RMD vs WST: ResMed 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.
- ResMed is the larger company, worth $34.4B, about 1.3 times West Pharmaceutical Services.
- West Pharmaceutical Services grew revenue faster over the last year (+13.8% vs +8.6%).
- ResMed keeps more of each dollar of revenue as operating profit (33.4% vs 20.4%).
- On earnings, ResMed is the cheaper stock (22.8x vs 49.2x).
- West Pharmaceutical Services's price assumes faster free cash flow growth: about 18% a year, against 6% for ResMed (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 | RMD | WST |
|---|---|---|
| Market cap | $34.4B | $26.0B |
| Share price | $230.05 | $366.00 |
| Revenue (last fiscal year) | $5.7B | $3.1B |
| Free cash flow (last fiscal year) | $1.6B | $469M |
| Revenue growth, last year | +8.6% | +13.8% |
| Revenue growth per year, last 5 fiscal years | +12.1% | +2.1% |
| Operating margin | 33.4% | 20.4% |
| Net margin | 26.9% | 17.0% |
| Return on equity | 23.1% | 18.9% |
| P/E (trailing) | 22.8x | 49.2x |
| Price / free cash flow | 20.7x | 55.4x |
| EV / EBITDA | 15.7x | 31.1x |
| FCF growth the price implies | 5.5% | 18.4% |
| Dividend yield | 1.00% | 0.23% |
| Debt / equity | 0.36x | 0.36x |
| Fundamental grade | B | C |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 2 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
ResMed
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $3.6B | $216M | 28.0% |
| 2023 | $4.2B | $574M | 26.8% |
| 2024 | $4.7B | $1.3B | 28.2% |
| 2025 | $5.1B | $1.7B | 32.7% |
| 2026 | $5.7B | $1.6B | 33.4% |
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
ResMed · by segments, 2026
Sleep and Breathing Health$5.0B88%
Residential Care Software$676M12%
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 RMD in InvestinglyQuestions
Which is bigger, ResMed or West Pharmaceutical Services?
ResMed (RMD), at $34.4B against $26.0B.
Is RMD or WST cheaper?
By trailing P/E, ResMed (22.8x) is cheaper than West Pharmaceutical Services (49.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, RMD or WST?
West Pharmaceutical Services: revenue grew +13.8% over the last year, against +8.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.