MARKETS / NYSE / WST

NYSE · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS · LARGE CAP

West Pharmaceutical Services Inc. WST

18 fiscal years on record · USD · FY2025 reported · SEC filings only

13 YEARS OF DIVIDEND GROWTH

Revenue

$3.1B

▲ 6.3% YoY

Net income

$493.7M

▲ 0.2% YoY

Free cash flow

$468.9M

▲ 69.6% YoY

In brief

What this company does

West Pharmaceutical Services manufactures containment and delivery systems for injectable drugs and healthcare products. Its products include primary proprietary packaging, containment solutions, reconstitution and transfer systems, and drug delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. Its customers include biologic, generic, pharmaceutical, diagnostic, and medical device companies. As of December 31, 2025, it employed approximately 10,800 people, excluding contractors and temporary workers, in its operations throughout the world. Its ten largest customers accounted for 47.6% of its consolidated net sales in 2025, and one of those customers individually accounted for more than 10% of consolidated net sales, at 15.8%, or $485.9 million. Its business operations are organized into two global business segments, Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment offers elastomers and primary containment, drug delivery devices, integrated systems, and analytical lab services, primarily to biologic, generic, and pharmaceutical drug customers. The Contract-Manufactured Products segment is focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers.

Written from the business description in WEST PHARMACEUTICAL SERVICES, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 17 February 2026. Every sentence was checked against that document before publication.

Growth

USD 3.1B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 3.1 · Net income 0.5

Compound annual growth

Revenue

+2.1%

+7.4%

+8.2%

+7.1%

Net income

−5.5%

+7.4%

EPS, diluted

−4.2%

+8.2%

+18.0%

Dividend / share

+5.1%

+5.4%

+6.5%

Returned to shareholders

−8.0%

+2.4%

+19.0%

+14.6%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +7.4% a year over five years — but profit grew slower: net income at +7.4%, earnings per share at +8.2%.

The share count fell from 0.07B to 0.07B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

16 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 19.0% · Net 16.1%

ROE

FY2025 · ROE 16.9%

Gross margin35.9%

Operating margin19.0%

Net margin16.1%

Return on assets12.5%

EBITDAUSD 756.3M

Each USD of equity produced 17 cents of profit this year.

Cash & shareholders

USD 183.9M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 468.9

Net buybacks $M Dividends $M

FY2025 · Dividends 61.2 · Net buybacks 122.7

Dividends paidUSD 61.2M

Net buybacksUSD 122.7M

Share of profit37.2%

Consecutive raises13 years (since the 2012 share-count change)

USD 61.2M in dividends and USD 122.7M in buybacks — 37% of the year's profit went back to shareholders.

Total assetsUSD 4.3B

EquityUSD 3.2B

CashUSD 791.3M

Gross debtUSD 202.8M

Net debtUSD -588.5M

Current ratio3.02×

The company holds more cash than debt.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	3.1	2.9	2.9	2.9	2.8	2.1	1.8	1.7	1.6	1.5	1.4	1.4	1.4	1.3	1.2	1.1	1.1	1.1
Operating income $B	0.6	0.6	0.7	0.7	0.8	0.4	0.3	0.2	0.2	0.2	0.1	0.2	0.2	0.1	0.1	0.1	0.1	0.1
EBITDA $B	0.8	0.7	0.8	0.9	0.9	0.5	0.4	0.3	0.3	0.3	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.2
Income tax $B	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.5	0.5	0.6	0.6	0.7	0.3	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Free cash flow $B	0.5	0.3	0.4	0.4	0.3	0.3	0.2	0.2	0.1	0.0	0.1	0.1	0.1	0.1	0.0	0.1	0.0	−0.0
EPS, diluted $	6.79	6.69	7.88	7.73	8.67	4.57	3.21	2.74	1.99	1.91	1.30	1.75	1.57	1.15	1.08	1.89	2.12	2.50
Dividend / sh $	0.86	0.82	0.78	0.74	0.70	0.66	0.62	0.58	0.54	0.50	0.46	0.41	0.39	0.37	0.35	0.66	0.62	0.58
Payout %	12	12	10	9	8	14	19	20	26	25	34	23	24	31	31	33	28	22
ROE %	16.9	17.7	21.3	23.3	31.6	20.2	16.3	15.5	11.8	·	·	·	·	·	·	·	·	·
Shares out B	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.03	0.03	0.03	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 88 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 7 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivitySurgical & Medical Instruments & Apparatus

Listed onNYSE

Incorporated inPennsylvania

Fiscal year endsDecember 31

Data on record since2008