MSA Safety (MSA) Financials

$155.85 -1.17 (-0.75%)

Closing price 03:59 PM Eastern

Extended Trading

$155.90 +0.05 (+0.03%)

As of 04:05 PM Eastern

Annual Income Statements for MSA Safety

This table shows MSA Safety's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	71	92	26	124	138	124	21	180	59	285
Consolidated Net Income / (Loss)	71	92	27	125	139	125	22	180	59	285
Net Income / (Loss) Continuing Operations	67	94	27	125	139	125	22	180	59	285
Total Pre-Tax Income	111	152	30	162	186	168	24	239	207	375
Total Operating Income	123	161	40	173	188	172	23	239	231	389
Total Gross Profit	501	522	539	612	639	595	615	674	852	860
Total Revenue	1,131	1,150	1,197	1,358	1,402	1,348	1,400	1,528	1,788	1,808
Operating Revenue	1,131	1,150	1,197	1,358	1,402	1,348	1,400	1,528	1,788	1,808
Total Cost of Revenue	630	627	658	746	763	753	785	854	936	948
Operating Cost of Revenue	630	627	658	746	763	753	785	854	936	948
Total Operating Expenses	378	362	499	438	450	424	593	435	621	471
Selling, General & Admin Expense	315	308	426	370	331	290	333	339	397	395
Marketing Expense	-	-	-	-	28	39	185	21	0.00	0.00
Research & Development Expense	49	47	50	53	58	58	58	57	68	67
Other Operating Expenses / (Income)	2.20	0.77	5.13	2.33	20	8.58	0.22	10	17	3.64
Restructuring Charge	12	5.69	18	13	14	27	16	7.97	9.89	6.40
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	129	0.00
Total Other Income / (Expense), net	-12	-8.79	-9.80	-11	-2.50	-3.75	0.82	-0.60	-25	-14
Interest Expense	11	16	15	20	14	9.43	11	22	47	37
Other Income / (Expense), net	-0.86	7.62	5.56	9.23	11	5.68	12	21	22	23
Income Tax Expense	44	58	2.82	37	47	43	1.82	59	148	90
Basic Earnings per Share	$1.89	$2.45	-	-	$3.56	$3.19	$0.54	$4.58	$1.49	$7.24
Weighted Average Basic Shares Outstanding	37.29M	37.46M	38.00M	38.36M	38.86M	39.09M	39.28M	39.21M	39.32M	39.25M
Diluted Earnings per Share	$1.87	$2.42	-	-	$3.52	$3.15	$0.54	$4.56	$1.48	$7.21
Weighted Average Diluted Shares Outstanding	37.29M	37.46M	38.00M	38.36M	38.86M	39.09M	39.28M	39.21M	39.32M	39.25M
Weighted Average Basic & Diluted Shares Outstanding	37.29M	37.46M	38.00M	38.36M	38.86M	39.09M	39.28M	39.21M	39.32M	39.25M
Cash Dividends to Common per Share	$1.27	$1.31	-	$1.49	$1.64	$1.71	$1.75	$1.82	$1.87	$2.00

This table shows MSA Safety's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	45	51	-150	67	65	76	58	72	67	88	60
Consolidated Net Income / (Loss)	45	51	-150	67	65	76	58	72	67	88	60
Net Income / (Loss) Continuing Operations	45	51	-150	67	65	76	58	72	67	88	60
Total Pre-Tax Income	61	69	-68	87	88	99	76	94	88	117	78
Total Operating Income	64	71	-60	95	94	102	80	100	91	118	78
Total Gross Profit	169	197	181	214	219	238	196	223	207	234	193
Total Revenue	382	443	398	447	447	495	413	462	433	500	421
Operating Revenue	382	443	398	447	447	495	413	462	433	500	421
Total Cost of Revenue	212	246	217	234	228	257	218	239	225	265	228
Operating Cost of Revenue	212	246	217	234	228	257	218	239	225	265	228
Total Operating Expenses	105	127	241	119	125	136	115	123	116	117	116
Selling, General & Admin Expense	83	91	91	96	102	107	94	105	95	100	94
Research & Development Expense	14	14	15	16	18	19	16	17	17	17	16
Other Operating Expenses / (Income)	2.98	5.47	4.18	3.11	1.50	8.30	2.33	-0.60	2.99	-1.08	4.08
Restructuring Charge	0.90	4.82	1.75	3.35	3.29	1.51	3.02	1.54	1.18	0.65	1.92
Total Other Income / (Expense), net	-3.60	-1.57	-7.68	-7.53	-6.46	-2.97	-4.51	-5.52	-3.32	-0.83	0.19
Interest Expense	5.96	7.50	11	13	12	9.58	11	9.66	9.15	7.33	6.84
Other Income / (Expense), net	2.36	5.93	3.80	5.65	6.04	6.61	6.24	4.15	5.83	6.50	7.02
Income Tax Expense	16	18	82	20	22	23	17	22	22	29	18
Basic Earnings per Share	$1.15	$1.32	($3.83)	$1.71	$1.66	$1.95	$1.48	$1.83	$1.69	$2.24	$1.51
Weighted Average Basic Shares Outstanding	39.20M	39.21M	39.31M	-	-	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M
Diluted Earnings per Share	$1.14	$1.31	($3.83)	$1.70	$1.65	$1.96	$1.47	$1.83	$1.69	$2.22	$1.51
Weighted Average Diluted Shares Outstanding	39.20M	39.21M	39.31M	-	-	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M
Weighted Average Basic & Diluted Shares Outstanding	39.20M	39.21M	39.31M	-	-	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M
Cash Dividends to Common per Share	$0.46	$0.46	$0.46	$0.47	$0.47	$0.47	$0.47	$0.51	$0.51	$0.51	$0.51

