WST

MKT CAP:$22B

West Pharmaceutical Services, Inc.

Market Cap

$22B

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$308.85+$32.45 (+11.74%)

Apr 23, 2026

Company Details

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 seg...

CEO

Eric Green

IPO Date

Mar 17, 1980

Website

www.westpharma.com

Key Metrics TTM

Revenue

$3.2B

+11.2% YoY

Net Income

$543M

EPS (Diluted)

$7.49

Free Cash Flow

$458M

Revenue / Share

$44.48

Gross Margin

36.2%

Operating Margin

20.7%

Net Margin

16.9%

FCF Margin

14.2%

P/S

6.8x

P/E

40.2x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$845M+21.0%EPS $1.92

FY 2025

Feb 17, 2026

$3.1B+6.3%EPS $6.80

Q4 2025

Feb 17, 2026

$805M+7.5%EPS $1.82

Q3 2025

Oct 23, 2025

$804M+7.7%EPS $1.93

Q2 2025

Jul 24, 2025

$766M+9.1%EPS $1.82

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$772M	$320M	$224M
Q3 22	$686M	$268M	$188M
Q4 22	$708M	$263M	$162M
Q1 23	$716M	$271M	$168M
Q2 23	$754M	$292M	$187M
Q3 23	$748M	$290M	$191M
Q4 23	$732M	$279M	$171M
Q1 24	$695M	$231M	$127M
Q2 24	$702M	$231M	$131M
Q3 24	$747M	$265M	$168M
Q4 24	$749M	$274M	$171M
Q1 25	$698M	$233M	$128M
Q2 25	$766M	$273M	$158M
Q3 25	$804M	$294M	$174M
Q4 25	$805M	$304M	$157M
Q1 26	$845M	$296M	$177M

Valuation

Quarter	P/S	P/E
Q2 22	7.7x	33.1x
Q3 22	6.6x	30.2x
Q4 22	6.2x	30.6x
Q1 23	8.9x	46.7x
Q2 23	9.8x	54.2x
Q3 23	9.4x	49.1x
Q4 23	8.8x	43.6x
Q1 24	9.9x	50.8x
Q2 24	8.2x	45.0x
Q3 24	7.6x	43.9x
Q4 24	8.3x	48.7x
Q1 25	5.6x	34.6x
Q2 25	5.3x	32.4x
Q3 25	6.2x	38.3x
Q4 25	6.5x	40.4x
Q1 26	5.5x	32.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$173M	$107M
Q3 22	$169M	$111M
Q4 22	$231M	$136M
Q1 23	$138M	$56M
Q2 23	$169M	$94M
Q3 23	$230M	$134M
Q4 23	$239M	$130M
Q1 24	$118M	$28M
Q2 24	$165M	$65M
Q3 24	$180M	$99M
Q4 24	$190M	$85M
Q1 25	$129M	$58M
Q2 25	$177M	$102M
Q3 25	$197M	$134M
Q4 25	$251M	$175M
Q1 26	$90M	$47M

