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West Pharmaceutical Services, Inc. WST

NYSEMedical instruments and suppliesFinancials to Jun 30, 2026 · Updated Oct 9, 2026

On Stock Analysis · affiliate link
WST financials
Moat score
87
ROIC
20.0%
P/E
45.7
EV/EBIT
37.6
FCF yield
1.7%
Dividend yield
0.2%
Market cap
$25.8B

Moat ranks

Score rankTied #65 of 396
Durabilitydurable
Market structureOligopoly
Pricing powermoderate

Balance sheet

6/30/26
$BDec 31Jun 30
Cash0.80.4
Securities0.00.0
Debt0.20.2
Net cash0.60.2
Equity3.23.0
Leverage
Debt / EBITDA
0.24×
Debt / equity
0.07×
Leases (6/30/26)
$114M
Capital
Diluted shares
71M
Book value / share
$41.94
Price / book
8.6×
Net cash / share
$3.27
Market cap
$25.8B
Enterprise value
$25.6B

Per-share record

Fiscal years and TTM
Scale
$0$20$40$60'16'17'18'19'20'21'22'23'2442.28'2546.66TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q2 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth13.8%+4.6 pts
Operating margin20.5%+0.5 pts
FCF margin9.3%-4.0 pts
Capex / revenue5.0%-4.9 pts
Proprietary Products net sales$723M+17%
Proprietary Products segment operating profit$212M+31%
West Vantage net sales$150M+2%
West Vantage segment operating profit$13M-28%
High-value product components net sales$424M+18%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About WST

West supplies stoppers, seals, syringe parts and delivery systems for injectable medicines, plus West Vantage contract manufacturing. Proprietary Products supplied 81.07% of full-year 2025 sales.

Revenue mix
Proprietary Products 81.1%West Vantage 18.9%
  • Design In Qualification

    Primary packaging components are part of approved container-closure systems and are embedded in customer regulatory filings; switching supplier/material typically triggers requalification and regulatory reporting, creating high switching costs.

  • Capex Knowhow Scale

    Scaled factories, automation and process knowledge support reliable, high-purity production.

  • Design In Qualification

    Programs are often integrated into customer manufacturing lines and rely on validated processes/tooling; switching can involve revalidation and disruption risk, but is generally easier than switching qualified primary packaging.

Timeline
  1. Oct 5, 2026

    Aptar launched Premia Precision for high-value injectable elastomers, adding automated inspection and contamination controls that compete with West premium component quality. Source: https://www.aptar.com/en-us/news-events/aptar-pharma-launches-premia-precision-a-new-quality-standard-for-demanding-injectable-therapies

  2. Aug 31, 2026

    Michel Lagarde succeeded Eric Green as CEO; Robert Friel became board chair, separating management from board leadership.

  3. Jul 23, 2026

    West raised 2026 net-sales guidance to $3.345bn-$3.380bn and adjusted diluted EPS guidance to $8.85-$9.05 after stronger premium component demand.

  4. Jul 14, 2026

    West renewed its Daikyo technology and distribution agreements for ten years. Exclusive rights outside Japan preserve access to important packaging technologies, subject to limited exceptions and early termination rights. Source: https://www.sec.gov/Archives/edgar/data/105770/000010577026000093/wst-20260714.htm

  5. Jul 1, 2026

    West sold SmartDose 3.5mL manufacturing and supply rights and associated facilities to AbbVie for about $136m cash proceeds, including an initial working-capital adjustment, while retaining other SmartDose versions.

Ownership

To 10/8/26
CEO
Michel Lagarde
Since 2026
Professional CEOSingle share class
Insider trades37
Planned sales1

