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MSA Safety
(NYSE:MSA)
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Rating:72Outperform
Price Target:
$211.00
▲(10.09% Upside)
Action:Reiterated
Date:08/03/26
MSA scores well on fundamentals and trend: profitability and returns have strengthened materially, and the stock is in a clear uptrend versus key moving averages. The biggest constraint is valuation (high P/E), while the latest earnings call supports the outlook but flags near-term margin headwinds, geopolitical disruption impacts, and order-timing volatility.
Positive Factors
Profitability Expansion
MSA has materially improved earnings power, with strong TTM margins and recent operating-margin expansion. Sustained profitability in safety equipment can support reinvestment, debt reduction and resilience across industrial cycles.
Negative Factors
Cash Flow Volatility
Although cash generation remains positive, the recent decline and uneven historical conversion create uncertainty around internally funded growth. Persistent working-capital or earnings-to-cash gaps could constrain debt repayment and strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Expansion
MSA has materially improved earnings power, with strong TTM margins and recent operating-margin expansion. Sustained profitability in safety equipment can support reinvestment, debt reduction and resilience across industrial cycles.
Read all positive factors
MSA Safety Key Performance Indicators (KPIs)
Any
Net Sales by Geography
Shows revenue by region, highlighting which markets fuel growth and where the company is exposed to economic cycles, currency moves, or local competitive pressures — useful for spotting geographic strengths or vulnerabilities.
Shows revenue by region, highlighting which markets fuel growth and where the company is exposed to economic cycles, currency moves, or local competitive pressures — useful for spotting geographic strengths or vulnerabilities.
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The Fly
The FlyMSA Safety (MSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.21B
Dividend Yield1.14%
Average Volume (3M)285.45K
Price to Earnings (P/E)23.2
Beta (1Y)0.90
Revenue Growth6.48%
EPS Growth14.55%
CountryUS
Employees5,300
SectorIndustrials
Sector Strength72
IndustrySecurity & Protection Services
Share Statistics
EPS (TTM)8.06
Shares Outstanding38,578,290
10 Day Avg. Volume217,697
30 Day Avg. Volume285,446
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$209.00Price Target Upside9.04% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)9.18
Revenue Forecast (FY)$2.08B
MSA Safety Business Overview & Revenue Model
Company Description
MSA Safety Incorporated is a prominent global manufacturer and provider of safety equipment, specializing in the engineering, production, and distribution of solutions designed to safeguard both personnel and critical infrastructure. The company s...
How the Company Makes Money
MSA primarily makes money by selling safety products and related solutions to organizations that need to protect employees and comply with safety requirements. Key revenue streams include: (1) Respiratory protection: sales of self-contained breath...
MSA Safety Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call conveyed solid financial performance: double-digit margin expansion, strong EPS growth, robust free cash flow and successful M&A execution, alongside clear product and technology momentum (MSA+ adoption and industrial PPE strength). Offsetting this were notable regional headwinds—chiefly the Middle East conflict—timing delays in fire-service AFG orders, some non-recurring tariff benefit to margins, and supply-chain/input-cost pressures that are expected to temper gross margins in H2. Management maintained a positive outlook (low-double-digit total revenue growth for 2026 with mid-single-digit organic growth) while signaling disciplined capital allocation and a target leverage range.Positive Updates
Revenue Growth
Second quarter sales of $503 million, up 6% on a reported basis and up 3% organically year-over-year; currency translation provided a ~2 percentage-point tailwind and M&C contributed ~1 percentage-point.
Negative Updates
Middle East Conflict Impact on Detection/Fixed Monitoring
Fixed monitoring experienced a low-single-digit decline and international detection saw a double-digit decline, with management estimating the Middle East disruption cost the company north of ~1.5 percentage points of revenue in H1.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Second quarter sales of $503 million, up 6% on a reported basis and up 3% organically year-over-year; currency translation provided a ~2 percentage-point tailwind and M&C contributed ~1 percentage-point.
