MSA Safety (MSA)
Market Price (5/20/2026): $165.2 | Market Cap: $6.4 BilSector: Industrials | Industry: Office Services & Supplies
MSA Safety (MSA)
Market Price (5/20/2026): $165.2Market Cap: $6.4 BilSector: IndustrialsIndustry: Office Services & Supplies
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Automation & Robotics, Renewable Energy Transition, and Water Infrastructure. Themes include Industrial Robotics, Show more. | Weak multi-year price returns2Y Excs Rtn is -51%, 3Y Excs Rtn is -59% | Key risksMSA key risks include [1] significant exposure to product liability claims, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Renewable Energy Transition, and Water Infrastructure. Themes include Industrial Robotics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -51%, 3Y Excs Rtn is -59% |
| Key risksMSA key risks include [1] significant exposure to product liability claims, Show more. |
Qualitative Assessment
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MSA Safety (MSA) stock has lost about 5% since 1/31/2026 because of the following key factors:
1. Mixed Q4 2025 Earnings Report and Subsequent Correction: MSA Safety reported Q4 2025 adjusted earnings per share (EPS) of $2.38 on February 11, 2026, which surpassed the consensus estimate of $2.26 by 5.3%. However, the company's revenue of $510.9 million slightly missed analyst expectations of $513.2 million, and organic sales experienced a 3% year-over-year decrease, primarily due to timing delays in fire service. Following this mixed report, the stock briefly surged to an all-time high of $202.55 on February 12, 2026, before correcting downwards as investors likely reassessed the underlying organic growth challenges. This initial overvaluation and the subsequent recalibration contributed to the stock's decline from its peak in mid-February.
2. Weak International Organic Sales in Q1 2026: Despite MSA Safety surpassing overall Q1 2026 earnings and revenue estimates, its International segment showed a notable 7% decline in organic sales. This segment-specific weakness was attributed to "double-digit contractions in detection and fire service" in international markets, indicating localized operational challenges or softening demand in these key product areas. This specific segment underperformance likely contributed to investor caution regarding the company's broader growth trajectory.
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1. Mixed Q4 2025 Earnings Report and Subsequent Correction: MSA Safety reported Q4 2025 adjusted earnings per share (EPS) of $2.38 on February 11, 2026, which surpassed the consensus estimate of $2.26 by 5.3%. However, the company's revenue of $510.9 million slightly missed analyst expectations of $513.2 million, and organic sales experienced a 3% year-over-year decrease, primarily due to timing delays in fire service. Following this mixed report, the stock briefly surged to an all-time high of $202.55 on February 12, 2026, before correcting downwards as investors likely reassessed the underlying organic growth challenges. This initial overvaluation and the subsequent recalibration contributed to the stock's decline from its peak in mid-February.
2. Weak International Organic Sales in Q1 2026: Despite MSA Safety surpassing overall Q1 2026 earnings and revenue estimates, its International segment showed a notable 7% decline in organic sales. This segment-specific weakness was attributed to "double-digit contractions in detection and fire service" in international markets, indicating localized operational challenges or softening demand in these key product areas. This specific segment underperformance likely contributed to investor caution regarding the company's broader growth trajectory.
