MSA Safety Incorporporated (MSA) Financials

$172.70 +3.15 (+1.86%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$172.48 -0.22 (-0.12%)

As of 04:05 AM Eastern

Annual Income Statements for MSA Safety Incorporporated

This table shows MSA Safety Incorporporated'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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	71	92	26	124	138	124	21	180	59	285	279
Consolidated Net Income / (Loss)	71	92	27	125	139	125	22	180	59	285	279
Net Income / (Loss) Continuing Operations	67	94	27	125	139	125	22	180	59	285	279
Total Pre-Tax Income	111	152	30	162	186	168	24	239	207	375	366
Total Operating Income	123	161	40	173	188	172	23	239	231	389	372
Total Gross Profit	501	522	539	612	639	595	615	674	852	860	871
Total Revenue	1,131	1,150	1,197	1,358	1,402	1,348	1,400	1,528	1,788	1,808	1,875
Operating Revenue	1,131	1,150	1,197	1,358	1,402	1,348	1,400	1,528	1,788	1,808	1,875
Total Cost of Revenue	630	627	658	746	763	753	785	854	936	948	1,004
Operating Cost of Revenue	630	627	658	746	763	753	785	854	936	948	1,004
Total Operating Expenses	378	362	499	438	450	424	593	435	621	471	499
Selling, General & Admin Expense	315	308	426	370	331	290	333	339	397	395	414
Marketing Expense	-	-	-	-	28	39	185	21	0.00	0.00	0.00
Research & Development Expense	49	47	50	53	58	58	58	57	68	67	65
Other Operating Expenses / (Income)	2.20	0.77	5.13	2.33	20	8.58	0.22	10	17	3.64	16
Restructuring Charge	12	5.69	18	13	14	27	16	7.97	9.89	6.40	3.90
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	129	0.00	0.00
Total Other Income / (Expense), net	-12	-8.79	-9.80	-11	-2.50	-3.75	0.82	-0.60	-25	-14	-5.42
Interest Expense	11	16	15	20	14	9.43	11	22	47	37	32
Other Income / (Expense), net	-0.86	7.62	5.56	9.23	11	5.68	12	21	22	23	26
Income Tax Expense	44	58	2.82	37	47	43	1.82	59	148	90	87
Basic Earnings per Share	$1.89	$2.45	-	-	$3.56	$3.19	$0.54	$4.58	$1.49	$7.24	$7.11
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	38.77M
Diluted Earnings per Share	$1.87	$2.42	-	-	$3.52	$3.15	$0.54	$4.56	$1.48	$7.21	$7.09
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	38.77M
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	38.77M
Cash Dividends to Common per Share	$1.27	$1.31	-	$1.49	$1.64	$1.71	$1.75	$1.82	$1.87	$2.00	$2.10

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	65	76	58	72	67	88	60	63	70	87	71
Consolidated Net Income / (Loss)	65	76	58	72	67	88	60	63	70	87	71
Net Income / (Loss) Continuing Operations	65	76	58	72	67	88	60	63	70	87	71
Total Pre-Tax Income	88	99	76	94	88	117	78	83	92	113	93
Total Operating Income	94	102	80	100	91	118	78	86	94	114	93
Total Gross Profit	219	238	196	223	207	234	193	221	218	239	220
Total Revenue	447	495	413	462	433	500	421	474	468	511	464
Operating Revenue	447	495	413	462	433	500	421	474	468	511	464
Total Cost of Revenue	228	257	218	239	225	265	228	253	251	272	244
Operating Cost of Revenue	228	257	218	239	225	265	228	253	251	272	244
Total Operating Expenses	125	136	115	123	116	117	116	135	123	126	127
Selling, General & Admin Expense	102	107	94	105	95	100	94	112	103	105	108
Research & Development Expense	18	19	16	17	17	17	16	17	17	16	16
Other Operating Expenses / (Income)	1.50	8.30	2.33	-0.60	2.99	-1.08	4.08	5.29	3.88	2.56	0.20
Restructuring Charge	3.29	1.51	3.02	1.54	1.18	0.65	1.92	0.49	0.06	1.43	2.33
Total Other Income / (Expense), net	-6.46	-2.97	-4.51	-5.52	-3.32	-0.83	0.19	-3.12	-1.85	-0.64	-0.02
Interest Expense	12	9.58	11	9.66	9.15	7.33	6.84	8.12	8.42	8.43	7.70
Other Income / (Expense), net	6.04	6.61	6.24	4.15	5.83	6.50	7.02	5.00	6.56	7.79	7.68
Income Tax Expense	22	23	17	22	22	29	18	20	23	26	22
Basic Earnings per Share	$1.66	$1.95	$1.48	$1.83	$1.69	$2.24	$1.51	$1.60	$1.78	$2.22	$1.83
Weighted Average Basic Shares Outstanding	-	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M	39.14M	39.15M	38.77M	38.60M
Diluted Earnings per Share	$1.65	$1.96	$1.47	$1.83	$1.69	$2.22	$1.51	$1.59	$1.77	$2.22	$1.83
Weighted Average Diluted Shares Outstanding	-	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M	39.14M	39.15M	38.77M	38.60M
Weighted Average Basic & Diluted Shares Outstanding	-	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M	39.14M	39.15M	38.77M	38.60M
Cash Dividends to Common per Share	$0.47	$0.47	$0.47	$0.51	$0.51	$0.51	$0.51	$0.53	$0.53	$0.53	$0.53

