A Business at a Glance
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MSA Safety Inc
MSA
$6.9B
Mkt Cap
$174.64
+0.33%
MSA Safety Inc (MSA) has a current P/E ratio of 24.6, compared to its historical median P/E of 26.6. The stock is currently considered Fair based on its historical valuation range.
MSA Safety Inc (MSA) has a 5-year average return on invested capital (ROIC) of 11.9%. This indicates solid capital allocation.
MSA Safety Inc (MSA) has a market capitalization of $6.8B. It is classified as a mid-cap stock.
Yes, MSA Safety Inc (MSA) pays a dividend with a trailing twelve-month yield of 1.23%. The company also returns capital through share buybacks, with a buyback yield of 1.95%.
Based on historical P/E analysis, MSA Safety Inc (MSA) appears fair. The current P/E of 24.6 is 7% below its historical median of 26.6. The estimated fair value CAGR (P/E method) is 4.8%.
MSA Safety Inc (MSA) operates in the Orthopedic, Prosthetic & Surgical Appliances & Supplies industry, within the Healthcare sector.
MSA Safety Inc (MSA) reported annual revenue of $1.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
MSA Safety Incorporated is the global leader in advanced safety products, technology, and solutions protecting workers and facility infrastructure across diverse end markets including fire service, energy, utility, construction, industrial manufacturing, and HVAC-R applications. The company's comprehensive product portfolio spans three principal categories—detection, fire service, and industrial personal protective equipment (PPE)—governed by rigorous safety standards in highly regulated industries. MSA generates recurring revenue through its fixed gas and flame detection (FGFD) systems, which include monitoring systems, flame detectors, and refrigerant detection products used in energy, wastewater, pharmaceutical, and industrial facilities, alongside fire service equipment and industrial PPE offerings. The company operates through two geographic reportable segments (Americas and International) tailored to distinct regional customer preferences, leveraging the MSA Business System (MBS)—a combination of behaviors, processes, and tools—to drive continuous improvement, customer satisfaction, and profitable growth. MSA differentiates itself through significant investment in research and development that produces innovative, often first-to-market safety solutions protected by intellectual property, while embedding closely with customers to understand their processes and pain points. The company is expanding its MSA+ ecosystem, a turnkey approach combining hardware, software, and services designed to simplify safety operations and deliver recurring revenue, positioning MSA as both a product manufacturer and solutions provider in a capital-intensive, standards-driven industry.
【Organic growth momentum continuing】 Management expects mid-single-digit organic sales growth for full year 2026, supported by continued strength in the Americas segment and anticipated improvement in International results, with order trends showing mid-single-digit year-over-year increases and double-digit sequential backlog growth in International markets. The company anticipates ongoing momentum in detection and fall protection as key growth drivers, with pricing actions taken throughout 2025 and 2026 to be realized alongside moderate volume growth, while targeting price-cost neutrality in the first half of 2026 and sequential margin improvement throughout the year. Management remains confident in the resilience of the business and solid commercial pipeline despite a volatile tariff, geopolitical, and macroeconomic landscape, expecting to maintain its traditional growth algorithm and work toward 2028 targets. The pending Autronica acquisition, expected to close in the third quarter, is positioned as strategically complementary to the existing fixed detection portfolio with numerous synergy opportunities, though the 2026 outlook does not reflect any impact from this transaction.
| Metric | Target | Period |
|---|---|---|
| Organic sales growth | mid-single-digit | FY2026 |
| Gross margin range | 47%-48% | FY2026 |
| Interest expense | $28 million-$31 million | FY2026 |
| Tax rate | mid-20s% | FY2026 |
| Autronica acquisition impact on net leverage | approximately 2 x | Post-close (Q3 2026) |
| Autronica acquisition accretion | accretive to Adjusted earnings per share in year 1 | Year 1 post-close |
Organic sales growth (FY2026): “we are reaffirming our mid-single-digit organic sales growth outlook for 2026”
Gross margin range (FY2026): “gross margins in that 47%-48% range for the year”
Interest expense (FY2026): “interest expense of $28 million-$31 million”
Tax rate (FY2026): “a tax rate in the mid-20s%”
Autronica acquisition impact on net leverage (Post-close (Q3 2026)): “Following the transaction, we expect net leverage to be approximately 2 x”
Autronica acquisition accretion (Year 1 post-close): “We expect the $555 million acquisition to add approximately 1 turn of net leverage and be accretive to Adjusted earnings per share in year 1”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.9B | 1.9B | 1.8B | 1.8B | 1.5B | 1.4B |
| Net Income | 291M | 279M | 285M | 59M | 180M | 21M |
| EPS | $7.45 | $7.09 | $7.21 | $1.48 | $4.56 | $0.54 |
| Free Cash Flow | 309M | 295M | 242M | 50M | 115M | 155M |
| ROIC | 16.5% | 15.7% | 19.5% | 9.1% | 13.4% | 1.8% |
| Gross Margin | 46.8% | 46.5% | 47.6% | 47.7% | 44.1% | 43.9% |
| Debt/Equity | 0.45 | 0.67 | 0.49 | 0.74 | 1.00 | 1.16 |
| Dividends/Share | $2.14 | $2.10 | $2.00 | $1.87 | $1.82 | $1.75 |
| Operating Income | 387M | 372M | 389M | 231M | 239M | 23M |
| Operating Margin | 20.2% | 19.8% | 21.5% | 12.9% | 15.7% | 1.6% |
| ROE | 21.4% | 22.2% | 27.0% | 6.2% | 20.4% | 2.5% |
| Shares Outstanding | 39M | 39M | 40M | 40M | 39M | 39M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.1B | 1.1B | 1.1B | 1.2B | 1.4B | 1.4B | 1.3B | 1.4B | 1.5B | 1.8B | 1.8B | 1.9B | 1.9B |
| Gross Margin | 45.3% | 44.3% | 45.4% | 45.0% | 45.1% | 45.6% | 44.2% | 43.9% | 44.1% | 47.7% | 47.6% | 46.5% | 46.8% |
| R&D | 48M | 49M | 47M | 50M | 53M | 58M | 58M | 58M | 57M | 68M | 67M | 65M | 66M |
| SG&A | 323M | 315M | 308M | 300M | 325M | 331M | 290M | 333M | 339M | 397M | 395M | 414M | 428M |
| EBIT | 134M | 123M | 161M | 40M | 173M | 188M | 172M | 23M | 239M | 231M | 389M | 372M | 387M |
| Op. Margin | 11.8% | 10.9% | 14.0% | 3.3% | 12.8% | 13.4% | 12.7% | 1.6% | 15.7% | 12.9% | 21.5% | 19.8% | 20.2% |
| Net Income | 89M | 71M | 92M | 26M | 124M | 138M | 124M | 21M | 180M | 59M | 285M | 279M | 291M |
| Net Margin | 7.8% | 6.3% | 8.0% | 2.2% | 9.1% | 9.8% | 9.2% | 1.5% | 11.8% | 3.3% | 15.8% | 14.9% | 15.2% |
| Non-Recurring | 11M | 14M | 6.3M | 17M | 14M | 13M | 27M | 16M | 1.7M | 9.7M | 5.6M | 2.5M | 4.3M |
| Returns on Capital | |||||||||||||
| ROIC | 11.4% | 7.8% | 11.3% | 4.0% | 11.7% | 17.4% | 14.0% | 1.8% | 13.4% | 9.1% | 19.5% | 15.7% | 16.5% |
| ROE | 16.1% | 13.5% | 17.1% | 4.5% | 20.2% | 20.3% | 15.9% | 2.5% | 20.4% | 6.2% | 27.0% | 22.2% | 21.4% |
| ROA | 7.1% | 5.3% | 6.6% | 1.7% | 7.5% | 8.1% | 6.7% | 1.0% | 7.5% | 2.6% | 13.0% | 11.7% | 11.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 107M | 55M | 135M | 230M | 264M | 165M | 207M | 199M | 157M | 93M | 296M | 364M | 378M |
| Free Cash Flow | 73M | 19M | 109M | 207M | 230M | 128M | 158M | 155M | 115M | 50M | 242M | 295M | 309M |
| Owner Earnings | 68M | 15M | 90M | 181M | 214M | 113M | 160M | 135M | 91M | 2.1M | 214M | 277M | 288M |
| CapEx | 34M | 36M | 26M | 24M | 34M | 37M | 49M | 44M | 43M | 43M | 54M | 68M | 68M |
| Maint. CapEx | 30M | 33M | 35M | 38M | 38M | 38M | 40M | 45M | 47M | 61M | 64M | 72M | 74M |
| Growth CapEx | 3.8M | 3.6M | 0 | 0 | 0 | 0 | 9.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 30M | 33M | 35M | 38M | 38M | 38M | 40M | 45M | 47M | 61M | 64M | 72M | 74M |
| CapEx/OCF | 31.4% | 65.6% | 18.9% | 10.3% | 12.9% | 22.2% | 23.7% | 22.0% | 27.0% | 46.1% | 18.3% | 18.8% | 18.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 46M | 47M | 49M | 53M | 57M | 64M | 67M | 69M | 71M | 73M | 79M | 82M | 83M |
| Dividend Yield | 2.7% | 3.2% | 2.8% | 2.0% | 1.7% | 1.6% | 1.4% | 1.2% | 1.5% | 1.3% | 1.1% | 1.3% | 1.2% |
| Share Buybacks | 5.7M | 9.9M | 1.9M | 18M | 4.8M | 13M | 29M | 6.2M | 34M | 4.0M | 37M | 90M | 132M |
| Buyback Yield | 0.3% | 0.7% | 0.1% | 0.6% | 0.1% | 0.3% | 0.5% | 0.1% | 0.6% | 0.1% | 0.6% | 1.4% | 2.0% |
| Stock-Based Comp | 9.1M | 7.6M | 9.2M | 12M | 12M | 14M | 6.9M | 19M | 20M | 30M | 18M | 15M | 16M |
| Debt Repayment | 422M | 292M | 444M | 560M | 570M | 881M | 1.0B | 1.3B | 1.0B | 1.9B | 1.2B | 1.1B | 1.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 146M | 685M | 277M | 340M | 203M | 55M | 238M | 671M | 642M | 569M | 401M | 757M | 433M |
| Cash & Equiv. | 106M | 106M | 114M | 134M | 140M | 152M | 161M | 141M | 163M | 146M | 165M | 165M | 180M |
| Long-Term Debt | 245M | 458M | 364M | 448M | 341M | 328M | 287M | 598M | 565M | 575M | 482M | 573M | 605M |
| Debt/Equity | 0.47 | 1.53 | 0.70 | 0.79 | 0.57 | 0.53 | 0.68 | 1.16 | 1.00 | 0.74 | 0.49 | 0.67 | 0.45 |
| Interest Coverage | 13.6 | 11.3 | 9.8 | 2.6 | 9.2 | 13.9 | 18.2 | 2.1 | 11.0 | 4.9 | 10.5 | 11.7 | 11.8 |
| Equity | 534M | 516M | 558M | 598M | 634M | 726M | 839M | 834M | 924M | 967M | 1.1B | 1.4B | 1.4B |
| Total Assets | 1.3B | 1.4B | 1.4B | 1.7B | 1.6B | 1.8B | 1.9B | 2.4B | 2.4B | 2.2B | 2.2B | 2.6B | 2.6B |
| Total Liabilities | 726M | 906M | 793M | 1.1B | 968M | 1.0B | 1.1B | 1.6B | 1.5B | 1.2B | 1.1B | 1.2B | 1.2B |
| Intangibles | 31M | 90M | 77M | 183M | 170M | 171M | 161M | 307M | 282M | 266M | 246M | 299M | 292M |
| Retained Earnings | 835M | 859M | 901M | 869M | 936M | 1.0B | 1.1B | 1.1B | 1.2B | 1.1B | 1.3B | 1.5B | 1.6B |
| Working Capital | 240M | 253M | 251M | 333M | 375M | 416M | 491M | 462M | 534M | 453M | 515M | 580M | 610M |
| Current Assets | 474M | 505M | 473M | 622M | 657M | 693M | 801M | 793M | 880M | 786M | 803M | 869M | 892M |
| Current Liabilities | 234M | 252M | 221M | 289M | 282M | 278M | 311M | 331M | 346M | 333M | 288M | 289M | 281M |
| Per Share Data | |||||||||||||
| EPS | 2.33 | 1.87 | 2.42 | 0.67 | 3.18 | 3.52 | 3.15 | 0.54 | 4.56 | 1.48 | 7.21 | 7.09 | 7.45 |
| Owner EPS | 1.80 | 0.40 | 2.38 | 4.65 | 5.48 | 2.89 | 4.06 | 3.42 | 2.30 | 0.05 | 5.41 | 7.04 | 7.43 |
| Book Value | 14.05 | 13.64 | 14.69 | 15.38 | 16.24 | 18.52 | 21.31 | 21.15 | 23.45 | 24.44 | 28.93 | 34.75 | 34.99 |
| Cash Flow/Share | 2.82 | 1.46 | 3.55 | 5.93 | 6.76 | 4.21 | 5.25 | 5.05 | 4.00 | 2.35 | 7.50 | 9.25 | 9.40 |
| Dividends/Share | 1.20 | 1.25 | 1.29 | 1.35 | 1.47 | 1.64 | 1.71 | 1.75 | 1.82 | 1.87 | 2.00 | 2.10 | 2.14 |
| Shares Out. | 38.0M | 37.9M | 38.0M | 38.8M | 39.0M | 39.2M | 39.4M | 39.4M | 39.4M | 39.6M | 39.5M | 39.3M | 38.7M |
| Valuation | |||||||||||||
| P/E Ratio | 19.3 | 20.1 | 25.1 | 105.2 | 26.6 | 33.9 | 44.2 | 266.7 | 29.7 | 111.1 | 22.8 | 23.1 | 23.4 |
| P/FCF | 23.2 | 74.9 | 21.1 | 13.3 | 14.4 | 36.0 | 34.8 | 36.6 | 46.4 | 129.8 | 26.9 | 21.8 | 21.9 |
| EV/EBIT | 12.6 | 13.7 | 15.2 | 75.1 | 19.6 | 25.2 | 31.9 | 263.7 | 23.4 | 29.6 | 17.2 | 18.0 | 18.6 |
| Price/Book | 3.2 | 2.8 | 4.1 | 4.6 | 5.2 | 6.4 | 6.5 | 6.8 | 5.8 | 6.7 | 5.7 | 4.7 | 5.0 |
| Price/Sales | 1.5 | 1.3 | 1.5 | 2.2 | 2.4 | 2.8 | 3.4 | 4.2 | 3.2 | 3.3 | 3.8 | 3.4 | 3.5 |
| FCF Yield | 4.3% | 1.3% | 4.7% | 7.5% | 7.0% | 2.8% | 2.9% | 2.7% | 2.2% | 0.8% | 3.7% | 4.6% | 4.6% |
| Market Cap | 1.7B | 1.4B | 2.3B | 2.7B | 3.3B | 4.6B | 5.5B | 5.7B | 5.3B | 6.5B | 6.5B | 6.4B | 6.8B |
| Avg. Price | 44.43 | 39.50 | 45.67 | 67.07 | 84.57 | 99.06 | 117.28 | 148.94 | 123.48 | 148.13 | 175.04 | 161.56 | 174.64 |
| Year-End Price | 44.86 | 37.62 | 60.81 | 70.52 | 84.55 | 117.99 | 139.17 | 143.99 | 135.50 | 164.36 | 164.59 | 163.43 | 174.64 |
MSA Safety Inc passes 5 of 9 quality checks, suggesting mixed fundamentals.
MSA Safety Inc trades at 24.6x trailing earnings, compared to its 15-year median P/E of 26.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 22.9x vs a median of 26.9x. The company's 5-year average ROIC is 11.9% with a gross margin of 46.0%. Total shareholder yield (dividends + buybacks) is 3.2%. At current prices, the estimated annualized return to fair value is +7.8%.
MSA Safety Inc (MSA) has a net profit margin of 14.9%. This is a healthy margin.
MSA Safety Inc (MSA) generated $295 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MSA Safety Inc (MSA) has a debt-to-equity ratio of 0.67. This indicates moderate leverage.
MSA Safety Inc (MSA) reported earnings per share (EPS) of $7.09 in its most recent fiscal year.
MSA Safety Inc (MSA) has a return on equity (ROE) of 22.2%. This indicates the company generates strong returns for shareholders.
MSA Safety Inc (MSA) has a 5-year average gross margin of 46.0%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for MSA Safety Inc (MSA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MSA Safety Inc (MSA) has a book value per share of $34.75, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects mid-single-digit organic sales growth for full year 2026, supported by continued strength in the Americas segment and anticipated improvement in International results, with order trends showing mid-single-digit year-over-year increases and double-digit sequential backlog growth in International markets. The company anticipates ongoing momentum in detection and fall protection as key growth drivers, with pricing actions taken throughout 2025 and 2026 to be realized alongside moderate volume growth, while targeting price-cost neutrality in the first half of 2026 and sequential margin improvement throughout the year. Management remains confident in the resilience of the business and solid commercial pipeline despite a volatile tariff, geopolitical, and macroeconomic landscape, expecting to maintain its traditional growth algorithm and work toward 2028 targets. The pending Autronica acquisition, expected to close in the third quarter, is positioned as strategically complementary to the existing fixed detection portfolio with numerous synergy opportunities, though the 2026 outlook does not reflect any impact from this transaction.
Based on recent SEC filings and earnings calls, MSA Safety Inc (MSA) has provided the following forward guidance: Organic sales growth: mid-single-digit (FY2026); Gross margin range: 47%-48% (FY2026); Interest expense: $28 million-$31 million (FY2026); Tax rate: mid-20s% (FY2026); Autronica acquisition impact on net leverage: approximately 2 x (Post-close (Q3 2026)), plus 1 additional metric.