Detailed financial statements for MSA Safety Incorporated (MSA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
MSA Safety Incorporated is a prominent global manufacturer and provider of safety equipment, specializing in the engineering, production, and distribution of solutions designed to safeguard both personnel and critical infrastructure. The company serves a diverse range of high-risk sectors, including the energy industry (oil, gas, and petrochemical), emergency services (fire departments), construction, industrial manufacturing, utilities, military, and mining.
Analysis Summary
MSA Safety Incorporated reported revenue of $1.87B in the most recent fiscal year, growing at a 5-year CAGR of 6.8%. Net income reached $278.9M, with a 17.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 47.6%, operating margin 23.3%, net margin 16.1%. Free cash flow grew at 13.4% CAGR over 5 years.
At the current price of $179.82, MSA trades at a P/E of 22.14 and an ROE of 23.15%. Market capitalisation stands at $6.9B.
Balance sheet quality for MSA: net debt of $462.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $295.4M represents 106% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.15B | $1.20B | $1.36B | $1.40B | $1.35B | $1.40B | $1.53B | $1.79B | $1.81B | $1.87B |
| Cost of Revenue | $627.3M | $657.9M | $746.2M | $763.4M | $752.7M | $784.8M | $854.1M | $935.5M | $947.7M | $1.00B |
| Gross Profit | $522.2M | $538.9M | $611.9M | $638.6M | $595.5M | $615.3M | $673.8M | $852.1M | $860.4M | $871.1M |
| Research & Development | $46.8M | $50.1M | $52.7M | $57.8M | $58.3M | $57.8M | $57.0M | $68.0M | $66.5M | $65.3M |
| Selling, General & Admin | $308.2M | $300.1M | $324.8M | $330.5M | $290.3M | $332.9M | $338.9M | $396.6M | $394.7M | $414.3M |
| Operating Expenses | $361.5M | $499.3M | $438.4M | $450.4M | $423.6M | $592.6M | $434.7M | $620.8M | $471.3M | $469.1M |
| Operating Income | $160.7M | $39.6M | $173.5M | $188.2M | $171.9M | $22.8M | $239.1M | $231.3M | $389.2M | $402.0M |
| EBITDA | $203.6M | $83.0M | $219.1M | $237.4M | $217.3M | $84.7M | $316.5M | $314.2M | $476.2M | $469.8M |
| Interest Expense | $16.4M | $15.4M | $18.9M | $13.6M | $9.4M | $10.8M | $21.7M | $46.7M | $36.9M | $31.8M |
| Pre-tax Income | $151.9M | $29.8M | $162.3M | $185.8M | $168.1M | $23.6M | $238.5M | $206.7M | $375.0M | $366.4M |
| Income Tax | $57.8M | $2.8M | $37.2M | $46.5M | $43.0M | $1.8M | $58.9M | $148.1M | $90.0M | $87.5M |
| Net Income | $91.9M | $26.0M | $124.2M | $138.0M | $124.1M | $21.3M | $179.6M | $58.6M | $285.0M | $278.9M |
| EPS | $2.45 | $0.68 | $3.24 | $3.52 | $3.19 | $0.54 | $4.58 | $1.49 | $7.24 | $7.11 |
| EPS (Diluted) | $2.42 | $0.67 | $3.19 | $3.48 | $3.16 | $0.54 | $4.56 | $1.48 | $7.21 | $7.09 |
| Shares Outstanding (Diluted) | $38.0M | $38.7M | $39.0M | $39.2M | $39.3M | $39.4M | $39.4M | $39.5M | $39.5M | $39.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $468.4M | $510.9M | $463.6M | $503.3M |
| Gross Profit | $217.6M | $239.4M | $219.6M | $249.3M |
| Operating Income | $94.3M | $144.1M | $97.7M | $117.7M |
| EBITDA | $119.5M | $144.1M | $119.0M | $137.1M |
| Net Income | $69.6M | $86.9M | $71.3M | $86.2M |
| EPS | $1.78 | $2.22 | $1.83 | $2.23 |
| EPS (Diluted) | $1.77 | $2.21 | $1.83 | $2.23 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $113.8M | $134.2M | $140.1M | $152.5M | $161.0M | $141.4M | $162.9M | $146.4M | $164.6M | $165.1M |
| Short-term Investments | 0 | 0 | $55.1M | $49.9M | $75.0M | $49.0M | $9.9M | 0 | 0 | 0 |
| Receivables | $215.7M | $261.5M | $248.6M | $266.4M | $268.1M | $266.7M | $303.0M | $294.7M | $279.2M | $306.5M |
| Inventory | $103.1M | $153.7M | $156.6M | $185.0M | $245.0M | $280.6M | $338.3M | $292.6M | $296.8M | $343.0M |
| Total Current Assets | $472.8M | $622.3M | $656.6M | $693.4M | $801.4M | $792.8M | $880.1M | $786.3M | $803.0M | $869.3M |
| Property, Plant & Equipment | $148.7M | $157.0M | $157.9M | $218.7M | $243.1M | $258.0M | $251.7M | $265.2M | $267.9M | $340.0M |
| Goodwill | $333.3M | $422.2M | $413.6M | $436.7M | $443.3M | $636.9M | $620.6M | $627.5M | $620.9M | $731.6M |
| Intangible Assets | $77.0M | $183.0M | $169.5M | $171.3M | $161.1M | $306.9M | $281.9M | $266.1M | $246.4M | $299.1M |
| Total Assets | $1.35B | $1.68B | $1.61B | $1.74B | $1.92B | $2.40B | $2.38B | $2.17B | $2.21B | $2.55B |
| Accounts Payable | $62.7M | $87.1M | $78.4M | $89.1M | $86.9M | $106.8M | $112.5M | $111.9M | $108.2M | $110.8M |
| Short-term Debt | $26.7M | $26.7M | $20.1M | $20.0M | $20.0M | $9.5M | $7.4M | $26.5M | $26.4M | $8.2M |
| Total Current Liabilities | $221.4M | $289.3M | $282.1M | $277.5M | $310.5M | $330.6M | $345.9M | $332.8M | $288.1M | $289.2M |
| Long-term Debt | $363.8M | $447.8M | $341.3M | $328.4M | $287.2M | $597.7M | $565.4M | $575.2M | $481.6M | $572.7M |
| Total Liabilities | $792.7M | $1.08B | $968.5M | $1.01B | $1.07B | $1.56B | $1.45B | $1.20B | $1.06B | $1.19B |
| Retained Earnings | $901.4M | $868.7M | $935.6M | $1.01B | $1.10B | $1.05B | $1.16B | $1.14B | $1.35B | $1.55B |
| Total Equity | $561.2M | $602.6M | $639.5M | $725.8M | $839.2M | $834.4M | $923.7M | $966.8M | $1.14B | $1.37B |
| Total Debt | $390.5M | $474.5M | $361.4M | $400.2M | $351.8M | $647.9M | $608.2M | $646.2M | $554.0M | $627.1M |
| Net Debt | $276.7M | $340.3M | $166.2M | $197.8M | $115.8M | $457.5M | $435.4M | $499.7M | $389.4M | $462.0M |
| Working Capital | $251.4M | $333.0M | $374.6M | $415.9M | $490.9M | $462.2M | $534.3M | $453.5M | $514.9M | $580.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $170.0M | $165.1M | $180.2M | $200.1M |
| Total Assets | $2.55B | $2.55B | $2.56B | $2.60B |
| Total Liabilities | $1.25B | $1.19B | $1.21B | $1.20B |
| Total Equity | $1.30B | $1.37B | $1.36B | $1.40B |
| Total Debt | $674.4M | $627.1M | $658.3M | $643.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $93.9M | $27.0M | $125.1M | $137.6M | $121.2M | $21.8M | $179.6M | $58.6M | $285.0M | $278.9M |
| Depreciation & Amortization | $35.3M | $37.9M | $37.9M | $38.0M | $39.7M | $50.3M | $56.3M | $60.8M | $64.3M | $71.6M |
| Stock-based Compensation | $9.2M | $11.8M | $12.2M | $13.8M | $6.9M | $18.9M | $19.6M | $30.0M | $18.2M | $15.2M |
| Change in Working Capital | $5.8M | $165.5M | $103.8M | -$10.7M | $6.7M | -$58.2M | -$96.7M | $94.7M | -$59.4M | $6.9M |
| Operating Cash Flow | $134.9M | $230.3M | $266.8M | $165.0M | $206.6M | $199.1M | $157.5M | $92.9M | $296.4M | $363.9M |
| Capital Expenditure | -$25.5M | -$23.7M | -$36.9M | -$36.6M | -$48.9M | -$49.1M | -$43.9M | -$42.8M | -$54.2M | -$68.4M |
| Acquisitions | -$18.4M | -$216.3M | $34.0M | -$33.2M | $48.9M | -$392.4M | $1.4M | 0 | 0 | -$189.3M |
| Stock Repurchased | -$1.9M | -$17.5M | -$4.8M | -$12.6M | -$29.1M | -$6.2M | -$34.4M | -$4.0M | -$37.3M | -$90.0M |
| Dividends Paid | -$49.1M | -$52.5M | -$57.2M | -$63.5M | -$66.6M | -$68.6M | -$71.5M | -$73.5M | -$78.8M | -$82.3M |
| Free Cash Flow | $109.4M | $206.6M | $229.9M | $128.4M | $157.7M | $150.0M | $113.5M | $50.1M | $242.2M | $295.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $112.5M | $122.4M | $75.7M | $95.4M |
| Capital Expenditure | -$12.0M | -$16.3M | -$10.6M | -$12.7M |
| Free Cash Flow | $100.5M | $106.0M | $65.1M | $82.7M |
| Dividends Paid | -$20.8M | -$20.7M | -$20.6M | -$20.9M |
| Stock-based Compensation | $3.4M | $3.8M | $3.8M | $7.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.1% | +13.5% | +3.2% | -3.8% | +3.9% | +9.1% | +17.0% | +1.1% | +3.7% | |
| Net Income Growth (YoY) | -71.7% | +377.0% | +11.2% | -10.1% | -82.8% | +741.8% | -67.4% | +386.4% | -2.1% | |
| EPS Growth (YoY) | -72.2% | +376.5% | +8.6% | -9.4% | -83.1% | +748.1% | -67.5% | +385.9% | -1.8% | |
| Shares Change (YoY) | +1.9% | +0.7% | +0.6% | +0.2% | +0.4% | -0.1% | +0.2% | +0.2% | -0.5% | |
| FCF Growth (YoY) | +88.9% | +11.3% | -44.2% | +22.8% | -4.8% | -24.3% | -55.9% | +383.5% | +22.0% | |
| Gross Margin | 45.4% | 45.0% | 45.1% | 45.6% | 44.2% | 43.9% | 44.1% | 47.7% | 47.6% | 46.5% |
| Operating Margin | 14.0% | 3.3% | 12.8% | 13.4% | 12.7% | 1.6% | 15.7% | 12.9% | 21.5% | 21.4% |
| EBITDA Margin | 17.7% | 6.9% | 16.1% | 16.9% | 16.1% | 6.0% | 20.7% | 17.6% | 26.3% | 25.1% |
| Net Margin | 8.0% | 2.2% | 9.1% | 9.8% | 9.2% | 1.5% | 11.8% | 3.3% | 15.8% | 14.9% |
| FCF Margin | 9.5% | 17.3% | 16.9% | 9.2% | 11.7% | 10.7% | 7.4% | 2.8% | 13.4% | 15.8% |
| Effective Tax Rate | 38.1% | 9.5% | 22.9% | 25.1% | 25.6% | 7.7% | 24.7% | 71.7% | 24.0% | 23.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.88 | $5.34 | $5.90 | $3.28 | $4.01 | $3.80 | $2.88 | $1.27 | $6.13 | $7.51 |
| Dividends Per Share | $1.29 | $1.36 | $1.47 | $1.62 | $1.69 | $1.74 | $1.81 | $1.86 | $1.99 | $2.09 |
| Shares Outstanding (Basic) | $37.5M | $38.0M | $38.4M | $38.7M | $38.9M | $39.2M | $39.2M | $39.3M | $39.4M | $39.2M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 23.15% |
| Return on Invested Capital | 14.97% |
| Return on Assets | 12.07% |
| Gross Margin | 47.57% |
| Operating Margin | 23.32% |
| Net Margin | 16.13% |
Financial Health
| Debt / Equity | 0.46 |
| Current Ratio | 3.24 |
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Explore sector: Industrials · Security & Protection Services
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