WST West Pharmaceutical Services margins

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Relative Growth: Rel. Growth: 61
Relative Strength: Rel. Strength: 79
Relative Valuation: Rel. Valuation: 20
Relative Profitability: Rel. Profitability: 75
Gross margin
36.8%
Operating margin
20.5%
EBITDA margin
26.9%
Net margin
17%

The West Pharmaceutical Services shows a gross margin of 36.8%, an operating margin of 20.5%, an EBITDA margin of 26.9%, and a net margin of 17%. All reported margins improved year over year, led by gross margin with an increase of 1.5 percentage points.

WST margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, West Pharmaceutical Services's margins averaged 35.91% gross, 20.26% operating, 26.76% EBITDA, and 17.35% net. Currently, gross, operating, and EBITDA margins are above their three-year averages, while net margin is below its three-year average.

WST margin expansion

Year-over-year margin changes in percentage points

The biggest expansion was in gross margin, which rose by 1.5 percentage points. The other available margins also improved.

Gross margin expansion
1.5pp
Operating margin expansion
0.9pp
EBITDA margin expansion
0.8pp
Net margin expansion
0.5pp

WST Gross margin

The average gross margin for West Pharmaceutical Services was 35.91% during the last 3 years. At present, the current gross margin for West Pharmaceutical Services is 36.8%, 0.9 percentage points above its three-year average. The gross margin for West Pharmaceutical Services moved between 34.5% in Dec 2024 and 38.3% in Dec 2023.

WST Operating margin

West Pharmaceutical Services's operating margin averaged 20.26% during the last 3 years. Compared with its three-year average, West Pharmaceutical Services's current operating margin is 20.5% and is 0.2 percentage points above its three-year average. Over the last 3 years, West Pharmaceutical Services's operating margin peaked at 22.9% in Dec 2023 and reached a low of 19% in Dec 2025.

WST EBITDA margin

West Pharmaceutical Services recorded an average EBITDA margin of 26.76% across the last 3 years. The current EBITDA margin of 26.9% is 0.1 percentage points above its three-year average. During this period, EBITDA margin reached a high of 29.2% in Dec 2023 and a low of 25.6% in Dec 2025.

WST Net margin

Across the last 3 years, West Pharmaceutical Services had an average net margin of 17.35%. Compared with its three-year average, West Pharmaceutical Services's current net margin is 17% and is 0.4 percentage points below its three-year average. Looking back over the last 3 years, West Pharmaceutical Services's net margin reached 20.1% at its highest point in Dec 2023 and 16.1% at its lowest in Mar 2025.

WST margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 36.8%, WST is below the Healthcare sector, the industry and its peers average. Compared to its Healthcare sector average of 68.4%, West Pharmaceutical Services's gross margin is 46% lower.

WST margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is West Pharmaceutical Services's gross margin?

The current gross margin for WST is 36.8% as of Jun 30, 2026.

What is West Pharmaceutical Services's operating margin?

The current operating margin for WST is 20.5% as of Jun 30, 2026.

What is West Pharmaceutical Services's EBITDA margin?

For the period ending Jun 30, 2026, WST recorded an EBITDA margin of 26.9%.

What is West Pharmaceutical Services's net margin?

For the period ending Jun 30, 2026, WST recorded a net margin of 17%.

What are the average margins of WST?

Over the past 3 years, WST reported average margins of 35.9% gross, 20.3% operating, 26.8% EBITDA, and 17.4% net.

What are the highest historical margins of WST?

In the last 5 years, the highest margins reported by WST were 41.5% gross in Dec 2021, 27% operating in Sep 2022, 31.8% EBITDA in Mar 2022, and 23.8% net in Mar 2022.

What are the lowest historical margins of WST?

Over this 5-year history, West Pharmaceutical Services's margins fell as low as 34.5% gross in Dec 2024, 19% operating in Dec 2025, 25.6% EBITDA in Dec 2025, and 16.1% net in Mar 2025.