West Pharmaceutical Services Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of West Pharmaceutical Services Inc (WST) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: West Pharmaceutical Services Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 3,397M vs 120,574M combined for its competitors (2.7% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+3.0% annualized vs trailing 12 months), vs holding steady (+1.8%) for its tracked peer group.
- Growth: West Pharmaceutical Services Inc generated 8.7% revenue growth year over year in Q3 2026, vs 8.3% for its competitors combined.
- Profitability: Its 24.5% net margin compares with 13.2% for the peer group.
- Scale: West Pharmaceutical Services Inc ranks #12 of 246 companies by market capitalization in the Medical Equipment & Supplies industry, holding 2.4% of industry market cap.
- Peer revenue share: West Pharmaceutical Services Inc accounted for 2.8% of combined revenue among its tracked peer group, up from 2.8% a year earlier.
- Peer differentiation: Revenue per employee of $0.31M compares with $0.79M for the peer group (0.4x).
- Structure: West Pharmaceutical Services Inc operates in the following segments: Proprietary Products, West Vantage.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
WST Sales vs. its Competitors, Q3 2026
West Pharmaceutical Services Inc reported revenue growth of 8.73 % year on year in Q3 2026, above its competitors' combined revenue growth of 8.31 %.
With a net margin of 24.47 %, West Pharmaceutical Services Inc achieved higher profitability than its competitors (13.20 %).
West Pharmaceutical Services Inc generated 2.77 % of the combined sales of its peer group, up from 2.76 % a year earlier.
API endpoints for this dataset
West Pharmaceutical Services Inc vs. its Competitors, Q3 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in West Pharmaceutical Services Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across West Pharmaceutical Services Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| West Pharmaceutical Services Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across West Pharmaceutical Services Inc's competitor groups requires a Commercial License.
For context: the Medical Equipment & Supplies industry grew revenue 14.5% year over year, combined, vs 8.7% for West Pharmaceutical Services Inc. West Pharmaceutical Services Inc's share of combined industry revenue moved from 0.79% to 0.75%, a loss of 0.04 percentage points.
West Pharmaceutical Services Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| West Pharmaceutical Services Inc | Yes | Yes | Yes | No |
| Competitors combined (21) | ||||
| High-Confidence Competitors (2) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
WST Stock Performance relative to its Competitors
WST Stock Performance relative to High-Confidence Competitors
WST Stock Performance relative to Similar-Size Competitors
WST Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Baxter International Inc | 282.9% | Outperformed |
| 2 | Warby Parker Inc | 282.9% | Outperformed |
| 3 | Bausch and Lomb Corp | 282.9% | Outperformed |
| 4 | Cardinal Health Inc | 282.9% | Outperformed |
| 5 | Icu Medical Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for West Pharmaceutical Services Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
West Pharmaceutical Services Inc's Comment on Competition and Industry Peers
In addition, there is a small number of competitors supplying medical devices and medical device 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.
We also have specialized knowledge of container closure components, which is integral to developing delivery systems. With our range of proprietary technologies, we compete with new and established companies in the area of drug delivery devices, including suppliers of prefillable syringes, auto-injectors, safety needles and other proprietary systems.
We differentiate ourselves from our competition by being an integrated drug containment and delivery systems global supplier that can provide pre-approval primary packaging support and engineering development, analytical services, regulatory expertise and after-sale technical support. Customers also appreciate the global scope of our manufacturing capability and our ability to produce many products at multiple sites.
Our Contract-Manufactured Products business operates in very competitive markets for its products. The competition varies from smaller regional companies to large global molders. Given the cost pressures they face, many of our customers look off-shore to reduce cost. We differentiate ourselves by leveraging our global capability and by employing new technologies such as high-speed automated assembly, insert-molding, multi-shot molding and expertise with multiple-piece closure systems.
