What is West Pharmaceutical Services' operating income?

West Pharmaceutical Services' total operating income in 2025 was $584.90 million, based on the following breakdown: Total Gross Profit: $1.10 billion Total Operating Expenses: $519.10 million

West Pharmaceutical Services (WST) Financials

$341.04 +0.08 (+0.02%)

Closing price 07/31/2026 03:59 PM Eastern

Extended Trading

$341.51 +0.47 (+0.14%)

As of 07/31/2026 07:34 PM Eastern

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Annual Income Statements for West Pharmaceutical Services

This table shows West Pharmaceutical Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	96	144	151	207	242	346	662	586	593	493	494
Consolidated Net Income / (Loss)	96	144	151	207	242	346	662	586	593	493	494
Net Income / (Loss) Continuing Operations	96	144	151	207	242	346	662	586	593	493	494
Total Pre-Tax Income	116	190	222	241	292	401	749	680	698	586	601
Total Operating Income	129	195	226	240	297	407	752	734	676	570	585
Total Gross Profit	456	501	513	545	606	768	1,176	1,136	1,129	999	1,104
Total Revenue	1,400	1,509	1,599	1,717	1,840	2,147	2,832	2,887	2,950	2,893	3,074
Operating Revenue	1,400	1,509	1,599	1,717	1,840	2,147	2,832	2,887	2,950	2,893	3,074
Total Cost of Revenue	944	1,008	1,086	1,172	1,234	1,379	1,656	1,751	1,821	1,895	1,970
Operating Cost of Revenue	944	1,008	1,086	1,172	1,234	1,379	1,656	1,751	1,821	1,895	1,970
Total Operating Expenses	327	306	287	305	309	361	424	402	453	429	519
Selling, General & Admin Expense	233	240	246	263	273	302	363	317	353	339	394
Research & Development Expense	34	37	39	40	39	47	53	59	68	69	74
Other Operating Expenses / (Income)	60	30	2.00	1.90	-2.50	12	7.90	27	31	21	51
Total Other Income / (Expense), net	-13	-5.40	-3.40	0.40	-4.80	-5.60	-3.40	-54	22	16	16
Interest Expense	14	8.10	7.80	8.40	8.50	8.20	8.20	7.90	9.00	3.00	0.50
Interest & Investment Income	1.60	1.10	1.30	2.10	3.80	1.40	1.00	5.10	28	20	18
Other Income / (Expense), net	-	1.60	3.10	6.70	-0.10	1.20	3.80	-51	3.00	-1.00	-1.00
Income Tax Expense	26	54	81	41	59	73	107	115	122	108	122
Other Gains / (Losses), net	5.80	8.20	9.20	7.60	8.90	17	20	21	18	15	14
Basic Earnings per Share	$1.33	$1.96	$2.04	$2.80	$3.27	$4.68	$8.89	$7.87	$7.98	$6.75	$6.83
Weighted Average Basic Shares Outstanding	72M	73.30M	73.90M	73.90M	74M	73.90M	74.40M	74.40M	74.30M	73M	72.30M
Diluted Earnings per Share	$1.30	$1.91	$1.99	$2.74	$3.21	$4.57	$8.67	$7.73	$7.88	$6.69	$6.79
Weighted Average Diluted Shares Outstanding	73.80M	75M	75.80M	75.40M	75.40M	75.80M	76.30M	75.80M	75.30M	73.70M	72.70M
Weighted Average Basic & Diluted Shares Outstanding	71.90M	73.30M	73.90M	73.90M	147.67M	74.10M	74.28M	74.14M	73.30M	72.30M	72.02M
Cash Dividends to Common per Share	$0.46	$0.50	$0.54	$0.58	$0.62	$0.66	$0.70	$0.74	$0.78	$0.82	$0.86

This table shows West Pharmaceutical Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	137	115	111	136	130	90	132	140	132	139	154
Consolidated Net Income / (Loss)	137	115	111	136	130	90	132	140	132	139	154
Net Income / (Loss) Continuing Operations	137	115	111	136	130	90	132	140	132	139	154
Total Pre-Tax Income	168	127	129	165	165	111	157	172	162	180	180
Total Operating Income	161	123	126	161	160	107	154	168	157	177	179
Total Gross Profit	278	230	230	265	274	232	274	294	304	296	329
Total Revenue	732	695	702	747	749	698	767	805	805	845	872
Operating Revenue	732	695	702	747	749	698	767	805	805	845	872
Total Cost of Revenue	454	465	472	482	475	466	493	510	501	549	543
Operating Cost of Revenue	454	465	472	482	475	466	493	510	501	549	543
Total Operating Expenses	117	107	104	103	114	125	120	127	147	119	150
Selling, General & Admin Expense	90	87	83	84	85	88	96	103	107	100	118
Research & Development Expense	18	18	18	16	19	16	19	17	22	16	20
Other Operating Expenses / (Income)	8.90	3.10	3.30	4.40	10	21	5.20	6.90	19	4.00	13
Total Other Income / (Expense), net	7.30	4.60	2.50	3.20	5.30	3.50	3.30	4.30	4.90	3.00	1.00
Interest Expense	1.20	1.60	1.50	0.70	-0.80	0.40	0.10	0.20	-0.20	1.90	2.60
Interest & Investment Income	9.40	6.20	4.00	4.60	4.80	4.10	3.60	4.70	5.10	5.10	3.80
Other Income / (Expense), net	-	0.00	0.00	-0.70	-	-0.20	-0.20	-0.20	-0.40	-0.20	-0.20
Income Tax Expense	35	16	22	32	37	24	30	34	33	45	32
Other Gains / (Losses), net	3.30	4.30	4.50	3.90	2.00	3.40	5.00	2.10	3.90	3.40	6.10
Basic Earnings per Share	$1.85	$1.57	$1.52	$1.87	$1.79	$1.24	$1.82	$1.94	$1.83	$1.93	$2.17
Weighted Average Basic Shares Outstanding	74.30M	73.50M	73M	72.80M	73M	72.50M	72.20M	72.20M	72.30M	72M	70.80M
Diluted Earnings per Share	$1.83	$1.55	$1.51	$1.85	$1.78	$1.23	$1.82	$1.92	$1.82	$1.92	$2.15
Weighted Average Diluted Shares Outstanding	75.30M	74.30M	73.70M	73.40M	73.70M	73M	72.50M	72.60M	72.70M	72.40M	71.30M
Weighted Average Basic & Diluted Shares Outstanding	73.30M	72.84M	72.54M	72.42M	72.30M	71.85M	71.91M	71.94M	72.02M	70.65M	70.38M

