West Pharmaceutical Services (WST)
Market Price (10/23/2025): $284.0 | Market Cap: $20.5 BilSector: Health Care | Industry: Health Care Supplies
West Pharmaceutical Services (WST)
Market Price (10/23/2025): $284.0Market Cap: $20.5 BilSector: Health CareIndustry: 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
| 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 -81%, 3Y Excs Rtn is -73% | 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 30x, P/EPrice/Earnings or Price/(Net Income) is 41x |
| 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 12% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4% | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% |
| 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 12% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% |
| Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -73% |
| 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 30x, P/EPrice/Earnings or Price/(Net Income) is 41x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4% |
Market Valuation & Key Metrics
WST Stock
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WST Return | 89% | 66% | -50% | 50% | -7% | -15% | 83% |
| Peers Return | 20% | 10% | 2% | -3% | 17% | -5% | 46% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 106% |
Monthly Win Rates [3] | |||||||
| WST Win Rate | 75% | 83% | 33% | 67% | 50% | 56% | |
| Peers Win Rate | 55% | 57% | 47% | 48% | 57% | 53% | |
| S&P 500 Win Rate | 58% | 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
| 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 | 1295 days | 1480 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.
Latest Trefis Analyses
Trade Ideas
Select past ideas related to WST. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 09302025 | ADMA | ADMA Biologics | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.4% | 0.4% | -4.6% |
| 09302025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 3.0% | 3.0% | -0.8% |
| 09262025 | HAE | Haemonetics | 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 | 6.3% | 6.3% | -0.1% |
| 09192025 | WAT | Waters | 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 | 16.1% | 16.1% | -4.3% |
| 09052025 | ISRG | Intuitive Surgical | 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 | -0.9% | -0.9% | -8.0% |
| 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 | 13.1% | 13.1% | -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% | 20.5% | -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% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 09302025 | ADMA | ADMA Biologics | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.4% | 0.4% | -4.6% |
| 09302025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 3.0% | 3.0% | -0.8% |
| 09262025 | HAE | Haemonetics | 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 | 6.3% | 6.3% | -0.1% |
| 09192025 | WAT | Waters | 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 | 16.1% | 16.1% | -4.3% |
| 09052025 | ISRG | Intuitive Surgical | 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 | -0.9% | -0.9% | -8.0% |
| 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 | 13.1% | 13.1% | -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% | 20.5% | -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% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for West Pharmaceutical Services
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 126.67 |
| Mkt Cap | 17.6 |
| Rev LTM | 5,913 |
| Op Inc LTM | 956 |
| FCF LTM | 485 |
| FCF 3Y Avg | 535 |
| CFO LTM | 984 |
| CFO 3Y Avg | 997 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.4% |
| Rev Chg 3Y Avg | 0.8% |
| Rev Chg Q | 10.8% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Mgn LTM | 12.5% |
| Op Mgn 3Y Avg | 12.4% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 12.3% |
| CFO/Rev 3Y Avg | 14.7% |
| FCF/Rev LTM | 6.3% |
| FCF/Rev 3Y Avg | 7.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 17.6 |
| P/S | 1.6 |
| P/EBIT | 15.4 |
| P/E | 24.2 |
| P/CFO | 14.2 |
| Total Yield | 7.7% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 4.8% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.6% |
| 3M Rtn | -8.0% |
| 6M Rtn | 4.1% |
| 12M Rtn | -7.2% |
| 3Y Rtn | 11.8% |
| 1M Excs Rtn | -1.5% |
| 3M Excs Rtn | -13.3% |
| 6M Excs Rtn | -20.6% |
| 12M Excs Rtn | -23.7% |
| 3Y Excs Rtn | -74.4% |
Comparison Analyses
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 | -2 | ||
| Amortization of acquisition-related intangible assets | -1 | -1 | -1 | ||
| Cost investment activity | -4 | -4 | -4 | ||
| Loss on disposal of plant | -12 | 0 | 0 | ||
| Stock Based Compensation | -23 | -24 | -38 | ||
| Corporate general costs | -68 | -59 | -63 | ||
| Asset impairment | -3 | ||||
| Intersegment sales elimination | -96 | -66 | |||
| Total | 676 | 734 | 752 | 407 | 297 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Proprietary Products | 2,629 | 1,798 | 1,481 | ||
| Corporate and Unallocated | 673 | 584 | 475 | ||
| Contract-Manufactured Products | 528 | 412 | 386 | ||
| Total | 3,830 | 2,794 | 2,341 |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/24/2025 | 22.8% | 9.6% | 6.7% |
| 4/24/2025 | -3.5% | -3.1% | -4.3% |
| 2/13/2025 | -38.2% | -36.8% | -28.6% |
| 10/24/2024 | 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% |
| 10/26/2023 | -8.6% | -10.1% | -1.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 11 |
| # Negative | 13 | 12 | 13 |
| Median Positive | 6.1% | 6.5% | 7.9% |
| Median Negative | -4.5% | -5.2% | -7.1% |
| 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 |
|---|---|---|
| 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 |
| 9302021 | 10282021 | 10-Q 9/30/2021 |
External Quote Links
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |