Tearsheet

MSA Safety (MSA)

Market Price (12/20/2025): $159.89 | Market Cap: $6.3 Bil
Sector: Industrials | Industry: Office Services & Supplies

MSA Safety (MSA)

Market Price (12/20/2025): $159.89
Market Cap: $6.3 Bil
Sector: Industrials
Industry: Office Services & Supplies

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%	Weak multi-year price returns 2Y Excs Rtn is -46%, 3Y Excs Rtn is -49%	Key risks MSA key risks include [1] significant exposure to product liability claims, Show more.
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
2	Low stock price volatility Vol 12M is 24%
3	Megatrend and thematic drivers Megatrends include Automation & Robotics, Renewable Energy Transition, and Water Infrastructure. Themes include Industrial Robotics, Show more.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
2	Low stock price volatility Vol 12M is 24%
3	Megatrend and thematic drivers Megatrends include Automation & Robotics, Renewable Energy Transition, and Water Infrastructure. Themes include Industrial Robotics, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -46%, 3Y Excs Rtn is -49%
5	Key risks MSA key risks include [1] significant exposure to product liability claims, Show more.

Valuation, Metrics & Events

	12/20/25	2024	2023	2022	2021
Share Price CYE	$159.89	$163.64	$164.81	$139.05	$143.57
Market Cap CYE ($ Bil)	6.3	6.4	6.5	5.5	5.6
Total Debt ($ Bil)	0.7	0.6	0.6	0.6	0.6
Total Cash ($ Bil)	0.2	0.2	0.1	0.2	0.2
Enterprise Value ($ Bil)	6.8	7.0	7.1	6.1	6.2
Valuation Ratios
P/S TTM	3.4	3.6	3.7	3.7	4.2
P/EBIT TTM	15.6	15.8	26.2	21.7	172.1
P/E TTM	22.4	22.9	113.3	31.5	277.1
P/FCF TTM	22.1	26.9	132.5	49.8	39.4
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	12.9	11.8	11.1	9.1	12.3
P/E TTM (Sector)	17.3	16.5	15.4	12.1	16.3
P/FCF TTM (Sector)	13.3	13.4	12.1	8.4	14.0

	12/20/25	2024	2023
Share Price CYE	$159.89	$163.64	$164.81
Market Cap CYE ($ Bil)	6.3	6.4	6.5
Total Debt ($ Bil)	0.7	0.6	0.6
Total Cash ($ Bil)	0.2	0.2	0.1
Enterprise Value ($ Bil)	6.8	7.0	7.1
Valuation Ratios
P/S TTM	3.4	3.6	3.7
P/EBIT TTM	15.6	15.8	26.2
P/E TTM	22.4	22.9	113.3
P/FCF TTM	22.1	26.9	132.5
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4
P/EBIT TTM (Sector)	12.9	11.8	11.1
P/E TTM (Sector)	17.3	16.5	15.4
P/FCF TTM (Sector)	13.3	13.4	12.1

	MSA	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	1.9
Rev Chg Q	8.3%	7.2%
Rev Chg LTM	3.3%	6.0%
Rev Chg 3Y Avg	7.8%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.4
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	21.0%	18.8%
CFO/Rev LTM	18.7%	20.4%
Net Inc Mgn	15.0%	13.1%
VALUATION	MODERATE
P/S	3.4	3.2
P/CFO	17.9	15.6
P/FCF	22.1	20.6
P/E	22.4	23.5
STABILITY	GOOD
Debt/Equity	0.11	0.21
Cash/Assets	0.07	0.07

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Metric	Value	Date	Source
Backlog	$746 million	9302023	Link
Revenue from New Products (introduced in the last five years)	43% of 2022 revenue	12312022	Link
Number of Employees	5100	12312023	Link
Number of Active Patents	1800	12312022	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -

MSA Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points explaining the -5.8% stock movement for MSA Safety (MSA) for the approximate time period from August 31, 2025, to December 20, 2025:

1. Fire Service Segment Headwinds and Government Shutdown Impact: MSA Safety reported timing challenges in its fire service segment during its Q3 2025 earnings call on October 28, 2025. The company cited a later-than-normal announcement of the annual Assistance to Firefighter Grants program in the U.S. and a U.S. Government shutdown, which were expected to shift a portion of Q4 2025 sales to 2026. This outlook indicated a near-term headwind for a significant part of their business.

2. Gross Margin Pressure: During the third quarter of 2025, MSA Safety experienced continued pressure on its GAAP gross margins, which declined to 46.5%. The company attributed this to factors such as inflation, tariffs, and transactional foreign exchange increases, despite some offsetting gains from price increases and productivity improvements. This margin compression can negatively impact investor sentiment regarding profitability.

3. Reaffirmed Low-Single-Digit Organic Sales Growth Outlook: Despite reporting better-than-expected Q3 2025 earnings and revenue, MSA Safety reiterated its outlook for low-single-digit organic sales growth for the full year 2025. This maintained forecast, in light of reported headwinds, might have suggested to investors a lack of accelerated growth prospects for the immediate future.

4. Insider Selling by Executives: Insider sentiment for MSA Safety was notably negative, primarily due to significant open-market selling by key executives. Over the last year, insiders sold $12.2 million worth of MSA stock in high-impact open-market transactions, signaling a lack of confidence from company leadership.

5. Analyst Downgrade and Mixed Ratings: In the 90 days preceding December 2025, MSA Safety's stock received at least one analyst downgrade. While the overall consensus remained a "Moderate Buy" from some brokerages, others maintained a "Hold" rating, contributing to a less uniformly optimistic outlook and potentially weighing on the stock's performance.

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Stock Movement Drivers

Fundamental Drivers

The -6.1% change in MSA stock from 9/19/2025 to 12/19/2025 was primarily driven by a -7.3% change in the company's P/E Multiple.

	9192025	12192025	Change
Stock Price ($)	170.40	160.09	-6.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1827.83	1863.60	1.96%
Net Income Margin (%)	15.15%	15.02%	-0.87%
P/E Multiple	24.15	22.40	-7.26%
Shares Outstanding (Mil)	39.26	39.17	0.23%
Cumulative Contribution			-6.05%

LTM = Last Twelve Months as of date shown

Market Drivers

9/19/2025 to 12/19/2025

	Return	Correlation
MSA	-6.1%
Market (SPY)	2.5%	36.4%
Sector (XLI)	1.8%	42.7%

Fundamental Drivers

The -2.3% change in MSA stock from 6/20/2025 to 12/19/2025 was primarily driven by a -4.8% change in the company's Net Income Margin (%).

