West Pharmaceutical Services, Inc. (WST) Stock

West Pharmaceutical Services, Inc. (WST) is a Healthcare stock trading at $353.88 (as of 2026-08-20), with a market capitalization of $25.00B and a trailing P/E of 43.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

West Pharmaceutical Services, Inc. develops, manufactures, and sells containment and delivery components and systems used in injectable drugs and healthcare products, operating in two segments: Proprietary Products and Contract-Manufactured Products. Its solutions include packaging stoppers and seals, syringe and cartridge components, self-injection and integrated support offerings for drug development and regulatory needs, served to customers across the Americas, Europe, the Middle East, Africa, and Asia Pacific.

Understand West Pharmaceutical Services, Inc.: how it makes money

West Pharmaceutical Services designs, manufactures, and sells containment and delivery systems for injectable drugs, and it makes money mainly through two businesses, Proprietary Products (stoppers, seals, syringe and cartridge components, and administration systems) and Contract-Manufactured Products.

Because West sells containment and delivery components used in injectable drug production through both Proprietary Products and Contract-Manufactured Products, its profit model is structurally tied to the continuing need for these components in drug manufacturing, with mix between proprietary high-value components and contract manufacturing affecting results.

Revenue by segment (latest quarter)
Prop.Products$0.7B
Contract Mfg.$0.2B

Business quality (Solid): Clear, product-linked business model focused on injectable drug containment and delivery systems, with margins that suggest value in its engineered components and systems. The key uncertainty for investors is how durable injectable drug manufacturing demand is for West’s end markets and contract volumes.

Valuation: At 42× earnings, WST trades 29% above the Medical Equipment average (32×). Note: one-time items can distort reported P/E.

Bull case

  • Product specificity to injectable drug workflows: Proprietary Products include stoppers and seals for injectable packaging systems, syringe and cartridge components, and administration systems that enhance safe delivery of drugs, aligning West’s offering directly with injectable drug needs.
  • Two-segment model provides multiple revenue streams: West operates both Proprietary Products and Contract-Manufactured Products, so results can be supported by both its proprietary engineered components and its contract manufacturing work.
  • Higher-value component exposure: The business includes High-Value Product (HVP) components revenue, which indicates a focus on higher-value injectable components (in addition to broader end-market exposure).

Bear case

  • Demand sensitivity to injectable drug end markets: West’s products serve customers making injectable drugs and healthcare products, so changes in demand in areas such as biologics, pharma, or generics end markets could affect revenue.
  • Contract manufacturing variability risk: Contract-Manufactured Products revenue can depend on contract manufacturing volumes and customer production plans, which may fluctuate over time.
  • Margin vulnerability to mix shifts: With profits flowing through a mix of Proprietary Products and Contract-Manufactured Products, shifts in that mix could pressure operating margin even if total revenue is stable.
Valuation — source: SEC EDGAR (first-party)
Price$353.88
Market Cap$25.00B
P/E Ratio43.7
EV / EBITDA28.1
Price / Book8.36
Price / Sales7.43
FCF Yield2.1%
DCF Value (model)$134.09
DCF Upside vs Price-62.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$3.07B
Net Margin16.1%
Revenue Growth (YoY)6.3%
EPS Growth (YoY)1.2%
FCF Growth (YoY)69.6%
Financial Health — source: SEC EDGAR
Altman Z-Score16.96 (safe)
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Stock P/E43.7
Sector P/E (Healthcare)21.6
Industry P/E (Medical Equipment)32.9
vs Sector102.5%
vs Industry33.0%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($2.62B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorHealthcare
IndustryMedical Equipment
CEOEric Green
Employees10,600
CountryUS
IPO Date1980-03-17

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WST earnings history · WST institutional & insider holders · WST KPIs & operating metrics · WST financials · WST investor presentations & press releases · WST SEC filings · WST peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.