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MSA Safety Inc key statistics and ratios

In fiscal 2025, MSA Safety Inc had return on equity of 22.2% and a net margin of 14.9%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin4.7%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%
Return on equity9.9%8.6%15.8%20.2%17.1%16.1%13.5%17.1%4.5%20.2%20.3%15.9%2.6%20.4%6.2%27.0%22.2%22.7%
Return on assets4.9%3.7%6.0%8.1%7.5%7.1%5.3%6.6%1.7%7.5%8.1%6.7%1.0%7.5%2.6%13.0%11.7%12.2%
Effective tax rate33.7%31.9%33.4%32.0%29.3%32.3%40.0%38.1%9.5%22.9%25.1%25.6%7.7%24.7%71.7%24.0%23.9%23.4%
R&D as % of revenue3.1%3.3%3.5%3.6%4.1%4.2%4.3%4.1%4.2%3.9%4.1%4.3%4.1%3.7%3.8%3.7%3.5%3.5%
SG&A as % of revenue25.2%26.8%26.6%27.9%27.8%28.4%27.9%26.8%25.1%23.9%23.6%21.5%23.8%22.2%22.2%21.8%22.1%22.1%
Dividends ÷ net income79.7%94.3%54.0%56.3%49.9%51.5%66.9%53.4%201.9%46.1%46.0%53.7%321.4%39.8%125.4%27.6%29.5%26.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: ATMU vs MSAMSA vs RBCATS vs MSAAZZ vs MSA

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Figures from MSA Safety Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to MSA Safety Inc.