# MSA Safety Incorporated (MSA) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Industrials / Professional Services. Price $188.69, market value $7.3 billion.

## Valuation
- **P/E (trailing): 23.5×** (5-yr avg 90.1×, 3-yr avg 51.9×). MSA Safety Incorporated trades at 23.5× trailing earnings, well below its own five-year average of 90.1×: cheap by its own standards. The Industrials median in the September 2026 study was 25.7×. Forward P/E is 18.8×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 3.7×**. Each dollar of revenue is priced at 3.7×.
- **Price / book: 5.2×**. The shares trade at 5.2× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 15.8×**. Enterprise value is 15.8× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 4.9%** (5-yr avg 2.8%). Free cash flow equals 4.9% of the market value, above its five-year average of 2.8%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 4.3%**. The inverse of the P/E: 4.3% of the price is earned each year.

## Profitability
- **Gross margin: 47.6%**. MSA Safety Incorporated keeps 47.6% of revenue after the direct cost of what it sells.
- **Operating margin: 21.2%**. 21.2% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 14.9%**. 14.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 20.4%**. 20.4% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 18.3%**. Return on all capital, debt included, is 18.3%: comfortably above what that capital costs.
- **Return on assets: 12.3%**. Each dollar of assets produces 12.3% of profit.

## Growth
- **Revenue growth (1 yr): 3.7%** (3-yr 7.1%/yr, 5-yr 6.8%/yr). Revenue grew 3.7% over the last year, against 6.8% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -1.7%** (3-yr 15.8%/yr, 5-yr 17.6%/yr). Earnings per share fell 1.7%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 37.0%/yr**. Free cash flow has compounded at 37.0% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.42**. Debt is 0.42 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 0.9×**. It would take 0.9 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 5.64**. A Z-score of 5.64 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 1.14%** ($2.13 per share, trailing). MSA Safety Incorporated yields 1.14%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 30%** (23% of free cash flow). 30% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 21**. 21 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 4.2%/yr** (1-yr 5.0%). The dividend has grown 4.2% a year over five years.

## Price and momentum
- **Total return (1 yr): 10.5%** (YTD 18.5%, 3-mo 17.0%). The shares are up 10.5% over twelve months including dividends.
- **From 52-week high: -9.7%** (24.9% above the low). Trading 10% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 55**. An RSI of 55 is neutral.
- **Beta (1 yr): 0.83** (volatility 25%). Beta of 0.83 against the S&P 500: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=MSA · Page: https://foliofundamentals.com/stocks/msa

Not investment advice.