West Pharmaceutical Services Inc

Health Care
Medical/Dental Instruments
www.westpharma.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $15.15B
PE 32
Debt $203.00M
Cash $404.20M
EV $14.95B
FCF $306.90M

Earnings

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Sales & Net Margins

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Earnings	$467.20M
EBIT	$583.20M
ROE	17%
ROA	16%
FCF	$306.90M
Equity	$2.68B
Growth Stability	80%
PE	32.43
PEG	4.56
PB	5.65
P/FCF	49.37
P/S	5.23
Price/Cash	0.03
Debt/Equity	0.08
Debt/FCF	0.66
Net Margins	13%
Gross Margins	35%
Op. Margins	20%
Earnings CAGR	23%
Sales Growth YoY	0%
Sales Growth QoQ	-7%
Sales CAGR	10%
FCF CAGR	23%
Equity CAGR	13%
Earnings Stability	0.82
Earnings Growth YoY	-22%
Earnings Growth QoQ	-31%
Earnings CAGR 5Y	7%

Sales CAGR 5Y	7%
FCF CAGR 5Y	4%
Equity CAGR 5Y	11%
Earnings CAGR 3Y	-0%
Sales CAGR 3Y	-0%
FCF CAGR 3Y	-12%
Equity CAGR 3Y	2%
Market Cap	$15.15B
Revenue	$2.90B
Dividend Yield	0%
Payout Ratio	13%
Assets	$3.62B
Total Debt	$203.00M
Cash	$404.20M
Shares Outstanding	71.8M
EV	14.95B
Earnings Score	94%
Moat Score	94%
Safety Score	96%
Final Score	95%
Working Capital	930.8M
Current Ratio	2.77
Gross Profit	$1.00B
Shares Growth 3y	-1%
Equity Growth QoQ	0%
Equity Growth YoY	0%

Assets & ROA

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Stockholders Equity & ROE

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West Pharmaceutical Services is a Pennsylvania-based medical supplies company that operates as a key supplier to firms in the pharmaceutical, biotechnology, and generic drug industries. West develops, manufactures, and distributes elastomer-based supplies for the containment and administration of injectable drugs, including basic equipment such as syringes, stoppers, and plungers, along with somewhat more complicated devices including auto-injectors and other self-injection platforms. The company reports in two segments: proprietary products (82% of 2021 sales) and contract-manufactured products (18%). It generates 55% of its revenue from international markets and 45% from the United States.

SEC Filings

Direct access to West Pharmaceutical Services Inc (WST) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does West Pharmaceutical Services Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of West Pharmaceutical Services Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 23%

Stability 82%

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West Pharmaceutical Services Inc Discounted Cash Flow

Fully customizable DCF calculator online for West Pharmaceutical Services Inc.

Years

Calculation mode

= $15B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$307M	$378M	$465M	$572M	$704M	$866M	$1.1B	$1.3B	$1.6B	$2B	$2.4B	$24B
DCF		$343M	$384M	$430M	$481M	$538M	$602M	$673M	$753M	$842M	$942M	$9.4B
Value	$15B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	7%	10%	9%	12%	13%	16%	23%	20%	20%	17%	13%
ROA	-	12%	13%	13%	13%	15%	23%	20%	19%	17%	16%
ROE	-	13%	12%	15%	15%	19%	28%	22%	21%	18%	17%

Good Net Margins (12.87%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	4.7	1.49	1.07	1.08	0.87	0.9	0.48	0.82	0.73	0.66
Debt over Equity	0.36	0.21	0.15	0.14	0.17	0.14	0.13	0.08	0.12	0.08	0.08
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	80%	80%

Good Debt/FCF ratio (0.66)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.08)

The company is not overleveraged and has a good balance between equity and debt.

Neutral Graham’s Stability (80%)

The company has a stability in its earnings that is not too good nor too bad.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	8%	6%	7%	7%	17%	32%	2%	2%	-2%	7%
Earnings YoY growth	-	50%	5%	37%	17%	43%	91%	-11%	1%	-17%	7%
Equity YoY growth	-	9%	15%	9%	13%	18%	26%	15%	7%	-7%	11%
FCF YoY growth	-	-39%	169%	39%	31%	24%	11%	33%	-6%	-33%	4%