MSA Safety Incorporated (MSA)
NYSE:MSA
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MSA Safety
(NYSE:MSA)
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Rating:74Outperform
Price Target:
$190.00
▲(9.69% Upside)
Action:Reiterated
Date:05/09/26
The score is driven by strong financial performance (profitability and cash generation) and a positive earnings outlook with reaffirmed guidance, improving margins, and substantial buybacks. The main offsets are neutral-to-weak technical momentum and valuation that is not particularly cheap, plus execution and margin risks tied to International softness and the Autronica acquisition’s near-term leverage/margin impact.
Positive Factors
Margin recovery & profitability
MSA’s substantial margin recovery and sustained operating profitability reflect durable pricing power, productivity gains and favorable mix. Higher incremental margins (reported ~30%+ guidance) improve cash conversion and provide buffer to absorb cyclical demand swings and support long-term reinvestment.
Negative Factors
International organic weakness
Sustained international weakness and contracting end markets compress near-term growth and margins outside the Americas. Prolonged regional softness risks offsetting domestic gains, pressures global mix, and makes achieving company-wide mid-single-digit organic targets more dependent on cyclically sensitive recoveries.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin recovery & profitability
MSA’s substantial margin recovery and sustained operating profitability reflect durable pricing power, productivity gains and favorable mix. Higher incremental margins (reported ~30%+ guidance) improve cash conversion and provide buffer to absorb cyclical demand swings and support long-term reinvestment.
Read all positive factors
MSA Safety Key Performance Indicators (KPIs)
MSA Safety (MSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.61B
Dividend Yield1.3%
Average Volume (3M)221.01K
Price to Earnings (P/E)22.3
Beta (1Y)0.92
Revenue Growth5.56%
EPS Growth2.16%
CountryUS
Employees5,000
SectorIndustrials
Sector Strength72
IndustrySecurity & Protection Services
Share Statistics
EPS (TTM)7.43
Shares Outstanding38,604,088
10 Day Avg. Volume251,585
30 Day Avg. Volume221,010
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 Cap1.06
Enterprise Value/Revenue3.66
Enterprise Value/Gross Profit7.83
Enterprise Value/Ebitda14.37
Forecast
1Y Price Target
$203.33Price Target Upside17.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)8.88
Revenue Forecast (FY)$2.00B
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:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presented a solid operational and financial start to 2026 with double-digit reported revenue growth, strong margin expansion, healthy free cash flow, a substantial share repurchase program, product launches, and an accretive strategic acquisition (Autronica). Counterbalancing these positives are material near-term headwinds in International (organic decline and margin compression), geopolitical disruption in the Middle East, timing delays in fire service grant-funded orders, and ongoing inflation/tariff and supply chain pressures. Management reaffirmed mid-single-digit organic guidance and expects international recovery later in the year, supporting a constructive outlook despite regional uncertainties.Positive Updates
Revenue and Organic Growth
Q1 sales of $464 million, reported sales growth +10% year-over-year and organic sales +3%; currency translation contributed +4% and the M&C TechGroup acquisition added ~3% (≈$15M).
Negative Updates
International Organic Sales Decline
International reported sales +8% were driven by M&C and favorable FX, but organic sales declined -7% YoY, led by double-digit contractions in detection and fire service. International adjusted operating margin fell to 10.5%, down 410 bps YoY.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Organic Growth
Q1 sales of $464 million, reported sales growth +10% year-over-year and organic sales +3%; currency translation contributed +4% and the M&C TechGroup acquisition added ~3% (≈$15M).