	6202025	12192025	Change
Stock Price ($)	163.79	160.09	-2.26%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1816.18	1863.60	2.61%
Net Income Margin (%)	15.77%	15.02%	-4.75%
P/E Multiple	22.49	22.40	-0.41%
Shares Outstanding (Mil)	39.33	39.17	0.42%
Cumulative Contribution			-2.26%

LTM = Last Twelve Months as of date shown

Market Drivers

6/20/2025 to 12/19/2025

	Return	Correlation
MSA	-2.3%
Market (SPY)	14.8%	42.1%
Sector (XLI)	9.8%	49.6%

Fundamental Drivers

The -3.2% change in MSA stock from 12/19/2024 to 12/19/2025 was primarily driven by a -5.9% change in the company's P/E Multiple.

	12192024	12192025	Change
Stock Price ($)	165.37	160.09	-3.19%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1803.80	1863.60	3.32%
Net Income Margin (%)	15.16%	15.02%	-0.91%
P/E Multiple	23.81	22.40	-5.91%
Shares Outstanding (Mil)	39.36	39.17	0.49%
Cumulative Contribution			-3.19%

LTM = Last Twelve Months as of date shown

Market Drivers

12/19/2024 to 12/19/2025

	Return	Correlation
MSA	-3.2%
Market (SPY)	17.5%	61.0%
Sector (XLI)	19.2%	67.7%

Fundamental Drivers

The 22.7% change in MSA stock from 12/20/2022 to 12/19/2025 was primarily driven by a 236.9% change in the company's Net Income Margin (%).

	12202022	12192025	Change
Stock Price ($)	130.43	160.09	22.74%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1494.97	1863.60	24.66%
Net Income Margin (%)	4.46%	15.02%	236.85%
P/E Multiple	76.64	22.40	-70.77%
Shares Outstanding (Mil)	39.17	39.17	0.01%
Cumulative Contribution			22.74%

LTM = Last Twelve Months as of date shown

Market Drivers

12/20/2023 to 12/19/2025

	Return	Correlation
MSA	0.3%
Market (SPY)	48.5%	58.7%
Sector (XLI)	42.8%	66.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MSA Return	20%	2%	-3%	19%	-1%	-2%	37%
Peers Return	25%	10%	-10%	18%	35%	7%	112%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
MSA Win Rate	58%	50%	50%	42%	50%	50%
Peers Win Rate	62%	55%	42%	43%	58%	53%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
MSA Max Drawdown	-31%	-6%	-27%	-11%	-5%	-21%
Peers Max Drawdown	-38%	-6%	-34%	-10%	-12%	-18%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/19/2025 (YTD)

How Low Can It Go

Unique Key	Event	MSA	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-36.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	57.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	272 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-38.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	62.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	199 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-20.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	26.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	109 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-71.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	250.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,838 days	1,480 days

Compare to HON, MMM, AXON, DD, GNTX

In The Past

MSA Safety's stock fell -36.6% during the 2022 Inflation Shock from a high on 2/16/2021. A -36.6% loss requires a 57.8% gain to breakeven.

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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.

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Imagine 3M, but entirely dedicated to industrial and emergency safety equipment like fire helmets, respirators, and gas detectors.
Honeywell, but purely focused on advanced protective gear and hazard detection systems for workers in dangerous environments.

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Self-Contained Breathing Apparatus (SCBA): Critical respiratory protection devices providing air to users in oxygen-deficient or toxic atmospheres, primarily for firefighters and industrial workers.
Portable Gas Detectors: Handheld instruments designed to monitor and alert users to the presence of hazardous gases and oxygen deficiencies in various industrial and confined space environments.
Fixed Gas and Flame Detection Systems: Permanently installed systems that continuously monitor for hazardous gas leaks, combustible gases, and flames in industrial facilities, providing early warning and mitigation.
Head Protection: A range of safety helmets and hard hats engineered to protect workers' heads from impacts, falling objects, and electrical hazards in diverse work settings.
Fall Protection: Comprehensive systems including harnesses, lanyards, and self-retracting lifelines designed to prevent injuries or fatalities from falls when working at elevated heights.
Thermal Imaging Cameras: Specialized cameras that use infrared technology to help firefighters see through smoke and darkness, locate victims, and identify fire sources.

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Major Customers of MSA Safety (NYSE: MSA)

MSA Safety (NYSE: MSA) primarily sells its safety products to other companies. The company operates through a global network of independent distributors and also directly to large industrial end-users. Due to the diversified nature of its sales channels and customer base, MSA Safety does not publicly disclose specific major customer companies that account for a significant portion of its revenue. However, its products are ultimately utilized by a broad range of companies and organizations across various industries. MSA Safety's customer base can be broadly categorized as follows:

Industrial Enterprises: Companies in sectors such as oil and gas, petrochemicals, mining, construction, utilities, and general manufacturing. These entities purchase a wide range of MSA's safety equipment, including gas detection systems, fall protection, and industrial head protection, to ensure worker safety and compliance with regulations. Specific customer names are not disclosed by MSA Safety.
Fire and Emergency Services: Municipal fire departments, industrial fire brigades, and other first responder organizations globally. They are significant purchasers of MSA's self-contained breathing apparatus (SCBA), fire helmets, and thermal imaging cameras. These are typically governmental or quasi-governmental entities, not public companies.
Safety Equipment Distributors: These are key direct customers for MSA, acting as intermediaries who resell MSA's products to a vast array of industrial and commercial end-users. While MSA does not disclose specific distributor customers or their revenue contribution, it is highly probable that major industrial distributors are significant customers. Examples of such public companies include:
- W.W. Grainger, Inc. (NYSE: GWW)
- Fastenal Company (NASDAQ: FAST)

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Steven C. Blanco, President and Chief Executive Officer

Steven C. Blanco was elected President and Chief Executive Officer of MSA Safety, effective May 10, 2024. He joined MSA Safety in 2012 as Vice President of Global Operational Excellence. Prior to his CEO appointment, he served as President and Chief Operating Officer, and before that, as President of MSA Americas, where he oversaw business in the U.S., Canada, and Latin America. Under his leadership, the Americas segment saw revenue increase by over 40 percent from 2018 through 2022. Mr. Blanco has been instrumental in the acquisitions and integrations of Globe Manufacturing, Sierra Monitor, and Bacharach. Before joining MSA Safety, he held the position of Vice President of Manufacturing for Eaton Corporation's Electrical Sector and spent nearly two decades in various engineering, plant management, and operations roles at Ford Motor Company and Visteon. He holds a Bachelor of Science degree in Mechanical Engineering Technology from Purdue University and an MBA from Indiana Wesleyan University.