This table details how cash moves in and out of MSA Safety's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-0.07	6.60	23	2.72	12	8.49	-20	23	-16	17
Net Cash From Operating Activities	55	135	230	264	165	207	199	157	93	296
Net Cash From Continuing Operating Activities	55	135	230	264	165	207	199	157	93	296
Net Income / (Loss) Continuing Operations	68	94	27	125	139	125	22	180	59	285
Consolidated Net Income / (Loss)	68	94	27	125	139	125	22	180	59	285
Depreciation Expense	32	35	38	38	38	40	50	56	61	64
Non-Cash Adjustments To Reconcile Net Income	-19	59	148	124	58	37	38	34	-102	14
Changes in Operating Assets and Liabilities, net	-25	-53	18	-23	-71	5.07	89	-113	76	-67
Net Cash From Investing Activities	-208	-25	-239	-84	-64	-73	-415	-4.48	-40	-54
Net Cash From Continuing Investing Activities	-208	-25	-239	-84	-64	-73	-415	-4.48	-40	-54
Purchase of Property, Plant & Equipment	-36	-26	-24	-34	-37	-49	-44	-43	-43	-54
Purchase of Investments	-	0.00	0.00	-73	-169	-199	-134	-80	0.00	0.00
Sale and/or Maturity of Investments	-	0.00	0.00	18	175	175	160	119	0.00	0.00
Other Investing Activities, net	-	-	-	-	0.22	0.45	-5.29	-1.39	2.81	0.47
Net Cash From Financing Activities	165	-99	26	-163	-85	-127	204	-113	-52	-209
Net Cash From Continuing Financing Activities	165	-99	26	-163	-85	-127	204	-113	-52	-209
Repayment of Debt	-292	-444	-560	-573	-881	-1,031	-1,349	-1,023	-1,872	-1,244
Repurchase of Common Equity	-9.89	-1.88	-18	-4.82	-13	-29	-6.17	-34	-3.96	-37
Payment of Dividends	-47	-49	-53	-57	-64	-67	-88	-71	-73	-79
Issuance of Debt	511	383	637	463	864	987	1,640	1,010	1,895	1,150
Issuance of Common Equity	0.49	0.57	0.53	0.56	0.64	0.75	0.86	0.89	0.96	1.36
Other Financing Activities, net	1.93	13	18	8.57	7.47	12	5.77	4.65	1.47	0.50
Effect of Exchange Rate Changes	-12	-3.48	6.19	-14	-4.24	-	-	-	-	-17
Cash Interest Paid	11	16	16	20	14	9.86	9.29	21	47	36
Cash Income Taxes Paid	50	58	40	41	49	61	46	60	69	103

This table details how cash moves in and out of MSA Safety's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	26	3.14	-24	8.24	18	-18	1.91	-1.48	6.14	10	6.20
Net Cash From Operating Activities	64	54	-286	95	125	159	51	53	84	108	62
Net Cash From Continuing Operating Activities	64	54	-286	95	125	159	51	53	84	108	62
Net Income / (Loss) Continuing Operations	45	51	-150	67	65	76	58	72	67	88	60
Consolidated Net Income / (Loss)	45	51	-150	67	65	76	58	72	67	88	60
Depreciation Expense	14	14	15	15	16	16	16	16	16	17	16
Non-Cash Adjustments To Reconcile Net Income	12	11	-138	12	7.99	16	4.36	4.24	5.20	0.69	2.87
Changes in Operating Assets and Liabilities, net	-6.94	-23	-13	1.44	36	51	-27	-39	-3.48	2.50	-17
Net Cash From Investing Activities	1.20	-0.09	-8.37	-7.28	-13	-12	-11	-14	-14	-14	-11
Net Cash From Continuing Investing Activities	1.20	-0.09	-8.37	-7.28	-13	-12	-11	-14	-14	-14	-11
Purchase of Property, Plant & Equipment	-8.95	-14	-8.40	-9.92	-13	-12	-11	-14	-14	-14	-11
Other Investing Activities, net	0.04	-1.43	0.04	2.64	0.02	0.12	0.00	0.07	0.02	0.38	0.02
Net Cash From Financing Activities	-26	-57	273	-76	-86	-163	-29	-39	-68	-73	-46
Net Cash From Continuing Financing Activities	-26	-57	273	-76	-86	-163	-29	-39	-68	-73	-46
Repayment of Debt	-236	-252	-507	-366	-467	-533	-331	-280	-309	-324	-253
Repurchase of Common Equity	-2.21	-0.03	-3.69	-0.18	-0.07	-0.02	-5.84	-11	-11	-9.91	-18
Payment of Dividends	-18	-18	-18	-18	-18	-18	-18	-20	-20	-20	-20
Issuance of Debt	226	212	801	307	399	388	326	272	271	281	246
Other Financing Activities, net	3.87	0.49	0.00	0.54	0.90	0.03	0.25	0.07	0.17	0.01	0.23
Effect of Exchange Rate Changes	-13	-	-2.29	-	-	-	-8.68	-1.88	4.50	-11	0.74

This table presents MSA Safety's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,423	1,354	1,685	1,608	1,740	1,920	2,396	2,377	2,170	2,206
Total Current Assets	505	473	622	657	693	801	793	880	786	803
Cash & Equivalents	106	114	134	140	152	161	141	163	146	165
Accounts Receivable	233	210	244	245	255	252	254	297	295	279
Inventories, net	126	103	154	157	185	245	281	338	293	297
Prepaid Expenses	24	26	41	45	34	39	43	44	40	44
Current Deferred & Refundable Income Taxes	8.75	16	31	11	13	26	21	22	13	19
Plant, Property, & Equipment, net	156	149	157	158	167	190	208	208	212	212
Total Noncurrent Assets	762	732	906	793	879	929	1,396	1,289	1,172	1,191
Goodwill	340	333	422	414	437	443	637	621	628	621
Intangible Assets	90	77	183	170	171	161	307	282	266	246
Noncurrent Deferred & Refundable Income Taxes	26	23	26	33	33	36	35	25	33	26
Employee Benefit Assets	62	63	83	58	75	98	163	142	172	225
Other Noncurrent Operating Assets	242	173	132	64	111	143	209	181	73	73
Total Liabilities & Shareholders' Equity	1,423	1,354	1,685	1,608	1,740	1,920	2,396	2,377	2,170	2,206
Total Liabilities	906	793	1,082	968	1,007	1,072	1,562	1,453	1,203	1,062
Total Current Liabilities	252	221	289	282	278	311	331	346	333	288
Short-Term Debt	6.65	27	27	20	20	20	0.00	7.39	27	26
Accounts Payable	68	63	87	78	89	87	107	113	112	108
Current Deferred & Payable Income Tax Liabilities	12	3.89	-	0.00	6.74	3.58	5.37	6.15	20	15
Current Employee Benefit Liabilities	38	40	39	51	42	40	50	45	73	55
Other Current Liabilities	128	88	136	132	120	160	169	175	101	84
Total Noncurrent Liabilities	654	571	793	686	730	762	1,231	1,107	871	774
Long-Term Debt	458	364	448	341	328	287	598	565	575	482
Noncurrent Deferred & Payable Income Tax Liabilities	25	34	9.34	7.16	9.79	21	33	32	102	108
Noncurrent Employee Benefit Liabilities	156	158	171	166	187	208	190	138	144	134
Other Noncurrent Operating Liabilities	15	15	165	172	205	246	410	372	49	51
Total Equity & Noncontrolling Interests	517	561	603	640	733	847	834	924	967	1,143
Total Preferred & Common Equity	516	558	598	634	726	839	834	924	967	1,143
Preferred Stock	3.57	3.57	3.57	3.57	3.57	3.57	3.57	3.57	3.57	3.57
Total Common Equity	513	555	594	630	722	836	831	920	963	1,140
Common Stock	158	173	195	212	229	243	260	282	312	330
Retained Earnings	859	901	869	936	1,012	1,103	1,050	1,158	1,143	1,350
Treasury Stock	-295	-289	-298	-298	-305	-328	-330	-361	-363	-398
Accumulated Other Comprehensive Income / (Loss)	-208	-230	-172	-219	-214	-182	-149	-159	-129	-142

