MSA Safety Inc
$174.17
−0.44 (−0.25%) · delayed · Nov 13, 2026
Five-year price
52w $152.86 to $208.92
- Market cap
- $6.7B
- Enterprise value
- $7.1B
- P/E
- 24.6×
- 33.1× on 3y avg EPS
- EV / EBIT
- 19.2×
- FCF yield
- 4.4%
- ROIC
- 15.9%
- Debt / equity
- 0.42
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ●ROIC > 12% (5y avg)5y avg ROIC 12.3%
- ○ROE > 15% (5y avg)5y avg ROE 14.7%
- ○Stable operating marginsMargin volatility 7.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 214% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.8%
- ○Shrinking share countDiluted shares 0.2% over 5y
Value
0
- ○P/E below 15P/E 24.6
- ○EV/EBIT below 12EV/EBIT 19.2
- ○FCF yield above 6%FCF yield 4.4%
- ○Price below Graham NumberGraham Number $75.24
- ○P/B below 3P/B 4.9
Safety
80
- ●Debt / equity below 0.5D/E 0.42
- ●Debt payable in < 4 yrs of earningsNet debt $0.4B
- ●Interest coverage > 8xCoverage 11.7x
- ●Current ratio > 1.5Current ratio 3.01
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
57
- ○Adequate size (revenue > $2B)Revenue $1.9B
- ●Strong condition (current ratio ≥ 2)Current ratio 3.01
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 152%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 33.1
- ○P/E × P/B ≤ 22.5Product 162.5
Valuation lab
What do you have to believe?
At $174.17, the market is pricing in about 8.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $416M · 39M shares · 5y revenue CAGR 6.8%
Intrinsic value
$159.06
Price
$174.17
Premium paid
9%
What the price implies
The market is paying for 8.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,150 | 1,197 | 1,358 | 1,402 | 1,348 | 1,400 | 1,528 | 1,788 | 1,808 | 1,875 |
| Gross profit | 522 | 539 | 612 | 639 | 595 | 615 | 674 | 852 | 860 | 871 |
| Operating income | 161 | 40 | 173 | 188 | 172 | 23 | 239 | 231 | 389 | 372 |
| Operating margin | 14.0% | 3.3% | 12.8% | 13.4% | 12.7% | 1.6% | 15.7% | 12.9% | 21.5% | 19.8% |
| Pre-tax income | 152 | 30 | 162 | 186 | 168 | 24 | 239 | 207 | 375 | 366 |
| Income tax | 58 | 3 | 37 | 47 | 43 | 2 | 59 | 148 | 90 | 87 |
| Net income | 92 | 26 | 124 | 138 | 124 | 21 | 180 | 59 | 285 | 279 |
| EPS (diluted) | 2.42 | 0.67 | 3.18 | 3.52 | 3.15 | 0.54 | 4.56 | 1.48 | 7.21 | 7.09 |
| Diluted shares | 38 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 40 | 39 |
Who owns it