Cash generation remains sensitive to project milestones, with free cash flow margins exhibiting extreme variance from a low of 8.0% in 2025Q2 to a peak of 29.7% in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 377.72M | 363.87M | 296.43M | 92.86M | 157.46M | 199.15M | 206.56M | 164.96M | 266.81M | 230.34M | 134.89M | 55.25M | 107.03M | 110.78M | 150.48M | 85.26M | 31.61M | 120.85M | 59.78M | 41.34M | 62.84M | 86M | 53.84M | 40.54M | 49.33M | 30.84M | 52.27M | 39.4M | 21.4M | 30.9M | 56.5M |
| Operating CF Margin % | - | 19.41% | 16.39% | 5.19% | 10.3% | 14.22% | 15.32% | 11.77% | 19.65% | 19.25% | 11.73% | 4.89% | 9.44% | 9.96% | 13.55% | 7.66% | 3.24% | 13.19% | 5.25% | 4.1% | 6.84% | 9.43% | 6.28% | 5.81% | 8.74% | 6.05% | 11.16% | 7.91% | 4.28% | 6.19% | 11.28% |
| Operating CF Growth % | 95.26% | 22.75% | 219.23% | -41.03% | -20.93% | -3.59% | 25.21% | -38.17% | 15.84% | 70.75% | 144.13% | -48.38% | -3.39% | -26.38% | 76.49% | 169.75% | -73.85% | 102.13% | 44.6% | -34.21% | -26.93% | 59.73% | 32.81% | -17.82% | 59.98% | -41% | 32.66% | 84.11% | -30.74% | -45.31% | 58.71% |
| Net Income | 290.59M | 278.92M | 284.97M | 58.58M | 179.63M | 21.79M | 121.16M | 137.65M | 125.11M | 26.96M | 93.86M | 67.94M | 87.93M | 88.05M | 91.76M | 70.05M | 39.06M | 43.34M | 70.42M | 67.59M | 63.92M | 81.78M | 71.05M | 65.27M | 35.08M | 31.63M | 23.24M | 15.1M | 18.3M | 21.9M | 23.1M |
| Depreciation & Amortization | 73.69M | 71.59M | 64.33M | 60.77M | 56.32M | 50.32M | 39.67M | 38.02M | 37.85M | 37.88M | 35.27M | 31.68M | 29.92M | 30.76M | 31.7M | 32.87M | 29.19M | 27.36M | 27.65M | 24.36M | 22.15M | 24.34M | 25.5M | 23.21M | 21.52M | 26.47M | 24.56M | 23.4M | 22.4M | 21.5M | 22.4M |
| Stock-Based Compensation | 8.72M | 0 | 18.18M | 30.02M | 19.65M | 18.91M | 6.92M | 13.76M | 12.24M | 11.76M | 9.21M | 7.6M | 9.05M | 10.34M | 10.01M | 7.73M | 7.33M | 5.86M | 5.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -224K | 0 | -98K | 0 | 5.17M | -38.85M | -3.32M | 1.27M | -4.07M | -31.32M | 14.39M | -1.7M | -5.39M | -3.23M | 213K | 8.8M | 3.59M | -5.93M | 9.64M | 5.66M | -1.93M | 2.29M | 7.11M | 4.92M | 4.76M | 9.52M | 3.91M | 3.3M | 7.6M | 7.4M | -2.5M |
| Other Non-Cash Items | -3.01M | 6.44M | -11.57M | -151.25M | -6.63M | 205.21M | 35.44M | -15.03M | -8.17M | 19.56M | -23.6M | -5.9M | -3.67M | 937K | -21.37M | -31.25M | -46.32M | -16.97M | -28.67M | -21.37M | 8.78M | 5.33M | 6.68M | -2.55M | 1.46M | 1.05M | -4.03M | -6M | 900K | -100K | -100K |
| Working Capital Changes | 7.95M | 6.91M | -59.39M | 94.73M | -96.68M | -58.22M | 6.68M | -10.71M | 103.85M | 165.5M | 5.76M | -44.37M | -10.82M | -16.07M | 38.16M | -2.94M | -1.25M | 67.19M | -24.72M | -21.89M | -6.86M | -21.23M | -51.42M | -30.81M | -2.88M | -21.1M | 21.63M | 13.8M | -15.2M | -6.8M | 16.3M |
