WST
WEST PHARMACEUTICAL SERVICES INC
Next earnings Jul 22, 2026 (before open) · consensus $2.10 EPS, $847M rev
Last earnings +12.9% on 2026-04-23
$365.74
▲ +3.12%$365.74▲ +67.66%
over 1Y
L $209.39H $365.74
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+3.1%
1W+5.5%
1M+17.2%
3M+43.6%
YTD+32.5%
1Y+67.7%
Sell
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 22 analysts
Buy
World-class injectables franchise, but ~48x P/E on flat earnings and a multi-year profit plateau leaves little margin of safety.
P/E (price / FY diluted EPS) 48.3 · FY2025
The read
Weak on both the fundamentals and the price — little to like at the current level.
West Pharmaceutical is a genuinely high-quality business — a leading global maker of integrated containment and delivery systems for injectable drugs, deeply embedded with biologic, pharmaceutical and medical-device customers per the MD&A. The balance sheet is a fortress: just $203M of long-term debt against $3.18B of equity (liabilities/equity 0.34x), $791M cash (+63.3% YoY), and operating cash flow of $755M (+15.5%) while capex fell 24.2% — a real free-cash-flow inflection. That quality is not in dispute.
The problem is the price relative to what the franchise is actually delivering. Revenue grew only 6.3% to $3.07B in FY2025, and the multi-year trend is a plateau: revenue has crept from $2.83B (FY2021) to $3.07B (FY2025), barely 2% annualized, while net income has gone the wrong way — from $662M in FY2021 to $494M in FY2025. FY2025 net income was essentially flat (+0.2%) and diluted EPS rose just 1.5% to $6.79. Net margin has compressed to 16.1% from the ~23% peak earnings power of FY2021. Yet the stock trades at 48.3x trailing EPS and 7.7x sales — a multiple that prices in durable double-digit growth the recent results do not show.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 3:09 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $2.83B | $2.89B | $2.95B | $2.89B | $3.07B |
| Gross profit | $1.18B | $1.14B | $1.13B | $999M | $1.10B |
| Operating income | $752M | $734M | $676M | $570M | $585M |
| Net income | $662M | $586M | $593M | $493M | $494M |
| Diluted EPS | $8.67 | $7.73 | $7.88 | $6.69 | $6.79 |
| Net margin | 23.4% | 20.3% | 20.1% | 17.0% | 16.1% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$25.3B
EV / EBITDA33.4
EV / Sales8.2
EV / FCF53.8
P / FCF55.1
PEG (trailing)265.39
Earnings yield1.9%
FCF yield1.8%
Quality & risk
ROIC (est.)13.7%
Free cash flow$469M
Total debt$203M
Net cash$589M
Altman Z-Score17.15 safe
Piotroski F-Score7/9
Capital returns
Buyback yield0.5%
Dividend yield (est.)0.2%
Shareholder yield0.8%
Shares Δ YoY-0.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRed flag in recent filings — cybersecurity incident (2026-05-11). Worth a closer look.
Recent filings
all on EDGAR ↗4Period ending 2026-06-302026-07-01open ↗8-KPeriod ending 2026-05-312026-06-01open ↗8-K/APeriod ending 2026-05-072026-05-20open ↗4Period ending 2026-05-122026-05-14open ↗SDFiling2026-05-13open ↗8-KPeriod ending 2026-05-072026-05-11open ↗144Filing2026-05-07open ↗4Period ending 2026-05-042026-05-06open ↗4Period ending 2026-05-042026-05-06open ↗4Period ending 2026-05-042026-05-06open ↗4Period ending 2026-05-042026-05-06open ↗4Period ending 2026-05-042026-05-06open ↗
Frequently asked
- Is WEST PHARMACEUTICAL SERVICES INC (WST) a buy?
- WST currently carries a Sell rating with 3/5 conviction, derived from its latest SEC filings. World-class injectables franchise, but ~48x P/E on flat earnings and a multi-year profit plateau leaves little margin of safety.
- What is WST's fair value?
- A Modified-Graham model based on WST's SEC fundamentals estimates a fair value of about $90.59. It is an estimate from reported earnings, not a price target.
- Is WST overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, WST currently appears overvalued relative to its SEC-grounded earnings power.
- What is WEST PHARMACEUTICAL SERVICES INC's quality score?
- WST scores 69.88441224014136/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000105770, latest 10-Q filed 2026-04-23) · EODHD · Proprietary analysis · as of 6/21/2026, 7:09:07 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.