MSA Safety Incorporated (MSA) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Security & Protection Services
EV/EBITDA
↓
14.44
↓-56% vs avg
5yr avg: 32.62
30Y Low4.2·High88.3
P/FCF
↓
21.58
↓-60% vs avg
5yr avg: 54.24
30Y Low7.4·High172.3
P/B Ratio
↓
4.73
↓-22% vs avg
5yr avg: 6.10
30Y Low1.1·High7.1
ROE
↑
22.2%
↓+42% vs avg
5yr avg: 15.7%
30Y Low3%·High27%
Debt/EBITDA
↓
1.32
↓-57% vs avg
5yr avg: 3.11
30Y Low0.4·High8.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MSA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
MSA Safety Incorporated trades at 23.2x earnings, 75% below its 5-year average of 94.2x, sitting at the 62nd percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a discount of 9%. On a free-cash-flow basis, the stock trades at 21.6x P/FCF, 60% below the 5-year average of 54.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.4B | $6.3B | $6.6B | $6.7B | $5.7B | $6.0B | $5.9B | $5.0B | $3.7B | $3.0B | $2.6B |
| Enterprise Value | $6.8B | $6.8B | $6.9B | $7.2B | $6.1B | $6.5B | $6.1B | $5.2B | $3.9B | $3.3B | $2.9B |
| P/E Ratio → | 23.19 | 22.59 | 22.99 | 114.07 | 31.62 | 279.56 | 47.28 | 36.31 | 29.55 | 115.70 | 28.65 |
| P/S Ratio | 3.40 | 3.36 | 3.62 | 3.73 | 3.72 | 4.25 | 4.35 | 3.53 | 2.70 | 2.51 | 2.29 |
| P/B Ratio | 4.73 | 4.61 | 5.73 | 6.89 | 6.15 | 7.14 | 6.93 | 6.76 | 5.69 | 4.94 | 4.67 |
| P/FCF | 21.58 | 21.33 | 27.06 | 133.04 | 50.06 | 39.70 | 37.23 | 38.58 | 15.97 | 14.52 | 24.08 |
| P/OCF | 17.52 | 17.32 | 22.11 | 71.77 | 36.09 | 29.90 | 28.41 | 30.02 | 13.77 | 13.02 | 19.52 |
P/E links to full P/E history page with 30-year chart
MSA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
MSA Safety Incorporated's enterprise value stands at 14.4x EBITDA, 56% below its 5-year average of 32.6x. This is roughly in line with the Industrials sector median of 13.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.61 | 3.84 | 4.01 | 4.01 | 4.61 | 4.49 | 3.71 | 2.87 | 2.79 | 2.53 |
| EV / EBITDA | 14.44 | 14.28 | 15.31 | 24.53 | 20.74 | 88.27 | 28.64 | 22.98 | 18.43 | 43.12 | 14.85 |
| EV / EBIT | 17.01 | 16.82 | 16.86 | 28.27 | 23.55 | 187.77 | 34.12 | 26.08 | 21.49 | 74.00 | 17.29 |
| EV / FCF | — | 22.89 | 28.67 | 143.01 | 53.98 | 43.01 | 38.44 | 40.51 | 16.94 | 16.17 | 26.61 |
MSA Profitability
Margins and return-on-capital ratios measuring operating efficiency
MSA Safety Incorporated earns an operating margin of 21.4%, significantly above the Industrials sector average of 4.3%. Operating margins have expanded from 12.9% to 21.4% over the past 3 years, signaling improving operational efficiency. ROE of 22.2% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 17.9% represents solid returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.5% | 46.5% | 47.6% | 47.7% | 44.1% | 43.9% | 44.2% | 45.6% | 45.1% | 45.0% | 45.4% |
| Operating Margin | 21.4% | 21.4% | 21.5% | 12.9% | 15.7% | 1.6% | 12.7% | 13.4% | 12.8% | 3.3% | 14.0% |
| Net Profit Margin | 14.9% | 14.9% | 15.8% | 3.3% | 11.8% | 1.5% | 9.2% | 9.8% | 9.1% | 2.2% | 8.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.2% | 22.2% | 27.0% | 6.2% | 20.4% | 2.5% | 15.7% | 20.0% | 19.8% | 4.4% | 17.0% |
| ROA | 11.7% | 11.7% | 13.0% | 2.6% | 7.5% | 1.0% | 6.8% | 8.2% | 7.5% | 1.7% | 6.6% |
| ROIC | 17.9% | 17.9% | 19.5% | 12.2% | 13.3% | 1.4% | 12.8% | 15.3% | 14.3% | 3.3% | 14.0% |
| ROCE | 19.2% | 19.2% | 20.7% | 12.0% | 11.7% | 1.2% | 11.2% | 13.5% | 12.7% | 3.1% | 13.9% |
MSA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
MSA Safety Incorporated carries a Debt/EBITDA ratio of 1.3x, which is manageable (59% below the sector average of 3.2x). Net debt stands at $462M ($627M total debt minus $165M cash). Interest coverage of 12.6x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.48 | 0.67 | 0.66 | 0.77 | 0.42 | 0.55 | 0.56 | 0.78 | 0.69 |
| Debt / EBITDA | 1.32 | 1.32 | 1.22 | 2.21 | 2.06 | 8.73 | 1.66 | 1.77 | 1.71 | 6.13 | 1.99 |
| Net Debt / Equity | — | 0.34 | 0.34 | 0.52 | 0.48 | 0.60 | 0.23 | 0.34 | 0.34 | 0.56 | 0.49 |
| Net Debt / EBITDA | 0.98 | 0.98 | 0.86 | 1.71 | 1.51 | 6.80 | 0.90 | 1.09 | 1.05 | 4.39 | 1.41 |
| Debt / FCF | — | 1.56 | 1.61 | 9.98 | 3.92 | 3.31 | 1.21 | 1.93 | 0.96 | 1.65 | 2.53 |
