At a glance
West Pharmaceutical Services Inc is worth $28.41B, about 60 times its fiscal 2025 earnings. Revenue grew 6.3% to $3.07B in fiscal 2025, with 16.1% kept as profit; over 5 years it has grown 7.4% a year. It pays a 0.22% dividend yield, raised every year for at least 9 years, and returned $1.76B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +45.1% over the past year with dividends reinvested and −1.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.2% in the 2020 crash (S&P 500: 33.7%) and 46.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
West Pharmaceutical Services makes the parts that hold and deliver injectable medicines. Its main products are rubber-like (elastomer) stoppers and seals for injectable drug packaging. It also makes syringe and cartridge components, plungers, vials and self-injection devices that let patients take treatments at home. On top of that, it sells services such as lab testing, packaging and engineering development, and regulatory support. Its customers include many of the world's largest drug companies, among them makers of biologics (medicines made from living cells) and generics. Diagnostic and medical device firms buy from it too.
The company reports two segments. Proprietary Products sells West's own designs. It brought in $2.49 billion, or 81.1% of the $3.07 billion in net sales for 2025. Contract-Manufactured Products designs, molds and assembles complex devices that customers own, such as parts for surgical, diagnostic, ophthalmic (eye care) and injectable systems. It made up the other 18.9%, or $582 million.
West sells mainly through its own sales force, and its business is global. In 2025, the United States accounted for 43.3% of sales, Germany 12.4%, Ireland 10.8% and France 7.4%. Revenue is concentrated: the ten largest customers made up 47.6% of net sales, and one customer alone made up 15.8%. Its rivals in proprietary products include Datwyler and Aptar.
Price history
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WST +45.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Proprietary Products | $2.49B | 81.1% |
| Contract-Manufactured Products | $582.0M | 18.9% |
By geography
| United States | $1.33B | 43.3% |
| Other European countries | $451.0M | 14.7% |
| Germany | $380.3M | 12.4% |
| Other | $353.3M | 11.5% |
| Ireland | $333.3M | 10.8% |
| France | $226.6M | 7.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $874.5M, up 8.7% from a year earlier, and net income was $214.0M (+52.9%).
- For fiscal 2025, revenue was $3.07B (+6.3% year over year; +7.4% a year from FY2020 to FY2025) with a 16.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.4% good |
|---|---|
| Operating margin | 19% good |
| Free cash flow margin | 15.3% good |
| Return on equity (FY2025) | 15.5% good |
| Return on assets (FY2025) | 11.6% good |
| Net cash (cash minus debt) | $261.2M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.15B | $346.2M | $298.1M |
| FY2021 | $2.83B | $661.8M | $330.6M |
| FY2022 | $2.89B | $585.9M | $439.4M |
| FY2023 | $2.95B | $593.4M | $414.5M |
| FY2024 | $2.89B | $492.7M | $276.4M |
| FY2025 | $3.07B | $493.7M | $468.9M |
Valuation snapshot
| Market value | $28.41B |
|---|---|
| P/E ratio | 60.1 |
| Dividend yield | 0.22% |
Rank among 1514 US companies
Market value at each year end
West Pharmaceutical Services’s market value went from $6.21B at the end of 2016 to $28.41B on Nov 2, 2026, about 4.6 times as much; since the end of 2025 it is up 44%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $28.41B | +43.5% |
| 2025 | $19.79B | -16.6% |
| 2024 | $23.72B | -8.9% |
| 2023 | $26.05B | +49.5% |
| 2022 | $17.42B | -49.9% |
| 2021 | $34.74B | +65.9% |
| 2020 | $20.94B | +88.3% |
| 2019 | $11.12B | +53.2% |
| 2018 | $7.26B | -0.9% |
| 2017 | $7.33B | +18.0% |
| 2016 | $6.21B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WST price data to Nov 2, 2026 | +48.6% | +45.1% | +7.9% | -1.2% | +19.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +48.6% |
| 2025 | -15.7% |
| 2024 | -6.8% |
| 2023 | +50.0% |
| 2022 | -49.7% |
| 2021 | +65.9% |
| 2020 | +89.1% |
| 2019 | +54.1% |
| 2018 | -0.1% |
| 2017 | +17.0% |
| 2016 | +41.9% |
| 2015 | +14.0% |
| 2014 | +9.5% |
| 2013 | +81.2% |
| 2012 | +46.3% |
| 2011 | -7.1% |
| 2010 | +6.0% |
| 2009 | +4.7% |
| 2008 | -6.3% |
| 2007 | -20.3% |
| 2006 | +106.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 29.3% over that stretch · deepest drop along the way 45.3%, back to its old high 39.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.2% over that stretch · deepest drop along the way 26.2%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 46.3% over that stretch · deepest drop along the way 46.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 8 sales ($6.6M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 8, 2026 | Annette F Favorite Sr. VP & Chief HR Officer | sell | $960K |
| Sep 8, 2026 | Annette F Favorite Sr. VP & Chief HR Officer | sell | $960K |
| Sep 15, 2026 | Annette F Favorite Sr. VP & Chief HR Officer | sell (plan) | $921K |
| Sep 14, 2026 | Annette F Favorite Sr. VP & Chief HR Officer | sell (plan) | $888K |
| Sep 11, 2026 | Annette F Favorite Sr. VP & Chief HR Officer | sell (plan) | $863K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.4% | Mar 31, 2025 |
| Vanguard Capital Management | 7.48% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.69% | Mar 31, 2026 |
| FMR LLC | 5% | Jun 30, 2026 |
ETFs with the most weight in WST
| THNR Amplify Weight Loss Drug & Treatment ETF | 4.92% |
| KMID Virtus KAR Mid-Cap ETF | 3.21% |
| MGRO VanEck Morningstar Wide Moat Growth ETF | 2.6% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.56% |
| MVAL VanEck Morningstar Wide Moat Value ETF | 1.42% |
| KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 0.91% |
| NOBL ProShares S&P 500 Dividend Aristocrats ETF | 0.89% |
| SMCO Hilton Small-MidCap Opportunity ETF | 0.78% |
What could go wrong
- Drugs could move away from injections. West's sales depend on drugs given by injection. If customers develop medicines that use another delivery method, or need less frequent doses, demand for its stoppers, syringe parts and devices could fall.