Julie A. Beck, Senior Vice President, Chief Financial Officer and Treasurer

Julie A. Beck was appointed Senior Vice President, Chief Financial Officer and Treasurer of MSA Safety, effective August 18, 2025. Before joining MSA Safety, Ms. Beck served as Senior Vice President and Chief Financial Officer for Terex Corp., a global industrial equipment manufacturer with over $5 billion in annual revenue and operations across more than 75 global sites. At Terex, she directed financial strategies and business transformation initiatives, helping to mitigate the impacts of inflation and supply chain disruption, which led to sales growth and significant improvements in EPS and cash flow performance. From 2016 to 2021, she was the Senior Vice President and Chief Financial Officer for Nova Chemicals, Inc., a petrochemicals producer with approximately $4 billion in revenue. Her prior experience also includes serving as Global Vice President of Supply Chain, Operational Excellence and Quality for Joy Global, Inc., where she also held the role of Chief Financial Officer for a large Joy subsidiary. Ms. Beck is a registered CPA and holds a bachelor's degree in accounting from the University of Wisconsin-Madison, where she graduated with distinction.

Stephanie L. Sciullo, President, MSA Americas

Stephanie L. Sciullo was promoted to President of MSA Americas in June 2023, succeeding Steve Blanco in this role. She is responsible for the company's business interests in the United States, Canada, and Latin America, and also serves as the executive sponsor for MSA's corporate social responsibility programs. Ms. Sciullo joined MSA Safety in 2010 and has held various roles of increasing responsibility within the company's legal department, including Senior Vice President and Chief Legal Officer for Corporate Social Responsibility and Public Affairs. Her achievements include managing insurance recovery efforts, resolving disputes over assets valued at more than $1 billion, and leading a significant strategic transaction involving the divestment of a wholly-owned subsidiary. Prior to joining MSA Safety, Ms. Sciullo practiced law with Reed Smith, LLP. She holds a law degree from the University of Pittsburgh School of Law and a bachelor's degree in politics and philosophy from the same university.

Gregory L. Martin, Senior Vice President, Chief Product and Technology Officer

Gregory L. Martin serves as Senior Vice President, Chief Product and Technology Officer at MSA Safety. In this role, he leads the company's product strategy, product development, and corporate digital transformation efforts, with a focus on enhancing customer safety and productivity through technology and software. Mr. Martin joined MSA Safety in 2005. Before his current position, he held various leadership roles in product development and strategy within MSA. Prior to MSA Safety, he held product marketing positions at Alstom S.A. and Areva S.A. within the energy sector, and engineering positions at Teradyne, Inc. in the semiconductor industry. He earned a Bachelor's degree in Electrical and Electronics Engineering from Penn State University and an MBA from Point Park University.

Richard W. Roda, Vice President, Secretary and Chief Legal Officer

Richard W. Roda was elected Vice President, Secretary, and Chief Legal Officer of MSA Safety in June 2023. In this role, he is responsible for the company's global legal affairs and serves as Chief Compliance Officer, overseeing the design and implementation of the company's ethics and compliance program. Mr. Roda joined MSA Safety in 1995. He began his career as a Customer Service Representative and progressed through various sales support and product technical support roles before becoming a full-time commercial and transactional attorney after graduating from Duquesne University Law School in 2001. He has overseen the legal work related to every MSA acquisition over the past two decades and guided efforts to modernize the company's legal structure.

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Key Risks to MSA Safety (MSA)

MSA Safety Incorporated (NYSE: MSA), a global leader in the development, manufacture, and supply of safety products, faces several key risks to its business operations and financial performance. The most significant risk is the **dynamic macroeconomic and geopolitical climate**. This broad category encompasses potential impacts on sales growth, operational efficiency, and capital expenditure on safety equipment. Management has acknowledged this as a significant challenge, expecting low-single-digit organic sales growth in 2025 due to a dynamic operating environment and elevated macro risks, including tariff-related cost pressures. Economic downturns and geopolitical instability can directly affect demand for safety equipment, which can impact MSA's revenue streams. Secondly, **intense market competition** poses a continuous challenge to MSA Safety's market position. The safety products and solutions market is highly competitive, requiring the company to continuously innovate and optimize operations to maintain its leadership. Competition from lower-cost alternatives and the introduction of disruptive products by rivals can impact demand and profitability. Finally, **legal and regulatory risks**, including potential product liability claims, represent a notable concern for MSA Safety. Operating in an industry where product failures can have severe consequences, the company is exposed to various legal and regulatory compliance requirements across its global operations. Violations of these laws or product liability claims could result in significant fines, criminal prosecution, or civil penalties, as evidenced by the company's strategic divestment of a subsidiary with legacy product liability claims to mitigate such risks.

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MSA Safety (NYSE: MSA) operates in several addressable markets for its main products and services, primarily within the personal protective equipment (PPE) and safety instrumentation sectors. The estimated market sizes for their key offerings are as follows:

Personal Protective Equipment (PPE): The global personal protective equipment market was estimated at USD 84.55 billion in 2024.
Respiratory Protective Equipment (RPE): The global respiratory protective equipment market size was estimated at USD 15.34 billion in 2024.
Fall Protection Equipment: The global fall protection equipment market size was valued at USD 3.12 billion in 2024.
Industrial Head Protection: The global industrial head protection market size was valued at USD 3.37 billion in 2024.
Fixed Gas Detection Systems: The global market for fixed gas detection systems, a segment of the broader fire and gas detection system market, was approximately USD 6.13 billion in 2024.
Portable Gas Detection Instruments: The global portable gas detector market, a segment of the gas detection equipment market, was approximately USD 1.96 billion in 2024.

