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MSA Safety Inc (MSA) stock

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NYSE: MSA NYSE Industrial Machinery & Supplies & Components Next results ~February 10, 2027

B Fundamentals grade

MSA Safety Inc is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$180

Cash-flow model

Base case. Range ~$130–$240 across our lower- and higher-growth cases (0.9%–10.9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 5% above our base value.

Price used: $186.44, November 2, 2026

MSA Safety Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling1 purchase and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds234 adding, 186 cuttingOf 67 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter MSA Safety files

Where MSA Safety stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.95bn, up 6.5% on a year earlier, faster than 5.6% a quarter earlier. Free-cash-flow margin rose to 18.2% from 13.8% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $154 a share, against a share price of $180. At that price, our model says the market is pricing in about 8.6% a year of cash-flow growth for five years, close to the 6.8% a year revenue growth it has delivered.

Source: 10-Q filed July 31, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

MSA Safety Inc's trailing-twelve-month revenue grew 6.5% year on year, with a free-cash-flow margin of 18.2%. Where it stands out: gross margin of 47.6% ranks 8 of 70 industrial machinery & supplies & components companies we cover.

Our discounted-cash-flow model values the business at ~$180 per share in the base case (~$130–$240 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 40.3% while net income grew 13.4%: a 27pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Weakest spot: stock pay as % of revenue. Stock pay as % of revenue of 1.0% ranks 46 of 70 industrial machinery & supplies & components companies we cover (median 0.8%).

Latest results: FY2026 Q2

Filed July 31, 2026
Earnings per share
$2.09 against an average estimate of $2.09: beat by 0.2%
Revenue
$503m, up 6.2% on a year earlier
Share reaction
+8.2% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Next report
November 2, 2026; average EPS estimate $2.61

MSA Safety's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.4%
  • 1 week+2.1%
  • 1 month+2.9%
  • This year+17.4%
  • 1 year+20.1%
  • 5 years+30.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.9B
Operating margin
21.2%
Net margin
16.1%
EPS (TTM, diluted)
$8.04

Growth

Revenue growth
+6.5%
Change in growth rate
+0.9 pts
Share count change
−1.1%

Cash

Free cash flow (TTM)
$354M
FCF margin
18.2%
Stock pay % of revenue
1.0%

Earnings

Last results
November 2, 2026
Next results (est.)
February 10, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Our research
  4. Dividend
  5. Partnership
  6. Product
  7. Announcement
  8. Announcement
  9. Insider trade
  10. Results
  11. Leadership
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

MSA Safety Inc valuation models and calculator

What the price is pricing in

The share price implies about 6.6% a year of cash-flow growth for five years.That is close to the 6.8% a year revenue growth MSA Safety has delivered.

  • Priced in6.6%
  • Last 12 months6.5%
  • 3 years a year5.2%
  • 5 years a year6.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($174.85, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$180
Price used
$174.85close November 3, 2026
Implied change
▲ +1%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of MSA Safety Inc's free cash flow after stock-based pay with after-tax interest added back ($336M, FY2026 Q2 TTM), growing 9.9% and 6.9% in the next two years (forecasts, guidance and its record), then back to 5.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$240 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of MSA Safety Inc's free cash flow after stock-based pay ( $336M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value MSA Safety Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.01 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$180 ~$130–$240 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$170 ~$150–$230 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$71 ~$54–$97 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$77 ~$67–$91 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$71–$180 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare MSA Safety Inc with Industrial Machinery & Supplies & Components in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +32%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $113$157$217$296$398$530
8.5% $83$116$159$215$288$382
10% $65$90$123$166$222$293

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$37.04$60.67$69.15$85.48$116.34$139.36$142.35$137.86$163.40$162.25$158.78$186.44
Market value$1.4bn$2.3bn$2.7bn$3.3bn$4.6bn$5.5bn$5.6bn$5.4bn$6.4bn$6.4bn$6.2bn$7.3bn
+ Net debt (− = net cash)$359m$277m$340m$221m$196m$146m$457m$410m$455m$343m$416m$400m
Enterprise value$1.8bn$2.6bn$3.0bn$3.6bn$4.8bn$5.6bn$6.1bn$5.8bn$6.9bn$6.8bn$6.7bn$7.7bn
Multiples
Price / sales 1.2x2.0x2.2x2.5x3.3x4.1x4.0x3.6x3.6x3.5x3.3x3.7x
Price / earnings 19.7x25.1x102.8x26.8x33.0x44.1xn/m30.2x110.1x22.5x22.4x23.2x
Price / free cash flow 73.5x21.1x13.0x14.5x35.5x34.7x36.2x47.3x128.8x26.5x21.1x20.5x
EV / EBITDA 11.3x13.2x38.9x16.8x21.0x26.6x89.0x20.4x23.6x14.9x15.0x15.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

75 /100

Strong moat

How hard MSA Safety's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.4% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 45.5%, moving by 1.4 percentage points (standard deviation) across 10 years.