- A few customers drive much of revenue. The ten largest customers made up 47.6% of 2025 net sales, and one made up 15.8%. Losing a major customer, or mergers among drug companies, could hurt sales and profits.
- Key technology is licensed from Daikyo. Certain key products and processes are exclusively licensed from Daikyo. If West breaks those agreements, or they end early or aren't renewed, it could lose rights to products and technology it relies on.
- Plant problems or defective products. Drug makers need parts that meet exact quality standards. A shutdown at a factory, or a defect in a stopper or device, could halt supply, hurt results and damage West's reputation.
- Single-source suppliers and raw material costs. West relies on single suppliers for certain critical raw materials. A supplier outage could disrupt production, and higher costs for rubber-like materials, aluminum, plastic or energy could squeeze profits.
- Cyberattacks, including a disclosed incident. Hackers could steal confidential data or disrupt operations at West or its customers. On May 11, 2026, West filed an SEC report disclosing a cybersecurity incident, showing the risk is real.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Major agreement signed
- Executive or board change; Investor presentation or announcement
- Cybersecurity incident; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
West pays a dividend, but it is small: the yield was 0.22% as of October 28, 2026, so returns depend mostly on the share price. Dividends per share rose from $0.66 in 2020 to $0.86 in 2025 (about 5.4% a year), the latest of at least nine straight annual increases. Dividends in 2025 took just 12.4% of earnings and 13.1% of free cash flow (cash left after paying for equipment). West spends more on buybacks, repurchasing its own shares: $1.47 billion from 2021 to 2025, against $282.5 million in dividends. The share count fell about 5% between October 2021 and July 2026.
The shares fell 45.3% in the 2008 financial crisis and took about 40 months to recover. A 26.2% COVID drop in 2020 reversed in about a month. They fell 46.3% in the 2022 market slump and had not recovered as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does West Pharmaceutical make money?
West sells the parts that hold and deliver injectable drugs, plus related services, to drug, diagnostic and medical device companies. Its Proprietary Products segment makes West-designed stoppers, seals, syringe and cartridge components, vials and self-injection devices. That segment brought in 81.1% of $3.07 billion in 2025 net sales. The Contract-Manufactured Products segment designs, molds and assembles devices that customers own, and it made up the other 18.9%. Sales outside the U.S. were 56.7% of the total.
Does West Pharmaceutical raise its dividend every year?
Yes. Dividends per share have risen at least nine years in a row through 2025, and the streak may be longer. They grew from $0.66 in 2020 to $0.86 in 2025, about 5.4% a year. The payout is small, though: the yield was 0.22% as of October 28, 2026, and 2025 dividends took only 12.4% of earnings. West's 10-K also states that there is no assurance it will keep paying dividends.
How has West Pharmaceutical stock performed?
It depends heavily on the period. As of October 28, 2026, the share price was up about 470% over 10 years, or 19% a year, but down 3% over five years. The stock lost 49.7% in 2022, 6.8% in 2024 and 15.7% in 2025, then gained 47% in 2026 through October 28. Over about 21 years of price history, its deepest drop from a peak was 59.3%.
What is West Pharmaceutical's P/E ratio?
It was 59.4 as of October 28, 2026, based on 2025 earnings. The price-to-earnings ratio divides the share price by a year of profit per share. A reading near 59 is high by most standards and reflects hopes for growth. Earnings per share were $6.79 in 2025, below $8.67 in 2021. In the quarter ended June 30, 2026, revenue rose 13.8% and net income 16.8% from a year earlier.
Does West Pharmaceutical have a lot of debt?
No, not as of June 30, 2026. West held $435.8 million in cash and investments against $202.9 million of total debt. That left net cash (cash minus debt) of $232.9 million. Shareholders' equity was about $2.99 billion. One caveat: on October 26, 2026, the company filed a report saying it had signed a major agreement, ended another and taken on a new debt or financial obligation. Its borrowing may have changed since June 30.