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