MSANYSEOrthopedic, Prosthetic & Surgical Appliances & SuppliesFiscal year ends December 31Also trades as MNESP
MSA Safety Inc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 31, 2026
$178.74−0.31 (-0.17%)
Close on Oct 19, 2026
- Market cap
- $6.92B
- P/E (TTM)
- 22.2
- Dividend yield
- 1.17%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
46.5%+2.3 pts over 5 years
Operating margin
19.8%+7.1 pts over 5 years
Net margin
14.9%+5.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.7% | +7.1% | +6.8% | +5.2% | |
| Gross profit | +1.2% | +8.9% | +7.9% | +5.7% | |
| Operating income | -4.5% | +15.8% | +16.7% | +11.7% | |
| Net income | -2.1% | +15.8% | +17.6% | +14.7% | |
| EPS, diluted | -1.7% | +15.8% | +17.6% | +14.3% | |
| Free cash flow | +22.0% | +37.0% | +13.4% | +31.6% | |
| Dividend per share | +5.0% | +4.9% | +4.2% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 17.1% | 15.9% | – | |
| Return on assets | 6.6% | 6.7% | 11.7% | |
| Current ratio | 2.14 | 2.58 | 3.01 | |
| Debt to equity | 0.70 | 0.37 | – | |
| Net debt to EBITDA | 1.41× | 0.69× | 0.94× | |
| Interest coverage | 9.8× | 18.2× | 11.7× | |
| Inventory turnover | 5.5× | 3.5× | 3.1× | |
| Capex to revenue | 2.2% | 3.6% | 3.7% | |
| Diluted shares | 38M | 39M | 39M |
Where the cash went
Fiscal 2021 to 2025, five years combined
MSA Safety generated $1.11B from operations and spent $798.32M on capital expenditure, dividends and share buybacks. 32% of that went back into the business.
Generated
$1.11B
Used
$798.32M
Capital expenditure$251.82M32%Dividends$374.67M47%Share buybacks$171.83M22%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.5%
×Asset turnover0.65×
×Equity multiplier2.58×
=Return on equity, FY20212.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2021 | 1.5% | 0.65× | 2.58× | 2.6% |
| FY2020 | 9.2% | 0.73× | 2.37× | 15.9% |
| FY2019 | 9.8% | 0.83× | 2.49× | 20.3% |
| FY2018 | 9.1% | 0.82× | 2.67× | 20.2% |
| FY2017 | 2.2% | 0.79× | 2.63× | 4.5% |
| FY2016 | 8.0% | 0.83× | 2.58× | 17.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$278.92M
- Cash generatingOperating cash flow above zero$363.87M
- Return on assets improvedROA up on the prior year13.1% → 12.6%
- Earnings backed by cashOperating cash flow above net income$363.87M vs $278.92M
- Less leverageLong-term debt to assets fell21.8% → 22.4%
- Better liquidityCurrent ratio rose2.79 → 3.01
- No dilutionShare count did not rise40M → 39M
- Gross margin improvedGross margin up on the prior year47.59% → 46.46%
- More efficientAsset turnover rose0.83 → 0.85