MSA Safety Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MSA Safety Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,150	1,197	1,358	1,402	1,348	1,400	1,528	1,788	1,808	1,875
Cost of revenue	627	658	746	763	753	785	854	936	948	1,004
Gross profit	522	539	612	639	595	615	674	852	860	871
Research and development	46.8	50.1	52.7	57.8	58.3	57.8	57	68	66.5	65.3
Selling, general and administrative	308	300	325	331	290	333	339	397	395	414
Operating income	161	39.6	173	188	172	22.8	239	231	389	372
Interest expense	16.4	15.4	18.9	13.6	9.43	10.8	21.7	46.7	36.9	31.8
Other non-operating income	-8.79	-9.8	-11.1	-2.5	-3.75	0.82	-0.6	-24.6	-14.2	-5.42
Pre-tax income	152	29.8	162	186	168	23.6	239	207	375	366
Income tax	57.8	2.82	37.2	46.5	43	1.82	58.9	148	90	87.5
Income from continuing operations	92.7	26	124	136	120
Net income to minority interests	1.93	0.93	0.97	1.21	1.06	0.45	0	0
Net income	91.9	26	124	138	124	21.3	180	58.6	285	279
EBITDA	196	77.5	211	226	212	68.2	286	292	454	443
EPS, basic	2.45	0.68	3.23	3.56	3.19	0.54	4.58	1.49	7.24	7.11
EPS, diluted	2.42	0.67	3.18	3.52	3.15	0.54	4.56	1.48	7.21	7.09
Shares, basic (weighted)	37.5	38	38.4	38.7	38.9	39.2	39.2	39.3	39.4	39.2
Shares, diluted (weighted)	38	38.7	39	39.2	39.3	39.4	39.4	39.5	39.5	39.3
Dividend per share				1.64	1.71	1.75	1.82	1.87	2.00	2.10

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	114	134	140	152	161	141	163	146	165	165
Receivables	210	244	245	255	252	254	297	295	279	306
Inventory	103	154	157	185	245	281	338	293	297	343
Other current assets	25.9	41.3	45.5	34.4	38.5	43	44.3	39.6	43.8	54.7
Total current assets	473	622	657	693	801	793	880	786	803	869
Property, plant and equipment	149	157	158	167	190	208	208	212	212	283
Lease right-of-use assets			0	51.7	53.5	50.2	44.1	53.3	56.1	56.9
Goodwill	333	422	414	437	443	637	621	628	621	732
Intangible assets	77	183	170	171	161	307	282	266	246	299
Other non-current assets	173	132	64.2	59.6	89.1	159	137	19.8	16.7	13.9
Total assets	1,354	1,685	1,608	1,782	1,920	2,396	2,377	2,170	2,206	2,554
Accounts payable	62.7	87.1	78.4	89.1	86.9	107	113	112	108	111
Accrued liabilities	39.9	39.4	51.4	41.9	40.3	49.9	45.1	73.4	54.8	57.6
Short-term debt	26.7	26.7	20.1	20	20	0	7.39	26.5	26.4	8.23
Total current liabilities	221	289	282	278	311	331	346	333	288	289
Long-term debt	364	448	341	328	287	598	565	575	482	573
Lease liabilities			0	42.6	44.6	40.7	35.3	44.5	46	46.2
Other non-current liabilities	15.5	165	172	162	201	370	337	4.48	4.82	7.92
Total liabilities	793	1,082	968	1,007	1,072	1,562	1,453	1,203	1,062	1,187
Total debt	391	474	361	348	307	598	573	602	508	581
Retained earnings	901	869	936	1,012	1,103	1,050	1,158	1,143	1,350	1,546
Treasury stock	-289	-298	-298	-305	-328	-330	-361	-363	-398	-485
Other comprehensive income	-230	-172	-219	-214	-182	-149	-159	-129	-142	-41.8
Shareholders' equity	558	598	634	726	839	834
Minority interests	3.05	4.98	5.64	6.77	7.99	0
Total equity	561	603	640	733	847	834	924	967	1,143	1,367
Total liabilities and equity	1,354	1,685	1,608	1,740	1,920	2,396	2,377	2,170	2,206	2,554
Shares outstanding	37.7	38.2	38.5	38.8	39.1	39.3	39.2	39.3	39.3	38.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	93.9	27	125	139	125	21.8	180	58.6	285	279
Depreciation and amortization	35.3	37.9	37.9	38	39.7	45.4	47.1	60.8	64.3	71.6
Stock-based compensation	9.21	11.8	12.2	13.8	6.92	18.9	19.7	30	18.2	15.2
Deferred income tax	14.4	-31.3	-4.07	1.73	-2.25	-38.9	5.17	61.9	-0.1	-4.96
Change in receivables	13.2	-6.38	-10.1	-8.86	7.68	4.37	-38.6	-7.1	-1.38	-5.17
Change in inventory	14.4	-30.4	-11.1	-25.3	-13.6	-17.8	-67.4	51.6	-14.7	-10.5
Change in payables	-7.6	17.9	18	-4.8	7.75	0.82	-1.8	53.5	-49.1	26.9
Cash from operations	135	230	264	165	207	199	157	92.9	296	364
Capital expenditures	-25.5	-23.7	-34	-36.6	-48.9	-43.8	-42.6	-42.8	-54.2	-68.4
Acquisitions	-18.2	-216	0	-33.2	0	-392	0	0	0	-189
Purchases of investments	0	0	-73	-169	-199	-134	-79.5	0	0
Cash from investing	-25.5	-239	-84.4	-64.2	-72.8	-415	-4.48	-40	-53.8	-258
Debt issued	383	637	463	864	987	1,640	1,010	1,895	1,150	1,144
Debt repaid	-444	-560	-570	-881	-1,031	-1,347	-1,023	-1,871	-1,244	-1,076
Stock issued	12.5	18.5	8.57	7.47	12.4	5.77	4.65	1.47	0.5	0.57
Share buybacks	-1.88	-17.5	-4.82	-12.6	-29.1	-6.17	-34.4	-3.96	-37.3	-90
Dividends paid	-49.1	-52.5	-57.2	-63.5	-66.6	-68.6	-71.5	-73.5	-78.8	-82.3
Cash from financing	-99.3	25.6	-163	-84.6	-127	204	-113	-52.3	-209	-105
Exchange rate effect	-3.48	6.19	-13.5	-4.24	1.23	-7.19	-16.6	-16.7	-17.3	0.13
Net change in cash	6.6	22.9	2.72	11.9	8.49	-19.6	23	-16	16.7	0.9
Free cash flow	109	207	230	128	158	155	115	50.1	242	295
Interest paid	15.9	15.5	20.4	14.5	9.86	9.29	20.7	47.3	35.7	32.1
Income taxes paid	57.6	40.4	40.6	48.7	61.1	45.6	60.5	69.1	103	102