This table details how cash moves in and out of MSA Safety Incorporporated'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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-0.07	6.60	23	2.72	12	8.49	-20	23	-16	17	0.90
Net Cash From Operating Activities	55	135	230	264	165	207	199	157	93	296	364
Net Cash From Continuing Operating Activities	55	135	230	264	165	207	199	157	93	296	364
Net Income / (Loss) Continuing Operations	68	94	27	125	139	125	22	180	59	285	279
Consolidated Net Income / (Loss)	68	94	27	125	139	125	22	180	59	285	279
Depreciation Expense	32	35	38	38	38	40	50	56	61	64	72
Non-Cash Adjustments To Reconcile Net Income	-19	59	148	124	58	37	38	34	-102	14	18
Changes in Operating Assets and Liabilities, net	-25	-53	18	-23	-71	5.07	89	-113	76	-67	-5.08
Net Cash From Investing Activities	-208	-25	-239	-84	-64	-73	-415	-4.48	-40	-54	-258
Net Cash From Continuing Investing Activities	-208	-25	-239	-84	-64	-73	-415	-4.48	-40	-54	-258
Purchase of Property, Plant & Equipment	-36	-26	-24	-34	-37	-49	-44	-43	-43	-54	-68
Acquisitions	-180	-18	-216	0.00	-33	0.00	-392	-	0.00	0.00	-189
Other Investing Activities, net	-	-	-	-	0.22	0.45	-5.29	-1.39	2.81	0.47	0.08
Net Cash From Financing Activities	165	-99	26	-163	-85	-127	204	-113	-52	-209	-105
Net Cash From Continuing Financing Activities	165	-99	26	-163	-85	-127	204	-113	-52	-209	-105
Repayment of Debt	-292	-444	-560	-573	-881	-1,031	-1,349	-1,023	-1,872	-1,244	-1,079
Repurchase of Common Equity	-9.89	-1.88	-18	-4.82	-13	-29	-6.17	-34	-3.96	-37	-90
Payment of Dividends	-47	-49	-53	-57	-64	-67	-88	-71	-73	-79	-82
Issuance of Debt	511	383	637	463	864	987	1,640	1,010	1,895	1,150	1,144
Issuance of Common Equity	0.49	0.57	0.53	0.56	0.64	0.75	0.86	0.89	0.96	1.36	2.04
Other Financing Activities, net	1.93	13	18	8.57	7.47	12	5.77	4.65	1.47	0.50	0.57
Effect of Exchange Rate Changes	-12	-3.48	6.19	-14	-4.24	-	-	-	-17	-17	0.13
Cash Interest Paid	11	16	16	20	14	9.86	9.29	21	47	36	32
Cash Income Taxes Paid	50	58	40	41	49	61	46	60	69	103	102

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	18	-18	1.91	-1.48	6.14	10	6.20	-23	23	-4.94	15
Net Cash From Operating Activities	125	159	51	53	84	108	62	67	112	122	76
Net Cash From Continuing Operating Activities	125	159	51	53	84	108	62	67	112	122	76
Net Income / (Loss) Continuing Operations	65	76	58	72	67	88	60	63	70	87	71
Consolidated Net Income / (Loss)	65	76	58	72	67	88	60	63	70	87	71
Depreciation Expense	16	16	16	16	16	17	16	18	19	19	18
Non-Cash Adjustments To Reconcile Net Income	7.99	16	4.36	4.24	5.20	0.69	2.87	8.47	3.56	3.54	-0.21
Changes in Operating Assets and Liabilities, net	36	51	-27	-39	-3.48	2.50	-17	-22	21	13	-14
Net Cash From Investing Activities	-13	-12	-11	-14	-14	-14	-11	-217	-12	-18	-11
Net Cash From Continuing Investing Activities	-13	-12	-11	-14	-14	-14	-11	-217	-12	-18	-11
Purchase of Property, Plant & Equipment	-13	-12	-11	-14	-14	-14	-11	-29	-12	-16	-11
Acquisitions	-	-	-	-	-	-	0.00	-	-	-1.50	0.00
Other Investing Activities, net	0.02	0.12	0.00	0.07	0.02	0.38	0.02	0.00	-	0.06	0.03
Net Cash From Financing Activities	-86	-163	-29	-39	-68	-73	-46	120	-72	-108	-47
Net Cash From Continuing Financing Activities	-86	-163	-29	-39	-68	-73	-46	120	-72	-108	-47
Repayment of Debt	-467	-533	-331	-280	-309	-324	-253	-185	-286	-355	-262
Repurchase of Common Equity	-0.07	-0.02	-5.84	-11	-11	-9.91	-18	-31	-1.15	-40	-60
Payment of Dividends	-18	-18	-18	-20	-20	-20	-20	-21	-21	-21	-21
Issuance of Debt	399	388	326	272	271	281	246	355	236	307	296
Other Financing Activities, net	0.90	0.03	0.25	0.07	0.17	0.01	0.23	0.27	0.01	0.06	0.02
Effect of Exchange Rate Changes	-	-	-	-1.88	4.50	-11	0.74	-	-	-1.88	-2.57

This table presents MSA Safety Incorporporated'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	2025
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	12/31/2025
Total Assets	1,423	1,354	1,685	1,608	1,740	1,920	2,396	2,377	2,170	2,206	2,554
Total Current Assets	505	473	622	657	693	801	793	880	786	803	869
Cash & Equivalents	106	114	134	140	152	161	141	163	146	165	165
Accounts Receivable	233	210	244	245	255	252	254	297	295	279	306
Inventories, net	126	103	154	157	185	245	281	338	293	297	343
Prepaid Expenses	24	26	41	45	34	39	43	44	40	44	55
Plant, Property, & Equipment, net	156	149	157	158	167	190	208	208	212	212	283
Total Noncurrent Assets	762	732	906	793	879	929	1,396	1,289	1,172	1,191	1,402
Goodwill	340	333	422	414	437	443	637	621	628	621	732
Intangible Assets	90	77	183	170	171	161	307	282	266	246	299
Noncurrent Deferred & Refundable Income Taxes	26	23	26	33	33	36	35	25	33	26	21
Employee Benefit Assets	62	63	83	58	75	98	163	142	172	225	279
Other Noncurrent Operating Assets	242	173	132	64	111	143	209	181	73	73	71
Total Liabilities & Shareholders' Equity	1,423	1,354	1,685	1,608	1,740	1,920	2,396	2,377	2,170	2,206	2,554
Total Liabilities	906	793	1,082	968	1,007	1,072	1,562	1,453	1,203	1,062	1,187
Total Current Liabilities	252	221	289	282	278	311	331	346	333	288	289
Short-Term Debt	6.65	27	27	20	20	20	0.00	7.39	27	26	8.23
Accounts Payable	68	63	87	78	89	87	107	113	112	108	111
Current Employee Benefit Liabilities	38	40	39	51	42	40	50	45	73	55	58
Other Current Liabilities	128	88	136	132	120	160	169	175	101	84	113
Total Noncurrent Liabilities	654	571	793	686	730	762	1,231	1,107	871	774	898
Long-Term Debt	458	364	448	341	328	287	598	565	575	482	573
Noncurrent Deferred & Payable Income Tax Liabilities	25	34	9.34	7.16	9.79	21	33	32	102	108	128
Noncurrent Employee Benefit Liabilities	156	158	171	166	187	208	190	138	144	134	144
Other Noncurrent Operating Liabilities	15	15	165	172	205	246	410	372	49	51	54
Total Equity & Noncontrolling Interests	517	561	603	640	733	847	834	924	967	1,143	1,367
Total Preferred & Common Equity	516	558	598	634	726	839	834	924	967	1,143	1,367
Preferred Stock	3.57	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	1,363
Common Stock	158	173	195	212	229	243	260	282	312	330	344
Retained Earnings	859	901	869	936	1,012	1,103	1,050	1,158	1,143	1,350	1,546
Treasury Stock	-295	-289	-298	-298	-305	-328	-330	-361	-363	-398	-485
Accumulated Other Comprehensive Income / (Loss)	-208	-230	-172	-219	-214	-182	-149	-159	-129	-142	-42