  • Durability 7 / 20

    Operating margin has been a median 11.5%; its worst year was 3.3%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 9 of 10 years, at a median 13.0% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.8% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.07 +14% $2.1bn +11%
Next $9.93 +10% $2.3bn +9%

Next year's EPS estimate has moved +2.4% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.1% on 90 days ago. In the last 30 days, 0 analysts raised MSA Safety Inc's forecast and 3 cut it.

Consensus EPS forecast MSA Safety Inc, last 90 days
$8.50 $9.00 $9.50 $10.00 $10.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.88 Current fiscal year, 60 days ago: $9.18 Current fiscal year, 30 days ago: $9.16 Current fiscal year, 7 days ago: $9.10 Current fiscal year, Now: $9.07 $9.07 Next fiscal year, 90 days ago: $9.70 Next fiscal year, 60 days ago: $10.01 Next fiscal year, 30 days ago: $10.03 Next fiscal year, 7 days ago: $9.97 Next fiscal year, Now: $9.93 $9.93

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.88$9.70
60 days ago $9.18$10.01
30 days ago $9.16$10.03
7 days ago $9.10$9.97
Now $9.07$9.93

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.09 $2.09 +0.2%
Jun 2026 $2.14 $2.40 +12.4%
Mar 2026 $1.83 $1.99 +9.0%
Dec 2025 $2.26 $2.38 +5.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026

No numeric guidance in MSA Safety Inc's latest earnings release (filed July 30, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows MSA Safety Inc's revenue by +9.9% next year and +6.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.0%, weight 66%) and the company's own record (+5.9%, weight 34%) . How the weights are set.

Analyst recommendations

7 analysts, Nov 2026
Buy229%
Hold571%
Sell00%

Monthly trend

  1. Nov 2026257
  2. Oct 2026257
  3. Sep 2026257

Counts of recommendations published by analysts covering MSA Safety Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.0%
of tradable shares
Days to cover
4.54
at average volume
Short interest, 1 month
+30%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
6.1%
of shares
Employees
5,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +20.1%

$155.17 on October 31, 2025 to $186.44

ThenNowEffect
Revenue (last 12 months) $1.8bn $1.9bn +6.5%
Net margin 15.2% 16.1% +6.5%
P/E multiple 22.1x 23.2x +4.8%
Share count 39m 39m +1.1%

Biggest factor: revenue.

Last 3 years +20.4%

$154.90 on November 3, 2023 to $186.44

ThenNowEffect
Revenue (last 12 months) $1.7bn $1.9bn +16.5%
Net margin 0.8% 16.1% +1924.6%
P/E multiple n/m 23.2x −94.9%
Share count 39m 39m +0.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MSA+2%−3%+19%−1%−2%+17%
Industry peers (median)+19%−15%+21%+2%+13%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MSA50%50%42%50%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MSA−18%−27%−20%−18%−22%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 38% from February 13, 2020 to March 23, 2020. Getting back needed a 62% gain, reached on October 8, 2020, 199 days after the low.

Price behaviour

52-week range
$151.64 – $201.35
From 52-week high
−7.4%
vs 50-day average
+2.1%
vs 200-day average
+5.1%
Volatility (1 year)
24%
Beta vs S&P 500
0.74

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±3.0%
After a week
5 up, 6 down
typical move ±3.4%
After a month
4 up, 7 down
typical move ±5.6%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 +8.2% +2.4% +10.3% +8.6%
May 4, 2026 +1.9% +0.4% +1.7% −0.4%
February 11, 2026 +4.3% −1.6% +2.0% −8.7%
October 28, 2025 +1.6% +0.3% −5.7% −3.2%
August 4, 2025 +2.7% +1.0% −3.3% −3.2%
April 29, 2025 +3.2% +0.7% +1.9% +8.0%
February 12, 2025 −1.3% +0.7% −3.6% −8.9%
October 23, 2024 −1.5% −0.7% −1.2% +1.7%
July 24, 2024 −1.7% −2.8% −3.3% −8.9%
April 29, 2024 −4.4% −1.2% −1.9% −5.1%
February 14, 2024 +1.9% +1.6% +2.9% +4.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How MSA Safety Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

