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Research · S&P 500 · Health Care
WST · West Pharmaceutical Services
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
35/60
low-moderate value scoreEarnings & returns
EPS Trend
2/5Diluted EPS: $7.73 (2022), $7.88 (2023), $6.69 (2024), $6.79 (2025). It ended at or below 2022; the framework scores that as 2.
ROE Trend
4/5ROE (net income / common equity): 21.8% (2022), 20.6% (2023), 18.4% (2024), 15.5% (2025). Median 19.5%, lowest 15.5%; the framework scores a median 15-20% as 4.
ROIC
4/5ROIC of 16.2%: operating income of $584.90M divided by $3.62B of capital (total assets $4.27B minus current liabilities $654.90M), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 15-20% as 4.
Profit Margins
4/5Net margin of 17.0%; the framework scores 10-20% as 4; gross margin 36.8%, operating margin 22.5%.
Balance sheet & cash
Debt-to-Equity
5/5Net cash: total debt $316.50M, total cash $435.80M. The framework scores a net cash position as 5.
Free Cash Flow
3/5Free cash flow (operating cash flow minus capital expenditure): $439.40M (2022), $414.50M (2023), $276.40M (2024), $468.90M (2025). It ended above 2022 but did not rise in 2 of 3 years; the framework scores that as 3.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $2.99B (2022), $3.52B (2023), $3.96B (2024), $4.37B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $7.81 x (8.5 + 2 x 0.0) x (4.4 / 4.5) = $64.91 (EPS CAGR -7.2% floored at 0%; the formula returns a negative value below -4.25% growth). Current price $384.02; price is 491.6% above the model value.
DCF Value
1/5FCF/share = $3.949, stage 1 growth = 2.1% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $15.88, PV of terminal value = $40.03, DCF value = $55.91. Current price $384.02; price is 586.8% above the model value.
Margin of Safety
1/5Graham value $64.91 (price is 491.6% above the model value); DCF value $55.91 (price is 586.8% above the model value).
Price-to-Book
1/5P/B of 9.04; the framework scores above 5.0 as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 6 of 10 years (2016-2025); lowest 13.2%, highest 27.7%.
Gross margin, each year
Between 31.8% and 41.5% over 10 years (a range of 9.7 points).
Competition, in the company’s own words · 10-K filed Feb 17, 2026
With our range of proprietary technologies, we compete with several companies, such as Datwyler and Aptar, across our Proprietary Products product lines. Competition for these components is based primarily on product design and performance, quality, regulatory compliance, and scientific expertise, along with total cost. In addition, there are a number of competitors supplying medical devices and medical device components, including a number of pharmaceutical manufacturers who are also potential customers of our medical devices and components. We compete in this market on the basis of our reputation for quality and reliability in engineering and project management, as well as our knowledge of, and experience in, compliance with regulatory requirements.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
4/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $1.61B paid out against $1.60B of free cash flow (fail: paid out more than free cash flow); total debt $317.90M to $321.10M, up 1.0%, 0.4x EBITDA (pass: not up more than 10%); shares outstanding 0.07B to 0.07B, down 2.8% (pass). 3 of 4 tests passed; the framework scores that as 4.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $7.81, g = 0.0%, Y = 4.5
g floored at 0.0% (3-year EPS CAGR was -7.2%; below -4.25% the formula returns a negative value)
IV = $64.91
Current price $384.02 vs Graham value $64.91 — price is 491.6% above the model value.
DCF:
FCF/share = $3.949
Stage 1 growth = 2.1% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $4.032 → PV $3.666
Y2: $4.117 → PV $3.402
Y3: $4.203 → PV $3.158
Y4: $4.292 → PV $2.931
Y5: $4.382 → PV $2.721
Stage 1 PV sum = $15.88
Terminal value at end of Y5 = $64.48
PV of terminal value = $40.03
DCF value = $55.91
Current price $384.02 vs DCF value $55.91 — price is 586.8% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $384.02. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.