NYSE : MSA
MSA Safety Incorporated — Financial statements
Industrials · Security & Protection Services · United States
Last price 179.16 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.91B
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Financial statements
MSA Safety Incorporated (MSA) reported revenue of 1.95B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.95B | 1.87B | 1.81B | 1.79B | 1.53B | 1.40B |
| Cost of Revenue | 1.02B | 1.00B | 947.70M | 935.51M | 854.12M | 784.83M |
| Gross Profit | 925.88M | 871.11M | 860.45M | 852.14M | 673.83M | 615.35M |
| Selling, General & Admin | 401.36M | 383.45M | 372.73M | 381.57M | 313.35M | 317.44M |
| Research & Development | 68.19M | 65.34M | 66.53M | 67.99M | 57.01M | 57.79M |
| Operating Expenses | 469.55M | 448.79M | 439.26M | 449.56M | 370.37M | 375.23M |
| Operating Income | 456.33M | 422.32M | 421.19M | 402.58M | 303.47M | 240.11M |
| Interest Expense | -32.50M | -31.80M | -36.89M | -46.73M | -21.66M | -10.76M |
| Interest & Investment Income | 5.86M | 5.86M | 7.02M | 8.18M | 4.16M | 3.26M |
| Currency Exchange Gain (Loss) | -8.53M | -15.80M | -3.64M | -17.08M | -10.26M | -216.00K |
| Other Non Operating Income (Expenses) | 2.59M | 1.59M | 427.00K | -17.00K | 905.00K | 793.00K |
| EBT Excluding Unusual Items | 423.75M | 382.17M | 388.11M | 346.93M | 276.61M | 233.19M |
| Merger & Restructuring Charges | -12.26M | -14.36M | -7.28M | -10.86M | -11.20M | -23.53M |
| Gain (Loss) on Sale of Assets | -129.21M | -788.00K | ||||
| Asset Writedown | -1.41M | -1.41M | -819.00K | -173.00K | -6.29M | |
| Legal Settlements | -5.00M | -3.00K | -20.59M | -185.26M | ||
| Pretax Income | 410.08M | 366.40M | 375.01M | 206.69M | 238.53M | 23.60M |
| Income Tax Expense | 96.07M | 87.47M | 90.04M | 148.10M | 58.90M | 1.82M |
| Earnings From Continuing Operations | 314.01M | 278.92M | 284.97M | 58.58M | 179.63M | 21.79M |
| Net Income to Company | 314.01M | 278.92M | 284.97M | 58.58M | 179.63M | 21.79M |
| Minority Interest in Earnings | -448.00K | |||||
| Net Income | 314.01M | 278.92M | 284.97M | 58.58M | 179.63M | 21.34M |
| Preferred Dividends & Other Adjustments | 73.00K | 67.00K | 65.00K | 67.00K | 71.00K | 65.00K |
| Net Income to Common | 313.94M | 278.86M | 284.90M | 58.52M | 179.56M | 21.27M |
| Shares Outstanding (Basic) | 38.94M | 39.22M | 39.37M | 39.31M | 39.23M | 39.17M |
| Shares Outstanding (Diluted) | 39.05M | 39.35M | 39.53M | 39.47M | 39.41M | 39.45M |
| EPS (Basic) | 8.06 | 7.11 | 7.24 | 1.49 | 4.58 | 0.54 |
| EPS (Diluted) | 8.04 | 7.09 | 7.21 | 1.48 | 4.56 | 0.54 |
| Free Cash Flow | 354.30M | 295.43M | 242.21M | 50.09M | 114.90M | 155.31M |
