West Pharmaceutical Services Inc
NYSE: WST · HEALTHCARE · MEDICAL INSTRUMENTS & SUPPLIES
Updated 2026-06-05
West Pharmaceutical Services Inc (WST) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $143.80M | $129.20M | $135.00M | $137.70M | $138.30M | $130.70M | $187.40M | $220.50M | $182.90M | $212.40M | $219.40M | $263.30M | $288.60M | $367.20M | $472.50M | $584.00M | $724.00M | $776.50M | $653.40M | $754.80M |
| Capital expenditures | $90.30M | $129.40M | $139.10M | $107.80M | $73.80M | $96.80M | $132.00M | $155.80M | $112.10M | $131.60M | $170.20M | $130.80M | $104.70M | $126.40M | $174.40M | $253.40M | $284.60M | $362.00M | $377.00M | $285.90M |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Stock-based comp | $900000.00 | $11.80M | $6.40M | $7.50M | $7.80M | $8.40M | $15.50M | $21.20M | $18.60M | $29.60M | $19.50M | $16.10M | $15.10M | $24.40M | $34.00M | $37.50M | $23.70M | $23.30M | $18.70M | $23.80M |
| Free cash flow | $53.50M | $-200000.00 | $-4.10M | $29.90M | $64.50M | $33.90M | $55.40M | $64.70M | $70.80M | $80.80M | $49.20M | $132.50M | $183.90M | $240.80M | $298.10M | $330.60M | $439.40M | $414.50M | $276.40M | $468.90M |
| Investing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | $15.90M | $17.50M | $18.60M | $20.10M | $21.70M | $23.20M | $24.90M | $26.80M | $29.10M | $32.40M | $35.80M | $39.10M | $42.10M | $45.10M | $48.10M | $51.10M | $54.10M | $57.00M | $59.10M | $61.20M |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | $27.10M | $-18.40M | $70.10M | $68.10M | $25.30M | $19.30M | $-71.60M | $32.90M | $101.50M | $101.70M | $176.40M | $147.10M | $142.20M | — | — | — |
Frequently asked questions
What is West Pharmaceutical Services Inc's revenue?
West Pharmaceutical Services Inc's trailing twelve-month revenue is $3.22B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is WST?
In its most recent fiscal year, WST ran a gross margin of 35.89%, an operating margin of 20.09%, and a net margin of 16.06%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does WST generate?
WST produced $468.90M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is WST's balance sheet healthy?
WST holds $791.30M in cash and equivalents against $202.80M in long-term debt, on $3.18B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.