Capital Expenditures

Quarter	CapEx
Q2 22	$66M
Q3 22	$58M
Q4 22	$95M
Q1 23	$82M
Q2 23	$75M
Q3 23	$96M
Q4 23	$109M
Q1 24	$91M
Q2 24	$100M
Q3 24	$81M
Q4 24	$105M
Q1 25	$71M
Q2 25	$75M
Q3 25	$63M
Q4 25	$76M
Q1 26	$43M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+6.6%	+6.5%
Q3 22	-2.9%	-4.6%
Q4 22	-2.8%	-0.3%
Q1 23	-0.5%	+2.9%
Q2 23	-2.3%	+3.5%
Q3 23	+8.9%	+11.5%
Q4 23	+3.3%	+2.7%
Q1 24	-2.9%	+3.6%
Q2 24	-6.9%	+0.8%
Q3 24	-0.1%	+4.1%
Q4 24	+2.2%	+2.9%
Q1 25	+0.4%	+0.3%
Q2 25	+9.1%	+6.4%
Q3 25	+7.7%	+8.9%
Q4 25	+7.5%	+12.2%
Q1 26	+21.0%	+17.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$6M	0.7%
Q3 22	$6M	0.9%
Q4 22	$7M	0.9%
Q1 23	$9M	1.2%
Q2 23	$8M	1.0%
Q3 23	$6M	0.8%
Q4 23	$1M	0.2%
Q1 24	$5M	0.7%
Q2 24	$4M	0.6%
Q3 24	$5M	0.7%
Q4 24	$4M	0.6%
Q1 25	$1M	0.2%
Q2 25	$7M	1.0%
Q3 25	$8M	1.0%
Q4 25	$7M	0.8%
Q1 26	$7M	0.8%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 22	$14M	$82M
Q3 22	$14M	$66M
Q4 22	$16M	$86M
Q1 23	$17M	$86M
Q2 23	$17M	$88M
Q3 23	$16M	$89M
Q4 23	$18M	$90M
Q1 24	$18M	$87M
Q2 24	$18M	$83M
Q3 24	$16M	$82M
Q4 24	$19M	$85M
Q1 25	$16M	$88M
Q2 25	$19M	$96M
Q3 25	$17M	$103M
Q4 25	$22M	$107M
Q1 26	$16M	$100M

Revenue Segments

Quarter	Delivery Systems	Packaging Systems	Contract Manufactured Products	Proprietary Products
Q2 22	$118M	$654M	—	—
Q3 22	$120M	$567M	—	—
Q1 23	—	—	$134M	$583M
Q2 23	$136M	—	—	$618M
Q3 23	$145M	$603M	—	—
Q1 24	—	—	$136M	$560M
Q2 24	—	—	$142M	$560M
Q3 24	—	—	$146M	$601M
Q4 24	—	—	$135M	$614M
Q1 25	—	—	$135M	$563M
Q2 25	—	—	$147M	$620M
Q3 25	—	—	$157M	$648M
Q4 25	—	—	$143M	$662M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$719M	$0	$719M
Q3 22	$729M	$0	$729M
Q4 22	$894M	$0	$894M
Q1 23	$886M	$0	$886M
Q2 23	$796M	$0	$796M
Q3 23	$899M	$0	$899M
Q4 23	$854M	$0	$854M
Q1 24	$602M	$0	$602M
Q2 24	$446M	$0	$446M
Q3 24	$491M	$0	$491M
Q4 24	$485M	$0	$485M
Q1 25	$404M	$0	$404M
Q2 25	$510M	$0	$510M
Q3 25	$629M	$0	$629M
Q4 25	$791M	$0	$791M
Q1 26	$521M	$0	$521M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	76M	-0.3%	+0.1%
Q3 22	76M	-0.1%	-0.4%
Q4 22	76M	-0.1%	-1.0%
Q1 23	76M	+0.1%	-0.4%
Q2 23	75M	-0.4%	-0.5%
Q3 23	75M	-0.1%	-0.5%
Q4 23	75M	-0.4%	-0.8%
Q1 24	74M	-0.9%	-1.8%
Q2 24	74M	-0.8%	-2.3%
Q3 24	73M	-0.4%	-2.5%
Q4 24	74M	+0.4%	-1.7%
Q1 25	73M	-0.9%	-1.7%
Q2 25	73M	-0.3%	-1.2%
Q3 25	73M	-0.1%	-1.0%
Q4 25	73M	0.0%	-1.4%
Q1 26	72M	-0.4%	-0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$76.7K	10K
Q3 22	$68.2K	10K
Q4 22	$66.2K	11K
Q1 23	$66.9K	11K
Q2 23	$70.5K	11K
Q3 23	$69.9K	11K
Q4 23	$69.1K	11K
Q1 24	$65.6K	11K
Q2 24	$66.2K	11K
Q3 24	$70.5K	11K
Q4 24	$70.6K	11K
Q1 25	$65.9K	11K
Q2 25	$72.3K	11K
Q3 25	$75.9K	11K
Q4 25	$74.5K	11K
Q1 26	$78.2K	11K

Revenue / Employee