MSA Safety Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) MSA Safety Inc
$1.7B $1.8B $1.9B $2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.7B Revenue (TTM), FY23 Q4: $1.8B Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $1.8B Revenue (TTM), FY24 Q3: $1.8B Revenue (TTM), FY24 Q4: $1.8B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $1.8B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $1.9B Revenue (TTM), FY26 Q1: $1.9B Revenue (TTM), FY26 Q2: $1.9B $1.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.7B
FY23 Q4 $1.8B
FY24 Q1 $1.8B
FY24 Q2 $1.8B
FY24 Q3 $1.8B
FY24 Q4 $1.8B
FY25 Q1 $1.8B
FY25 Q2 $1.8B
FY25 Q3 $1.9B
FY25 Q4 $1.9B
FY26 Q1 $1.9B
FY26 Q2 $1.9B
Revenue growth, TTM YoY MSA Safety Inc
0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 16.1% Revenue growth, TTM YoY, FY23 Q4: 17.0% Revenue growth, TTM YoY, FY24 Q1: 13.0% Revenue growth, TTM YoY, FY24 Q2: 8.8% Revenue growth, TTM YoY, FY24 Q3: 3.9% Revenue growth, TTM YoY, FY24 Q4: 1.1% Revenue growth, TTM YoY, FY25 Q1: 0.7% Revenue growth, TTM YoY, FY25 Q2: 0.5% Revenue growth, TTM YoY, FY25 Q3: 3.3% Revenue growth, TTM YoY, FY25 Q4: 3.7% Revenue growth, TTM YoY, FY26 Q1: 5.6% Revenue growth, TTM YoY, FY26 Q2: 6.5% 6.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 16.1%
FY23 Q4 17.0%
FY24 Q1 13.0%
FY24 Q2 8.8%
FY24 Q3 3.9%
FY24 Q4 1.1%
FY25 Q1 0.7%
FY25 Q2 0.5%
FY25 Q3 3.3%
FY25 Q4 3.7%
FY26 Q1 5.6%
FY26 Q2 6.5%
Operating margin (TTM) MSA Safety Inc
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 11.5% Operating margin (TTM), FY23 Q4: 12.9% Operating margin (TTM), FY24 Q1: 20.6% Operating margin (TTM), FY24 Q2: 20.7% Operating margin (TTM), FY24 Q3: 20.7% Operating margin (TTM), FY24 Q4: 21.5% Operating margin (TTM), FY25 Q1: 21.3% Operating margin (TTM), FY25 Q2: 20.4% Operating margin (TTM), FY25 Q3: 20.2% Operating margin (TTM), FY25 Q4: 19.8% Operating margin (TTM), FY26 Q1: 20.2% Operating margin (TTM), FY26 Q2: 21.2% 21.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 11.5%
FY23 Q4 12.9%
FY24 Q1 20.6%
FY24 Q2 20.7%
FY24 Q3 20.7%
FY24 Q4 21.5%
FY25 Q1 21.3%
FY25 Q2 20.4%
FY25 Q3 20.2%
FY25 Q4 19.8%
FY26 Q1 20.2%
FY26 Q2 21.2%
FCF margin (TTM) MSA Safety Inc
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -3.3% FCF margin (TTM), FY23 Q4: 2.8% FCF margin (TTM), FY24 Q1: 21.3% FCF margin (TTM), FY24 Q2: 18.6% FCF margin (TTM), FY24 Q3: 16.4% FCF margin (TTM), FY24 Q4: 13.4% FCF margin (TTM), FY25 Q1: 14.0% FCF margin (TTM), FY25 Q2: 13.8% FCF margin (TTM), FY25 Q3: 15.2% FCF margin (TTM), FY25 Q4: 15.8% FCF margin (TTM), FY26 Q1: 16.1% FCF margin (TTM), FY26 Q2: 18.2% 18.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -3.3%
FY23 Q4 2.8%
FY24 Q1 21.3%
FY24 Q2 18.6%
FY24 Q3 16.4%
FY24 Q4 13.4%
FY25 Q1 14.0%
FY25 Q2 13.8%
FY25 Q3 15.2%
FY25 Q4 15.8%
FY26 Q1 16.1%
FY26 Q2 18.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar MSA Safety took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.9B
  2. Cost of revenue $1B · 53.5%
  3. Gross profit $871M · 46.5%
  4. Research and development $65.3M · 3.5%
  5. Selling, general and admin $414M · 22.1%
  6. Other operating costs $19.7M · 1.1%
  7. Operating income $372M · 19.8%
  8. Income tax $87.5M · 4.7%
  9. Net income $279M · 14.9%