This table details how cash moves in and out of West Pharmaceutical Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	19	-72	33	102	102	176	147	132	-40	-369	307
Net Cash From Operating Activities	212	219	263	289	367	473	584	724	777	653	755
Net Cash From Continuing Operating Activities	212	219	263	289	367	473	584	724	779	653	755
Net Income / (Loss) Continuing Operations	96	144	151	207	242	346	662	586	593	493	494
Consolidated Net Income / (Loss)	96	144	151	207	242	346	662	586	593	493	494
Depreciation Expense	86	88	94	102	100	105	117	117	134	152	169
Amortization Expense	3.80	2.60	2.40	2.70	3.40	4.40	5.40	3.70	3.60	3.60	2.80
Non-Cash Adjustments To Reconcile Net Income	47	22	16	5.30	21	33	41	63	69	5.90	24
Changes in Operating Assets and Liabilities, net	-20	-37	0.30	-28	0.90	-16	-241	-46	-20	-0.60	66
Net Cash From Investing Activities	-130	-176	-134	-101	-228	-180	-253	-288	-369	-379	-286
Net Cash From Continuing Investing Activities	-130	-176	-134	-101	-228	-180	-253	-288	-369	-379	-286
Purchase of Property, Plant & Equipment	-132	-170	-131	-105	-126	-174	-253	-285	-362	-377	-286
Other Investing Activities, net	3.60	2.80	3.20	3.90	2.40	-5.10	2.50	-3.60	-6.70	-1.70	0.00
Net Cash From Financing Activities	-42	-114	-109	-81	-37	-137	-168	-294	-460	-623	-185
Net Cash From Continuing Financing Activities	-42	-114	-109	-81	-37	-137	-168	-294	-460	-623	-185
Repayment of Debt	-100	-70	-36	-0.10	-138	-2.30	-2.20	-46	-2.30	-192	-1.10
Repurchase of Common Equity	0.00	-52	-74	-71	-83	-116	-137	-203	-438	-561	-134
Payment of Dividends	-32	-36	-39	-42	-45	-48	-51	-54	-57	-59	-61
Issuance of Debt	71	-	0.00	0.00	199	-	-	0.00	0.00	165	0.00
Issuance of Common Equity	16	30	40	32	33	35	7.70	7.30	7.10	7.20	6.90
Other Financing Activities, net	3.50	15	-	-	-2.20	-5.90	15	1.50	31	18	4.30
Effect of Exchange Rate Changes	-22	-1.30	12	-5.60	-0.70	21	-16	-11	11	-21	23
Cash Interest Paid	15	8.60	8.00	8.40	8.60	8.10	8.00	6.60	6.00	0.50	0.30
Cash Income Taxes Paid	33	48	31	42	48	48	172	110	91	71	125

This table details how cash moves in and out of West Pharmaceutical Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-45	-252	-156	45	-6.30	-80	106	119	163	-270	-86
Net Cash From Operating Activities	239	118	165	180	190	129	177	197	251	90	124
Net Cash From Continuing Operating Activities	242	118	165	180	190	129	177	197	251	90	124
Net Income / (Loss) Continuing Operations	137	115	111	136	130	90	132	140	132	139	154
Consolidated Net Income / (Loss)	137	115	111	136	130	90	132	140	132	139	154
Depreciation Expense	35	35	38	39	40	39	41	42	46	45	46
Amortization Expense	1.30	0.90	0.90	0.90	0.90	0.90	0.60	0.70	0.60	0.60	0.50
Non-Cash Adjustments To Reconcile Net Income	42	1.90	0.70	4.00	-0.70	-0.50	8.00	12	4.00	8.80	9.80
Changes in Operating Assets and Liabilities, net	27	-35	14	-0.10	20	0.10	-4.10	2.10	68	-103	-86
Net Cash From Investing Activities	-109	-91	-101	-82	-105	-71	-75	-63	-76	-43	-43
Net Cash From Continuing Investing Activities	-109	-91	-101	-82	-105	-71	-75	-63	-76	-43	-43
Purchase of Property, Plant & Equipment	-109	-91	-100	-81	-105	-71	-75	-63	-76	-43	-43
Net Cash From Financing Activities	-190	-271	-218	-64	-69	-147	-15	-12	-12	-309	-165
Net Cash From Continuing Financing Activities	-190	-271	-218	-64	-69	-147	-15	-12	-12	-309	-165
Repayment of Debt	-0.60	-0.60	-58	-110	-23	-0.20	-0.30	-0.30	-0.30	-0.30	-50
Repurchase of Common Equity	-177	-267	-187	-52	-54	-134	-0.50	-	-	-298	-157
Payment of Dividends	-15	-15	-15	-15	-15	-15	-15	-15	-16	-16	-16
Issuance of Common Equity	1.80	2.00	1.70	1.90	1.60	1.90	1.70	1.80	1.50	2.00	1.90
Other Financing Activities, net	1.10	9.30	5.00	-19	23	0.00	-0.70	2.10	2.90	3.00	6.10
Effect of Exchange Rate Changes	15	-8.70	-1.10	11	-23	8.50	19	-3.60	-0.50	-8.40	-1.60

This table presents West Pharmaceutical Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,695	1,717	1,863	1,979	2,341	2,794	3,314	3,617	3,830	3,643	4,270
Total Current Assets	674	642	744	894	1,059	1,374	1,742	1,920	1,936	1,538	1,978
Cash & Equivalents	275	203	236	337	439	616	763	894	854	485	791
Accounts Receivable	181	201	253	288	319	385	489	507	512	553	574
Inventories, net	181	199	215	215	236	321	378	415	435	377	444
Other Current Assets	37	39	39	54	65	52	112	103	136	124	169
Plant, Property, & Equipment, net	721	778	855	822	839	943	1,058	1,158	1,413	1,582	1,726
Plant, Property & Equipment, gross	1,440	1,555	1,746	1,753	1,820	2,036	2,215	2,387	2,738	2,986	3,223
Accumulated Depreciation	719	776	891	931	981	1,092	1,158	1,228	1,325	1,404	1,497
Total Noncurrent Assets	300	297	264	263	443	477	514	539	480	524	565
Long-Term Investments	61	83	86	91	193	215	208	205	210	202	212
Goodwill	105	103	108	106	108	111	110	107	109	106	110
Intangible Assets	38	23	22	20	30	31	23	18	15	11	7.70
Noncurrent Deferred & Refundable Income Taxes	71	66	26	25	14	16	49	66	26	26	38
Other Noncurrent Operating Assets	26	21	23	21	95	92	109	143	121	179	197
Total Liabilities & Shareholders' Equity	1,695	1,717	1,863	1,979	2,341	2,794	3,314	3,617	3,830	3,643	4,270
Total Liabilities	671	599	583	583	768	939	978	932	949	961	1,094
Total Current Liabilities	314	241	280	284	342	503	594	519	672	550	655
Accounts Payable	120	122	138	130	157	213	232	215	242	239	254
Accrued Expenses	-	-	-	65	73	106	116	-	106	-	39
Current Deferred & Payable Income Tax Liabilities	13	4.50	6.00	9.80	6.40	26	26	25	17	32	28
Current Employee Benefit Liabilities	59	54	58	2.30	2.20	2.30	2.40	77	-	74	136
Other Current Liabilities	54	58	77	77	101	154	173	200	173	206	198
Total Noncurrent Liabilities	357	358	303	299	427	436	384	413	277	411	439
Long-Term Debt	229	226	197	196	255	253	209	207	73	203	203
Noncurrent Deferred & Payable Income Tax Liabilities	12	9.20	10	13	16	10	4.90	14	13	21	23
Noncurrent Employee Benefit Liabilities	62	76	53	56	70	80	69	47	48	44	43
Other Noncurrent Operating Liabilities	54	47	43	34	86	92	101	145	143	144	171
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,024	1,118	1,280	1,396	1,573	1,855	2,335	2,685	2,881	2,682	3,176
Total Preferred & Common Equity	1,024	1,118	1,280	1,396	1,573	1,855	2,335	2,685	2,881	2,682	3,176
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,024	1,118	1,280	1,396	1,573	1,855	2,335	2,685	2,881	2,682	3,176
Common Stock	226	279	328	301	292	286	268	251	139	41	19
Retained Earnings	965	1,072	1,178	1,353	1,549	1,847	2,457	2,988	3,523	3,957	4,375
Treasury Stock	-4.00	-46	-109	-104	-118	-168	-230	-371	-638	-1,057	-1,112
Accumulated Other Comprehensive Income / (Loss)	-163	-187	-117	-154	-150	-111	-160	-183	-144	-258	-106

