West Pharmaceutical Services Inc. (WST)

Name: West Pharmaceutical Services Inc. (WST): results, filings decoded, planned insider sales, 13F holders, insiders, Congress and short interest
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

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West Pharmaceutical Services Inc. (WST) reported revenue of $872 million for Q2 FY2026, the quarter ended 30 June 2026, up 13.8% on the same quarter a year earlier. Net income was $154 million, up 16.8% on the year, and diluted earnings per share $2.15. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2026.

Revenue$872 millionup 13.8%

Net income$154 millionup 16.8%

Diluted EPS$2.15

QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE18.9%

ROCE21.3%

Operating margin20.5%

Net margin17.0%

FCF margin13.1%

Interest cover151.20

Debt to equity0.07

Cash conversion1.17

Share count, 1 year-2.1%

Sales CAGR, 3 years2.1%

Profit CAGR, 3 years-5.5%

EPS, TTM$7.81

At the close of 21 September 2026

Price$361.78

Market cap$25.5 billion

Stock P/E46.32

Price to book8.52

EV / EBITDA29.28

Dividend yield0.2%

Market cap / sales7.66

52-week high$366.60

52-week low$230.95

Price, 1 year42.0%

Price CAGR, 3 years-1.0%

Price CAGR, 5 years-4.2%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as West Pharmaceutical Services Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

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50-day average 200-day average Volume

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on WST

Filings	17 in twelve months: 10 current reports (8-K), about 7 regulation fd disclosure; 4 results of operations; 2 officer or director change; 2 material cybersecurity incident; 1 material agreement
Planned insider sales	1 Form 144 notice in twelve months, $1.1 million; latest 7 May 2026
Options tape	put/call 1.02 by open interest on 23 September 2026; the straddle prices a 5.2% move to 16 October 2026
Holders	12 of the followed funds hold it; largest FMR LLC; 5 Schedule 13D or 13G filings in twelve months
Insider trading	8 sales and 0 purchases on Form 4 in twelve months
Congress	0 House trades disclosed in six months
Short interest	2.2 million shares short, 4.89 days to cover at 31 August 2026
Documents	the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	747	732	695	702	747	749	698	766	805	805	845	872
Cost of revenue	459	454	465	472	482	475	466	493	510	501	548	543
Gross profit	288	278	230	230	265	274	232	274	294	304	296	329
Gross margin	39%	38%	33%	33%	35%	37%	33%	36%	37%	38%	35%	38%
R&D	16.4	18.4	17.6	17.5	15.5	18.5	16.3	19.1	17.1	21.8	15.8	19.7
SG&A	89.0	90.0	86.7	83.0	83.5	85.3	88.0	95.9	103	107	99.5	118
Operating income	177	161	123	126	161	160	107	154	168	157	177	179
Operating margin	24%	22%	18%	18%	22%	21%	15%	20%	21%	19%	21%	21%
Interest expense	2.9	1.2	1.6	1.5	0.7	-0.8	0.4	0.1	0.2	-0.2	1.9	2.6
Pre-tax income	187	168	127	129	164	165	110	157	172	162	180	180
Tax rate	16%	21%	13%	17%	20%	22%	22%	19%	20%	21%	25%	18%
Net income	161	137	115	111	136	130	89.8	132	140	132	139	154
Net margin	22%	19%	17%	16%	18%	17%	13%	17%	17%	16%	16%	18%
Diluted EPS	$2.14	$1.83	$1.55	$1.51	$1.85	$1.78	$1.23	$1.82	$1.92	$1.82	$1.92	$2.15
Operating cash flow	230	239	118	165	180	190	129	177	197	251	89.9	124
Capital expenditure	95.8	109	90.6	100	81.3	105	71.3	75.2	63.3	76.1	42.7	43.2
Free cash flow	134	130	27.6	64.8	98.8	85.2	58.1	102	134	175	47.2	80.8
Buybacks	27.8	177	267	187	52.4	54.4	134	0.5	0.0	0.0	298	157
Dividends paid	14.0	14.8	14.7	14.6	14.5	15.3	15.2	15.1	15.1	15.8	15.8	15.7
Shares outstanding	74m	74m	73m	73m	72m	72m	72m	72m	72m	72m	71m	70m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

	FY2014 †	FY2015	FY2016 †	FY2017 †	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	TTM
Revenue	1,421	1,400	1,509	1,599	1,717	1,840	2,147	2,832	2,887	2,950	2,893	3,074	3,327
Cost of revenue	974	944	1,008	1,086	1,172	1,234	1,379	1,656	1,751	1,821	1,895	1,970	2,103
Gross profit	448	456	501	513	545	606	768	1,176	1,136	1,129	998	1,104	1,224
Gross margin	31.5%	32.6%	33.2%	32.1%	31.8%	32.9%	35.8%	41.5%	39.4%	38.3%	34.5%	35.9%	36.8%
Research and development	37.3	34.1	36.8	39.1	40.3	38.9	46.9	52.8	58.5	68.4	69.1	74.3	74.4
Selling, general and administrative	229	233	240	246	263	273	302	363	317	353	338	394	427
Operating income	182	129	195	226	240	297	407	752	734	676	570	585	680
Operating margin	12.8%	9.2%	12.9%	14.1%	14.0%	16.1%	19.0%	26.6%	25.4%	22.9%	19.7%	19.0%	20.5%
Interest expense	16.5	14.1	8.1	7.8	8.4	8.5	8.2	8.2	7.9	9.0	3.0	0.5	4.5
Pre-tax income	169	116	190	222	241	292	401	749	680	698	586	601	694
Income tax	47.2	26.3	54.4	80.9	41.4	59.0	72.5	107	115	122	108	122	144
Effective tax rate	27.9%	22.7%	28.7%	36.4%	17.2%	20.2%	18.1%	14.3%	16.9%	17.5%	18.4%	20.2%	20.8%
Net income	127	95.6	144	151	207	242	346	662	586	593	493	494	565
Net margin	8.9%	6.8%	9.5%	9.4%	12.0%	13.1%	16.1%	23.4%	20.3%	20.1%	17.0%	16.1%	17.0%
Diluted EPS	$1.75	$1.30	$1.91	$1.99	$2.74	$3.21	$4.57	$8.67	$7.73	$7.88	$6.69	$6.79	$7.81
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

