%0.29%0.26%
EBITDA Growth %-0.21%0.42%0.07%0.1%0.12%0.32%0.67%0%-0.04%-0.12%
D&A (Non-Cash Add-back)89.9M90.7M96.7M104.4M103.4M109.1M122.3M120.6M137.3M155.4M
EBIT127.8M196.2M229.5M248.8M299.8M409.8M757.4M687.5M706.8M588.4M
Net Interest Income+-10.1M-5.3M-5.8M-6M-4.2M-7.1M-7.5M-2.5M19.2M16.7M
Interest Income1.6M1.1M1.3M2.1M3.8M1.4M1M5.1M28M19.6M
Interest Expense11.7M6.4M7.1M8.1M8M8.5M8.5M7.6M8.8M2.9M
Other Income/Expense-3.8M-17.5M1.9M-6.5M3.5M-300K10.3M-62.9M4.8M5.6M
Pretax Income+121.9M198M231.6M248.3M300.7M418.7M769M700.6M715.7M600.2M
Pretax Margin %0.09%0.13%0.14%0.14%0.16%0.2%0.27%0.24%0.24%0.21%
Income Tax+26.3M54.4M80.9M41.4M59M72.5M107.2M114.7M122.3M107.5M
Effective Tax Rate %0.78%0.73%0.65%0.83%0.8%0.83%0.86%0.84%0.83%0.82%
Net Income+95.6M143.6M150.7M206.9M241.7M346.2M661.8M585.9M593.4M492.7M
Net Margin %0.07%0.1%0.09%0.12%0.13%0.16%0.23%0.2%0.2%0.17%
Net Income Growth %-0.25%0.5%0.05%0.37%0.17%0.43%0.91%-0.11%0.01%-0.17%
Net Income (Continuing)95.6M143.6M150.7M206.9M241.7M346.2M661.8M585.9M593.4M492.7M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+1.301.911.992.743.214.578.677.737.886.69
EPS Growth %-0.26%0.47%0.04%0.38%0.17%0.42%0.9%-0.11%0.02%-0.15%
EPS (Basic)1.331.962.042.803.274.688.907.887.996.75
Diluted Shares Outstanding73.8M75M75.8M75.4M75.4M75.8M76.3M75.8M75.3M73.7M
Basic Shares Outstanding72M73.3M73.9M73.9M74M73.9M74.4M74.4M74.3M73M
Dividend Payout Ratio0.34%0.25%0.26%0.2%0.19%0.14%0.08%0.09%0.1%0.12%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+673.7M641.9M743.5M894.4M1.06B1.37B1.74B1.92B1.94B1.54B
Cash & Short-Term Investments274.6M203M235.9M337.4M439.1M615.5M762.6M894.3M853.9M484.6M
Cash Only274.6M203M235.9M337.4M439.1M615.5M762.6M894.3M853.9M484.6M
Short-Term Investments0000000000
Accounts Receivable181.4M200.5M253.2M288.2M319.3M385.3M489M507.4M512M552.5M
Days Sales Outstanding47.3648.4957.7561.2363.2265.5163.0564.1863.3369.71
Inventory181.1M199.3M215.2M214.5M235.7M321.3M378.4M414.8M434.7M377M
Days Inventory Outstanding70.0372.1672.3766.8269.6785.0683.3486.6887.2672.79
Other Current Assets36.6M39.1M39.2M54.3M64.6M51.6M112M103M135.8M124M
Total Non-Current Assets+1.02B1.07B1.12B1.08B1.28B1.42B1.57B1.7B1.89B2.11B
Property, Plant & Equipment721M778.3M855M822M909.4M1.01B1.13B1.26B1.51B1.69B
Fixed Asset Turnover1.94x1.94x1.87x2.09x2.03x2.12x2.51x2.29x1.95x1.72x
Goodwill104.6M103M107.7M105.8M107.8M111.1M109.9M107.3M108.5M106.1M
Intangible Assets37.6M23.3M21.7M20.4M29.8M30.5M23M18.4M15.1M10.8M
Long-Term Investments61.3M82.7M85.8M91.2M192.7M214.7M207.7M204.9M210M202.1M
Other Non-Current Assets26.4M21.3M23.4M20.5M29M36.3M55.9M38.4M21.3M74.3M
Total Assets+1.7B1.72B1.86B1.59B2.34B2.79B3.31B3.62B3.83B3.64B
Asset Turnover0.82x0.88x0.86x1.08x0.79x0.77x0.85x0.80x0.77x0.79x
Asset Growth %0.01%0.01%0.09%-0.15%0.47%0.19%0.19%0.09%0.06%-0.05%
Total Current Liabilities+314.3M241M279.5M283.7M341.6M503.4M594.1M519M671.8M550.4M
Accounts Payable119.8M122M138.1M130.4M156.8M213.1M232.2M215.4M242.4M239.3M
Days Payables Outstanding46.3344.1746.4440.6246.3556.4151.1445.0148.6646.2
Short-Term Debt69.3M2.4M0100K2.3M2.3M44.2M2.2M134M18.8M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities13.3M17.5M22.7M22.6M28.8M49.9M45.1M54M54.2M100.5M
Current Ratio2.14x2.66x2.66x3.15x3.10x2.73x2.93x3.70x2.88x2.79x
Quick Ratio1.57x1.84x1.89x2.40x2.41x2.09x2.30x2.90x2.24x2.11x
Cash Conversion Cycle71.0776.4883.6887.4386.5494.1695.25105.85101.9396.3
Total Non-Current Liabilities+356.9M358.2M303.4M298.9M426.6M435.9M384.3M412.9M276.7M410.7M
Long-Term Debt228.9M226.2M197M196M255M252.9M208.8M206.7M72.8M202.6M
Capital Lease Obligations000062.4M60.4M63M93M84.5M83.9M
Deferred Tax Liabilities12.4M9.2M10.4M13.1M15.5M10.4M4.9M14.3M12.7M20.5M
Other Non-Current Liabilities115.6M122.8M96M89.8M93.7M112.2M107.6M98.9M106.7M103.7M