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Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share ($)
Revenue20.1221.1022.7824.4028.3237.1138.0939.1739.2642.2846.66+8.6%/yr
Cash flow2.933.473.834.876.237.659.5510.318.8710.389.29+15.1%/yr
Earnings1.911.992.743.214.578.677.737.886.696.797.92+15.1%/yr
Free cash flow0.661.752.443.193.934.335.805.503.756.456.13+28.9%/yr
Capex2.271.731.391.682.303.323.754.815.123.933.16+6.3%/yr
Dividends0.480.520.560.600.630.670.710.760.800.840.88+6.5%/yr
Book value14.9016.8918.5220.8624.4730.6135.4238.2636.3943.6941.94+12.7%/yr
Diluted shares (M)7576757576767675747371-0.3%/yr
Totals ($B)
Revenue1.51.61.71.82.12.82.92.92.93.13.3+8.2%/yr
Operating income0.20.20.20.30.40.80.70.70.60.60.7+13.0%/yr
Net income0.10.20.20.20.30.70.60.60.50.50.6+14.7%/yr
Free cash flow0.00.10.20.20.30.30.40.40.30.50.4+28.5%/yr
Buybacks0.10.10.10.10.10.10.20.40.60.10.5+11.0%/yr
Dividends0.00.00.00.00.00.10.10.10.10.10.1+6.1%/yr
Net cash-0.00.00.10.20.40.50.70.60.30.60.2+$0.6B
Margins & returns (%)
Gross margin33.232.131.832.935.841.539.438.334.535.936.8+2.7 pts
Operating margin12.914.114.016.119.026.625.422.919.719.020.5+6.1 pts
Net margin9.59.412.013.116.123.420.320.117.016.117.0+6.5 pts
FCF margin3.38.310.713.113.911.715.214.19.615.313.1+12.0 pts
ROIC13.814.715.517.322.133.429.724.519.218.320.0+4.5 pts
Return on equity12.911.814.815.418.728.321.820.618.415.518.9+2.7 pts
R&D % of revenue2.42.42.32.12.21.92.02.32.42.42.2-0.0 pts
Stock pay % of revenue1.31.00.91.31.61.30.80.80.60.81.0-0.5 pts
Capex % of revenue11.38.26.16.98.18.99.912.313.09.36.8-2.0 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = four quarters to Jun 30, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 19.0% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score87
Strength
Confidence
Structure
Oligopoly
Durability
durable
Trajectory
stable
Pricing power
moderate
Segments
  • Proprietary Products81.1%
    2 claims
  • West Vantage18.9%
    1 claim

Moat claims

Applies to
Proprietary Products
Confidence
Durability
durable
Trajectory
stableas of Oct 8, 2026
Why it holds

Primary packaging components are part of approved container-closure systems and are embedded in customer regulatory filings; switching supplier/material typically triggers requalification and regulatory reporting, creating high switching costs.

Why stable

Premium component demand supports the established qualification barrier: Q2 2026 HVP Components organic sales rose 18.4%. That is evidence of product demand, not proof that supplier switching became harder.

Indicators
  • Proprietary Products net sales$723M+17%
  • Proprietary Products segment operating profit$212M+31%
  • High-value product components net sales$424M+18%
  • Annual Proprietary Products gross margin40.5%+1.9 pts
  • Quarterly Proprietary Products gross margin42.6%+2.5 pts
  • Largest customer revenue share15.8%+3.5 pts
  • Global elastomer market share, lower bound≥70.0%
Risks
  • Customers qualify second sources to reduce dependency
  • Comparability protocols and regulatory modernization reduce switching burden
  • Shift to alternative primary containers or delivery modalities changes component demand

Profile change log

  1. Oct 9, 2026 · analyst revision

    Moved management’s 70-75% elastomer share from the broader Proprietary Products segment to a scoped KPI. Added sourced rival quality evidence to the manufacturing trajectory and debate; the three claim strengths and evidence status remain unchanged.

  2. Oct 9, 2026 · business change

    Aptar launched Premia Precision for high-value injectable elastomers, adding automated inspection and contamination controls that compete with West premium component quality. Source: https://www.aptar.com/en-us/news-events/aptar-pharma-launches-premia-precision-a-new-quality-standard-for-demanding-injectable-therapies

  3. Oct 8, 2026 · analyst revision

    Verified the one-vote common-share structure in the March 12, 2026 proxy and kept the CEO appointment citation separate. The proxy includes options in beneficial ownership and does not report current insider voting power, so no precise voting percentage is inferred. Source: https://www.sec.gov/Archives/edgar/data/105770/000110465926026778/wst-20260504xdef14a.htm

  4. Oct 8, 2026 · analyst revision

    Expanded the manufacturing claim to distinguish West process knowledge from licensed Daikyo technology and its termination risk. Clarified uncertainty in the elastomer-market size source and the limited direct interest-rate exposure. Claim strengths and evidence status are unchanged.

  5. Oct 8, 2026 · business change

    West renewed its Daikyo technology and distribution agreements for ten years. Exclusive rights outside Japan preserve access to important packaging technologies, subject to limited exceptions and early termination rights. Source: https://www.sec.gov/Archives/edgar/data/105770/000010577026000093/wst-20260714.htm

  6. Oct 8, 2026 · analyst revision

    Changed segment revenue weights from Q2 2026 to full-year 2025: Proprietary Products 81.07% and West Vantage 18.93%. Removed profit weights because the reported segment profits exclude corporate and unallocated costs. Preserved the scoped segment-profit KPI histories.

  7. Oct 8, 2026 · analyst revision

    Added stable trajectories for all three existing claims, a sourced debate, management and two end-market profiles. Corrected the Aptar peer ticker from APT to ATR and replaced the FDA paraphrases presented as quotations with dated guidance references. Claim strengths, evidence status, industry, sector and profile timestamps are unchanged.

  8. Oct 8, 2026 · business change

    Michel Lagarde succeeded Eric Green as CEO; Robert Friel became board chair, separating management from board leadership.

  9. Oct 8, 2026 · business change

    West raised 2026 net-sales guidance to $3.345bn-$3.380bn and adjusted diluted EPS guidance to $8.85-$9.05 after stronger premium component demand.

  10. Oct 8, 2026 · business change

    West sold SmartDose 3.5mL manufacturing and supply rights and associated facilities to AbbVie for about $136m cash proceeds, including an initial working-capital adjustment, while retaining other SmartDose versions.

  11. Oct 8, 2026 · business change

    A cyberattack forced West to take systems offline worldwide. Q2 West Vantage sales were reduced by about $7m, showing that delivery reliability is a condition of retaining qualified programs.

  12. Oct 8, 2026 · business change

    West launched the Synchrony prefillable syringe system, extending its offer into integrated primary containment.

  13. Oct 8, 2026 · business change

    West bought its South Korean distributor for $18.9m, bringing that distribution business into Proprietary Products.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianWSTSTVN

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Global injectable elastomeric components

As of Oct 9, 2026
OligopolyMedium cyclicality

Elastomer stoppers, plungers, needle shields and sealing parts used with injectable-drug vials, cartridges and prefilled syringes. This is the main component market within West Proprietary Products; it excludes finished medicines, glass containers and complete self-injection devices.

  1. West Pharmaceutical Services
  2. AptarGroup
  3. Datwyler Group
  4. Daikyo Seiko
  5. Lonstroff (Sumitomo Rubber Industries)
2025 leaders, no comparable shares · Verified Market Reports
StocksMoatGross m.Op. m.
WST8736.8%20.5%
Industry median108260.9%18.4%
Sector median557661.5%17.0%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • More biologics and injectable obesity medicines increase demand for compatible stoppers and plungers. Approved drug demand is less tied to the economy than factory orders.
  • Higher purity and contamination-control standards, including EU Annex 1, encourage upgrades to washed, coated and inspected parts. West attributes part of premium growth to this shift.
  • Prefilled syringes and self-injection increase demand for plunger and cartridge components; new drug approvals can extend supply programs for years.
  • Manufacturing redundancy and reliable delivery favor qualified suppliers with multiple sites; compliance and compatibility experience matter alongside price.
Risks
  • Customer destocking can reduce orders even while patient use grows. Large drugmakers hold buying power and can add second sources. Rival inspection and contamination-control systems can reduce the quality gap on new drug programs.
  • Oral alternatives and other delivery methods can reduce injectable component demand; GLP-1 product concentration increases exposure to route-of-administration changes.
  • Oil-linked elastomers, aluminum, plastics, energy and skilled labor affect cost. Contract pricing and hedges delay, rather than remove, cost exposure.
  • Factory quality failures, cyber downtime or regulatory findings can disrupt shipments and weaken a supplier reputation.
  • Currency and tariffs change reported sales and landed costs. Higher rates constrain smaller biotech development budgets and make new capacity more expensive.

Bulls & bears

Key question · as of Oct 9, 2026

Can West turn premium component and biologic demand into sustained cash generation after the SmartDose sale, without another disruption or customer inventory correction?

Arguments

3 forFaded: weakening or settled6 against

What to watch

  1. 1HVP Components reported sales and organic growth
  2. 2Proprietary Products gross margin and capital spending
  3. 3West Vantage segment profit and consolidated operating cash flow

Next check: October 29, 2026 Q3 results: the first quarter after SmartDose 3.5mL left the group and the new CEO took office.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 7, 2026. Not investment advice.

Cite or reuse this data

Free to reuse, commercially too, with a credit link. See the data license.

Moat Score 87/100 by <a href="https://www.findmymoat.com/stocks/XNYS:WST">Find My Moat</a> (as of September 2026)

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