| Change in Receivables | 8.55M | -5.17M | -1.38M | -7.1M | -38.59M | 4.37M | 7.68M | 16.54M | -10.07M | -6.38M | 13.24M | -21.96M | -23.48M | -13.17M | 2.35M | -217K | -10.19M | 33.05M | -6.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -6.04M | -10.46M | -14.67M | 51.59M | -67.37M | -17.83M | -8.6M | -23.25M | -11.12M | -30.36M | 14.39M | -9.4M | -600K | -6.3M | 2.68M | -1.23M | -10.74M | 47.1M | -19.48M | -8.29M | -5.37M | -1.35M | -27.42M | -3.16M | 5.52M | -6.15M | 11.93M | 5.3M | -7.8M | -4M | 6.6M |
| Change in Payables | -13.16M | -4.66M | 3.06M | -5.45M | 7.58M | 13.3M | 13.54M | 5.8M | 17.98M | -19.42M | -46.48M | 20.29M | 56.99M | 10.73M | 17.78M | -1.03M | 13.04M | -278.54M | -256.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -257.42M | -257.63M | -53.76M | -39.95M | -4.48M | -415.47M | -72.77M | -64.16M | -87.32M | -239.2M | -25.76M | -208.49M | -30.7M | -35.16M | -17.29M | -11.7M | -281.57M | -20.78M | -44.37M | -21.96M | -50.15M | -37.3M | -32.84M | 66.66M | -33.97M | -22.43M | -46.22M | -29.6M | -11.1M | -34.5M | -30M |
| Capital Expenditures | -68.24M | -68.44M | -54.22M | -42.76M | -43.94M | -49.12M | -48.91M | -36.6M | -36.89M | -23.73M | -25.52M | -36.24M | -33.58M | -36.52M | -32.21M | -30.39M | -25.02M | -25.74M | -44.45M | -32.88M | -22.73M | -21.66M | -27.33M | -19.63M | -19.95M | -22.35M | -19.36M | -26.2M | -34.3M | -35.3M | -21.6M |
| CapEx % of Revenue | 3.56% | 3.65% | 3% | 2.39% | 2.88% | 3.51% | 3.63% | 2.61% | 2.72% | 1.98% | 2.22% | 3.2% | 2.96% | 3.28% | 2.9% | 2.73% | 2.56% | 2.81% | 3.9% | 3.26% | 2.47% | 2.38% | 3.19% | 2.81% | 3.53% | 4.38% | 4.13% | 5.26% | 6.86% | 7.07% | 4.31% |
| Acquisitions | -1.47M | -189.28M | 0 | 0 | 1.39M | -392.44M | 48.91M | -33.2M | 33.96M | -216.31M | -18.45M | -180.27M | 0 | 0 | -5.27M | 0 | -262.25M | -123K | -2.08M | -7.49M | -31.3M | -16.95M | -6.39M | -279K | -14.67M | -6.76M | -30.29M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -187.71M | 79K | 468K | 2.81M | -1.39M | 0 | -223.45M | 169.46M | -47.37M | 832K | 18.21M | 8.02M | 2.88M | 1.36M | 20.19M | 18.69M | 5.7M | 5.08M | 2.16M | 18.41M | 3.89M | 1.32M | 883K | 86.56M | 649K | 6.68M | 3.43M | -3.4M | 23.2M | 800K | -8.4M |
| Cash from Financing | -107.08M | -105.47M | -208.69M | -52.25M | -113.35M | 203.93M | -126.53M | -84.62M | -163.27M | 23.07M | -97.84M | 164.95M | -58.12M | -58.24M | -110.52M | -71.28M | 246.6M | -91.95M | -36.63M | -9.79M | 1.39M | -77.95M | -19.43M | -76.35M | -7.13M | -6.33M | 4.06M | -15.4M | -4.5M | 1.1M | -32M |
| Debt Issued (Net) | 38.16M | 67.31M | -94.25M | 23.9M | -13M | 291.07M | -44M | -16.57M | -107.62M | 77.25M | -60.91M | 218.94M | -16.46M | -11M | -63.13M | -34.86M | 278.83M | -57.09M | -3.63M | 42.23M | 51.45M | -5.59M | -4.46M | -13.8M | -834K | -4.1M | 37.8M | -4.1M | 8.5M | 16.7M | 1M |
| Equity Issued (Net) | -109.67M | -87.35M | -35.48M | -1.52M | -28.85M | 454K | -15.95M | -4.54M | -4.82M | -17.51M | -1.88M | -9.88M | 1.27M | -2.14M | -3.51M | -624K | -7.57M | 49K | -228K | -25.55M | -27.99M | -53.3M | -1.21M | 727K | 1.66M | 4.25M | -27.86M | -5.5M | -7M | -9.9M | -28.3M |
