WEST PHARMACEUTICAL SERVICES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WEST PHARMACEUTICAL SERVICES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,509	1,599	1,717	1,840	2,147	2,832	2,887	2,950	2,893	3,074
Cost of revenue	1,008	1,086	1,172	1,234	1,379	1,656	1,751	1,821	1,895	1,970
Gross profit	501	513	545	606	768	1,176	1,136	1,129	999	1,104
Research and development	36.8	39.1	40.3	38.9	46.9	52.8	58.5	68.4	69.1	74.3
Selling, general and administrative	240	246	263	273	302	363	317	353	339	394
Operating income	195	226	240	297	407	752	734	676	570	585
Interest expense	8.1	7.8	8.4	8.5	8.2	8.2	7.9	9	3	0.5
Other non-operating income	1.6	3.1	0.4	-4.8	-5.6	-3.4	-54.1	22	-1	-1
Pre-tax income	190	222	241	292	401	749	680	698	586	601
Income tax	54.4	80.9	41.4	59	72.5	107	115	122	108	122
Net income	144	151	207	242	346	662	586	593	493	494
EBITDA	286	323	345	400	516	875	855	813	725	756
EPS, basic	1.96	2.04	2.80	3.27	4.68	8.89	7.87	7.98	6.75	6.83
EPS, diluted	1.91	1.99	2.74	3.21	4.57	8.67	7.73	7.88	6.69	6.79
Shares, basic (weighted)	73.3	73.9	73.9	74	73.9	74.4	74.4	74.3	73	72.3
Shares, diluted (weighted)	75	75.8	75.4	75.4	75.8	76.3	75.8	75.3	73.7	72.7
Dividend per share	0.50	0.54	0.58	0.62	0.66	0.70	0.74	0.78	0.82	0.86

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	203	236	337	439	616	763	894	854	485	791
Receivables	201	253	288	319	385	489	507	512	553	574
Inventory	199	215	215	236	321	378	415	435	377	444
Other current assets	39.1	39.2	54.3	64.6	51.6	112	103	136	124	169
Total current assets	642	744	894	1,059	1,374	1,742	1,920	1,936	1,538	1,978
Property, plant and equipment	778	855	822	839	943	1,058	1,158	1,413	1,582	1,726
Lease right-of-use assets			0	70.1	68.3	69.3	104	99.2	105	117
Goodwill	103	108	106	108	111	110	107	109	106	110
Intangible assets	23.3	21.7	20.3	29.8	30.5	23	18.4	15.1	10.8	7.7
Other non-current assets	21.3	23.4	20.5	24.7	23.4	39.2	38.4	21.3	74.3	80.1
Total assets	1,717	1,863	1,979	2,341	2,794	3,314	3,617	3,830	3,643	4,270
Accounts payable	122	138	130	157	213	232	215	242	239	254
Accrued liabilities	51.6	56.2	64.5	73						39.2
Deferred revenue	1.5	1.5	25.5	27.5	51	48.7	57.3	41.7	49.6	51.9
Short-term debt	2.4	0	0.1	2.3	2.3	44.2	2.2	134	0	0
Total current liabilities	241	280	284	342	503	594	519	672	550	655
Long-term debt	226	197	196	255	253	209	207	72.8	203	203
Lease liabilities			0	62.4	60.4	63	93	84.5	81.8	95.6
Other non-current liabilities	47.2	42.6	33.6	23.4	31.8	38.2	51.6	58.5	62.2	75.2
Total liabilities	599	583	583	768	939	978	932	949	961	1,094
Total debt	229	197	196	257	255	253	209	207	203	203
Paid-in capital	260	309	282	273	267	249	232	120	22.1	0
Retained earnings	1,072	1,178	1,353	1,549	1,847	2,457	2,988	3,523	3,957	4,375
Treasury stock	-46.1	-109	-104	-118	-168	-230	-371	-638	-1,057	-1,112
Other comprehensive income	-187	-117	-154	-150	-111	-160	-183	-144	-258	-106
Shareholders' equity		1,280	1,396	1,573	1,855	2,335	2,685	2,881	2,682	3,176
Total equity	1,118	1,280	1,396	1,573	1,855	2,335	2,685	2,881	2,682	3,176
Total liabilities and equity	1,717	1,863	1,979	2,341	2,794	3,314	3,617	3,830	3,643	4,270
Shares outstanding	73.1	73.9	74.1	74.1	74	74.2	74.1	73.5	72.3	72

