MSA Safety Incorporated (MSA) 10-Year Financial Performance & Capital Metrics

MSA • • Industrial / General

IndustrialsSecurity ServicesSafety Equipment & ComplianceIndustrial Safety Equipment

AboutMSA 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.Show more

Revenue $1.81B +1.1%
EBITDA $454M +55.3%
Net Income $285M +386.4%
EPS (Diluted) 7.21 +387.2%
Gross Margin 47.59% -0.2%
EBITDA Margin 25.08% +53.5%
Operating Margin 21.52% +66.3%
Net Margin 15.76% +380.9%
ROE 27.01% +335.8%
ROIC 19.39% +58.5%
Debt/Equity 0.49 -26.0%
Interest Coverage 10.55 +113.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 15.6%
✓11 consecutive years of dividend growth
✓Good 3Y average ROE of 17.9%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.78%

5Y5.22%

3Y8.9%

TTM3.31%

Profit (Net Income) CAGR

10Y12.4%

5Y15.61%

3Y137.25%

TTM2.38%

EPS CAGR

10Y11.96%

5Y15.68%

3Y137.24%

TTM-101.73%

ROCE

10Y Avg11.26%

5Y Avg11.36%

3Y Avg14.79%

Latest20.73%

Peer Comparison

Industrial Safety Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MSAMSA Safety Incorporated	7.17B	183.03	25.39	1.15%	15.02%	21.49%	3.38%	0.49
MGMistras Group, Inc.	451.77M	14.32	23.87	3.43%	2.53%	7.96%	6.01%	1.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.13B	1.15B	1.2B	1.36B	1.4B	1.35B	1.4B	1.53B	1.79B	1.81B
Revenue Growth %	-0%	0.02%	0.04%	0.13%	0.03%	-0.04%	0.04%	0.09%	0.17%	0.01%
Cost of Goods Sold+	629.68M	627.28M	657.92M	746.24M	763.35M	752.73M	784.83M	854.12M	935.51M	947.7M
COGS % of Revenue	0.56%	0.55%	0.55%	0.55%	0.54%	0.56%	0.56%	0.56%	0.52%	0.52%
Gross Profit+	501.1M	522.25M	538.89M	611.86M	638.63M	595.49M	615.35M	673.83M	852.14M	860.45M
Gross Margin %	0.44%	0.45%	0.45%	0.45%	0.46%	0.44%	0.44%	0.44%	0.48%	0.48%
Gross Profit Growth %	-0.03%	0.04%	0.03%	0.14%	0.04%	-0.07%	0.03%	0.1%	0.26%	0.01%
Operating Expenses+	501.1M	361.55M	499.31M	438.38M	450.38M	423.6M	592.57M	434.69M	620.82M	471.27M
OpEx % of Revenue	0.44%	0.31%	0.42%	0.32%	0.32%	0.31%	0.42%	0.28%	0.35%	0.26%
Selling, General & Admin	315.27M	308.24M	300.06M	324.78M	330.5M	290.33M	332.86M	338.87M	396.64M	394.71M
SG&A % of Revenue	0.28%	0.27%	0.25%	0.24%	0.24%	0.22%	0.24%	0.22%	0.22%	0.22%
Research & Development	48.63M	46.85M	50.06M	52.7M	57.85M	58.27M	57.79M	57.01M	67.99M	66.53M
R&D % of Revenue	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Other Operating Expenses	137.2M	6.46M	149.19M	60.9M	62.03M	75M	201.91M	38.81M	156.19M	10.04M
Operating Income+	137.2M	160.7M	39.58M	173.48M	188.25M	171.9M	22.78M	239.14M	231.32M	389.18M
Operating Margin %	0.12%	0.14%	0.03%	0.13%	0.13%	0.13%	0.02%	0.16%	0.13%	0.22%
Operating Income Growth %	-0.05%	0.17%	-0.75%	3.38%	0.09%	-0.09%	-0.87%	9.5%	-0.03%	0.68%
EBITDA+	168.89M	195.97M	77.45M	211.33M	226.27M	211.57M	73.1M	295.45M	292.09M	453.51M