This table presents MSA Safety Incorporporated'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	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,387	2,194	2,174	2,244	2,242	2,236	2,550	2,554	2,564
Total Current Assets	862	852	793	861	843	823	887	895	892
Cash & Equivalents	160	164	148	147	154	171	147	170	180
Accounts Receivable	249	295	279	299	277	294	334	307	325
Inventories, net	350	324	306	321	352	307	344	355	352
Prepaid Expenses	42	39	46	55	59	51	63	62	34
Plant, Property, & Equipment, net	200	206	211	213	217	212	279	278	278
Total Noncurrent Assets	1,326	1,137	1,170	1,169	1,183	1,201	1,383	1,380	1,394
Goodwill	607	620	625	625	633	627	733	732	727
Intangible Assets	281	268	261	256	254	244	311	305	292
Noncurrent Deferred & Refundable Income Taxes	32	26	34	34	35	27	31	31	20
Employee Benefit Assets	183	151	176	180	184	230	234	239	285
Other Noncurrent Operating Assets	184	71	74	74	77	73	74	73	69
Total Liabilities & Shareholders' Equity	2,387	2,194	2,174	2,244	2,242	2,236	2,550	2,554	2,564
Total Liabilities	1,545	1,326	1,180	1,210	1,147	1,046	1,298	1,251	1,209
Total Current Liabilities	349	325	317	352	314	280	285	290	281
Short-Term Debt	6.82	26	26	26	27	33	8.38	8.21	8.07
Accounts Payable	105	109	117	132	128	116	126	120	118
Current Employee Benefit Liabilities	47	59	38	42	57	40	48	59	45
Other Current Liabilities	167	104	100	110	103	92	103	103	110
Total Noncurrent Liabilities	1,196	1,000	863	858	832	765	1,012	961	927
Long-Term Debt	598	716	570	562	528	469	671	620	605
Noncurrent Deferred & Payable Income Tax Liabilities	30	102	102	102	103	108	133	133	127
Noncurrent Employee Benefit Liabilities	174	138	142	141	144	137	152	152	142
Other Noncurrent Operating Liabilities	394	45	49	53	57	51	56	56	53
Total Equity & Noncontrolling Interests	842	869	995	1,034	1,095	1,190	1,253	1,302	1,355
Total Preferred & Common Equity	842	869	995	1,034	1,095	1,190	1,253	1,302	1,355
Preferred Stock	3.57	3.57	3.57	3.57	3.57	3.57	3.57	3.57	3.57
Total Common Equity	839	865	991	1,030	1,092	1,187	1,249	1,299	1,352
Common Stock	273	303	315	321	325	330	336	339	344
Retained Earnings	1,125	1,086	1,183	1,235	1,282	1,389	1,431	1,480	1,597
Treasury Stock	-362	-363	-368	-378	-388	-414	-444	-445	-542
Accumulated Other Comprehensive Income / (Loss)	-197	-160	-140	-148	-126	-119	-75	-76	-48