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Stock Movement Drivers
Fundamental Drivers
The -6.3% change in MSA stock from 1/31/2026 to 5/19/2026 was primarily driven by a -10.4% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 176.14 | 165.11 | -6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,864 | 1,917 | 2.9% |
| Net Income Margin (%) | 15.0% | 15.2% | 0.9% |
| P/E Multiple | 24.6 | 22.1 | -10.4% |
| Shares Outstanding (Mil) | 39 | 39 | 0.8% |
| Cumulative Contribution | -6.3% |
Market Drivers
1/31/2026 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MSA | -6.3% | |
| Market (SPY) | 6.3% | 53.0% |
| Sector (XLI) | 2.3% | 76.9% |
Fundamental Drivers
The 6.1% change in MSA stock from 10/31/2025 to 5/19/2026 was primarily driven by a 2.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 155.62 | 165.11 | 6.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,864 | 1,917 | 2.9% |
| Net Income Margin (%) | 15.0% | 15.2% | 0.9% |
| P/E Multiple | 21.8 | 22.1 | 1.4% |
| Shares Outstanding (Mil) | 39 | 39 | 0.8% |
| Cumulative Contribution | 6.1% |
Market Drivers
10/31/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MSA | 6.1% | |
| Market (SPY) | 8.2% | 49.1% |
| Sector (XLI) | 9.5% | 71.7% |
Fundamental Drivers
The 6.5% change in MSA stock from 4/30/2025 to 5/19/2026 was primarily driven by a 6.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 155.00 | 165.11 | 6.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,808 | 1,917 | 6.0% |
| Net Income Margin (%) | 15.8% | 15.2% | -3.8% |
| P/E Multiple | 21.4 | 22.1 | 3.1% |
| Shares Outstanding (Mil) | 39 | 39 | 1.3% |
| Cumulative Contribution | 6.5% |
Market Drivers
4/30/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MSA | 6.5% | |
| Market (SPY) | 33.8% | 48.9% |
| Sector (XLI) | 30.3% | 64.7% |
Fundamental Drivers
The 32.3% change in MSA stock from 4/30/2023 to 5/19/2026 was primarily driven by a 28.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 124.83 | 165.11 | 32.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,528 | 1,917 | 25.5% |
| Net Income Margin (%) | 11.8% | 15.2% | 28.9% |
| P/E Multiple | 27.2 | 22.1 | -18.9% |
| Shares Outstanding (Mil) | 39 | 39 | 0.9% |
| Cumulative Contribution | 32.3% |
Market Drivers
4/30/2023 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MSA | 32.3% | |
| Market (SPY) | 83.3% | 50.4% |
| Sector (XLI) | 76.5% | 62.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MSA Return | 2% | -3% | 19% | -1% | -2% | 6% | 21% |
| Peers Return | 10% | -10% | 18% | 35% | 7% | -0% | 67% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| MSA Win Rate | 50% | 50% | 42% | 50% | 50% | 80% | |
| Peers Win Rate | 55% | 42% | 43% | 58% | 53% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| MSA Max Drawdown | -18% | -27% | -20% | -18% | -22% | -21% | |
| Peers Max Drawdown | -22% | -36% | -21% | -17% | -28% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HON, MMM, AXON, DD, GNTX. See MSA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/19/2026 (YTD)
How Low Can It Go
| Event | MSA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.9% | -18.8% |
| % Gain to Breakeven | 21.8% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.6% | -9.5% |
| % Gain to Breakeven | 13.1% | 10.5% |
| Time to Breakeven | 28 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.4% | -24.5% |
| % Gain to Breakeven | 34.1% | 32.4% |
| Time to Breakeven | 250 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.2% | -33.7% |
| % Gain to Breakeven | 61.7% | 50.9% |
| Time to Breakeven | 196 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.7% | -19.2% |
| % Gain to Breakeven | 18.6% | 23.8% |
| Time to Breakeven | 59 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -19.5% | -12.2% |
| % Gain to Breakeven | 24.2% | 13.9% |
| Time to Breakeven | 56 days | 62 days |
In The Past
MSA Safety's stock fell -17.9% during the 2025 US Tariff Shock. Such a loss loss requires a 21.8% gain to breakeven.
