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 3,327M vs 165,500M combined for tracked competitors (2.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+4.9% annualized vs trailing 12 months), vs accelerating (+2.9%) for its tracked peer group.
- Growth: West Pharmaceutical Services Inc generated 13.9% revenue growth year over year in Q2 2026, vs 9.6% for its tracked competitors combined.
- Profitability: Its 17.7% net margin compares with 14.2% for the peer group.
- Scale: West Pharmaceutical Services Inc ranks #12 of 247 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 2.0% of combined revenue among its tracked peer group, up from 1.9% a year earlier.
- Peer differentiation: Revenue per employee of $0.31M compares with $0.79M for the peer group (0.4x).
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, Q2 2026
West Pharmaceutical Services Inc reported revenue growth of 13.89 % year on year in Q2 2026, above its competitors' combined revenue growth of 9.58 %.
With a net margin of 17.65 %, West Pharmaceutical Services Inc achieved higher profitability than its competitors (14.17 %).
West Pharmaceutical Services Inc generated 2.01 % of the combined sales of its peer group, up from 1.93 % a year earlier.
West Pharmaceutical Services Inc vs. its Competitors, Q2 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 an SEC filing; 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 (2) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (6) | $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 15.0% year over year, combined, vs 13.9% for West Pharmaceutical Services Inc. West Pharmaceutical Services Inc's share of combined industry revenue moved from 0.75% to 0.75%, a loss of 0.01 percentage points.
West Pharmaceutical Services Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| 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 | Cardinal Health Inc | 282.9% | Outperformed |
| 2 | Thermo Fisher Scientific Inc | 282.9% | Outperformed |
| 3 | Icu Medical Inc | 282.9% | Outperformed |
| 4 | Bausch and Lomb Corp | 282.9% | Outperformed |
| 5 | Danaher Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for West Pharmaceutical Services Inc's best-performing tracked 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 | 26,783.84 | 3,326.90 |
| Thermo Fisher Scientific Inc | 251,760.60 | 46,336.00 |
| Danaher Corporation | 160,858.71 | 25,107.00 |
| Medtronic Plc | 115,016.45 | 37,542.00 |
| Stryker Corp | 106,269.66 | 25,837.00 |
| Cardinal Health Inc | 51,988.44 | 250,735.00 |
| SUBTOTAL | 807,507.41 | 432,848.93 |
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Sources: West Pharmaceutical Services Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
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 SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Halozyme Therapeutics Inc | Named by the company | 85% |
| Insulet Corporation | Named by the company | 85% |
| Proprietary Products | Named by the company | 85% |
| Our Contract-Manufactured Products | Named by the company | 85% |
| Aptargroup inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for West Pharmaceutical Services Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
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 82.84 % |
| Thermo Fisher Scientific Inc | Clinical Research 19.98 % |
| Danaher Corporation | Diagnostics 39.36 % |
| Medtronic Plc | CARDIOVASCULAR 38.34 % |
| Stryker Corp | MedSurg and Neurotechnology 55.02 % |
| Cardinal Health Inc | Pharmaceutical and Specialty Solutions 92.08 % |
Source: operating segment revenue as reported in each company's SEC filings (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 | 26,784 | 308,046 | 52,306 |
| Thermo Fisher Scientific Inc | 251,761 | 370,688 | 55,912 |
| Danaher Corporation | 160,859 | 418,450 | 66,733 |
| Medtronic Plc | 115,016 | 395,179 | 55,463 |
| Stryker Corp | 106,270 | 461,375 | 66,589 |
| Cardinal Health Inc | 51,988 | 3,923,865 | 24,225 |
| PEERS TOTAL | 780,724 | 789,048 | 41,306 |
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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 filing. 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 51.27 % |
| Danaher Corporation | North America 39.49 % |
| Medtronic Plc | United States 49.83 % |
| Stryker Corp | United States 75.26 % |
| Cardinal Health Inc | United States 99.35 % |
Source: revenue geography as reported in each company's SEC filings (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 222 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 222 companies by market capitalization in its industry, holding 2.41 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 587, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Intuitive Surgical Inc | 145,832 | 13.38 % |
| 2 | Medtronic Plc | 113,372 | 10.40 % |
| 3 | Stryker Corp | 105,405 | 9.67 % |
| 4 | 3m Company | 88,542 | 8.12 % |
| 5 | Boston Scientific Corporation | 1,234 | 5.2% |
| 6 | Becton Dickinson And Company | 1,234 | 5.2% |
| 7 | Edwards Lifesciences Corporation | 1,234 | 5.2% |
| 8 | Dexcom Inc | 1,234 | 5.2% |
| 9 | Resmed Inc | 1,234 | 5.2% |
| 10 | Alcon inc | 1,234 | 5.2% |
| 12 | West Pharmaceutical Services Inc | 26,298 | 2.41 % |
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 2026-09-28.