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Expected Drivers of Future Revenue Growth for MSA Safety (MSA)

Over the next 2-3 years, MSA Safety (MSA) is expected to drive future revenue growth through several key initiatives and market trends:

Innovation and New Product Development, particularly in Connected Safety Technology and Regulatory-Compliant Offerings: MSA Safety is focusing on organic growth through research and development, introducing advanced safety products that meet evolving industry standards. Recent examples include the U.S. government approval of its G1 XR 2025 Edition SCBA, which adheres to new NFPA 1970 performance standards, and the launch of the ALTAIR io 6 Multigas Detector for the European market. The company's "io4 device" is highlighted as a core of its industrial technology strategy, signifying a push into connected portable gas detection devices.
Strong Performance and Expansion within the Detection Segment: The detection segment, encompassing both fixed and portable detection instruments, is a consistent driver of sales momentum. Management specifically attributes sales growth to the robust performance of connected portable gas detection devices, which accounted for over half of portable growth in recent quarters.
Growth in Industrial Personal Protective Equipment (PPE), especially Fall Protection: MSA Safety anticipates continued tailwinds from its industrial PPE segment, with fall protection identified as an area of sustained strength and double-digit organic growth.
Strategic Acquisitions: The company maintains an active mergers and acquisitions (M&A) pipeline, utilizing disciplined capital deployment to complement its organic growth strategy. Contributions from acquisitions, such as the M&C TechGroup, have already bolstered reported sales, particularly in the International segment.
International Market Expansion: MSA Safety expects continued momentum in international markets, with the international segment showing reported growth. The introduction of new products like the ALTAIR io 6 Multigas Detector in Europe underscores the company's focus on expanding its global reach and capitalizing on international opportunities.

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Share Repurchases

In May 2024, MSA Safety's Board of Directors authorized a new share repurchase program for up to $200 million of the company's common stock, replacing a previous $100 million plan from 2015.
For the full year 2024, the company repurchased $30 million of common stock.
MSA Safety repurchased $10 million of common stock in the fourth quarter of 2024, $10 million in the first quarter of 2025, and $10 million in the third quarter of 2024.

Share Issuance

The number of outstanding shares for MSA Safety was 39.25 million as of October 2025, 39.25 million as of February 7, 2025, and 39.32 million as of February 9, 2024.
The company's outstanding shares were 39.33 million in 2023, 39.20 million in 2022, 39.23 million in 2021, and 38.98 million in 2020.
Fluctuations in the number of outstanding shares are typically influenced by factors such as stock splits and share buybacks.

Outbound Investments

On January 5, 2023, MSA Safety divested Mine Safety Appliances LLC ("MSA LLC"), a wholly owned subsidiary that held legacy product liability.
The acquisition of M&C TechGroup is expected to contribute approximately 2 percentage points to full-year revenue growth and add about $0.10 to adjusted EPS in 2025.

Capital Expenditures

MSA Safety invested $54 million in capital expenditures for the full year 2024.
For the quarters of 2024 and 2025, capital expenditures included $14 million in Q4 2024, $11 million in Q1 2025, $29 million in Q2 2025, and $14 million in Q3 2024.
Capital expenditures in Q2 2025 included a strategic investment in MSA Safety's Pennsylvania facility.

Better Bets than MSA Safety (MSA)

	MSA	Better Performance than MSA
Metric	Value	INDUSTRY: Office Services & Supplies
Rev Chg LTM	3.3%	ACTG (71.3%), MLKN (5.4%), TILE (5.1%)
Rev Chg 3Y Avg	7.8%	ACTG (91.4%)
Op Mgn LTM	21.0%	WSC (23.7%)
CFO/Rev LTM	18.7%	WSC (33.7%)
FCF/Rev LTM	15.2%	WSC (19.5%)
Total Yield	4.8%	EBF (28.9%), HNI (9.0%), WSC (7.6%), TILE (7.1%), PBI (5.7%)
P/S	3.4	MLKN (0.3), HNI (0.7), PBI (0.9), TILE (1.2), WSC (1.5)
P/Op Inc	16.0	PBI (4.7), MLKN (5.3), WSC (6.3), HNI (8.6), TILE (10.3)

	MSA	Better Performance than MSA
Metric	Value	SECTOR: Industrials
Rev Chg LTM	3.3%	UBER (18.2%), GE (17.7%), BA (10.2%), GEV (9.4%), RTX (8.8%)
Rev Chg 3Y Avg	7.8%	UBER (19.6%), GE (15.7%), BA (10.1%), ETN (9.7%), RTX (9.4%)
Op Mgn LTM	21.0%	TDG (47.4%), UNP (40.6%), ADP (26.2%), HWM (24.0%), CTAS (22.9%)
CFO/Rev LTM	18.7%	UNP (39.6%), WM (23.6%), ADP (22.8%), CTAS (20.1%), PH (19.0%)
FCF/Rev LTM	15.2%	UNP (24.5%), ADP (20.1%), UBER (17.5%), PH (16.9%), CTAS (16.1%)
Total Yield	4.8%	UBER (10.1%), UNP (7.4%), HON (7.2%), LMT (5.9%), DE (5.3%)
P/S	3.4	BA (2.0), RTX (2.8), DE (2.8), HON (3.1), UBER (3.3)
P/Op Inc	16.0	UPS (10.5), FDX (10.7), UNP (13.9), CSX (14.1), DE (15.1)

	MSA	Better Performance than MSA
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	3.3%	NVDA (65.2%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	7.8%	NVDA (91.6%), META (17.3%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	21.0%	NVDA (58.8%), MSFT (46.3%), META (43.2%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	18.7%	META (56.8%), MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	15.2%	NVDA (41.3%), MSFT (26.6%), META (23.7%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	4.8%	XOM (9.4%), JNJ (7.5%), JPM (6.6%), BRK-B (6.3%), V (5.2%)
P/S	3.4	WMT (1.3), COST (1.4), XOM (1.5), HD (2.1), BRK-B (2.7)
P/Op Inc	16.0	UNH (11.3), MRK (11.3), TMUS (11.4), XOM (14.0), HD (15.9)

