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MSA Safety
(NYSE:MSA)
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Rating:75Outperform
Price Target:
$188.00
▲(8.54% Upside)
Action:Reiterated
Date:07/10/26
The score is driven primarily by strong financial performance (healthy margins, ROE, and solid cash generation) and a constructive earnings outlook with reaffirmed guidance, improving profitability, and substantial capital returns. Offsetting factors are mixed technical signals (neutral momentum and price still below longer-term averages) and valuation that looks reasonable but not clearly inexpensive, alongside execution and leverage risks tied to International weakness and the Autronica integration.
Positive Factors
High and improving profitability
MSA has restored durable operating profitability with TTM net margin ~15% and EBIT margin ~22%, driving a TTM ROE ~22%. These sustained margins improve cash conversion, support reinvestment and shareholder returns, and provide a buffer against cyclical demand over the next several quarters.
Negative Factors
International organic weakness and margin pressure
Significant international organic contraction and a >400bp margin decline indicate persistent demand and pricing weakness in key geographies. This structural regional softness can weigh on consolidated growth and margins for several quarters, making results reliant on a recovery in Europe and other markets.
Read all positive and negative factors
Positive Factors
Negative Factors
High and improving profitability
MSA has restored durable operating profitability with TTM net margin ~15% and EBIT margin ~22%, driving a TTM ROE ~22%. These sustained margins improve cash conversion, support reinvestment and shareholder returns, and provide a buffer against cyclical demand over the next several quarters.
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.
Data provided by:
The Fly
The FlyMSA Safety (MSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.60B
Dividend Yield1.3%
Average Volume (3M)316.89K
Price to Earnings (P/E)23.0
Beta (1Y)0.88
Revenue Growth5.56%
EPS Growth2.16%
CountryUS
Employees5,300
SectorIndustrials
Sector Strength72
IndustrySecurity & Protection Services
Share Statistics
EPS (TTM)7.43
Shares Outstanding38,604,088
10 Day Avg. Volume212,494
30 Day Avg. Volume316,895
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
$201.67Price Target Upside16.43% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)8.88
Revenue Forecast (FY)$2.00B
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:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 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 | 491.59M | 469.79M | 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 | 647.90M |
| 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
167.36
Positive
170.93
Positive
170.12
Positive
Market Momentum
1.28
Negative
54.76
Neutral
63.79
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 169.05, above the 50-day MA of 167.36, and above the 200-day MA of 170.12, indicating a bullish trend. The MACD of 1.28 indicates Negative momentum. The RSI at 54.76 is Neutral, neither overbought nor oversold. The STOCH value of 63.79 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $4.41B | 21.24 | 16.46% | 1.23% | 11.11% | 8.52% | |
75 Outperform | $6.60B | 23.02 | 22.02% | 1.30% | 5.56% | 2.16% | |
70 Outperform | $1.29B | 35.07 | 20.86% | 1.29% | 8.83% | -16.34% | |
70 Outperform | $5.13B | 9.09 | 16.74% | 2.73% | 3.29% | 22.63% | |
64 Neutral | $4.95B | 27.81 | 67.82% | 0.85% | 7.31% | 14.99% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | $5.43B | -10.01 | -17.64% | ― | 8.08% | -1039.66% |
* Industrials Sector Average
MSA
MSA Safety
171.03
-0.93
-0.54%
BRC
Brady
93.69
26.07
38.56%
BCO
Brink's Company
120.12
28.24
30.74%
NSSC
Napco Security Technologies
36.12
6.11
20.37%
ADT
Adt
7.00
-1.18
-14.44%
REZI
Resideo Technologies
35.83
11.89
49.67%
MSA Safety Corporate Events
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...
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...
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.