financial statements

The full income statement, balance sheet, and cash-flow statement for West Pharmaceutical Services Inc. (WST), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	3.07B YoY+6.3%	2.89B YoY-1.9%	2.95B YoY+2.2%	2.89B YoY+2.0%	2.83B YoY+31.9%
	1.10B YoY+10.6%	999M YoY-11.6%	1.13B YoY-0.6%	1.14B YoY-3.4%	1.18B YoY+53.1%
Cost of revenue	1.97B YoY+4.0%	1.89B YoY+4.1%	1.82B YoY+4.0%	1.75B YoY+5.7%	1.66B YoY+20.1%
Research & development	74.3M YoY+7.5%	69.1M YoY+1.0%	68.4M YoY+16.9%	58.5M YoY+10.8%	52.8M YoY+12.6%
Selling, general & administrative	394M YoY+16.3%	339M YoY-4.2%	353M YoY+11.5%	317M YoY-12.7%	363M YoY+20.1%
Amortization of intangibles	2.80M YoY-22.2%	3.60M YoY+0.0%	3.60M YoY-2.7%	3.70M YoY-31.5%	5.40M YoY+22.7%
Operating income	585M YoY+2.6%	570M YoY-15.7%	676M YoY-7.9%	734M YoY-2.4%	752M YoY+84.9%
Interest expense	500K YoY-83.3%	3.00M YoY-66.7%	9.00M YoY+13.9%	7.90M YoY-3.7%	8.20M YoY+0.0%
Other non-operating income	-1.00M YoY+0.0%	-1.00M YoY-133.3%	3.00M YoY+105.8%	-51.3M YoY-1450.0%	3.80M YoY+216.7%
Equity-method income	14.4M YoY-2.0%	14.7M YoY-16.9%	17.7M YoY-14.5%	20.7M YoY+3.0%	20.1M YoY+15.5%
Pre-tax income	601M YoY+2.6%	586M YoY-16.1%	698M YoY+2.7%	680M YoY-9.2%	749M YoY+86.6%
Income tax	122M YoY+13.1%	108M YoY-12.1%	122M YoY+6.6%	115M YoY+7.0%	107M YoY+47.9%
Net income	494M YoY+0.2%	493M YoY-17.0%	593M YoY+1.3%	586M YoY-11.5%	662M YoY+91.2%
	$6.79 YoY+1.5%	$6.69 YoY-15.1%	$7.88 YoY+1.9%	$7.73 YoY-10.8%	$8.67 YoY+89.7%
EPS (basic)	$6.83 YoY+1.2%	$6.75 YoY-15.4%	$7.98 YoY+1.4%	$7.87 YoY-11.5%	$8.89 YoY+90.0%
Weighted-avg shares (basic)	72.3M YoY-1.0%	73.0M YoY-1.7%	74.3M YoY-0.1%	74.4M YoY+0.0%	74.4M YoY+0.7%
Weighted-avg shares (diluted)	72.7M YoY-1.4%	73.7M YoY-2.1%	75.3M YoY-0.7%	75.8M YoY-0.7%	76.3M YoY+0.7%
Dividends per share	$0.86 YoY+4.9%	$0.82 YoY+5.1%	$0.78 YoY+5.4%	$0.74 YoY+5.7%	$0.70 YoY+6.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.98B YoY+28.6%	1.54B YoY-20.6%	1.94B YoY+0.9%	1.92B YoY+10.2%	1.74B YoY+26.8%
Cash & equivalents	791M YoY+63.3%	485M YoY-43.2%	854M YoY-4.5%	894M YoY+17.3%	763M YoY+23.9%
Short-term investments	8.50M YoY+0.0%	8.50M YoY+0.0%	8.50M YoY+0.0%	8.50M YoY+0.0%	8.50M YoY+0.0%
Accounts receivable	574M YoY+4.0%	553M YoY+7.9%	512M YoY+0.9%	507M YoY+3.8%	489M YoY+26.9%
Inventory	444M YoY+17.7%	377M YoY-13.3%	435M YoY+4.8%	415M YoY+9.6%	378M YoY+17.8%
Other current assets	169M YoY+36.0%	124M YoY-8.7%	136M YoY+31.8%	103M YoY-8.0%	112M YoY+117.1%
	4.27B YoY+17.2%	3.64B YoY-4.9%	3.83B YoY+5.9%	3.62B YoY+9.1%	3.31B YoY+18.6%
Property, plant & equipment	1.73B YoY+9.2%	1.58B YoY+11.9%	1.41B YoY+22.0%	1.16B YoY+9.5%	1.06B YoY+12.1%
Operating lease right-of-use	117M YoY+12.0%	105M YoY+5.3%	99.2M YoY-5.0%	104M YoY+50.6%	69.3M YoY+1.5%