		Best Bets In Industrials Sector
	MSA	GATX	VRSK	PAYX	ADT	AGX	AME	PCTY	TDG	FTV	VRRM
What You Pay
P/E	22.4	19.8	33.0	24.4	10.4	37.5	31.9	37.7	35.8	30.2	69.1
P/EBIT	15.6	9.5	22.5	17.7	5.2	37.6	25.4	27.1	17.7	14.7	20.5
What You Get
Rev Chg Q	8.3%	8.4%	5.9%	10.2%	4.4%	-2.3%	10.8%	12.5%	11.5%	2.3%	16.1%
Rev Chg LTM	3.3%	10.7%	7.3%	5.6%	6.3%	13.5%	3.7%	13.3%	11.2%	27.9%	8.5%
Rev Chg 3Y Avg	7.8%	10.3%	13.4%	6.5%	3.4%	26.9%	5.9%	21.4%	17.7%	9.4%	9.1%
FCF/Rev 3Y Avg	9.4%	39.2%	33.2%	31.6%	24.7%	24.5%	23.2%	21.5%	21.0%	20.1%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	MSA Safety Earnings Notes
2	How Low Can MSA Safety Stock Really Go?	Return
3	MSA Safety vs T-Mobile US: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	MSA Safety vs United Rentals: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	How Does MSA Safety Stock Stack Up Against Its Peers?	Peer Comparison
6	Better Bet Than MSA Stock: Pay Less Than MSA Safety To Get More From D, OKE
7	Better Bet Than MSA Stock: Pay Less Than MSA Safety To Get More From UAL, BAH
8	MSA Dip Buy Analysis
9	MSA Safety Total Shareholder Return (TSR): 0.5% in 2024 and 5.6% 3-yr compounded annual returns (below peer average)
10	MSA Safety (MSA) Operating Cash Flow Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to MSA. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.0%	18.0%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.8%	6.8%	0.0%
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.6%	7.6%	-0.2%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.6%	2.6%	-1.2%
MSA_12312018_Quality_Momentum_RoomToRun_10%	12312018	MSA	MSA Safety	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	12.5%	36.1%	-2.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.0%	18.0%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.8%	6.8%	0.0%
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.6%	7.6%	-0.2%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.6%	2.6%	-1.2%
MSA_12312018_Quality_Momentum_RoomToRun_10%	12312018	MSA	MSA Safety	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	12.5%	36.1%	-2.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LUNR	Intuitive Machines	1.8	37.7%	-17.7%
GTN-A	Gray Media	1.1	30.9%	55.5%
FOLD	Amicus Therapeutics	4.4	30.2%	50.5%
FLY	Firefly Aerospace	3.5	22.8%
CRWV	CoreWeave	40.4	22.6%
EVMN	Evommune	0.5	21.6%
EWTX	Edgewise Therapeutics	2.7	20.8%	-4.3%
FBYD	Falcons Beyond Global	0.7	19.9%	125.4%
ONDS	Ondas	1.4	18.2%	260.2%
BMRN	BioMarin Pharmaceutical	11.7	17.7%	-7.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LW	Lamb Weston	6.2	-25.9%	-32.5%
BB	BlackBerry	2.2	-12.9%	-0.3%
IRON	Disc Medicine	2.8	-11.5%	26.2%
NKE	Nike	86.7	-10.5%	-20.6%
TLRY	Tilray Brands	11.8	-9.6%	-16.1%
OLMA	Olema Pharmaceuticals	2.4	-9.3%	379.1%
KBH	KB Home	3.8	-8.5%	-11.2%
PAHC	Phibro Animal Health	1.5	-7.8%	80.2%
EEX	Emerald	0.9	-7.7%	-1.3%
GETY	Getty Images	0.5	-7.4%	-41.7%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FBYD	Falcons Beyond Global	0.7	60.2%	125.4%
DJT	Trump Media & Technology	4.5	51.1%	-52.8%
GTN-A	Gray Media	1.1	40.6%	55.5%
FOLD	Amicus Therapeutics	4.4	34.4%	50.5%
EEX	Emerald	0.9	27.4%	-1.3%
LUNR	Intuitive Machines	1.8	24.8%	-17.7%
QURE	uniQure	1.3	23.0%	35.8%
RIVN	Rivian Automotive	27.4	21.9%	68.8%
PHAT	Phathom Pharmaceuticals	1.3	20.4%	115.9%
TE	T1 Energy	1.0	20.2%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.2	-82.0%	-26.7%
LWLG	Lightwave Logic	0.4	-28.0%	42.4%
LW	Lamb Weston	6.2	-26.3%	-32.5%
INSP	Inspire Medical Systems	2.8	-26.1%	-47.9%
BETR	Better Home & Finance	0.5	-21.1%	269.6%
FDMT	4D Molecular Therapeutics	0.5	-19.9%	55.8%
VSTM	Verastem	0.6	-19.3%	50.1%
CGEM	Cullinan Therapeutics	0.6	-18.8%	-20.5%
USAR	USA Rare Earth	1.4	-18.8%	46343.0%
BW	Babcock & Wilcox Enterprises	0.5	-17.6%	198.8%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.6	132.3%	29.2%
TE	T1 Energy	1.0	122.5%
VERA	Vera Therapeutics	3.3	79.4%	21.1%
FTRE	Fortrea	1.6	76.7%	-4.9%
ARWR	Arrowhead Pharmaceuticals	9.5	74.9%	262.6%
ANF	Abercrombie & Fitch	5.8	73.7%	-19.0%
ALMS	Alumis	0.9	71.8%	43.6%
LUNR	Intuitive Machines	1.8	70.5%	-17.7%
VSCO	Victoria's Secret	4.5	63.0%	36.9%
PL	Planet Labs PBC	5.8	62.7%	374.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.6%	-63.9%
JANX	Janux Therapeutics	0.9	-52.1%	-74.2%
FRMI	Fermi	5.9	-50.1%
LENZ	LENZ Therapeutics	0.5	-36.6%	-37.7%
GOGO	Gogo	0.6	-34.9%	-44.0%
LWLG	Lightwave Logic	0.4	-34.0%	42.4%
BETR	Better Home & Finance	0.5	-32.1%	269.6%
IMSR	Terrestrial Energy	0.7	-30.8%
ORIC	ORIC Pharmaceuticals	0.6	-30.0%	-0.4%
PBF	PBF Energy	3.0	-29.7%	3.7%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LUNR	Intuitive Machines	1.8	37.7%	-17.7%
GTN-A	Gray Media	1.1	30.9%	55.5%
FOLD	Amicus Therapeutics	4.4	30.2%	50.5%
FLY	Firefly Aerospace	3.5	22.8%
CRWV	CoreWeave	40.4	22.6%
EVMN	Evommune	0.5	21.6%
EWTX	Edgewise Therapeutics	2.7	20.8%	-4.3%
FBYD	Falcons Beyond Global	0.7	19.9%	125.4%
ONDS	Ondas	1.4	18.2%	260.2%
BMRN	BioMarin Pharmaceutical	11.7	17.7%	-7.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LW	Lamb Weston	6.2	-25.9%	-32.5%
BB	BlackBerry	2.2	-12.9%	-0.3%
IRON	Disc Medicine	2.8	-11.5%	26.2%
NKE	Nike	86.7	-10.5%	-20.6%
TLRY	Tilray Brands	11.8	-9.6%	-16.1%
OLMA	Olema Pharmaceuticals	2.4	-9.3%	379.1%
KBH	KB Home	3.8	-8.5%	-11.2%
PAHC	Phibro Animal Health	1.5	-7.8%	80.2%
EEX	Emerald	0.9	-7.7%	-1.3%
GETY	Getty Images	0.5	-7.4%	-41.7%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FBYD	Falcons Beyond Global	0.7	60.2%	125.4%
DJT	Trump Media & Technology	4.5	51.1%	-52.8%
GTN-A	Gray Media	1.1	40.6%	55.5%
FOLD	Amicus Therapeutics	4.4	34.4%	50.5%
EEX	Emerald	0.9	27.4%	-1.3%
LUNR	Intuitive Machines	1.8	24.8%	-17.7%
QURE	uniQure	1.3	23.0%	35.8%
RIVN	Rivian Automotive	27.4	21.9%	68.8%
PHAT	Phathom Pharmaceuticals	1.3	20.4%	115.9%
TE	T1 Energy	1.0	20.2%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.2	-82.0%	-26.7%
LWLG	Lightwave Logic	0.4	-28.0%	42.4%
LW	Lamb Weston	6.2	-26.3%	-32.5%
INSP	Inspire Medical Systems	2.8	-26.1%	-47.9%
BETR	Better Home & Finance	0.5	-21.1%	269.6%
FDMT	4D Molecular Therapeutics	0.5	-19.9%	55.8%
VSTM	Verastem	0.6	-19.3%	50.1%
CGEM	Cullinan Therapeutics	0.6	-18.8%	-20.5%
USAR	USA Rare Earth	1.4	-18.8%	46343.0%
BW	Babcock & Wilcox Enterprises	0.5	-17.6%	198.8%