Total Liabilities671.2M599.2M582.9M582.6M768.2M939.3M978.4M931.9M948.5M961.1M
Total Debt+298.2M228.6M197M196.1M329.3M325.7M325.3M317.9M309M305.3M
Net Debt23.6M25.6M-38.9M-141.3M-109.8M-289.8M-437.3M-576.4M-544.9M-179.3M
Debt / Equity0.29x0.20x0.15x0.14x0.21x0.18x0.14x0.12x0.11x0.11x
Debt / EBITDA1.38x0.75x0.60x0.55x0.82x0.62x0.37x0.36x0.36x0.41x
Net Debt / EBITDA0.11x0.08x-0.12x-0.39x-0.27x-0.55x-0.50x-0.65x-0.64x-0.24x
Interest Coverage10.74x33.67x32.35x31.46x37.15x49.29x89.26x100.46x80.78x205.03x
Total Equity+1.02B1.12B1.28B1.4B1.57B1.85B2.34B2.68B2.88B2.68B
Equity Growth %0.07%0.09%0.15%0.09%0.13%0.18%0.26%0.15%0.07%-0.07%
Book Value per Share13.8714.9016.8918.5220.8624.4730.6135.4238.2636.39
Total Shareholders' Equity1.02B1.12B1.28B1.4B1.57B1.85B2.34B2.68B2.88B2.68B
Common Stock18.1M18.4M18.8M18.8M18.8M18.8M18.8M18.8M18.8M18.8M
Retained Earnings964.6M1.07B1.18B1.35B1.55B1.85B2.46B2.99B3.52B3.96B
Treasury Stock-4M-46.1M-109.1M-103.7M-118.1M-167.7M-229.5M-370.9M-637.6M-1.06B
Accumulated OCI-162.6M-186.8M-117.3M-154.2M-149.6M-110.6M-159.6M-183M-143.8M-258.1M
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+212.4M219.4M263.3M288.6M367.2M472.5M584M724M776.5M653.4M
Operating CF Margin %0.15%0.15%0.16%0.17%0.2%0.22%0.21%0.25%0.26%0.23%
Operating CF Growth %0.16%0.03%0.2%0.1%0.27%0.29%0.24%0.24%0.07%-0.16%
Net Income95.6M143.6M150.7M206.9M241.7M346.2M661.8M585.9M593.4M492.7M
Depreciation & Amortization89.9M90.7M96.7M104.4M103.4M109.1M122.3M120.6M137.3M155.4M
Stock-Based Compensation29.6M19.5M16.1M15.1M24.4M34M37.5M23.7M23.3M18.7M
Deferred Taxes-8.9M21.5M41.7M900K15.3M-5.8M-42.9M-30.8M37.5M0
Other Non-Cash Items17M2.8M-500K-10.4M-3.2M-700K-900K36.1M5.4M-16.3M
Working Capital Changes-10.8M-58.7M-41.4M-28.3M-14.4M-10.3M-193.8M-15M-20.4M2.9M
Change in Receivables-14.1M-23.3M-39.7M-43.8M-33.3M-46.6M-123.5M-35.6M4M-58.8M
Change in Inventory-11.4M-21.2M-3.6M-7M-18.6M-73.7M-86.5M-49.8M-13.5M42M
Change in Payables17.2M6.1M12.6M400K25.3M36.6M16.8M-2.8M4.4M2.9M
Cash from Investing+-129.5M-175.8M-133.6M-100.8M-228M-179.5M-253.1M-288.2M-368.7M-378.7M
Capital Expenditures-131.6M-170.2M-130.8M-104.7M-126.4M-174.4M-253.4M-284.6M-362M-377M
CapEx % of Revenue0.09%0.11%0.08%0.06%0.07%0.08%0.09%0.1%0.12%0.13%
Acquisitions----------
Investments----------
Other Investing2.1M2.8M3.2M3.9M2.4M-5.1M2.5M-3.6M-6.7M-1.7M
Cash from Financing+-41.5M-113.9M-109M-80.7M-36.8M-137.1M-168.1M-293.6M-459.6M-622.6M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-32.4M-35.8M-39.1M-42.1M-45.1M-48.1M-51.1M-54.1M-57M-59.1M
Share Repurchases----------
Other Financing23.9M47.6M39.4M32.3M31.5M34.7M37.1M27M50.9M30.7M
Net Change in Cash----------
Free Cash Flow+80.8M49.2M132.5M183.9M240.8M298.1M330.6M439.4M414.5M276.4M
FCF Margin %0.06%0.03%0.08%0.11%0.13%0.14%0.12%0.15%0.14%0.1%
FCF Growth %0.14%-0.39%1.69%0.39%0.31%0.24%0.11%0.33%-0.06%-0.33%
FCF per Share1.090.661.752.443.193.934.335.805.503.75
FCF Conversion (FCF/Net Income)2.22x1.53x1.75x1.39x1.52x1.36x0.88x1.24x1.31x1.33x
Interest Paid14.7M8.6M8M8.4M8.6M8.1M8M6.6M6M500K
Taxes Paid33.1M48.1M31M42M47.5M48.4M171.8M109.7M90.8M71.4M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)9.65%13.41%12.57%15.46%16.28%20.2%31.59%23.34%21.32%17.71%
Return on Invested Capital (ROIC)9.04%14.76%14.45%15.31%16.4%20.76%32.87%28.58%23.99%18.43%
Gross Margin32.48%33.2%32.17%31.8%33.02%35.77%41.45%39.47%38.38%34.65%
Net Margin6.84%9.52%9.42%12.04%13.11%16.13%23.38%20.3%20.11%17.03%
Debt / Equity0.29x0.20x0.15x0.14x0.21x0.18x0.14x0.12x0.11x0.11x
Interest Coverage10.74x33.67x32.35x31.46x37.15x49.29x89.26x100.46x80.78x205.03x
FCF Conversion2.22x1.53x1.75x1.39x1.52x1.36x0.88x1.24x1.31x1.33x
Revenue Growth-1.67%7.95%6.04%7.36%7.31%16.44%31.86%1.94%2.27%-1.98%

