Question 1

What is West Pharmaceutical Services's P/FCF ratio?

Accepted Answer

West Pharmaceutical Services (WST) P/FCF ratio is 56.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for West Pharmaceutical Services?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For West Pharmaceutical Services specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

Is West Pharmaceutical Services's P/FCF ratio high or low?

Accepted Answer

West Pharmaceutical Services's P/FCF ratio of 56.7× is below its own 5-year average of 65.2× and above the sector median of 19.1×. That places the current reading at the 35th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is West Pharmaceutical Services's historical P/FCF ratio range?

Accepted Answer

In the available daily series, West Pharmaceutical Services (WST) P/FCF ratio has ranged from a low of 10.7× in 2003 to a high of 933.3× in 2008. The 5-year average is 65.2× and the 5-year median is 64.7×.

Question 7

What was West Pharmaceutical Services's P/FCF ratio in 2025?

Accepted Answer

West Pharmaceutical Services (WST) P/FCF ratio at the end of 2025 was 42.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does West Pharmaceutical Services's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$19.9B	$469M	42.4×	-44.1×	Dec 31, 2025
2024	$23.9B	$276M	86.5×	+23.6×	Dec 31, 2024
2023	$26.1B	$415M	62.9×	+23.1×	Dec 31, 2023
2022	$17.5B	$439M	39.8×	-65.8×	Dec 31, 2022
2021	$34.9B	$331M	105.7×	+35.4×	Dec 31, 2021
2020	$21B	$298M	70.3×	+24.1×	Dec 31, 2020
2019	$11.1B	$241M	46.3×	+6.9×	Dec 31, 2019
2018	$7.24B	$184M	39.4×	-15.9×	Dec 31, 2018
2017	$7.32B	$133M	55.3×	-71.0×	Dec 31, 2017
2016	$6.21B	$49.2M	126.2×	+72.3×	Dec 31, 2016
2015	$4.35B	$80.8M	53.9×	+0.3×	Dec 31, 2015
2014	$3.8B	$70.8M	53.6×	+0.5×	Dec 31, 2014
2013	$3.44B	$64.7M	53.2×	+19.3×	Dec 31, 2013
2012	$1.87B	$55.4M	33.8×	-4.2×	Dec 31, 2012
2011	$1.29B	$33.9M	38.0×	+16.6×	Dec 31, 2011
2010	$1.38B	$64.5M	21.4×	-22.0×	Dec 31, 2010
2009	$1.3B	$29.9M	43.4×	—	Dec 31, 2009
2008	$1.24B	-$4.1M	—	—	Dec 31, 2008
2007	$1.31B	-$200K	—	—	Dec 31, 2007
2006	$1.68B	$53.5M	31.3×	+6.1×	Dec 31, 2006
2005	$795M	$31.5M	25.2×	-41.5×	Dec 31, 2005
2004	$767M	$11.5M	66.7×	+7.3×	Dec 31, 2004
2003	$499M	$8.4M	59.4×	+37.6×	Dec 31, 2003
2002	$353M	$16.2M	21.8×	—	Dec 31, 2002


McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
UnitedHealth Group (UNH)	15.9×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Elevance Health (ELV)	13.4×
Incyte (INCY)	12.9×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	11.3×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Teladoc Health (TDOC)	3.9×
Centene (CNC)	2.5×

P/FCF Ratio for West Pharmaceutical Services (WST) 2002-2026

P/FCF Ratio daily chart for West Pharmaceutical Services (WST)

Historical P/FCF Ratio for West Pharmaceutical Services (WST) from 2002 to 2025

About P/FCF Ratio at West Pharmaceutical Services (WST)

West Pharmaceutical Services P/FCF Ratio by Year

West Pharmaceutical Services P/FCF Ratio 2025: 42.4×

West Pharmaceutical Services P/FCF Ratio 2024: 86.5×

West Pharmaceutical Services P/FCF Ratio 2023: 62.9×

West Pharmaceutical Services P/FCF Ratio 2022: 39.8×

West Pharmaceutical Services P/FCF Ratio 2021: 105.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

West Pharmaceutical Services (WST) Key Financials