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.27%	1.66%	4.11%	13.48%	3.23%	-3.83%	3.85%	9.13%	17.00%	1.15%	3.69%
EBITDA Growth	-8.04%	32.58%	-59.23%	165.70%	7.62%	-8.47%	-61.02%	273.78%	-0.73%	51.57%	-1.35%
EBIT Growth	-11.08%	38.10%	-73.19%	304.81%	9.10%	-10.92%	-80.65%	657.21%	-2.60%	62.53%	-3.33%
NOPAT Growth	-19.03%	35.17%	-64.01%	273.16%	5.51%	-9.32%	-83.56%	756.43%	-63.59%	351.06%	-4.29%
Net Income Growth	-20.00%	29.84%	-70.68%	364.15%	11.26%	-10.11%	-82.59%	724.44%	-67.39%	386.43%	-2.12%
EPS Growth	-19.74%	29.41%	0.00%	0.00%	0.00%	-10.51%	-82.86%	744.44%	-67.54%	387.16%	-1.66%
Operating Cash Flow Growth	-67.77%	144.13%	70.75%	14.57%	-37.49%	25.21%	-3.59%	-20.93%	-41.03%	219.23%	22.75%
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%	-105.65%
Invested Capital Growth	27.98%	-4.33%	12.52%	-14.55%	9.08%	4.53%	35.21%	6.57%	7.42%	4.55%	19.92%
Revenue Q/Q Growth	0.22%	-1.43%	4.37%	1.17%	0.97%	0.97%	1.60%	2.21%	3.00%	0.24%	0.60%
EBITDA Q/Q Growth	-8.98%	10.99%	-48.35%	50.02%	0.62%	-7.87%	-55.90%	106.14%	12.01%	3.53%	-0.12%
EBIT Q/Q Growth	-11.97%	13.93%	-63.73%	68.83%	0.53%	-9.79%	-76.36%	166.57%	14.61%	3.85%	-0.62%
NOPAT Q/Q Growth	-12.46%	3.09%	-59.94%	75.77%	4.23%	-11.42%	-78.85%	173.06%	72.12%	3.44%	-0.40%
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%	-0.36%
EPS Q/Q Growth	-13.82%	4.31%	0.00%	0.00%	0.00%	-12.01%	-78.49%	169.82%	78.31%	3.74%	0.00%
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%	4.13%
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%	-169.07%
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%	1.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.31%	45.43%	45.03%	45.05%	45.55%	44.17%	43.95%	44.10%	47.67%	47.59%	46.46%
EBITDA Margin	13.58%	17.71%	6.94%	16.24%	16.93%	16.11%	6.05%	20.71%	17.58%	26.34%	25.06%
Operating Margin	10.85%	13.98%	3.31%	12.77%	13.43%	12.75%	1.63%	15.65%	12.94%	21.52%	19.83%
EBIT Margin	10.78%	14.64%	3.77%	13.45%	14.22%	13.17%	2.45%	17.03%	14.18%	22.78%	21.24%
Profit (Net Income) Margin	6.26%	8.00%	2.25%	9.21%	9.93%	9.28%	1.56%	11.76%	3.28%	15.76%	14.88%
Tax Burden Percent	63.78%	60.52%	90.53%	77.07%	74.94%	74.42%	92.31%	75.31%	28.34%	75.99%	76.13%
Interest Burden Percent	91.09%	90.25%	65.97%	88.85%	93.18%	94.69%	68.69%	91.68%	81.56%	91.04%	92.01%
Effective Tax Rate	40.00%	38.05%	9.47%	22.93%	25.06%	25.58%	7.69%	24.69%	71.66%	24.01%	23.87%
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%	17.31%
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%	16.23%
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%	4.91%
Return on Equity (ROE)	13.41%	17.05%	4.63%	20.15%	20.29%	15.84%	2.59%	20.43%	6.20%	27.01%	22.22%
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%	-0.80%
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%	16.73%
Return on Assets (ROA)	5.27%	6.62%	1.77%	7.60%	8.32%	6.84%	1.01%	7.53%	2.58%	13.02%	11.72%
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%	22.16%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	74	100	36	134	141	128	21	180	66	296	283
NOPAT Margin	6.51%	8.66%	2.99%	9.84%	10.06%	9.49%	1.50%	11.79%	3.67%	16.36%	15.10%
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%	1.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.03%	4.18%	17.91%	14.53%
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%	53.54%
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%	22.10%
R&D to Revenue	4.30%	4.08%	4.18%	3.88%	4.13%	4.32%	4.13%	3.73%	3.80%	3.68%	3.49%
Operating Expenses to Revenue	33.46%	31.45%	41.72%	32.28%	32.12%	31.42%	42.32%	28.45%	34.73%	26.06%	26.63%
Earnings before Interest and Taxes (EBIT)	122	168	45	183	199	178	34	260	253	412	398
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	154	204	83	221	237	217	85	317	314	476	470
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	4.60
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	18.84
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	3.34
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	22.48
Dividend Yield	3.35%	2.62%	1.95%	1.70%	1.38%	1.20%	1.20%	1.30%	1.12%	1.21%	1.31%
Earnings Yield	5.00%	3.93%	0.97%	3.68%	2.99%	2.23%	0.37%	3.26%	0.90%	4.39%	4.45%
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	3.75
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	3.57
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	14.24
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	16.80
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	23.63
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	18.38
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	0.00
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	0.43
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	0.42
Financial Leverage	0.48	0.59	0.53	0.41	0.23	0.14	0.29	0.46	0.45	0.38	0.30
Leverage Ratio	2.55	2.58	2.61	2.65	2.44	2.32	2.57	2.72	2.41	2.07	1.90
Compound Leverage Factor	2.32	2.32	1.72	2.36	2.27	2.19	1.76	2.49	1.96	1.89	1.74
Debt to Total Capital	47.33%	41.03%	44.06%	36.11%	32.23%	26.61%	41.73%	38.28%	38.36%	30.76%	29.82%
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%	0.42%
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%	29.40%
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%	0.18%
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%	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%	69.99%
Debt to EBITDA	3.03	1.92	5.72	1.64	1.47	1.41	7.06	1.81	1.92	1.07	1.24
Net Debt to EBITDA	2.34	1.36	4.10	0.75	0.62	0.33	4.82	1.26	1.45	0.72	0.89
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	1.22
Debt to NOPAT	6.31	3.92	13.24	2.70	2.47	2.40	28.42	3.18	9.18	1.72	2.05