This table presents MSA Safety's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	2,387	2,194	2,174	2,244	2,242	2,236
Total Current Assets	862	852	793	861	843	823
Cash & Equivalents	160	164	148	147	154	171
Accounts Receivable	249	295	279	299	277	294
Inventories, net	350	324	306	321	352	307
Prepaid Expenses	42	39	46	55	59	51
Plant, Property, & Equipment, net	200	206	211	213	217	212
Total Noncurrent Assets	1,326	1,137	1,170	1,169	1,183	1,201
Goodwill	607	620	625	625	633	627
Intangible Assets	281	268	261	256	254	244
Noncurrent Deferred & Refundable Income Taxes	32	26	34	34	35	27
Employee Benefit Assets	183	151	176	180	184	230
Other Noncurrent Operating Assets	184	71	74	74	77	73
Total Liabilities & Shareholders' Equity	2,387	2,194	2,174	2,244	2,242	2,236
Total Liabilities	1,545	1,326	1,180	1,210	1,147	1,046
Total Current Liabilities	349	325	317	352	314	280
Short-Term Debt	6.82	26	26	26	27	33
Accounts Payable	105	109	117	132	128	116
Current Employee Benefit Liabilities	47	59	38	42	57	40
Other Current Liabilities	167	104	100	110	103	92
Total Noncurrent Liabilities	1,196	1,000	863	858	832	765
Long-Term Debt	598	716	570	562	528	469
Noncurrent Deferred & Payable Income Tax Liabilities	30	102	102	102	103	108
Noncurrent Employee Benefit Liabilities	174	138	142	141	144	137
Other Noncurrent Operating Liabilities	394	45	49	53	57	51
Total Equity & Noncontrolling Interests	842	869	995	1,034	1,095	1,190
Total Preferred & Common Equity	842	869	995	1,034	1,095	1,190
Preferred Stock	3.57	3.57	3.57	3.57	3.57	3.57
Total Common Equity	839	865	991	1,030	1,092	1,187
Common Stock	273	303	315	321	325	330
Retained Earnings	1,125	1,086	1,183	1,235	1,282	1,389
Treasury Stock	-362	-363	-368	-378	-388	-414
Accumulated Other Comprehensive Income / (Loss)	-197	-160	-140	-148	-126	-119