This table presents West Pharmaceutical Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	3,755	3,830	3,602	3,489	3,675	3,643	3,618	3,953	4,106	4,110	4,076
Total Current Assets	1,972	1,936	1,693	1,483	1,551	1,538	1,458	1,681	1,823	1,827	1,808
Cash & Equivalents	899	854	602	446	491	485	404	510	629	521	436
Accounts Receivable	519	512	524	479	524	553	544	582	625	686	712
Inventories, net	432	435	430	419	401	377	389	421	438	453	447
Other Current Assets	123	136	137	138	134	124	121	168	132	167	212
Plant, Property, & Equipment, net	1,312	1,413	1,449	1,494	1,571	1,582	1,632	1,722	1,741	1,702	1,686
Plant, Property & Equipment, gross	2,607	2,738	2,791	2,864	2,991	2,986	3,005	3,178	3,233	3,223	3,249
Accumulated Depreciation	1,296	1,325	1,343	1,370	1,420	1,404	1,374	1,456	1,492	1,521	1,562
Total Noncurrent Assets	471	480	461	513	554	524	529	550	542	581	583
Long-Term Investments	195	210	203	198	218	202	212	225	221	209	208
Goodwill	107	109	108	107	109	106	108	111	111	109	109
Intangible Assets	16	15	14	13	12	11	10	9.70	8.90	7.00	6.40
Noncurrent Deferred & Refundable Income Taxes	17	26	21	34	38	26	26	30	28	64	72
Other Noncurrent Operating Assets	136	121	116	160	177	179	174	175	174	192	188
Total Liabilities & Shareholders' Equity	3,755	3,830	3,602	3,489	3,675	3,643	3,618	3,953	4,106	4,110	4,076
Total Liabilities	887	949	922	913	923	961	935	1,024	1,054	1,119	1,086
Total Current Liabilities	534	672	648	634	517	550	527	605	635	674	641
Accounts Payable	220	242	240	212	224	239	228	239	256	252	253
Accrued Expenses	-	106	67	83	-	-	68	93	-	47	34
Current Deferred & Payable Income Tax Liabilities	15	17	17	17	33	32	22	29	33	79	65
Current Employee Benefit Liabilities	91	-	-	-	80	74	-	-	112	73	97
Other Current Liabilities	153	173	192	189	179	206	208	244	235	224	192
Total Noncurrent Liabilities	353	277	273	279	407	411	408	419	419	445	446
Long-Term Debt	152	73	73	73	203	203	203	203	203	203	203
Noncurrent Deferred & Payable Income Tax Liabilities	17	13	13	14	9.40	21	21	23	23	23	22
Noncurrent Employee Benefit Liabilities	46	48	48	45	45	44	40	43	45	40	42
Other Noncurrent Operating Liabilities	138	143	140	148	149	144	145	150	149	180	178
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,868	2,881	2,681	2,577	2,752	2,682	2,683	2,929	3,052	2,990	2,990
Total Preferred & Common Equity	2,868	2,881	2,681	2,577	2,752	2,682	2,683	2,929	3,052	2,990	2,990
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,868	2,881	2,681	2,577	2,752	2,682	2,683	2,929	3,052	2,990	2,990
Common Stock	141	139	74	52	42	41	21	19	19	19	19
Retained Earnings	3,416	3,523	3,624	3,721	3,857	3,957	4,031	4,139	4,262	4,476	4,624
Treasury Stock	-466	-638	-825	-980	-1,011	-1,057	-1,163	-1,140	-1,127	-1,379	-1,512
Accumulated Other Comprehensive Income / (Loss)	-223	-144	-192	-217	-136	-258	-206	-89	-102	-125	-140

