Tearsheet

West Pharmaceutical Services (WST)


Market Price (10/23/2025): $284.0 | Market Cap: $20.5 Bil
Sector: Health Care | Industry: Health Care Supplies

West Pharmaceutical Services (WST)


Market Price (10/23/2025): $284.0
Market Cap: $20.5 Bil
Sector: Health Care
Industry: Health Care Supplies

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%
Weak multi-year price returns
2Y Excs Rtn is -81%, 3Y Excs Rtn is -73%
Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x, P/EPrice/Earnings or Price/(Net Income) is 41x
1 Attractive cash flow generation
CFO/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 12%
  Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35%
  
0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%
1 Attractive cash flow generation
CFO/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 12%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35%
3 Weak multi-year price returns
2Y Excs Rtn is -81%, 3Y Excs Rtn is -73%
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x, P/EPrice/Earnings or Price/(Net Income) is 41x
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4%

Market Valuation & Key Metrics

WST Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
WST Return89%66%-50%50%-7%-15%83%
Peers Return20%10%2%-3%17%-5%46%
S&P 500 Return16%27%-19%24%23%14%106%

Monthly Win Rates [3]
WST Win Rate75%83%33%67%50%56% 
Peers Win Rate55%57%47%48%57%53% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
WST Max Drawdown-14%-9%-55%-1%-21%-42% 
Peers Max Drawdown-32%-7%-14%-21%-6%-16% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: RMD, PKG, AMCR, SLGN, SON. 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 10/22/2025 (YTD)

How Low Can It Go

Unique KeyEventWSTS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-55.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven125.2%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-26.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven35.5%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven31 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-25.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven33.3%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven186 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-45.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven83.7%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1295 days1480 days

Compare to RMD, PKG, AMCR, 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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About West Pharmaceutical Services (WST)

Better Bets than West Pharmaceutical Services (WST)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to WST. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.4%0.4%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
3.0%3.0%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
6.3%6.3%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
16.1%16.1%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-0.9%-0.9%-8.0%
WST_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025WSTWest Pharmaceutical ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
13.1%13.1%-1.3%
WST_2282025_Monopoly_xInd_xCD_Getting_Cheaper02282025WSTWest Pharmaceutical ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
6.5%20.5%-18.1%
WST_8312024_Monopoly_xInd_xCD_Getting_Cheaper08312024WSTWest Pharmaceutical ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-25.8%-21.0%-39.2%
WST_10312022_Dip_Buyer_High_CFO_Margins_ExInd_DE10312022WSTWest Pharmaceutical ServicesDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
59.4%38.7%-9.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.4%0.4%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
3.0%3.0%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
6.3%6.3%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
16.1%16.1%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-0.9%-0.9%-8.0%
WST_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025WSTWest Pharmaceutical ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
13.1%13.1%-1.3%
WST_2282025_Monopoly_xInd_xCD_Getting_Cheaper02282025WSTWest Pharmaceutical ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
6.5%20.5%-18.1%
WST_8312024_Monopoly_xInd_xCD_Getting_Cheaper08312024WSTWest Pharmaceutical ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-25.8%-21.0%-39.2%
WST_10312022_Dip_Buyer_High_CFO_Margins_ExInd_DE10312022WSTWest Pharmaceutical ServicesDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
59.4%38.7%-9.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for West Pharmaceutical Services

Financials

WSTRMDPKGAMCRSLGNSONMedian
NameWest Pha.ResMed Packagin.Amcor Silgan Sonoco P. 
Mkt Price277.00266.48208.748.1444.5941.49126.67
Mkt Cap20.039.018.616.54.84.117.6
Rev LTM2,9605,1468,64115,0096,1625,6645,913
Op Inc LTM6221,6871,2891,316621448956
FCF LTM3441,65162581057143485
FCF 3Y Avg3661,166704791219301535
CFO LTM6771,7521,2911,390344544984
CFO 3Y Avg7121,2821,3321,324467676997

Growth & Margins

WSTRMDPKGAMCRSLGNSONMedian
NameWest Pha.ResMed Packagin.Amcor Silgan Sonoco P. 
Rev Chg LTM2.9%9.8%9.0%10.0%5.5%23.3%9.4%
Rev Chg 3Y Avg0.4%12.9%1.0%1.3%0.6%-3.0%0.8%
Rev Chg Q9.2%10.2%4.6%43.8%11.4%49.4%10.8%
QoQ Delta Rev Chg LTM2.2%2.5%1.1%11.5%2.6%12.6%2.6%
Op Mgn LTM21.0%32.8%14.9%8.8%10.1%7.9%12.5%
Op Mgn 3Y Avg22.2%29.9%14.6%9.3%10.2%9.1%12.4%
QoQ Delta Op Mgn LTM0.5%0.7%0.3%-1.7%0.2%0.6%0.4%
CFO/Rev LTM22.9%34.0%14.9%9.3%5.6%9.6%12.3%
CFO/Rev 3Y Avg24.6%26.8%16.3%9.2%7.8%13.1%14.7%
FCF/Rev LTM11.6%32.1%7.2%5.4%0.9%2.5%6.3%
FCF/Rev 3Y Avg12.6%24.3%8.6%5.5%3.7%5.9%7.3%

