ALC vs WST: Alcon AG and West Pharmaceutical Services compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Alcon AG is the larger company, worth $31.4B, about 1.2 times West Pharmaceutical Services.
- West Pharmaceutical Services grew revenue faster over the last year (+13.8% vs +4.9%).
- West Pharmaceutical Services keeps more of each dollar of revenue as operating profit (20.4% vs 13.1%).
- On earnings, Alcon AG is the cheaper stock (32.4x vs 49.2x).
- West Pharmaceutical Services's price assumes faster free cash flow growth: about 18% a year, against 5% for Alcon AG (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ALC | WST |
|---|---|---|
| Market cap | $31.4B | $26.0B |
| Share price | $64.11 | $366.00 |
| Revenue (last fiscal year) | $10.4B | $3.1B |
| Free cash flow (last fiscal year) | $1.6B | $469M |
| Revenue growth, last year | +4.9% | +13.8% |
| Revenue growth per year, last 5 fiscal years | +5.8% | +2.1% |
| Operating margin | 13.1% | 20.4% |
| Net margin | 9.4% | 17.0% |
| Return on equity | 4.4% | 18.9% |
| P/E (trailing) | 32.4x | 49.2x |
| Price / free cash flow | 18.1x | 55.4x |
| EV / EBITDA | 13.5x | 31.1x |
| FCF growth the price implies | 4.7% | 18.4% |
| Dividend yield | 0.55% | 0.23% |
| Debt / equity | 0.42x | 0.36x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 3 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Alcon AG
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.3B | $165M | 7.0% |
| 2022 | $8.7B | $472M | 7.7% |
| 2023 | $9.5B | $537M | 11.0% |
| 2024 | $9.9B | $1.4B | 14.3% |
| 2025 | $10.4B | $1.6B | 13.1% |
West Pharmaceutical Services
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.8B | $331M | 26.6% |
| 2022 | $2.9B | $439M | 25.4% |
| 2023 | $2.9B | $414M | 22.9% |
| 2024 | $2.9B | $276M | 19.7% |
| 2025 | $3.1B | $469M | 19.0% |
Where the revenue comes from
Alcon AG · by segments, 2025
Surgical$5.8B56%
Vision Care$4.6B44%
West Pharmaceutical Services · by segments, 2025
Proprietary Products$2.5B81%
Contract-Manufactured Products$582M19%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ALC in InvestinglyQuestions
Which is bigger, Alcon AG or West Pharmaceutical Services?
Alcon AG (ALC), at $31.4B against $26.0B.
Is ALC or WST cheaper?
By trailing P/E, Alcon AG (32.4x) is cheaper than West Pharmaceutical Services (49.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, ALC or WST?
West Pharmaceutical Services: revenue grew +13.8% over the last year, against +4.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.