| Free Cash Flow Per Share | 9.07 | 7.51 | 6.13 | 1.27 | 2.92 | 3.94 |
| Dividend Per Share | 2.13 | 2.10 | 2.00 | 1.87 | 1.82 | 1.75 |
| Gross Margin | 47.57% | 46.46% | 47.59% | 47.67% | 44.10% | 43.95% |
| Operating Margin | 23.45% | 22.53% | 23.29% | 22.52% | 19.86% | 17.15% |
| Profit Margin | 16.13% | 14.87% | 15.76% | 3.27% | 11.75% | 1.52% |
| Free Cash Flow Margin | 18.20% | 15.76% | 13.40% | 2.80% | 7.52% | 11.09% |
| EBITDA | 518.64M | 481.91M | 474.22M | 452.95M | 359.78M | 290.43M |
| EBITDA Margin | 26.65% | 25.70% | 26.23% | 25.34% | 23.55% | 20.74% |
| D&A For EBITDA | 62.31M | 59.59M | 53.03M | 50.37M | 56.32M | 50.32M |
| EBIT | 456.33M | 422.32M | 421.19M | 402.58M | 303.47M | 240.11M |
| EBIT Margin | 23.45% | 22.53% | 23.29% | 22.52% | 19.86% | 17.15% |
| Effective Tax Rate | 23.43% | 23.87% | 24.01% | 71.66% | 24.69% | 7.69% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 200.06M | 165.07M | 164.56M | 146.44M | 162.90M | 140.90M |
| Short-Term Investments | 9.90M | 48.97M | ||||
| Cash & Short-Term Investments | 200.06M | 165.07M | 164.56M | 146.44M | 172.81M | 189.87M |
| Accounts Receivable | 347.88M | 306.45M | 279.21M | 294.68M | 297.03M | 254.19M |
| Other Receivables | 17.30M | 8.60M | ||||
| Receivables | 347.88M | 306.45M | 279.21M | 294.68M | 320.26M | 266.70M |
| Inventory | 350.12M | 343.04M | 296.80M | 292.60M | 338.32M | 280.62M |
| Prepaid Expenses | 34.45M | 31.24M | 43.12M | 35.46M | 24.79M | 33.22M |
| Restricted Cash | 1.25M | 925.00K | 537.00K | 1.97M | 1.53M | 543.00K |
| Other Current Assets | 1.08M | 22.57M | 18.81M | 15.12M | 22.42M | 21.85M |
| Total Current Assets | 934.84M | 869.29M | 803.03M | 786.27M | 880.13M | 792.80M |
| Property, Plant & Equipment | 331.60M | 339.99M | 267.95M | 265.18M | 251.69M | 257.97M |
| Goodwill | 726.05M | 731.59M | 620.89M | 627.53M | 620.62M | 636.86M |
| Other Intangible Assets | 285.72M | 299.13M | 246.44M | 266.13M | 281.85M | 306.95M |
| Long-Term Deferred Tax Assets | 20.30M | 20.99M | 26.18M | 33.06M | 25.49M | 35.26M |
| Other Long-Term Assets | 302.99M | 293.38M | 241.29M | 191.97M | 278.50M | 321.93M |
| Total Assets | 2.60B | 2.55B | 2.21B | 2.17B | 2.38B | 2.40B |
| Accounts Payable | 123.63M | 110.78M | 108.16M | 111.87M | 112.53M | 106.78M |
| Accrued Expenses | 49.38M | 57.64M | 54.83M | 73.39M | 45.08M | 49.88M |
| Current Portion of Long-Term Debt | 8.10M | 8.22M | 26.39M | 26.52M | 7.39M | |
| Current Portion of Leases | 13.20M | |||||
| Current Income Taxes Payable | 14.24M | 14.97M | 19.97M | 6.15M | 5.37M | |
