West Pharmaceutical Services Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting that the GLP-1 surge of the first quarter of 2026 is the start of a multi-year run, and justifies 47 times earnings with it — comforted by a balance sheet and dividend streak that guard the downside. Whoever waits checks three lines in every quarterly report (10-Q): revenue growth (does it stay double-digit?), the largest customer's share (does it keep climbing toward 20 percent?) and any news on renewing the Daikyo licenses before 2027. The next quarterly numbers arrive as soon as July 23, 2026 — an early reading. As long as price and proof sit this far apart, the stock is a watch-list position with clear checkpoints. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
West Pharmaceutical is the rare case in which the noble title is accurate and can still mislead: 33 SEC-documented consecutive dividend increases, a fortress balance sheet and a tollbooth position in injectable medicine — but a yield around 0.3 percent, a share price at 47 times earnings, and a growth story that hangs on the weight-loss pen, one 15.8 percent customer and Daikyo licenses expiring in 2027. Whoever buys here is not buying a dividend stock but a richly priced quality-growth bet. Not investment advice.
Business model & market position
Consumables with a regulatory moat: elastomer components are baked into customers' drug approvals, and every supplier switch costs data and regulator visits — a tollbooth of injectable medicine with $3,074.1 million in 2025 revenue and a 16 percent net margin (annual report 10-K 2025).
Dividend history & safety
33 consecutive increases (SEC-documented chain: 21st increase 2013, 28th increase 2020, $0.22 per quarter since Q4 2025) at only about 13 percent payout — the streak is exceptionally well covered; the roughly 0.3 percent yield, however, makes the stock no income play (data as of mid-July 2026).
Balance sheet & capital returns
$791.3 million in cash (12/31/2025), equity ratio around 73 percent, net interest paid $0.3 million; buybacks of $1.43 billion since early 2023, a new $1.0 billion program since February 2026, Q1 2026 purchases at ~$244 per share (10-K 2025, 10-Q 03/31/2026).
Growth & the GLP-1 cycle
A strong comeback in Q1 2026 (+21.0 percent revenue, diluted EPS $1.92 after $1.23), driven by high-value components and GLP-1 self-injection systems — but only one quarter after two hangover years: 2025 net income ($493.7 million) still sat below 2023 ($593.4 million), and customer inventory cycles left their mark in 2024.
Concentration risks (big customer & Daikyo)
The largest (unnamed) customer jumped from 12.3 to 15.8 percent of revenue within a year ($485.9 million), the top ten account for 47.6 percent; at the same time the Daikyo licenses for FluroTec, B2 and Crystal Zenith expire in 2027, and the risk factors name oral GLP-1s as a concrete threat to the injection business (10-K 2025).
Valuation
Roughly 47 times trailing earnings, 7.5 times revenue and a good 50 times free cash flow (data as of mid-July 2026) — the multiple of a structural growth stock, paid after a single quarter of renewed acceleration; the non-affiliate market value stood at $15.7 billion as recently as 06/30/2025 per the 10-K.
Worth Noting
WST entered the research list as rank 4 of the in-house dividend-aristocrats scanner (U.S. selection, as of July 18, 2026); 19 further scanners flagged it at the same time — from quality growth and the Buffett criteria to momentum signals (Stage 2, Power Trend).
The 33-year streak is reconstructed from SEC sources: 8-K press releases of 08/01/2013 (21st increase) and 10/28/2020 (28th increase) plus the gaplessly rising, split-adjusted XBRL dividend series 2011–2025 ($0.35 → $0.86). Scanner metrics (P/E, P/S, Piotroski, Altman-Z) use trailing twelve-month figures.