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| Event | MSA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.4% | -24.5% |
| % Gain to Breakeven | 34.1% | 32.4% |
| Time to Breakeven | 250 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.2% | -33.7% |
| % Gain to Breakeven | 61.7% | 50.9% |
| Time to Breakeven | 196 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.5% | -6.8% |
| % Gain to Breakeven | 39.8% | 7.3% |
| Time to Breakeven | 145 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.9% | -17.9% |
| % Gain to Breakeven | 40.7% | 21.8% |
| Time to Breakeven | 36 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.6% | -15.4% |
| % Gain to Breakeven | 32.6% | 18.2% |
| Time to Breakeven | 133 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -69.8% | -53.4% |
| % Gain to Breakeven | 230.9% | 114.4% |
| Time to Breakeven | 1424 days | 1085 days |
In The Past
MSA Safety's stock fell -17.9% during the 2025 US Tariff Shock. Such a loss loss requires a 21.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MSA Safety (MSA)
MSA Safety Incorporated develops, manufactures, and supplies safety products that protect people and facility infrastructures in the oil, gas, petrochemical, fire service, construction, industrial manufacturing applications, utilities, military, and mining industries in North America, Latin America, and internationally. The company's core product offerings include permanently installed fixed gas and flame detection instruments, such as permanently installed gas detection monitoring systems, and flame detectors and open-path infrared gas detectors, as well as replacement components and related services to detect the presence or absence of various gases in the air. Its core product offerings also comprise breathing apparatus products, such as self-contained breathing apparatus; hand-held portable gas detection instruments; industrial head protection products; firefighter helmets and protective apparel; and fall protection equipment, including confined space equipment, harnesses, lanyards, and self-retracting lifelines, as well as engineered systems. In addition, the company offers air-purifying respirators, eye and face protection products, ballistic helmets, and gas masks. It serves distributors and end-users through indirect and direct sales channels. The company offers its product under the V-Gard, Cairns, and Gallet brand names. MSA Safety Incorporated was founded in 1914 and is based in Cranberry Township, Pennsylvania.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe MSA Safety (MSA):
- The Honeywell of specialized industrial and firefighter safety equipment.
- The 3M for critical life-saving industrial safety products and detection systems.
- The Johnson Controls for critical industrial safety and gas/flame detection systems.
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- Fixed Gas and Flame Detection Instruments: Permanently installed systems, including gas detection monitors, flame detectors, and open-path infrared gas detectors, along with related services, to detect various gases.
- Breathing Apparatus Products: Self-contained breathing apparatus (SCBA) designed to provide breathable air in hazardous environments.
- Portable Gas Detection Instruments: Hand-held devices used for mobile detection of various gases.
- Industrial Head Protection Products: Equipment designed to protect the head in industrial settings.
- Firefighter Helmets and Protective Apparel: Specialized helmets and clothing providing protection for firefighters.
- Fall Protection Equipment: Products such as harnesses, lanyards, self-retracting lifelines, and confined space equipment to prevent falls.
- Air-Purifying Respirators: Devices that filter contaminants from the air to protect the user's respiratory system.
- Eye and Face Protection Products: Gear designed to safeguard the eyes and face from hazards.
- Ballistic Helmets: Helmets engineered to offer protection against ballistic threats.
- Gas Masks: Devices providing respiratory protection against harmful airborne substances and toxic gases.
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MSA Safety (MSA) primarily sells its safety products to other companies.
Based on the provided background information, while specific names of individual customer companies are not disclosed, its major customers are organizations and entities operating within the following broad industry categories:
- Oil, Gas, and Petrochemical Industries: Companies involved in the extraction, processing, and distribution of oil, natural gas, and petrochemical products.
- Fire Service: Fire departments and other emergency response organizations.
- Construction Industry: Businesses engaged in various building and infrastructure projects.
- Industrial Manufacturing Applications: Factories and plants across a range of manufacturing sectors.
- Utilities: Companies providing essential services such as electricity, water, and gas.
- Military: Defense organizations and armed forces.
- Mining Industry: Companies involved in mineral extraction and processing.
The company also serves these end-users through distributors, utilizing both indirect and direct sales channels.
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Steven C. Blanco, President and Chief Executive Officer
Mr. Blanco joined MSA Safety in 2012 and was elected CEO, effective May 10, 2024, after serving as President and Chief Operating Officer. He previously led the Americas business segment from 2017 to 2022, overseeing revenue growth of over 40%. During his tenure, he was instrumental in the acquisitions and integrations of Globe Manufacturing, Sierra Monitor, and Bacharach. Before joining MSA, he held roles at Eaton Corporation as Vice President of Manufacturing for the Electrical Sector, and in engineering, plant management, and operations at Ford Motor Company and Visteon.
Julie A. Beck, Senior Vice President, Chief Financial Officer and Treasurer
Ms. Beck was appointed Senior Vice President, Chief Financial Officer and Treasurer, effective August 18, 2025. Prior to MSA Safety, she served as Senior Vice President and Chief Financial Officer for Terex Corporation, where she directed financial strategies and business transformation initiatives, contributing to sales growth and improvements in earnings per share and cash flow. She also held the position of Senior Vice President and Chief Financial Officer for Nova Chemicals Inc. (a petrochemicals producer with approximately $4 billion in revenue) from 2016 to 2021. Additionally, Ms. Beck served as Global Vice President of Supply Chain, Operational Excellence and Quality for Joy Global Inc., and as CFO for a large Joy Global subsidiary.
