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NYSE · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS · LARGE CAP

West Pharmaceutical Services Inc. WST

18 fiscal years on record · USD · FY2025 reported · SEC filings only
12 YEARS OF DIVIDEND GROWTH
$3.1B
▲ 6.3% YoY
$493.7M
▲ 0.2% YoY
$468.9M
▲ 69.6% YoY

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

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
2B3B
2008201120142017202020232025
Compound annual growth
+2.1%
+7.4%
+8.2%
+7.1%
−5.5%
+7.4%
−4.2%
+8.2%
+18.0%
+5.1%
+5.4%
+6.5%
−8.0%
+2.4%
+19.0%
+14.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +7.4% a year over the five years to FY2025 — 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%
10%20%
200820162025
ROE
FY2025 · ROE 16.9%
10%20%30%
200820162025
Three returns, three denominators.

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
200M400M
200820162025
Net buybacks $M Dividends $M
FY2025 · Dividends 61.2 · Net buybacks 122.7
250.0M500.0MDividendsNet buybacks
2008201120142017202020232025
Dividends paidUSD 61.2M
Net buybacksUSD 122.7M
Share of profit37.2%
Consecutive raises12 years (since the 2013 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—not applicable◌not available in our data
WST, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B3.12.92.92.92.82.11.81.71.61.51.41.41.41.31.21.11.11.1
Operating income $B0.60.60.70.70.80.40.30.20.20.20.10.20.20.10.10.10.10.1
EBITDA $B0.80.70.80.90.90.50.40.30.30.30.20.30.20.20.20.20.20.2
Income tax $B0.10.10.10.10.10.10.10.00.10.10.00.00.00.00.00.00.00.0
Net income $B0.50.50.60.60.70.30.20.20.20.10.10.10.10.10.10.10.10.1
Free cash flow $B0.50.30.40.40.30.30.20.20.10.00.10.10.10.10.00.10.0−0.0
EPS, diluted $6.796.697.887.738.674.573.212.741.991.911.301.751.571.151.081.892.122.50
Dividend / sh $0.860.820.780.740.700.660.620.580.540.500.460.410.390.370.350.660.620.58
Payout %1212109814192026253423243131332822
ROE %16.917.721.323.331.620.216.315.512.613.49.713.613.711.711.810.813.617.7
Shares out B0.070.070.070.070.070.070.070.070.070.070.070.070.070.030.030.030.03◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 88 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Four checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008. One check was skipped: revenue is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivitySurgical & Medical Instruments & Apparatus
Listed onNYSE
Incorporated inPennsylvania
Fiscal year endsDecember 31
Data on record since2008

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