West Pharmaceutical Services
WST · NYSESurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
West Pharmaceutical Services reported revenue of $3.1B in the fiscal year ended Dec 2025, up 6.3% from the year before. Operating income was $585M, an operating margin of 19.0%, and net income was $494M. Operating cash flow of $755M less capital expenditure of $286M left free cash flow of $469M. It held more cash than debt (net cash $589M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $2.9B | $2.9B | $2.9B | $3.1B |
| Cost of revenue | $1.7B | $1.8B | $1.8B | $1.9B | $2B |
| Gross profit | $1.2B | $1.1B | $1.1B | $999M | $1.1B |
| Research & development | $53M | $59M | $68M | $69M | $74M |
| Selling, general & admin | $363M | $317M | $353M | $339M | $394M |
| Operating income | $752M | $734M | $676M | $570M | $585M |
| Interest expense | $8M | $8M | $9M | $3M | $500,000 |
| Pre-tax income | $749M | $680M | $698M | $586M | $601M |
| Income tax | $107M | $115M | $122M | $108M | $122M |
| Net income | $662M | $586M | $593M | $493M | $494M |
| Diluted EPS | 8.67 | 7.73 | 7.88 | 6.69 | 6.79 |
| Diluted shares | 76M | 76M | 75M | 74M | 73M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $763M | $894M | $854M | $485M | $791M |
| Receivables | $489M | $507M | $512M | $553M | $574M |
| Inventory | $378M | $415M | $435M | $377M | $444M |
| Current assets | $1.7B | $1.9B | $1.9B | $1.5B | $2B |
| Net PP&E | $1.1B | $1.2B | $1.4B | $1.6B | $1.7B |
| Goodwill | $110M | $107M | $109M | $106M | $110M |
| Total assets | $3.3B | $3.6B | $3.8B | $3.6B | $4.3B |
| Payables | $232M | $215M | $242M | $239M | $254M |
| Deferred revenue | $61M | $68M | $54M | $53M | $54M |
| Current liabilities | $594M | $519M | $672M | $550M | $655M |
| Short-term debt | $44M | $2M | $134M | $0 | $0 |
| Long-term debt | $209M | $207M | $73M | $203M | $203M |
| Total liabilities | $978M | $932M | $949M | $961M | $1.1B |
| Shareholders' equity | $2.3B | $2.7B | $2.9B | $2.7B | $3.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $584M | $724M | $777M | $653M | $755M |
| Capital expenditure | $253M | $285M | $362M | $377M | $286M |
| Free cash flow | $331M | $439M | $415M | $276M | $469M |
| Depreciation & amortisation | $122M | $121M | $137M | $155M | $171M |
| Stock-based compensation | $38M | $24M | $23M | $19M | $24M |
| Share buybacks | $137M | $203M | $438M | $561M | $134M |
| Dividends paid | $51M | $54M | $57M | $59M | $61M |
| Dividend per share | 0.70 | 0.74 | 0.78 | 0.82 | 0.86 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.0% | 2.2% | −1.9% | 6.3% |
| Operating income growth (YoY) | – | −2.4% | −7.9% | −15.7% | 2.6% |
| EPS growth (YoY) | – | −10.8% | 1.9% | −15.1% | 1.5% |
| Gross margin | 41.5% | 39.4% | 38.3% | 34.5% | 35.9% |
| Operating margin | 26.6% | 25.4% | 22.9% | 19.7% | 19.0% |
| Net margin | 23.4% | 20.3% | 20.1% | 17.0% | 16.1% |
| Return on equityBlank when equity is negative | 28.3% | 21.8% | 20.6% | 18.4% | 15.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 27.7% | 23.7% | 21.4% | 18.4% | 16.2% |
| Free cash flow margin | 11.7% | 15.2% | 14.1% | 9.6% | 15.3% |
| Cash conversion (CFO ÷ net income) | 0.88x | 1.24x | 1.31x | 1.33x | 1.53x |
| Receivable days | 63 | 64 | 63 | 70 | 68 |
| Inventory days | 83 | 86 | 87 | 73 | 82 |
| Payable days | 51 | 45 | 49 | 46 | 47 |
| Interest cover | 91.7x | 92.9x | 75.1x | 190x | 1170x |
| Debt ÷ equity | 0.11x | 0.08x | 0.07x | 0.08x | 0.06x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$510M | −$685M | −$647M | −$282M | −$589M |
| Current ratio | 2.93x | 3.70x | 2.88x | 2.79x | 3.02x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.