Stephanie L. Sciullo, Senior Vice President and President, MSA Americas
Ms. Sciullo joined MSA Safety in 2010 and was promoted to President, MSA Americas, a role in which she is responsible for the company's business interests in the United States, Canada, and Latin America. Previously, she was Senior Vice President and Chief Legal Officer, Corporate Social Responsibility and Public Affairs. Her accomplishments include directing insurance recovery efforts for over $1 billion in assets and leading the divestment of a wholly-owned subsidiary, which was the largest strategic transaction in the company's history. Before joining MSA Safety, she practiced law with Reed Smith, LLP.
Gregory L. Martin, Senior Vice President, Chief Product and Technology Officer
Mr. Martin serves as the Senior Vice President, Chief Product and Technology Officer. Information regarding him founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies is not available in the provided sources.
Richard W. Roda, Vice President, Secretary and Chief Legal Officer
Mr. Roda holds the position of Vice President, Secretary and Chief Legal Officer. Information regarding him founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies is not available in the provided sources.
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The key risks to MSA Safety's business are:
- Intense Market Competition and Technological Disruption: MSA Safety operates in a highly competitive global industrial safety market, facing rivalry from both large industrial conglomerates and agile, tech-focused entrants. These newer competitors are leveraging technologies such as IoT and AI to disrupt traditional business models, potentially commoditizing traditional hardware. MSA Safety's future market position is influenced by its ability to innovate and successfully transition towards a software-centric, platform-based business model to capitalize on the shift towards predictive safety solutions and recurring revenue streams.
- Operational Risks: The company faces ongoing operational challenges including supply chain disruptions, material shortages, and inflationary pressures that could negatively impact its business. Additionally, MSA Safety is exposed to cybersecurity threats that have the potential to compromise sensitive information and disrupt operations. Its extensive international presence also exposes it to geopolitical uncertainties, fluctuations in currency exchange rates, and changes in trade policies, all of which can materially affect its financial results and global operations.
- Legal and Regulatory Risks, including Product Liability: Given that MSA Safety's products are designed for use in high-risk and unpredictable environments to protect people and infrastructure, the company is inherently exposed to legal and regulatory risks. This includes the potential for product liability claims if its products are alleged to cause injury or have safety or quality concerns. Navigating complex global laws and evolving environmental and sustainability expectations could also result in substantial costs or reputational damage.
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The rapid advancement and deployment of autonomous inspection technologies, such as AI-powered drones and robotic systems equipped with advanced sensors for gas and flame detection, could significantly reduce the demand for traditional fixed and portable gas detection instruments. These autonomous solutions can offer continuous, wide-area monitoring, reach hazardous or inaccessible locations without human intervention, and provide real-time data analysis, potentially making them a more efficient and safer alternative to conventional hardware-centric safety monitoring systems.
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```htmlAddressable Markets for MSA Safety's Main Products and Services
- Fixed Gas and Flame Detection Systems: The global market for fixed gas and flame detection systems is projected to grow from US$3,347 million in 2025 to US$4,417 million by 2032, with a compound annual growth rate (CAGR) of 4.1% from 2026 to 2032. North America is expected to see growth in this market. An earlier estimate from 2010 positioned the market at $850 million. The fixed commercial gas detection market size was estimated at USD 1.02 billion in 2024 and is projected to reach USD 2.24 billion by 2033, growing at a CAGR of 9.6% from 2025 to 2033 globally.
- Self-Contained Breathing Apparatus (SCBA): The global self-contained breathing apparatus market is estimated to be USD 4,280 million in 2024 and is projected to reach USD 7,920 million in 2035, growing at a CAGR of 5.7% during 2026-2035. Another estimate values the global SCBA market at USD 1.77 billion in 2025, projected to reach USD 3.30 billion by 2034 with a CAGR of 7.16% during 2026-2034. North America has dominated this market, with key manufacturers like MSA Safety Inc. and Scott Safety in the U.S. driving innovation. The market for SCBA was also valued at USD 1.2 billion in 2024, expected to reach USD 1.5 billion by 2032 at a CAGR of 3.1%.