Read all positive updates
Company Guidance
MSA guided to low-double-digit total revenue growth for 2026, driven by mid-single-digit organic growth, a mid-single-digit contribution from acquisitions and 1–2 points of favorable translational FX, reiterated mid-single-digit organic guidance, and expects full-year adjusted gross margin of 47.5%–48.5% (with a moderate H2 tempering as higher-cost inventory from the Middle East flows through over 90–120 days); interest expense is modeled at $40–43 million, tax rate and pension income are unchanged, and the company will prioritize debt repayment while continuing share repurchases at a lower H2 pace; pro forma net leverage post‑Autronica is ~1.8x (Q2 adjusted net leverage was 0.8x, net debt down $33M sequentially), liquidity was $1.2B at quarter end ($600M pro forma), weighted average interest rate was 3.8%, first‑half returns to shareholders were $118M (Q2 $47M), first‑half free cash flow conversion was 94%, the quarter included a ~$4M tariff refund (~100 bps benefit), and going forward M&C and MSA+ contributions are reflected in organic results.MSA Safety Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
74
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.95B | 1.87B | 1.81B | 1.79B | 1.53B | 1.40B |
| Gross Profit | 925.88M | 871.11M | 860.45M | 852.14M | 673.83M | 615.35M |
| EBITDA | 519.69M | 469.79M | 476.23M | 314.19M | 316.51M | 84.68M |
| Net Income | 314.01M | 278.92M | 284.97M | 58.58M | 179.63M | 21.34M |
Balance Sheet | ||||||
| Total Assets | 2.60B | 2.55B | 2.21B | 2.17B | 2.38B | 2.40B |
| Cash, Cash Equivalents and Short-Term Investments | 200.06M | 165.07M | 164.56M | 146.44M | 172.81M | 190.41M |
| Total Debt | 643.51M | 627.09M | 554.00M | 646.19M | 608.18M | 647.90M |
| Total Liabilities | 1.20B | 1.19B | 1.06B | 1.20B | 1.45B | 1.56B |
| Stockholders Equity | 1.40B | 1.37B | 1.14B | 966.80M | 923.74M | 834.39M |
Cash Flow | ||||||
| Free Cash Flow | 354.30M | 295.43M | 242.21M | 50.09M | 113.51M | 150.02M |
| Operating Cash Flow | 405.88M | 363.87M | 296.43M | 92.86M | 157.46M | 199.15M |
| Investing Cash Flow | -52.98M | -257.63M | -53.76M | -39.95M | -4.48M | -415.47M |
| Financing Cash Flow | -285.39M | -105.47M | -208.69M | -52.25M | -113.35M | 203.93M |
MSA Safety Technical Analysis
Neutral
191.67
Price Trends
179.68
Positive
173.13
Positive
173.11
Positive
Market Momentum
2.32
Positive
52.73
Neutral
37.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSA, the sentiment is Neutral. The current price of 191.67 is above the 20-day moving average (MA) of 190.16, above the 50-day MA of 179.68, and above the 200-day MA of 173.11, indicating a neutral trend. The MACD of 2.32 indicates Positive momentum. The RSI at 52.73 is Neutral, neither overbought nor oversold. The STOCH value of 37.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $4.27B | 20.50 | 16.46% | 1.04% | 11.11% | 8.52% | |
76 Outperform | $1.30B | 29.12 | 23.59% | 1.62% | 11.39% | 0.75% | |
72 Outperform | $7.21B | 23.25 | 23.15% | 1.22% | 6.48% | 14.55% | |
72 Outperform | $5.40B | 9.57 | 16.83% | 3.13% | 2.10% | 6.68% | |
68 Neutral | $4.49B | 25.23 | 64.68% | 0.84% | 8.12% | 16.12% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $2.94B | 7.95 | 14.70% | ― | 3.42% | ― |
* Industrials Sector Average
MSA
MSA Safety
188.53
21.51
12.88%
BRC
Brady
90.18
13.41
17.47%
BCO
Brink's Company
107.47
-4.19
-3.75%
NSSC
Napco Security Technologies
35.65
-3.55
-9.04%
ADT
Adt
7.49
-0.92
-10.98%
REZI
Resideo Technologies
19.39
-4.14
-17.59%
MSA Safety Corporate Events
Business Operations and StrategyExecutive/Board Changes
MSA Safety Adds Octavio Marquez to Board
Positive
Jul 21, 2026
On July 20, 2026, MSA Safety’s Board of Directors elected Octavio Marquez, president and chief executive officer of Diebold Nixdorf, to join the company’s board. His election, announced publicly on July 21, 2026, forms part of the boar...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
MSA Safety Completes Autronica Fire and Security Acquisition
Positive
Jul 9, 2026
On July 9, 2026, MSA Safety completed its $555 million acquisition of Autronica Fire and Security and affiliated companies, strengthening its position in fixed fire and gas detection markets. The deal, financed with cash on hand and borrowings und...
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.