West Pharmaceutical Services WST

NYSE · Surgical & Medical Instruments & Apparatus · $28.8B

$392.48−3.99%Nov 5 close · Databento

Every report since 2023 →

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WST Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $392.481D −3.99%3M +11.46%SMA20 $392.08SMA50 $371.83RSI(14) 52.5

392.48

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 52.5

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$28.8B

EV / True FCF63.3x

Revenue$3.1B +6.3%

True FCF (ex-SBC)$445.1M +69.6%

Rule of 4021.6%

ROIC18.0%

True FCF Yield1.5%

EPS, diluted$6.79 +1.5%

Modern Valuation (EOD)

Market Cap$28.8B

Enterprise Value$28.2B

EV / True FCF63.31

EV / FCF60.10

EV / Gross Profit25.53

EV / EBIT48.18

EV / Sales9.17

P / E (GAAP)58.27

P / FCF61.35

P / Oper. CF38.11

P / Book9.06

Owner & Cash Yields

True FCF Yield1.5%

FCF Yield1.6%

Owner Earn. Yield1.2%

Earnings Yield1.7%

Shareholder Yield+0.6%

Buyback Yield0.5%

Dividend Yield0.22%

Dividend / sh$0.86

Payout Ratio12%

FCF / sh$6.73

EPS (diluted)$6.79

Compounder & Returns

Rule of 4021.6%

ROIC18.0%

Cash ROIC (CROIC)18.1%

GP / Assets25.9%

ROE15.5%

ROA11.6%

Gross Margin35.9%

Oper. Margin19.0%

Net Margin16.1%

FCF Margin15.3%

True FCF Margin14.5%

Quality & Dilution

Cash Conversion95%

Accrual Ratio−6.1%

SBC % of FCF5.1%

SBC % of Rev0.8%

Reinvest. Rate48%

Sales Growth Y/Y+6.3%

Sales 3Y CAGR+2.1%

EPS Growth Y/Y+1.5%

FCF Growth Y/Y+69.6%

FCF 3Y CAGR+2.2%

Share Change Y/Y−1.4%

Balance Sheet & Scale

Revenue (FY)$3.1B

Gross Profit (FY)$1.1B

Oper. Income (FY)$584.9M

GAAP Net Income$493.7M

True FCF (ex-SBC)$445.1M

Cash & Equiv$791.3M

Total Debt$202.8M

Net Cash (Debt)$588.5M

Net Cash % MCap+2.0%

Debt / FCF (yrs)0.4y

Current Ratio3.0269.66M sh

Price & Technicals (EOD)

Perf Week−5.81%

Perf Month+7.09%

Perf Quarter+10.85%

Perf Half Y+21.88%

Perf YTD+41.18%

SMA 20 Dist+0.10%$392.08

SMA 50 Dist+5.55%$371.83

SMA 100 Dist+8.89%$360.43

Window High−5.81%$416.67

Window Low+43.03%$274.41

RSI (14) · Vol52.523%v

Income Distribution & Cash Flow ConversionHow every dollar of WST revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$2.0B ($64.1 / $100)

R&D Reinvestment$74.3M ($2.4 / $100)

SG&A & Other OpEx$444.8M ($14.5 / $100)

Tax & Non-Operating$91.2M ($3.0 / $100)

Net Profit Kept$493.7M ($16.1 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$493.7M (16.1% margin)

Operating Cash Flow (OCF)$754.8M(24.6% of rev)

Less: Capital Expenditures−$285.9M(9.3% of rev)

Standard Free Cash Flow (FCF)$468.9M(15.3% margin)

Less: Stock-Based Comp (SBC)−$23.8M(5.1% of FCF)