Shares of revenue. Source: MSA Safety's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 916 983 1,118 1,121 1,112 1,137 1,130 1,150 1,197 1,358 1,402 1,348 1,400 1,528 1,788 1,808 1,875 1,946
Gross profit 343 370 470 490 497 515 501 522 539 612 639 595 615 674 852 860 871 926
EBITDA — — — — — 164 155 196 77 211 226 212 68 286 292 454 443 488
Operating income — — — — — 134 123 161 40 173 188 172 23 239 231 389 372 413
Net income 43 38 70 91 88 89 71 92 26 124 138 124 21 180 59 285 279 314
Diluted EPS $1.21 $1.05 $1.87 $2.42 $2.34 $2.33 $1.87 $2.42 $0.67 $3.18 $3.52 $3.15 $0.54 $4.56 $1.48 $7.21 $7.09 $8.04
Growth (year on year)
Revenue −19.6% +7.3% +13.8% +0.3% −0.8% +2.2% −0.6% +1.7% +4.1% +13.5% +3.2% −3.8% +3.9% +9.1% +17.0% +1.1% +3.7% +6.5%
EBITDA — — — — — — −5.3% +26.1% −60.5% +172.8% +7.1% −6.5% −67.8% +319.7% +2.0% +55.3% −2.2% +11.0%
Operating income — — — — — — −8.6% +30.9% −75.4% +338.3% +8.5% −8.7% −86.7% — −3.3% +68.2% −4.5% +10.8%
Net income −38.5% −12.0% +83.3% +29.8% −2.6% +0.3% −20.0% +29.8% −71.7% +377.0% +11.2% −10.1% −82.8% — −67.4% +386.4% −2.1% +13.4%
Diluted EPS −38.3% −13.2% +78.1% +29.4% −3.3% −0.4% −19.7% +29.4% −72.3% +374.6% +10.7% −10.5% −82.9% — −67.5% +387.2% −1.7% +14.6%
Margins
Gross margin 37.4% 37.7% 42.1% 43.7% 44.7% 45.3% 44.3% 45.4% 45.0% 45.1% 45.6% 44.2% 43.9% 44.1% 47.7% 47.6% 46.5% 47.6%
EBITDA margin — — — — — 14.4% 13.8% 17.0% 6.5% 15.6% 16.1% 15.7% 4.9% 18.7% 16.3% 25.1% 23.7% 25.1%
Operating 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% 21.2%
Net margin 4.7% 3.9% 6.2% 8.1% 7.9% 7.8% 6.3% 8.0% 2.2% 9.1% 9.8% 9.2% 1.5% 11.8% 3.3% 15.8% 14.9% 16.1%
Free-cash-flow margin 10.4% 0.7% 4.9% 10.5% 6.7% 6.5% 1.7% 9.5% 17.3% 16.9% 9.2% 11.7% 11.1% 7.5% 2.8% 13.4% 15.8% 18.2%
Cash flow
Cash from operations 121 32 85 150 111 107 55 135 230 264 165 207 199 157 93 296 364 406
Capital spending 26 25 30 32 37 34 36 26 24 34 37 49 44 43 43 54 68 52
Free cash flow 95 7 55 118 74 73 19 109 207 230 128 158 155 115 50 242 295 354
Stock-based pay 6 7 8 10 10 9 8 9 12 12 14 7 19 20 30 18 15 19
Free cash flow after stock pay 89 −1 47 108 64 64 11 100 195 218 115 151 136 95 20 224 280 335
Balance sheet
Cash 62 60 60 83 96 106 106 114 134 140 152 161 141 163 146 165 165 200
Total debt — 377 342 279 268 252 465 391 475 361 348 307 598 573 602 508 581 600
Net debt (negative = net cash) −62 318 282 196 172 146 359 277 340 221 196 146 457 410 455 343 416 400
Diluted shares 36m 36m 37m 37m 37m 38m 38m 38m 39m 39m 39m 39m 39m 39m 39m 40m 39m 39m
Returned to shareholders
Dividends 35 36 38 51 44 46 47 49 53 57 64 67 69 71 73 79 82 83
Buybacks 0 8 1 4 12 6 10 2 18 5 13 29 6 34 4 37 90 127
Total returned 35 44 38 54 56 51 57 51 70 62 76 96 75 106 77 116 172 210

