West Pharmaceutical Services (WST)
Market Price (12/23/2025): $274.8 | Market Cap: $19.8 BilSector: Health Care | Industry: Health Care Supplies
West Pharmaceutical Services (WST)
Market Price (12/23/2025): $274.8Market Cap: $19.8 BilSector: Health CareIndustry: Health Care Supplies
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% | Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -60% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x, P/EPrice/Earnings or Price/(Net Income) is 40x |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% | Key risksWST key risks include [1] legal exposure from securities fraud class-action lawsuits alleging material misrepresentations and [2] the financial and execution risk of managing a key contract manufacturing transition set to conclude in mid-2026. | |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include mRNA Technology, Biopharmaceutical R&D, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include mRNA Technology, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -60% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x, P/EPrice/Earnings or Price/(Net Income) is 40x |
| Key risksWST key risks include [1] legal exposure from securities fraud class-action lawsuits alleging material misrepresentations and [2] the financial and execution risk of managing a key contract manufacturing transition set to conclude in mid-2026. |
Why The Stock Moved
Qualitative Assessment
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West Pharmaceutical Services (WST) experienced several notable events during the approximate time period from August 31, 2025, to December 23, 2025.1. Third-Quarter 2025 Earnings Announcement: The company reported its third-quarter 2025 results on October 23, 2025, and held a conference call to discuss these outcomes.
2. Launch of West Synchrony™ Prefillable Syringe System: On October 27, 2025, West Pharmaceutical Services launched its West Synchrony™ Prefillable Syringe System at CPHI, aimed at providing a new solution for drug delivery.
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Stock Movement Drivers
Fundamental Drivers
The 9.1% change in WST stock from 9/22/2025 to 12/22/2025 was primarily driven by a 8.2% change in the company's P/E Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 252.02 | 274.89 | 9.07% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2960.20 | 3017.90 | 1.95% |
| Net Income Margin (%) | 16.48% | 16.29% | -1.11% |
| P/E Multiple | 37.31 | 40.36 | 8.19% |
| Shares Outstanding (Mil) | 72.20 | 72.20 | 0.00% |
| Cumulative Contribution | 9.07% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| WST | 9.1% | |
| Market (SPY) | 2.7% | 27.0% |
| Sector (XLV) | 13.7% | 40.8% |
Fundamental Drivers
The 27.1% change in WST stock from 6/23/2025 to 12/22/2025 was primarily driven by a 20.2% change in the company's P/E Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 216.35 | 274.89 | 27.06% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2895.80 | 3017.90 | 4.22% |
| Net Income Margin (%) | 16.13% | 16.29% | 0.99% |
| P/E Multiple | 33.57 | 40.36 | 20.23% |
| Shares Outstanding (Mil) | 72.50 | 72.20 | 0.41% |
| Cumulative Contribution | 27.06% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| WST | 27.1% | |
| Market (SPY) | 14.4% | 17.7% |
| Sector (XLV) | 18.0% | 30.3% |
Fundamental Drivers
The -16.8% change in WST stock from 12/22/2024 to 12/22/2025 was primarily driven by a -16.1% change in the company's P/E Multiple.| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 330.33 | 274.89 | -16.78% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2876.40 | 3017.90 | 4.92% |
| Net Income Margin (%) | 17.37% | 16.29% | -6.20% |
| P/E Multiple | 48.13 | 40.36 | -16.14% |
| Shares Outstanding (Mil) | 72.80 | 72.20 | 0.82% |
| Cumulative Contribution | -16.79% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| WST | -16.8% | |
| Market (SPY) | 16.9% | 19.3% |
| Sector (XLV) | 14.5% | 29.1% |
Fundamental Drivers
The 17.8% change in WST stock from 12/23/2022 to 12/22/2025 was primarily driven by a 46.6% change in the company's P/E Multiple.| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 233.41 | 274.89 | 17.77% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2909.00 | 3017.90 | 3.74% |
| Net Income Margin (%) | 21.68% | 16.29% | -24.84% |
| P/E Multiple | 27.54 | 40.36 | 46.58% |
| Shares Outstanding (Mil) | 74.40 | 72.20 | 2.96% |
| Cumulative Contribution | 17.67% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| WST | -22.1% | |
| Market (SPY) | 47.7% | 20.3% |
| Sector (XLV) | 18.4% | 27.4% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WST Return | 89% | 66% | -50% | 50% | -7% | -17% | 84% |
| Peers Return | 7% | -3% | -13% | -5% | -5% | -21% | -35% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| WST Win Rate | 75% | 83% | 33% | 67% | 50% | 50% | |
| Peers Win Rate | 57% | 47% | 43% | 52% | 53% | 50% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| WST Max Drawdown | -14% | -9% | -55% | -1% | -21% | -42% | |
| Peers Max Drawdown | -30% | -13% | -25% | -20% | -14% | -30% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: BDX, ATR, BAX, TFX, AMCR. See WST Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | WST | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -55.6% | -25.4% |
| % Gain to Breakeven | 125.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -26.2% | -33.9% |
| % Gain to Breakeven | 35.5% | 51.3% |
| Time to Breakeven | 31 days | 148 days |
| 2018 Correction | ||
| % Loss | -25.0% | -19.8% |
| % Gain to Breakeven | 33.3% | 24.7% |
| Time to Breakeven | 186 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -45.6% | -56.8% |
| % Gain to Breakeven | 83.7% | 131.3% |
| Time to Breakeven | 1,295 days | 1,480 days |
Compare to RMD, AMCR, PKG, SLGN, SON
In The Past
West Pharmaceutical Services's stock fell -55.6% during the 2022 Inflation Shock from a high on 12/30/2021. A -55.6% loss requires a 125.2% gain to breakeven.
