WST Financials West Pharmaceutical Services

11 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 1, 2026, 10:32 UTC Overview →

Growth & profitability

Revenue has grown 7.4% per year over the past 5 years.
Net income has grown in line with revenue (7.4% vs 7.4% per year).
Operating margin has been roughly flat, at 19.0% in the latest year.
Free cash flow has grown 9.5% per year over the past 5 years.

Financial health

The company holds more cash ($791M) than total debt ($203M).
Total debt has grown slower than revenue (-4.5% vs 7.4% per year).
Operating income covered interest expense 1170× in the latest year.
Total debt is 0.3× EBITDA.

Shareholder returns

Dividends have been paid for 11 consecutive years, consuming 12.4% of earnings and 13.1% of free cash flow.
The dividend has grown 4.9% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$3.1B	$494M	35.9%	19.0%	15.5%	11.6%	$469M	$203M	$791M
2024	$2.9B	$493M	34.5%	19.7%	18.4%	13.5%	$276M	$203M	$485M
2023	$2.9B	$593M	38.3%	22.9%	20.6%	15.5%	$415M	$207M	$854M
2022	$2.9B	$586M	39.4%	25.4%	21.8%	16.2%	$439M	$209M	$894M
2021	$2.8B	$662M	41.5%	26.6%	28.3%	20.0%	$331M	$253M	$763M
2020	$2.1B	$346M	35.8%	19.0%	18.7%	12.4%	$298M	$255M	$616M
2019	$1.8B	$242M	32.9%	16.1%	15.4%	10.3%	$241M	$257M	$439M
2018	$1.7B	$207M	31.8%	14.0%	14.8%	10.5%	$184M	$196M	$337M
2010	—	$65M	—	—	—	5.0%	$67M	$358M	$110M
2009	—	$73M	—	—	—	5.7%	$33M	$379M	$83M
2008	—	$86M	—	—	—	—	-$4M	—	$87M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$875M	$214M	39.7%	30.6%	7.2%	5.3%	$150M	$203M	$464M
Jun '26	$872M	$154M	37.7%	20.5%	5.2%	3.8%	$81M	$203M	$436M
Mar '26	$845M	$139M	35.1%	21.0%	4.6%	3.4%	$47M	$203M	$521M
Dec '25	$805M	$132M	37.8%	19.5%	4.2%	3.1%	$175M	$203M	$791M
Sep '25	$805M	$140M	36.6%	20.8%	4.6%	3.4%	$134M	$203M	$629M
Jun '25	$767M	$132M	35.7%	20.1%	4.5%	3.3%	$102M	$203M	$510M
Mar '25	$698M	$90M	33.2%	15.3%	3.3%	2.5%	$58M	$203M	$404M
Dec '24	$749M	$130M	36.5%	21.3%	4.9%	3.6%	$85M	$203M	$485M
Sep '24	$747M	$136M	35.4%	21.6%	4.9%	3.7%	$99M	$203M	$491M
Jun '24	$702M	$111M	32.8%	18.0%	4.3%	3.2%	$65M	$206M	$446M
Mar '24	$695M	$115M	33.1%	17.7%	4.3%	3.2%	$28M	$206M	$602M
Dec '23	$732M	$137M	38.0%	22.0%	4.8%	3.6%	$130M	$207M	$854M
Sep '23	$747M	$161M	38.6%	23.7%	5.6%	4.3%	$134M	$207M	$899M
Jun '23	$754M	$155M	38.7%	24.2%	5.6%	4.2%	$94M	$208M	$796M
Mar '23	$717M	$140M	37.9%	21.7%	5.0%	3.8%	$56M	$208M	$886M
Dec '22	$709M	$103M	37.0%	18.3%	3.8%	2.8%	$136M	$209M	$894M
Sep '22	$687M	$121M	39.0%	27.1%	4.9%	3.6%	$111M	$209M	$729M
Jun '22	$771M	$189M	41.7%	29.6%	7.8%	5.6%	$107M	$252M	$719M
Mar '22	$720M	$174M	39.5%	26.3%	7.5%	5.3%	$85M	$253M	$668M
Dec '21	$731M	$148M	41.1%	25.2%	6.3%	4.5%	$84M	$253M	$763M

Valuation over time

How the market has priced WST against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 41.2× (Mar '23) to 57.5× (Nov '26).
The price-to-sales ratio has risen from 8.4× (Mar '23) to 9.2× (Nov '26).
The dividend yield has fallen from 0.2% (Mar '23) to 0.2% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is WST growing its revenue and profit?

Over the past 5 years, West Pharmaceutical Services's revenue has grown 7.4% per year, and net income grown 7.4% per year. These are computed facts, not advice.

How much debt does WST have?

As of FY2025, West Pharmaceutical Services reported $203M of total debt against $791M of cash; operating income covered interest expense 1170×.

What is WST's profit margin?

In FY2025, gross margin was 35.9%, operating margin 19.0%, and net margin 16.1%.

What is WST's P/E ratio?

West Pharmaceutical Services's P/E (TTM) is 44.46 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the WST stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 57.5× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.