This table displays calculated financial ratios and metrics derived from MSA Safety's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.27%	1.66%	4.11%	13.48%	3.23%	-3.83%	3.85%	9.13%	17.00%	1.15%
EBITDA Growth	-8.04%	32.58%	-59.23%	165.70%	7.62%	-8.47%	-61.02%	273.78%	-0.73%	51.57%
EBIT Growth	-11.08%	38.10%	-73.19%	304.81%	9.10%	-10.92%	-80.65%	657.21%	-2.60%	62.53%
NOPAT Growth	-19.03%	35.17%	-64.01%	273.16%	5.51%	-9.32%	-83.56%	756.43%	-63.59%	351.06%
Net Income Growth	-20.00%	29.84%	-70.68%	364.15%	11.26%	-10.11%	-82.59%	724.44%	-67.39%	386.43%
EPS Growth	-19.74%	29.41%	0.00%	0.00%	0.00%	-10.51%	-82.86%	744.44%	-67.54%	387.16%
Operating Cash Flow Growth	-67.77%	144.13%	70.75%	14.57%	-37.49%	25.21%	-3.59%	-20.93%	-41.03%	219.23%
Free Cash Flow Firm Growth	-178.11%	216.64%	-150.26%	492.05%	-74.94%	29.79%	-443.26%	132.56%	-133.22%	806.01%
Invested Capital Growth	27.98%	-4.33%	12.52%	-14.55%	9.08%	4.53%	35.21%	6.57%	7.42%	4.55%
Revenue Q/Q Growth	0.22%	-1.43%	4.37%	1.17%	0.97%	0.97%	1.60%	2.21%	3.00%	0.24%
EBITDA Q/Q Growth	-8.98%	10.99%	-48.35%	50.02%	0.62%	-7.87%	-55.90%	106.14%	12.01%	3.53%
EBIT Q/Q Growth	-11.97%	13.93%	-63.73%	68.83%	0.53%	-9.79%	-76.36%	166.57%	14.61%	3.85%
NOPAT Q/Q Growth	-12.46%	3.09%	-59.94%	75.77%	4.23%	-11.42%	-78.85%	173.06%	72.12%	3.44%
Net Income Q/Q Growth	-13.41%	1.08%	-67.30%	85.63%	6.07%	-11.59%	-78.20%	169.45%	74.03%	4.22%
EPS Q/Q Growth	-13.82%	4.31%	0.00%	0.00%	0.00%	-12.01%	-78.49%	169.82%	78.31%	3.74%
Operating Cash Flow Q/Q Growth	-57.65%	75.50%	-21.31%	16.10%	-0.59%	10.54%	-12.09%	-8.94%	842.56%	-14.68%
Free Cash Flow Firm Q/Q Growth	-195.49%	230.48%	-271.34%	48.21%	-38.50%	-29.56%	-19.93%	32.99%	-102.52%	119.10%
Invested Capital Q/Q Growth	19.92%	-10.12%	-3.93%	-7.89%	-2.31%	-0.04%	-2.24%	4.85%	0.00%	-0.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.31%	45.43%	45.03%	45.05%	45.55%	44.17%	43.95%	44.10%	47.67%	47.59%
EBITDA Margin	13.58%	17.71%	6.94%	16.24%	16.93%	16.11%	6.05%	20.71%	17.58%	26.34%
Operating Margin	10.85%	13.98%	3.31%	12.77%	13.43%	12.75%	1.63%	15.65%	12.94%	21.52%
EBIT Margin	10.78%	14.64%	3.77%	13.45%	14.22%	13.17%	2.45%	17.03%	14.18%	22.78%
Profit (Net Income) Margin	6.26%	8.00%	2.25%	9.21%	9.93%	9.28%	1.56%	11.76%	3.28%	15.76%
Tax Burden Percent	63.78%	60.52%	90.53%	77.07%	74.94%	74.42%	92.31%	75.31%	28.34%	75.99%
Interest Burden Percent	91.09%	90.25%	65.97%	88.85%	93.18%	94.69%	68.69%	91.68%	81.56%	91.04%
Effective Tax Rate	40.00%	38.05%	9.47%	22.93%	25.06%	25.58%	7.69%	24.69%	71.66%	24.01%
Return on Invested Capital (ROIC)	9.44%	11.62%	4.02%	15.29%	16.75%	14.23%	1.95%	14.04%	4.78%	20.33%
ROIC Less NNEP Spread (ROIC-NNEP)	8.31%	9.22%	1.15%	11.90%	15.55%	11.67%	2.26%	13.92%	3.14%	17.64%
Return on Net Nonoperating Assets (RNNOA)	3.97%	5.43%	0.61%	4.85%	3.54%	1.61%	0.65%	6.40%	1.42%	6.68%
Return on Equity (ROE)	13.41%	17.05%	4.63%	20.15%	20.29%	15.84%	2.59%	20.43%	6.20%	27.01%
Cash Return on Invested Capital (CROIC)	-15.11%	16.04%	-7.76%	30.98%	8.06%	9.80%	-27.99%	7.68%	-2.38%	15.88%
Operating Return on Assets (OROA)	9.07%	12.12%	2.97%	11.10%	11.91%	9.71%	1.59%	10.90%	11.15%	18.83%
Return on Assets (ROA)	5.27%	6.62%	1.77%	7.60%	8.32%	6.84%	1.01%	7.53%	2.58%	13.02%
Return on Common Equity (ROCE)	13.25%	16.88%	4.57%	19.86%	20.00%	15.62%	2.57%	20.35%	6.17%	26.92%
Return on Equity Simple (ROE_SIMPLE)	13.71%	16.47%	4.51%	19.74%	19.18%	14.91%	2.61%	19.45%	6.06%	24.92%
Net Operating Profit after Tax (NOPAT)	74	100	36	134	141	128	21	180	66	296
NOPAT Margin	6.51%	8.66%	2.99%	9.84%	10.06%	9.49%	1.50%	11.79%	3.67%	16.36%
Net Nonoperating Expense Percent (NNEP)	1.13%	2.40%	2.88%	3.39%	1.20%	2.56%	-0.32%	0.11%	1.63%	2.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.03%	4.18%	17.91%
Cost of Revenue to Revenue	55.69%	54.57%	54.97%	54.95%	54.45%	55.83%	56.05%	55.90%	52.33%	52.41%
SG&A Expenses to Revenue	27.88%	26.81%	35.64%	27.25%	23.57%	21.53%	23.77%	22.18%	22.19%	21.83%
R&D to Revenue	4.30%	4.08%	4.18%	3.88%	4.13%	4.32%	4.13%	3.73%	3.80%	3.68%
Operating Expenses to Revenue	33.46%	31.45%	41.72%	32.28%	32.12%	31.42%	42.32%	28.45%	34.73%	26.06%
Earnings before Interest and Taxes (EBIT)	122	168	45	183	199	178	34	260	253	412
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	154	204	83	221	237	217	85	317	314	476
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.76	4.21	4.54	5.35	6.39	6.66	6.88	5.98	6.79	5.70
Price to Tangible Book Value (P/TBV)	17.18	16.20	0.00	71.45	40.43	24.05	0.00	311.02	94.05	23.85
Price to Revenue (P/Rev)	1.25	2.03	2.25	2.48	3.29	4.13	4.08	3.60	3.66	3.59
Price to Earnings (P/E)	20.02	25.42	103.55	27.14	33.47	44.83	268.00	30.64	111.68	22.80
Dividend Yield	3.35%	2.62%	1.95%	1.70%	1.38%	1.20%	1.20%	1.30%	1.12%	1.21%
Earnings Yield	5.00%	3.93%	0.97%	3.68%	2.99%	2.23%	0.37%	3.26%	0.90%	4.39%
Enterprise Value to Invested Capital (EV/IC)	2.03	3.13	3.23	4.40	5.43	6.15	4.94	4.46	4.92	4.60
Enterprise Value to Revenue (EV/Rev)	1.57	2.28	2.54	2.61	3.41	4.19	4.38	3.87	3.92	3.78
Enterprise Value to EBITDA (EV/EBITDA)	11.59	12.87	36.67	16.07	20.12	25.99	72.40	18.67	22.28	14.37
Enterprise Value to EBIT (EV/EBIT)	14.61	15.57	67.44	19.40	23.95	31.79	178.41	22.71	27.63	16.61
Enterprise Value to NOPAT (EV/NOPAT)	24.18	26.32	84.95	26.51	33.85	44.13	291.55	32.81	106.78	23.14
Enterprise Value to Operating Cash Flow (EV/OCF)	32.22	19.43	13.21	13.43	28.95	27.33	30.78	37.52	75.40	23.09
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	19.07	0.00	13.09	70.33	64.08	0.00	59.98	0.00	29.62
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.90	0.70	0.79	0.57	0.48	0.36	0.72	0.62	0.62	0.44
Long-Term Debt to Equity	0.89	0.65	0.74	0.53	0.45	0.34	0.72	0.61	0.59	0.42
Financial Leverage	0.48	0.59	0.53	0.41	0.23	0.14	0.29	0.46	0.45	0.38
Leverage Ratio	2.55	2.58	2.61	2.65	2.44	2.32	2.57	2.72	2.41	2.07