This table displays calculated financial ratios and metrics derived from West Pharmaceutical Services' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.52%	7.81%	5.96%	7.40%	7.13%	16.69%	31.89%	1.95%	2.18%	-1.92%	6.25%
EBITDA Growth	-19.67%	31.58%	13.25%	7.92%	13.80%	29.33%	69.84%	-8.55%	1.62%	-11.27%	4.28%
EBIT Growth	-29.34%	53.03%	16.31%	7.91%	20.04%	37.64%	85.27%	-9.71%	-0.54%	-16.22%	2.64%
NOPAT Growth	-24.17%	40.00%	3.17%	38.50%	18.93%	40.89%	93.35%	-5.34%	-8.62%	-16.55%	0.27%
Net Income Growth	-24.78%	50.21%	4.94%	37.29%	16.82%	43.24%	91.16%	-11.47%	1.28%	-16.97%	0.20%
EPS Growth	-25.71%	46.92%	4.19%	37.69%	17.15%	42.37%	89.72%	-10.84%	1.94%	-15.10%	1.49%
Operating Cash Flow Growth	16.13%	3.30%	20.01%	9.61%	27.23%	28.68%	23.60%	23.97%	7.25%	-15.85%	15.52%
Free Cash Flow Firm Growth	-37.52%	-27.53%	-24.89%	289.60%	5.97%	25.21%	21.15%	41.72%	-24.31%	-11.36%	-0.49%
Invested Capital Growth	0.99%	7.52%	8.94%	0.74%	3.00%	6.74%	26.46%	10.91%	12.78%	8.61%	8.05%
Revenue Q/Q Growth	0.71%	1.52%	2.13%	0.40%	2.68%	5.38%	5.62%	-0.76%	0.80%	0.58%	1.86%
EBITDA Q/Q Growth	0.88%	3.08%	4.13%	2.27%	2.78%	8.61%	9.08%	-11.94%	5.02%	0.35%	0.43%
EBIT Q/Q Growth	0.47%	4.85%	4.95%	2.66%	3.78%	10.51%	9.75%	-13.40%	5.30%	-0.40%	-0.53%
NOPAT Q/Q Growth	1.30%	2.50%	-21.33%	35.97%	4.68%	11.39%	9.13%	-7.45%	5.09%	-0.83%	0.07%
Net Income Q/Q Growth	2.14%	4.21%	-20.64%	33.57%	5.18%	11.07%	8.05%	-7.09%	6.08%	-1.38%	0.41%
EPS Q/Q Growth	0.00%	3.24%	-20.40%	33.01%	5.59%	10.39%	7.70%	-6.42%	6.20%	-0.74%	0.59%
Operating Cash Flow Q/Q Growth	11.55%	1.76%	3.82%	-2.80%	9.94%	9.83%	2.12%	10.70%	1.08%	-6.98%	8.79%
Free Cash Flow Firm Q/Q Growth	-25.56%	106.83%	-35.71%	6.39%	2.42%	3.95%	7.91%	-3.49%	5.34%	42.39%	-5.90%
Invested Capital Q/Q Growth	0.45%	-2.38%	-3.15%	0.31%	0.79%	2.72%	4.21%	1.82%	2.14%	-2.14%	-1.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	32.56%	33.23%	32.07%	31.76%	32.92%	35.76%	41.52%	39.36%	38.28%	34.51%	35.91%
EBITDA Margin	15.61%	19.05%	20.36%	20.46%	21.73%	24.09%	31.02%	27.83%	27.67%	25.03%	24.57%
Operating Margin	9.19%	12.93%	14.12%	13.99%	16.12%	18.95%	26.57%	25.43%	22.92%	19.70%	19.03%
EBIT Margin	9.19%	13.04%	14.31%	14.38%	16.12%	19.01%	26.70%	23.65%	23.02%	19.66%	18.99%
Profit (Net Income) Margin	6.83%	9.52%	9.42%	12.05%	13.14%	16.13%	23.37%	20.30%	20.12%	17.03%	16.06%
Tax Burden Percent	82.34%	75.66%	67.76%	85.96%	82.83%	86.27%	88.37%	86.17%	85.01%	84.15%	82.16%
Interest Burden Percent	90.28%	96.44%	97.16%	97.45%	98.41%	98.33%	99.05%	99.59%	102.80%	102.92%	102.91%
Effective Tax Rate	22.65%	28.66%	36.38%	17.20%	20.22%	18.07%	14.31%	16.87%	17.52%	18.36%	20.24%
Return on Invested Capital (ROIC)	10.14%	13.61%	12.97%	17.16%	20.03%	26.91%	44.49%	35.76%	29.20%	22.04%	20.40%
ROIC Less NNEP Spread (ROIC-NNEP)	52.88%	4.44%	5.23%	12.72%	18.36%	24.21%	41.83%	38.78%	25.10%	17.95%	16.17%
Return on Net Nonoperating Assets (RNNOA)	-0.48%	-0.20%	-0.40%	-1.70%	-3.75%	-6.71%	-12.90%	-12.42%	-7.88%	-4.33%	-3.55%
Return on Equity (ROE)	9.65%	13.41%	12.57%	15.46%	16.28%	20.20%	31.59%	23.34%	21.32%	17.71%	16.85%
Cash Return on Invested Capital (CROIC)	9.15%	6.36%	4.41%	16.42%	17.08%	20.38%	21.12%	25.42%	17.19%	13.78%	12.66%
Operating Return on Assets (OROA)	7.64%	11.54%	12.79%	12.86%	13.73%	15.89%	24.76%	19.70%	18.24%	15.23%	14.76%
Return on Assets (ROA)	5.68%	8.42%	8.42%	10.77%	11.19%	13.48%	21.67%	16.91%	15.94%	13.19%	12.48%
Return on Common Equity (ROCE)	9.65%	13.41%	12.57%	15.46%	16.28%	20.20%	31.59%	23.34%	21.32%	17.71%	16.85%
Return on Equity Simple (ROE_SIMPLE)	9.34%	12.85%	11.77%	14.82%	15.36%	18.67%	28.34%	21.82%	20.60%	18.37%	0.00%
Net Operating Profit after Tax (NOPAT)	99	139	144	199	237	333	645	610	558	465	467
NOPAT Margin	7.11%	9.23%	8.98%	11.59%	12.86%	15.53%	22.77%	21.14%	18.90%	16.08%	15.18%
Net Nonoperating Expense Percent (NNEP)	-42.74%	9.17%	7.74%	4.44%	1.67%	2.70%	2.66%	-3.02%	4.10%	4.09%	4.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	21.09%	18.06%	16.13%	13.81%
Cost of Revenue to Revenue	67.44%	66.77%	67.93%	68.24%	67.08%	64.24%	58.48%	60.64%	61.72%	65.49%	64.09%
SG&A Expenses to Revenue	16.65%	15.88%	15.38%	15.31%	14.82%	14.07%	12.81%	10.98%	11.98%	11.70%	12.80%
R&D to Revenue	2.44%	2.44%	2.45%	2.35%	2.11%	2.18%	1.86%	2.03%	2.32%	2.39%	2.42%
Operating Expenses to Revenue	23.37%	20.29%	17.95%	17.77%	16.80%	16.81%	14.96%	13.93%	15.36%	14.81%	16.89%
Earnings before Interest and Taxes (EBIT)	129	197	229	247	297	408	756	683	679	569	584
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	219	288	326	351	400	517	878	803	816	724	755
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.09	5.40	5.60	5.12	6.99	11.21	14.79	6.46	9.02	8.84	6.23
Price to Tangible Book Value (P/TBV)	4.75	6.09	6.23	5.63	7.66	12.13	15.68	6.78	9.42	9.24	6.47
Price to Revenue (P/Rev)	2.99	4.00	4.48	4.16	5.98	9.68	12.20	6.01	8.81	8.19	6.43
Price to Earnings (P/E)	43.85	42.05	47.57	34.54	45.52	60.02	52.19	29.60	43.77	48.12	40.06
Dividend Yield	0.77%	0.59%	0.55%	0.59%	0.41%	0.23%	0.15%	0.31%	0.22%	0.25%	0.31%
Earnings Yield	2.28%	2.38%	2.10%	2.90%	2.20%	1.67%	1.92%	3.38%	2.28%	2.08%	2.50%
Enterprise Value to Invested Capital (EV/IC)	4.21	5.64	6.10	5.94	8.87	15.79	20.90	9.17	12.41	10.56	7.99
Enterprise Value to Revenue (EV/Rev)	2.97	3.96	4.40	4.03	5.78	9.41	11.94	5.70	8.52	8.03	6.17
Enterprise Value to EBITDA (EV/EBITDA)	19.01	20.80	21.63	19.67	26.57	39.07	38.50	20.48	30.77	32.06	25.12
Enterprise Value to EBIT (EV/EBIT)	32.30	30.39	30.77	27.99	35.84	49.51	44.73	24.10	36.99	40.82	32.50
Enterprise Value to NOPAT (EV/NOPAT)	41.76	42.95	49.03	34.75	44.91	60.60	52.47	26.96	45.05	49.91	40.67
Enterprise Value to Operating Cash Flow (EV/OCF)	19.56	27.26	26.75	23.96	28.94	42.76	57.92	22.72	32.35	35.54	25.14
Enterprise Value to Free Cash Flow (EV/FCFF)	46.28	91.94	144.15	36.32	52.68	79.99	110.53	37.93	76.52	79.82	65.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.29	0.20	0.15	0.14	0.16	0.14	0.11	0.08	0.07	0.08	0.06
Long-Term Debt to Equity	0.22	0.20	0.15	0.14	0.16	0.14	0.09	0.08	0.03	0.08	0.06
Financial Leverage	-0.01	-0.04	-0.08	-0.13	-0.20	-0.28	-0.31	-0.32	-0.31	-0.24	-0.22
