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MSA Safety

MSA NYSE Office Services & Supplies Financials FY2016–FY2025

MSA Safety's revenue rose 3.7% to $1.9 billion in fiscal 2025. Its operating margin was 19.8%, down from 21.5% a year earlier. Free cash flow was $295 million, up 22.0%. It paid out $172 million in dividends and buybacks, 58% of free cash flow. The diluted share count fell 0.5%.

Last close · Oct 23, 2026

$182.26

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$1.9B
3.7% vs prior year
Operating margin Operating income as a share of revenue.
19.8%
1.7 pts
Net income Profit after all expenses, interest and tax.
$279M
2.1%
Free cash flow Cash from operations minus capital spending.
$295M
22.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.3%
3.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
22.7x
On $8.04 EPS (TTM)

What MSA Safety does

No business description yet.

Legal name
MSA SAFETY INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000066570-26-000005
0000066570

Revenue and margins

MSA Safety had $1.9B of revenue in fiscal 2025, up 3.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 12.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $295M in fiscal 2025, 15.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

MSA Safety returned $172M to shareholders in fiscal 2025, 58% of free cash flow. The diluted share count fell 0.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value MSA Safety yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$416M and divides by 39.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 22.7x · peers 25.4x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably MSA Safety can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $141M$163M$146M$165M$165M
Debt incl. finance leases $598M$573M$602M$508M$581M
Net debt / EBITDA 6.7x1.4x1.6x0.8x0.9x
Debt / equity 0.7x0.6x0.6x0.4x0.4x
Interest coverage 2.1x11.0x5.0x10.6x11.7x
Current ratio 2.4x2.5x2.4x2.8x3.0x
Quick ratio 1.6x1.6x1.5x1.8x1.8x
Total assets $2.4B$2.4B$2.2B$2.2B$2.6B
Total liabilities $1.6B$1.5B$1.2B$1.1B$1.2B
Shareholders' equity $834M$924M$967M$1.1B$1.4B
Net debt (− = net cash) $457M$410M$455M$343M$416M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$4.2M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Nishan J. VartanianDirector Sold 20,000 $193.99 $3.9M Form 4
Aug 4, 2026 Jonathan D. BuckChief Accounting Officer Sold 469 $191.00 $0.1M Form 4
Jun 11, 2026 Julie A BeckChief Financial Officer Bought 448 $158.69 $0.1M Form 4
Feb 17, 2026 Jonathan D. BuckChief Accounting Officer Sold 1,100 $203.48 $0.2M Form 4
Nov 25, 2025 Jonathan D. BuckChief Accounting Officer Sold 333 $161.00 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 97 / 96 / 9
Accruals ratio −1.5%−0.5%−3.6%
Altman Z'' 4.655.845.65