Publicly Traded Peers of West Pharmaceutical Services Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 West Pharmaceutical Services Inc |
28,306.55 | 3,397.10 |
 Thermo Fisher Scientific Inc |
257,755.96 | 47,351.00 |
 Danaher Corporation |
162,740.70 | 25,608.00 |
 Medtronic Plc |
130,823.18 | 37,542.00 |
 Stryker Corp |
125,362.19 | 26,300.00 |
 Cardinal Health Inc |
64,125.92 | 250,735.00 |
| SUBTOTAL | 871,949.33 | 435,286.07 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on West Pharmaceutical Services Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
West Pharmaceutical Services Inc's Competitors Named by the Company
Competitive relationships identified from West Pharmaceutical Services Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Halozyme Therapeutics Inc | Company report | 85% |
| Insulet Corporation | Company report | 85% |
| Our Contract-Manufactured Products | Company report | 85% |
| Proprietary Products | Company report | 85% |
| Aptargroup inc | Company report | 85% |
| The Cooper Companies Inc | Company report | 85% |
| Danaher Corporation | Company report | 85% |
| Masimo Corp | Company report | 85% |
| Koru Medical Systems Inc | Company report | 85% |
| Thermo Fisher Scientific Inc | Company report | 85% |
| Icu Medical Inc | Company report | 85% |
| Non Invasive Monitoring Systems Inc | Company report | 85% |
| Staar Surgical Co | Company report | 85% |
| Baxter International Inc | Company report | 85% |
| Stryker Corp | Company report | 85% |
| Stevanato Group S p a | Company report | 85% |
| Medtronic Plc | Company report | 85% |
Company report basis, confidence, active dates and source counts for West Pharmaceutical Services Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
West Pharmaceutical Services Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| West Pharmaceutical Services Inc | Proprietary Products 83.34 % |
| Thermo Fisher Scientific Inc | Clinical Research 20.15 % |
| Danaher Corporation | Diagnostics 43.97 % |
| Medtronic Plc | CARDIOVASCULAR 38.34 % |
| Stryker Corp | MedSurg and Neurotechnology 56.20 % |
| Cardinal Health Inc | Pharmaceutical and Specialty Solutions 92.08 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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West Pharmaceutical Services Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| West Pharmaceutical Services Inc | 28,307 | 314,546 | 59,157 |
| Thermo Fisher Scientific Inc | 257,756 | 378,808 | 56,712 |
| Danaher Corporation | 162,741 | 426,800 | 72,183 |
| Medtronic Plc | 130,823 | 395,179 | 55,463 |
| Stryker Corp | 125,362 | 469,643 | 64,696 |
| Cardinal Health Inc | 64,126 | 3,923,865 | 24,225 |
| PEERS TOTAL | 843,643 | 793,396 | 42,441 |
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West Pharmaceutical Services Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Thermo Fisher Scientific Inc | North America 51.63 % |
| Danaher Corporation | North America 41.81 % |
| Medtronic Plc | United States 49.83 % |
| Stryker Corp | United States 75.92 % |
| Cardinal Health Inc | United States 99.35 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
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West Pharmaceutical Services Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 218 companies in West Pharmaceutical Services Inc's industry classification, broader than the peer set above. Market cap in millions of $.West Pharmaceutical Services Inc ranks #12 of 218 companies by market capitalization in its industry, holding 2.38 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 616, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Intuitive Surgical Inc | 161,785 | 13.52 % |
| 2 | Medtronic Plc | 130,823 | 10.94 % |
| 3 | Stryker Corp | 125,786 | 10.51 % |
| 4 | 3m Company | 96,722 | 8.09 % |
| 5 | Boston Scientific Corporation | 1,234 | 5.2% |
| 6 | Edwards Lifesciences Corporation | 1,234 | 5.2% |
| 7 | Becton Dickinson And Company | 1,234 | 5.2% |
| 8 | Alcon inc | 1,234 | 5.2% |
| 9 | Resmed Inc | 1,234 | 5.2% |
| 10 | Medline Inc | 1,234 | 5.2% |
| 12 | West Pharmaceutical Services Inc | 28,506 | 2.38 % |
Market cap and industry share for the rest of West Pharmaceutical Services Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
West Pharmaceutical Services Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 7 | Becton Dickinson And Company | 58,300 | 56.06 % |
| 8 | Alcon inc | 37,185 | 0.27 % |
| 9 | Resmed Inc | 34,367 | -5.04 % |
| 10 | Medline Inc | 34,126 | - |
| 11 | Dexcom Inc | 1,234 | 12.3% |
| 12 | West Pharmaceutical Services Inc | 28,506 | 42.34 % |
| 13 | Steris Plc | 1,234 | 12.3% |
| 14 | Zimmer Biomet Holdings Inc | 1,234 | 12.3% |
| 15 | Solventum Corporation | 1,234 | 12.3% |
| 16 | Carlisle Companies Incorporated | 1,234 | 12.3% |
| 17 | Smith and Nephew Plc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of West Pharmaceutical Services Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
West Pharmaceutical Services Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Medical Equipment & Supplies industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (342 companies). See the full Medical Equipment & Supplies industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 37.59 % | 45.82 % (avg) | -8.2 pp |
