Sunday 11 October 2026
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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. In the quarter to June 2026, revenue grew 6.16%, EPS grew 39.4%, free cash flow grew 118.3% and total debt fell 11.8%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five; insiders bought in the last twelve months.
180.71
2.61
+1.47%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
29.00 | 115.99 | 29.10 | 35.90 | 48.35 | 314.50 | 31.35 | 113.47 | 22.93 | 22.52 |
Piotroski F-Score |
7 | 4 | 8 | 8 | 5 | 3 | 6 | 5 | 7 | 5 |
P/S ratio |
2.26 | 2.50 | 2.66 | 3.48 | 4.31 | 4.22 | 3.68 | 3.69 | 3.61 | 3.35 |
Altman Z-Score |
4.36 | 3.38 | 4.54 | 5.17 | 5.36 | 3.73 | 4.26 | 5.47 | 6.22 | 5.51 |
Altman Z″-Score (non-manufacturers) |
4.93 | 3.72 | 4.84 | 4.96 | 4.98 | 3.32 | 4.41 | 4.65 | 5.84 | 5.65 |
P/FCF ratio |
20.35 | 14.50 | 15.42 | 37.99 | 36.74 | 39.42 | 49.52 | 124.78 | 26.89 | 21.25 |
Beneish M-Score |
(2.68) | (2.89) | (2.86) | (2.47) | (2.63) | (2.84) | (2.31) | (2.62) | (2.50) | (2.50) |
P/Operating CF |
25.10 | 72.93 | 46.55 | 63.67 | 60.26 | 85.70 | 104.96 | 41.54 | 60.48 | 51.33 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 82 |
P/B ratio |
4.66 | 5.00 | 5.69 | 6.70 | 6.89 | 7.12 | 6.11 | 6.85 | 5.73 | 4.61 |
Price to Tangible BV |
17.62 | 0.00 | 68.50 | 40.37 | 24.27 | 0.00 | 317.61 | 94.89 | 23.96 | 18.87 |
EV/Sales |
2.48 | 2.77 | 2.77 | 3.57 | 4.35 | 4.51 | 3.94 | 3.93 | 3.78 | 3.57 |
EV/EBITDA |
14.52 | 42.74 | 17.80 | 22.14 | 27.70 | 86.48 | 20.35 | 24.07 | 15.09 | 15.08 |
EV/Operating CF |
21.10 | 14.37 | 14.26 | 30.37 | 28.37 | 31.74 | 38.19 | 75.71 | 23.09 | 18.38 |
EV/FCF |
22.31 | 16.02 | 16.04 | 38.97 | 37.07 | 42.14 | 52.98 | 132.88 | 28.20 | 22.63 |
Quick Ratio |
1.46 | 1.31 | 1.56 | 1.65 | 1.57 | 1.34 | 1.36 | 1.33 | 1.54 | 1.63 |
Current Ratio |
2.14 | 2.15 | 2.33 | 2.50 | 2.58 | 2.40 | 2.54 | 2.36 | 2.79 | 3.01 |
Net Debt/EBITDA |
1.28 | 4.05 | 0.69 | 0.56 | 0.24 | 5.58 | 1.33 | 1.47 | 0.70 | 0.92 |
Debt/Assets |
26.87% | 26.58% | 21.23% | 18.88% | 14.96% | 24.94% | 23.79% | 26.50% | 21.83% | 22.42% |
Debt/Equity |
0.65 | 0.74 | 0.53 | 0.45 | 0.34 | 0.72 | 0.61 | 0.59 | 0.42 | 0.42 |
Asset Turnover |
0.83 | 0.79 | 0.82 | 0.84 | 0.74 | 0.65 | 0.64 | 0.79 | 0.83 | 0.79 |
Operating CF/Net income |
1.47 | 8.85 | 2.13 | 1.20 | 1.67 | 9.36 | 0.88 | 1.59 | 1.04 | 1.30 |
Capex/Depreciation |
(0.21) | (0.63) | (0.78) | (0.96) | (1.22) | (0.98) | (0.78) | (0.66) | (0.84) | (0.95) |
Interest Coverage |
9.79 | 2.58 | 9.19 | 13.85 | 18.22 | 2.12 | 11.04 | 4.95 | 10.55 | 11.69 |
| 17.17% | 4.50% | 20.08% | 20.19% | 15.76% | 2.54% | 20.51% | 6.21% | 27.10% | 22.28% | |
| 6.62% | 1.71% | 7.53% | 8.23% | 6.77% | 0.99% | 7.52% | 2.57% | 13.02% | 11.72% | |
ROIC |
12.38% | 2.70% | 13.80% | 13.70% | 11.95% | 1.15% | 11.35% | 10.36% | 16.66% | 13.09% |
Return on Tangible Assets |
22.98% | 5.31% | 23.28% | 23.64% | 18.21% | 3.18% | 24.21% | 8.80% | 39.20% | 32.31% |
Average Days of Receivables |
66.53 | 74.47 | 65.85 | 66.41 | 68.30 | 66.26 | 70.95 | 60.17 | 56.36 | 59.66 |
Research and Development Expense of Revenue |
4.08% | 4.18% | 3.88% | 4.13% | 4.32% | 4.13% | 3.73% | 3.80% | 3.68% | 3.49% |
Selling, General and Administrative Expense of Revenue |
26.81% | 25.07% | 23.91% | 23.57% | 21.53% | 23.77% | 22.18% | 22.19% | 21.83% | 22.10% |
Intangible Assets out of Total Assets |