| Other Current Liabilities | 107.79M | 85.13M | 83.75M | 101.07M | 174.72M | 168.58M |
| Total Current Liabilities | 288.90M | 289.21M | 288.09M | 332.82M | 345.87M | 330.61M |
| Long-Term Debt | 591.65M | 572.71M | 481.62M | 575.17M | 565.45M | 597.65M |
| Long-Term Leases | 43.76M | 46.15M | 45.98M | 44.49M | 35.34M | 40.71M |
| Pension & Post-Retirement Benefits | 140.53M | 143.83M | 134.25M | 143.97M | 137.81M | 189.97M |
| Long-Term Deferred Tax Liabilities | 126.75M | 127.54M | 107.69M | 102.42M | 31.88M | 33.34M |
| Other Long-Term Liabilities | 8.26M | 7.92M | 4.82M | 4.48M | 336.89M | 369.74M |
| Total Liabilities | 1.20B | 1.19B | 1.06B | 1.20B | 1.45B | 1.56B |
| Common Stock | 352.60M | 343.84M | 329.95M | 312.32M | 281.98M | 260.12M |
| Retained Earnings | 1.66B | 1.55B | 1.35B | 1.14B | 1.16B | 1.05B |
| Treasury Stock | -567.31M | -484.85M | -398.20M | -363.28M | -361.44M | -330.38M |
| Comprehensive Income & Other | -49.48M | -41.78M | -141.65M | -129.25M | -158.72M | -149.14M |
| Total Common Equity | 1.40B | 1.36B | 1.14B | 963.23M | 920.17M | 830.82M |
| Shareholders' Equity | 1.40B | 1.37B | 1.14B | 966.80M | 923.74M | 834.39M |
| Total Liabilities & Equity | 2.60B | 2.55B | 2.21B | 2.17B | 2.38B | 2.40B |
| Total Debt | 643.51M | 640.28M | 554.00M | 646.19M | 608.18M | 638.36M |
| Net Cash (Debt) | -443.45M | -475.22M | -389.44M | -499.75M | -435.37M | -448.49M |
| Net Cash Per Share | -11.36 | -12.08 | -9.85 | -12.66 | -11.05 | -11.37 |
| Filing Date Shares Outstanding | 38.58M | 38.77M | 39.25M | 39.32M | 39.21M | 39.28M |
| Total Common Shares Outstanding | 38.60M | 38.91M | 39.26M | 39.32M | 39.21M | 39.28M |
| Working Capital | 645.94M | 580.08M | 514.94M | 453.45M | 534.26M | 462.20M |
| Book Value Per Share | 36.22 | 35.04 | 29.03 | 24.50 | 23.47 | 21.15 |
| Tangible Book Value | 386.31M | 332.72M | 272.42M | 69.56M | 17.70M | -112.99M |
| Tangible Book Value Per Share | 10.01 | 8.55 | 6.94 | 1.77 | 0.45 | -2.88 |
| Land | 9.46M | 9.55M | 4.24M | 4.33M | 4.88M | 5.13M |
| Buildings | 212.10M | 212.15M | 142.60M | 141.03M | 138.62M | 136.27M |
| Machinery | 538.96M | 565.08M | 512.89M | 498.15M | 466.39M | 435.65M |
| Construction In Progress | 26.45M | 24.96M | 25.45M | 24.40M | 22.10M | 36.55M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 314.01M | 278.92M | 284.97M | 58.58M | 179.63M | 21.34M |
| Depreciation & Amortization | 62.31M | 59.59M | 53.03M | 50.37M | 56.32M | 50.32M |
| Other Amortization | 12.60M | 12.00M | 11.30M | 10.40M | ||
| Loss (Gain) From Sale of Assets | -504.00K | 199.58M | ||||
| Asset Writedown & Restructuring Costs | 1.41M | 1.41M | 819.00K | 173.00K | 6.29M | 788.00K |
| Stock-Based Compensation | 18.82M | 15.20M | 18.18M | 30.02M | 19.65M | 18.91M |
| Other Operating Activities | -19.69M | -10.16M | -12.48M | -351.00M | -7.75M | 119.88M |
| Change in Accounts Receivable | -9.34M | -5.17M | -1.38M | -7.10M | -38.59M | 4.37M |
| Change in Inventory | -5.74M | -10.46M | -14.67M | 51.59M | -67.37M | -17.83M |
| Change in Accounts Payable | -4.92M | -4.66M | 3.06M | -5.45M | 7.58M | 13.30M |
| Change in Other Net Operating Assets | 36.92M | 27.20M | -46.39M | 55.70M | 1.69M | -11.93M |
| Operating Cash Flow | 405.88M | 363.87M | 296.43M | 92.86M | 157.46M | 199.15M |
| Capital Expenditures | -51.58M | -68.44M | -54.22M | -42.76M | -42.55M | -43.84M |
| Sale of Property, Plant & Equipment | 96.00K | 79.00K | 468.00K | 2.81M | ||
| Cash Acquisitions | -1.50M | -189.28M | -392.44M | |||
| Investment in Securities | 39.46M | 26.09M | ||||
| Other Investing Activities | -1.39M | -5.29M | ||||
| Investing Cash Flow | -52.98M | -257.63M | -53.76M | -39.95M | -4.48M | -415.47M |
| Long-Term Debt Issued | 1.14B | 1.15B | 1.90B | 1.01B | 1.64B | |
| Total Debt Issued | 1.34B | 1.14B | 1.15B | 1.90B | 1.01B | 1.64B |
| Long-Term Debt Repaid | -1.08B | -1.24B | -1.87B | -1.02B | -1.35B | |
| Total Debt Repaid | -1.42B | -1.08B | -1.24B | -1.87B | -1.02B | -1.35B |
| Net Debt Issued (Repaid) | -77.15M | 67.31M | -94.25M | 23.90M | -13.00M | 293.18M |
| Issuance of Common Stock | 2.13M | 2.61M | 1.86M | 2.44M | 5.54M | 6.62M |
| Repurchase of Common Stock | -127.48M | -89.96M | -37.34M | -3.96M | -34.39M | -6.17M |
| Preferred Dividends Paid | -41.00K | -41.00K | -41.00K | -41.00K | -41.00K | -41.00K |
| Common Dividends Paid | -82.84M | -82.30M | -78.72M | -73.45M | -71.46M | -68.55M |
| Dividends Paid | -82.88M | -82.34M | -78.76M | -73.49M | -71.50M | -68.59M |
| Other Financing Activities | -20.00K | -3.08M | -200.00K | -1.14M | -21.12M | |
| Financing Cash Flow | -285.39M | -105.47M | -208.69M | -52.25M | -113.35M | 203.93M |
| Foreign Exchange Rate Adjustments | -14.14M | 127.00K | -17.30M | -16.67M | -16.63M | -7.19M |
| Net Cash Flow | 53.36M | 895.00K | 16.69M | -16.02M | 22.99M | -19.60M |
| Free Cash Flow | 354.30M | 295.43M | 242.21M | 50.09M | 114.90M | 155.31M |
| Free Cash Flow Margin | 18.20% | 15.76% | 13.40% | 2.80% | 7.52% | 11.09% |
| Free Cash Flow Per Share | 9.07 | 7.51 | 6.13 | 1.27 | 2.92 | 3.94 |
| Levered Free Cash Flow | 316.46M | 202.76M | 225.25M | 305.74M | 113.03M | 171.63M |
| Unlevered Free Cash Flow | 336.77M | 222.63M | 248.30M | 334.95M | 126.57M | 178.36M |
| Cash Interest Paid | 32.13M | 32.13M | 35.70M | 47.26M | 20.74M | 9.29M |
| Cash Income Tax Paid | 101.61M | 101.61M | 102.67M | 69.08M | 60.49M | 45.56M |
| Change in Working Capital | 16.93M | 6.91M | -59.39M | 94.73M | -96.68M | -12.09M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.89B | 6.27B | 6.52B | 6.64B | 5.65B | 5.92B |
| Enterprise Value | 7.33B | 6.78B | 6.97B | 7.26B | 6.11B | 6.41B |
| Last Close Price | 178.57 | 158.78 | 162.25 | 163.40 | 137.86 | 142.35 |
| PE Ratio | 22.21 | 22.48 | 22.87 | 113.42 | 31.48 | 278.20 |
| Forward PE | 18.88 | 18.95 | 20.84 | 23.54 | 24.72 | 32.02 |
| PS Ratio | 3.54 | 3.34 | 3.60 | 3.71 | 3.70 | 4.23 |
| PB Ratio | 4.93 | 4.59 | 5.70 | 6.87 | 6.12 | 7.09 |
| P/TBV Ratio | 17.83 | 18.84 | 23.92 | 95.41 | 319.38 | |
| P/FCF Ratio | 19.44 | 21.22 | 26.91 | 132.49 | 49.19 | 38.11 |
| P/OCF Ratio | 16.97 | 17.23 | 21.98 | 71.47 | 35.90 | 29.72 |
| PEG Ratio | 2.09 | 2.09 | 2.09 | 2.09 | 2.98 | |
| EV/Sales Ratio | 3.77 | 3.62 | 3.85 | 4.06 | 4.00 | 4.58 |
| EV/EBITDA Ratio | 14.14 | 14.06 | 14.70 | 16.03 | 16.99 | 22.07 |
| EV/EBIT Ratio | 16.07 | 16.05 | 16.55 | 18.03 | 20.14 | 26.69 |
| EV/FCF Ratio | 20.70 | 22.94 | 28.78 | 144.91 | 53.19 | 41.27 |
| Debt / Equity Ratio | 0.46 | 0.47 | 0.48 | 0.67 | 0.66 | 0.77 |
| Debt / EBITDA Ratio | 1.20 | 1.29 | 1.14 | 1.39 | 1.62 | 2.10 |
| Debt / FCF Ratio | 1.82 | 2.17 | 2.29 | 12.90 | 5.29 | 4.11 |
| Net Debt / Equity Ratio | 0.32 | 0.35 | 0.34 | 0.52 | 0.47 | 0.54 |
| Net Debt / EBITDA Ratio | 0.85 | 0.99 | 0.82 | 1.10 | 1.21 | 1.54 |
| Net Debt / FCF Ratio | 1.25 | 1.61 | 1.61 | 9.98 | 3.79 | 2.89 |
| Asset Turnover | 0.76 | 0.79 | 0.83 | 0.79 | 0.64 | 0.65 |
| Inventory Turnover | 2.94 | 3.14 | 3.22 | 2.97 | 2.76 | 2.99 |
| Quick Ratio | 1.90 | 1.63 | 1.54 | 1.32 | 1.41 | 1.37 |
| Current Ratio | 3.24 | 3.01 | 2.79 | 2.36 | 2.54 | 2.40 |
| Return on Equity (ROE) | 23.66% | 22.22% | 27.01% | 6.20% | 20.43% | 2.59% |
| Return on Assets (ROA) | 11.07% | 11.09% | 12.03% | 11.07% | 7.95% | 6.95% |
| Return on Invested Capital (ROIC) | 19.00% | 19.05% | 21.34% | 8.08% | 17.30% | 19.73% |
| Return on Capital Employed (ROCE) | 19.70% | 18.60% | 22.00% | 21.90% | 14.90% | 11.60% |
| Earnings Yield | 4.50% | 4.45% | 4.37% | 0.88% | 3.18% | 0.36% |
| FCF Yield | 5.14% | 4.71% | 3.72% | 0.76% | 2.03% | 2.62% |
| Dividend Yield | 1.21% | 1.30% | 1.21% | 1.11% | 1.26% | 1.16% |
| Payout Ratio | 26.86% | 29.52% | 27.64% | 125.44% | 39.80% | 321.40% |
| Buyback Yield / Dilution | 1.07% | 0.48% | -0.16% | -0.17% | 0.11% | -0.41% |
| Total Shareholder Return | 2.28% | 1.78% | 1.05% | 0.94% | 1.37% | 0.75% |