Leverage Ratio	1.70	1.59	1.49	1.44	1.45	1.50	1.46	1.38	1.34	1.34	1.35
Compound Leverage Factor	1.53	1.54	1.45	1.40	1.43	1.47	1.44	1.37	1.38	1.38	1.39
Debt to Total Capital	22.56%	16.98%	13.34%	12.31%	14.06%	12.10%	9.77%	7.22%	6.70%	7.02%	6.00%
Short-Term Debt to Total Capital	5.24%	0.18%	0.00%	0.01%	0.13%	0.11%	1.71%	0.08%	4.34%	0.00%	0.00%
Long-Term Debt to Total Capital	17.31%	16.80%	13.34%	12.31%	13.93%	11.99%	8.07%	7.14%	2.36%	7.02%	6.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	77.45%	83.02%	86.66%	87.69%	85.94%	87.90%	90.23%	92.78%	93.30%	92.98%	94.00%
Debt to EBITDA	1.36	0.80	0.61	0.56	0.64	0.49	0.29	0.26	0.25	0.28	0.27
Net Debt to EBITDA	-0.17	-0.20	-0.38	-0.66	-0.94	-1.11	-0.82	-1.11	-1.05	-0.67	-1.06
Long-Term Debt to EBITDA	1.05	0.79	0.61	0.56	0.64	0.49	0.24	0.26	0.09	0.28	0.27
Debt to NOPAT	3.00	1.64	1.37	0.99	1.09	0.77	0.39	0.34	0.37	0.44	0.43
Net Debt to NOPAT	-0.38	-0.41	-0.87	-1.17	-1.58	-1.72	-1.11	-1.46	-1.54	-1.04	-1.72
Long-Term Debt to NOPAT	2.30	1.62	1.37	0.99	1.08	0.76	0.32	0.34	0.13	0.44	0.43
Altman Z-Score	5.87	8.46	9.83	9.97	11.09	15.82	24.24	14.21	19.47	17.96	13.82
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.14	2.66	2.66	3.15	3.10	2.73	2.93	3.70	2.88	2.79	3.02
Quick Ratio	1.45	1.67	1.75	2.21	2.22	1.99	2.11	2.70	2.03	1.88	2.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	90	65	49	190	202	253	306	434	328	291	290
Operating Cash Flow to CapEx	161.40%	128.91%	201.30%	275.64%	290.51%	270.93%	230.47%	254.39%	214.50%	173.32%	264.01%
Free Cash Flow to Firm to Interest Expense	6.37	8.03	6.26	22.66	23.73	30.80	37.32	54.90	36.47	96.99	579.08
Operating Cash Flow to Interest Expense	15.06	27.09	33.76	34.36	43.20	57.62	71.22	91.65	86.28	217.80	1,509.60
Operating Cash Flow Less CapEx to Interest Expense	5.73	6.07	16.99	21.89	28.33	36.35	40.32	55.62	46.06	92.13	937.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	0.88	0.89	0.89	0.85	0.84	0.93	0.83	0.79	0.77	0.78
Accounts Receivable Turnover	7.77	7.90	7.05	6.34	6.06	6.09	6.48	5.79	5.79	5.44	5.46
Inventory Turnover	5.21	5.30	5.24	5.46	5.48	4.95	4.73	4.41	4.29	4.67	4.80
Fixed Asset Turnover	1.96	2.01	1.96	2.05	2.22	2.41	2.83	2.61	2.29	1.93	1.86
Accounts Payable Turnover	8.47	8.34	8.35	8.73	8.59	7.46	7.44	7.82	7.95	7.87	7.99
Days Sales Outstanding (DSO)	46.99	46.18	51.78	57.53	60.26	59.90	56.35	62.99	63.07	67.15	66.90
Days Inventory Outstanding (DIO)	70.10	68.89	69.64	66.91	66.57	73.71	77.12	82.69	85.16	78.18	76.04
Days Payable Outstanding (DPO)	43.09	43.79	43.70	41.81	42.47	48.95	49.08	46.66	45.89	46.40	45.67
Cash Conversion Cycle (CCC)	74.00	71.29	77.72	82.63	84.36	84.65	84.39	99.02	102.33	98.93	97.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	986	1,060	1,155	1,164	1,199	1,280	1,618	1,795	2,024	2,198	2,375
Invested Capital Turnover	1.43	1.47	1.44	1.48	1.56	1.73	1.95	1.69	1.55	1.37	1.34
Increase / (Decrease) in Invested Capital	9.70	74	95	8.60	35	81	339	177	229	174	177
Enterprise Value (EV)	4,154	5,981	7,044	6,914	10,627	20,205	33,823	16,451	25,118	23,223	18,976
Market Capitalization	4,192	6,038	7,168	7,146	11,001	20,780	34,540	17,341	25,975	23,708	19,776
Book Value per Share	$14.20	$15.27	$17.24	$18.85	$21.26	$25.09	$31.53	$36.27	$38.94	$37.04	$44.15
Tangible Book Value per Share	$12.23	$13.54	$15.49	$17.15	$19.40	$23.17	$29.73	$34.57	$37.27	$35.42	$42.51
Total Capital	1,322	1,346	1,477	1,592	1,831	2,110	2,588	2,894	3,088	2,885	3,379
Total Debt	298	229	197	196	257	255	253	209	207	203	203
Total Long-Term Debt	229	226	197	196	255	253	209	207	73	203	203
Net Debt	-38	-57	-125	-233	-375	-575	-717	-890	-857	-484	-801
Capital Expenditures (CapEx)	132	170	131	105	126	174	253	285	362	377	286
Debt-free, Cash-free Net Working Capital (DFCFNWC)	154	200	228	273	280	257	430	508	545	503	532
Debt-free Net Working Capital (DFNWC)	429	403	464	611	719	873	1,192	1,403	1,399	988	1,323
Net Working Capital (NWC)	359	401	464	611	717	870	1,148	1,401	1,265	988	1,323
Net Nonoperating Expense (NNE)	3.87	-4.35	-7.04	-7.93	-5.07	-13	-17	24	-36	-27	-27
Net Nonoperating Obligations (NNO)	-38	-57	-125	-233	-375	-575	-717	-890	-857	-484	-801
Total Depreciation and Amortization (D&A)	90	91	97	104	103	109	122	121	137	155	171
Debt-free, Cash-free Net Working Capital to Revenue	11.01%	13.27%	14.26%	15.92%	15.23%	11.98%	15.17%	17.61%	18.47%	17.39%	17.31%
Debt-free Net Working Capital to Revenue	30.63%	26.72%	29.02%	35.57%	39.10%	40.64%	42.10%	48.59%	47.41%	34.14%	43.05%
Net Working Capital to Revenue	25.68%	26.57%	29.02%	35.56%	38.97%	40.54%	40.54%	48.51%	42.87%	34.14%	43.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.33	$1.96	$2.04	$2.80	$3.27	$4.68	$8.89	$7.87	$7.98	$6.75	$6.83
Adjusted Weighted Average Basic Shares Outstanding	72M	73.30M	73.90M	73.90M	74M	73.90M	74.40M	74.40M	74.30M	73M	72.30M
Adjusted Diluted Earnings per Share	$1.30	$1.91	$1.99	$2.74	$3.21	$4.57	$8.67	$7.73	$7.88	$6.69	$6.79
Adjusted Weighted Average Diluted Shares Outstanding	73.80M	75M	75.80M	75.40M	75.40M	75.80M	76.30M	75.80M	75.30M	73.70M	72.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.33M	73.26M	73.99M	74.19M	147.67M	74.10M	74.28M	74.14M	73.30M	72.30M	72.02M
Normalized Net Operating Profit after Tax (NOPAT)	99	139	144	199	237	333	645	610	558	465	467
Normalized NOPAT Margin	7.11%	9.23%	8.98%	11.59%	12.86%	15.53%	22.77%	21.14%	18.90%	16.08%	15.18%
Pre Tax Income Margin	8.29%	12.58%	13.91%	14.02%	15.86%	18.69%	26.45%	23.55%	23.66%	20.24%	19.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.12	24.30	29.35	29.40	34.88	49.77	92.21	86.42	75.44	189.63	1,167.80
NOPAT to Interest Expense	7.05	17.19	18.42	23.69	27.84	40.66	78.61	77.24	61.95	155.09	933.08
EBIT Less CapEx to Interest Expense	-0.21	3.28	12.58	16.94	20.01	28.50	61.30	50.39	35.22	63.97	596.00
NOPAT Less CapEx to Interest Expense	-2.28	-3.82	1.65	11.22	12.97	19.39	47.71	41.21	21.73	29.42	361.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.89%	24.93%	25.95%	20.35%	18.66%	13.89%	7.72%	9.23%	9.61%	12.00%	12.40%
Augmented Payout Ratio	33.89%	61.28%	75.32%	54.57%	53.04%	47.26%	28.44%	43.85%	83.47%	125.84%	39.54%