| Dividends Paid | -82.87M | -82.34M | -78.76M | -73.49M | -71.5M | -68.59M | -66.58M | -63.52M | -57.25M | -52.54M | -49.07M | -47.38M | -45.59M | -43.99M | -50.99M | -37.74M | -35.93M | -34.52M | -33.65M | -30.14M | -24.77M | -19.05M | -13.76M | -63.27M | -7.96M | -6.48M | -5.88M | -5.9M | -5.9M | -5.7M | -5.4M |
| Share Repurchases | -112.1M | -89.96M | -37.34M | -3.96M | -34.39M | -6.17M | -29.14M | -12.65M | -4.82M | -17.51M | -1.88M | -9.88M | -5.65M | -11.79M | -3.51M | -624K | -7.57M | -206K | -983K | -25.55M | -29.89M | -58.01M | -6.12M | -2.31M | -846K | -3.23M | -54.95M | -5.5M | -7M | -9.9M | -28.3M |
| Other Financing | 47.3M | -3.08M | 0 | -1.14M | 0 | -19.01M | 0 | 0 | 6.42M | 18.41M | 14.02M | 3.28M | 2.66M | -1.1M | 7.11M | 1.95M | 11.27M | -386K | 885K | 3.66M | 2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 100K | -100K | 0 | -100K |
| Net Change in Cash | 8.86M | -30K | 16.69M | -16.02M | 22.99M | -19.6M | 8.49M | 11.94M | 2.71M | 20.48M | 7.83M | -73K | 9.73M | 13.55M | 22.78M | 178K | -2.22M | 11.09M | -24.09M | 13.69M | 16.5M | -31.75M | 3.3M | 36.77M | 9.78M | 451K | 9.43M | -6.9M | 4.2M | -5.2M | -6.8M |
| Free Cash Flow | 309.48M | 295.43M | 242.21M | 50.09M | 113.51M | 150.02M | 157.65M | 128.36M | 229.93M | 206.61M | 109.37M | 19.01M | 73.45M | 74.26M | 118.27M | 54.87M | 6.58M | 95.11M | 15.34M | 8.46M | 40.11M | 64.34M | 26.51M | 20.91M | 29.39M | 8.49M | 32.91M | 13.2M | -12.9M | -4.4M | 34.9M |
| FCF Margin % | 16.14% | 15.76% | 13.4% | 2.8% | 7.43% | 10.71% | 11.69% | 9.16% | 16.93% | 17.26% | 9.51% | 1.68% | 6.48% | 6.68% | 10.65% | 4.93% | 0.67% | 10.38% | 1.35% | 0.84% | 4.36% | 7.06% | 3.09% | 3% | 5.21% | 1.67% | 7.03% | 2.65% | -2.58% | -0.88% | 6.97% |
| FCF Growth % | 22.04% | 21.97% | 383.51% | -55.87% | -24.34% | -4.84% | 22.82% | -44.17% | 11.29% | 88.91% | 475.24% | -74.11% | -1.1% | -37.21% | 115.55% | 733.61% | -93.08% | 520.21% | 81.24% | -78.91% | -37.66% | 142.68% | 26.78% | -28.83% | 246.15% | -74.2% | 149.3% | 202.33% | -193.18% | -112.61% | 111.52% |
| FCF per Share | 7.94 | 7.51 | 6.13 | 1.27 | 2.88 | 3.80 | 4.01 | 3.28 | 5.90 | 5.34 | 2.88 | 0.50 | 1.95 | 1.98 | 3.19 | 1.49 | 0.18 | 2.65 | 0.43 | 0.23 | 1.09 | 1.76 | 0.71 | 0.56 | 0.80 | 0.23 | 0.89 | 0.34 | -0.32 | -0.11 | 0.79 |
| FCF Conversion (FCF/Net Income) | 1.07x | 1.30x | 1.04x | 1.59x | 0.88x | 9.33x | 1.66x | 1.20x | 2.15x | 8.85x | 1.47x | 0.78x | 1.21x | 1.26x | 1.66x | 1.22x | 0.83x | 2.79x | 0.85x | 0.61x | 0.98x | 1.05x | 0.76x | 0.62x | 1.41x | 0.97x | 2.25x | 2.61x | 1.17x | 1.41x | 2.45x |
| Interest Paid | 0 | 32.13M | 35.7M | 47.26M | 20.74M | 9.29M | 9.86M | 14.49M | 20.41M | 15.5M | 15.86M | 10.82M | 9.66M | 10.88M | 10.77M | 13.97M | 8.38M | 7.3M | 7.89M | 10.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 101.61M | 102.67M | 69.08M | 60.49M | 45.56M | 61.07M | 48.67M | 40.59M | 40.38M | 57.55M | 50M | 31.68M | 36.24M | 29.81M | 21.74M | 25.38M | 8.4M | 37.35M | 42.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Municipal Procurement Timing Volatility