Goodwill	110M YoY+3.7%	106M YoY-2.3%	109M YoY+1.1%	107M YoY-2.4%	110M YoY-1.1%
Intangible assets	7.70M YoY-28.7%	10.8M YoY-28.5%	15.1M YoY-17.9%	18.4M YoY-20.0%	23.0M YoY-24.6%
Deferred tax assets	38.4M YoY+47.7%	26.0M YoY+1.2%	25.7M YoY-60.8%	65.6M YoY+35.3%	48.5M YoY+203.1%
Other non-current assets	80.1M YoY+7.8%	74.3M YoY+248.8%	21.3M YoY-44.5%	38.4M YoY-2.0%	39.2M YoY+67.5%
	655M YoY+19.0%	550M YoY-18.1%	672M YoY+29.4%	519M YoY-12.6%	594M YoY+18.0%
Accounts payable	254M YoY+6.0%	239M YoY-1.3%	242M YoY+12.5%	215M YoY-7.2%	232M YoY+9.0%
Accrued liabilities	39.2M	—	—	—	—
Deferred revenue	51.9M YoY+4.6%	49.6M YoY+18.9%	41.7M YoY-27.2%	57.3M YoY+17.7%	48.7M YoY-4.5%
Short-term & current debt	0.00	0.00 YoY-100.0%	134M YoY+5990.9%	2.20M YoY-95.0%	44.2M YoY+1821.7%
Current lease liability	22.7M YoY+26.8%	17.9M YoY+1.1%	17.7M YoY+10.6%	16.0M YoY+72.0%	9.30M YoY-7.9%
Other current liabilities	175M YoY-6.9%	188M YoY+21.3%	155M YoY-15.6%	184M YoY+12.5%	163M YoY+13.8%
	1.09B YoY+13.8%	961M YoY+1.3%	949M YoY+1.8%	932M YoY-4.8%	978M YoY+4.2%
Long-term debt	203M YoY+0.1%	203M YoY+178.3%	72.8M YoY-64.8%	207M YoY-1.0%	209M YoY-17.4%
Deferred revenue (non-current)	11.4M YoY+0.0%	11.4M YoY+0.0%	11.4M YoY+0.0%	11.4M YoY+0.0%	11.4M YoY+0.0%
Non-current lease liability	95.6M YoY+16.9%	81.8M YoY-3.2%	84.5M YoY-9.1%	93.0M YoY+47.6%	63.0M YoY+4.3%
Deferred tax liabilities	23.0M YoY+12.2%	20.5M YoY+61.4%	12.7M YoY-11.2%	14.3M YoY+191.8%	4.90M YoY-52.9%
Other non-current liabilities	75.2M YoY+20.9%	62.2M YoY+6.3%	58.5M YoY+13.4%	51.6M YoY+35.1%	38.2M YoY+20.1%
	3.18B YoY+18.4%	2.68B YoY-6.9%	2.88B YoY+7.3%	2.68B YoY+15.0%	2.34B YoY+25.9%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	18.8M YoY+0.0%	18.8M YoY+0.0%	18.8M YoY+0.0%	18.8M YoY+0.0%	18.8M YoY+0.0%
Additional paid-in capital	0.00 YoY-100.0%	22.1M YoY-81.6%	120M YoY-48.2%	232M YoY-6.7%	249M YoY-6.8%
Retained earnings	4.37B YoY+10.6%	3.96B YoY+12.3%	3.52B YoY+17.9%	2.99B YoY+21.6%	2.46B YoY+33.0%
Treasury stock	1.11B YoY+5.2%	1.06B YoY+65.8%	638M YoY+71.9%	371M YoY+61.6%	230M YoY+36.9%
Accumulated other comprehensive income	-106M YoY+59.1%	-258M YoY-79.5%	-144M YoY+21.4%	-183M YoY-14.7%	-160M YoY-44.3%
Total equity incl. non-controlling	1.49B YoY+0.0%	1.49B YoY+0.0%	1.49B YoY+0.0%	1.49B YoY+0.0%	1.49B YoY+0.0%
Total liabilities & equity	4.27B YoY+17.2%	3.64B YoY-4.9%	3.83B YoY+5.9%	3.62B YoY+9.1%	3.31B YoY+18.6%
Common shares issued	75.3M YoY+0.0%	75.3M YoY+0.0%	75.3M YoY+0.0%	75.3M YoY+0.0%	75.3M YoY+0.0%
Common shares outstanding	72.0M YoY-0.4%	72.3M YoY-1.6%	73.5M YoY-0.8%	74.1M YoY-0.1%	74.2M YoY+0.3%
Shares outstanding (cover)	71.9M YoY-0.7%	72.4M YoY-2.1%	74.0M YoY-0.1%	74.0M YoY-0.1%	74.1M YoY+0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	755M YoY+15.5%	653M YoY-15.9%	777M YoY+7.3%	724M YoY+24.0%	584M YoY+23.6%