EBITDA Margin %	0.15%	0.17%	0.06%	0.16%	0.16%	0.16%	0.05%	0.19%	0.16%	0.25%
EBITDA Growth %	-0.03%	0.16%	-0.6%	1.73%	0.07%	-0.06%	-0.65%	3.04%	-0.01%	0.55%
D&A (Non-Cash Add-back)	31.68M	35.27M	37.88M	37.85M	38.02M	39.67M	50.32M	56.32M	60.77M	64.33M
EBIT	121.88M	168.32M	45.13M	181.22M	199.34M	177.58M	34.36M	260.19M	253.42M	411.89M
Net Interest Income+	-9.33M	-13.58M	-11.76M	-14.29M	-9.18M	-5.93M	-7.5M	-17.5M	-38.55M	-29.87M
Interest Income	1.52M	2.83M	3.6M	4.59M	4.41M	3.5M	3.26M	4.16M	8.18M	7.02M
Interest Expense	10.85M	16.41M	15.36M	18.88M	13.59M	9.43M	10.76M	21.66M	46.73M	36.89M
Other Income/Expense	-26.18M	-8.79M	-9.8M	-11.14M	-2.5M	-3.75M	824K	-604K	-24.63M	-14.17M
Pretax Income+	111.03M	151.91M	29.77M	162.34M	185.75M	168.15M	23.6M	238.53M	206.69M	375.01M
Pretax Margin %	0.1%	0.13%	0.02%	0.12%	0.13%	0.12%	0.02%	0.16%	0.12%	0.21%
Income Tax+	44.41M	57.8M	2.82M	37.22M	46.55M	43.01M	1.82M	58.9M	148.1M	90.04M
Effective Tax Rate %	0.64%	0.61%	0.87%	0.76%	0.74%	0.74%	0.9%	0.75%	0.28%	0.76%
Net Income+	70.81M	91.94M	26.03M	124.15M	138M	124.08M	21.34M	179.63M	58.58M	284.97M
Net Margin %	0.06%	0.08%	0.02%	0.09%	0.1%	0.09%	0.02%	0.12%	0.03%	0.16%
Net Income Growth %	-0.2%	0.3%	-0.72%	3.77%	0.11%	-0.1%	-0.83%	7.42%	-0.67%	3.86%
Net Income (Continuing)	66.62M	94.11M	26.96M	125.11M	139.21M	125.14M	21.79M	179.63M	58.58M	284.97M
Discontinued Operations	1.32M	-245K	0	0	0	0	0	0	0	0
Minority Interest	632K	3.05M	4.98M	5.64M	6.77M	7.99M	0	0	0	0
EPS (Diluted)+	1.87	2.42	0.67	3.19	3.48	3.16	0.54	4.56	1.48	7.21
EPS Growth %	-0.2%	0.29%	-0.72%	3.76%	0.09%	-0.09%	-0.83%	7.44%	-0.68%	3.87%
EPS (Basic)	1.89	2.45	0.68	3.24	3.52	3.19	0.54	4.58	1.49	7.24
Diluted Shares Outstanding	37.71M	37.99M	38.7M	38.96M	39.19M	39.29M	39.45M	39.41M	39.47M	39.53M
Basic Shares Outstanding	37.29M	37.46M	38M	38.36M	38.65M	38.88M	39.17M	39.23M	39.31M	39.36M
Dividend Payout Ratio	0.67%	0.53%	2.02%	0.46%	0.46%	0.54%	3.21%	0.4%	1.25%	0.28%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	505.03M	472.81M	622.3M	656.62M	693.36M	801.42M	792.8M	880.13M	786.27M	803.03M
Cash & Short-Term Investments	105.92M	113.76M	134.24M	195.2M	202.39M	236.02M	190.41M	172.81M	146.44M	164.56M
Cash Only	105.92M	113.76M	134.24M	140.09M	152.5M	161.03M	141.44M	162.9M	146.44M	164.56M
Short-Term Investments	0	0	0	55.11M	49.89M	74.98M	48.97M	9.9M	0	0
Accounts Receivable	241.61M	215.69M	261.53M	248.59M	266.36M	268.08M	266.7M	302.96M	294.68M	279.21M
Days Sales Outstanding	77.99	68.49	79.76	66.81	69.35	72.58	69.52	72.37	60.17	56.36
Inventory	125.85M	103.07M	153.74M	156.6M	185.03M	244.97M	280.62M	338.32M	292.6M	296.8M
Days Inventory Outstanding	72.95	59.97	85.29	76.6	88.47	118.78	130.51	144.58	114.16	114.31
Other Current Assets	31.23M	-2M	0	0	26.52M	26.18M	33.84M	44.34M	39.63M	43.83M
Total Non-Current Assets+	919.82M	881.11M	1.06B	951.39M	1.05B	1.12B	1.6B	1.5B	1.38B	1.4B