As reported in financial statements, MSA's OCF/NI ratio has fluctuated significantly, ranging from a low of 0.74 in 2024Q2 to a high of 2.08 in 2023Q4, indicating that cash generation is frequently decoupled from net income due to the timing of municipal contract milestones.
The wide variance in the conversion ratio suggests that reported net income is often a poor proxy for immediate cash availability. Investors should monitor whether the recurring software revenue shift eventually smooths these accrual-heavy swings in working capital.
Based on recent SEC filings, MSA's free cash flow margins have shown extreme sensitivity to quarterly delivery schedules, swinging from a low of 8.0% in 2025Q2 to a peak of 29.7% in 2023Q4, highlighting the inherent instability of project-based industrial safety revenue.
The lack of a consistent FCF trajectory implies that the company's cash flow is highly dependent on the timing of large-scale municipal equipment deployments. This volatility warrants caution when projecting short-term liquidity, as cash inflows appear tethered to specific, non-linear contract fulfillment cycles.
According to the provided quarterly data, working capital changes have been highly erratic, with a $59.8M inflow in 2023Q4 contrasting sharply with a $37.9M outflow in 2024Q2, suggesting that inventory and receivables management is heavily influenced by the lumpy nature of fire service procurement.
The significant swings in working capital suggest that MSA's cash flow is frequently impacted by the timing of large municipal order cycles rather than operational inefficiency. Analysts should interpret these fluctuations as a structural feature of the business model rather than a sign of deteriorating collection quality.
As evidenced by the reported figures, MSA consistently utilizes cash for dividends and share repurchases, with buybacks reaching $50.4M in 2026Q1, which appears to be a primary use of excess liquidity despite the inherent volatility in the company's underlying operating cash flow generation.
The commitment to returning capital to shareholders suggests management maintains confidence in the long-term durability of their cash flows. However, the aggressive buyback pace during periods of lower cash conversion warrants further investigation into whether this allocation strategy is sustainable if municipal budget cycles tighten.
Quick answers to the most common questions about buying MSA stock.
MSA Safety Incorporated (MSA) generated $363.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MSA Safety Incorporated (MSA) generated $295.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
MSA Safety Incorporated (MSA) spent $68.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, MSA Safety Incorporated (MSA) returned $82.3M to shareholders via cash dividends and spent $90.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.