Market-value figure (~$24 billion) from the feed as of mid-July 2026, sanity-checked against 72,021,491 shares outstanding per the annual report 10-K 2025 (as of 01/29/2026); analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at WST since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 231.00 $ to 366.60 $ · Last price: 366.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Instruments & Supplies
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| West Pharmaceutical Services Inc WST | 25.4 | 50.2 | 28.3 | 36.8 | 21.7 | 6.3 | 43.3 |
| Intuitive Surgical Inc ISRG | 135.7 | 47.7 | 29.5 | 66.7 | 30.9 | 20.5 | -11.6 |
| Becton Dickinson and Company BDX | 50.0 | 33.0 | 13.4 | 46.9 | 14.7 | 8.2 | 27.3 |
| Medline Inc. MDLN | 43.2 | 26.7 | 14.0 | 25.1 | 5.4 | 11.5 | – |
| ResMed Inc RMD | 32.7 | 22.2 | 14.6 | 61.6 | 35.3 | 9.8 | -15.4 |
| Solventum Corp. SOLV | 15.1 | 10.8 | 8.2 | 54.8 | 5.6 | 0.9 | 18.2 |
| Baxter International Inc BAX | 11.6 | – | 26.1 | 34.1 | 6.0 | 5.7 | -0.6 |
| Align Technology Inc ALGN | 11.1 | 25.6 | 10.9 | 70.7 | 16.6 | 0.9 | 15.7 |
| Avantor Inc AVTR | 10.9 | – | 122.5 | 31.8 | 6.3 | -3.4 | 27.9 |
| Median of companies shown | 25.4 | 26.7 | 14.6 | 46.9 | 14.7 | 6.3 | 16.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,509 | 197 | 144 | 1.91 | 219 | 1,118 | 1,717 |
| 2017 | 1,599 | 229 | 151 | 1.99 | 263 | 1,666 | 1,863 |
| 2018 | 1,718 | 255 | 207 | 2.74 | 289 | 1,396 | 1,592 |
| 2019 | 1,844 | 297 | 242 | 3.21 | 367 | 1,573 | 2,341 |
| 2020 | 2,147 | 419 | 346 | 4.57 | 473 | 1,855 | 2,794 |
| 2021 | 2,831 | 759 | 662 | 8.67 | 584 | 2,335 | 3,314 |
| 2022 | 2,886 | 764 | 586 | 7.73 | 724 | 2,685 | 3,617 |
| 2023 | 2,951 | 711 | 593 | 7.88 | 777 | 2,881 | 3,830 |
| 2024 | 2,893 | 595 | 493 | 6.69 | 653 | 2,682 | 3,643 |
| 2025 | 3,074 | 617 | 494 | 6.79 | 755 | 3,176 | 4,270 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.77 | -3.40 | 749 | 2.20 | 17.40 | 190 | 85 |
| 2025: Q1 | 1.23 | -20.70 | 698 | 0.40 | 12.90 | 129 | 58 |
| 2025: Q2 | 1.81 | 19.90 | 766 | 9.10 | 17.20 | 177 | 102 |
| 2025: Q3 | 1.93 | 3.90 | 804 | 7.70 | 17.40 | 197 | 134 |
| 2025: Q4 | 1.82 | 2.90 | 805 | 7.50 | 16.40 | 251 | 175 |
| 2026: Q1 | 1.92 | 55.80 | 845 | 21.00 | 16.40 | 90 | 47 |
| 2026: Q2 | 2.15 | 18.80 | 872 | 13.80 | 17.70 | 124 | 81 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 22 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Aktien.Guide
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Power Trend Leader
- Mike Webster: Swing Trading List
- Near 52-Week High
- Oliver Kell: Strength on Down Day
- Power Trend
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 8.96 | 8.83 – 9.05 | 3,374 | 22.9% | 17 |
| 12/31/2027 | 9.98 | 9.71 – 10.67 | 3,586 | 11.3% | 17 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 22.3% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $436.9M |
|---|---|
| Market cap | $25.39B |
| Free cash flow in year ten | $3.26B |
| Terminal value as a share of market value | 67.8% |
For comparison: over the past five years free cash flow grew by 9.5% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 18.07.2026 gegen den Geschäftsbericht (10-K) 2025 (eingereicht 17.02.2026), den 10-K 2024 (18.02.2025) und die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 31.03.2026): In keinem der sechs ausgewerteten SEC-Filings von West Pharmaceutical findet sich auch nur eine Erwähnung von „artificial intelligence“, „machine learning“, „generative“, „LLM“ oder „AI“ — der Volltext-Scan (inklusive Schreibvarianten) liefert null Treffer. Das Geschäft (Elastomer-Stopfen, Dichtungen, Injektionssysteme für injizierbare Medikamente) wird in den Berichten ohne jeden KI-Bezug beschrieben; weder KI-Umsatzquelle noch operativer KI-Einsatz noch ein konkretes KI-Geschäftsrisiko fürs eigene Modell sind dokumentiert. Ergänzend gesichtet: Die Proxy-Erklärung (DEF 14A, 12.03.2026) erwähnt „artificial intelligence“ nur als Themenpunkt der überarbeiteten Verhaltenskodizes (Code of Conduct) — Governance-Boilerplate ohne Geschäftsmodell-Bezug, nach dem Kriterienkatalog kein Beleg. Dokumentierter Negativ-Befund → neutral.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-04-23 · 10-Q 2025-10-23 · 10-Q 2025-07-24 · 10-Q 2025-04-24 · 10-K 2026-02-17 · 10-K 2025-02-18