This table displays calculated financial ratios and metrics derived from West Pharmaceutical Services' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	72,021,491.00	70,647,595.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	72,021,491.00	70,647,595.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.93	2.18
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.29%	-2.96%	-6.86%	-0.07%	2.30%	0.37%	9.17%	7.73%	7.51%	21.05%	13.80%
EBITDA Growth	22.39%	-15.25%	-23.81%	-7.38%	1.78%	-7.32%	18.05%	4.78%	1.60%	51.29%	15.50%
EBIT Growth	24.06%	-20.93%	-30.89%	-11.32%	-0.81%	-13.03%	21.63%	4.23%	-1.95%	65.64%	16.55%
NOPAT Growth	27.17%	-19.00%	-29.31%	-13.31%	-3.06%	-21.80%	18.53%	3.80%	0.26%	59.14%	18.48%
Net Income Growth	33.01%	-17.64%	-28.24%	-15.69%	-5.04%	-22.12%	18.42%	2.94%	1.54%	54.57%	16.84%
EPS Growth	33.58%	-16.22%	-26.70%	-13.55%	-2.73%	-20.65%	20.53%	3.78%	2.25%	56.10%	18.13%
Operating Cash Flow Growth	3.60%	-14.41%	-2.48%	-21.73%	-20.49%	9.48%	7.33%	9.49%	32.09%	-30.53%	-29.98%
Free Cash Flow Firm Growth	-33.56%	-58.25%	-83.07%	-94.70%	50.38%	-20.12%	-72.87%	82.22%	-4.72%	42.13%	96.13%
Invested Capital Growth	12.78%	10.22%	9.35%	13.36%	8.61%	8.98%	12.12%	7.06%	8.05%	8.50%	6.35%
Revenue Q/Q Growth	-2.06%	-5.00%	0.96%	6.38%	0.25%	-6.78%	9.81%	4.97%	0.05%	4.96%	3.24%
EBITDA Q/Q Growth	-9.23%	-19.51%	4.23%	21.62%	-0.25%	-26.71%	32.77%	7.95%	-3.42%	9.30%	1.35%
EBIT Q/Q Growth	-11.15%	-23.68%	2.77%	27.26%	-0.62%	-33.08%	43.73%	9.06%	-6.69%	13.25%	1.13%
NOPAT Q/Q Growth	-14.41%	-16.35%	-2.12%	23.69%	-4.28%	-32.52%	48.37%	8.31%	-7.54%	7.11%	10.47%
Net Income Q/Q Growth	-15.07%	-15.84%	-3.47%	22.19%	-4.34%	-30.98%	46.77%	6.22%	-5.64%	5.07%	10.95%
EPS Q/Q Growth	-14.49%	-15.30%	-2.58%	22.52%	-3.78%	-30.90%	47.97%	5.49%	-5.21%	5.49%	11.98%
Operating Cash Flow Q/Q Growth	3.91%	-50.56%	39.59%	9.15%	5.55%	-31.93%	36.86%	11.35%	27.33%	-64.20%	37.93%
Free Cash Flow Firm Q/Q Growth	-45.96%	15.08%	9.33%	-73.26%	62.80%	-105.57%	-30.48%	82.18%	-119.09%	-13.60%	91.28%
Invested Capital Q/Q Growth	2.14%	2.90%	2.67%	5.06%	-2.14%	3.25%	5.63%	0.31%	-1.23%	3.68%	3.53%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.01%	33.10%	32.76%	35.44%	36.54%	33.22%	35.73%	36.58%	37.75%	35.08%	37.74%
EBITDA Margin	26.89%	22.78%	23.52%	26.88%	26.75%	21.03%	25.43%	26.15%	25.24%	26.29%	25.81%
Operating Margin	21.98%	17.66%	17.97%	21.60%	21.31%	15.33%	20.05%	20.83%	19.45%	20.96%	20.53%
EBIT Margin	21.98%	17.66%	17.97%	21.50%	21.31%	15.30%	20.03%	20.81%	19.40%	20.94%	20.51%
Profit (Net Income) Margin	18.72%	16.58%	15.85%	18.21%	17.37%	12.87%	17.20%	17.40%	16.41%	16.43%	17.65%
Tax Burden Percent	81.45%	90.50%	86.48%	82.67%	78.90%	81.27%	83.95%	81.44%	81.80%	77.07%	85.51%
Interest Burden Percent	104.54%	103.75%	101.98%	102.43%	103.32%	103.46%	102.28%	102.69%	103.39%	101.81%	100.67%
Effective Tax Rate	20.51%	12.87%	17.02%	19.70%	22.32%	21.81%	19.24%	19.78%	20.62%	24.82%	17.88%
Return on Invested Capital (ROIC)	26.99%	22.69%	20.97%	23.60%	22.69%	15.95%	21.14%	21.69%	20.76%	21.45%	22.68%
ROIC Less NNEP Spread (ROIC-NNEP)	25.95%	21.57%	19.90%	22.67%	21.78%	14.74%	19.56%	20.72%	19.55%	20.25%	21.25%
Return on Net Nonoperating Assets (RNNOA)	-8.15%	-5.87%	-4.60%	-5.62%	-5.25%	-2.78%	-3.45%	-4.12%	-4.29%	-3.36%	-3.49%
Return on Equity (ROE)	18.85%	16.82%	16.37%	17.98%	17.44%	13.17%	17.69%	17.57%	16.47%	18.09%	19.19%
Cash Return on Invested Capital (CROIC)	17.19%	17.09%	14.96%	9.67%	13.78%	11.71%	8.91%	13.23%	12.66%	13.65%	15.63%
Operating Return on Assets (OROA)	17.42%	14.12%	14.45%	16.65%	16.50%	12.27%	15.93%	16.14%	15.08%	17.45%	17.00%
Return on Assets (ROA)	14.83%	13.26%	12.74%	14.10%	13.45%	10.32%	13.68%	13.50%	12.75%	13.69%	14.63%
Return on Common Equity (ROCE)	18.85%	16.82%	16.37%	17.98%	17.44%	13.17%	17.69%	17.57%	16.47%	18.09%	19.19%
Return on Equity Simple (ROE_SIMPLE)	0.00%	21.22%	20.37%	18.15%	0.00%	17.41%	16.65%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	128	107	105	130	124	84	124	134	124	133	147
NOPAT Margin	17.47%	15.39%	14.92%	17.34%	16.56%	11.99%	16.20%	16.71%	15.44%	15.76%	16.86%
Net Nonoperating Expense Percent (NNEP)	1.04%	1.12%	1.07%	0.93%	0.91%	1.21%	1.58%	0.96%	1.21%	1.20%	1.42%
Return On Investment Capital (ROIC_SIMPLE)	4.14%	-	-	-	4.30%	2.90%	3.96%	4.13%	3.68%	4.17%	4.61%
Cost of Revenue to Revenue	61.99%	66.90%	67.24%	64.56%	63.46%	66.78%	64.27%	63.42%	62.25%	64.92%	62.26%
SG&A Expenses to Revenue	12.30%	12.47%	11.82%	11.18%	11.39%	12.61%	12.51%	12.76%	13.29%	11.78%	13.48%
R&D to Revenue	2.51%	2.53%	2.49%	2.08%	2.47%	2.34%	2.49%	2.13%	2.71%	1.87%	2.26%
Operating Expenses to Revenue	16.02%	15.44%	14.78%	13.84%	15.22%	17.89%	15.68%	15.75%	18.30%	14.12%	17.21%
Earnings before Interest and Taxes (EBIT)	161	123	126	161	160	107	154	167	156	177	179
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	197	158	165	201	200	147	195	210	203	222	225
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.02	10.91	9.31	7.91	8.84	6.03	5.37	6.18	6.23	6.04	8.48
Price to Tangible Book Value (P/TBV)	9.42	11.43	9.76	8.28	9.24	6.31	5.60	6.43	6.47	6.28	8.82
Price to Revenue (P/Rev)	8.81	9.99	8.33	7.57	8.19	5.59	5.31	6.25	6.43	5.60	7.62
Price to Earnings (P/E)	43.77	51.42	45.68	43.58	48.12	34.65	32.23	38.36	40.06	33.26	44.90
Dividend Yield	0.22%	0.15%	0.18%	0.20%	0.25%	0.37%	0.38%	0.32%	0.31%	0.43%	0.24%
Earnings Yield	2.28%	1.94%	2.19%	2.29%	2.08%	2.89%	3.10%	2.61%	2.50%	3.01%	2.23%
Enterprise Value to Invested Capital (EV/IC)	12.41	13.76	11.01	9.47	10.56	6.95	6.34	7.58	7.99	7.12	9.77
Enterprise Value to Revenue (EV/Rev)	8.52	9.78	8.18	7.39	8.03	5.45	5.13	6.04	6.17	5.44	7.49
Enterprise Value to EBITDA (EV/EBITDA)	30.77	36.50	32.10	29.47	32.06	22.13	20.46	24.22	25.12	21.10	28.95
Enterprise Value to EBIT (EV/EBIT)	36.99	44.51	40.09	37.23	40.82	28.53	26.18	31.03	32.50	26.79	36.68
Enterprise Value to NOPAT (EV/NOPAT)	45.05	53.79	48.13	45.33	49.91	35.70	32.93	39.08	40.67	33.95	46.24
Enterprise Value to Operating Cash Flow (EV/OCF)	32.35	37.86	31.29	30.28	35.54	23.73	22.44	26.26	25.14	24.50	37.64
Enterprise Value to Free Cash Flow (EV/FCFF)	76.52	84.39	76.87	104.08	79.82	61.92	75.13	59.20	65.54	54.24	64.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.08	0.08	0.07	0.08	0.08	0.07	0.07	0.06	0.07	0.07
