MSA Industrials

MSA Safety Incorporated

$174.06-6.64%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Industrials
Industry: Security & Protection Services
Country: United States
Market cap: 6.7B USD
Enterprise value: 7.3B USD
Full-time employees: 5,300

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity
Drawback: its share price swings more than most peers’ (beta 0.91 vs a peer median of 0.64), though less than the overall marketbigger price swings (beta 0.91 vs peers 0.64)
About average: growth and valuation

Ranks #338 of 2,308 industrials companies (top 15%)

See how it ranks against its peers

Worth knowing

Profits growing faster than sales. Since 2022: revenue +23%, operating profit +55%.
Since 2022, MSA Safety's revenue grew 23% while operating profit grew 55%: each extra dollar of sales is adding more profit.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.3B in 2020 to $1.9B in 2025.
MSA Safety's fiscal-year revenue rose in each of the five years to 2025, from $1.3B to $1.9B.
Profit is backed by cash. Free cash flow is 113% of reported profit.
MSA Safety's free cash flow is 113% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Wide margins. Operating margin 21% (12 months to Jun 2026) vs a peer median of 7.7%.Operating margin 21% vs peers 7.7%.
MSA Safety keeps 21% of revenue as operating profit, more than 90% of peers (median 7.7%).

StockQuotient Score

69/ 100

Oct 5 69 → Nov 4 69

Valuation

Is the price right?

53/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 52 → 53

Share price -2.9%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.7%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.31Sector median: 0.0377 · MAD: 0.0294

EBITDA yield6.9%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.02Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield5.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.43Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield20.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

56/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Helped by:

▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth15.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.32Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth5.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.16Sector median: 0.0421 · MAD: 0.0625

Revenue growth6.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.27Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

94/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ Operating margin
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin21.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.66Sector median: 0.0773 · MAD: 0.0507

Return on assets12.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.33Sector median: 0.0311 · MAD: 0.0241

Return on invested capital18.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.97Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin47.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity22.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.91

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.98Sector median: 0.6440 · MAD: 0.2745

Current ratio3.24×

SEC filings · latest balance sheetReported value33% base weight · Z-score 3.02Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.43×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.08Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about MSA Safety

Is MSA Safety getting weaker?: Its latest SEC filing (Jul 31, 2026) showed no major changes. Its overall score is unchanged at 69/100 since Oct 28, 2026.
How is MSA Safety valued vs its peers?: Priced about in line with its peers. Valuation scores 53/100 against 2,459 industrials peers. Free cash flow yield 5.3% vs a peer median of 3.7% (stronger than 63% of peers).Free cash flow yield 5.3% vs peers 3.7% (stronger than 63% of peers).
Is MSA Safety growing?: At about the same pace as its peers. Growth scores 56/100 against 2,459 industrials peers. Earnings per share growth 15.0% vs a peer median of 7.1% (stronger than 62% of peers).Earnings per share growth 15.0% vs peers 7.1% (stronger than 62% of peers).
How profitable is MSA Safety?: More profitable than most of its peers. Profitability scores 94/100 against 2,459 industrials peers. Return on assets 12.1% vs a peer median of 3.1% (stronger than 95% of peers).Return on assets 12.1% vs peers 3.1% (stronger than 95% of peers).
How risky is MSA Safety?: Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 3.24× vs a peer median of 1.62× (stronger than 87% of peers).Current ratio 3.24× vs peers 1.62× (stronger than 87% of peers). Beta 0.91 vs a peer median of 0.64 (weaker than 70% of peers).Beta 0.91 vs peers 0.64 (weaker than 70% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 31, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.9B USD	1.9B USD	+1.5%
Net income (12 months)	290.6M USD	314.0M USD	+8.1%
Operating margin	20.2%	21.2%	+1.0 pts
Free cash flow (12 months)	309.5M USD	354.3M USD	+14.5%
Debt	613.1M USD	599.7M USD	−2.2%
Cash	180.2M USD	200.1M USD	+11.0%
Shares outstanding	38.6M	38.6M	−0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Security & Protection Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	43.9%	44.1%	47.7%	47.6%	46.5%	▼ 1.1 pts
Operating margin	1.6%	15.7%	12.9%	21.5%	19.8%	▼ 1.7 pts
Net margin	1.5%	11.8%	3.3%	15.8%	14.9%	▼ 0.9 pts
Return on assets (ROA)	0.9%	7.6%	2.7%	12.9%	10.9%	▼ 2.0 pts
Return on equity (ROE)	2.6%	19.4%	6.1%	24.9%	20.4%	▼ 4.5 pts
Free cash flow margin	11.1%	7.5%	2.8%	13.4%	15.8%	▲ 2.4 pts
Current ratio	2.40×	2.54×	2.36×	2.79×	3.01×	▲ 7.8%
Quick ratio	1.55×	1.57×	1.48×	1.76×	1.82×	▲ 3.6%
Debt to equity	0.72×	0.62×	0.62×	0.44×	0.42×	▼ 4.4%
Interest coverage	2.12×	11.04×	4.95×	10.55×	11.69×	▲ 11%