	FY2014 †	FY2015	FY2016 †	FY2017 †	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	TTM
Operating cash flow	183	212	219	263	289	367	472	584	724	776	653	755	662
Capital expenditure	112	132	170	131	105	126	174	253	285	362	377	286	225
Free cash flow	71.0	80.8	49.2	132	184	241	298	331	439	414	276	469	437
Free cash flow margin	5.0%	5.8%	3.3%	8.3%	10.7%	13.1%	13.9%	11.7%	15.2%	14.1%	9.6%	15.3%	13.1%
Depreciation and amortisation	90.0	89.9	90.7	96.7	104	103	109	122	121	137	155	171	181
Share-based compensation	18.6	29.6	19.5	16.1	15.1	24.4	34.0	37.5	23.7	23.3	18.7	23.8	32.6
Buybacks	0.0	0.0	52.2	74.4	70.8	83.1	116	137	203	438	561	134	454
Dividends paid	29.1	32.4	35.8	39.1	42.1	45.1	48.1	51.1	54.1	57.0	59.1	61.2	62.4
Dividend per share	$0.41	$0.46	$0.50	$0.54	$0.58	$0.62	$0.66	$0.70	$0.74	$0.78	$0.82	$0.86	n/a
Diluted shares, weighted	73m	74m	75m	76m	75m	75m	76m	76m	76m	75m	74m	73m	71m
Shares outstanding at period end	71m	72m	73m	74m	74m	74m	74m	74m	74m	74m	72m	72m	70m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

	FY2014 †	FY2015	FY2016 †	FY2017 †	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	TTM
Total assets	1,671	1,695	1,717	1,863	1,979	2,341	2,794	3,314	3,617	3,830	3,643	4,270	4,076
Cash and equivalents	255	275	203	236	337	439	616	763	894	854	485	791	436
Receivables	179	181	200	253	288	319	385	489	507	512	552	574	712
Inventory	182	181	199	215	214	236	321	378	415	435	377	444	447
Goodwill	109	105	103	108	106	108	111	110	107	108	106	110	109
Long-term debt	336	298	229	197	196	257	255	253	209	207	203	203	203
Borrowings, as the company tags them	n/a	299	229	197	197	258	256	254	209	207	203	203	203
Operating lease liabilities	n/a	n/a	n/a	n/a	0.0	62.4	60.4	63.0	93.0	84.5	81.8	95.6	88.3
Finance lease liabilities	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	2.1	3.6	3.0
Shareholders' equity	957	1,024	1,118	1,280	1,396	1,573	1,854	2,335	2,685	2,881	2,682	3,176	2,990
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

	10 years	5 years	3 years	TTM
Sales growth, compounded	8.2%	7.4%	2.1%	12.4%
Profit growth, compounded	17.8%	7.4%	-5.5%	15.8%
Return on equity, average	17.8%	20.9%	18.2%	15.5%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Surgical & Medical Instruments & Apparatus

Company	Market cap	P/E	ROE	Op. margin	Sales growth TTM	Debt to equity	Div. yield
Stryker Corp. SYK	$105.2 billion	28.41	15.5%	21.4%	8.5%	0.62	1.3%
3M Co. MMM	$85.1 billion	29.30	101.5%	18.4%	2.3%	3.69	1.8%
Boston Scientific Corp. BSX	$63.4 billion	17.70	14.7%	19.8%	13.5%	0.44	n/a
Becton Dickinson & Co. BDX	$49.2 billion	54.59	3.9%	9.6%	-2.6%	0.55	2.3%
Dexcom Inc. DXCM	$33.7 billion	35.38	38.1%	22.9%	15.5%	0.03	n/a
Resmed Inc. RMD	$32.3 billion	21.44	23.1%	33.4%	9.9%	0.10	1.1%
West Pharmaceutical Services Inc. WST	$25.5 billion	46.32	18.9%	20.5%	12.4%	0.07	0.2%
Solventum Corp. SOLV	$15.1 billion	10.85	29.9%	25.0%	-0.9%	1.06	n/a
Baxter International Inc. BAX	$11.9 billion	n/a	-17.1%	-2.4%	5.4%	1.54	2.3%
Insulet Corp. PODD	$9.7 billion	26.37	26.4%	16.9%	29.4%	0.65	n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

Filing	Period	Filed	Where
10-Q	30 June 2026	23 July 2026	EDGAR
10-Q	31 March 2026	23 April 2026	EDGAR
10-K	31 December 2025	17 February 2026	EDGAR
10-Q	30 September 2025	23 October 2025	EDGAR
10-Q	30 June 2025	24 July 2025	EDGAR
10-Q	31 March 2025	24 April 2025	EDGAR
10-K	31 December 2024	18 February 2025	EDGAR
10-Q	30 September 2024	24 October 2024	EDGAR
10-Q	30 June 2024	25 July 2024	EDGAR
10-Q	31 March 2024	25 April 2024	EDGAR

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