Long-Term Debt to Equity	0.03	0.03	0.03	0.07	0.08	0.08	0.07	0.07	0.06	0.07	0.07
Financial Leverage	-0.31	-0.27	-0.23	-0.25	-0.24	-0.19	-0.18	-0.20	-0.22	-0.17	-0.16
Leverage Ratio	1.34	1.34	1.34	1.32	1.34	1.35	1.35	1.34	1.35	1.36	1.36
Compound Leverage Factor	1.40	1.39	1.37	1.35	1.39	1.39	1.38	1.38	1.40	1.39	1.37
Debt to Total Capital	6.70%	7.14%	7.40%	6.86%	7.02%	7.02%	6.47%	6.23%	6.00%	6.35%	6.35%
Short-Term Debt to Total Capital	4.34%	4.62%	4.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	2.36%	2.52%	2.62%	6.86%	7.02%	7.02%	6.47%	6.23%	6.00%	6.35%	6.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.30%	92.86%	92.60%	93.14%	92.98%	92.98%	93.53%	93.77%	94.00%	93.65%	93.65%
Debt to EBITDA	0.25	0.26	0.28	0.28	0.28	0.28	0.27	0.27	0.27	0.24	0.24
Net Debt to EBITDA	-1.05	-0.76	-0.60	-0.70	-0.67	-0.58	-0.72	-0.86	-1.06	-0.64	-0.51
Long-Term Debt to EBITDA	0.09	0.09	0.10	0.28	0.28	0.28	0.27	0.27	0.27	0.24	0.24
Debt to NOPAT	0.37	0.39	0.42	0.43	0.44	0.46	0.44	0.43	0.43	0.39	0.38
Net Debt to NOPAT	-1.54	-1.12	-0.90	-1.08	-1.04	-0.94	-1.15	-1.39	-1.72	-1.02	-0.82
Long-Term Debt to NOPAT	0.13	0.14	0.15	0.43	0.44	0.46	0.44	0.43	0.43	0.39	0.38
Altman Z-Score	19.02	21.72	18.49	16.89	17.58	13.15	11.88	13.41	13.49	12.46	16.90
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.88	2.61	2.34	3.00	2.79	2.77	2.78	2.87	3.02	2.71	2.82
Quick Ratio	2.03	1.74	1.46	1.97	1.88	1.80	1.81	1.97	2.09	1.79	1.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-101	-86	-78	-135	-50	-103	-135	-24	-53	-60	-5.22
Operating Cash Flow to CapEx	219.96%	130.46%	164.67%	221.53%	181.22%	181.49%	235.51%	311.53%	329.96%	210.54%	287.04%
Free Cash Flow to Firm to Interest Expense	-84.50	-53.82	-52.05	-193.24	0.00	-258.59	-1,349.65	-120.25	0.00	-31.50	-2.01
Operating Cash Flow to Interest Expense	199.25	73.88	110.00	257.29	0.00	323.50	1,771.00	986.00	0.00	47.32	47.69
Operating Cash Flow Less CapEx to Interest Expense	108.67	17.25	43.20	141.14	0.00	145.25	1,019.00	669.50	0.00	24.84	31.08
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.80	0.80	0.77	0.77	0.80	0.80	0.78	0.78	0.83	0.83
Accounts Receivable Turnover	5.79	5.65	5.68	5.51	5.44	5.42	5.58	5.25	5.46	5.24	5.14
Inventory Turnover	4.29	4.20	4.26	4.50	4.67	4.63	4.56	4.63	4.80	4.88	4.84
Fixed Asset Turnover	2.29	2.20	2.09	2.00	1.93	1.88	1.84	1.82	1.86	1.93	1.95
Accounts Payable Turnover	7.95	7.77	8.61	8.44	7.87	8.09	8.50	8.10	7.99	8.54	8.55
Days Sales Outstanding (DSO)	63.07	64.65	64.31	66.20	67.15	67.28	65.46	69.50	66.90	69.65	71.01
Days Inventory Outstanding (DIO)	85.16	86.95	85.68	81.15	78.18	78.81	80.03	78.77	76.04	74.81	75.37
Days Payable Outstanding (DPO)	45.89	46.99	42.38	43.27	46.40	45.11	42.93	45.07	45.67	42.74	42.67
Cash Conversion Cycle (CCC)	102.33	104.61	107.60	104.09	98.93	100.99	102.57	103.21	97.28	101.71	103.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,024	2,083	2,138	2,246	2,198	2,270	2,397	2,405	2,375	2,463	2,550
Invested Capital Turnover	1.55	1.47	1.41	1.36	1.37	1.33	1.31	1.30	1.34	1.36	1.35
Increase / (Decrease) in Invested Capital	229	193	183	265	174	187	259	159	177	193	152
Enterprise Value (EV)	25,118	28,645	23,539	21,268	23,223	15,774	15,188	18,217	18,976	17,524	24,922
Market Capitalization	25,975	29,243	23,978	21,774	23,708	16,187	15,720	18,863	19,776	18,051	25,362
Book Value per Share	$38.94	$36.47	$35.37	$37.94	$37.04	$37.11	$40.77	$42.44	$44.15	$41.52	$42.33
Tangible Book Value per Share	$37.27	$34.82	$33.72	$36.27	$35.42	$35.48	$39.09	$40.77	$42.51	$39.91	$40.70
Total Capital	3,088	2,887	2,783	2,955	2,885	2,886	3,132	3,254	3,379	3,193	3,193
Total Debt	207	206	206	203	203	203	203	203	203	203	203
Total Long-Term Debt	73	73	73	203	203	203	203	203	203	203	203
Net Debt	-857	-598	-439	-506	-484	-414	-532	-647	-801	-528	-441
Capital Expenditures (CapEx)	109	91	100	81	105	71	75	63	76	43	43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	545	576	536	543	503	527	567	559	532	631	731
Debt-free Net Working Capital (DFNWC)	1,399	1,178	982	1,034	988	931	1,076	1,188	1,323	1,153	1,167
Net Working Capital (NWC)	1,265	1,045	849	1,034	988	931	1,076	1,188	1,323	1,153	1,167
Net Nonoperating Expense (NNE)	-9.10	-8.31	-6.57	-6.47	-6.12	-6.14	-7.67	-5.55	-7.79	-5.66	-6.92
Net Nonoperating Obligations (NNO)	-857	-598	-439	-506	-484	-414	-532	-647	-801	-528	-441
Total Depreciation and Amortization (D&A)	36	36	39	40	41	40	41	43	47	45	46
Debt-free, Cash-free Net Working Capital to Revenue	18.47%	19.67%	18.63%	18.88%	17.39%	18.19%	19.14%	18.54%	17.31%	19.60%	21.98%
Debt-free Net Working Capital to Revenue	47.41%	40.22%	34.14%	35.95%	34.14%	32.14%	36.36%	39.36%	43.05%	35.79%	35.08%
Net Working Capital to Revenue	42.87%	35.67%	29.52%	35.95%	34.14%	32.14%	36.36%	39.36%	43.05%	35.79%	35.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.85	$1.57	$1.52	$1.87	$1.79	$1.24	$1.82	$1.94	$1.83	$1.93	$2.17
Adjusted Weighted Average Basic Shares Outstanding	74.30M	73.50M	73M	72.80M	73M	72.50M	72.20M	72.20M	72.30M	72M	70.80M
Adjusted Diluted Earnings per Share	$1.83	$1.55	$1.51	$1.85	$1.78	$1.23	$1.82	$1.92	$1.82	$1.92	$2.15
Adjusted Weighted Average Diluted Shares Outstanding	75.30M	74.30M	73.70M	73.40M	73.70M	73M	72.50M	72.60M	72.70M	72.40M	71.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	73.30M	72.84M	72.54M	72.42M	72.30M	71.85M	71.91M	71.94M	72.02M	70.65M	70.38M
Normalized Net Operating Profit after Tax (NOPAT)	128	107	105	130	124	84	124	134	124	133	147
Normalized NOPAT Margin	17.47%	15.39%	14.92%	17.34%	16.56%	11.99%	16.20%	16.71%	15.44%	15.76%	16.86%
Pre Tax Income Margin	22.98%	18.32%	18.33%	22.02%	22.02%	15.83%	20.48%	21.36%	20.06%	21.32%	20.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	134.08	76.75	84.13	229.43	0.00	267.00	1,535.00	837.00	0.00	93.11	68.81
NOPAT to Interest Expense	106.58	66.87	69.82	185.04	0.00	209.16	1,241.35	672.25	0.00	70.08	56.57
EBIT Less CapEx to Interest Expense	43.50	20.13	17.33	113.29	0.00	88.75	783.00	520.50	0.00	70.63	52.19
NOPAT Less CapEx to Interest Expense	16.00	10.25	3.02	68.90	0.00	30.91	489.35	355.75	0.00	47.60	39.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.61%	10.13%	11.07%	11.73%	12.00%	12.76%	12.32%	12.34%	12.40%	11.39%	11.05%
Augmented Payout Ratio	83.47%	123.58%	136.60%	148.54%	125.84%	104.24%	61.70%	50.66%	39.54%	66.32%	91.47%

