| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | 1 | — | — | — |
| Sell | — | 1 | — | — | 1 | — | — | — | — | — | 2 | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡ |
|
| 2026 | 2.15 |
—
—
—
|
| 2025 | 2.10 |
—
—
—
—
|
| 2024 | 2.00 |
—
—
—
—
|
| 2023 | 1.87 |
—
—
—
—
|
| 2022 | 1.82 |
—
—
—
—
|
| 2021 | 1.75 |
—
—
—
—
|
| 2020 | 1.71 |
—
—
—
—
|
| 2019 | 1.64 |
—
—
—
—
|
| 2018 | 1.49 |
—
—
—
—
|
| 2017 | 1.38 |
—
—
—
—
|
| 2016 | 1.31 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 146.44 | 164.56 | 165.07 | 200.06 |
| Receivables | 294.68 | 279.21 | 306.45 | 347.88 |
| Inventory | 292.60 | 296.80 | 343.04 | 350.12 |
| Other | 52.55 | 62.46 | 54.74 | 36.79 |
| 786.27 | 803.03 | 869.29 | 934.84 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 111.87 | 108.16 | 110.78 | 123.63 |
| ST’ Debt | — | — | — | — |
| Other | 101.07 | 83.75 | 98.33 | 107.79 |
| 332.82 | 288.09 | 289.21 | 288.90 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 463.63 | 503.33 | — | — |
—
|
| ’25 | 421.34 | 474.12 | 468.45 | 510.91 |
1,874.81
|
| ’24 | 413.30 | 462.46 | 432.68 | 499.70 |
1,808.14
|
| ’23 | 398.26 | 447.30 | 446.73 | 495.36 |
1,787.65
|
| ’22 | 330.69 | 372.31 | 381.69 | 443.25 |
1,527.95
|
| ’21 | 308.43 | 341.29 | 340.20 | 410.27 |
1,400.18
|
| ’20 | 341.15 | 314.44 | 304.39 | 388.25 |
1,348.22
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 75.69 | 95.38 | — | — |
—
|
| ’25 | 61.83 | 67.22 | 112.46 | 122.35 |
363.87
|
| ’24 | 50.89 | 53.30 | 84.33 | 107.91 |
296.43
|
| ’23 | (285.91) | 95.07 | 124.78 | 158.91 |
92.86
|
| ’22 | 24.52 | 15.45 | 63.93 | 53.55 |
157.46
|
| ’21 | 45.62 | 38.30 | 46.23 | 69.00 |
199.15
|
| ’20 | 13.61 | 69.42 | 27.12 | 96.40 |
206.56
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 65.13 | 82.71 | — | — |
—
|
| ’25 | 51.07 | 37.89 | 100.48 | 106.08 |
295.51
|
| ’24 | 39.67 | 39.04 | 70.09 | 93.88 |
242.67
|
| ’23 | (294.28) | 87.79 | 112.14 | 147.25 |
52.90
|
| ’22 | 16.55 | 3.62 | 55.02 | 38.33 |
113.51
|
| ’21 | 36.07 | 27.62 | 30.25 | 56.09 |
150.02
|
| ’20 | 7.14 | 56.14 | 14.51 | 80.31 |
158.10
|
| 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 | 0.31 |
3.05
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 108.75 | 122.57 | 160.02 | 127.86 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 151.98 | 185.57 | 200.61 | 182.86 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,000 | 5,100 | 5,200 | 5,300 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.31 | 0.35 | 0.35 | 0.35 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,527.95 | 1,787.65 | 1,808.14 | 1,874.81 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 44.10% | 47.67% | 47.59% | 46.46% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 238.53 | 206.69 | 375.01 | 366.40 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.61% | 11.56% | 20.74% | 19.54% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 179.63 | 58.58 | 284.97 | 278.92 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 56.32 | 60.77 | 64.33 | 71.59 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 38.95 | 45.48 | 45.93 | 47.81 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 4.58 | 1.49 | 7.24 | 7.11 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.01 | 2.36 | 7.53 | 9.28 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.12) | (1.02) | (1.37) | (1.74) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.89 | 1.35 | 6.16 | 7.54 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.55 | 24.60 | 29.04 | 34.86 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.23 | 39.31 | 39.37 | 39.22 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 31.35 | 113.47 | 22.93 | 22.52 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.68 | 3.69 | 3.61 | 3.35 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.11 | 6.85 | 5.73 | 4.61 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.95 | 3.95 | 3.80 | 3.58 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 53.12 | 133.37 | 28.31 | 22.72 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 157.46 | 92.86 | 296.43 | 363.87 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (43.94) | (39.95) | (53.75) | (68.36) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 113.51 | 52.90 | 242.67 | 295.51 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 534.26 | 453.45 | 514.94 | 580.08 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 581.45 | 575.17 | 481.62 | 572.71 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 408.64 | 428.73 | 317.06 | 407.64 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 923.74 | 966.80 | 1,143.32 | 1,367.01 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.52% | 2.57% | 13.02% | 11.72% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.22% | 10.36% | 16.66% | 13.09% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.51% | 6.21% | 27.10% | 22.28% | — | — | — |
ROE
|
MSA Safety Incorporated stands as a resilient leader in the safety equipment sector, delivering essential gear like respirators, gas detectors, and helmets to critical industries amid economic turbulence and pandemics. Revenue has surged at a 5.8% CAGR from $1.15 billion in 2016 to $1.81 billion in 2024, with analysts forecasting continued momentum to $2.19 billion by 2028—fueled by demand in head protection, fall safety, and innovative connected devices. Profitability has rebounded impressively, with 2024 EBT margins hitting 20.74%, ROE at 27.1%, and free cash flow per share projected at $7.54 for 2025, underpinning dividends, buybacks, and a rock-solid balance sheet featuring doubled book value per share and manageable debt.
The stock’s 430% total return since 2016 lows reflects market reward for these defensive strengths and operational efficiencies, like revenue per employee peaking at $350,000, outpacing peers in ROIC and positioning MSA for compounding EPS growth above 10% annually. While insider selling and clustered analyst targets near current levels urge caution amid macro headwinds, the upside shines through in international expansion, recurring IoT revenue streams, and parallels to post-crisis booms—hinting at 10-15% annualized returns for patient investors.
Dive into the full analysis for deeper dives on historical correlations, acquisition impacts, and strategic catalysts that could propel MSA’s next growth phase.
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