MSA price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

One and one Green Technologies. IncYDDL95/ 100

Prored Partners CO.,LTD.7034.T94/ 100

Promotora y Operadora de Infraestructura, S. A. B. de C. V.PINFRA.MX93/ 100

Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity

Drawback: its share price swings more than most peers’ (beta 0.91 vs a peer median of 0.64), though less than the overall marketbigger price swings (beta 0.91 vs peers 0.64)

About average: growth and valuation

Ranks #338 of 2,308 industrials companies (top 15%)

See how it ranks against its peers

Worth knowing

Profits growing faster than sales. Since 2022: revenue +23%, operating profit +55%.

Since 2022, MSA Safety's revenue grew 23% while operating profit grew 55%: each extra dollar of sales is adding more profit.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.3B in 2020 to $1.9B in 2025.

MSA Safety's fiscal-year revenue rose in each of the five years to 2025, from $1.3B to $1.9B.

Profit is backed by cash. Free cash flow is 113% of reported profit.

MSA Safety's free cash flow is 113% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Wide margins. Operating margin 21% (12 months to Jun 2026) vs a peer median of 7.7%.Operating margin 21% vs peers 7.7%.

MSA Safety keeps 21% of revenue as operating profit, more than 90% of peers (median 7.7%).

Questions investors ask about MSA Safety

Is MSA Safety getting weaker?

Its latest SEC filing (Jul 31, 2026) showed no major changes. Its overall score is unchanged at 69/100 since Oct 28, 2026.

How is MSA Safety valued vs its peers?

Priced about in line with its peers. Valuation scores 53/100 against 2,459 industrials peers. Free cash flow yield 5.3% vs a peer median of 3.7% (stronger than 63% of peers).Free cash flow yield 5.3% vs peers 3.7% (stronger than 63% of peers).

Is MSA Safety growing?

At about the same pace as its peers. Growth scores 56/100 against 2,459 industrials peers. Earnings per share growth 15.0% vs a peer median of 7.1% (stronger than 62% of peers).Earnings per share growth 15.0% vs peers 7.1% (stronger than 62% of peers).

How profitable is MSA Safety?

More profitable than most of its peers. Profitability scores 94/100 against 2,459 industrials peers. Return on assets 12.1% vs a peer median of 3.1% (stronger than 95% of peers).Return on assets 12.1% vs peers 3.1% (stronger than 95% of peers).

How risky is MSA Safety?

Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 3.24× vs a peer median of 1.62× (stronger than 87% of peers).Current ratio 3.24× vs peers 1.62× (stronger than 87% of peers). Beta 0.91 vs a peer median of 0.64 (weaker than 70% of peers).Beta 0.91 vs peers 0.64 (weaker than 70% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.9B USD

1.9B USD

+1.5%

Net income (12 months)

290.6M USD

314.0M USD

+8.1%

Operating margin

20.2%

21.2%

+1.0 pts

Free cash flow (12 months)

309.5M USD

354.3M USD

+14.5%

Debt

613.1M USD

599.7M USD

−2.2%

Cash

180.2M USD

200.1M USD

+11.0%

Shares outstanding

38.6M

38.6M

−0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

43.9%

44.1%

47.7%

47.6%

46.5%

▼ 1.1 pts

Operating margin

1.6%

15.7%

12.9%

21.5%

19.8%

▼ 1.7 pts

Net margin

1.5%

11.8%

3.3%

15.8%

14.9%

▼ 0.9 pts

Return on assets (ROA)

0.9%

7.6%

2.7%

12.9%

10.9%

▼ 2.0 pts

Return on equity (ROE)

2.6%

19.4%

6.1%

24.9%

20.4%

▼ 4.5 pts

Free cash flow margin

11.1%

7.5%

2.8%

13.4%

15.8%

▲ 2.4 pts

Current ratio

2.40×

2.54×

2.36×

2.79×

3.01×

▲ 7.8%

Quick ratio

1.55×

1.57×

1.48×

1.76×

1.82×

▲ 3.6%

Debt to equity

0.72×

0.62×

0.44×

0.42×

▼ 4.4%

Interest coverage

2.12×

11.04×

4.95×

10.55×

11.69×

▲ 11%