Net Debt to NOPAT	4.87	2.78	9.50	1.24	1.04	0.56	19.39	2.22	6.94	1.16	1.47
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	2.02
Altman Z-Score	3.07	4.18	3.25	4.40	5.04	5.23	3.67	4.23	5.46	6.24	5.54
Noncontrolling Interest Sharing Ratio	1.19%	1.00%	1.30%	1.43%	1.42%	1.39%	0.90%	0.41%	0.38%	0.34%	0.28%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.00	2.14	2.15	2.33	2.50	2.58	2.40	2.54	2.36	2.79	3.01
Quick Ratio	1.37	1.48	1.37	1.57	1.66	1.58	1.36	1.38	1.33	1.54	1.63
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-118	137	-69	271	68	88	-302	98	-33	231	-13
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%	531.67%
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	-0.41
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	11.44
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	9.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.84	0.83	0.79	0.82	0.84	0.74	0.65	0.64	0.79	0.83	0.79
Accounts Receivable Turnover	5.09	5.20	5.28	5.55	5.61	5.31	5.53	5.54	6.04	6.30	6.40
Inventory Turnover	5.06	5.48	5.12	4.81	4.47	3.50	2.99	2.76	2.97	3.22	3.14
Fixed Asset Turnover	7.36	7.55	7.83	8.62	8.63	7.56	7.05	7.36	8.52	8.53	7.58
Accounts Payable Turnover	9.10	9.58	8.78	9.02	9.12	8.56	8.11	7.79	8.34	8.61	9.17
Days Sales Outstanding (DSO)	71.71	70.23	69.19	65.74	65.10	68.68	66.01	65.84	60.41	57.92	57.01
Days Inventory Outstanding (DIO)	72.11	66.60	71.24	75.90	81.68	104.25	122.22	132.25	123.08	113.50	116.34
Days Payable Outstanding (DPO)	40.12	38.10	41.55	40.46	40.04	42.67	45.03	46.86	43.78	42.37	39.81
Cash Conversion Cycle (CCC)	103.70	98.74	98.87	101.18	106.73	130.27	143.20	151.22	139.71	129.05	133.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	876	838	943	806	879	919	1,242	1,324	1,422	1,487	1,783
Invested Capital Turnover	1.45	1.34	1.34	1.55	1.66	1.50	1.30	1.19	1.30	1.24	1.15
Increase / (Decrease) in Invested Capital	191	-38	105	-137	73	40	323	82	98	65	296
Enterprise Value (EV)	1,781	2,621	3,044	3,545	4,775	5,646	6,131	5,908	7,001	6,843	6,689
Market Capitalization	1,418	2,337	2,695	3,369	4,618	5,563	5,719	5,504	6,542	6,496	6,270
Book Value per Share	$13.74	$14.75	$15.62	$16.39	$18.64	$21.45	$21.19	$23.47	$24.50	$28.99	$34.82
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	$8.50
Total Capital	982	952	1,077	1,001	1,081	1,154	1,432	1,497	1,568	1,651	1,948
Total Debt	465	391	475	361	348	307	598	573	602	508	581
Total Long-Term Debt	458	364	448	341	328	287	598	565	575	482	573
Net Debt	359	277	340	166	146	72	408	400	455	343	416
Capital Expenditures (CapEx)	28	7.31	23	29	37	49	44	43	43	54	68
Debt-free, Cash-free Net Working Capital (DFCFNWC)	153	164	225	199	234	275	272	369	334	377	423
Debt-free Net Working Capital (DFNWC)	259	278	360	395	436	511	462	542	480	541	588
Net Working Capital (NWC)	253	251	333	375	416	491	462	534	453	515	580
Net Nonoperating Expense (NNE)	2.84	7.62	8.87	8.59	1.87	2.79	-0.76	0.45	6.98	11	4.13
Net Nonoperating Obligations (NNO)	359	277	340	166	146	72	408	400	455	343	416
Total Depreciation and Amortization (D&A)	32	35	38	38	38	40	50	56	61	64	72
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%	22.58%
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%	31.38%
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%	30.94%
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	$7.11
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	38.77M
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	$7.09
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	38.77M
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	37.37M	37.76M	38.23M	38.23M	38.86M	39.09M	39.28M	39.21M	39.32M	39.25M	38.77M
Normalized Net Operating Profit after Tax (NOPAT)	81	103	52	144	151	148	36	186	259	301	286
Normalized NOPAT Margin	7.16%	8.97%	4.33%	10.60%	10.80%	11.00%	2.59%	12.18%	14.50%	16.62%	15.26%
Pre Tax Income Margin	9.82%	13.22%	2.49%	11.95%	13.25%	12.47%	1.69%	15.61%	11.56%	20.74%	19.54%
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	12.52
NOPAT to Interest Expense	6.79	6.07	2.33	6.56	10.38	13.56	1.95	8.31	1.40	8.02	8.90
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	10.37
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	6.75
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%	29.52%
Augmented Payout Ratio	80.87%	55.42%	259.87%	49.61%	54.72%	76.49%	430.37%	58.95%	132.20%	40.74%	61.78%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	38,774,722.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	38,774,722.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.84
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.04%	11.75%	3.78%	3.39%	-3.14%	0.88%	1.94%	2.52%	8.27%	2.24%	10.04%
EBITDA Growth	43.74%	37.02%	344.44%	3.97%	-2.07%	13.03%	-0.85%	-9.30%	5.46%	-0.41%	17.83%
EBIT Growth	50.23%	42.21%	253.48%	3.41%	-2.85%	14.04%	-1.81%	-12.71%	3.66%	-1.99%	18.77%
NOPAT Growth	47.29%	49.45%	246.53%	4.93%	-1.30%	12.55%	-3.48%	-14.80%	2.68%	-1.30%	19.89%
Net Income Growth	45.32%	48.40%	138.71%	7.67%	2.13%	15.10%	2.52%	-13.10%	4.45%	-1.15%	19.57%
EPS Growth	44.74%	49.62%	138.38%	7.65%	2.42%	13.27%	2.72%	-13.11%	4.73%	0.00%	21.19%
Operating Cash Flow Growth	95.20%	196.75%	117.80%	-43.93%	-32.42%	-32.10%	21.51%	26.11%	33.36%	13.39%	22.41%
Free Cash Flow Firm Growth	2,293.32%	32.30%	130.32%	-202.44%	-207.05%	221.75%	-129.95%	82.50%	86.38%	-974.95%	-900.17%
Invested Capital Growth	0.00%	7.42%	-0.25%	0.00%	0.00%	4.55%	5.48%	21.01%	17.74%	19.92%	17.53%
Revenue Q/Q Growth	-0.13%	10.89%	0.00%	11.89%	-6.44%	15.49%	-15.68%	12.53%	-1.20%	9.07%	-9.25%
EBITDA Q/Q Growth	0.10%	7.79%	0.00%	17.89%	-5.72%	24.41%	-28.30%	7.84%	9.63%	17.48%	-15.17%
