West Pharmaceutical Services, Inc.WST
NYSE•Healthcare•Medical Instruments & Supplies
West 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 products. This segment also provides drug containment solutions in the form of vials, syringes, and cartridges; and self-injection devices; and 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. This segment primarily serves pharmaceutical, diagnostic, and medical device companies. It sells and distributes its products through its sales force and distribution network, contract sales agents, and regional distributors. West Pharmaceutical Services, Inc. was founded in 1923 and is headquartered in Exton, Pennsylvania.
West Pharmaceutical Services, I (WST) reported trailing twelve months revenue of $3.22B as of March 2026, a 11.2% increase year-over-year. Quarterly revenue reached $844.90M, reflecting continued top-line momentum.
West Pharmaceutical Services, I generated $542.70M in TTM net income, with quarterly EBITDA of $222.30M. The operating margin expanded from 15.3% to 21.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (21.0%) and net margin (16.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 12.9% a year ago, signaling stronger bottom-line efficiency.
WST trades at a P/E of 32.5x (a premium multiple) and a P/S of 5.5x. The price-to-book ratio of 5.9x indicates a significant premium over book value.
The company generated $47.20M in free cash flow over the trailing twelve months, a 18.8% decrease year-over-year, indicating cash generation ability. The balance sheet shows $4.11B in total assets with $202.80M in long-term debt against $2.99B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~19.7%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 17.6% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~12.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~20.3% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation