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MSA Safety Incorporporated

MSA Industrials Security & Protection Services

MSA Safety Incorporporated’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 3.69% from fiscal 2024.

Revenue
+6.16%
EPS
+39.4%
Free cash flow
+118.3%
Total debt
−11.8%

Quarter to June 2026, against a year earlier

178.57 0.59 −0.33%
Market cap
$6.9B
P/E
22.1×
Fwd P/E
21.0×
Dividend yield
1.20%
F-score
5/9
Altman Z
5.51
Beneish M
−2.50
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by products and services Fiscal 2025

  • Detection
  • Firefighter Safety
  • Industrial PPE And Other

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.07
Sold, $m 4.19
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 1 — — — — —
Sell — — 1 — — — — — 2 — — —
Insider Ownership 6.45%

Capital & Financial Ratios $m

Size
Market Cap 6,910.00
Revenue ttm 1,946.32
Net income ttm 314.01
Free cash flow ttm 354.40
Net debt Q 391.59
Valuation
P/E 22.13
Forward P/E 21.00
Price / sales 3.54
Forward P/S Powerpack
Price / FCF 19.44
Price / book 4.93
Financial health
Current ratio Q 3.24 (at or above 1.5: strong)
Debt / equity Q 0.42 (at or below 0.5: strong)
Interest coverage Q 14.08
Growth
Revenue growth Q +6.16% (above 0%: growing)
Operating income growth Q +30.39% (above 0%: growing)
EPS, this year +14.36%
EPS, next year A +9.53%
Revenue, next year A +11.16% (at or above 10%: strong)
EPS, past 5 yrs +18.38% (at or above 15%: strong)
EPS, next 5 yrs A +10.51%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.7×, against a ten-year median of 3.6×; over the ten years it ranged from 1.7× in 2016 to 5.1× in 2021.
P/E against its own 10 years 5.45%
10-year low 10-year high
P/S against its own 10 years 59.20%
10-year low 10-year high
P/B against its own 10 years 20.35%
10-year low 10-year high
EV/Sales against its own 10 years 57.44%
10-year low 10-year high
EV/FCF against its own 10 years 19.30%
10-year low 10-year high

Dividends raised every year since 2016

Yield
1.20%
Annual rate
2.14
Payout ratio
26.6%
Growth, 2016–25
+5.38%/yr
  1. 1.31 ’16
  2. 1.38 ’17 +5%
  3. 1.49 ’18 +8%
  4. 1.64 ’19 +10%
  5. 1.71 ’20 +4%
  6. 1.75 ’21 +2%
  7. 1.82 ’22 +4%
  8. 1.87 ’23 +3%
  9. 2.00 ’24 +7%
  10. 2.10 ’25 +5%
  11. 2.15 ’26e +2%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 146 165 165 200
Receivables 295 279 306 348
Inventory 293 297 343 350
Other — — — —
786 803 869 935
2023 2024 2025 Q'26
Payables 112 108 111 124
ST’ Debt — — — —
Other 101 84 98 108
333 288 289 289

Compound Annual Growth %

10y 5y 3y
Sales 5.19% 6.82% 7.06%
Cash Flow 20.74% 11.99% 32.21%
Earnings 14.69% 17.60% 15.80%
Book Value 10.21% 10.04% 13.96%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.14 Actual 2.40

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.90 1.94 Beat by 0.04
Q4 FY25 2.26 2.38 Beat by 0.12
Q1 FY26 1.85 1.99 Beat by 0.14
Q2 FY26 2.14 2.40 Beat by 0.26
Q3 FY26 2.11 — Reports 2 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.83 2.23 — — —
’25 1.51 1.59 1.77 2.21 7.09
’24 1.47 1.83 1.69 2.22 7.21
’23 (3.83) 1.70 1.65 1.93 1.48
’22 0.90 1.21 1.14 1.31 4.56
’21 0.92 0.64 0.48 (1.57) 0.54
’20 1.11 0.92 0.71 0.42 3.05
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 464 503 — — —
’25 421 474 468 511 1,875
’24 413 462 433 500 1,808
’23 398 447 447 495 1,788
’22 331 372 382 443 1,528
’21 308 341 340 410 1,400
’20 341 314 304 388 1,348
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 76 95 — — —
’25 62 67 112 122 364
’24 51 53 84 108 296
’23 (286) 95 125 159 93
’22 25 15 64 54 157
’21 46 38 46 69 199
’20 14 69 27 96 207
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 65 83 — — —
’25 51 38 100 106 296
’24 40 39 70 94 243
’23 (294) 88 112 147 53
’22 17 4 55 38 114
’21 36 28 30 56 150
’20 7 56 15 80 158
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,150 1,197 1,358 1,402 1,348 1,400 1,528 1,788 1,808 1,875 1,946 +5.6% 2,084 2,274 2,355 +7.9%
Gross margin, % 45.43 45.03 45.05 45.55 44.17 43.95 44.10 47.67 47.59 46.46 47.57 +1.0 pt
EBT 152 30 162 186 168 24 239 207 375 366 410 +10.3%
EBT margin, % 13.22 2.49 11.95 13.25 12.47 1.69 15.61 11.56 20.74 19.54 21.07 +6.3 pt
Net income 94 27 125 139 125 22 180 59 285 279 314 +12.9%
Per share, $
Per share, $ Revenue 30.69 31.50 35.40 36.27 34.67 35.74 38.95 45.48 45.93 47.81 50.39 +5.0%
Earnings 2.45 0.68 3.23 3.52 3.09 0.54 4.58 1.49 7.24 7.11 8.06 +12.6%
Cash flow 3.60 6.06 6.88 4.27 5.31 5.08 4.01 2.36 7.53 9.28 10.51 +11.1%
Capex (0.20) (0.62) (0.77) (0.94) (1.25) (1.25) (1.12) (1.02) (1.37) (1.74) (1.33) +27.5%
Free cash flow 3.41 5.44 6.11 3.33 4.07 3.83 2.89 1.35 6.16 7.54 9.18 +9.2%
Book value 14.98 15.86 16.67 18.95 21.79 21.30 23.55 24.60 29.04 34.86 36.29 +9.8%
Shares, m 37 38 38 39 39 39 39 39 39 39 39 +0.5%
Valuation, ×
Valuation, × P/E 29.00 115.99 29.10 35.90 48.35 314.50 31.35 113.47 22.93 22.52 22.13 76.3
P/S 2.26 2.50 2.66 3.48 4.31 4.22 3.68 3.69 3.61 3.35 3.54 3.4
P/B 4.66 5.00 5.69 6.70 6.89 7.12 6.11 6.85 5.73 4.61 4.93 5.9
EV/Sales 2.48 2.77 2.77 3.57 4.35 4.51 3.94 3.93 3.78 3.57 3.74 3.6
EV/FCF 22.31 16.02 16.04 38.97 37.07 42.14 52.98 132.88 28.20 22.63 20.54 40.9
Cash, $m
Cash, $m Operating cash flow 135 230 264 165 207 199 157 93 296 364 406 +11.7%
Capex (7) (24) (29) (36) (48) (49) (44) (40) (54) (68) (51) +28.2%
Free cash flow 128 207 235 129 158 150 114 53 243 296 354 +9.8%
Balance, $m
Balance, $m Working capital 251 333 375 416 491 462 534 453 515 580 646 +9.7%
Net debt 250 314 146 126 52 408 393 429 317 408 392 +5.6%
Shareholders’ equity 561 603 640 733 847 834 924 967 1,143 1,367 1,402 +10.4%
Returns, %
Returns, % ROA 6.62 1.71 7.53 8.23 6.77 0.99 7.52 2.57 13.02 11.72 12.19 +5.1 pt
ROIC 12.38 2.70 13.80 13.70 11.95 1.15 11.35 10.36 16.66 13.09 14.40 +0.7 pt
ROE 17.17 4.50 20.08 20.19 15.76 2.54 20.51 6.21 27.10 22.28 23.72 +5.1 pt
People
People Employees 4,300 4,700 4,800 4,800 4,800 4,800 5,000 5,100 5,200 5,300 — +2.4%
Revenue/emp, $m 0.27 0.25 0.28 0.29 0.28 0.29 0.31 0.35 0.35 0.35 — +3.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

MSA Safety designs, manufactures and sells equipment that protects workers and facilities from hazardous conditions. Founded in 1914 and headquartered in Cranberry Township, the company is led by President and Chief Executive Officer Steven C. Blanco.

Its products fall into three principal categories: detection, fire service and industrial personal protective equipment, or PPE. Customers include fire departments and workers in energy, utilities, construction, manufacturing and other industries. MSA sells to end users directly and through distributors.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Detection 763 40.72%
Firefighter Safety 647 34.54%
Industrial PPE And Other 464 24.75%
Gross margin 46.46%
Operating margin 19.83%
Pre-tax margin 19.54%

Revenue by segment since 2009

MSA Safety Incorporporated vs peers in Security & Protection Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ALLE Allegion PLC $15.8B 24.4× 22.0× +12.67% (above 0%: growing) +15.59% (above 0%: growing) −5.99% (below 0%: shrinking) 44.94% 22.12% Compare
ADT ADT Inc. $7.2B 12.8× 12.5× +1.96% (above 0%: growing) 0.00% +28.06% (above 0%: growing) 79.92% 24.07% Compare
MSA MSA Safety Incorporporated $6.9B 22.1× 21.0× +6.16% (above 0%: growing) +39.37% (above 0%: growing) +118.31% (above 0%: growing) 49.53% 22.24%
BCO Brink's Company (The) $4.2B 23.7× 16.6× +7.06% (above 0%: growing) +3.88% (above 0%: growing) −97.49% (below 0%: shrinking) 26.29% 9.57% Compare
BRC Brady Corporation $3.9B 19.0× 13.7× +9.98% (above 0%: growing) −7.62% (below 0%: shrinking) +22.90% (above 0%: growing) 52.90% 13.76% Compare
GEO Geo Group Inc (The) $3.8B 13.3× 21.7× +15.08% (above 0%: growing) +71.43% (above 0%: growing) +2,422.02% (above 0%: growing) 27.51% 13.89% Compare
CXW CoreCivic, Inc. $3.1B 24.3× 2.0× +27.27% (above 0%: growing) +8.57% (above 0%: growing) +55.25% (above 0%: growing) 21.74% 10.07% Compare
NSSC NAPCO Security Technologies, Inc. $1.4B 32.5× 24.1× +10.02% (above 0%: growing) +51.52% (above 0%: growing) +19.89% (above 0%: growing) 61.31% 33.02% Compare
EVLV Evolv Technologies Holdings, Inc. $878.5M — (loss-making) — (loss-making) +34.44% (above 0%: growing) n/m +203.88% (above 0%: growing) 50.17% (24.11%) Compare
Median of peers $3.8B 23.7× 16.6× +11.35% +8.57% +25.48% 47.56% 13.82%

All 22 Security & Protection Services stocks →

From the latest earnings call

Updated

  • CEO Steve Blanco said fire-service orders tied to earlier grants arrived more slowly than expected, but order momentum accelerated through June and continued into July.
  • CFO Julie Beck said tariff refunds helped quarterly gross margin, while higher inventory costs linked to the Middle East conflict would temper margin in the second half.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.17%
Held by the ten largest 38.60%
Holder Shares Stake Change
Vanguard 3.83m 9.92% −6.32k
BlackRock 3.33m 8.63% +80.02k
Ruane, Cunniff & Goldfarb L.P. 1.72m 4.46% −54.87k
State Street 1.63m 4.21% +87.79k
JPMorgan Chase 796.79k 2.06% +37.10k
Dimensional Fund Advisors 773.70k 2.00% +15.36k
COOKE & BIELER LP 725.23k 1.88% −120.26k
FIDUCIARY MANAGEMENT INC /WI/ 713.77k 1.85% +34.78k
Geode Capital Management 691.77k 1.79% −251.00
M&G PLC 690.33k 1.79% −7.67k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Ownership

Directors and executive officers, together 0.70%
The Vanguard Group 9.70%
BlackRock, Inc. 8.10%
John T. Ryan III c/o MSA Safety Incorporated 5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

MSA Safety Incorporporated (MSA) Latest News

27 Oct

Impact 3 · · Insider Monkey

22 Oct

Impact 4 · · PR Newswire

20 Oct

Impact 3 · · Zacks

2 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

23 Sep

Impact 4 · · PR Newswire

22 Sep

Impact 4 · · Insider Monkey

9 Sep

Impact 3 ·

14 Aug

Impact 4 ·

7 Aug

Impact 3 · · The Motley Fool transcript

31 Jul

Impact 4 · transcript
Impact 3 · · MarketBeat
Impact 3 · · Moby transcript

30 Jul

Impact 3 ·
Impact 3 ·
Impact 3 ·

22 Jul

Impact 3 ·

9 Jul

Impact 4 ·

2 Jul

Impact 3 ·

19 May

Impact 4 · · Simply Wall St.

16 May

Impact 4 · · StockStory

13 May

Impact 3 · · StockStory

12 May

Impact 4 · · MarketBeat

5 May

Impact 4 · · PR Newswire
Impact 3 · · Moby

4 May

Impact 4 · · Zacks
Impact 4 · · StockStory
Impact 4 · · PR Newswire
Impact 3 · · Zacks
stockrow.com/MSA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com