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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 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.
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Here are two brief analogies to describe West Pharmaceutical Services (WST):
- Intel for the pharmaceutical industry's injectable drug packaging. (Just as Intel provides essential, specialized chips that power computers, West Pharma provides crucial, high-quality components like vials, stoppers, and syringes that are vital for injectable medicines.)
- The Corning Inc. of pharmaceutical containment and delivery systems. (Similar to how Corning specializes in advanced materials like glass for high-tech products, West Pharma focuses on specialized materials science and components critical for safely containing and delivering injectable drugs.)
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- Drug Containment Components: Elastomeric stoppers, seals, and vials for secure packaging and storage of injectable pharmaceutical products.
- Prefillable Syringe Components: Plunger stoppers, tip caps, and needle shields designed for use in prefillable syringes for drug administration.
- Integrated Drug Delivery Systems: Advanced devices such as auto-injectors and wearable injectors that facilitate patient self-administration of medicines.
- Ready-to-Use Components: Pre-sterilized and ready-to-fill primary packaging components, reducing manufacturing steps and risks for pharmaceutical companies.
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West Pharmaceutical Services (WST) - Major Customers
West Pharmaceutical Services (WST) primarily operates on a Business-to-Business (B2B) model, selling its high-quality integrated containment and delivery products and services, such as stoppers, seals, plungers, and prefillable syringes, to other companies within the healthcare industry.
According to its regulatory filings, no single customer accounts for more than 10% of West Pharmaceutical Services' net sales, indicating a highly diverse customer base. However, its customer base is extensive and includes virtually all of the world's top 50 pharmaceutical and biotechnology companies, as well as many smaller firms globally. These major categories of customers include:
- Pharmaceutical Companies: These include global leaders that develop and manufacture a wide range of injectable drugs, including traditional small molecules, sterile injectables, and advanced therapies. They rely on West's components for the safe, stable, and effective packaging and delivery of their medications.
- Biotechnology Companies: This segment comprises firms specializing in biologics, vaccines, gene therapies, and other complex biotech products, which often require highly specialized and sterile containment and delivery solutions provided by West.
- Contract Development and Manufacturing Organizations (CDMOs) / Contract Research Organizations (CROs): Companies that provide drug development, manufacturing, and research services to pharmaceutical and biotech clients often source components from West to support their clients' projects and production needs.
While specific individual "major" customers cannot be named due to the diversified nature of their sales and the lack of customer concentration above 10%, the following are examples of leading public pharmaceutical and biotechnology companies that would logically be among West's extensive customer base, given their significant pipelines of injectable products and need for advanced containment and delivery solutions:
- Johnson & Johnson (NYSE: JNJ)
- Pfizer Inc. (NYSE: PFE)
- Merck & Co., Inc. (NYSE: MRK)
- Eli Lilly and Company (NYSE: LLY)
- AbbVie Inc. (NYSE: ABBV)
- Bristol-Myers Squibb Company (NYSE: BMY)
- Amgen Inc. (NASDAQ: AMGN)
- Gilead Sciences, Inc. (NASDAQ: GILD)
- Moderna, Inc. (NASDAQ: MRNA)
- Sanofi (NASDAQ: SNY) - (ADR)
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Eric Green, Chief Executive Officer, President and Chair of the Board
Mr. Green joined West Pharmaceutical Services in 2015. Prior to his role at West, he held various leadership positions at Becton, Dickinson and Company (BD), including Executive Vice President and President of BD Medical. He also gained experience through roles at Medtronic, Inc. and Johnson & Johnson.