- Portable Gas Detection Equipment: The global portable gas detection equipment market size was valued at USD 2.82 billion in 2023 and is projected to grow to USD 4.18 billion in 2031, exhibiting a CAGR of 5.03% during 2024-2031. Another source states the market size was USD 2.6 billion in 2025 and is expected to reach USD 4.28 billion by 2035, with a 5.1% CAGR during 2026-2035. North America is the largest region for portable gas detection equipment, and Asia Pacific is the fastest-growing. The global addressable gas detector market was valued at USD 857 million in 2024 and is projected to grow to USD 1.19 billion by 2031, with a CAGR of 4.9%.
- Industrial Head Protection Products (Industrial Safety Helmets): The industrial head protection market size was valued at USD 3.57 billion in 2025 and is expected to grow to USD 3.77 billion in 2026, at a CAGR of 5.7%. It is projected to reach USD 4.65 billion by 2030, at a CAGR of 5.4%. The global industrial safety helmets market size was valued at USD 3.99 billion in 2024, projected to reach USD 5.05 billion by 2034 at a CAGR of 3.8%. The broader head protection equipment market size was valued at USD 6,396.22 million in 2024 and is anticipated to reach USD 8,165.68 million by 2032, with a CAGR of 3.1%. North America was the largest region in the industrial head protection market in 2025.
- Firefighter Helmets and Protective Apparel: While a specific market size for "firefighter helmets and protective apparel" combined was not found, MSA Safety offers these products under brands like Cairns and Gallet. The market for SCBA, a key product for firefighters, is substantial, as noted above.
- Fall Protection Equipment: The global fall protection equipment market size was USD 3.3 billion in 2024 and is expected to reach USD 3.5 billion in 2025, growing at an annual rate of 6.1%. It is projected to reach USD 4.6 billion in 2031, with a CAGR of 4.7% during 2025-2031. Another source indicates the global fall protection equipment market size was estimated at USD 3,192.1 million in 2025 and is projected to reach USD 5,606.6 million by 2033, growing at a CAGR of 7.4% from 2026 to 2033. North America dominated the global fall protection equipment market with a market share of 36.74% in 2025 and 29.8% in 2025.
- Air-Purifying Respirators (APR): The global air-purifying respirators market size was estimated at USD 2.65 billion in 2021 and is anticipated to grow at a CAGR of 6.1% from 2021 to 2030. The global non-powered air purifying respirator market was valued at USD 9.4 billion in 2024 and is expected to reach USD 15.2 billion by 2034, growing at a CAGR of 4.8% from 2025 to 2034. North America leads in APR adoption due to stringent occupational health regulations.
- Eye and Face Protection Products: The global eye and face protection market is projected to grow from USD 859.3 million in 2025 to USD 2,332.2 million by 2035, at a CAGR of 10.5%. Another estimate states the market size was valued at USD 444.96 million in 2025 and is expected to grow at a CAGR of 4.65% from 2026 to 2032, reaching nearly USD 611.65 million by 2032. North America accounted for the largest eye and face protection market share in 2022.
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MSA Safety (NYSE: MSA) anticipates several key drivers to fuel its revenue growth over the next two to three years, stemming from strategic initiatives, market trends, and product innovation.
- Expansion and Innovation within the Detection Segment, particularly Connected Safety Products: MSA Safety expects continued robust growth in its Detection segment, driven by strong demand for fixed gas and flame detection instruments and an increasing adoption of connected portable gas detectors. The company has seen significant organic growth in this segment and has introduced new products like the ALTAIR io 6 portable gas detector, which are expected to contribute to future revenue.
- Strategic Mergers & Acquisitions (M&A): A core component of MSA Safety's "Accelerate growth strategy" is disciplined capital deployment, including accretive acquisitions. The M&C TechGroup acquisition, for instance, has already contributed to revenue growth, and the company has identified significant capital deployment optionality for future strategic acquisitions.