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $182.32 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.6%	Gross profit / revenue.
Operating margin	21.2%	Operating income / revenue.
EBITDA margin	25.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.1%	Pre-tax income / revenue.
Net margin	16.1%	Net income / revenue.
FCF margin	18.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.9%	Cash from operations / revenue.
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	12.1%	Net income / average total assets.
R&D / revenue	3.5%	Research and development expense / revenue.
SG&A / revenue	22.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.7%	Capital expenditures / revenue.
D&A / revenue	3.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-4.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	15.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	15.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	17.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	22.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	37.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.24x	Current assets / current liabilities.
Quick ratio	1.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.69x	(Cash + short-term investments) / current liabilities.
Debt / assets	23.1%	Total debt / total assets.
Liabilities / assets	46.1%	Total liabilities / total assets.
Net debt	$399.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.82x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	12.7x	Operating income / interest expense.
Working capital	$645.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	38.9%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.75x	Revenue / average total assets.
Fixed asset turnover	7.03x	Revenue / average property, plant and equipment.
Inventory turnover	2.91x	Cost of revenue / average inventory.
Days inventory	125 days	365 x average inventory / cost of revenue.
Receivables turnover	5.59x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	146 days	Days inventory + days sales outstanding - days payables.
FCF conversion	112.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$50.30	Revenue / diluted weighted shares.
FCF per share	$9.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.49	Cash from operations / diluted weighted shares.
Cash per share	$5.18	(Cash + short-term investments) / shares outstanding.
Payout ratio	26.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	36.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.03B	Share price x shares outstanding.
Enterprise value	$7.43B	Market cap + total debt - cash - short-term investments.
P/E	22.4x	Market cap / net income. Only when net income is positive.
P/S	3.61x	Market cap / revenue.
P/FCF	19.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.3x	Market cap / cash from operations, when positive.
EV/Sales	3.82x	Enterprise value / revenue.
EV/EBIT	18.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.41x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MSA Safety Inc's revenue in fiscal 2025?

MSA Safety Inc reported revenue of $1.87B for fiscal 2025, 3.7% higher than the year before.

Was MSA Safety Inc profitable in fiscal 2025?

Yes. Net income was $278.9M, a net margin of 14.9%.

How much free cash flow did MSA Safety Inc generate in fiscal 2025?

Cash from operations of $363.9M minus capital expenditures of $68.4M left free cash flow of $295.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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