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
MSA Safety MSA $7.1B 3.7% 19.8% 15.8% 17.3% 22.7x 6
Pitney Bowes PBI $2.4B −6.6% — 16.8% 27.7% 14.1x 6 Compare →
MillerKnoll MLKN $1.5B 4.7% 5.2% 2.0% 6.1% 15.0x 7 Compare →
RBC Bearings RBC $15.0B 14.3% 22.5% 18.3% 8.0% 46.6x 6 Compare →
Hexcel HXL $6.1B −0.5% 9.1% 8.3% 6.5% 35.9x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.1B $1.2B $1.4B $1.4B $1.3B $1.4B $1.5B $1.8B $1.8B $1.9B
Gross profit $522M $539M $612M $639M $596M $615M $674M $852M $860M $871M
Research and development $46.8M $50.1M $52.7M $57.8M $58.3M $57.8M $57.0M $68.0M $66.5M $65.3M
Operating income $161M $39.6M $174M $188M $172M $22.8M $239M $231M $389M $372M
Interest expense $16.4M $15.4M $18.9M $13.6M $9.4M $10.8M $21.7M $46.7M $36.9M $31.8M
Pretax income $152M $29.8M $162M $186M $168M $23.6M $239M $207M $375M $366M
Income tax $57.8M $2.8M $37.2M $46.5M $43.0M $1.8M $58.9M $148M $90.0M $87.5M
Net income $91.9M $26.0M $124M $138M $124M $21.3M $180M $58.6M $285M $279M
Diluted EPS $2.42 $0.67 $3.18 $3.52 $3.15 $0.54 $4.56 $1.48 $7.21 $7.09
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $135M $230M $264M $165M $207M $199M $158M $92.9M $296M $364M
Capital expenditure $25.5M $23.7M $34.0M $36.6M $48.9M $43.8M $42.6M $42.8M $54.2M $68.4M
Free cash flow $109M $207M $230M $128M $158M $155M $115M $50.1M $242M $295M
Depreciation and amortization $35.3M $37.9M $37.9M $38.0M $39.7M $45.4M $47.1M $60.8M $64.3M $71.6M
Stock-based compensation $9.2M $11.8M $12.2M $13.8M $6.9M $18.9M $19.6M $30.0M $18.2M $15.2M
Acquisitions $18.2M $216M $0.0M $33.2M $0.0M $392M $0.0M $0.0M $0.0M $189M
Share buybacks $1.9M $17.5M $4.8M $12.6M $29.1M $6.2M $34.4M $4.0M $37.3M $90.0M
Dividends paid $49.1M $52.5M $57.2M $63.5M $66.6M $68.6M $71.5M $73.5M $78.8M $82.3M
Dividends and buybacks $51.0M $70.1M $62.1M $76.2M $95.7M $74.8M $106M $77.5M $116M $172M
Balance sheet
Cash and short-term investments $114M $134M $140M $152M $161M $141M $163M $146M $165M $165M
Total debt $391M $475M $361M $348M $307M $598M $573M $602M $508M $581M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $473M $622M $657M $693M $801M $793M $880M $786M $803M $869M
Current liabilities $221M $289M $282M $278M $311M $331M $346M $333M $288M $289M
Inventory $103M $154M $157M $185M $245M $281M $338M $293M $297M $343M
Property and equipment, net $149M $157M $158M $167M $190M $208M $208M $212M $212M $283M
Total assets $1.4B $1.7B $1.6B $1.8B $1.9B $2.4B $2.4B $2.2B $2.2B $2.6B
Total liabilities $793M $1.1B $969M $1.0B $1.1B $1.6B $1.5B $1.2B $1.1B $1.2B
Shareholders' equity $558M $598M $634M $726M $839M $834M $924M $967M $1.1B $1.4B
Margins
Gross margin 45.4% 45.0% 45.1% 45.6% 44.2% 44.0% 44.1% 47.7% 47.6% 46.5%
Operating margin 14.0% 3.3% 12.8% 13.4% 12.8% 1.6% 15.7% 12.9% 21.5% 19.8%
EBITDA margin 17.1% 6.5% 15.6% 16.1% 15.7% 4.9% 18.7% 16.3% 25.1% 23.7%
Net margin 8.0% 2.2% 9.1% 9.8% 9.2% 1.5% 11.8% 3.3% 15.8% 14.9%
FCF margin 9.5% 17.3% 16.9% 9.2% 11.7% 11.1% 7.5% 2.8% 13.4% 15.8%
Returns
Return on capital 11.6% 4.0% 14.8% 15.8% 13.3% 1.8% 13.7% 8.4% 20.3% 17.3%
Return on capital employed 14.0% 3.1% 12.8% 13.3% 11.0% 1.2% 11.7% 12.0% 20.7% 17.8%
Return on equity 17.1% 4.5% 20.2% 20.3% 15.9% 2.6% 20.4% 6.2% 27.0% 22.2%
Return on assets 6.6% 1.7% 7.5% 8.1% 6.7% 1.0% 7.5% 2.6% 13.0% 11.7%
Growth
Revenue growth 1.7% 4.1% 13.5% 3.2% −3.8% 3.9% 9.1% 17.0% 1.2% 3.7%
Net income growth 29.8% −71.7% 377.0% 11.2% −10.1% −82.8% 741.8% −67.4% 386.4% −2.1%
EPS growth 29.4% −72.3% 374.6% 10.7% −10.5% −82.9% 744.4% −67.5% 387.2% −1.7%
FCF growth 475.2% 88.9% 11.3% −44.2% 22.8% −1.5% −26.0% −56.4% 383.5% 22.0%
Share count change 0.7% 1.9% 0.7% 0.6% 0.3% 0.4% −0.1% 0.2% 0.2% −0.5%
Financial health
Net debt / EBITDA 1.4x 4.4x 1.1x 0.9x 0.7x 6.7x 1.4x 1.6x 0.8x 0.9x
Debt / equity 0.7x 0.8x 0.6x 0.5x 0.4x 0.7x 0.6x 0.6x 0.4x 0.4x
Interest coverage 9.8x 2.6x 9.2x 13.9x 18.2x 2.1x 11.0x 5.0x 10.6x 11.7x
Current ratio 2.1x 2.2x 2.3x 2.5x 2.6x 2.4x 2.5x 2.4x 2.8x 3.0x
Quick ratio 1.7x 1.6x 1.8x 1.8x 1.8x 1.6x 1.6x 1.5x 1.8x 1.8x
Capital allocation
Capex / revenue 2.2% 2.0% 2.5% 2.6% 3.6% 3.1% 2.8% 2.4% 3.0% 3.7%
Stock comp / revenue 0.8% 1.0% 0.9% 1.0% 0.5% 1.4% 1.3% 1.7% 1.0% 0.8%
Payouts / FCF 46.6% 33.9% 27.0% 59.3% 60.7% 48.1% 92.2% 154.6% 47.9% 58.3%
Quality scores
Piotroski F-score 7.0 5.0 7.0 8.0 5.0 3.0 7.0 5.0 7.0 6.0
Altman Z'' 4.9 3.7 4.8 4.9 5.0 3.3 4.4 4.7 5.8 5.7
Accruals ratio −3.1% −13.5% −8.5% −1.6% −4.5% −8.2% 0.9% −1.5% −0.5% −3.6%

Source: SEC EDGAR XBRL filings (CIK 0000066570). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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