Read all positive updates
Company Guidance
MSA reaffirmed mid‑single‑digit organic sales growth for 2026 (outlook excludes Autronica) and is modeling a mid‑single‑digit year‑over‑year order increase and a double‑digit sequential backlog increase in International; the Q1 foundation for that outlook included sales of $464M (+10% reported, +3% organic; FX +4%; M&C +3%), adjusted EPS $1.99 (+18% y/y) (GAAP diluted EPS $1.83, +21%), GAAP gross margin 47.4% (+50 bps sequential, +150 bps y/y) and adjusted gross margin 48.1% (+170 bps y/y), GAAP operating margin 20.1% and adjusted operating margin 21.8% (+100 bps) with adjusted incremental operating margin of 32% and reaffirmed ~30% incrementals for the year; cash and capital metrics include free cash flow $65M (91% of earnings), net income $71M, R&D $16M, capex $11M, $71M returned to shareholders in Q1 ($50M repurchases, $21M dividends), $500M new repurchase authorization ($475M remaining), ending liquidity $1.2B, net leverage 0.9x and a 3.8% weighted average interest rate; the announced Autronica acquisition ($555M purchase price; 2025 sales ≈$160M; adjusted EBITDA ≈20%) is expected to add ~1x net leverage to ~2x pro forma, be accretive to adjusted EPS in year 1, push pro forma interest to ~4.5%, and begin synergies in H2 with full run‑rate in ~3 years.MSA Safety Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
76
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.92B | 1.87B | 1.81B | 1.79B | 1.53B | 1.40B |
| Gross Profit | 897.30M | 871.11M | 860.45M | 852.14M | 673.83M | 615.35M |
| EBITDA | 488.62M | 473.57M | 476.23M | 314.19M | 316.51M | 84.68M |
| Net Income | 290.59M | 278.92M | 284.97M | 58.58M | 179.63M | 21.34M |
Balance Sheet | ||||||
| Total Assets | 2.56B | 2.55B | 2.21B | 2.17B | 2.38B | 2.40B |
| Cash, Cash Equivalents and Short-Term Investments | 180.16M | 165.07M | 164.56M | 146.44M | 172.81M | 190.41M |
| Total Debt | 658.35M | 627.09M | 554.00M | 646.19M | 608.18M | 638.36M |
| Total Liabilities | 1.21B | 1.19B | 1.06B | 1.20B | 1.45B | 1.56B |
| Stockholders Equity | 1.36B | 1.37B | 1.14B | 966.80M | 923.74M | 834.39M |
Cash Flow | ||||||
| Free Cash Flow | 309.48M | 295.43M | 242.21M | 50.09M | 113.51M | 150.02M |
| Operating Cash Flow | 377.72M | 363.87M | 296.43M | 92.86M | 157.46M | 199.15M |
| Investing Cash Flow | -257.42M | -257.63M | -53.76M | -39.95M | -4.48M | -415.47M |
| Financing Cash Flow | -107.08M | -105.47M | -208.69M | -52.25M | -113.35M | 203.93M |
MSA Safety Technical Analysis
Positive
173.21
Price Trends
181.71
Negative
174.98
Negative
171.75
Positive
Market Momentum
-2.63
Negative
51.15
Neutral
43.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSA, the sentiment is Positive. The current price of 173.21 is above the 20-day moving average (MA) of 168.92, below the 50-day MA of 181.71, and above the 200-day MA of 171.75, indicating a neutral trend. The MACD of -2.63 indicates Negative momentum. The RSI at 51.15 is Neutral, neither overbought nor oversold. The STOCH value of 43.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $6.61B | 22.35 | 22.02% | 1.30% | 5.56% | 2.16% | |
71 Outperform | $3.35B | 21.28 | 16.60% | 1.23% | 10.47% | 6.45% | |
71 Outperform | $1.29B | -861.44 | 20.86% | 1.29% | 8.83% | -16.34% | |
70 Outperform | $5.39B | 7.97 | 16.74% | 2.73% | 3.29% | 22.63% | |
64 Neutral | $4.27B | 33.33 | 67.82% | 0.85% | 7.31% | 14.99% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
47 Neutral | $4.29B | 34.41 | -17.64% | ― | 8.08% | -1039.66% |
* Industrials Sector Average
MSA
MSA Safety
171.24
13.71
8.70%
BRC
Brady
70.96
0.46
0.65%
BCO
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103.77
18.27
21.37%
NSSC
Napco Security Technologies
36.22
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31.56%
ADT
Adt
6.83
-1.47
-17.72%
REZI
Resideo Technologies
28.35
7.37
35.13%
MSA Safety Corporate Events
Executive/Board ChangesShareholder Meetings
MSA Safety Shareholders Approve Directors, Auditor and Compensation
Positive
May 8, 2026
At its annual meeting of shareholders held on May 8, 2026, MSA Safety Incorporated shareholders elected William M. Lambert, Diane M. Pearse, and Nishan J. Vartanian to the board to serve until the 2029 annual meeting. The board’s composition...
Business Operations and StrategyM&A Transactions
MSA Safety to Acquire Autronica in Strategic Expansion
Positive
May 5, 2026
On May 5, 2026, MSA Safety announced a definitive agreement to acquire Autronica Buyer Norway AS and its affiliated companies, collectively known as Autronica, for approximately $555 million in cash. Autronica generated about $160 million of sales...
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.