---
title: West Pharmaceutical Services (WST) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/wst
ticker: WST
as_of: 2026-10-17
sector: Healthcare
industry: Medical - Instruments & Supplies
---
# West Pharmaceutical Services (WST)

West Pharmaceutical Services (WST) closed at $384.02 on Oct 16, 2026, overvalued by 244% vs its model value of $111.70 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $384.02 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $111.70 |
| Price vs model | overvalued by 244% vs model |
| Range of that model | $81.74 – $192.09 |
| Market value | $27.0B |
| P/E (fiscal 2025) | 56.6 |
| Net margin (fiscal 2025) | 16.1% |
| Free cash flow (fiscal 2025) | $468.9M |
| Dividend yield (trailing twelve months) | 0.23% |
| Beta | 1.13 |
| Cost of capital (WACC) | 9.54% |
| Business classification | Mature & Stable (Low/slowing growth (~2% recent), Moderate margins (16% net margin), Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Near 52-week highs | #4 | 0.0% | https://sweetvaluelab.com/lists/near-52-week-highs |
| Dividend growth streaks | #34 | 33 years | https://sweetvaluelab.com/lists/dividend-growth-streaks |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 0.23% |
| Dividends per share, last 12 months | $0.88 |
| Dividends / free cash flow (fiscal 2025) | 13.1% |
| Raised | 33 years in a row |
| Growth over 5 years | 5.3% a year |
| Latest payment | $0.22, ex-date Jul 29, 2026, paid Aug 5, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Jul 20, 2021 | $0.68 |
| To Jul 19, 2022 | $0.72 |
| To Jul 25, 2023 | $0.76 |
| To Jul 31, 2024 | $0.80 |
| To Jul 30, 2025 | $0.84 |
| Trailing twelve months (to Jul 29, 2026) | $0.88 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $111.70 | $81.74 | $192.09 |
| DCF · Perpetuity growth · 10y | cross check | $122.58 | $90.70 | $206.76 |
| DCF · EBITDA exit · 5y | cross check | $216.60 | $160.99 | $281.87 |
| DCF · EBITDA exit · 10y | cross check | $207.43 | $149.45 | $284.37 |
| P/E · peers | cross check | $379.08 | $237.32 | $773.47 |
| P/E · own history | cross check | $327.95 | $284.73 | $374.95 |
| PEG | sanity check | $141.97 | $141.97 | $141.97 |
| EV/EBITDA · peers | cross check | $186.76 | $162.80 | $218.40 |
| EV/Revenue · peers | cross check | $201.00 | $97.85 | $298.50 |
| Earnings power value | cross check | $56.05 | $49.53 | $65.00 |
| Dividend discount | cross check | $16.90 | $11.86 | $26.64 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 6 open-market sales ($5.4M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | HAUGEN JANET BRUTSCHEA | Director | Grant / award | 44 | $16,313.4 |
| Sep 11, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Option/RSU exercise (10b5-1 plan) | 2,500 | $224,100 |
| Sep 11, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Open-market sell (10b5-1 plan) | 2,500 | $862,500 |
| Sep 14, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Option/RSU exercise (10b5-1 plan) | 2,500 | $224,100 |
| Sep 14, 2026 | Favorite Annette F | Sr. VP & Chief HR Officer | Open-market sell (10b5-1 plan) | 2,500 | $887,500 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Jul 23, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/105770/000010577026000099/wst-20260630.htm |
| Jul 23, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/105770/000010577026000097/wst-20260723.htm |
| Jul 14, 2026 | 8-K | 1.01 Entry into a Material Agreement; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/105770/000010577026000093/wst-20260714.htm |
| Jun 1, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/105770/000010577026000080/wst-20260531.htm |
| May 20, 2026 | 8-K | 1.05 Material Cybersecurity Incident; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/105770/000010577026000077/wst-20260507.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Gates | 2026-06-30 | 444,500 | $159.6M |
| Bridgewater | 2026-06-30 | 10,429 | $3.7M |
| Hillman Capital | 2026-06-30 | 7,106 | $2.6M |

3 tracked managers in all.

## About

West Pharmaceutical Services, Inc. (WST) specializes in the development, manufacturing, and global distribution of essential containment and delivery solutions for injectable pharmaceuticals and other healthcare products. The company's operations span across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region, structured into two primary business units: Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment offers a comprehensive array of components for injectable packaging, including stoppers and seals, alongside syringe and cartridge parts, which can be customized for specific injectable drug delivery requirements. It also provides advanced drug administration systems designed to enhance safe and effective delivery through sophisticated reconstitution, mixing, and transfer technologies. This segment further supplies ancillary se…

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Source: https://sweetvaluelab.com/stocks/wst (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.