MSA Safety vs Pitney Bowes
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KIRA’s take AI analyst
I put MSA Safety and Pitney Bowes side by side, using each one’s latest annual report. Here is what stands out:
- Pitney Bowes is the larger business, with $1.9B of revenue in fiscal 2025 against $1.9B for MSA Safety.
- MSA Safety grew revenue faster (3.7%, against −6.6%).
- Pitney Bowes turned more of its sales into free cash flow (16.8% FCF margin, against 15.8%).
- Pitney Bowes earned a higher return on the capital invested in it (27.7%, against 17.3%).
- Investors pay more for each dollar of MSA Safety’s earnings: a P/E of 22.7x against 14.0x for Pitney Bowes.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
MSA Safety
MSA
4/8
Revenue growth5-year growthNet marginNet debt / EBITDA
Pitney Bowes
PBI
3/8
FCF marginReturn on capitalShare count change
Side by side
Best in the row
| Latest fiscal year | MSA FY25 | PBI FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.1B | $2.4B |
| Revenue | $1.9B | $1.9B |
| Free cash flow | $295M | $317M |
| Net income | $279M | $145M |
| Growth | ||
| Revenue growth | 3.7% | −6.6% |
| 5-year growth | 6.8% | −11.8% |
| Share count change | −0.5% | −5.2% |
| Profitability | ||
| Gross margin | 46.5% | — |
| Operating margin | 19.8% | — |
| Net margin | 14.9% | 7.7% |
| FCF margin | 15.8% | 16.8% |
| Return on capital | 17.3% | 27.7% |
| Return on equity | 22.2% | — |
| Balance sheet | ||
| Net debt | $416M | $1.7B |
| Net debt / EBITDA | 0.9x | 3.9x |
| Dividends and buybacks | $172M | $430M |
| Valuation & quality | ||
| P/E | 22.7x | 14.0x |
| Piotroski F-score | 6 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.