Property, Plant & Equipment	155.84M	148.68M	157.01M	157.94M	218.71M	243.07M	257.97M	251.69M	265.18M	267.95M
Fixed Asset Turnover	7.26x	7.73x	7.62x	8.60x	6.41x	5.55x	5.43x	6.07x	6.74x	6.75x
Goodwill	340.34M	333.28M	422.19M	413.64M	436.68M	443.27M	636.86M	620.62M	627.53M	620.89M
Intangible Assets	90.1M	77M	183M	169.5M	171.33M	161.05M	306.95M	281.9M	266.13M	246.44M
Long-Term Investments	62.07M	260.75M	239.89M	137.92M	108.54M	133.54M	166.23M	0	0	0
Other Non-Current Assets	245.02M	115.17M	217.61M	209.36M	78.48M	101.61M	200.33M	317.19M	191.97M	241.29M
Total Assets+	1.42B	1.35B	1.68B	1.61B	1.74B	1.92B	2.4B	2.38B	2.17B	2.21B
Asset Turnover	0.79x	0.85x	0.71x	0.84x	0.81x	0.70x	0.58x	0.64x	0.82x	0.82x
Asset Growth %	0.13%	-0.05%	0.24%	-0.05%	0.08%	0.1%	0.25%	-0.01%	-0.09%	0.02%
Total Current Liabilities+	251.91M	221.41M	289.28M	282.06M	277.51M	310.55M	330.61M	345.87M	332.82M	288.09M
Accounts Payable	68.21M	62.73M	87.06M	78.37M	89.12M	86.85M	106.78M	112.53M	111.87M	108.16M
Days Payables Outstanding	39.54	36.5	48.3	38.33	42.61	42.12	49.66	48.09	43.65	41.66
Short-Term Debt	6.65M	26.67M	26.68M	20.06M	29.16M	20M	9.54M	7.39M	26.52M	26.39M
Deferred Revenue (Current)	1000K	0	0	0	0	0	0	0	0	0
Other Current Liabilities	127.73M	88.24M	175.54M	183.63M	110.61M	159.83M	159.03M	118.97M	174.45M	127.17M
Current Ratio	2.00x	2.14x	2.15x	2.33x	2.50x	2.58x	2.40x	2.54x	2.36x	2.79x
Quick Ratio	1.51x	1.67x	1.62x	1.77x	1.83x	1.79x	1.55x	1.57x	1.48x	1.76x
Cash Conversion Cycle	111.4	91.96	116.75	105.08	115.2	149.24	150.37	168.86	130.68	129.01
Total Non-Current Liabilities+	655.78M	571.3M	792.97M	686.43M	729.61M	761.89M	1.23B	1.11B	870.53M	774.37M
Long-Term Debt	458.02M	363.84M	447.83M	341.31M	328.39M	287.16M	597.65M	565.45M	575.17M	481.62M
Capital Lease Obligations	0	0	0	0	42.63M	44.64M	40.71M	35.34M	44.49M	45.98M
Deferred Tax Liabilities	24.87M	34.04M	9.34M	7.16M	9.79M	20.76M	33.34M	31.88M	102.42M	107.69M
Other Non-Current Liabilities	170.95M	173.42M	335.8M	337.96M	348.8M	409.34M	559.71M	474.7M	148.45M	139.07M
Total Liabilities	907.69M	792.71M	1.08B	968.49M	1.01B	1.07B	1.56B	1.45B	1.2B	1.06B
Total Debt+	466.63M	390.5M	474.51M	361.37M	400.19M	351.8M	647.9M	608.18M	646.19M	565.4M
Net Debt	360.7M	276.74M	340.27M	221.28M	247.69M	190.76M	506.46M	445.27M	499.75M	400.84M
Debt / Equity	0.90x	0.69x	0.78x	0.56x	0.55x	0.42x	0.78x	0.66x	0.67x	0.49x
Debt / EBITDA	2.76x	1.99x	6.13x	1.71x	1.77x	1.66x	8.86x	2.06x	2.21x	1.25x
Net Debt / EBITDA	2.14x	1.41x	4.39x	1.05x	1.09x	0.90x	6.93x	1.51x	1.71x	0.88x
Interest Coverage	12.64x	9.79x	2.58x	9.19x	13.85x	18.22x	2.12x	11.04x	4.95x	10.55x
Total Equity+	517.13M	564.26M	607.55M	645.16M	732.57M	847.19M	834.39M	923.74M	966.8M	1.14B
Equity Growth %	-0.05%	0.09%	0.08%	0.06%	0.14%	0.16%	-0.02%	0.11%	0.05%	0.18%