| Interest Coverage | 12.64 | 12.64 | 11.17 | 5.42 | 12.01 | 3.19 | 18.83 | 14.67 | 9.60 | 2.94 | 10.26 |
MSA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
MSA Safety Incorporated's current ratio of 3.01x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.82x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 2.36x to 3.01x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.01 | 3.01 | 2.79 | 2.36 | 2.54 | 2.40 | 2.58 | 2.50 | 2.33 | 2.15 | 2.14 |
| Quick Ratio | 1.82 | 1.82 | 1.76 | 1.48 | 1.57 | 1.55 | 1.79 | 1.83 | 1.77 | 1.62 | 1.67 |
| Cash Ratio | 0.57 | 0.57 | 0.57 | 0.44 | 0.50 | 0.58 | 0.76 | 0.73 | 0.69 | 0.46 | 0.51 |
| Asset Turnover | — | 0.73 | 0.82 | 0.82 | 0.64 | 0.58 | 0.70 | 0.81 | 0.84 | 0.71 | 0.85 |
| Inventory Turnover | 2.93 | 2.93 | 3.19 | 3.20 | 2.52 | 2.80 | 3.07 | 4.13 | 4.77 | 4.28 | 6.09 |
| Days Sales Outstanding | — | 59.66 | 56.36 | 60.17 | 72.37 | 69.52 | 72.58 | 69.35 | 66.81 | 79.76 | 68.49 |
MSA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
MSA Safety Incorporated returns 2.7% to shareholders annually — split between a 1.3% dividend yield and 1.4% buyback yield. The payout ratio of 29.5% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 4.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 1.3% | 1.2% | 1.1% | 1.3% | 1.2% | 1.1% | 1.3% | 1.6% | 1.8% | 1.9% |
| Payout Ratio | 29.5% | 29.5% | 27.6% | 125.4% | 39.8% | 321.2% | 53.7% | 46.0% | 46.1% | 201.9% | 53.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 4.4% | 4.3% | 0.9% | 3.2% | 0.4% | 2.1% | 2.8% | 3.4% | 0.9% | 3.5% |
| FCF Yield | 4.6% | 4.7% | 3.7% | 0.8% | 2.0% | 2.5% | 2.7% | 2.6% | 6.3% | 6.9% | 4.2% |
| Buyback Yield | 1.4% | 1.4% | 0.6% | 0.1% | 0.6% | 0.1% | 0.5% | 0.3% | 0.1% | 0.6% | 0.1% |
| Total Shareholder Yield | 2.7% | 2.7% | 1.8% | 1.2% | 1.9% | 1.3% | 1.6% | 1.5% | 1.7% | 2.3% | 1.9% |
| Shares Outstanding | — | $39M | $40M | $39M | $39M | $39M | $39M | $39M | $39M | $39M | $38M |
Peer Comparison
Compare MSA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MSAYou | $6B | 23.2 | 14.4 | 21.6 | 46.5% | 21.4% | 22.2% | 17.9% | 1.3 |
 HON | $145B | 31.1 | 21.0 | 26.9 | 36.9% | 17.5% | 27.3% | 12.6% | 4.3 |
 MMM | $84B | 26.8 | 16.8 | 60.0 | 39.6% | 18.3% | 75.2% | 28.1% | 2.4 |
 ROP | $34B | 23.3 | 13.8 | 13.6 | 69.2% | 28.3% | 7.9% | 6.1% | 3.0 |
 GNSS | $74M | -4.1 | — | — | 41.6% | -41.2% | -183.6% | -56.7% | — |
 AMSF | $589M | 12.7 | 8.8 | 66.0 | 46.4% | 18.6% | 18.5% | 21.9% | 0.0 |
 LAKE | $99M | -3.8 | — | — | 32.9% | -8.1% | -18.4% | -7.2% | — |
 CODA | $113M | 27.0 | 14.3 | 18.7 | 66.5% | 17.1% | 7.4% | 11.2% | 0.1 |
 KFRC | $830M | 23.2 | 16.1 | 17.7 | 26.8% | 3.8% | 24.9% | 19.1% | 1.3 |
 SPXC | $12B | 48.0 | 24.5 | 50.5 | 36.7% | 16.8% | 13.6% | 13.4% | 1.0 |
 CLFD | $554M | -69.7 | 65.6 | 22.4 | 33.7% | 1.4% | -3.0% | 0.6% | 1.1 |
| Industrials Median | — | 25.6 | 13.8 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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MSA — Frequently Asked Questions
Quick answers to the most common questions about buying MSA stock.
What is MSA Safety Incorporated's P/E ratio?
MSA Safety Incorporated's current P/E ratio is 23.2x. The historical average is 28.6x. This places it at the 62th percentile of its historical range.
What is MSA Safety Incorporated's EV/EBITDA?
MSA Safety Incorporated's current EV/EBITDA is 14.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.0x.
What is MSA Safety Incorporated's ROE?
MSA Safety Incorporated's return on equity (ROE) is 22.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 14.5%.
Is MSA stock overvalued?
Based on historical data, MSA Safety Incorporated is trading at a P/E of 23.2x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is MSA Safety Incorporated's dividend yield?
MSA Safety Incorporated's current dividend yield is 1.27% with a payout ratio of 29.5%.
What are MSA Safety Incorporated's profit margins?
MSA Safety Incorporated has 46.5% gross margin and 21.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does MSA Safety Incorporated have?
MSA Safety Incorporated's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.