- Recovery and Fulfillment of Delayed Orders in the Fire Service Market: Although the Fire Service segment has experienced temporary declines due to funding delays and government shutdowns, MSA Safety anticipates a recovery as these delayed orders are fulfilled. The approval of the next-generation 2025 G1 Self-Contained Breathing Apparatus (SCBA) is also expected to positively impact this segment's sales.
- Leveraging Global Safety Standards, Megatrends, and Continuous Product Innovation: MSA Safety is well-positioned to benefit from increasing global safety standards and overarching safety megatrends across its diverse end markets. The company's ongoing investment in research and development, leading to customer-centric innovation and new product launches, ensures it meets evolving safety needs and captures market share.
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Share Repurchases
- On February 20, 2026, MSA Safety's Board of Directors authorized a new share repurchase program of up to $500 million of the company's common stock.
- This new authorization replaces a previous $200 million share repurchase program that was approved in 2024.
- For the full year 2025, MSA Safety executed $80 million in share repurchases.
Outbound Investments
- In May 2025, MSA Safety acquired M&C TechGroup, a manufacturer of gas analysis systems, for approximately $200 million ($189 million net of cash acquired). This acquisition was intended to expand MSA's detection solutions and capabilities in gas analysis and process safety markets.
- In July 2021, the company completed the acquisition of Bacharach, Inc. for $337 million, which expanded its gas detection technologies into the heating, ventilation, air conditioning, and refrigeration (HVAC-R) markets.
Capital Expenditures
- MSA Safety invested $68 million in capital expenditures for the full year 2025.
- These expenditures included investments related to a Cranberry expansion, aimed at supporting growth and footprint optimization.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEO | GEO | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | RUN | Sunrun | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
| 04172026 | RSG | Republic Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -1.1% |
| 04102026 | VRSK | Verisk Analytics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.3% | 12.3% | 0.0% |
| 04102026 | UHAL | U-Haul | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -1.0% |
| 12312018 | MSA | MSA Safety | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 12.5% | 36.1% | -2.0% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 157.24 |
| Mkt Cap | 25.3 |
| Rev LTM | 4,561 |
| Op Inc LTM | 576 |
| FCF LTM | 309 |
| FCF 3Y Avg | 316 |
| CFO LTM | 378 |
| CFO 3Y Avg | 546 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.0% |
| Rev Chg 3Y Avg | 3.7% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 1.0% |
| Op Inc Chg 3Y Avg | -13.7% |
| Op Mgn LTM | 18.0% |
| Op Mgn 3Y Avg | 14.6% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 11.8% |
| CFO/Rev 3Y Avg | 13.6% |
| FCF/Rev LTM | 8.2% |
| FCF/Rev 3Y Avg | 9.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 25.3 |
| P/S | 3.3 |
| P/Op Inc | 15.9 |
| P/EBIT | 20.3 |
| P/E | 25.2 |
| P/CFO | 26.7 |
| Total Yield | 4.6% |
| Dividend Yield | 1.8% |
| FCF Yield 3Y Avg | 4.0% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.0% |
| 3M Rtn | -9.4% |
| 6M Rtn | 4.3% |
| 12M Rtn | 2.5% |
| 3Y Rtn | 55.2% |
| 1M Excs Rtn | -5.5% |
| 3M Excs Rtn | -15.8% |
| 6M Excs Rtn | -6.0% |
| 12M Excs Rtn | -20.9% |
| 3Y Excs Rtn | -17.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fire Service | 713 | 684 | 579 | ||
| Detection | 643 | 635 | 530 | ||
| Industrial Personal Protective Equipment (PPE) and Other | 453 | 469 | 419 | ||
| Breathing Apparatus | 322 | 329 | |||