Rated on July 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 2.1%
- More than 10% revenue growth is expected for the coming year 6.2%
- Share count grows by less than 3% a year -1.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 21.5%
- Gross margin at 40% or higher and without meaningful erosion 35.9%
- Goodwill from acquisitions does not grow faster than revenue 2.6%
- Net debt below twice EBITDA 375 m net cash
- Operating cash flow covers the profits of the last three years 605 m
- Return on capital at 15% or higher, or up versus two years ago 17.1%
- Insiders hold at least 10% or are net buyers 0.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
10/10 Quality stockThe AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 8.2%
- Exp. sales growth 3Y > 5% 8.0%
- EBIT growth 10Y > 5% 13.5%
- Exp. EBIT growth 3Y > 5% 21.2%
- Net debt < 4x EBIT -0.6x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 22.1%
- Return on equity > 15% 16.1%
- ROCE > 15% 17.1%
- Expected return > 10% 23.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Sell | 2,524 | 365.00 | 921,260 |
| Sep 15, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Other | 2,524 | 89.64 | 226,251 |
| Sep 14, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Sell | 2,500 | 355.00 | 887,500 |
| Sep 14, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Other | 2,500 | 89.64 | 224,100 |
| Sep 11, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Sell | 2,500 | 345.00 | 862,500 |
| Sep 11, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Other | 2,500 | 89.64 | 224,100 |
| Sep 8, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Sell | 2,500 | 340.81 | 852,025 |
| Sep 8, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Other | 2,500 | 89.64 | 224,100 |
| Sep 8, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Sell | 2,818 | 340.81 | 960,403 |
| Sep 8, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Other | 2,818 | 83.47 | 235,218 |
The company
About the Company
West Pharmaceutical Services, Inc. entwickelt, fertigt und verkauft Behälter- und Verabreichungssysteme für injizierbare Arzneimittel und Gesundheitsprodukte in Nord- und Südamerika, Europa, dem Nahen Osten, Afrika und dem asiatisch-pazifischen Raum.
- Employees
- 10,800
- Headquarters
- Exton, PA
- Address
- 530 Herman O. West Drive, 19341-1147 Exton, United States
- Phone
- 610 594 2900
- Website
- westpharma.com
- IPO Date
- 01/13/1978
- ISIN
- US9553061055
- Stock Split
- 2:1 on 09/27/2013
- Stock Split
- 2:1 on 09/29/2004
- Stock Split
- 2:1 on 06/02/1987
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert W. McMahon C.M.A. | Senior VP & CFO | 1969 |
| Annette F. Favorite | Chief HR Officer & Senior VP | 1965 |
| Shane A. Campbell | SVP & Chief Proprietary Segment Officer | 1980 |
| Michel Lagarde | President, CEO & Director | 1975 |
| Chad R. Winters | VP of Finance & Chief Accounting Officer | 1979 |
| Devesh Mathur | Senior VP & CTO | – |
| John P. Sweeney C.F.A. | Vice President of Investor Relations | – |
| Norman D. Finch Jr. | Senior VP, General Counsel & Corporate Secretary | 1965 |
| Michele Polinsky | Vice President of Global Communications | – |
| Rudy J. Poussot | Senior Vice President of Strategy & Corporate Development | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.