| Operating Margin | 22.97 % | industry median | +17.8 pp |
| EBITDA Margin | 28.73 % | -7.08 % (avg) | +35.8 pp |
| Capital Intensity (Capex / Revenue) | 5.92 % | 7.18 % (avg) | -1.3 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
West Pharmaceutical Services Inc's Valuation vs Competitive Position
Valuation multiples vs the Medical Equipment & Supplies industry average (342 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Medical Equipment & Supplies industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 39.6x | 38.2x | +1.4x |
| EV / EBITDA | 25.3x | 18.2x | +7.1x |
| P/B | 8.2x | 4.6x | +3.7x |
| Return on Equity | 21.08 % | industry aggregate | 5.75 % |
| Return on Invested Capital | 11.73 % | -6.87 % (avg) | 18.60 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
West Pharmaceutical Services Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 7.40 % | 7.13 % | 16.69 % | 31.89 % | 1.95 % | 2.16 % | -1.92 % | 6.27 % |
| Operating Margin | 13.99 % | 16.12 % | 18.95 % | 26.57 % | 25.43 % | 22.92 % | 19.70 % | 19.03 % |
| Return on Invested Capital | 8.09 % | 8.95 % | 10.84 % | 16.34 % | 13.74 % | 11.27 % | 10.02 % | 8.94 % |
| P/E | 38.0x | 46.9x | 62.1x | 48.8x | 31.0x | 45.0x | 47.1x | 40.3x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
West Pharmaceutical Services Inc's Strategic Group Map
West Pharmaceutical Services Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
West Pharmaceutical Services Inc's trailing-12-month revenue growth of 12.6% and operating margin of 23.0% compares with an average of 10.3% growth and 21.5% margin across its 8 closest peers by combined growth, margin and ROIC -- West Pharmaceutical Services Inc sits above that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
West Pharmaceutical Services Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
West Pharmaceutical Services Inc falls in the Dog quadrant: relative market share of 0.18x vs its largest competitor, in an industry growing revenue 8.9% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
West Pharmaceutical Services Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 616 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 5.92 % vs industry average 7.18 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on West Pharmaceutical Services Inc's dedicated Suppliers and Customers pages, not here.
West Pharmaceutical Services Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
West Pharmaceutical Services Inc falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
West Pharmaceutical Services Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 17.8 points above the industry median.
- Return on equity 5.8 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+3.0% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.18x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
West Pharmaceutical Services Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| West Pharmaceutical Services Inc | 0.85 | 2.84 | 0.07 |
| Thermo Fisher Scientific Inc | 0.39 | 1.69 | 0.81 |
| Danaher Corporation | - | 1.75 | 0.45 |
| Medtronic Plc | 0.15 | 2.10 | 0.57 |
| Stryker Corp | 0.50 | 2.08 | 0.65 |
| Cardinal Health Inc | 0.10 | 0.93 | - |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
West Pharmaceutical Services Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| West Pharmaceutical Services Inc | Q3 2026 | +8.7 % | +52.9 % |
| Thermo Fisher Scientific Inc | Q3 2026 | +9.1 % | +6.2 % |
| Danaher Corporation | Q3 2026 | +8.3 % | +36.0 % |
| Medtronic Plc | Q2 2026 | +13.7 % | +41.3 % |
| Stryker Corp | Q3 2026 | +7.6 % | -12.3 % |
| Cardinal Health Inc | Q1 2026 | +11.0 % | -25.2 % |
| PEERS TOTAL | +9.8 % | +25.2 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
West Pharmaceutical Services Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| West Pharmaceutical Services Inc | Q3 2026 | +3.4 % | -38.2 % |
| Thermo Fisher Scientific Inc | Q3 2026 | +133.0 % | +8.2 % |
| Danaher Corporation | Q3 2026 | +7.4 % | -12.7 % |
| Medtronic Plc | Q2 2026 | +13.8 % | -0.2 % |
| Stryker Corp | Q3 2026 | +3.0 % | +26.7 % |
| Cardinal Health Inc | Q1 2026 | +10.8 % | - |
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West Pharmaceutical Services Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| West Pharmaceutical Services Inc | 15.47% | 17.65% | 21.08% |
| Thermo Fisher Scientific Inc | 6.29% | 7.46% | 13.32% |
| Danaher Corporation | 4.91% | 5.57% | 8.18% |
| Medtronic Plc | 5.71% | 6.46% | 10.64% |
| Stryker Corp | 7.66% | 8.63% | 15.61% |
| Cardinal Health Inc | 2.84% | 26.79% | - |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
West Pharmaceutical Services Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| West Pharmaceutical Services Inc | 44.87 | 8.33 |
| Thermo Fisher Scientific Inc | 36.72 | 5.44 |
| Danaher Corporation | 37.75 | 6.36 |
| Medtronic Plc | 299.41 | 3.48 |
| Stryker Corp | 34.70 | 4.77 |
| Cardinal Health Inc | 41.61 | 0.26 |
| PEERS AVERAGE | 36.73 | 2.00 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.