Revenue by Segment

2015201620172018201920202021202220232024
Proprietary Products------2.32B2.41B2.4B2.33B
Proprietary Products Growth-------3.86%-0.39%-2.62%
Contract Manufactured Products-320.2M362.5M409.1M441.5M498.6M514.7M480.4M552.5M558.7M
Contract Manufactured Products Growth--13.21%12.86%7.92%12.93%3.23%-6.66%15.01%1.12%
Packaging Systems1B---------
Packaging Systems Growth----------
Delivery Systems400.2M---------
Delivery Systems Growth----------

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES667.4M738.3M734.6M766.1M814.7M975.6M1.2B1.29B1.24B1.23B
UNITED STATES Growth-10.62%-0.50%4.29%6.34%19.75%22.80%7.39%-3.73%-0.62%
Other Europe Countries252M268.3M318.5M386.1M251.1M236.8M341.3M359.2M388.1M385.5M
Other Europe Countries Growth-6.47%18.71%21.22%-34.97%-5.69%44.13%5.24%8.05%-0.67%
GERMANY194M200.6M226.4M235.9M236.3M282.1M474.3M398.7M406.1M372.5M
GERMANY Growth-3.40%12.86%4.20%0.17%19.38%68.13%-15.94%1.86%-8.27%
Other Countries178.8M185.6M194M201.8M213.4M253.7M357.4M364.3M348.5M339M
Other Countries Growth-3.80%4.53%4.02%5.75%18.88%40.88%1.93%-4.34%-2.73%
IRELAND----173.8M226M247.6M240.3M285.7M323.2M
IRELAND Growth-----30.03%9.56%-2.95%18.89%13.13%
FRANCE107.6M116.3M125.6M127.5M150.6M172.7M213M237.9M282.9M242.2M
FRANCE Growth-8.09%8.00%1.51%18.12%14.67%23.34%11.69%18.92%-14.39%

Frequently Asked Questions

Valuation & Price

West Pharmaceutical Services, Inc. (WST) has a price-to-earnings (P/E) ratio of 41.8x. This suggests investors expect higher future growth.

Growth & Financials

West Pharmaceutical Services, Inc. (WST) reported $3.02B in revenue for fiscal year 2024. This represents a 153% increase from $1.19B in 2011.

West Pharmaceutical Services, Inc. (WST) saw revenue decline by 2.0% over the past year.

Yes, West Pharmaceutical Services, Inc. (WST) is profitable, generating $491.7M in net income for fiscal year 2024 (17.0% net margin).

Dividend & Returns

Yes, West Pharmaceutical Services, Inc. (WST) pays a dividend with a yield of 0.29%. This makes it attractive for income-focused investors.

West Pharmaceutical Services, Inc. (WST) has a return on equity (ROE) of 17.7%. This is reasonable for most industries.

West Pharmaceutical Services, Inc. (WST) generated $379.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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