WEST PHARMACEUTICAL SERVICES, INC.

WST · Healthcare · $25.9B mkt cap · FY2025 filings · Wide moat

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Wide moat

The four filters

Pricing power54

Median gross margin 35.1% over 10y, stable.

Returns on capital94

Median ROIC 18.7%, above the 9% hurdle in 100% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline83

Owner earnings +14.7%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

298% above value

Owner earnings (normalized): $585.9M
Est. intrinsic value / share: $90.42
Recent price: $360.10
Discount to value: 298% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell WST. See the disclaimer.