Peer Comparisons for MSA Safety

Peers to compare with:

Financials

	MSA	HON	MMM	AXON	DD	GNTX	Median
Name	MSA Safe.	Honeywel.	3M	Axon Ent.	DuPont d.	Gentex
Mkt Price	160.09	199.11	161.96	594.20	41.26	23.57	161.03
Mkt Cap	6.3	126.5	86.5	46.6	17.3	5.1	31.9
Rev LTM	1,864	40,670	24,825	2,558	13,518	2,432	8,038
Op Inc LTM	391	7,692	5,082	-28	2,143	463	1,303
FCF LTM	283	6,164	1,588	145	1,316	471	893
FCF 3Y Avg	173	5,212	2,393	166	658	376	517
CFO LTM	349	7,485	2,541	244	2,064	616	1,340
CFO 3Y Avg	228	6,336	3,715	241	1,986	533	1,259

Growth & Margins

	MSA	HON	MMM	AXON	DD	GNTX	Median
Name	MSA Safe.	Honeywel.	3M	Axon Ent.	DuPont d.	Gentex
Rev Chg LTM	3.3%	7.5%	1.1%	32.0%	14.0%	3.0%	5.4%
Rev Chg 3Y Avg	7.8%	5.2%	-10.3%	33.7%	1.3%	9.9%	6.5%
Rev Chg Q	8.3%	7.0%	3.5%	30.6%	7.3%	7.7%	7.5%
QoQ Delta Rev Chg LTM	2.0%	1.7%	0.9%	7.0%	1.6%	2.0%	1.8%
Op Mgn LTM	21.0%	18.9%	20.5%	-1.1%	15.9%	19.0%	19.0%
Op Mgn 3Y Avg	21.3%	19.5%	1.1%	4.8%	14.9%	20.4%	17.2%
QoQ Delta Op Mgn LTM	-0.3%	-0.9%	1.0%	-1.0%	0.1%	-0.5%	-0.4%
CFO/Rev LTM	18.7%	18.4%	10.2%	9.5%	15.3%	25.3%	16.8%
CFO/Rev 3Y Avg	12.4%	16.4%	13.8%	12.4%	15.9%	22.8%	14.8%
FCF/Rev LTM	15.2%	15.2%	6.4%	5.7%	9.7%	19.4%	12.4%
FCF/Rev 3Y Avg	9.4%	13.5%	8.8%	8.7%	5.2%	16.1%	9.1%

Valuation

	MSA	HON	MMM	AXON	DD	GNTX	Median
Name	MSA Safe.	Honeywel.	3M	Axon Ent.	DuPont d.	Gentex
Mkt Cap	6.3	126.5	86.5	46.6	17.3	5.1	31.9
P/S	3.4	3.1	3.5	18.2	1.3	2.1	3.2
P/EBIT	15.6	14.4	16.7	196.6	24.5	11.0	16.2
P/E	22.4	20.6	25.4	181.2	-22.4	13.4	21.5
P/CFO	17.9	16.9	34.0	190.8	8.4	8.3	17.4
Total Yield	4.8%	7.2%	4.8%	0.6%	-0.6%	9.6%	4.8%
Dividend Yield	0.3%	2.3%	0.9%	0.0%	3.9%	2.1%	1.5%
FCF Yield 3Y Avg	2.5%	4.0%	4.7%	0.6%	1.9%	5.7%	3.2%
D/E	0.1	0.3	0.2	0.0	0.5	0.0	0.1
Net D/E	0.1	0.2	0.1	-0.0	0.4	-0.0	0.1