Compound Leverage Factor	2.32	2.32	1.72	2.36	2.27	2.19	1.76	2.49	1.96	1.89
Debt to Total Capital	47.33%	41.03%	44.06%	36.11%	32.23%	26.61%	41.73%	38.28%	38.36%	30.76%
Short-Term Debt to Total Capital	0.68%	2.80%	2.48%	2.00%	1.85%	1.73%	0.00%	0.49%	1.69%	1.60%
Long-Term Debt to Total Capital	46.65%	38.23%	41.58%	34.10%	30.38%	24.88%	41.73%	37.78%	36.67%	29.17%
Preferred Equity to Total Capital	0.36%	0.38%	0.33%	0.36%	0.33%	0.31%	0.25%	0.24%	0.23%	0.22%
Noncontrolling Interests to Total Capital	0.06%	0.32%	0.46%	0.56%	0.63%	0.69%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.24%	58.27%	55.15%	62.98%	66.81%	72.39%	58.02%	61.49%	61.41%	69.02%
Debt to EBITDA	3.03	1.92	5.72	1.64	1.47	1.41	7.06	1.81	1.92	1.07
Net Debt to EBITDA	2.34	1.36	4.10	0.75	0.62	0.33	4.82	1.26	1.45	0.72
Long-Term Debt to EBITDA	2.98	1.79	5.39	1.55	1.38	1.32	7.06	1.79	1.83	1.01
Debt to NOPAT	6.31	3.92	13.24	2.70	2.47	2.40	28.42	3.18	9.18	1.72
Net Debt to NOPAT	4.87	2.78	9.50	1.24	1.04	0.56	19.39	2.22	6.94	1.16
Long-Term Debt to NOPAT	6.22	3.65	12.50	2.55	2.33	2.24	28.42	3.14	8.77	1.63
Altman Z-Score	3.07	4.18	3.25	4.40	5.04	5.23	3.67	4.23	5.46	6.24
Noncontrolling Interest Sharing Ratio	1.19%	1.00%	1.30%	1.43%	1.42%	1.39%	0.90%	0.41%	0.38%	0.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.00	2.14	2.15	2.33	2.50	2.58	2.40	2.54	2.36	2.79
Quick Ratio	1.37	1.48	1.37	1.57	1.66	1.58	1.36	1.38	1.33	1.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-118	137	-69	271	68	88	-302	98	-33	231
Operating Cash Flow to CapEx	195.80%	1,845.59%	1,006.14%	898.40%	450.67%	422.36%	454.29%	370.02%	217.14%	546.68%
Free Cash Flow to Firm to Interest Expense	-10.86	8.38	-4.50	13.29	5.00	9.34	-28.11	4.55	-0.70	6.26
Operating Cash Flow to Interest Expense	5.09	8.22	15.00	12.95	12.14	21.90	18.51	7.27	1.99	8.04
Operating Cash Flow Less CapEx to Interest Expense	2.49	7.77	13.51	11.51	9.45	16.71	14.44	5.30	1.07	6.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.84	0.83	0.79	0.82	0.84	0.74	0.65	0.64	0.79	0.83
Accounts Receivable Turnover	5.09	5.20	5.28	5.55	5.61	5.31	5.53	5.54	6.04	6.30
Inventory Turnover	5.06	5.48	5.12	4.81	4.47	3.50	2.99	2.76	2.97	3.22
Fixed Asset Turnover	7.36	7.55	7.83	8.62	8.63	7.56	7.05	7.36	8.52	8.53
Accounts Payable Turnover	9.10	9.58	8.78	9.02	9.12	8.56	8.11	7.79	8.34	8.61
Days Sales Outstanding (DSO)	71.71	70.23	69.19	65.74	65.10	68.68	66.01	65.84	60.41	57.92
Days Inventory Outstanding (DIO)	72.11	66.60	71.24	75.90	81.68	104.25	122.22	132.25	123.08	113.50
Days Payable Outstanding (DPO)	40.12	38.10	41.55	40.46	40.04	42.67	45.03	46.86	43.78	42.37
Cash Conversion Cycle (CCC)	103.70	98.74	98.87	101.18	106.73	130.27	143.20	151.22	139.71	129.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	876	838	943	806	879	919	1,242	1,324	1,422	1,487
Invested Capital Turnover	1.45	1.34	1.34	1.55	1.66	1.50	1.30	1.19	1.30	1.24
Increase / (Decrease) in Invested Capital	191	-38	105	-137	73	40	323	82	98	65
Enterprise Value (EV)	1,781	2,621	3,044	3,545	4,775	5,646	6,131	5,908	7,001	6,843
Market Capitalization	1,418	2,337	2,695	3,369	4,618	5,563	5,719	5,504	6,542	6,496
Book Value per Share	$13.74	$14.75	$15.62	$16.39	$18.64	$21.45	$21.19	$23.47	$24.50	$28.99
Tangible Book Value per Share	$2.21	$3.84	($0.30)	$1.23	$2.95	$5.94	($2.88)	$0.45	$1.77	$6.93
Total Capital	982	952	1,077	1,001	1,081	1,154	1,432	1,497	1,568	1,651
Total Debt	465	391	475	361	348	307	598	573	602	508
Total Long-Term Debt	458	364	448	341	328	287	598	565	575	482
Net Debt	359	277	340	166	146	72	408	400	455	343
Capital Expenditures (CapEx)	28	7.31	23	29	37	49	44	43	43	54
Debt-free, Cash-free Net Working Capital (DFCFNWC)	153	164	225	199	234	275	272	369	334	377
Debt-free Net Working Capital (DFNWC)	259	278	360	395	436	511	462	542	480	541
Net Working Capital (NWC)	253	251	333	375	416	491	462	534	453	515
Net Nonoperating Expense (NNE)	2.84	7.62	8.87	8.59	1.87	2.79	-0.76	0.45	6.98	11
Net Nonoperating Obligations (NNO)	359	277	340	166	146	72	408	400	455	343
Total Depreciation and Amortization (D&A)	32	35	38	38	38	40	50	56	61	64
Debt-free, Cash-free Net Working Capital to Revenue	13.57%	14.29%	18.84%	14.68%	16.67%	20.41%	19.45%	24.14%	18.66%	20.84%
Debt-free Net Working Capital to Revenue	22.94%	24.19%	30.05%	29.06%	31.09%	37.89%	33.01%	35.45%	26.85%	29.94%
Net Working Capital to Revenue	22.35%	21.87%	27.83%	27.58%	29.66%	36.41%	33.01%	34.97%	25.37%	28.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.89	$2.45	$0.68	$3.23	$0.00	$0.00	$0.54	$4.58	$1.49	$7.24
Adjusted Weighted Average Basic Shares Outstanding	37.37M	37.76M	38.23M	38.23M	38.86M	39.09M	39.28M	39.21M	39.32M	39.25M
Adjusted Diluted Earnings per Share	$1.87	$2.42	$0.67	$3.18	$0.00	$0.00	$0.54	$4.56	$1.48	$7.21
Adjusted Weighted Average Diluted Shares Outstanding	37.37M	37.76M	38.23M	38.23M	38.86M	39.09M	39.28M	39.21M	39.32M	39.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.37M	37.76M	38.23M	38.23M	38.86M	39.09M	39.28M	39.21M	39.32M	39.25M
Normalized Net Operating Profit after Tax (NOPAT)	81	103	52	144	151	148	36	186	259	301
Normalized NOPAT Margin	7.16%	8.97%	4.33%	10.60%	10.80%	11.00%	2.59%	12.18%	14.50%	16.62%
Pre Tax Income Margin	9.82%	13.22%	2.49%	11.95%	13.25%	12.47%	1.69%	15.61%	11.56%	20.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.23	10.26	2.94	8.97	14.67	18.83	3.19	12.01	5.42	11.17
NOPAT to Interest Expense	6.79	6.07	2.33	6.56	10.38	13.56	1.95	8.31	1.40	8.02
EBIT Less CapEx to Interest Expense	8.63	9.81	1.45	7.53	11.98	13.64	-0.88	10.05	4.51	9.70
NOPAT Less CapEx to Interest Expense	4.19	5.62	0.84	5.12	7.69	8.38	-2.12	6.35	0.49	6.55
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	66.91%	53.38%	194.90%	45.76%	45.63%	53.20%	402.05%	39.80%	125.44%	27.64%
Augmented Payout Ratio	80.87%	55.42%	259.87%	49.61%	54.72%	76.49%	430.37%	58.95%	132.20%	40.74%

