One-glance verdict
Within fair range
$175.24 our estimate vs market $178.91
Wall Street consensus: $209.14 (19.3% higher than our fair-value estimate)
2% above our estimate
Fundamentals snapshot
MSA Safety Incorporated
MSA · NYQ · Industrials · Security & Protection Services
Current price
$178.91
52-week range
$151.11 - $208.92
Market cap
$6.90B
Balance sheet
Watch
12.31x Strong cushion
Net debt $443.45M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 3.8% last year.
- Reward Returns 23.7% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Net debt grew 6.1% over 3 years.
What this company does
MSA Safety Incorporated
MSA Safety Incorporated sells high-tech protective equipment and technology that keeps workers safe in hazardous jobs, such as firefighting, construction, and energy production. The company's key products include firefighter helmets, advanced breathing devices, and sophisticated systems that can detect gas leaks or flames. Because this type of safety gear is often required by law, the company benefits from consistent customer demand, making its business more stable even when the broader economy slows down.
How the company got here
MSA Safety was founded in 1914 by two mining engineers with the help of Thomas Edison. After a tragic mine explosion, they created a battery-powered headlamp for miners to prevent accidents caused by open-flame lamps. Over the next century, the company expanded beyond mining into safety equipment for firefighters, construction workers, and the military. It grew by acquiring other safety equipment companies and is now a global leader in developing and manufacturing safety products.
What it actually does
MSA Safety makes a wide range of products designed to protect workers in hazardous environments. Think of the equipment a firefighter would use, like a self-contained breathing apparatus (an oxygen tank and mask), a helmet, and protective clothing. They also make industrial safety gear like hard hats for construction workers, fall protection harnesses, and devices that detect dangerous gases in the air. Their products are used in industries like oil and gas, construction, and the fire service to keep workers safe from harm.
Americas
This is the company's largest business segment, making up more than half of its sales. It covers operations in both North and South America. This segment sells the company's full range of safety products to a variety of customers, including fire departments, construction companies, and industrial manufacturers. The products are sold through a network of distributors as well as directly to some end-users (the people and companies that will actually use the equipment).
International
The International segment includes MSA Safety's operations in Europe, Asia, and the Middle East, and it accounts for a significant portion of the company's revenue. Similar to the Americas segment, it sells a comprehensive line of safety products. This includes breathing apparatus, gas and flame detection systems, and personal protective equipment like helmets and fall protection devices. The customers are also similar, ranging from fire services to large industrial companies.
What management is betting on now
MSA Safety's current strategy focuses on developing and selling high-tech safety solutions, especially in gas detection and for the fire service. They are also investing in "connected solutions," which means adding technology to their products that can send and receive data, allowing for things like remote monitoring of worker safety. The company aims to grow by acquiring other businesses that fit well with their existing product lines and by continuing to innovate and create new safety products. Management is also focused on increasing the company's operating margin (the profit made from each dollar of sales before interest and taxes) and earnings per share (the company's profit divided by the number of its common stock shares).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$70.08M
FY2024 Q4
$93.50M
FY2025 Q1
$51.05M
FY2025 Q2
$37.88M
FY2025 Q3
$100.48M
FY2025 Q4
$106.02M
FY2026 Q1
$65.10M
FY2026 Q2
$82.70M
Revenue
$503.33M
Net income
$86.19M
Diluted EPS
2.23
Operating cash flow
$95.38M
Free cash flow
$82.70M
Fetching…
Sources
Revenue
$463.63M
Net income
$71.27M
Diluted EPS
1.83
Operating cash flow
$75.69M
Free cash flow
$65.10M
Fetching…
Sources
Revenue
$510.91M
Net income
$86.93M
Diluted EPS
2.21
Operating cash flow
$122.35M
Free cash flow
$106.02M
Fetching…
Sources
Revenue
$468.44M
Net income
$69.61M
Diluted EPS
1.77
Operating cash flow
$112.46M
Free cash flow
$100.48M
Fetching…
Sources
Revenue
$474.12M
Net income
$62.77M
Diluted EPS
1.59
Operating cash flow
$67.22M
Free cash flow
$37.88M
Fetching…
Sources
Revenue
$421.34M
Net income
$59.60M
Diluted EPS
1.51
Operating cash flow
$61.83M
Free cash flow
$51.05M
Fetching…
Sources
Revenue
$499.70M
Net income
$87.95M
Diluted EPS
2.22
Operating cash flow
$107.91M
Free cash flow
$93.50M
Fetching…
Sources
Revenue
$432.68M
Net income
$66.65M
Diluted EPS
1.69
Operating cash flow
$84.33M
Free cash flow
$70.08M
Fetching…
Sources
Is it cheap or expensive?
Fair value $175.24 vs current price $178.91
Wall Street consensus is the average analyst price target: $209.14 (19.3% higher than our fair-value estimate).
Our most-likely fair value is $175.24 a share — about 2.1% away from today's price of $178.91, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $443.5M. Interest coverage 12.3x.
Net debt
$443.45M
Interest coverage
12.31x
MSA Safety Incorporated's profit covers its interest bill about 12.3 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
MSA
BASELINE
MSA Safety Incorporated
Total debt $643.51M Interest coverage 12.31x This is the baseline the peer rows are being compared against.
Total debt $83.59M Interest coverage 27.17x +121% vs MSA Carries about 2.2x more debt cushion than MSA.
Total debt $34.96B Interest coverage 4.89x -60% vs MSA Carries about 2.5x less debt cushion than MSA.
Total debt $2.22B Interest coverage 8.51x -31% vs MSA Carries about 1.4x less debt cushion than MSA.
Total debt $614.70M Interest coverage 7.32x -41% vs MSA Carries about 1.7x less debt cushion than MSA.
What you should know
The case for and against MSA
3 Rewards
1 Risk
Rewards
-
Revenue grew 3.8% last year.
-
Returns 23.7% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 6.1% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
22.22x
Forward P/E
17.95x
P/B
4.94x
P/S
3.55x
EV/EBITDA
14.05x
PEG ratio
0.99x
Profitability
How much profit each dollar creates
Gross margin
47.6%
Operating margin
24.6%
Net margin
16.1%
ROE
23.7%
ROA
11.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.46x
Current ratio
3.24x
Quick ratio
1.90x
Total debt
$643.51M
Total cash
$200.06M
Growth
How the business has been compounding
Revenue TTM
$1.95B
Revenue 5Y CAGR
7.6%
EPS TTM
8.05
EPS 5Y CAGR
15.8%
Cash flow
How much cash the business throws off
Operating CF TTM
$405.88M
Free CF TTM
$295.43M
FCF margin
15.2%
Dividend
Shareholder payout
Yield
1.2%
Payout ratio
26.5%
Last ex-div date
2026-08-14