True FCF (Owner Cash ex-SBC)$445.1M(14.5% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$2.8B	$2.9B	$2.9B	$2.9B	$3.1B	+6.3%	+2.1%
Cost of Revenue (COGS)	$1.7B	$1.8B	$1.8B	$1.9B	$2.0B	+4.0%	+4.4%
Gross Profit	$1.2B	$1.1B	$1.1B	$998.5M	$1.1B	+10.6%	−1.6%
Research & Development (R&D)	$52.8M	$58.5M	$68.4M	$69.1M	$74.3M	+7.5%	+8.9%
Selling, General & Admin (SG&A)	$362.8M	$316.9M	$353.4M	$338.5M	$393.6M	+16.3%	+2.1%
Total Operating Expenses	$423.5M	$402.2M	$453.2M	$428.6M	$519.1M	+21.1%	+5.2%
Operating Income (EBIT)	$752.3M	$734.0M	$676.0M	$569.9M	$584.9M	+2.6%	−6.1%
Interest Expense	$8.2M	$7.9M	$9.0M	$3.0M	$500,000	−83.3%	−50.3%
Income Tax Expense	$107.2M	$114.7M	$122.3M	$107.5M	$121.6M	+13.1%	+3.2%
GAAP Net Income	$661.8M	$585.9M	$593.4M	$492.7M	$493.7M	+0.2%	−7.1%
Diluted EPS	$8.67	$7.73	$7.88	$6.69	$6.79	+1.5%	−5.9%
Diluted Shares	76.3M	75.8M	75.3M	73.7M	72.7M	−1.4%	−1.2%
Balance Sheet
Cash & Equivalents	$762.6M	$894.3M	$853.9M	$484.6M	$791.3M	+63.3%	+0.9%
Inventory	$378.4M	$414.8M	$434.7M	$377.0M	$443.9M	+17.7%	+4.1%
Total Current Assets	$1.7B	$1.9B	$1.9B	$1.5B	$2.0B	+28.6%	+3.2%
Total Assets	$3.3B	$3.6B	$3.8B	$3.6B	$4.3B	+17.2%	+6.5%
Total Current Liabilities	$594.1M	$519.0M	$671.8M	$550.4M	$654.9M	+19.0%	+2.5%
Total Debt (Short + Long Term)	$297.2M	$211.1M	$340.8M	$202.6M	$202.8M	+0.1%	−9.1%
Total Liabilities	$978.4M	$931.9M	$948.5M	$961.1M	$1.1B	+13.8%	+2.8%
Stockholders' Equity	$2.3B	$2.7B	$2.9B	$2.7B	$3.2B	+18.4%	+8.0%
Net Cash / (Net Debt)	$465.4M	$683.2M	$513.1M	$282.0M	$588.5M	+108.7%	+6.0%
Invested Capital	$1.9B	$2.0B	$2.4B	$2.4B	$2.6B	+7.8%	+8.5%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$584.0M	$724.0M	$776.5M	$653.4M	$754.8M	+15.5%	+6.6%
Depreciation & Amortization (D&A)	$122.3M	$120.6M	$137.3M	$155.4M	$171.4M	+10.3%	+8.8%
Stock-Based Compensation (SBC)	$37.5M	$23.7M	$23.3M	$18.7M	$23.8M	+27.3%	−10.7%
Capital Expenditures (CapEx)	$253.4M	$284.6M	$362.0M	$377.0M	$285.9M	−24.2%	+3.1%
Free Cash Flow (FCF)	$330.6M	$439.4M	$414.5M	$276.4M	$468.9M	+69.6%	+9.1%
True FCF (ex-SBC Owner Cash)	$293.1M	$415.7M	$391.2M	$257.7M	$445.1M	+72.7%	+11.0%
Share Repurchases (Buybacks)	$137.1M	$202.8M	$438.3M	$560.9M	$134.0M	−76.1%	−0.6%
Dividends Paid	$51.1M	$54.1M	$57.0M	$59.1M	$61.2M	+3.6%	+4.6%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what WST did at the next close after each story

Oct 29

West raises full-year sales and adjusted EPS guidance after third quarter

PR Newswire · 6:00 AM ET

+3.23%

What happened · big days

14 big days in a year, and what we hold on each

A big day is a close more than 3.30% from the one before, three times WST’s median day (1.10%). On 1 of the 14, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.30%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayWSTWhat we hold that dayGroup (median of 4) · each