Returns

	MSA	HON	MMM	AXON	DD	GNTX	Median
Name	MSA Safe.	Honeywel.	3M	Axon Ent.	DuPont d.	Gentex
1M Rtn	2.5%	4.5%	-2.8%	11.9%	9.5%	6.4%	5.4%
3M Rtn	-6.1%	1.5%	3.9%	-23.3%	32.8%	-17.4%	-2.3%
6M Rtn	-2.3%	-3.7%	13.5%	-23.6%	57.5%	12.0%	4.9%
12M Rtn	-3.2%	-4.9%	29.8%	-3.5%	37.2%	-17.5%	-3.3%
3Y Rtn	22.7%	6.5%	79.1%	246.7%	62.4%	-7.5%	42.6%
1M Excs Rtn	-0.4%	1.6%	-5.7%	9.0%	6.6%	3.5%	2.6%
3M Excs Rtn	-8.9%	-0.5%	3.6%	-25.5%	30.4%	-18.7%	-4.7%
6M Excs Rtn	-16.6%	-18.4%	-2.7%	-37.6%	42.2%	-2.9%	-9.8%
12M Excs Rtn	-17.0%	-20.4%	15.9%	-19.5%	18.6%	-32.7%	-18.2%
3Y Excs Rtn	-48.7%	-66.2%	0.5%	171.4%	-13.6%	-81.2%	-31.2%

Comparison Analyses

	Title
0	How Does MSA Safety Stock Stack Up Against Its Peers?
1	Mine Safety Appliances vs. Honeywell: Neither Seems Like A Good Bet
2	MSA Could Deliver 23% Returns And Outperform MMM
3	MSA Could Deliver 21% Returns And Outperform DD
4	Mine Safety Appliances vs. Gentex: Both Seem Similar Bets
5	Mine Safety Appliances vs. Sarepta Therapeutics: Similar Market Cap, But Sarepta Therapeutics Is A Better Bet
6	Mine Safety Appliances vs. Natera: Similar Market Cap, Similar Bets
7	Mine Safety Appliances vs. Graphic Packaging: Similar Market Cap, But Mine Safety Appliances Is A Better Bet
8	Mine Safety Appliances vs Verisign CA: Similar Revenue; Which Stock Is A Better Bet?
9	Mine Safety Appliances vs Watts Water Technologies: Similar Market Cap; Which Stock Is A Better Bet?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/29/2025	2/14/2025	2/16/2024	2/16/2023	2/18/2022	2/19/2021	2/20/2020
Key Financials
Total Revenue	1,864	1,808	1,788	1,528	1,400	1,348	1,402
EBITDA	470	476	314	317	85	217	237
Operating Income	391	399	388	278	225	247	250
Net Income	280	285	59	180	21	124	138
EPS	7.12	7.24	1.49	4.58	0.54	3.19	3.56
Growth Rates
Total Revenue Growth	3.3%	1.1%	17.0%	9.1%	3.9%	-3.8%	3.2%
EBITDA Growth	2.3%	51.6%	-0.7%	273.8%	-61.0%	-8.5%	8.4%
Operating Income Growth	-0.8%	3.0%	39.4%	23.7%	-9.0%	-1.4%	6.8%
Net Income Growth	2.4%	386.4%	-67.4%	741.8%	-82.8%	-10.1%	11.2%
Margins
EBITDA Margin	25.2%	26.3%	17.6%	20.7%	6.0%	16.1%	16.9%
Operating Income Margin	21.0%	22.1%	21.7%	18.2%	16.0%	18.3%	17.9%
Net Income Margin	15.0%	15.8%	3.3%	11.8%	1.5%	9.2%	9.8%
Cash & Debt
Total Cash	170	165	146	173	190	236	202
Total Debt	674	554	646	608	638	352	391
Net Debt / (Cash)	504	389	500	435	448	116	189
Cash Flows
Net Cash from Operations	349	296	93	157	199	207	165
Free Cash from Operations	283	242	50	114	150	158	128
Returns to Shareholders
Dividends	82	79	73	71	69	67	64
Share Repurchases	60	37	4	34	6	29	13