EBIT Q/Q Growth	-0.49%	8.69%	0.00%	20.55%	-6.52%	27.58%	-31.71%	7.17%	11.02%	20.63%	-17.25%
NOPAT Q/Q Growth	-3.84%	12.32%	0.00%	24.11%	-9.54%	28.07%	-32.87%	9.55%	9.02%	23.12%	-18.46%
Net Income Q/Q Growth	-2.73%	17.09%	0.00%	24.24%	-7.73%	31.96%	-32.23%	5.32%	10.90%	24.88%	-18.02%
EPS Q/Q Growth	-2.94%	18.79%	0.00%	24.49%	-7.65%	31.36%	-31.98%	5.30%	11.32%	25.42%	-17.57%
Operating Cash Flow Q/Q Growth	31.26%	27.35%	0.00%	4.75%	58.22%	27.96%	-42.70%	8.71%	67.31%	8.80%	-38.14%
Free Cash Flow Firm Q/Q Growth	-2.39%	-101.47%	0.00%	-2,243.03%	-2.00%	101.67%	-181.95%	-1,152.54%	20.64%	-7.42%	6.33%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	2.25%	1.40%	-0.60%	2.34%	17.31%	-1.35%	1.24%	0.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.97%	48.08%	47.31%	48.23%	47.95%	46.91%	45.90%	46.55%	46.46%	46.86%	47.36%
EBITDA Margin	25.89%	25.17%	24.66%	25.98%	26.18%	28.20%	23.98%	22.98%	25.50%	27.47%	25.68%
Operating Margin	21.07%	20.64%	19.38%	21.61%	21.14%	23.54%	18.46%	18.11%	20.13%	22.29%	20.06%
EBIT Margin	22.42%	21.98%	20.89%	22.51%	22.49%	24.84%	20.12%	19.16%	21.53%	23.82%	21.72%
Profit (Net Income) Margin	14.61%	15.43%	14.07%	15.62%	15.40%	17.60%	14.15%	13.24%	14.86%	17.02%	15.37%
Tax Burden Percent	74.44%	76.96%	76.90%	76.50%	75.60%	75.29%	76.47%	75.86%	75.29%	76.76%	76.64%
Interest Burden Percent	87.52%	91.20%	87.56%	90.72%	90.59%	94.09%	91.94%	91.07%	91.66%	93.07%	92.35%
Effective Tax Rate	25.56%	23.04%	23.10%	23.50%	24.40%	24.71%	23.53%	24.14%	24.71%	23.24%	23.36%
Return on Invested Capital (ROIC)	0.00%	20.69%	18.60%	40.75%	38.55%	22.04%	17.29%	15.41%	17.35%	19.62%	17.81%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	20.15%	17.93%	38.84%	37.30%	21.88%	17.33%	14.92%	17.02%	19.49%	17.81%
Return on Net Nonoperating Assets (RNNOA)	0.00%	9.12%	9.86%	16.58%	13.63%	8.28%	6.18%	6.35%	6.10%	5.90%	5.35%
Return on Equity (ROE)	0.00%	29.80%	28.47%	57.33%	52.19%	30.32%	23.47%	21.76%	23.45%	25.52%	23.16%
Cash Return on Invested Capital (CROIC)	0.00%	-2.38%	19.86%	-161.11%	-161.77%	15.88%	14.48%	-1.69%	1.16%	-0.80%	1.70%
Operating Return on Assets (OROA)	0.00%	17.28%	17.24%	18.24%	18.10%	20.53%	16.57%	14.61%	16.74%	18.76%	17.35%
Return on Assets (ROA)	0.00%	12.13%	11.61%	12.66%	12.39%	14.54%	11.65%	10.10%	11.55%	13.40%	12.28%
Return on Common Equity (ROCE)	0.00%	29.69%	28.36%	57.13%	52.02%	30.21%	23.40%	21.69%	23.38%	25.45%	23.09%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	26.83%	26.32%	24.96%	0.00%	24.07%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	70	79	62	76	69	89	59	65	71	87	71
NOPAT Margin	15.68%	15.89%	14.91%	16.53%	15.98%	17.73%	14.11%	13.74%	15.16%	17.11%	15.38%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.53%	0.68%	1.91%	1.25%	0.16%	-0.04%	0.49%	0.33%	0.13%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-	5.02%	-	-	-	5.36%	3.51%	3.37%	3.68%	4.49%	3.62%
Cost of Revenue to Revenue	51.03%	51.92%	52.69%	51.77%	52.05%	53.09%	54.10%	53.45%	53.55%	53.14%	52.64%
SG&A Expenses to Revenue	22.87%	21.61%	22.78%	22.72%	21.98%	20.09%	22.30%	23.64%	21.96%	20.62%	23.23%
R&D to Revenue	3.96%	3.85%	3.85%	3.69%	3.86%	3.37%	3.72%	3.58%	3.53%	3.16%	3.53%
Operating Expenses to Revenue	27.90%	27.44%	27.93%	26.62%	26.80%	23.37%	27.44%	28.44%	26.32%	24.57%	27.30%
Earnings before Interest and Taxes (EBIT)	100	109	86	104	97	124	85	91	101	122	101
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	116	125	102	120	113	141	101	109	119	140	119
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	6.79	7.64	7.16	6.39	5.70	4.85	5.27	5.19	4.60	4.70
Price to Tangible Book Value (P/TBV)	0.00	94.05	71.93	49.43	34.11	23.85	18.25	32.14	25.70	18.84	19.13
Price to Revenue (P/Rev)	3.53	3.66	4.20	4.05	3.87	3.59	3.17	3.60	3.61	3.34	3.32
Price to Earnings (P/E)	182.02	111.68	28.36	27.09	25.52	22.80	20.10	23.77	24.06	22.48	21.88
Dividend Yield	1.19%	1.12%	0.98%	1.03%	1.11%	1.21%	1.39%	1.23%	1.21%	1.31%	1.29%
Earnings Yield	0.55%	0.90%	3.53%	3.69%	3.92%	4.39%	4.97%	4.21%	4.16%	4.45%	4.57%
Enterprise Value to Invested Capital (EV/IC)	0.00	4.92	5.56	5.30	4.94	4.60	4.00	3.99	4.09	3.75	3.80
Enterprise Value to Revenue (EV/Rev)	0.00	3.92	4.45	4.30	4.09	3.78	3.35	3.90	3.86	3.57	3.54
Enterprise Value to EBITDA (EV/EBITDA)	0.00	22.28	17.52	16.90	16.05	14.37	12.82	15.34	15.30	14.24	13.93
Enterprise Value to EBIT (EV/EBIT)	0.00	27.63	20.25	19.57	18.61	16.61	14.85	17.93	17.96	16.80	16.41
Enterprise Value to NOPAT (EV/NOPAT)	0.00	106.78	28.31	27.25	25.82	23.14	20.75	25.22	25.33	23.63	23.04
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	75.40	18.67	20.15	21.25	23.09	19.82	22.16	20.60	18.38	17.99
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	27.95	0.00	0.00	29.62	28.39	0.00	380.73	0.00	241.67
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.62	0.60	0.57	0.51	0.44	0.42	0.54	0.48	0.43	0.45
Long-Term Debt to Equity	0.00	0.59	0.57	0.54	0.48	0.42	0.39	0.54	0.48	0.42	0.45
Financial Leverage	0.00	0.45	0.55	0.43	0.37	0.38	0.36	0.43	0.36	0.30	0.30
Leverage Ratio	0.00	2.41	2.34	2.17	2.05	2.07	2.02	2.10	2.00	1.90	1.89
Compound Leverage Factor	0.00	2.19	2.05	1.97	1.85	1.95	1.86	1.91	1.83	1.76	1.74
Debt to Total Capital	0.00%	38.36%	37.47%	36.27%	33.62%	30.76%	29.67%	35.16%	32.55%	29.82%	31.15%
Short-Term Debt to Total Capital	0.00%	1.69%	1.66%	1.63%	1.63%	1.60%	1.94%	0.43%	0.43%	0.42%	0.41%
Long-Term Debt to Total Capital	0.00%	36.67%	35.81%	34.64%	31.99%	29.17%	27.73%	34.73%	32.13%	29.40%	30.74%
Preferred Equity to Total Capital	0.00%	0.23%	0.22%	0.22%	0.22%	0.22%	0.21%	0.18%	0.18%	0.18%	0.18%