Bernard Birkett, Chief Financial Officer
Mr. Birkett joined West Pharmaceutical Services in 2018. Before joining West, he served as the Chief Financial Officer of Pall Corporation, a company that was subsequently acquired by Danaher Corporation. He also spent 21 years at GE Healthcare, where he held various financial leadership roles, including CFO for GE Healthcare’s Medical Diagnostics, Global Services, and Healthcare Systems businesses.
Chris Ryan, President, Pharmaceutical Packaging and Delivery Systems
Mr. Ryan joined West in 2014. He previously spent nearly two decades at Thermo Fisher Scientific Inc., where his most recent role was Vice President and General Manager, Global Commercial Operations for the Environmental and Process Monitoring business.
Annette Favorite, Senior Vice President, Chief Human Resources Officer
Ms. Favorite joined West in 2021. Before joining West, she was the Vice President, Human Resources for Teva Pharmaceuticals’ North America operations. She also held various HR leadership positions at Johnson & Johnson, including Vice President, Global Human Resources for the Vision Care business.
Silji Skariah, Senior Vice President, General Counsel and Corporate Secretary
Ms. Skariah joined West in 2022. Prior to West, she served as Vice President and Chief Counsel of Corporate Development, M&A and Integration at Medtronic plc. She also spent 13 years as a partner in the corporate and securities group at Dechert LLP.
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The key risks to West Pharmaceutical Services (WST) primarily revolve around navigating complex regulatory landscapes, managing significant contract manufacturing transitions, and facing timing uncertainties in product approvals.
- Legal and Regulatory Risks: West Pharmaceutical Services operates in a highly regulated industry, making legal and regulatory compliance a paramount concern. The company faces inherent risks associated with product design, manufacturing, and marketing, where defects, unanticipated product use, or inadequate risk disclosure can lead to product recalls, safety alerts, or market removal. Such events can significantly impact operations and financial results. Furthermore, the company is subject to international regulatory requirements that vary by country, and changes in these regulations can increase competitive pressure. Notably, the company has faced securities fraud class-action lawsuits alleging material misrepresentations regarding destocking, SmartDose profitability, and contract losses, highlighting the ongoing legal scrutiny.
- Contract Manufacturing Transitions and Execution Risk: West Pharmaceutical Services is undergoing significant contract manufacturing shifts, which present a tangible financial headwind. For instance, a key continuous glucose monitoring (CGM) contract is expected to conclude in mid-2026, leading to an anticipated $40 million revenue headwind in the second half of that year. While management aims to backfill this capacity with higher-margin work, the timing gap, equipment transitions, and the ramp-up of new projects introduce near-term uncertainty and execution risk.
- Timing Variability in Regulatory Approvals and Product Adoption: The pharmaceutical industry is characterized by lengthy and unpredictable regulatory approval processes. For WST, the conversion timelines for new regulatory standards like Annex 1 can vary widely, affecting quarterly revenue flow. Similarly, delays in FDA approval for new molecules can postpone the adoption of West's high-value products (HVPs), thereby impacting growth and revenue predictability. These timing factors introduce volatility into an otherwise steady business model.
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West Pharmaceutical Services (WST) operates in several key addressable markets related to pharmaceutical packaging and drug delivery systems.
- Injectable Drug Delivery Market: The global injectable drug delivery market was valued at approximately USD 704.38 billion in 2024 and is projected to reach around USD 1609.29 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 8.61% from 2025 to 2034. Another estimate places the global market at USD 690.23 billion in 2025, expected to grow to USD 1,034.78 billion by 2030 with a CAGR of 8.4%. The injectable drug delivery devices segment alone was valued at USD 467.5 billion globally in 2023 and is anticipated to reach USD 823.29 billion by 2030, with a CAGR of 8.7% from 2024 to 2030. North America is a significant region within this market, with its injectable drug delivery market size surpassing USD 288.80 billion in 2024. In 2023, North America held a 40.5% market share for injectable drug delivery devices.
- Integrated Drug Containment and Delivery Solutions Market: This global market is projected to reach a size of USD 50 billion in 2025, with a CAGR of 7% from 2025 to 2033. Other reports indicate that this market is expected to register a CAGR of 12.3% during the forecast period of 2025-2034, or 12.6% over the forecast period. North America held the largest market share in 2022.
