West Pharmaceutical Services Inc. (WST) intrinsic value & 10-year financials
West Pharmaceutical Services Inc. (WST) has a Graham intrinsic value of $225.53 per share. At $384.02 on Oct 17, 2026, the stock trades 70% above that value. Over the last 10 fiscal years revenue grew 8.2% a year to $3.1B, with an average return on invested capital of 21.2%.
- Graham intrinsic value
- $225.53
- Share price (Oct 17, 2026)
- $384.02
- Price vs Graham value
- 70% above
- Market cap
- $27.9B
- Revenue (FY2025)
- $3.1B
- Revenue growth (10-yr CAGR)
- 8.2%
- ROIC (10-yr avg)
- 21.2%
- Free cash flow (FY2025)
- $468.9M
WST 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.1B | $493.7M | $6.79 | $468.9M | 19.0% | 18.2% |
| FY2024 | $2.9B | $492.7M | $6.69 | $276.4M | 19.7% | 19.5% |
| FY2023 | $2.9B | $593.4M | $7.88 | $414.5M | 22.9% | 25.4% |
| FY2022 | $2.9B | $585.9M | $7.73 | $439.4M | 25.4% | 30.8% |
| FY2021 | $2.8B | $661.8M | $8.67 | $330.6M | 26.6% | 37.6% |
| FY2020 | $2.1B | $346.2M | $4.57 | $298.1M | 19.0% | 22.4% |
| FY2019 | $1.8B | $241.7M | $3.21 | $240.8M | 16.1% | 17.6% |
| FY2018 | $1.7B | $206.9M | $2.74 | $183.9M | 14.0% | 16.0% |
| FY2017 | $1.6B | $150.7M | $1.99 | $132.5M | 14.3% | 12.5% |
| FY2016 | $1.5B | $143.6M | $1.91 | $49.2M | 13.0% | 12.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
West Pharmaceutical Services is a consistent compounder, expanding top-line revenue at 8.2% annually over the past decade.
West Pharmaceutical Services has earned high returns on invested capital, averaging 21.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
West Pharmaceutical Services has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, West Pharmaceutical Services is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $225.53 per share.