1 Nov 21, 2025+5.16%
Before our storiesgroup +1.9%, did not move with it
1Nov 21, 2025+5.16%
Before our stories
+1.9% did not move with itSYK +2.2 · MMM +2.1 · BDX +1.7 · BSX +0.3
2 Dec 3, 2025+4.13%
Before our storiesgroup +0.3%, did not move with it
2Dec 3, 2025+4.13%
Before our stories
+0.3% did not move with itBDX +1.6 · MMM +0.9 · SYK −0.2 · BSX −0.5
3 Dec 8, 2025−3.98%
Before our storiesgroup −2.6%, moved with WST
3Dec 8, 2025−3.98%
Before our stories
−2.6% moved with WSTBSX −3.8 · SYK −2.9 · BDX −2.3 · MMM −2.1
4 Jan 16, 2026−7.02%
Before our storiesgroup −1.3%, did not move with it
4Jan 16, 2026−7.02%
Before our stories
−1.3% did not move with itBSX −2.2 · MMM −1.9 · BDX −0.6 · SYK +0.4
5 Jan 20, 2026−3.58%
Before our storiesgroup −1.5%, did not move with it
5Jan 20, 2026−3.58%
Before our stories
−1.5% did not move with itMMM −7.0 · BDX −1.8 · SYK −1.1 · BSX +3.5
6 Jan 23, 2026−4.49%
Before our storiesgroup +0.1%, did not move with it
6Jan 23, 2026−4.49%
Before our stories
+0.1% did not move with itBDX −2.1 · SYK −1.0 · MMM +1.3 · BSX +1.3
7 Feb 6, 2026+7.48%
Before our storiesgroup +0.3%, did not move with it
7Feb 6, 2026+7.48%
Before our stories
+0.3% did not move with itMMM +4.6 · BDX +1.7 · SYK −1.1 · BSX −1.8
8 Mar 10, 2026−5.74%
Before our storiesgroup −1.5%, did not move with it
8Mar 10, 2026−5.74%
Before our stories
−1.5% did not move with itBSX −2.7 · SYK −2.0 · BDX −0.9 · MMM +2.4
9 Apr 23, 2026+12.86%
Resultsgroup −0.2%, did not move with it
9Apr 23, 2026+12.86%
ResultsFirst close after the Apr 23 results filing
−0.2% did not move with itBSX +1.3 · SYK +0.1 · BDX −0.5 · MMM −0.6
10 Apr 28, 2026−3.33%
Before our storiesgroup −1.4%, did not move with it
10Apr 28, 2026−3.33%
Before our stories
−1.4% did not move with itBSX −2.5 · SYK −2.3 · BDX −0.5 · MMM +0.2
11 May 21, 2026+3.48%
Before our storiesgroup +0.2%, did not move with it
11May 21, 2026+3.48%
Before our stories
+0.2% did not move with itMMM +1.2 · BSX +0.8 · BDX −0.5 · SYK −2.5
12 Jun 9, 2026+4.66%
Before our storiesgroup +1.5%, did not move with it
12Jun 9, 2026+4.66%
Before our stories
+1.5% did not move with itSYK +4.1 · MMM +1.6 · BDX +1.4 · BSX +0.5
13 Jul 24, 2026−7.67%
Nothing on WSTgroup +2.0%, did not move with it
13Jul 24, 2026−7.67%
Nothing on WSTNo WST story, brief or results filing in our record that day
+2.0% did not move with itBSX +1.5 · MMM +1.8 · BDX +2.2 · SYK +3.5
14 Nov 5, 2026−3.99%
Nothing on WSTgroup −2.0%, did not move with it
14Nov 5, 2026−3.99%
Nothing on WSTNo WST story, brief or results filing in our record that day
−2.0% did not move with itMMM −3.2 · BSX −2.6 · SYK −1.4 · BDX +2.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of SYK, MMM, BSX and BDX that day, the largest companies in WST’s SEC industry; “moved with WST” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). WST reports before the open, so day 1 is that day’s close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Feb 12, 2026

day 1−1.04%day 6−2.05%

Reported Apr 23, 2026

day 1+12.86%day 6+8.45%

Reported Jul 23, 2026

day 1−0.82%day 6−5.25%

Reported Oct 29, 2026

day 1+3.23%day 6−2.76%

Next report: expected late January to mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: −2.76%. Four reports is a small sample.

Every report since 2023 →

Each line is WST’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

WST against four medical device peers, a year at 100

WST is up 44.8% in a year. All four did less: Becton Dickinson (+20.1%), 3M (+13.9%), Stryker (−5.9%) and Boston Scientific (−55.4%). Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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WST +44.8%. Becton Dickinson +20.1%, 3M +13.9%, Stryker −5.9%, Boston Scientific −55.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in WST’s SEC industry (Surgical & Medical Instruments & Apparatus) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

SYK	Stryker	$130.3B	−1.35%
MMM	3M	$100.0B	−3.19%
BSX	Boston Scientific	$66.4B	−2.58%
BDX	Becton Dickinson	$57.0B	+2.08%
RMD	Resmed	$34.7B	−0.50%
DXCM	Dexcom	$33.4B	−4.54%
MDLN	Medline	$32.7B	−1.46%
SOLV	Solventum	$15.2B	−2.43%