- Pharmaceutical Packaging Market: The global pharmaceutical packaging market was valued at USD 151.5 billion in 2024 and is estimated to grow at a CAGR of 15.6% from 2025 to 2034. Other estimates indicate the global market size was USD 110.55 billion in 2024, projected to be USD 116.58 billion in 2025 and reach USD 177.12 billion by 2032, with a CAGR of 6.16%. Another source reports the market size at USD 139,371.7 million in 2023, projected to reach USD 265,702.3 million by 2030, with a CAGR of 9.7%. North America held the largest market share, accounting for 30% in 2024 and 35.9% in 2023.
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West Pharmaceutical Services (WST) is expected to experience several key drivers of revenue growth over the next 2-3 years:
- Robust Demand for High-Value Products (HVPs): West Pharmaceutical Services anticipates continued strong growth in its High-Value Products (HVPs) portfolio, driven by increased adoption of advanced drug delivery components and systems for complex injectable therapies. This category, which includes technologically advanced stoppers and seals, often commands higher prices and contributes significantly to both top-line growth and margin expansion.
- Growth in Biologics and GLP-1 Markets: The expanding market for biologic drugs and GLP-1 therapies is a significant catalyst for WST's revenue. These specialized and often sensitive drug formulations require high-quality, reliable, and precise containment and delivery solutions, for which West Pharmaceutical Services is a leading provider. The increasing pipeline and commercialization of such drugs directly fuel demand for their components.
- Strategic Capacity Expansion and Operational Efficiency: To meet the escalating demand for its high-value products, West Pharmaceutical Services has been strategically investing in expanding its manufacturing capacity. These investments are crucial for supporting future revenue growth by ensuring the company can adequately supply its customers, particularly in the rapidly growing biologic and GLP-1 sectors. Improved operational efficiencies associated with these expansions also contribute to profitable growth.
- Favorable Pricing and Product Mix: West Pharmaceutical Services benefits from a strong product mix shift towards its premium, high-value offerings, which allows for favorable pricing strategies. The company's innovative solutions and critical role in drug delivery enable it to maintain pricing power, further contributing to revenue growth.
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Share Repurchases
- West Pharmaceutical Services repurchased approximately $50 million of its common stock in 2023.
- The company repurchased $250 million of its common stock during 2022.
- In 2021, West Pharmaceutical Services repurchased approximately $175 million of its common stock.
Share Issuance
- Share issuances are primarily related to stock-based compensation plans, including the exercise of stock options and vesting of restricted stock units.
- In 2023, the company issued shares primarily to satisfy obligations under employee equity incentive plans.
Outbound Investments
- In 2020, West Pharmaceutical Services acquired the remaining 49% interest in its Daikyo West Pharmaceutical Services, Ltd. joint venture for approximately $128 million.
Capital Expenditures
- Capital expenditures were $288.7 million in 2023, an increase from $240.7 million in 2022.
- The company anticipates capital expenditures to be in the range of $250 million to $300 million for 2024, focusing on capacity expansion and new product development to support long-term growth.
- A significant portion of capital expenditures in recent years has been directed towards expanding global manufacturing capacity and enhancing research and development capabilities.
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| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 21.0% | 21.0% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -8.8% | -8.8% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 11.5% | 11.5% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.7% | 2.7% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.8% | 13.8% | -5.1% |
| 08312025 | WST | West Pharmaceutical Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 11.4% | 11.4% | -1.3% |
| 02282025 | WST | West Pharmaceutical Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 6.5% | 18.6% | -18.1% |
| 08312024 | WST | West Pharmaceutical Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -25.8% | -21.0% | -39.2% |
| 10312022 | WST | West Pharmaceutical Services | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 59.4% | 38.7% | -9.0% |
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Peer Comparisons for West Pharmaceutical Services
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 123.61 |
| Mkt Cap | 14.5 |
| Rev LTM | 7,343 |
| Op Inc LTM | 596 |
| FCF LTM | 343 |
| FCF 3Y Avg | 515 |
| CFO LTM | 721 |