Book Value per Share	13.71	14.85	15.70	16.56	18.69	21.56	21.15	23.44	24.49	28.92
Total Shareholders' Equity	516.5M	561.21M	602.58M	639.52M	725.8M	839.2M	834.39M	923.74M	966.8M	1.14B
Common Stock	157.64M	172.68M	194.95M	211.81M	229.13M	242.69M	260.12M	281.98M	312.32M	329.95M
Retained Earnings	858.55M	901.41M	868.67M	935.58M	1.01B	1.1B	1.05B	1.16B	1.14B	1.35B
Treasury Stock	-295.07M	-289.25M	-297.83M	-298.14M	-305.16M	-327.76M	-330.38M	-361.44M	-363.28M	-398.2M
Accumulated OCI	-208.2M	-230.25M	-171.76M	-218.93M	-214M	-182.4M	-149.14M	-158.72M	-129.25M	-141.65M
Minority Interest	632K	3.05M	4.98M	5.64M	6.77M	7.99M	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	55.25M	134.89M	230.34M	266.81M	164.96M	206.56M	199.15M	157.46M	92.86M	296.43M
Operating CF Margin %	0.05%	0.12%	0.19%	0.2%	0.12%	0.15%	0.14%	0.1%	0.05%	0.16%
Operating CF Growth %	-0.48%	1.44%	0.71%	0.16%	-0.38%	0.25%	-0.04%	-0.21%	-0.41%	2.19%
Net Income	67.94M	93.86M	26.96M	125.11M	137.65M	121.16M	21.79M	179.63M	58.58M	284.97M
Depreciation & Amortization	31.68M	35.27M	37.88M	37.85M	38.02M	39.67M	50.32M	56.32M	60.77M	64.33M
Stock-Based Compensation	7.6M	9.21M	11.76M	12.24M	13.76M	6.92M	18.91M	19.65M	30.02M	18.18M
Deferred Taxes	-1.7M	14.39M	-31.32M	-4.07M	1.27M	-3.32M	-38.85M	5.17M	0	-98K
Other Non-Cash Items	-5.9M	-23.6M	19.56M	-8.17M	-15.03M	35.44M	205.21M	-4.23M	-151.25M	-11.57M
Working Capital Changes	-44.37M	5.76M	165.5M	103.85M	-10.71M	6.68M	-58.22M	-99.08M	94.73M	-59.39M
Change in Receivables	-21.96M	13.24M	-6.38M	-10.07M	16.54M	7.68M	4.37M	-38.59M	0	-1.38M
Change in Inventory	-9.4M	14.39M	-30.36M	-11.12M	-23.25M	-8.6M	-17.83M	-67.37M	51.59M	-14.67M
Change in Payables	20.29M	-46.48M	-19.42M	17.98M	5.8M	13.54M	13.3M	7.58M	-5.45M	3.06M
Cash from Investing+	-208.49M	-25.76M	-239.2M	-87.32M	-64.16M	-72.77M	-415.47M	-4.48M	-39.95M	-53.76M
Capital Expenditures	-36.24M	-25.52M	-23.73M	-36.89M	-36.6M	-48.91M	-49.12M	-43.94M	-42.76M	-54.22M
CapEx % of Revenue	0.03%	0.02%	0.02%	0.03%	0.03%	0.04%	0.04%	0.03%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	8.02M	18.21M	832K	-47.37M	169.46M	-223.45M	0	-1.39M	2.81M	468K
Cash from Financing+	164.95M	-97.84M	23.07M	-163.27M	-84.62M	-126.53M	203.93M	-113.35M	-52.25M	-208.69M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-47.38M	-49.07M	-52.54M	-57.25M	-63.52M	-66.58M	-68.59M	-71.5M	-73.49M	-78.76M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.28M	14.02M	18.41M	6.42M	0	0	-14.49M	5.54M	1.3M	1.66M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	19.01M	109.37M	206.61M	229.93M	128.36M	157.65M	150.02M	113.51M	50.09M	242.21M
FCF Margin %	0.02%	0.1%	0.17%	0.17%	0.09%	0.12%	0.11%	0.07%	0.03%	0.13%
FCF Growth %	-0.74%	4.75%	0.89%	0.11%	-0.44%	0.23%	-0.05%	-0.24%	-0.56%	3.84%
FCF per Share	0.50	2.88	5.34	5.90	3.28	4.01	3.80	2.88	1.27	6.13