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 | Edwards Lifesciences Corporation | 49,593 | 14.07 % |
| 8 | Dexcom Inc | 33,818 | 26.93 % |
| 9 | Resmed Inc | 32,145 | -17.66 % |
| 10 | Alcon inc | 32,131 | -11.59 % |
| 11 | Medline Inc | 1,234 | 12.3% |
| 12 | West Pharmaceutical Services Inc | 26,298 | 44.72 % |
| 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 | Penumbra Inc | 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 2026-09-28. 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 (288 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 36.78 % | 53.35 % (avg) | -16.6 pp |
| Operating Margin | 20.45 % | industry median | +28.8 pp |
| EBITDA Margin | 26.33 % | -6.82 % (avg) | +33.1 pp |
| Capital Intensity (Capex / Revenue) | 6.77 % | 5.43 % (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 (288 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.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 42.5x | 34.6x | +7.9x |
| EV / EBITDA | 26.6x | 19.7x | +6.9x |
| P/B | 7.8x | 4.7x | +3.0x |
| Return on Equity | 18.51 % | industry aggregate | 6.45 % |
| Return on Invested Capital | 10.09 % | -2.32 % (avg) | 12.41 % |
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 SEC filings.| 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 % | 8.90 % |
| P/E | 38.0x | 46.9x | 62.1x | 48.8x | 31.0x | 44.2x | 49.2x | 39.6x |
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
Every company in West Pharmaceutical Services Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. West Pharmaceutical Services Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
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
Relative market share (vs West Pharmaceutical Services Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
West Pharmaceutical Services Inc falls in the Dog quadrant: relative market share of 0.18x vs its largest competitor, in an industry growing revenue 9.2% (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 587 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 6.77 % vs industry average 5.43 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See West Pharmaceutical Services Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See West Pharmaceutical Services Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
West Pharmaceutical Services Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
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 28.8 points above the industry median.
- Return on equity 6.5 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+4.9% 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
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
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 | 0.91 | 2.85 | 0.07 |
| Thermo Fisher Scientific Inc | 0.32 | 1.62 | 0.78 |
| Danaher Corporation | - | 1.73 | 0.40 |
| Medtronic Plc | 0.15 | 2.10 | 0.57 |
| Stryker Corp | 0.48 | 1.99 | 0.68 |
| 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 | Q2 2026 | +13.9 % | +16.8 % |
| Thermo Fisher Scientific Inc | Q2 2026 | +10.5 % | +7.6 % |
| Danaher Corporation | Q2 2026 | +5.5 % | +56.8 % |
| Medtronic Plc | Q2 2026 | +13.7 % | +41.3 % |
| Stryker Corp | Q2 2026 | +9.4 % | +44.3 % |
| Cardinal Health Inc | Q1 2026 | +11.0 % | -25.2 % |
| PEERS TOTAL | +9.9 % | +29.9 % |
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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 | Q2 2026 | +10.4 % | -42.6 % |
| Thermo Fisher Scientific Inc | Q2 2026 | +142.5 % | +53.1 % |
| Danaher Corporation | Q2 2026 | +10.0 % | +8.5 % |
| Medtronic Plc | Q2 2026 | +13.8 % | -0.2 % |
| Stryker Corp | Q2 2026 | -4.1 % | +10.4 % |
| 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 | 13.64% | 15.29% | 18.51% |
| Thermo Fisher Scientific Inc | 6.36% | 7.71% | 13.37% |
| Danaher Corporation | 4.72% | 5.44% | 7.66% |
| Medtronic Plc | 5.71% | 6.46% | 10.64% |
| Stryker Corp | 7.89% | 8.80% | 16.36% |
| 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 | 48.10 | 8.05 |
| Thermo Fisher Scientific Inc | 36.52 | 5.43 |
| Danaher Corporation | 40.45 | 6.41 |
| Medtronic Plc | 263.24 | 3.06 |
| Stryker Corp | 28.53 | 4.11 |
| Cardinal Health Inc | 33.74 | 0.21 |
| PEERS AVERAGE | 35.03 | 1.87 |
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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.