MSA Safety Incorporated (MSA)
NYSE:MSA
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MSA Safety
(NYSE:MSA)
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Rating:72Outperform
Price Target:
$183.00
▲(10.83% Upside)
Action:UpgradedDate:02/26/26
The score is driven primarily by solid financial quality (strong margins/ROE with manageable leverage) but tempered by uneven cash-flow trends. Technicals are supportive with a clear uptrend and positive momentum. Valuation is a mild headwind due to a premium P/E and low yield, while earnings-call guidance is constructive but carries timing and cost-pressure risks; the larger buyback adds a modest positive.
Positive Factors
High profitability and ROE
Sustained high margins and elevated ROE indicate durable pricing power and capital efficiency in safety products. Over a 2–6 month horizon this supports reinvestment capacity, predictable operating leverage and the ability to absorb cyclical softness without permanent margin erosion.
Negative Factors
Free cash flow volatility
Sharp TTM decline and variability in operating cash flow reduce predictable internal financing. Over the next several months this can constrain discretionary spend or repurchases during weaker cash periods and increases reliance on liquidity or debt if cyclical pressures persist.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and ROE
Sustained high margins and elevated ROE indicate durable pricing power and capital efficiency in safety products. Over a 2–6 month horizon this supports reinvestment capacity, predictable operating leverage and the ability to absorb cyclical softness without permanent margin erosion.
Read all positive factors
MSA Safety (MSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.40B
Dividend Yield1.3%
Average Volume (3M)210.95K
Price to Earnings (P/E)22.5
Beta (1Y)0.94
Revenue Growth3.31%
EPS Growth2.58%
CountryUS
Employees5,000
SectorIndustrials
Sector Strength72
IndustrySecurity & Protection Services
Share Statistics
EPS (TTM)2.38
Shares Outstanding38,774,723
10 Day Avg. Volume254,037
30 Day Avg. Volume210,954
Financial Highlights & Ratios
PEG Ratio-12.54
Price to Book (P/B)4.59
Price to Sales (P/S)3.35
P/FCF Ratio21.26
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue3.66
Enterprise Value/Gross Profit7.88
Enterprise Value/Ebitda14.50
Forecast
1Y Price Target
$202.83Price Target Upside22.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)8.71
Revenue Forecast (FY)$1.98B
MSA Safety Business Overview & Revenue Model
Company Description
MSA Safety Incorporated develops, manufactures, and supplies safety products that protect people and facility infrastructures in the oil, gas, petrochemical, fire service, construction, industrial manufacturing applications, utilities, military, a...
How the Company Makes Money
MSA makes money primarily by selling safety products and related offerings to industrial employers, fire departments, and other safety-critical end users through a mix of direct sales and distribution channels. Key revenue streams include: (1) Res...
MSA Safety Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Positive
The call presents a cautiously optimistic view: solid operational and financial achievements (notably strong detection growth, record safety performance, robust free cash flow, successful M&C integration, product innovation and improved sequential margins) offset by meaningful near-term headwinds (sharp Q4 fire service declines driven by funding/timing issues, tariff/inflation/FX pressure on margins, and modest organic growth). Management reiterated confidence in mid-single-digit organic growth for 2026, margin recovery via pricing and productivity, and maintained a strong balance sheet, but acknowledged ongoing timing risk and macro uncertainty.Positive Updates
Strong Detection Growth
Detection delivered pronounced strength: Q4 organic growth +17% (driven by fixed detection and large orders), detection was up low double digits organically for the full year (management cited ~12% for the year), and detection is now the largest product category at 41% of sales. Management expects detection to remain a mid-single-digit growth engine in 2026.
Negative Updates
Sharp Fire Service Decline in Q4 and Full-Year Pressure
Fire service organic sales declined 21% in Q4 and contracted for the full year, driven by timing-related market dynamics (AFG grant timing, U.S. government shutdown) and tough year-ago comparisons (U.S. Air Force deliveries). Management noted orders were pushed into 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Detection Growth
Detection delivered pronounced strength: Q4 organic growth +17% (driven by fixed detection and large orders), detection was up low double digits organically for the full year (management cited ~12% for the year), and detection is now the largest product category at 41% of sales. Management expects detection to remain a mid-single-digit growth engine in 2026.