| Fall Protection | 118 | 103 | |||
| Firefighter Helmets & Protective Apparel | 204 | 162 | |||
| Fixed Gas & Flame Detection | 299 | 287 | |||
| Industrial Head Protection | 144 | 126 | |||
| Other | 151 | 198 | |||
| Portable Gas Detection | 163 | 143 | |||
| Total | 1,808 | 1,788 | 1,528 | 1,400 | 1,348 |
Price Behavior
Price Behavior
| Market Price | $165.11 | |
| Market Cap ($ Bil) | 6.5 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -18.2% | |
| 50 Days | 200 Days | |
| DMA Price | $170.19 | $170.78 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -3.0% | -3.3% |
| 3M | 1YR | |
| Volatility | 26.2% | 23.7% |
| Downside Capture | 180.07 | 114.50 |
| Upside Capture | 55.91 | 89.92 |
| Correlation (SPY) | 63.5% | 48.1% |
MSA Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.90 | 1.13 | 0.85 | 0.93 | 0.88 | 0.78 |
| Up Beta | 1.17 | 1.01 | 1.10 | 0.88 | 0.81 | 0.78 |
| Down Beta | 1.97 | 1.66 | 1.14 | 1.11 | 0.82 | 0.73 |
| Up Capture | 37% | 48% | 55% | 83% | 78% | 53% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 19 | 32 | 61 | 125 | 381 |
| Down Capture | -73% | 156% | 80% | 94% | 102% | 95% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 24 | 32 | 64 | 127 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSA | |
|---|---|---|---|---|
| MSA | 4.8% | 23.7% | 0.14 | - |
| Sector ETF (XLI) | 19.0% | 15.4% | 0.93 | 64.8% |
| Equity (SPY) | 25.0% | 12.1% | 1.55 | 48.4% |
| Gold (GLD) | 40.0% | 26.8% | 1.23 | 9.4% |
| Commodities (DBC) | 49.4% | 18.5% | 2.03 | -26.3% |
| Real Estate (VNQ) | 9.7% | 13.4% | 0.45 | 38.0% |
| Bitcoin (BTCUSD) | -25.6% | 41.9% | -0.59 | 21.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSA | |
|---|---|---|---|---|
| MSA | 1.6% | 24.7% | 0.04 | - |
| Sector ETF (XLI) | 12.4% | 17.4% | 0.56 | 64.0% |
| Equity (SPY) | 14.2% | 17.0% | 0.65 | 55.6% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 7.3% |
| Commodities (DBC) | 11.0% | 19.4% | 0.45 | 3.5% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 46.4% |
| Bitcoin (BTCUSD) | 9.4% | 55.6% | 0.38 | 21.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSA | |
|---|---|---|---|---|
| MSA | 14.7% | 28.7% | 0.52 | - |
| Sector ETF (XLI) | 13.6% | 20.0% | 0.60 | 64.5% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 59.9% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | -0.0% |
| Commodities (DBC) | 8.4% | 17.9% | 0.38 | 14.0% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 50.5% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | 2.2% | 2.0% | |
| 2/11/2026 | 3.2% | 0.9% | -9.7% |
| 10/28/2025 | 4.1% | -3.3% | -0.7% |
| 8/4/2025 | 1.4% | -4.5% | -4.5% |
| 4/29/2025 | 2.0% | 0.8% | 6.8% |
| 2/12/2025 | 0.2% | -2.1% | -7.4% |
| 10/23/2024 | -0.3% | -0.1% | 2.9% |
| 7/24/2024 | -0.1% | -1.8% | -7.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 11 |
| # Negative | 9 | 11 | 11 |
| Median Positive | 2.1% | 1.9% | 5.8% |
| Median Negative | -0.3% | -2.6% | -4.8% |
| Max Positive | 12.2% | 12.3% | 21.8% |
| Max Negative | -6.4% | -5.3% | -9.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Sales Growth | 5.0% | 0 | 0 | Affirmed | Guidance: 5.0% for 2026 | ||
Prior: Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Sales Growth | 5.0% | 66.7% | 2.0% | Higher New | Actual: 3.0% for 2025 | ||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Buck, Jonathan D | Chief Accounting Officer | Direct | Sell | 2182026 | 203.48 | 1,100 | 223,828 | 658,054 | Form |
| 2 | Buck, Jonathan D | Chief Accounting Officer | Direct | Sell | 11262025 | 161.00 | 333 | 53,613 | 713,874 | Form |
| 3 | Sciullo, Stephanie L | President | Direct | Sell | 9152025 | 169.51 | 2,361 | 400,213 | 1,539,659 | Form |
| 4 | Vartanian, Nishan J | Direct | Sell | 5142025 | 161.32 | 30,000 | 4,839,600 | 5,710,889 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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