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $2.6bn
Short-term assets $935mLonger-term assets $1.7bn
What it owes, and who funded it · $2.6bn
Short-term liabilities $289mLonger-term liabilities $911mShareholders' equity $1.4bn
  • Short-term assets cover short-term liabilities $935m of assets due within a year against $289m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $935m short-term assets against $911m of longer-dated liabilities.
  • More cash than debt $200m of cash against $600m of debt.
  • Debt below 40% of shareholders' equity Debt is 43% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 72% to 43% over five years.
  • A year's operating cash flow covers at least 20% of debt $406m of operating cash flow against $600m of debt.
  • Operating profit covers interest at least five times over Operating income of $413m against $33m of interest.

From MSA Safety Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$127M
Dividends (TTM)
$82.9M
Returned to shareholders
59%
of free cash flow
Buybacks, last 3 fiscal years
$131M
Diluted share count
−1.1%
year over year
Total shareholder yield
2.9%
dividends 1.1% + buybacks 1.8% of market value
Dividend payout ratio
26%
of net income paid out
R&D spending
3.5%
of revenue
Sales & admin spending
22.1%
of revenue
Days sales outstanding
65 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial machinery & supplies & components
Last 12 months unless stated MSA ATMU RBC ATS AZZ FELE Median
Revenue, last 12 months $1.9bn $1.9bn $2.0bn $2.2bn $1.7bn $2.3bn $1.4bn
Revenue growth, last 12 months 6.5% 13.1% 17.4% 18.1% 9.5% 7.3% 8.3%
Revenue growth, 3-year average 5.2% 5.5% 10.0% — 5.2% 2.8% 4.0%
Revenue growth, latest quarter 6.2% 16.4% 15.2% — 16.7% 8.9% 9.1%
Gross margin 47.6% 28.8% 45.5% 28.6% 24.3% 35.4% 35.2%
Operating margin 21.2% 17.2% 24.4% 6.7% 16.5% 12.4% 13.1%
Operating margin, 3-year average 20.8% 16.3% 23.0% — 15.4% 12.4% 13.7%
Net margin 16.1% 11.3% 17.5% 2.4% 9.6% 8.8% 8.9%
Cash from operations / revenue 20.9% 12.9% 24.0% 15.1% 16.7% 10.8% 11.9%
Free-cash-flow margin 18.2% 10.0% 19.7% 14.0% 12.3% 8.5% 8.8%
Free-cash-flow margin, 3-year average 16.9% 6.9% 17.8% — 15.4% 9.8% 9.8%
Stock pay / revenue 1.0% 0.7% 1.7% 0.2% 0.8% 0.6% 0.8%
Change in share count −1.1% −1.3% 0.7% 0.2% −0.3% −2.6% −0.0%

Median of all 76 companies we cover in industrial machinery & supplies & components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

76 industrial machinery & supplies & components companies
Measure Company Peer median Rank
Revenue growth Growth 6.5% 8.3% 49 of 75
Change in growth rate Growth +0.9pp +1.2pp 39 of 75
Gross margin Profitability 47.6% 35.4% 8 of 70
Operating margin Profitability 21.2% 13.0% 10 of 75
Net margin Profitability 16.1% 8.9% 11 of 76
Free-cash-flow margin Cash generation 18.2% 9.1% 12 of 76
Stock pay as % of revenue Cash generation 1.0% 0.8% 46 of 70
Long-term debt as % of assets Balance sheet 22.7% 23.4% 27 of 59
Change in share count Balance sheet -1.1% -0.0% 26 of 73
Days sales outstanding Balance sheet 65 days 63 days 39 of 65

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Americas $1.3B 67.3% ▲ 1.2%
International $613M 32.7% ▲ 9.2%
Products and services
Line of business Revenue Share YoY
Detection $763M 40.7% ▲ 18.8%
Firefighter Safety $647M 34.5% ▼ 9.1%
Industrial PPE and Other $464M 24.7% ▲ 2.5%
Geography
Region Revenue Share YoY
United States $943M 50.3% ▼ 1.2%
Outside the US $931M 49.7% ▲ 9.2%

From MSA Safety Inc's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.1B
Institutions reporting
454
Shares held vs prior quarter
▲ 3.1%
Positions opened / closed
47 / 42

