MSA · Msa Safety Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.87B | $1.81B | $1.79B | $1.53B | $1.40B | $1.35B |
| Cost of Revenue | $1.00B | $947.70M | $935.51M | $854.12M | $784.83M | $757.77M |
| Gross Profit | $871.11M | $860.45M | $852.14M | $673.83M | $615.35M | $590.45M |
| R&D | $65.34M | $66.53M | $67.99M | $57.01M | $57.79M | $58.27M |
| SG&A | $414.25M | $394.71M | $396.64M | $338.87M | $332.86M | $290.33M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $71.59M | $64.33M | $51.53M | $47.11M | $45.42M | $39.67M |
| Operating Income | $371.82M | $389.18M | $231.32M | $239.14M | $22.78M | $166.85M |
| Interest Expense | $31.80M | $36.89M | $46.73M | $21.66M | $10.76M | $9.43M |
| Income Tax | $87.47M | $90.04M | $148.10M | $58.90M | $1.82M | $41.94M |
| Net Income | $278.92M | $284.97M | $58.58M | $179.63M | $21.34M | $120.10M |
| EPS - Basic | $7.11 | $7.24 | $1.49 | $4.58 | $3.19 | - |
| EPS - Diluted | $7.09 | $7.21 | $1.48 | $4.56 | $3.15 | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $165.07M | $164.56M | $146.44M | $162.90M | $140.90M | $160.67M |
| Accounts Receivable | $306.45M | $279.21M | $294.68M | $297.03M | $254.19M | $252.28M |
| Inventory | $343.04M | $296.80M | $292.60M | $338.32M | $280.62M | $197.82M |
| Accounts Payable | $110.78M | $108.16M | $111.87M | $112.53M | $106.78M | $86.85M |
| Current Assets | $869.29M | $803.03M | $786.27M | $880.13M | $792.80M | $754.28M |
| Total Assets | $2.55B | $2.21B | $2.17B | $2.38B | $2.40B | $1.87B |
| Current Liabilities | $289.21M | $288.09M | $332.82M | $345.87M | $330.61M | $310.55M |
| Long-term Debt | $572.71M | $481.62M | $575.17M | $565.45M | $597.65M | $287.16M |
| Total Liabilities | $1.19B | $1.06B | $1.20B | $1.45B | $1.56B | $1.06B |
| Stockholders' Equity | $1.37B | $1.14B | $966.80M | $923.74M | $834.39M | $801.90M |
| Retained Earnings | $1.55B | $1.35B | $1.14B | $1.16B | $1.05B | $1.07B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $363.87M | $296.43M | $92.86M | $157.46M | $199.15M | $206.56M |
| Investing Cash Flow | ($257.63M) | ($53.76M) | ($39.95M) | ($4.48M) | ($415.47M) | ($72.77M) |
| Financing Cash Flow | ($105.47M) | ($208.69M) | ($52.25M) | ($113.35M) | $203.93M | ($126.53M) |
| CapEx | $68.44M | $54.22M | $42.76M | $42.55M | $43.84M | $48.91M |
| Free Cash Flow | $295.43M | $242.21M | $50.09M | $114.90M | $155.31M | $157.65M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 46.5% | 47.6% | 47.7% | 44.1% | 43.9% | 43.8% |
| Operating margin | 19.8% | 21.5% | 12.9% | 15.7% | 1.6% | 12.4% |
| EBITDA margin | 23.7% | 25.1% | 15.8% | 18.7% | 4.9% | 15.3% |
| Net margin | 14.9% | 15.8% | 3.3% | 11.8% | 1.5% | 8.9% |
| Free cash flow margin | 15.8% | 13.4% | 2.8% | 7.5% | 11.1% | 11.7% |
| FCF / Net income | 1.06 | 0.85 | 0.86 | 0.64 | 7.28 | 1.31 |
| R&D / Revenue | 3.5% | 3.7% | 3.8% | 3.7% | 4.1% | 4.3% |
| SG&A / Revenue | 22.1% | 21.8% | 22.2% | 22.2% | 23.8% | 21.5% |
| Effective tax rate | 23.9% | 24.0% | 71.7% | 24.7% | 7.8% | 25.9% |
| Return on assets | 10.9% | 12.9% | 2.7% | 7.6% | 0.9% | 6.4% |
| Return on equity | 20.4% | 24.9% | 6.1% | 19.4% | 2.6% | 15.0% |
| Return on invested capital | 14.6% | 18.2% | 7.5% | 12.1% | 1.5% | 11.4% |
| Liquidity | ||||||
| Current ratio | 3.01 | 2.79 | 2.36 | 2.54 | 2.40 | 2.43 |