0.30 | 0.36 | 0.36 | 0.35 | 0.31 | 0.39 | 0.38 | 0.41 | 0.39 | 0.40 |
Share Based Compensation of Revenue |
0.80% | 0.98% | 0.90% | 0.98% | 0.51% | 1.35% | 1.29% | 1.68% | 1.01% | 0.81% |
Graham Net Nets |
(0.12) | (0.15) | (0.09) | (0.06) | (0.05) | (0.13) | (0.10) | (0.06) | (0.04) | (0.05) |
Graham Number |
28.29 | 15.53 | 34.76 | 38.65 | 38.84 | 15.13 | 49.11 | 28.57 | 68.62 | 74.58 |
Earnings Yield |
3.45% | 0.86% | 3.44% | 2.79% | 2.07% | 0.32% | 3.19% | 0.88% | 4.36% | 4.44% |
Free Cash Flow Yield |
4.91% | 6.89% | 6.48% | 2.63% | 2.72% | 2.54% | 2.02% | 0.80% | 3.72% | 4.71% |
Revenue per Share |
30.69 | 31.50 | 35.40 | 36.27 | 34.67 | 35.74 | 38.95 | 45.48 | 45.93 | 47.81 |
Operating CF per Share |
3.60 | 6.06 | 6.88 | 4.27 | 5.31 | 5.08 | 4.01 | 2.36 | 7.53 | 9.28 |
Capex per Share |
(0.20) | (0.62) | (0.77) | (0.94) | (1.25) | (1.25) | (1.12) | (1.02) | (1.37) | (1.74) |
Free Cash Flow per Share |
3.41 | 5.44 | 6.11 | 3.33 | 4.07 | 3.83 | 2.89 | 1.35 | 6.16 | 7.54 |
Cash per Share |
3.04 | 3.53 | 5.09 | 5.23 | 6.06 | 4.85 | 4.40 | 3.73 | 4.18 | 4.21 |
Shareholders Equity per Share |
14.98 | 15.86 | 16.67 | 18.95 | 21.79 | 21.30 | 23.55 | 24.60 | 29.04 | 34.86 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
14.98 | 15.86 | 16.67 | 18.95 | 21.79 | 21.30 | 23.55 | 24.60 | 29.04 | 34.86 |
Free Cash Flow |
127.59 | 206.61 | 234.51 | 128.58 | 158.10 | 150.02 | 113.51 | 52.90 | 242.67 | 295.51 |
Working Capital |
251.40 | 333.02 | 374.56 | 415.85 | 490.88 | 462.20 | 534.26 | 453.45 | 514.94 | 580.08 |
Capital Expenditures |
(7.31) | (23.72) | (29.37) | (36.39) | (48.45) | (49.12) | (43.94) | (39.95) | (53.75) | (68.36) |
Net Current Asset Value |
(319.90) | (459.95) | (311.87) | (313.76) | (271.01) | (769.20) | (573.11) | (417.08) | (259.43) | (318.07) |
EV/EBIT |
17.71 | 83.64 | 21.69 | 26.62 | 34.09 | 277.50 | 25.15 | 30.39 | 17.58 | 17.99 |
Capex to Sales |
0.01 | 0.02 | 0.02 | 0.03 | 0.04 | 0.04 | 0.03 | 0.02 | 0.03 | 0.04 |
Price to Operating Income |
16.16 | 75.72 | 20.85 | 25.95 | 33.79 | 259.59 | 23.50 | 28.54 | 16.77 | 16.89 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.24 | 0.24 | 0.24 | 0.23 | 0.21 | 0.24 | 0.27 | 0.29 | 0.30 | 0.25 |
Cash ROIC |
12.28% | 17.44% | 19.94% | 10.18% | 11.54% | 9.25% | 6.83% | 3.13% | 13.56% | 14.04% |
Accounts Receivable Turnover |
5.20 | 5.28 | 5.55 | 5.61 | 5.31 | 5.53 | 5.54 | 6.04 | 6.30 | 6.40 |
Accounts Payable Turnover |
9.58 | 8.78 | 9.02 | 9.12 | 8.56 | 8.11 | 7.79 | 8.34 | 8.61 | 9.17 |
Inventory Turnover |
5.48 | 5.12 | 4.81 | 4.47 | 3.50 | 2.99 | 2.76 | 2.97 | 3.22 | 3.14 |
Average Days of Payables |
36.50 | 48.30 | 38.33 | 42.61 | 42.12 | 49.66 | 48.09 | 43.65 | 41.66 | 40.28 |
Days of Inventory on Hand |
59.97 | 85.29 | 76.60 | 88.47 | 118.78 | 130.51 | 144.58 | 114.16 | 114.31 | 124.75 |
Average Receivables |
221.19 | 226.86 | 244.62 | 250.06 | 253.68 | 253.24 | 275.61 | 295.85 | 286.95 | 292.83 |
Average Payables |
65.47 | 74.90 | 82.71 | 83.74 | 87.99 | 96.82 | 109.66 | 112.20 | 110.02 | 109.47 |
Average Inventory |
114.46 | 128.40 | 155.17 | 170.81 | 215.00 | 262.79 | 309.47 | 315.46 | 294.70 | 319.92 |
Average Assets |
1,388.39 | 1,519.37 | 1,646.42 | 1,673.85 | 1,829.66 | 2,158.01 | 2,386.69 | 2,273.56 | 2,187.97 | 2,380.08 |
Average Common Equity |
535.60 | 578.33 | 617.48 | 682.48 | 786.31 | 837.22 | 875.50 | 941.70 | 1,051.49 | 1,251.60 |
Columns are period end dates