| CFO 3Y Avg | 935 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 3.8% |
| Rev Chg Q | 8.0% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 14.0% |
| Op Mgn 3Y Avg | 13.5% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 13.8% |
| CFO/Rev 3Y Avg | 16.2% |
| FCF/Rev LTM | 8.3% |
| FCF/Rev 3Y Avg | 10.2% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Proprietary Products | 2,397 | 2,407 | 2,317 | 1,649 | 1,399 |
| Contract-Manufactured Products | 552 | 480 | 515 | 499 | 442 |
| Intersegment sales elimination | 0 | -0 | -0 | -0 | -0 |
| Total | 2,950 | 2,887 | 2,832 | 2,147 | 1,840 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Proprietary Products | 710 | 784 | 796 | 434 | 314 |
| Contract-Manufactured Products | 72 | 60 | 67 | 69 | 49 |
| Restructuring and related charges | 2 | -24 | |||
| Amortization of acquisition-related intangible assets | -1 | -1 | |||
| Cost investment activity | -4 | -4 | |||
| Loss on disposal of plant | -12 | 0 | |||
| Stock Based Compensation | -23 | -24 | |||
| Corporate general costs | -68 | -59 | |||
| Asset impairment | 0 | ||||
| Intersegment sales elimination | -111 | -96 | -66 | ||
| Total | 676 | 734 | 752 | 407 | 297 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Proprietary Products | 2,629 | 2,578 | 2,153 | 1,798 | 1,481 |
| Corporate and Unallocated | 673 | 558 | 718 | 584 | 475 |
| Contract-Manufactured Products | 528 | 480 | 444 | 412 | 386 |
| Total | 3,830 | 3,617 | 3,314 | 2,794 | 2,341 |
Price Behavior
Price Behavior
| Market Price | $274.89 | |
| Market Cap ($ Bil) | 19.8 | |
| First Trading Date | 01/05/1988 | |
| Distance from 52W High | -20.7% | |
| 50 Days | 200 Days | |
| DMA Price | $274.04 | $241.22 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 0.3% | 14.0% |
| 3M | 1YR | |
| Volatility | 36.4% | 56.2% |
| Downside Capture | 89.35 | 64.65 |
| Upside Capture | 120.07 | 36.61 |
| Correlation (SPY) | 26.2% | 19.3% |
WST Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.91 | 0.69 | 0.77 | 0.76 | 0.54 | 0.70 |
| Up Beta | 2.30 | 0.80 | 0.91 | -0.21 | 0.59 | 0.67 |
| Down Beta | -0.43 | 0.24 | 0.22 | 0.06 | 0.55 | 0.63 |
| Up Capture | 71% | 98% | 118% | 161% | 21% | 38% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 8 | 19 | 29 | 54 | 111 | 362 |
| Down Capture | 78% | 72% | 82% | 118% | 65% | 93% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 11 | 22 | 33 | 69 | 135 | 386 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of WST With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| WST | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -17.5% | 13.6% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 55.9% | 17.3% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | -0.10 | 0.57 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 29.2% | 19.9% | -3.6% | 2.9% | 20.8% | 14.5% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of WST With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| WST | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 1.0% | 8.7% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 39.6% | 14.5% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.15 | 0.42 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 42.1% | 38.5% | 6.4% | 4.7% | 32.5% | 18.5% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of WST With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| WST | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 16.6% | 10.0% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 34.1% | 16.7% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.55 | 0.50 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 46.5% | 43.6% | 4.1% | 9.8% | 32.9% | 12.9% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/23/2025 | 10.9% | 2.8% | -6.9% |
| 7/24/2025 | 22.8% | 9.7% | 6.8% |
| 4/24/2025 | -3.5% | -3.1% | -4.3% |
| 2/13/2025 | -38.2% | -36.8% | -28.6% |
| 10/24/2024 | 15.4% | 9.3% | 12.1% |
| 7/25/2024 | -14.4% | -5.4% | -7.1% |
| 4/25/2024 | -4.5% | -5.8% | -14.8% |
| 2/15/2024 | -14.1% | -11.8% | -5.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 10 |
| # Negative | 12 | 12 | 14 |
| Median Positive | 6.8% | 6.5% | 8.6% |
| Median Negative | -5.5% | -5.2% | -7.0% |
| Max Positive | 22.8% | 11.8% | 24.0% |
| Max Negative | -38.2% | -36.8% | -28.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10232025 | 10-Q 9/30/2025 |
| 6302025 | 7242025 | 10-Q 6/30/2025 |
| 3312025 | 4242025 | 10-Q 3/31/2025 |
| 12312024 | 2182025 | 10-K 12/31/2024 |
| 9302024 | 10242024 | 10-Q 9/30/2024 |
| 6302024 | 7252024 | 10-Q 6/30/2024 |
| 3312024 | 4252024 | 10-Q 3/31/2024 |
| 12312023 | 2202024 | 10-K 12/31/2023 |
| 9302023 | 10262023 | 10-Q 9/30/2023 |
| 6302023 | 7272023 | 10-Q 6/30/2023 |
| 3312023 | 4272023 | 10-Q 3/31/2023 |
| 12312022 | 2212023 | 10-K 12/31/2022 |
| 9302022 | 10272022 | 10-Q 9/30/2022 |
| 6302022 | 7282022 | 10-Q 6/30/2022 |
| 3312022 | 4282022 | 10-Q 3/31/2022 |
| 12312021 | 2222022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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