# West Pharmaceutical Services, Inc. (WST)

> Source: Nexqual · https://nexqual.com/WST · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, West Pharmaceutical Services, Inc. (WST), nexqual.com/WST" · informational, not investment advice.

**Price:** USD 394.03 (+0.14% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 394.03 · day 389.17–397.16 · 52w 223.83–397.16 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.33B, net income $565M (17.0% margin), free cash flow $437M (SEC filings).
- 2 of 80 tracked superinvestors hold WST (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $6.6M; 3 not under a Rule 10b5-1 plan ($3.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (16 analysts), mean target USD 413.73 (range 340–459).
- Total return with dividends: 1Y +28.6% vs S&P 500 +14.9%; 5Y -5.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.2, revenue estimate $827M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.83B | $2.89B | $2.95B | $2.89B | $3.07B | $3.33B |
| Gross profit | $1.18B | $1.14B | $1.13B | $999M | $1.10B | — |
| Operating income | $752M | $734M | $676M | $570M | $585M | $680M |
| Net income | $662M | $586M | $593M | $493M | $494M | $565M |
| EPS (diluted) | $8.67 | $7.73 | $7.88 | $6.69 | $6.79 | — |
| Free cash flow | $331M | $439M | $415M | $276M | $469M | $437M |
| Gross margin | 41.5% | 39.4% | 38.3% | 34.5% | 35.9% | — |
| Operating margin | 26.6% | 25.4% | 22.9% | 19.7% | 19.0% | 20.5% |
| Net margin | 23.4% | 20.3% | 20.1% | 17.0% | 16.1% | 17.0% |
| Revenue growth | +31.9% | +2.0% | +2.2% | -1.9% | +6.3% | — |
| Cash + short-term investments | $763M | $894M | $854M | $485M | $791M | — |
| Total debt | $253M | $209M | $207M | $203M | $203M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 40.5x, Dec 2024 49.0x, Dec 2023 44.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold WST. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 1.85% | $2.6M | Reduced -20.2% |
| Bill Gates | Gates Foundation Trust | 0.46% | $160M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11…2026-09-15 | Favorite Annette F | Sr. VP & Chief HR Officer | 7,524 | $2.7M | 25.6% | Yes | Too little history (no open-market trades in 2024 or 2025) |
| 2026-09-08 | Favorite Annette F | Sr. VP & Chief HR Officer | 8,135 | $2.8M | 32.6% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-27 | Favorite Annette F | Sr. VP & Chief HR Officer | 2,817 | $860K | 11.4% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-27 | Winters Chad | VP, Chief Accounting Officer | 896 | $269K | 37% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 16 analysts; mean target USD 413.73 (low 340, high 459).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | TD Cowen | Target raised | Buy | $410 → $420 |
| 2026-10-07 | Barclays | Target raised | Overweight | $400 → $440 |
| 2026-09-22 | Morgan Stanley | Upgrade | Equal-Weight → Overweight | $365 → $400 |
| 2026-09-09 | UBS | Target raised | Buy | $340 → $415 |
| 2026-08-03 | Citigroup | Target raised | Buy | $400 → $412 |
| 2026-07-27 | Evercore ISI Group | Target raised | Outperform | $410 → $425 |
| 2026-07-13 | BNP Paribas | Initiated | Outperform | $447 |
| 2026-07-09 | Morgan Stanley | Target raised | Equal-Weight | $325 → $365 |
| 2026-07-06 | Evercore ISI Group | Target raised | Outperform | $390 → $410 |
| 2026-07-02 | Keybanc | Target raised | Overweight | $350 → $390 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +28.6% | -5.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +28.8% | -1.1% |
| Volatility (annualized) | 31.5% | 39.5% |
| Max drawdown | -24.7% (Oct 2025→Feb 2026) | -56.6% (Dec 2021→Apr 2025) |

## Peers
MTD (Mettler-Toledo International, I) USD 1,684.64 +0.40% · STE (STERIS plc (Ireland)) USD 232.22 +4.85% · TFX (Teleflex Incorporated) USD 136.58 +4.74% · ROP (Roper Technologies, Inc.) USD 436.23 +9.73% · COO (The Cooper Companies, Inc.) USD 61.65 +4.54%

## More
Full page: https://nexqual.com/WST · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WST's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/105770/000010577026000010/wst-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Daikyo Seiko | "The majority of the purchase transactions listed above relate to a distributorship agreement with Daikyo that allows us to purchase and re-sell Daikyo products." |

Other companies that name WST in their own reports (relationship from WST's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | MANNKIND CORP (MNKD) | 10-K 2026-02-26 | "The infusor is made by West Pharmaceutical Services, Inc. ("West") pursuant to a supply agreement that currently extends through December 31, 2027 (as" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Proprietary Products | $722.6M | 82.8% | +16.6% | $211.9M | 29.3% |
| West Vantage | $149.7M | 17.2% | +2.0% | $12.9M | 8.6% |
| Total revenue | $872.3M | 100% | — | $179.1M | 20.5% |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.33B | 43.3% | +8.0% |
| Other Europe Countries | $451.0M | 14.7% | +17.0% |
| Germany | $380.3M | 12.4% | +2.1% |
| Other Countries | $353.3M | 11.5% | +4.2% |
| Ireland | $333.3M | 10.8% | +3.1% |
| France | $226.6M | 7.4% | -6.4% |
| Total revenue | $3.07B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 15.8% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Company outlook (8-K filed 2026-07-23)

- "As a result of our team's strong execution in the second quarter and improved outlook, we are increasing our full-year 2026 guidance." Proprietary Products Segment Net sales of $722.6 million grew by 16.6% and increased 15.5% on an organic basis. • High-Value Product ("HVP") Components net sales of $424.1 million increased 19.4% and rose 18.4% on an organic basis."
- "Full-Year 2026 Financial Guidance • The Company is increasing its full-year 2026 net sales guidance range to $3.345 billion to $3.38"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.20 | $2.15 | +2.0% | $826.5M | 14 |
| Next quarter (ends 2026-12-31) | $2.27 | $2.26 | +0.7% | $826.9M | 11 |
| Current fiscal year (ends 2026-12-31) | $8.96 | $8.85 | +1.3% | $3.37B | 16 |
| Next fiscal year (ends 2027-12-31) | $9.98 | $9.76 | +2.3% | $3.59B | 16 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±10.8%; last 8 reports averaged ±11%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 48.4% | ±10.8% |
| 2026-12-18 | 56 | 38.3% | ±12.1% |
| 2027-01-15 | 84 | 33.6% | ±12.9% |
| 2027-03-19 | 147 | 35.8% | ±18.1% |
| 2027-05-21 | 210 | 37.4% | ±22.5% |
| 2027-06-17 | 237 | 36.3% | ±23.2% |