Read all positive updates
Company Guidance
MSA guided to mid‑single‑digit full‑year organic revenue growth for 2026, with the M&C acquisition contributing roughly +1 percentage point of revenue and about ~1% of annual business carried over from 2025 expected to favorably impact the year; management expects ongoing momentum in detection and fall protection, pricing actions realized alongside moderate volume growth, normal seasonality with Q1 as the trough and an approximate high‑40s to low‑50s split between the first and second half, interest expense of $28–31 million, a tax rate in the mid‑20s percent, and achievement of price/cost neutrality in H1 2026 with sequential margin expansion (targeting a return toward their ~30% incremental margin profile) while maintaining disciplined SG&A, continued capital deployment for growth and ~ $1.2 billion of liquidity and roughly 0.9x net leverage.MSA Safety Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
61
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.87B | 1.81B | 1.79B | 1.53B | 1.40B |
| Gross Profit | 871.11M | 860.45M | 852.14M | 673.83M | 615.35M |
| EBITDA | 473.57M | 476.23M | 314.19M | 316.51M | 84.68M |
| Net Income | 278.92M | 284.97M | 58.58M | 179.63M | 21.34M |
Balance Sheet | |||||
| Total Assets | 2.55B | 2.21B | 2.17B | 2.38B | 2.40B |
| Cash, Cash Equivalents and Short-Term Investments | 165.07M | 164.56M | 146.44M | 172.81M | 190.41M |
| Total Debt | 627.09M | 554.00M | 646.19M | 608.18M | 638.36M |
| Total Liabilities | 1.19B | 1.06B | 1.20B | 1.45B | 1.56B |
| Stockholders Equity | 1.37B | 1.14B | 966.80M | 923.74M | 834.39M |
Cash Flow | |||||
| Free Cash Flow | 295.43M | 242.21M | 50.09M | 113.51M | 150.02M |
| Operating Cash Flow | 363.87M | 296.43M | 92.86M | 157.46M | 199.15M |
| Investing Cash Flow | -257.63M | -53.76M | -39.95M | -4.48M | -415.47M |
| Financing Cash Flow | -105.47M | -208.69M | -52.25M | -113.35M | 203.93M |
MSA Safety Technical Analysis
Negative
165.12
Price Trends
183.91
Negative
173.75
Negative
171.56
Negative
Market Momentum
-5.93
Positive
34.01
Neutral
34.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSA, the sentiment is Negative. The current price of 165.12 is below the 20-day moving average (MA) of 173.75, below the 50-day MA of 183.91, and below the 200-day MA of 171.56, indicating a bearish trend. The MACD of -5.93 indicates Positive momentum. The RSI at 34.01 is Neutral, neither overbought nor oversold. The STOCH value of 34.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MSA.
MSA Safety Risk Analysis
MSA Safety disclosed 26 risk factors in its most recent earnings report. MSA Safety reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MSA Safety Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.42B | 27.53 | 27.45% | 1.29% | -2.28% | -9.94% | |
72 Outperform | $6.40B | 22.52 | 21.82% | 1.30% | 3.31% | 2.58% | |
71 Outperform | $3.81B | 21.28 | 16.60% | 1.23% | 11.20% | 0.71% | |
70 Outperform | $5.43B | 10.53 | 16.19% | 2.73% | 4.77% | -22.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | $4.25B | 24.49 | 79.36% | 0.85% | 3.07% | 48.57% | |
56 Neutral | $5.24B | 9.68 | -18.10% | ― | 15.45% | -488.24% |
* Industrials Sector Average
MSA
MSA Safety
165.12
36.52
28.40%
BRC
Brady
80.73
17.28
27.23%
BCO
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103.32
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25.51%
NSSC
Napco Security Technologies
39.87
19.91
99.78%
ADT
Adt
6.62
-0.93
-12.34%
REZI
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34.64
18.97
121.06%
MSA Safety Corporate Events
Business Operations and StrategyStock Buyback
MSA Safety Announces Expanded $500 Million Share Buyback
Positive
Feb 26, 2026
On February 20, 2026, MSA Safety’s board approved a new share repurchase program authorizing up to $500 million of common stock buybacks, replacing a prior $200 million plan from 2024 with no set termination date. The company said the timing...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.