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Leading maker of injectable drug packaging components (elastomer stoppers, seals) and delivery-device systems for pharma/biotech.
Leading maker of injectable drug packaging components (elastomer stoppers, seals) and delivery-device systems for pharma/biotech.
Sells small parts such as stoppers and seals priced per unit, so revenue follows how many injectable doses its customers fill, and higher-priced parts for biologics earn more than standard ones. Its contract-manufacturing arm makes injection devices, such as pens, to customers' designs.
Moat: wide (regulatory licence, switching costs, IP / patents). Components are qualified as part of a drug's regulatory filing, making supplier switches costly and slow.
Headquarters: Exton, Pennsylvania, USA · Founded: 1923 · Employees: 10,800
Size West Pharmaceutical Services (WST) is a United States Health Care company (Medical Specialties) with a market value of $27.9B, the 388th largest of 3,117 United States companies the cockpit tracks. Shares closed at $399.81 on 6 Nov 2026.
Performance Over six months the shares gained 22.7%, against +29.3% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 12.6% over the last twelve months (peer median +6.9%); the operating margin is 22.9% (peer median 20.1%).
Valuation It trades at 39.8× forward earnings against a peer median of 26.7× (3rd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +18 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.4 points above its cost of capital (10.5% WACC).
Short interest Short interest is 2.9% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.40B | $3.07B | $2.89B | $2.95B | $2.89B |
| Revenue growth | — | +6% | -2% | +2% | — |
| Gross profit | $1.28B | $1.10B | $1.00B | $1.13B | $1.14B |
| EBITDA | $963M | $808M | $750M | $848M | $884M |
| Net income | $639M | $494M | $493M | $593M | $586M |
| Free cash flow | $453M | $469M | $276M | $414M | $439M |
| Capital expenditure | $201M | $286M | $377M | $362M | $285M |
| Total debt | $314M | $326M | $305M | $309M | $318M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| West Pharmaceutical Services WST | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% |
| Stevanato STVN | $3.70B | -26% | +12% | 18% | 19.3× | 10.6% |
| Daetwyler DAE.SW | $2.72B | -21% | +2% | 10% | 24.7× | 9.3% |
| Gerresheimer GXI.DE | $1.21B | +24% | +9% | -4% | 18.0× | 55.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.1% | +10.6% | 11th highest of 21 |
| 6-month return | +22.7% | +29.3% | 6th lowest of 21 |
| Distance from 52-week high | -8.8% | -7.6% | 10th lowest of 21 |
| Revenue growth (TTM) | +12.6% | +6.9% | 6th highest of 21 |
| Operating margin | 22.9% | 20.1% | 8th highest of 21 |
| Forward P/E | 39.8× | 26.7× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 25.2% | 13.7% | 5th most demanding of 20 |
| Growth delivered (Del g) | +7.5% | +8.3% | 10th lowest of 20 |
| Hurdle (Req g minus delivered) | +17.7 pp | +1.7 pp | 5th most demanding of 20 |
| ROIC minus cost of capital | +11.4 pp | +4.1 pp | 7th highest of 21 |
| EV / EBITDA | 28.8× | 19.0× | 2nd most expensive of 19 |
| Net debt / EBITDA | -0.2× | 1.3× | 4th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
| Sonova SOON.SW | Switzerland | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% | +6.7% |
| Guardant Health GH | United States | $20.2B | +58% | +43% | -40% | n/a | n/a | n/a |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |