West Pharmaceutical Services

Health Care Health Care Supplies Exton, Pennsylvania Last filing Feb 17, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.1B
                    3y CAGR +2.1%
                    
                    P29
                    
                    +6.3%
                    
                    Net income
                    FY2025
                
$493.7M
                    Net margin +16.1%
                    
                    P70
                    
                    +0.2%
                    
                    Total assets
                    FY2025
                
$4.3B
                    ROA +11.6%
                    
                    P78
                    
                    +17.2%
                    
                    Operating cash flow
                    FY2025
                
$754.8M
                    FCF margin +15.3%
                    
                    P51
                    
                    +15.5%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 10 years

Total assets $4.3B

Total liabilities $1.1B

Shareholders equity $3.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	18.5%	13.3%	22.3%	24.7%	23.0%	22.0%	18.8%	17.0%	12.7%	11.8%
Accounts Receivable	13.5%	15.2%	13.4%	14.0%	14.8%	13.8%	13.6%	14.6%	13.6%	11.7%
Inventory	10.4%	10.3%	11.4%	11.5%	11.4%	11.5%	10.1%	10.8%	11.6%	11.6%
Prepaid Expenses	3.9%	3.4%	3.5%	2.8%	3.4%	1.8%	2.8%	2.7%	2.1%	2.3%
Other Current Assets	3.9%	3.4%	3.5%	2.8%	3.4%	1.8%	2.8%	2.7%	2.1%	2.3%
Total Current Assets	46.3%	42.2%	50.6%	53.1%	52.6%	49.2%	45.2%	45.2%	39.9%	37.4%
Property,Plant and Equipment	40.4%	43.4%	36.9%	32.0%	31.9%	33.8%	35.8%	41.5%	45.9%	45.3%
Operating Lease Assets	2.7%	2.9%	2.6%	2.9%	2.1%	2.4%	3.0%	—	—	—
Goodwill	2.6%	2.9%	2.8%	3.0%	3.3%	4.0%	4.6%	5.3%	5.8%	6.0%
Intangible Assets	0.2%	0.3%	0.4%	0.5%	0.7%	1.1%	1.3%	1.0%	1.2%	1.4%
Deferred Tax Assets	0.9%	0.7%	0.7%	1.8%	1.5%	0.6%	1.9%	2.6%	3.0%	5.4%
Other Noncurrent Assets	1.9%	2.0%	0.6%	1.1%	1.2%	0.8%	1.1%	1.0%	1.3%	1.2%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	5.9%	6.6%	6.3%	6.0%	7.0%	7.6%	6.7%	6.6%	7.4%	7.1%
Accrued Liabilities	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%	3.3%	1.5%	1.2%
Current Portion of Long Term Debt	0.0%	0.0%	3.5%	0.1%	1.3%	0.1%	—	0.0%	0.0%	0.1%
Operating Lease Liabilities	0.5%	0.5%	0.5%	0.4%	0.3%	0.4%	0.4%	—	—	—
Other Current Liabilities	5.0%	5.2%	4.1%	5.0%	4.9%	5.1%	3.9%	3.9%	4.1%	3.4%
Total Current Liabilities	15.3%	15.1%	17.5%	14.3%	17.9%	18.0%	14.6%	14.3%	15.0%	14.0%
Long Term Debt	4.7%	5.6%	1.9%	5.7%	6.3%	9.1%	10.9%	9.9%	10.6%	13.2%
Operating Lease Liabilities Noncurrent	2.2%	2.2%	2.2%	2.6%	1.9%	2.2%	2.7%	—	—	—
Deferred Tax Liabilities	0.5%	0.6%	0.3%	0.4%	0.1%	0.4%	1.9%	2.0%	2.1%	2.1%
Other Noncurrent Liabilities	1.8%	1.7%	1.5%	1.4%	1.2%	1.1%	1.8%	1.7%	2.3%	2.7%
Total Liabilities	25.6%	26.4%	24.8%	25.8%	29.5%	33.6%	32.8%	29.4%	31.3%	34.9%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.4%	0.5%	0.5%	0.5%	0.6%	0.7%	0.8%	1.0%	1.0%	1.1%
Additional Paid In Capital	0.0%	0.6%	3.1%	6.4%	7.5%	9.6%	11.6%	14.3%	16.6%	15.2%
Retained Earnings	102.5%	108.6%	92.0%	82.6%	74.1%	66.1%	66.2%	68.4%	63.2%	62.4%
Treasury Stock	26.0%	29.0%	16.6%	5.6%	6.9%	6.0%	5.0%	5.2%	5.9%	2.7%
Accumulated Other Comprehensive Income	-2.5%	-7.1%	-3.8%	-5.1%	-4.8%	-4.0%	-6.4%	-7.8%	-6.3%	-10.9%
Total Stockholders Equity	74.4%	73.6%	75.2%	74.2%	70.5%	66.4%	67.2%	70.6%	68.7%	65.1%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $3.1B

Operating income $584.9M

Net income $493.7M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	72.0%	79.4%	77.0%	79.8%	85.4%	76.8%	78.6%	86.8%	85.8%	87.9%
Expenses Cost of Revenue	46.1%	52.0%	47.5%	48.4%	50.0%	49.4%	52.7%	59.2%	58.3%	58.7%
Expenses Research and Development	1.7%	1.9%	1.8%	1.6%	1.6%	1.7%	1.7%	2.0%	2.1%	2.1%
Expenses Selling,General and Administrative	9.2%	9.3%	9.2%	8.8%	10.9%	10.8%	11.6%	13.3%	13.2%	14.0%
Expenses Depreciation and Amortization	4.0%	4.3%	3.6%	3.3%	3.7%	3.9%	4.4%	5.3%	5.2%	5.3%
Expenses Share Based Compensation	0.6%	0.5%	0.6%	0.7%	1.1%	1.2%	1.0%	0.8%	0.9%	1.1%
Other Income Expense Gross Profit	25.9%	27.4%	29.5%	31.4%	35.5%	27.5%	25.9%	27.6%	27.5%	29.2%
Other Income Expense Operating Income	13.7%	15.6%	17.7%	20.3%	22.7%	14.6%	12.7%	12.1%	12.1%	11.4%
Other Income Expense Interest Income	0.4%	0.5%	0.7%	0.1%	0.0%	0.1%	0.2%	0.1%	0.1%	0.1%
Other Income Expense Interest Expense	0.4%	0.4%	0.2%	0.2%	0.2%	0.3%	0.4%	0.4%	0.4%	0.5%
Other Income Expense Other Income/expense	-0.0%	-0.0%	0.1%	-1.4%	0.1%	0.0%	-0.0%	0.3%	0.2%	0.1%
Other Income Expense Income Before Tax	14.1%	16.1%	18.2%	18.8%	22.6%	14.4%	12.5%	12.2%	11.9%	11.1%
Income Tax Income Tax Expense	2.8%	3.0%	3.2%	3.2%	3.2%	2.6%	2.5%	2.1%	4.3%	3.2%
net Income net Income	11.6%	13.5%	15.5%	16.2%	20.0%	12.4%	10.3%	10.5%	8.1%	8.4%
net Income Comprehensive Income	15.1%	10.4%	16.5%	15.6%	18.5%	13.8%	10.5%	8.6%	3.7%	-1.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.7%	2.0%	1.9%	2.1%	2.2%	2.6%	3.2%	3.7%	4.0%	4.3%
Earnings Per Share Weighted Average Shares Diluted	1.7%	2.0%	2.0%	2.1%	2.3%	2.7%	3.2%	3.8%	4.1%	4.4%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $754.8M