Financials Breakdown Chart

Key Financial Trends

West Pharmaceutical Services (NYSE: WST) continues to show a strong profitability profile, but the latest quarter also highlights a few important pressure points for investors to watch. In Q1 2026, revenue rose year over year, earnings remained solid, and operating cash flow was positive. At the same time, the company is continuing to spend heavily on capital projects and aggressive share repurchases, which have been a major use of cash.

Quarterly trends look constructive overall. Q1 2026 revenue increased to $844.9 million from $805.0 million in Q4 2025 and $698.0 million in Q1 2025. Net income also improved to $138.8 million from $132.1 million in the prior sequential quarter and $89.8 million a year earlier. That points to a business that is still growing and remains highly profitable.

Margins held up reasonably well. Gross profit in Q1 2026 was $296.4 million, while operating income was $177.1 million. Compared with Q1 2025, revenue was higher and operating income was also stronger, suggesting the company is managing growth without a major squeeze on profitability.

Cash generation remains healthy, but working capital was a drag in the latest quarter. West generated $89.9 million in operating cash flow in Q1 2026, down from $251.1 million in Q4 2025 and $129.4 million in Q1 2025. The decline was driven by a large negative change in operating assets and liabilities, which suggests working capital absorbed a lot of cash in the period.

The balance sheet remains solid, with substantial liquidity and manageable debt. As of Q1 2026, West held $521.4 million in cash and equivalents against $202.8 million of long-term debt. Total debt looks modest relative to equity and assets, and the company’s liquidity position appears comfortable.

That said, the cash balance has come down over time. Cash and equivalents were $628.5 million in Q3 2025 and $521.4 million in Q1 2026, after being $853.9 million at the end of 2023. Much of that decline appears tied to share repurchases and ongoing capital spending rather than a business deterioration, but it is still worth monitoring.

Capital allocation has been shareholder-friendly, but very aggressive. In Q1 2026, West repurchased $297.6 million of common equity, paid $15.8 million in dividends, and spent $42.7 million on property, plant and equipment. Over the last several quarters, buybacks have been one of the largest cash uses, supporting EPS but also reducing cash reserves.

Share counts are being reduced, which helps earnings per share. Diluted shares outstanding were 72.4 million in Q1 2026, down from 72.7 million in Q4 2025 and 73.0 million in Q1 2025. The lower share count supports per-share earnings growth even when net income is only rising modestly.

Revenue growth is still positive year over year, with Q1 2026 sales up to $844.9 million from $698.0 million in Q1 2025.
Net income improved to $138.8 million in Q1 2026, up from $89.8 million in Q1 2025.
Operating income remains strong at $177.1 million, showing the core business is profitable.
The balance sheet is still healthy with $521.4 million in cash and only $202.8 million in long-term debt.
Share repurchases continue to support EPS by reducing diluted share count over time.
Operating cash flow was positive at $89.9 million, but well below recent quarters.
Capital spending remains elevated at $42.7 million in Q1 2026, which may support future growth but reduces near-term free cash flow.
Inventory and receivables remain large on the balance sheet, so working capital efficiency will matter.
Working capital used a significant amount of cash in Q1 2026, pressuring operating cash flow.
Heavy buybacks and dividends are consuming cash and helping drive the lower cash balance over time.

Bottom line: West Pharmaceutical Services still looks like a high-quality, profitable company with a strong balance sheet and consistent earnings growth. The main caution is cash flow volatility driven by working capital and capital allocation. For investors, the key question is whether management can keep growing revenue and earnings while avoiding a continued decline in cash reserves.

08/03/26 04:27 AM ETAI Generated. May Contain Errors.

West Pharmaceutical Services Financials - Frequently Asked Questions

According to the most recent income statement we have on file, West Pharmaceutical Services' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

West Pharmaceutical Services' net income appears to be on an upward trend, with a most recent value of $493.70 million in 2025, rising from $95.60 million in 2015. The previous period was $492.70 million in 2024. See where experts think West Pharmaceutical Services is headed by visiting West Pharmaceutical Services' forecast page.

West Pharmaceutical Services' total operating income in 2025 was $584.90 million, based on the following breakdown:

Total Gross Profit: $1.10 billion
Total Operating Expenses: $519.10 million

Over the last 10 years, West Pharmaceutical Services' total revenue changed from $1.40 billion in 2015 to $3.07 billion in 2025, a change of 119.6%.

West Pharmaceutical Services' total liabilities were at $1.09 billion at the end of 2025, a 13.8% increase from 2024, and a 63.0% increase since 2015.

In the past 10 years, West Pharmaceutical Services' cash and equivalents has ranged from $203 million in 2016 to $894.30 million in 2022, and is currently $791.30 million as of their latest financial filing in 2025.

Over the last 10 years, West Pharmaceutical Services' book value per share changed from 14.20 in 2015 to 44.15 in 2025, a change of 210.8%.

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Financial statements for NYSE:WST last updated on 7/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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West Pharmaceutical Services (WST) Financials

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