This table displays calculated financial ratios and metrics derived from MSA Safety's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.20%	8.04%	20.43%	20.14%	17.04%	11.75%	3.78%	3.39%	-3.14%	0.88%	1.94%
EBITDA Growth	64.72%	226.40%	-165.99%	41.12%	43.74%	37.02%	344.44%	3.97%	-2.07%	13.03%	-0.85%
EBIT Growth	92.32%	188.99%	-214.79%	48.12%	50.23%	42.21%	253.48%	3.41%	-2.85%	14.04%	-1.81%
NOPAT Growth	114.22%	184.68%	-225.85%	57.34%	47.29%	49.45%	246.53%	4.93%	-1.30%	12.55%	-3.48%
Net Income Growth	112.02%	183.75%	-522.52%	40.67%	45.32%	48.40%	138.71%	7.67%	2.13%	15.10%	2.52%
EPS Growth	111.11%	183.97%	-525.56%	40.50%	44.74%	49.62%	138.38%	7.65%	2.42%	13.27%	2.72%
Operating Cash Flow Growth	38.28%	-22.39%	-1,265.88%	515.21%	95.20%	196.75%	117.80%	-43.93%	-32.42%	-32.10%	21.51%
Free Cash Flow Firm Growth	116.90%	92.50%	27.29%	576.07%	2,293.32%	32.30%	130.32%	-202.44%	-207.05%	221.75%	-129.95%
Invested Capital Growth	-0.64%	6.57%	13.60%	0.00%	0.00%	7.42%	-0.25%	0.00%	0.00%	4.55%	5.48%
Revenue Q/Q Growth	2.52%	16.13%	-10.15%	12.31%	-0.13%	10.89%	0.00%	11.89%	-6.44%	15.49%	-15.68%
EBITDA Q/Q Growth	-1.72%	13.07%	-145.82%	377.16%	0.10%	7.79%	0.00%	17.89%	-5.72%	24.41%	-28.30%
EBIT Q/Q Growth	-1.89%	14.82%	-173.49%	278.91%	-0.49%	8.69%	0.00%	20.55%	-6.52%	27.58%	-31.71%
NOPAT Q/Q Growth	2.73%	10.69%	-179.84%	273.30%	-3.84%	12.32%	0.00%	24.11%	-9.54%	28.07%	-32.87%
Net Income Q/Q Growth	-5.84%	14.66%	-391.66%	144.68%	-2.73%	17.09%	0.00%	24.24%	-7.73%	31.96%	-32.23%
EPS Q/Q Growth	-5.79%	14.91%	-392.37%	144.39%	-2.94%	18.79%	0.00%	24.49%	-7.65%	31.36%	-31.98%
Operating Cash Flow Q/Q Growth	313.69%	-16.23%	-633.89%	133.25%	31.26%	27.35%	0.00%	4.75%	58.22%	27.96%	-42.70%
Free Cash Flow Firm Q/Q Growth	119.42%	-151.97%	-643.77%	734.31%	-2.39%	-101.47%	0.00%	-2,243.03%	-2.00%	101.67%	-181.95%
Invested Capital Q/Q Growth	-2.31%	4.85%	9.25%	-100.00%	0.00%	0.00%	0.00%	2.25%	1.40%	-0.60%	2.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.38%	44.50%	45.55%	47.80%	48.97%	48.08%	47.31%	48.23%	47.95%	46.91%	45.90%
EBITDA Margin	21.08%	20.53%	-10.47%	25.83%	25.89%	25.17%	24.66%	25.98%	26.18%	28.20%	23.98%
Operating Margin	16.85%	15.93%	-15.08%	21.24%	21.07%	20.64%	19.38%	21.61%	21.14%	23.54%	18.46%
EBIT Margin	17.47%	17.27%	-14.13%	22.50%	22.42%	21.98%	20.89%	22.51%	22.49%	24.84%	20.12%
Profit (Net Income) Margin	11.76%	11.62%	-37.71%	15.00%	14.61%	15.43%	14.07%	15.62%	15.40%	17.60%	14.15%
Tax Burden Percent	73.97%	74.57%	221.70%	76.69%	74.44%	76.96%	76.90%	76.50%	75.60%	75.29%	76.47%
Interest Burden Percent	91.06%	90.20%	120.40%	86.91%	87.52%	91.20%	87.56%	90.72%	90.59%	94.09%	91.94%
Effective Tax Rate	26.03%	25.43%	0.00%	23.31%	25.56%	23.04%	23.10%	23.50%	24.40%	24.71%	23.53%
Return on Invested Capital (ROIC)	14.71%	14.15%	-12.39%	0.00%	0.00%	20.69%	18.60%	40.75%	38.55%	22.04%	17.29%
ROIC Less NNEP Spread (ROIC-NNEP)	14.10%	13.86%	-34.24%	0.00%	0.00%	20.15%	17.93%	38.84%	37.30%	21.88%	17.33%
Return on Net Nonoperating Assets (RNNOA)	7.33%	6.37%	-19.59%	0.00%	0.00%	9.12%	9.86%	16.58%	13.63%	8.28%	6.18%
Return on Equity (ROE)	22.04%	20.52%	-31.98%	0.00%	0.00%	29.80%	28.47%	57.33%	52.19%	30.32%	23.47%
Cash Return on Invested Capital (CROIC)	5.85%	7.68%	-13.22%	0.00%	0.00%	-2.38%	19.86%	-161.11%	-161.77%	15.88%	14.48%
Operating Return on Assets (OROA)	11.24%	11.06%	-9.78%	0.00%	0.00%	17.28%	17.24%	18.24%	18.10%	20.53%	16.57%
Return on Assets (ROA)	7.57%	7.44%	-26.10%	0.00%	0.00%	12.13%	11.61%	12.66%	12.39%	14.54%	11.65%
Return on Common Equity (ROCE)	21.95%	20.43%	-31.85%	0.00%	0.00%	29.69%	28.36%	57.13%	52.02%	30.21%	23.40%
Return on Equity Simple (ROE_SIMPLE)	7.91%	0.00%	-0.70%	0.00%	0.00%	0.00%	26.83%	26.32%	24.96%	0.00%	24.07%
Net Operating Profit after Tax (NOPAT)	48	53	-42	73	70	79	62	76	69	89	59
NOPAT Margin	12.46%	11.88%	-10.56%	16.29%	15.68%	15.89%	14.91%	16.53%	15.98%	17.73%	14.11%
Net Nonoperating Expense Percent (NNEP)	0.62%	0.29%	21.85%	0.00%	0.00%	0.53%	0.68%	1.91%	1.25%	0.16%	-0.04%
Return On Investment Capital (ROIC_SIMPLE)	-	3.52%	-	-	-	5.02%	-	-	-	5.36%	3.51%
Cost of Revenue to Revenue	55.62%	55.50%	54.45%	52.20%	51.03%	51.92%	52.69%	51.77%	52.05%	53.09%	54.10%
SG&A Expenses to Revenue	21.68%	20.64%	22.87%	21.54%	22.87%	21.61%	22.78%	22.72%	21.98%	20.09%	22.30%
R&D to Revenue	3.78%	3.16%	3.82%	3.58%	3.96%	3.85%	3.85%	3.69%	3.86%	3.37%	3.72%
Operating Expenses to Revenue	27.53%	28.57%	60.63%	26.56%	27.90%	27.44%	27.93%	26.62%	26.80%	23.37%	27.44%
Earnings before Interest and Taxes (EBIT)	67	77	-56	101	100	109	86	104	97	124	85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	80	91	-42	116	116	125	102	120	113	141	101
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.98	5.98	5.95	0.00	0.00	6.79	7.64	7.16	6.39	5.70	4.85
Price to Tangible Book Value (P/TBV)	0.00	311.02	0.00	0.00	0.00	94.05	71.93	49.43	34.11	23.85	18.25
Price to Revenue (P/Rev)	2.79	3.60	3.23	4.03	3.53	3.66	4.20	4.05	3.87	3.59	3.17
Price to Earnings (P/E)	62.63	30.64	0.00	506.12	182.02	111.68	28.36	27.09	25.52	22.80	20.10
Dividend Yield	1.69%	1.30%	1.40%	1.08%	1.19%	1.12%	0.98%	1.03%	1.11%	1.21%	1.39%
Earnings Yield	1.60%	3.26%	0.00%	0.20%	0.55%	0.90%	3.53%	3.69%	3.92%	4.39%	4.97%
Enterprise Value to Invested Capital (EV/IC)	3.64	4.46	3.96	0.00	0.00	4.92	5.56	5.30	4.94	4.60	4.00
Enterprise Value to Revenue (EV/Rev)	3.08	3.87	3.59	0.00	0.00	3.92	4.45	4.30	4.09	3.78	3.35
Enterprise Value to EBITDA (EV/EBITDA)	29.95	18.67	27.06	0.00	0.00	22.28	17.52	16.90	16.05	14.37	12.82
Enterprise Value to EBIT (EV/EBIT)	47.12	22.71	36.97	0.00	0.00	27.63	20.25	19.57	18.61	16.61	14.85
Enterprise Value to NOPAT (EV/NOPAT)	69.73	32.81	0.00	0.00	0.00	106.78	28.31	27.25	25.82	23.14	20.75
Enterprise Value to Operating Cash Flow (EV/OCF)	26.60	37.52	0.00	0.00	0.00	75.40	18.67	20.15	21.25	23.09	19.82
Enterprise Value to Free Cash Flow (EV/FCFF)	62.10	59.98	0.00	0.00	0.00	0.00	27.95	0.00	0.00	29.62	28.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.62	0.85	0.00	0.00	0.62	0.60	0.57	0.51	0.44	0.42
Long-Term Debt to Equity	0.71	0.61	0.82	0.00	0.00	0.59	0.57	0.54	0.48	0.42	0.39
Financial Leverage	0.52	0.46	0.57	0.00	0.00	0.45	0.55	0.43	0.37	0.38	0.36