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	0.00%	61.41%	62.30%	63.51%	66.17%	69.02%	70.12%	64.65%	67.26%	69.99%	68.67%
Debt to EBITDA	0.00	1.92	1.30	1.27	1.21	1.07	1.06	1.46	1.34	1.24	1.26
Net Debt to EBITDA	0.00	1.45	0.98	0.95	0.87	0.72	0.70	1.15	0.97	0.89	0.89
Long-Term Debt to EBITDA	0.00	1.83	1.24	1.22	1.15	1.01	0.99	1.45	1.32	1.22	1.24
Debt to NOPAT	0.00	9.18	2.10	2.05	1.94	1.72	1.71	2.41	2.21	2.05	2.08
Net Debt to NOPAT	0.00	6.94	1.58	1.54	1.40	1.16	1.13	1.89	1.61	1.47	1.47
Long-Term Debt to NOPAT	0.00	8.77	2.01	1.96	1.85	1.63	1.60	2.38	2.18	2.02	2.05
Altman Z-Score	0.00	5.24	5.83	5.66	5.68	5.81	5.40	4.95	5.19	5.18	5.19
Noncontrolling Interest Sharing Ratio	0.00%	0.38%	0.38%	0.35%	0.33%	0.34%	0.33%	0.31%	0.30%	0.28%	0.28%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	2.36	2.51	2.45	2.68	2.79	2.94	3.11	3.08	3.01	3.17
Quick Ratio	0.00	1.33	1.35	1.27	1.37	1.54	1.66	1.68	1.64	1.63	1.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,333	-20	65	-1,399	-1,427	24	-20	-245	-194	-209	-195
Operating Cash Flow to CapEx	985.89%	1,348.44%	453.57%	371.68%	591.64%	748.89%	573.38%	229.15%	938.28%	749.08%	714.91%
Free Cash Flow to Firm to Interest Expense	106.63	-2.04	6.08	-144.72	-155.85	3.25	-2.86	-30.16	-23.08	-24.75	-25.38
Operating Cash Flow to Interest Expense	9.98	16.58	4.74	5.52	9.21	14.72	9.05	8.28	13.36	14.51	9.83
Operating Cash Flow Less CapEx to Interest Expense	8.97	15.35	3.69	4.03	7.66	12.75	7.47	4.67	11.94	12.57	8.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.79	0.83	0.81	0.80	0.83	0.82	0.76	0.78	0.79	0.80
Accounts Receivable Turnover	0.00	6.04	6.28	6.08	6.50	6.30	6.33	5.78	6.38	6.40	6.19
Inventory Turnover	0.00	2.97	2.97	2.94	2.67	3.22	3.13	2.92	2.82	3.14	3.10
Fixed Asset Turnover	0.00	8.52	8.65	8.53	8.33	8.53	8.59	7.42	7.53	7.58	7.83
Accounts Payable Turnover	0.00	8.34	8.30	7.15	7.34	8.61	8.20	7.53	8.05	9.17	8.69
Days Sales Outstanding (DSO)	0.00	60.41	58.11	60.05	56.12	57.92	57.63	63.18	57.22	57.01	58.97
Days Inventory Outstanding (DIO)	0.00	123.08	122.71	124.29	136.66	113.50	116.65	124.84	129.41	116.34	117.93
Days Payable Outstanding (DPO)	0.00	43.78	43.98	51.04	49.74	42.37	44.51	48.49	45.36	39.81	42.02
Cash Conversion Cycle (CCC)	0.00	139.71	136.84	133.30	143.05	129.05	129.77	139.53	141.27	133.54	134.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	1,422	1,443	1,475	1,496	1,487	1,522	1,785	1,761	1,783	1,788
Invested Capital Turnover	0.00	1.30	1.25	2.46	2.41	1.24	1.23	1.12	1.14	1.15	1.16
Increase / (Decrease) in Invested Capital	-1,263	98	-3.66	1,475	1,496	65	79	310	265	296	267
Enterprise Value (EV)	0.00	7,001	8,019	7,816	7,383	6,843	6,093	7,121	7,198	6,689	6,794
Market Capitalization	6,127	6,542	7,568	7,371	6,979	6,496	5,758	6,585	6,735	6,270	6,357
Book Value per Share	$0.00	$24.50	$25.17	$26.16	$27.74	$28.99	$30.23	$31.78	$33.18	$34.82	$34.86
Tangible Book Value per Share	$0.00	$1.77	$2.67	$3.79	$5.20	$6.93	$8.04	$5.21	$6.70	$8.50	$8.57
Total Capital	0.00	1,568	1,591	1,622	1,650	1,651	1,692	1,932	1,931	1,948	1,969
Total Debt	0.00	602	596	588	555	508	502	679	629	581	613
Total Long-Term Debt	0.00	575	570	562	528	482	469	671	620	573	605
Net Debt	0.00	455	448	441	400	343	331	532	459	416	433
Capital Expenditures (CapEx)	13	12	11	14	14	14	11	29	12	16	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	334	355	389	401	377	405	463	443	423	438
Debt-free Net Working Capital (DFNWC)	0.00	480	503	536	555	541	576	610	613	588	618
Net Working Capital (NWC)	0.00	453	476	510	528	515	543	602	604	580	610
Net Nonoperating Expense (NNE)	4.81	2.29	3.46	4.22	2.51	0.62	-0.14	2.36	1.40	0.49	0.02
Net Nonoperating Obligations (NNO)	0.00	455	448	441	400	343	331	532	459	416	433
Total Depreciation and Amortization (D&A)	16	16	16	16	16	17	16	18	19	19	18
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	18.66%	19.67%	21.42%	22.22%	20.84%	22.30%	25.35%	23.76%	22.58%	22.86%
Debt-free Net Working Capital to Revenue	0.00%	26.85%	27.90%	29.49%	30.77%	29.94%	31.69%	33.39%	32.88%	31.38%	32.26%
Net Working Capital to Revenue	0.00%	25.37%	26.43%	28.04%	29.28%	28.48%	29.88%	32.94%	32.44%	30.94%	31.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.95	$1.48	$1.83	$1.69	$2.24	$1.51	$1.60	$1.78	$2.22	$1.83
Adjusted Weighted Average Basic Shares Outstanding	0.00	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M	39.14M	39.15M	38.77M	38.60M
Adjusted Diluted Earnings per Share	$0.00	$1.96	$1.47	$1.83	$1.69	$2.22	$1.51	$1.59	$1.77	$2.22	$1.83
Adjusted Weighted Average Diluted Shares Outstanding	0.00	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M	39.14M	39.15M	38.77M	38.60M
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	0.00	39.32M	39.38M	39.35M	39.31M	39.25M	39.31M	39.14M	39.15M	38.77M	38.60M
Normalized Net Operating Profit after Tax (NOPAT)	73	80	64	78	70	89	61	66	71	89	73
Normalized NOPAT Margin	16.23%	16.12%	15.47%	16.79%	16.19%	17.82%	14.46%	13.82%	15.17%	17.33%	15.76%
Pre Tax Income Margin	19.62%	20.04%	18.29%	20.42%	20.37%	23.38%	18.50%	17.45%	19.74%	22.17%	20.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.01	11.36	8.04	10.77	10.63	16.93	12.40	11.20	11.99	14.43	13.07
NOPAT to Interest Expense	5.61	8.21	5.74	7.91	7.56	12.08	8.70	8.03	8.44	10.37	9.25
EBIT Less CapEx to Interest Expense	7.00	10.13	7.00	9.29	9.07	14.97	10.83	7.58	10.56	12.49	11.70
NOPAT Less CapEx to Interest Expense	4.59	6.98	4.69	6.43	6.00	10.11	7.12	4.41	7.01	8.43	7.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	217.01%	125.44%	27.70%	27.78%	28.22%	27.64%	28.04%	29.26%	29.19%	29.52%	28.52%
Augmented Payout Ratio	228.80%	132.20%	29.99%	34.00%	38.26%	40.74%	45.44%	54.31%	50.61%	61.78%	73.97%