Top buyers and sellers, Q2 2026: 234 institutions bought and 186 sold ; the biggest buyer was Capital Research Global Investors (+306K shares) and the biggest seller APG Asset Management N.V (−859K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $582M 3.3M 9.5% ▲ 2.5%
Vanguard Portfolio Management LLC $319M 1.8M 5.2% ▼ 0.7%
Ruane, Cunniff & Goldfarb L.P. $301M 1.7M 4.9% ▼ 3.1%
Vanguard Capital Management LLC $298M 1.7M 4.9% ▲ 0.3%
State Street Corp $284M 1.6M 4.6% ▲ 5.7%
Jpmorgan Chase & Co $137M 797K 2.2% ▲ 4.9%
Dimensional Fund Advisors LP $135M 774K 2.2% ▲ 2.0%
Cooke & Bieler LP $127M 725K 2.1% ▼ 14.2%
Fiduciary Management Inc $125M 714K 2.0% ▲ 5.1%
M&G PLC $121M 690K 2.0% ▼ 1.1%
Geode Capital Management, LLC $121M 692K 2.0% 0.0%
Bank Of New York Mellon Corp $117M 673K 1.9% ▼ 3.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not MSA Safety Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $71,093 1 trade by 1 insider, last 12 months Insider sales History → $4.2M 4 trades by 2 insiders · 0% under pre-set plans
Net ▼ $4.2M net selling
Insider Date Trade Shares Price Value
Vartanian Nishan J. Director August 7, 2026 Sell 20,000 $193.99 $3.9M
Buck Jonathan D. Chief Accounting Officer August 4, 2026 Sell 469 $191.00 $89,579
Beck Julie A Chief Financial Officer June 11, 2026 Buy 448 $158.69 $71,093
Buck Jonathan D. Chief Accounting Officer February 17, 2026 Sell 1,100 $203.48 $223,828
Buck Jonathan D. Chief Accounting Officer November 25, 2025 Sell 333 $161.00 $53,613

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in MSA Safety Inc disclosed in the last 12 months; 1 earlier trade on record.

  • Van Taylor(R-TX 3):Sale (full), $1,001 - $15,000, traded March 25, 2019, filed April 15, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • July 30, 2026
  • May 4, 2026
  • February 11, 2026
  • October 28, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on MSA Safety Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

MSA Safety Inc in brief

What does MSA Safety Inc do?
MSA Safety Inc is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.
What is MSA Safety Inc's stock ticker?
MSA Safety Inc trades under the ticker MSA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is MSA Safety Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, MSA Safety Inc reported revenue of $1.9B, 6.5% higher than a year earlier, according to its SEC filings.
What is MSA Safety Inc's free cash flow?
MSA Safety Inc's free-cash-flow margin is 18.2% of revenue over the trailing twelve months, ranking 12 of the 76 industrial machinery & supplies & components companies we cover.
What is MSA Safety Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of MSA Safety Inc's free cash flow after stock-based pay gives ~$180 per share in the base case, and ~$130–$240 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are MSA Safety Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Ruane, Cunniff & Goldfarb L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is MSA Safety Inc buying back stock, and does it pay a dividend?
MSA Safety Inc spent $127M on share repurchases over the trailing twelve months, and its diluted share count fell 1.1% over the year.
What is MSA Safety Inc's market cap?
On November 2, 2026, MSA Safety Inc's market capitalisation was about $7.3B, with a price-to-earnings ratio of 23.2 and net debt of $400M. Market figures come from third-party market data and may be delayed.
Does MSA Safety Inc pay a dividend?
Yes: MSA Safety Inc paid $82.9M in dividends over the trailing twelve months, a dividend yield of 1.15% and a payout ratio of 26.4%.
How much debt does MSA Safety Inc have?
MSA Safety Inc's debt-to-equity ratio is 42.8%, from its latest balance sheet (71.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are MSA Safety Inc's competitors?
In our Industrial Machinery & Supplies & Components peer group, the companies closest to MSA Safety Inc are Atmus Filtration Technologies Inc., RBC Bearings Inc, ATS Corp, AZZ Inc and Franklin Electric Co Inc. The side-by-side comparison below sets their revenue, margins and growth against MSA Safety Inc's.
Are insiders buying or selling MSA Safety Inc stock?
Over the last 12 months, MSA Safety Inc's directors and officers reported 1 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is MSA Safety Inc's next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — MSA Safety Inc announces its own schedule.