Leverage Ratio	2.79	2.72	2.67	0.00	0.00	2.41	2.34	2.17	2.05	2.07	2.02
Compound Leverage Factor	2.54	2.45	3.21	0.00	0.00	2.19	2.05	1.97	1.85	1.95	1.86
Debt to Total Capital	41.79%	38.28%	46.07%	0.00%	0.00%	38.36%	37.47%	36.27%	33.62%	30.76%	29.67%
Short-Term Debt to Total Capital	0.47%	0.49%	1.63%	0.00%	0.00%	1.69%	1.66%	1.63%	1.63%	1.60%	1.94%
Long-Term Debt to Total Capital	41.31%	37.78%	44.44%	0.00%	0.00%	36.67%	35.81%	34.64%	31.99%	29.17%	27.73%
Preferred Equity to Total Capital	0.25%	0.24%	0.22%	0.00%	0.00%	0.23%	0.22%	0.22%	0.22%	0.22%	0.21%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	57.97%	61.49%	53.71%	0.00%	0.00%	61.41%	62.30%	63.51%	66.17%	69.02%	70.12%
Debt to EBITDA	3.94	1.81	3.51	0.00	0.00	1.92	1.30	1.27	1.21	1.07	1.06
Net Debt to EBITDA	2.74	1.26	2.73	0.00	0.00	1.45	0.98	0.95	0.87	0.72	0.70
Long-Term Debt to EBITDA	3.89	1.79	3.38	0.00	0.00	1.83	1.24	1.22	1.15	1.01	0.99
Debt to NOPAT	9.17	3.18	-112.10	0.00	0.00	9.18	2.10	2.05	1.94	1.72	1.71
Net Debt to NOPAT	6.37	2.22	-87.25	0.00	0.00	6.94	1.58	1.54	1.40	1.16	1.13
Long-Term Debt to NOPAT	9.07	3.14	-108.14	0.00	0.00	8.77	2.01	1.96	1.85	1.63	1.60
Altman Z-Score	3.26	3.97	3.95	0.00	0.00	5.24	5.83	5.66	5.68	5.81	5.40
Noncontrolling Interest Sharing Ratio	0.43%	0.41%	0.41%	0.00%	0.00%	0.38%	0.38%	0.35%	0.33%	0.34%	0.33%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.47	2.54	2.62	0.00	0.00	2.36	2.51	2.45	2.68	2.79	2.94
Quick Ratio	1.26	1.38	1.41	0.00	0.00	1.33	1.35	1.27	1.37	1.54	1.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	56	-29	-215	1,365	1,333	-20	65	-1,399	-1,427	24	-20
Operating Cash Flow to CapEx	714.43%	388.06%	-3,402.87%	958.35%	985.89%	1,348.44%	453.57%	371.68%	591.64%	748.89%	573.38%
Free Cash Flow to Firm to Interest Expense	9.34	-3.86	-18.75	103.62	106.63	-2.04	6.08	-144.72	-155.85	3.25	-2.86
Operating Cash Flow to Interest Expense	10.72	7.14	-24.91	7.22	9.98	16.58	4.74	5.52	9.21	14.72	9.05
Operating Cash Flow Less CapEx to Interest Expense	9.22	5.30	-25.65	6.46	8.97	15.35	3.69	4.03	7.66	12.75	7.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.64	0.64	0.69	0.00	0.00	0.79	0.83	0.81	0.80	0.83	0.82
Accounts Receivable Turnover	6.38	5.54	5.92	0.00	0.00	6.04	6.28	6.08	6.50	6.30	6.33
Inventory Turnover	2.81	2.76	2.74	0.00	0.00	2.97	2.97	2.94	2.67	3.22	3.13
Fixed Asset Turnover	7.40	7.36	7.75	0.00	0.00	8.52	8.65	8.53	8.33	8.53	8.59
Accounts Payable Turnover	8.50	7.79	8.14	0.00	0.00	8.34	8.30	7.15	7.34	8.61	8.20
Days Sales Outstanding (DSO)	57.23	65.84	61.64	0.00	0.00	60.41	58.11	60.05	56.12	57.92	57.63
Days Inventory Outstanding (DIO)	130.12	132.25	133.44	0.00	0.00	123.08	122.71	124.29	136.66	113.50	116.65
Days Payable Outstanding (DPO)	42.92	46.86	44.84	0.00	0.00	43.78	43.98	51.04	49.74	42.37	44.51
Cash Conversion Cycle (CCC)	144.43	151.22	150.24	0.00	0.00	139.71	136.84	133.30	143.05	129.05	129.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,263	1,324	1,446	0.00	0.00	1,422	1,443	1,475	1,496	1,487	1,522
Invested Capital Turnover	1.18	1.19	1.17	0.00	0.00	1.30	1.25	2.46	2.41	1.24	1.23
Increase / (Decrease) in Invested Capital	-8.11	82	173	-1,292	-1,263	98	-3.66	1,475	1,496	65	79
Enterprise Value (EV)	4,599	5,908	5,728	0.00	0.00	7,001	8,019	7,816	7,383	6,843	6,093
Market Capitalization	4,175	5,504	5,147	6,738	6,127	6,542	7,568	7,371	6,979	6,496	5,758
Book Value per Share	$21.44	$23.47	$22.06	$0.00	$0.00	$24.50	$25.17	$26.16	$27.74	$28.99	$30.23
Tangible Book Value per Share	($1.27)	$0.45	($0.60)	$0.00	$0.00	$1.77	$2.67	$3.79	$5.20	$6.93	$8.04
Total Capital	1,447	1,497	1,611	0.00	0.00	1,568	1,591	1,622	1,650	1,651	1,692
Total Debt	605	573	742	0.00	0.00	602	596	588	555	508	502
Total Long-Term Debt	598	565	716	0.00	0.00	575	570	562	528	482	469
Net Debt	420	400	578	0.00	0.00	455	448	441	400	343	331
Capital Expenditures (CapEx)	8.95	14	8.40	9.92	13	12	11	14	14	14	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	335	369	388	0.00	0.00	334	355	389	401	377	405
Debt-free Net Working Capital (DFNWC)	520	542	553	0.00	0.00	480	503	536	555	541	576
Net Working Capital (NWC)	513	534	526	0.00	0.00	453	476	510	528	515	543
Net Nonoperating Expense (NNE)	2.67	1.17	108	5.77	4.81	2.29	3.46	4.22	2.51	0.62	-0.14
Net Nonoperating Obligations (NNO)	420	400	578	0.00	0.00	455	448	441	400	343	331
Total Depreciation and Amortization (D&A)	14	14	15	15	16	16	16	16	16	17	16
Debt-free, Cash-free Net Working Capital to Revenue	22.42%	24.14%	24.33%	0.00%	0.00%	18.66%	19.67%	21.42%	22.22%	20.84%	22.30%
Debt-free Net Working Capital to Revenue	34.77%	35.45%	34.64%	0.00%	0.00%	26.85%	27.90%	29.49%	30.77%	29.94%	31.69%
Net Working Capital to Revenue	34.31%	34.97%	32.99%	0.00%	0.00%	25.37%	26.43%	28.04%	29.28%	28.48%	29.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.15	$1.32	$0.00	$0.00	$0.00	$1.95	$1.48	$1.83	$1.69	$2.24	$1.51
Adjusted Weighted Average Basic Shares Outstanding	39.20M	39.21M	0.00	0.00	0.00	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M
Adjusted Diluted Earnings per Share	$1.14	$1.31	$0.00	$0.00	$0.00	$1.96	$1.47	$1.83	$1.69	$2.22	$1.51
Adjusted Weighted Average Diluted Shares Outstanding	39.20M	39.21M	0.00	0.00	0.00	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	39.20M	39.21M	0.00	0.00	0.00	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M
Normalized Net Operating Profit after Tax (NOPAT)	48	56	50	75	73	80	64	78	70	89	61
Normalized NOPAT Margin	12.64%	12.69%	12.46%	16.86%	16.23%	16.12%	15.47%	16.79%	16.19%	17.82%	14.46%
Pre Tax Income Margin	15.91%	15.58%	-17.01%	19.56%	19.62%	20.04%	18.29%	20.42%	20.37%	23.38%	18.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.18	10.20	-4.90	7.64	8.01	11.36	8.04	10.77	10.63	16.93	12.40
NOPAT to Interest Expense	7.98	7.02	-3.66	5.53	5.61	8.21	5.74	7.91	7.56	12.08	8.70
EBIT Less CapEx to Interest Expense	9.68	8.37	-5.63	6.89	7.00	10.13	7.00	9.29	9.07	14.97	10.83
NOPAT Less CapEx to Interest Expense	6.48	5.18	-4.40	4.78	4.59	6.98	4.69	6.43	6.00	10.11	7.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	106.07%	39.80%	-1,187.35%	545.45%	217.01%	125.44%	27.70%	27.78%	28.22%	27.64%	28.04%
Augmented Payout Ratio	157.67%	58.95%	-1,753.03%	591.34%	228.80%	132.20%	29.99%	34.00%	38.26%	40.74%	45.44%

