West Pharmaceutical Services, I (WST) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

West Pharmaceutical Services, I

NYSE•Healthcare•Medical Instruments & Supplies

$407.88-4.74(-0.01%)After hours

Market Cap

$28.65B

P/E

44.8x

P/S

8.4x

P/B

9.7x

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.

How this company scores

ExcellentMetricSide Score: 88/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (19/25).

Profitability25/25

Growth23/25

Balance Sheet & Red Flags19/25

Cash & Earnings Quality21/25

Strengths

Rising free cash flowStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 44.8x5y range 29.6x – 54.1x

Currently near its 20-quarter median.

P/S · 8.4x5y range 5.3x – 12.6x

Currently near its 20-quarter median.

P/B · 9.7x5y range 5.4x – 15.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $28.65B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $3.40B
Q. Revenue: $874.50M
TTM EBITDA: $964.50M
TTM Op. Income: $780.20M
Q. Op. Income: $267.40M
TTM Net Income: $638.90M
Q. Net Income: $214.00M
EPS: $3.04
Shares Out.: $70.40M

$3.40B in TTM revenue grew 12.6% YoY, reaching $874.50M last quarter. TTM EBITDA of $964.50M and TTM operating income of $780.20M show growth is flowing through to the bottom line. TTM net income of $638.90M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 39.7%
EBITDA Margin: 35.8%
Op. Margin: 30.6%
Net Margin: 24.5%

Op. margin of 30.6% is up 9.7% YoY — cost efficiency is improving. Net margin at 24.5% and gross margin of 39.7% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 47% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 44.8x
P/S Ratio: 8.4x
P/B Ratio: 9.7x

At 44.8x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 8.4x and P/B of 9.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $4.06B
Cash: $464.10M
Long-Term Debt: $202.90M
Book Value: $2.97B
D/E Ratio: 0.1
Debt/EBITDA: 0.6

With $4.06B in assets and $202.90M in long-term debt, D/E is 0.1and book value is $2.97B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $189.50M
TTM Free Cash Flow: $453.40M
FCF Margin: 13.3%
FCF / Net Income: 0.7

TTM FCF of $453.40M on $189.50M in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 20% — an improving trend.