Valuation

WSTRMDPKGAMCRSLGNSONMedian
NameWest Pha.ResMed Packagin.Amcor Silgan Sonoco P. 
Mkt Cap20.039.018.616.54.84.117.6
P/S6.87.62.21.10.80.71.6
P/EBIT33.523.115.015.88.515.115.4
P/E41.027.920.632.315.87.424.2
P/CFO29.622.314.411.913.97.614.2
Total Yield2.6%4.4%7.3%8.2%8.1%18.5%7.7%
Dividend Yield0.2%0.8%2.4%5.1%1.8%5.0%2.1%
FCF Yield 3Y Avg1.7%3.6%4.9%5.1%4.7%5.9%4.8%
D/E0.00.00.20.91.11.40.5
Net D/E-0.0-0.00.10.91.01.30.5

Returns

WSTRMDPKGAMCRSLGNSONMedian
NameWest Pha.ResMed Packagin.Amcor Silgan Sonoco P. 
1M Rtn9.8%-2.9%-1.9%-1.3%4.9%-9.7%-1.6%
3M Rtn21.9%-2.3%1.8%-15.7%-20.0%-13.8%-8.0%
6M Rtn27.2%24.8%14.4%-11.9%-11.5%-6.3%4.1%
12M Rtn-3.0%12.0%-1.3%-21.8%-11.4%-17.4%-7.2%
3Y Rtn19.8%23.2%95.0%-16.2%3.8%-25.1%11.8%
1M Excs Rtn9.8%-4.0%-3.0%-0.0%5.5%-9.7%-1.5%
3M Excs Rtn-6.0%-7.6%-3.3%-20.6%-24.4%-18.9%-13.3%
6M Excs Rtn2.6%0.2%-10.2%-36.6%-36.1%-30.9%-20.6%
12M Excs Rtn-19.5%-2.2%-17.1%-37.8%-27.9%-32.3%-23.7%
3Y Excs Rtn-72.9%-54.7%14.5%-96.0%-75.9%-106.2%-74.4%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Proprietary Products2,3972,4072,3171,6491,399
Contract-Manufactured Products552480515499442
Intersegment sales elimination0-0-0-0-0
Total2,9502,8872,8322,1471,840


Operating Income by Segment
$ Mil20242023202220212020
Proprietary Products710784796434314
Contract-Manufactured Products7260676949
Restructuring and related charges2-24-2  
Amortization of acquisition-related intangible assets-1-1-1  
Cost investment activity-4-4-4  
Loss on disposal of plant-1200  
Stock Based Compensation-23-24-38  
Corporate general costs-68-59-63  
Asset impairment  -3  
Intersegment sales elimination   -96-66
Total676734752407297


Assets by Segment
$ Mil20242023202220212020
Proprietary Products2,629  1,7981,481
Corporate and Unallocated673  584475
Contract-Manufactured Products528  412386
Total3,830  2,7942,341


Price Behavior

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity1,674,945
Short Interest: % Change Since 9152025-0.2%
Average Daily Volume680,482
Days-to-Cover Short Interest2.46
Basic Shares Quantity72,200,000
Short % of Basic Shares2.3%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/24/202522.8%9.6%6.7%
4/24/2025-3.5%-3.1%-4.3%
2/13/2025-38.2%-36.8%-28.6%
10/24/202415.4%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%
10/26/2023-8.6%-10.1%-1.3%
...
SUMMARY STATS   
# Positive111211
# Negative131213
Median Positive6.1%6.5%7.9%
Median Negative-4.5%-5.2%-7.1%
Max Positive22.8%11.8%24.0%
Max Negative-38.2%-36.8%-28.6%

SEC Filings

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Report DateFiling DateFiling
6302025724202510-Q 6/30/2025
3312025424202510-Q 3/31/2025
12312024218202510-K 12/31/2024
93020241024202410-Q 9/30/2024
6302024725202410-Q 6/30/2024
3312024425202410-Q 3/31/2024
12312023220202410-K 12/31/2023
93020231026202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023427202310-Q 3/31/2023
12312022221202310-K 12/31/2022
93020221027202210-Q 9/30/2022
6302022728202210-Q 6/30/2022
3312022428202210-Q 3/31/2022
12312021222202210-K 12/31/2021
93020211028202110-Q 9/30/2021

Insider Activity

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