Frequently Asked Questions About MSA Safety's Financials

When does MSA Safety's fiscal year end?

According to the most recent income statement we have on file, MSA Safety's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has MSA Safety's net income changed over the last 9 years?

MSA Safety's net income appears to be on an upward trend, with a most recent value of $284.97 million in 2024, rising from $70.81 million in 2015. The previous period was $58.58 million in 2023. See MSA Safety's forecast for analyst expectations on what’s next for the company.

What is MSA Safety's operating income?

MSA Safety's total operating income in 2024 was $389.18 million, based on the following breakdown:

Total Gross Profit: $860.45 million
Total Operating Expenses: $471.27 million

How has MSA Safety revenue changed over the last 9 years?

Over the last 9 years, MSA Safety's total revenue changed from $1.13 billion in 2015 to $1.81 billion in 2024, a change of 59.9%.

How much debt does MSA Safety have?

MSA Safety's total liabilities were at $1.06 billion at the end of 2024, a 11.7% decrease from 2023, and a 17.3% increase since 2015.

How much cash does MSA Safety have?

In the past 9 years, MSA Safety's cash and equivalents has ranged from $105.93 million in 2015 to $164.56 million in 2024, and is currently $164.56 million as of their latest financial filing in 2024.

How has MSA Safety's book value per share changed over the last 9 years?

Over the last 9 years, MSA Safety's book value per share changed from 13.74 in 2015 to 28.99 in 2024, a change of 111.1%.

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This page (NYSE:MSA) was last updated on 5/5/2025 by MarketBeat.com Staff

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MSA Safety (MSA) Financials

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MSA Safety (MSA) Financials

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