XStocksXray

Research report · 16 October 2026

West Pharmaceutical Services Inc (WST)

Health Care · Health Care Supplies · US stock · price as of 16 Oct 2026

Key indicators

Price	$384.02
52-week range	$223.52 – $386.26
Market cap	$27.4B
P/E (trailing)	49.1×
EV / EBITDA	31.5×
Free-cash-flow yield	1.6%
Dividend yield	0.2%
Revenue (last 12 months)	$3.3B
Revenue growth (3y a year)	2.1%
Operating margin	20.5%
Return on invested capital	18.8%
Net debt / EBITDA	-0.1×

Fair value

Blended fair value$216.00 range $205 – $228

Versus priceOvervalued−44% to fair value

Peer multiples	$214.51
Fundamentals-adjusted multiple	$210.97
10-year DCF (market-scaled)	$222.51
Earnings power value (floor, not blended)	$98.28
Model uncertainty	Medium

X-Ray Score

44/ 100 · High confidence · ahead of 30% of sector peers

Valuation17

Growth30

Profitability52

Financial health82

Dividends49

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

West Pharmaceutical Services makes the packaging and delivery components that keep injectable medicines safe. Its rubber stoppers, seals and plungers are used in vials, syringes and cartridges, while its contract manufacturing business produces devices such as auto-injectors and other drug delivery products for drug makers. Customers are pharmaceutical, biotechnology and generic drug companies.

West earns revenue from the recurring supply of components used with each injection, and from contract manufacturing. Revenue for the last twelve months was $3.3 billion, growing at 2.1% a year across the last three years. The operating margin is 20.5%, and the business earns a profit of 19% on the capital invested in it. It has net debt of -0.1 times EBITDA, meaning slightly more cash than debt. A dividend is paid, with a yield of 0.2%.

StocksXray gives West Pharmaceutical Services Inc an X-Ray Score of 44 out of 100 (high confidence), ahead of 30% of the S&P 500 stocks in its sector. Its strongest lens is financial health (82) and its weakest is valuation (17).

Our fair value blend is $216.00 (range $204.98 to $227.88). At $384.02 the stock trades 78% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

West Pharmaceutical Services Inc (WST)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$463.09	$232.94	$349.33	$325.74	$274.50	$384.02
Market cap	$35.3B	$17.7B	$26.3B	$24.0B	$20.0B	$27.4B
P/E	53.4×	30.1×	44.3×	48.7×	40.4×	49.1×
EV / revenue	12.3×	5.9×	8.7×	8.2×	6.3×	8.2×
EV / EBITDA	39.8×	19.9×	31.5×	32.7×	25.6×	31.5×
Price / free cash flow	106.9×	40.2×	63.5×	86.9×	42.6×	62.7×
Free-cash-flow yield	0.9%	2.5%	1.6%	1.2%	2.3%	1.6%
Price / book	15.1×	6.6×	9.1×	9.0×	6.3×	9.2×
Dividend yield	0.15%	0.32%	0.22%	0.25%	0.31%	0.23%

Fundamentals checklist ● 5 Good · ● 4 Average · ● 7 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−2.4%Bad

Free-cash-flow yield1.6%Bad

Risk models

Altman Z score9.6×Good

Piotroski F-Score7 of 9Average

Growth

EPS growth (3y)−4.2%Bad

Free-cash-flow growth (3y)2.2%Average

Revenue growth (3y)2.1%Bad

Growth consistency70%Bad

Balance sheet

Current ratio2.8×Good

Net debt / EBITDA-0.1×Good

Interest coverno interest costGood

Valuation

Fair value vs price0.6×Bad

EBIT / EV yield2.5%Bad

Profitability

Return on invested capital18.8%Good

Operating margin20.5%Average

Gross profitability30.0%Average

XStocksXray

West Pharmaceutical Services Inc (WST)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	2,832	2,887	2,950	2,893	3,074	3,327
Gross profit	1,176	1,136	1,129	999	1,104	1,224
Operating income	752	734	676	570	585	680
Net income	662	586	593	493	494	565
Diluted EPS ($)	8.67	7.73	7.88	6.69	6.79	7.82
Free cash flow	331	439	415	276	469	437
Gross margin	41.5%	39.4%	38.3%	34.5%	35.9%	36.8%
Operating margin	26.6%	25.4%	22.9%	19.7%	19.0%	20.5%
Net margin	23.4%	20.3%	20.1%	17.0%	16.1%	17.0%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	3,314	3,617	3,830	3,643	4,270	4,076
Cash	763	894	854	485	791	436
Total debt	253	209	207	203	203	203
Equity	2,335	2,685	2,881	2,682	3,176	2,990
Dividend per share ($)	0.70	0.74	0.78	0.82	0.86	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	698	767	805	805	845	872
Growth vs a year earlier	+0.4%	+9.2%	+7.7%	+7.5%	+21.0%	+13.8%
Net income ($M)	90	132	140	132	139	154
Diluted EPS ($)	1.23	1.82	1.92	–	1.92	2.15

XStocksXray

West Pharmaceutical Services Inc (WST)

Peers in Health Care Supplies

Company	X-Ray
WST · West Pharmaceutical Servic...	44
ALGN · Align Technology Inc	61
COO · Cooper Companies, Inc.	46

Market Compass outlook for Health Care: Neutral (51/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+4.9%
1 month	+4.8%
3 months	+9.1%
6 months	+40.5%
1 year	+46.5%
3 years	−1.2%
5 years	−4.4%

Technical summary

DailyStrongly bullish12 bullish · 1 neutral · 3 bearish

WeeklyStrongly bullish11 bullish · 1 neutral · 0 bearish

MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish

50-day / 200-day average	$358.14 / $307.05
52-week low / high	$223.52 / $386.26
Classic pivot, support and resistance	S2 377.54 · S1 380.78 · P – · R1 386.76 · R2 389.50

Recent dividends

Ex-dividend date	Amount per share
29 Jul 2026	$0.2200
29 Apr 2026	$0.2200
28 Jan 2026	$0.2200
12 Nov 2025	$0.2200
30 Jul 2025	$0.2100
30 Apr 2025	$0.2100

XStocksXray

West Pharmaceutical Services Inc (WST)

Strengths

Return on invested capital of 18.8% is ahead of 68% of its sector peers.
Interest cover of no interest cost is ahead of 98% of its sector peers.
Holds more cash than debt (net debt to EBITDA of -0.1×).
Piotroski F-Score of 7 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Earnings backed by cash is weak against Health Care peers (−2.4%).
Free-cash-flow yield is weak against Health Care peers (1.6%).
EPS growth (3y) is weak against Health Care peers (−4.2%).
Revenue growth (3y) is weak against Health Care peers (2.1%).
Growth consistency is weak against Health Care peers (70%).
Fair value vs price is weak against Health Care peers (0.6×).
EBIT / EV yield is weak against Health Care peers (2.5%).
The price is above our fair value range, so good news may already be in the price.

Latest SEC filings

Date	Form	Items
23 Jul 2026	10-Q
23 Jul 2026	8-K	2.02,7.01,9.01
14 Jul 2026	8-K	1.01,9.01
1 Jun 2026	8-K	5.02,7.01,9.01
11 May 2026	8-K	1.05,7.01,9.01
5 May 2026	8-K	5.07,9.01
23 Apr 2026	10-Q
23 Apr 2026	8-K	2.02,7.01,9.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.