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/29/2025	8/5/2025	5/1/2025	2/14/2025	10/24/2024	7/25/2024	4/30/2024	2/16/2024	10/25/2023	8/1/2023	5/2/2023	2/16/2023
Key Financials Quarterly
Total Revenue	468	474	421	500	433	462	413	495	447	447	398	443
Ebitda	119	109	101	141	113	120	102	125	116	116	-42	91
Operating Income	98	92	84	117	96	101	85	112	99	101	75	92
Net Income	70	63	60	88	67	72	58	76	65	67	-150	51
EPS	1.78	1.60	1.51	2.23	1.69	1.83	1.48	1.94	1.66	1.71	-3.83	1.31
Key Financials TTM
Total Revenue TTM	1,864	1,828	1,816	1,808	1,804	1,818	1,803	1,788	1,736	1,671	1,596	1,528
Ebitda TTM	470	464	475	476	460	462	458	314	281	245	212	317
Operating Income TTM	391	388	398	399	394	397	398	388	367	341	302	278
Net Income TTM	280	277	286	285	273	272	267	59	34	13	-6	180
Growth Rates Quarterly
Total Revenue Growth	8.3%	2.5%	1.9%	0.9%	-3.1%	3.4%	3.8%	11.8%	17.0%	20.1%	20.4%	8.0%
EBITDA Growth	5.5%	-9.3%	-0.9%	13.0%	-2.1%	4.0%	344.4%	37.0%	43.7%	41.1%	-166.0%	226.4%
Operating Income Growth	2.7%	-9.2%	-2.0%	4.6%	-3.3%	-0.6%	13.8%	22.1%	36.9%	60.9%	47.5%	20.8%
Net Income Growth	4.4%	-13.1%	2.5%	15.1%	2.1%	7.7%	138.7%	48.4%	45.3%	40.7%	-522.5%	183.8%
Margins Quarterly
EBITDA Margin	25.5%	23.0%	24.0%	28.2%	26.2%	26.0%	24.7%	25.2%	25.9%	25.8%	-10.5%	20.5%
Operating Income Margin	21.0%	19.3%	19.9%	23.5%	22.1%	21.8%	20.7%	22.6%	22.1%	22.7%	18.9%	20.7%
Net Income Margin	14.9%	13.2%	14.1%	17.6%	15.4%	15.6%	14.1%	15.4%	14.6%	15.0%	-37.7%	11.6%
Cash & Debt
Total Cash	170	147	171	165	154	147	148	146	164	147	139	173
Total Debt	674	726	548	554	604	635	641	646	783	848	904	608
Net Debt / (Cash)	504	579	377	389	450	488	493	500	618	701	765	435
Cash Flows Quarterly
FCF from Operations	112	67	62	108	84	53	51	159	125	95	-286	54
Cash Flows TTM
FCF from Operations TTM	349	321	307	296	347	388	430	93	-13	-73	-153	157
Returns to Shareholders Quarterly
Dividends	21	21	20	20	20	20	18	18	18	18	18	18
Share Repurchases	1	31	18	10	11	11	6	0	0	0	4	0
Return on Invested Capital (ROIC) Quarterly
ROIC	58.7%	48.0%	67.9%	90.6%	64.3%	63.3%	53.3%	69.0%	47.6%	44.4%	39.2%	62.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	58.6%	50.8%	80.0%	77.9%	67.0%	62.1%	61.5%	22.0%	11.3%	4.3%	39.5%	48.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Fire Service	684	579
Detection	635	530
Industrial Personal Protective Equipment (PPE) and Other	469	419
Breathing Apparatus			322	329	318
Fall Protection			118	103	126
Firefighter Helmets & Protective Apparel			204	162	178
Fixed Gas & Flame Detection			299	287	293
Industrial Head Protection			144	126	145
Other			151	198	173
Portable Gas Detection			163	143	169
Total	1,788	1,528	1,400	1,348	1,402

Price Behavior

Price Behavior

Market Price	$160.09
Market Cap ($ Bil)	6.3
First Trading Date	03/26/1990
Distance from 52W High	-10.5%
	50 Days	200 Days
DMA Price	$161.26	$162.27
DMA Trend	indeterminate	down
Distance from DMA	-0.7%	-1.3%
	3M	1YR
Volatility	26.0%	24.0%
Downside Capture	147.09	95.27
Upside Capture	98.61	77.02
Correlation (SPY)	36.7%	60.8%

MSA Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.73	0.72	0.81	0.92	0.75	0.78
Up Beta	0.34	-0.32	-0.02	0.55	0.73	0.72
Down Beta	-0.00	0.20	0.29	0.71	0.62	0.69
Up Capture	113%	85%	91%	86%	67%	54%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	20	30	62	119	382
Down Capture	81%	144%	152%	134%	97%	98%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	22	33	64	130	369

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of MSA With Other Asset Classes (Last 1Y)
	MSA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-6.7%	14.6%	13.5%	62.9%	2.8%	-2.4%	-19.7%
Annualized Volatility	24.2%	19.0%	19.7%	19.2%	16.0%	17.7%	35.4%
Sharpe Ratio	-0.34	0.58	0.52	2.42	-0.01	-0.29	-0.33
Correlation With Other Assets		67.9%	61.2%	2.0%	12.7%	52.7%	22.3%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of MSA With Other Asset Classes (Last 5Y)
	MSA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.2%	13.6%	14.8%	18.3%	11.1%	4.7%	34.8%
Annualized Volatility	24.7%	17.2%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.08	0.63	0.70	0.95	0.48	0.16	0.62
Correlation With Other Assets		62.5%	55.1%	4.5%	8.2%	46.3%	22.0%

Based On 10-Year Data

		Comparison of MSA With Other Asset Classes (Last 10Y)
	MSA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	15.8%	13.5%	14.8%	14.5%	6.3%	5.4%	68.9%
Annualized Volatility	28.9%	19.9%	18.0%	14.7%	17.7%	20.8%	55.8%
Sharpe Ratio	0.56	0.60	0.71	0.81	0.28	0.23	0.89
Correlation With Other Assets		64.3%	60.4%	-2.7%	17.5%	50.6%	14.3%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	1,289,128
Short Interest: % Change Since 11152025	-5.5%
Average Daily Volume	205,805
Days-to-Cover Short Interest	6.26
Basic Shares Quantity	39,168,000
Short % of Basic Shares	3.3%

Returns Analyses

	Title
0	How Low Can MSA Safety Stock Really Go?
1	MSA Safety Stock Return Comparison
2	Mine Safety Appliances (MSA) Stock Return: AI Predicts MSA Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
4/29/2024	-4.1%	-1.5%	-4.8%
2/14/2024	0.8%	1.8%	3.7%
...
SUMMARY STATS
# Positive	12	10	11
# Negative	10	12	11
Median Positive	1.8%	2.8%	5.8%
Median Negative	-0.3%	-2.9%	-4.8%
Max Positive	12.2%	12.3%	21.8%
Max Negative	-6.4%	-6.5%	-26.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10292025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2142025	10-K 12/31/2024
9302024	10242024	10-Q 9/30/2024
6302024	7252024	10-Q 6/30/2024
3312024	4302024	10-Q 3/31/2024
12312023	2162024	10-K 12/31/2023
9302023	10252023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2162023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	4292022	10-Q 3/31/2022
12312021	2182022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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MSA Safety (MSA)

Market Price (12/20/2025): $159.89 | Market Cap: $6.3 BilSector: Industrials | Industry: Office Services & Supplies

MSA Safety (MSA)

Market Price (12/20/2025): $159.89Market Cap: $6.3 BilSector: IndustrialsIndustry: Office Services & Supplies

Valuation, Metrics & Events

MSA Stock

Why The Stock Moved

Qualitative Assessment

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About MSA Safety (MSA)

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Based On 1-Year Data

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Earnings Returns History

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Market Price (12/20/2025): $159.89 | Market Cap: $6.3 Bil
Sector: Industrials | Industry: Office Services & Supplies

Market Price (12/20/2025): $159.89
Market Cap: $6.3 Bil
Sector: Industrials
Industry: Office Services & Supplies