| Quick ratio | 1.82 | 1.76 | 1.48 | 1.57 | 1.55 | 1.79 |
| Cash ratio | 0.57 | 0.57 | 0.44 | 0.47 | 0.43 | 0.52 |
| Leverage | ||||||
| Debt / Equity | 0.42 | 0.42 | 0.59 | 0.61 | 0.72 | 0.36 |
| Debt / Assets | 0.22 | 0.22 | 0.27 | 0.24 | 0.25 | 0.15 |
| Debt / EBITDA | 1.29 | 1.06 | 2.03 | 1.98 | 8.76 | 1.39 |
| Interest coverage | 11.7x | 10.5x | 4.9x | 11.0x | 2.1x | 17.7x |
| Equity multiplier | 1.87 | 1.93 | 2.24 | 2.57 | 2.87 | 2.34 |
| Liabilities / Assets | 0.46 | 0.48 | 0.55 | 0.61 | 0.65 | 0.57 |
| Efficiency | ||||||
| Asset turnover | 0.73 | 0.82 | 0.82 | 0.64 | 0.58 | 0.72 |
| Inventory turnover | 2.93 | 3.19 | 3.20 | 2.52 | 2.80 | 3.83 |
| Days sales outstanding | 60d | 56d | 60d | 71d | 66d | 68d |
| Days inventory outstanding | 125d | 114d | 114d | 145d | 131d | 95d |
| Days payable outstanding | 40d | 42d | 44d | 48d | 50d | 42d |
| Cash conversion cycle | 144d | 129d | 131d | 167d | 147d | 122d |
| Valuation | ||||||
| P / E | 22.6x | 23.0x | 114.1x | 31.6x | 47.9x | - |
| P / B | 4.6x | 5.7x | 6.9x | 6.2x | 7.1x | 7.3x |
| P / S | 3.4x | 3.6x | 3.7x | 3.7x | 4.3x | 4.4x |
| EV / EBITDA | 15.1x | 15.2x | 25.1x | 21.3x | 94.0x | 29.0x |
| Growth | ||||||
| Revenue growth (YoY) | 3.7% | 1.1% | 17.0% | 9.1% | 3.9% | -3.8% |
| Revenue CAGR (3y) | 7.1% | 8.9% | 9.9% | 2.9% | 6.8% | 4.1% |
| Revenue CAGR (5y) | 6.8% | 5.2% | 9.2% | 5.0% | 4.0% | 3.6% |
| Gross profit growth (YoY) | 1.2% | 1.0% | 26.5% | 9.5% | 4.2% | -7.3% |
| Operating income growth (YoY) | -4.5% | 68.2% | -3.3% | 949.8% | -86.3% | -10.4% |
| Net income growth (YoY) | -2.1% | 386.4% | -67.4% | 741.8% | -82.2% | -12.0% |
| EPS growth (YoY) | -1.7% | 387.2% | -67.5% | 44.8% | - | - |
| EPS CAGR (3y) | 15.8% | 31.8% | - | - | -0.3% | - |
| EPS CAGR (5y) | - | - | -14.2% | 46.7% | 5.4% | - |
| FCF growth (YoY) | 22.0% | 383.5% | -56.4% | -26.0% | -1.5% | 22.8% |
| FCF CAGR (5y) | 13.4% | 13.5% | -26.3% | -11.1% | 7.3% | 52.7% |
| Book value growth (YoY) | 19.6% | 18.3% | 4.7% | 10.7% | 4.1% | 10.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.49B totalAmericas Segment$1.26B · 50.7%
International$612.97M · 24.6%
International Segment$612.97M · 24.6%
Product / service
$1.87B totalDetection$763.39M · 40.7%
Firefighter Safety$647.47M · 34.5%
Industrial PPEAnd Other$463.95M · 24.7%
Geographic
$1.87B totalUS$943.36M · 50.3%
Non Us$931.45M · 49.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.34
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Orthopedic, Prosthetic & Surgical Appliances & Supplies
Comparing MSA Safety Inc against the 5 most active filers in the same SIC group.
Dividends
$2.13/share trailing 12 months · +3.4% YoY
| Ex-date | Per share |
|---|---|
| May 15, 2026 | $0.5400 |
| Feb 13, 2026 | $0.5300 |
| Nov 14, 2025 | $0.5300 |
| Aug 15, 2025 | $0.5300 |
| May 15, 2025 | $0.5300 |
| Feb 14, 2025 | $0.5100 |
| Nov 15, 2024 | $0.5100 |
| Aug 15, 2024 | $0.5100 |
| May 14, 2024 | $0.5100 |
| Feb 14, 2024 | $0.4700 |
| Nov 14, 2023 | $0.4700 |
| Aug 15, 2023 | $0.4700 |
| May 15, 2023 | $0.4700 |
| Feb 13, 2023 | $0.4600 |
| Nov 14, 2022 | $0.4600 |
| Aug 15, 2022 | $0.4600 |
| May 13, 2022 | $0.4600 |
| Feb 11, 2022 | $0.4400 |
| Nov 12, 2021 | $0.4400 |
| Aug 13, 2021 | $0.4400 |
| May 14, 2021 | $0.4400 |
| Feb 18, 2021 | $0.4300 |
| Nov 10, 2020 | $0.4300 |
| Aug 14, 2020 | $0.4300 |