FCF Conversion (FCF/Net Income)	0.78x	1.47x	8.85x	2.15x	1.20x	1.66x	9.33x	0.88x	1.59x	1.04x
Interest Paid	10.82M	15.86M	15.5M	20.41M	14.49M	9.86M	9.29M	20.74M	47.26M	35.7M
Taxes Paid	50M	57.55M	40.38M	40.59M	48.67M	61.07M	45.56M	60.49M	69.08M	102.67M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.35%	17%	4.44%	19.82%	20.03%	15.71%	2.54%	20.43%	6.2%	27.01%
Return on Invested Capital (ROIC)	13.13%	14.02%	3.32%	14.34%	15.29%	12.78%	1.44%	13.24%	12.24%	19.39%
Gross Margin	44.31%	45.43%	45.03%	45.05%	45.55%	44.17%	43.95%	44.1%	47.67%	47.59%
Net Margin	6.26%	8%	2.17%	9.14%	9.84%	9.2%	1.52%	11.76%	3.28%	15.76%
Debt / Equity	0.90x	0.69x	0.78x	0.56x	0.55x	0.42x	0.78x	0.66x	0.67x	0.49x
Interest Coverage	12.64x	9.79x	2.58x	9.19x	13.85x	18.22x	2.12x	11.04x	4.95x	10.55x
FCF Conversion	0.78x	1.47x	8.85x	2.15x	1.20x	1.66x	9.33x	0.88x	1.59x	1.04x
Revenue Growth	-0.27%	1.66%	4.11%	13.48%	3.23%	-3.83%	3.85%	9.13%	17%	1.15%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Detection	-	-	-	-	-	-	-	-	634.91M	642.79M
Detection Growth	-	-	-	-	-	-	-	-	-	1.24%
Other Products	-	-	-	-	-	197.85M	150.75M	145.94M	-	-
Other Products Growth	-	-	-	-	-	-	-23.81%	-3.19%	-	-
International	228.64M	471.1M	459.96M	503.82M	486.86M	-	-	-	-	-
International Growth	-	106.04%	-2.36%	9.53%	-3.37%	-	-	-	-	-
Corporate	-	-	-	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	-	-	-	874.3M	908.07M	1.04B	1.24B	1.25B
Americas Growth	-	-	-	-	-	-	3.86%	14.89%	18.44%	0.89%
International	-	-	-	-	-	473.92M	492.11M	484.71M	552.05M	561.5M
International Growth	-	-	-	-	-	-	3.84%	-1.50%	13.89%	1.71%
UNITED STATES	593.54M	580.72M	622.28M	734.03M	785.15M	-	-	-	-	-
UNITED STATES Growth	-	-2.16%	7.16%	17.96%	6.96%	-	-	-	-	-
Other Country	537.24M	568.81M	574.53M	624.07M	616.83M	-	-	-	-	-
Other Country Growth	-	5.87%	1.01%	8.62%	-1.16%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

MSA Safety Incorporated (MSA) has a price-to-earnings (P/E) ratio of 25.4x. This suggests investors expect higher future growth.

Growth & Financials

MSA Safety Incorporated (MSA) reported $1.86B in revenue for fiscal year 2024. This represents a 67% increase from $1.11B in 2011.

MSA Safety Incorporated (MSA) grew revenue by 1.1% over the past year. Growth has been modest.

Yes, MSA Safety Incorporated (MSA) is profitable, generating $279.9M in net income for fiscal year 2024 (15.8% net margin).

Dividend & Returns

Yes, MSA Safety Incorporated (MSA) pays a dividend with a yield of 1.09%. This makes it attractive for income-focused investors.

MSA Safety Incorporated (MSA) has a return on equity (ROE) of 27.0%. This is excellent, indicating efficient use of shareholder capital.

MSA Safety Incorporated (MSA) generated $282.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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