MSA Safety IncorporatedMSA
NYSE•Industrials•Security & Protection Services
MSA Safety Incorporated develops, manufactures, and supplies safety products and technology solutions that protect workers and facility infrastructures worldwide. The company offers breathing apparatus products, including self-contained breathing apparatus; firefighter helmets and protective apparel; and fixed gas and flame detection systems, such as fixed gas detection monitoring systems, flame detectors and open-path infrared gas detectors, and refrigerant detection and identification solution, as well as hand-held portable gas detection instruments to detect the presence or absence of various gases in the air. It also provides industrial head protection and accessories; fall protection equipment, such as confined space equipment, harnesses, lanyards, and self-retracting lifelines, as well as engineered systems; and air-purifying respirators, eye and face protection products, ballistic helmets, and gas masks. The company serves fire service, energy, utility, construction, and industrial manufacturing applications, as well as heating, ventilation, air conditioning, and refrigeration industries through distributors and end-users through indirect and direct sales channels. It offers its products under the V-Gard, Cairns, and Gallet brand names. MSA Safety Incorporated was founded in 1914 and is based in Cranberry Township, Pennsylvania.
MSA Safety Incorporated (MSA) reported trailing twelve months revenue of $1.92B as of March 2026, a 5.6% increase year-over-year. Quarterly revenue reached $463.63M, reflecting continued top-line momentum.
MSA Safety Incorporated generated $290.59M in TTM net income, with quarterly EBITDA of $111.37M. The operating margin expanded from 18.5% to 20.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (20.1%) and net margin (15.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 14.1% a year ago, signaling stronger bottom-line efficiency.
MSA trades at a P/E of 21.4x (in line with broad market averages) and a P/S of 3.2x. The price-to-book ratio of 4.6x reflects a moderate premium to book value.
The company generated $65.10M in free cash flow over the trailing twelve months, a 27.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.56B in total assets with $605.08M in long-term debt against $1.36B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~20.7% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 23.2% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~5.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~20.1% — no sign of cost or pricing stress.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.