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	144	151	207	242	346	662	586	593	493	494
Depreciation and amortization	90.7	96.7	104	103	109	122	121	137	155	171
Stock-based compensation	19.5	16.1	15.1	24.4	34	37.5	23.7	23.3	18.7	23.8
Deferred income tax	21.5	41.7	0.9	15.3	-5.8	-42.9	-30.8	37.5	-3.5	-13.7
Change in receivables	-23.3	-39.7	-43.8	-33.3	-46.6	-124	-35.6	4	-58.8	6.9
Change in inventory	-21.2	-3.6	-7	-18.6	-73.7	-86.5	-49.8	-13.5	42	-62.8
Change in payables	6.1	12.6	0.4	25.3	36.6	16.8	-2.8	4.4	2.9	17.9
Cash from operations	219	263	289	367	473	584	724	777	653	755
Capital expenditures	-170	-131	-105	-126	-174	-253	-285	-362	-377	-286
Acquisitions		0	0	-18.9	0	-2.2	0	0
Purchases of investments	0
Sales and maturities of investments	0
Cash from investing	-176	-134	-101	-228	-180	-253	-288	-369	-379	-286
Debt issued							0	0	165	0
Debt repaid		-34.9	0	-1.2	0	0	-44.3	-2.3	-169	0
Stock issued						29.4	20.9	43.9	25.5	11.3
Share buybacks	-52.2	-74.4	-70.8	-83.1	-116	-137	-203	-438	-561	-134
Dividends paid	-35.8	-39.1	-42.1	-45.1	-48.1	-51.1	-54.1	-57	-59.1	-61.2
Cash from financing	-114	-109	-80.7	-36.8	-137	-168	-294	-460	-623	-185
Exchange rate effect	-1.3	12.2	-5.6	-0.7	20.5	-15.7	-10.5	11.4	-21.4	22.9
Net change in cash	-71.6	32.9	102	102	176	147	132	-40.4	-369	307
Free cash flow	49.2	133	184	241	298	331	439	415	276	469
Interest paid	8.6	8	8.4	8.6	8.1	8	6.6	6	0.5	0.3
Income taxes paid	48.1	31	42	47.5	48.4	172	110	90.8	71.4	125

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $370.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.8%	Gross profit / revenue.
Operating margin	20.5%	Operating income / revenue.
EBITDA margin	25.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.8%	Pre-tax income / revenue.
Net margin	17.0%	Net income / revenue.
FCF margin	13.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.9%	Cash from operations / revenue.
Effective tax rate	20.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.9%	Net income / average total assets.
Return on invested capital (ROIC)	19.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.2%	Research and development expense / revenue.
SG&A / revenue	12.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.8%	Capital expenditures / revenue.
D&A / revenue	5.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	2.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	0.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-4.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	15.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	69.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	18.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.82x	Current assets / current liabilities.
Quick ratio	1.79x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.68x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.0%	Total debt / total assets.
Liabilities / assets	26.6%	Total liabilities / total assets.
Net debt	-$232.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.27x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	151x	Operating income / interest expense.
Working capital	$1.17B	Current assets - current liabilities.
Goodwill and intangibles / assets	2.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.88B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.82x	Revenue / average total assets.
Fixed asset turnover	1.97x	Revenue / average property, plant and equipment.
Inventory turnover	4.70x	Cost of revenue / average inventory.
Days inventory	78 days	365 x average inventory / cost of revenue.
Receivables turnover	4.67x	Revenue / average receivables.
Days sales outstanding	78 days	365 x average receivables / revenue.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	112 days	Days inventory + days sales outstanding - days payables.
FCF conversion	77.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.92	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$46.66	Revenue / diluted weighted shares.
FCF per share	$6.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.29	Cash from operations / diluted weighted shares.
Book value per share	$42.47	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$40.84	Tangible book value / shares outstanding.
Cash per share	$6.19	(Cash + short-term investments) / shares outstanding.
Payout ratio	11.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	14.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	104.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$26.07B	Share price x shares outstanding.
Enterprise value	$25.84B	Market cap + total debt - cash - short-term investments.
P/E	46.1x	Market cap / net income. Only when net income is positive.
P/S	7.84x	Market cap / revenue.
P/B	8.72x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.07x	Market cap / tangible book value, when positive.
P/FCF	59.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	39.4x	Market cap / cash from operations, when positive.
EV/Sales	7.77x	Enterprise value / revenue.
EV/EBIT	38.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	59.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.7%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	2.0%	(Dividends paid + share buybacks) / market cap.

What was WEST PHARMACEUTICAL SERVICES INC's revenue in fiscal 2025?

WEST PHARMACEUTICAL SERVICES INC reported revenue of $3.07B for fiscal 2025, 6.3% higher than the year before.

Was WEST PHARMACEUTICAL SERVICES INC profitable in fiscal 2025?

Yes. Net income was $493.7M, a net margin of 16.1%.

How much free cash flow did WEST PHARMACEUTICAL SERVICES INC generate in fiscal 2025?

Cash from operations of $754.8M minus capital expenditures of $285.9M left free cash flow of $468.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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