Investing cash flow $-285.9M

Financing cash flow $-185.1M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	11.6%	13.5%	15.5%	16.2%	20.0%	12.4%	10.3%	10.5%	8.1%	8.4%
Operating Activities Depreciation and Amortization	4.0%	4.3%	3.6%	3.3%	3.7%	3.9%	4.4%	5.3%	5.2%	5.3%
Operating Activities Stock Based Compensation	0.6%	0.5%	0.6%	0.7%	1.1%	1.2%	1.0%	0.8%	0.9%	1.1%
Operating Activities Deferred Income Taxes	-0.3%	-0.1%	1.0%	-0.9%	-1.3%	-0.2%	0.7%	0.0%	2.2%	1.3%
Operating Activities Changes In Operating Assets and Liabilities	1.7%	0.5%	0.4%	2.3%	6.8%	5.6%	3.4%	2.6%	3.0%	2.9%
Operating Activities net Cash From Operating Activities	17.7%	17.9%	20.3%	20.0%	17.6%	16.9%	15.7%	14.6%	14.1%	12.8%
Investing Activities Capital Expenditures	6.7%	10.3%	9.5%	7.9%	7.6%	6.2%	5.4%	5.3%	7.0%	9.9%
Investing Activities Other Investing Activities	0.0%	0.0%	0.2%	0.1%	-0.1%	0.2%	-0.1%	-0.2%	-0.2%	-0.2%
Investing Activities net Cash From Investing Activities	-6.7%	-10.4%	-9.6%	-8.0%	-7.6%	-6.4%	-9.7%	-5.1%	-7.2%	-10.2%
Financing Activities Repayment of Debt	0.0%	4.6%	0.1%	1.2%	0.0%	0.0%	0.1%	0.0%	1.9%	—
Financing Activities Repurchase of Common Stock	3.1%	15.4%	11.4%	5.6%	4.1%	4.1%	3.5%	3.6%	4.0%	3.0%
Financing Activities Dividends Paid	1.4%	1.6%	1.5%	1.5%	1.5%	1.7%	1.9%	2.1%	2.1%	2.1%
Financing Activities Proceeds From Stock Issuance	0.3%	0.7%	1.1%	0.6%	0.9%	1.0%	1.2%	1.4%	1.9%	1.5%
Financing Activities Tax Withholding On Stock Based Compensation	0.1%	0.2%	0.3%	0.5%	0.4%	0.2%	0.1%	0.2%	0.2%	0.2%
Financing Activities net Cash From Financing Activities	-4.3%	-17.1%	-12.0%	-8.1%	-5.1%	-4.9%	-1.6%	-4.1%	-5.9%	-6.6%
Cash Reconciliation Effect of Exchange Rate On Cash	0.5%	-0.6%	0.3%	-0.3%	-0.5%	0.7%	-0.0%	-0.3%	0.7%	-0.1%
Cash Reconciliation net Change In Cash	7.2%	-10.1%	-1.1%	3.6%	4.4%	6.3%	4.3%	5.1%	1.8%	-4.2%
Cash Reconciliation Cash At Beginning of Period	18.5%	13.3%	22.3%	24.7%	23.0%	22.0%	18.8%	17.0%	12.7%	11.8%
Cash Reconciliation Cash At End of Period	18.5%	13.3%	22.3%	24.7%	23.0%	22.0%	18.8%	17.0%	12.7%	11.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+35.9%	+34.5%	+38.3%	+39.4%	+41.5%	+35.8%	+32.9%	+31.8%	+32.1%	+33.2%
Operating margin	+19.0%	+19.7%	+22.9%	+25.4%	+26.6%	+19.0%	+16.1%	+14.0%	+14.1%	+12.9%
Net margin	+16.1%	+17.0%	+20.1%	+20.3%	+23.4%	+16.1%	+13.1%	+12.0%	+9.4%	+9.5%
FCF margin	+15.3%	+9.6%	+14.1%	+15.2%	+11.7%	+13.9%	+13.1%	+10.7%	+8.3%	+3.3%
Growth
Revenue CAGR (3y)	+2.1%	+0.7%	+11.2%	+16.2%	+18.1%	+10.3%	+6.8%	+7.1%	+4.0%	+3.3%
Returns
ROE	+15.5%	+18.4%	+20.6%	+21.8%	+28.3%	+18.7%	+15.4%	+14.8%	+11.8%	+12.9%
ROA	+11.6%	+13.5%	+15.5%	+16.2%	+20.0%	+12.4%	+10.3%	+10.5%	+8.1%	+8.4%
ROIC	+18.0%	+19.4%	+25.0%	+30.5%	+35.3%	+22.3%	+17.0%	+15.9%	+11.6%	+12.2%
Liquidity
Current ratio	3.02x	2.79x	2.88x	3.70x	2.93x	2.73x	3.10x	3.15x	2.66x	2.66x
Quick ratio	2.09x	1.88x	2.03x	2.70x	2.11x	1.99x	2.22x	2.21x	1.75x	1.67x
Leverage
D/E	0.34x	0.36x	0.33x	0.35x	0.42x	0.51x	0.49x	0.42x	0.46x	0.54x
Interest coverage	38.74x	35.18x	75.11x	92.91x	91.74x	49.62x	34.89x	28.61x	28.95x	24.10x
Efficiency
Asset turnover	0.72x	0.79x	0.77x	0.80x	0.85x	0.77x	0.79x	0.87x	0.86x	0.88x
Cash conversion cycle	+103d	+96d	+102d	+106d	+95d	+94d	+87d	+87d	+84d	+76d

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West Pharmaceutical Services

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