Financials Breakdown Chart

Key Financial Trends

Here is a concise trend summary for MSA Safety Inc (NYSE: MSA) based on quarterly statements from 2022 through 2025. The focus is on key earnings, cash flow, and balance-sheet signals that may affect investors.

Revenue grew from about $443.3M in 2022 to about $510.9M in 2025 Q4, signaling durable top-line expansion.
Gross margin remained in the high-40s (roughly 46-49%), suggesting stable pricing power and ongoing cost discipline.
Net income rose from about $51.5M in 2022 Q4 to about $86.9M in 2025 Q4, with basic EPS around $2.22 in the latest quarter.
Cash flow from operations was strong and improved over the period, with continuing-operations CFO around $122M in 2025 Q4, up from the mid-$50M range in 2022.
Free cash flow remained positive in most periods, supported by solid operating cash flow and modest capital expenditure (e.g., capex around $16M in 2025 Q4).
Dividends per share rose to 0.53 and have been paid quarterly, providing ongoing shareholder returns.
Financing activities fluctuate with periodic debt issuances and buybacks, leading to uneven net cash from financing activities.
Accounts receivable and inventories generally trended higher as revenue grew, implying higher working capital needs.
R&D and SG&A spend fluctuates quarter to quarter but remains a relatively stable portion of operating expenses.
Long-term debt levels show variability and, at times, higher leverage, contributing to interest expense fluctuations.

05/14/26 09:16 AM ETAI Generated. May Contain Errors.

MSA Safety Incorporporated Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MSA Safety Incorporporated's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

MSA Safety Incorporporated's net income appears to be on an upward trend, with a most recent value of $278.92 million in 2025, rising from $70.81 million in 2015. The previous period was $284.97 million in 2024. See MSA Safety Incorporporated's forecast for analyst expectations on what's next for the company.

MSA Safety Incorporporated's total operating income in 2025 was $371.82 million, based on the following breakdown:

Total Gross Profit: $871.11 million
Total Operating Expenses: $499.30 million

Over the last 10 years, MSA Safety Incorporporated's total revenue changed from $1.13 billion in 2015 to $1.87 billion in 2025, a change of 65.8%.

MSA Safety Incorporporated's total liabilities were at $1.19 billion at the end of 2025, a 11.8% increase from 2024, and a 31.1% increase since 2015.

In the past 10 years, MSA Safety Incorporporated's cash and equivalents has ranged from $105.93 million in 2015 to $165.07 million in 2025, and is currently $165.07 million as of their latest financial filing in 2025.

Over the last 10 years, MSA Safety Incorporporated's book value per share changed from 13.74 in 2015 to 34.82 in 2025, a change of 153.5%.

Related Companies

Financial statements for NYSE:MSA last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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MSA Safety Incorporporated (MSA) Financials

Financials Breakdown Chart

Key Financial Trends

MSA Safety Incorporporated Financials - Frequently Asked Questions

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MSA Safety Incorporporated (MSA) Financials

Annual Income Statements for MSA Safety Incorporporated

Quarterly Income Statements for MSA Safety Incorporporated

Annual Cash Flow Statements for MSA Safety Incorporporated

Quarterly Cash Flow Statements for MSA Safety Incorporporated

Annual Balance Sheets for MSA Safety Incorporporated

Quarterly Balance Sheets for MSA Safety Incorporporated

Annual Metrics And Ratios for MSA Safety Incorporporated

Quarterly Metrics And Ratios for MSA Safety Incorporporated

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