Depreciation & amortization	171M YoY+10.3%	155M YoY+13.2%	137M YoY+13.8%	121M YoY-1.4%	122M YoY+12.1%
Share-based compensation	23.8M YoY+27.3%	18.7M YoY-19.7%	23.3M YoY-1.7%	23.7M YoY-36.8%	37.5M YoY+10.3%
Deferred income taxes	-13.7M YoY-291.4%	-3.50M YoY-109.3%	37.5M YoY+221.8%	-30.8M YoY+28.2%	-42.9M YoY-639.7%
Change in receivables	-6.90M YoY-111.7%	58.8M YoY+1570.0%	-4.00M YoY-111.2%	35.6M YoY-71.2%	124M YoY+165.0%
Change in inventory	62.8M YoY+249.5%	-42.0M YoY-411.1%	13.5M YoY-72.9%	49.8M YoY-42.4%	86.5M YoY+17.4%
Change in payables	17.9M YoY+517.2%	2.90M YoY-34.1%	4.40M YoY+257.1%	-2.80M YoY-116.7%	16.8M YoY-54.1%
	-286M YoY+24.5%	-379M YoY-2.7%	-369M YoY-27.9%	-288M YoY-13.9%	-253M YoY-41.0%
Capital expenditure	286M YoY-24.2%	377M YoY+4.1%	362M YoY+27.2%	285M YoY+12.3%	253M YoY+45.3%
Other investing activities	0.00 YoY-100.0%	1.70M YoY-74.6%	6.70M YoY+86.1%	3.60M YoY+244.0%	-2.50M YoY-149.0%
	-185M YoY+70.3%	-623M YoY-35.5%	-460M YoY-56.5%	-294M YoY-74.7%	-168M YoY-22.6%
Long-term debt repaid	0.00 YoY-100.0%	169M YoY+7247.8%	2.30M YoY-94.8%	44.3M	0.00
Common stock repurchased	134M YoY-76.1%	561M YoY+28.0%	438M YoY+116.1%	203M YoY+47.9%	137M YoY+18.7%
Dividends paid	61.2M YoY+3.6%	59.1M YoY+3.7%	57.0M YoY+5.4%	54.1M YoY+5.9%	51.1M YoY+6.2%
Other financing activities	—	—	-100K	0.00	0.00
FX effect on cash	22.9M YoY+207.0%	-21.4M YoY-287.7%	11.4M YoY+208.6%	-10.5M YoY+33.1%	-15.7M YoY-176.6%
Net change in cash	307M YoY+183.0%	-369M YoY-814.1%	-40.4M YoY-130.7%	132M YoY-10.5%	147M YoY-16.6%
Interest paid	300K YoY-40.0%	500K YoY-91.7%	6.00M YoY-9.1%	6.60M YoY-17.5%	8.00M YoY-1.2%
Income taxes paid	125M YoY+75.4%	71.4M YoY-21.4%	90.8M YoY-17.2%	110M YoY-36.1%	172M YoY+255.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	19.8B YoY-16.6%	23.7B YoY-8.9%	26.1B YoY+49.5%	17.4B YoY-49.9%	34.7B YoY+65.9%
P/E	40.1× YoY-16.7%	48.1× YoY+3.6%	46.5× YoY+68.2%	27.6× YoY-47.4%	52.5× YoY-13.2%
P/S	6.4× YoY-21.5%	8.2× YoY-7.7%	8.9× YoY+48.3%	6.0× YoY-51.2%	12.3× YoY+25.8%
P/B	6.2× YoY-29.5%	8.8× YoY-2.5%	9.1× YoY+28.6%	7.1× YoY-52.6%	14.9× YoY+31.7%
P/FCF	42.2× YoY-50.8%	85.8× YoY+38.6%	61.9× YoY+37.8%	44.9× YoY-57.2%	105.1× YoY+49.6%
Earnings yield	2.5% YoY+20.1%	2.1% YoY-3.4%	2.2% YoY-40.6%	3.6% YoY+90.0%	1.9% YoY+15.2%
FCF yield	2.4% YoY+103.3%	1.2% YoY-27.9%	1.6% YoY-27.4%	2.2% YoY+133.9%	1.0% YoY-33.1%
Dividend yield	0.3% YoY+24.9%	0.3% YoY+13.0%	0.2% YoY-29.5%	0.3% YoY+110.7%	0.1% YoY-35.9%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WST's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WST filings on SEC EDGAR → Not investment advice.

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