# MSA Safety (MSA.US)

Canonical: https://gigainvestors.com/s/MSA

Analysis as of: 2026-10-16T07:30:23.960Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $181.79 per share; close as of 2026-10-15.

Estimated value: low $77.49 per share, central $92.70 per share, high $107.31 per share. Buy at or below the central value $92.70 per share. Valuation as of 2026-10-16T07:30:23.960Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.13×

- FY2019: 0.13×

- FY2020: 0.13×

- FY2021: 0.02×

- FY2022: 0.16×

- FY2023: 0.13×

- FY2024: 0.22×

- FY2025: 0.21×

- LTM to Jun 2026: 0.23×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 26.4%

- ROIC, second-lowest year: 6.9%

- Typical minus recent gross margin: -2.3 pp

- Typical gross margin (annual median): 45.3%

- Recent gross margin (lower of latest and 3-year median): 47.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 12.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.9%

- FY2018: 34.6%

- FY2019: 29.0%

- FY2020: 25.0%

- FY2021: 3.2%

- FY2022: 24.4%

- FY2023: 17.9%

- FY2024: 32.4%

- FY2025: 27.9%

- LTM to Jun 2026: 31.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $868M

- Net income, five-year total: $823M

- Return on incremental invested capital: 122.1%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: 27.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.06×

- FY2022: 1.07×

- FY2023: 1.31×

- FY2024: 1.04×

- FY2025: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.8% vs 27.9%

- Per-share earnings: 1.88 to 7.09 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: $3.6B

- Cumulative retained earnings: $645M

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.1%

- Per-share value change: $5.21

- Per-share value, starting three-year median: $1.88

- Per-share value, ending three-year median: $7.09

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 0.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $849M

- Cumulative net income, 10 years: $1.3B

- ROIC, first three-year median: 20.8%

- ROIC, last three-year median: 27.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.42

- FY2017: $0.67

- FY2018: $3.19

- FY2019: $3.52

- FY2020: $3.16

- FY2021: $0.54

- FY2022: $4.56

- FY2023: $1.48

- FY2024: $7.21

- FY2025: $7.09

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 4.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.30×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.75×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: -12.1%

- FY2018: -8.9%

- FY2019: -1.5%

- FY2020: -4.3%

- FY2021: -7.4%

- FY2022: 0.9%

- FY2023: -1.6%

- FY2024: -0.5%

- FY2025: -3.3%

## Holders

- [Francois Rochon](https://gigainvestors.com/GC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 11.1% a year for ten years · sales +3.8%

Story as of 2026-10-16T09:59:12.427Z; price observation 2026-10-15.

Price needs cash profits to grow 11.1% a year for ten years

- 2025-05-13: MSA Q1 Earnings Call: Detection Segment Drives Growth Amid Tariff and Currency Headwinds ([finance.yahoo.com](https://finance.yahoo.com/news/msa-q1-earnings-call-detection-121744152.html))

- 2026-02-12: MSA Safety (MSA) Is Up 5.3% After Beating Q4 And Full-Year 2025 Earnings Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/msa-safety-msa-5-3-131157905.html))

### Sales · FY2025–2026

sales +3.8%; source https://www.sec.gov/Archives/edgar/data/66570/000006657026000005/msa-20251231.htm; observed 2026-02-12.

- FY2017: $1.2B 

- FY2018: $1.4B 

- FY2019: $1.4B 

- FY2020: $1.3B 

- FY2021: $1.4B 

- FY2022: $1.5B 

- FY2023: $1.8B 

- FY2024: $1.8B 

- FY2025: $1.9B 

- FY2026: $1.9B 

### Gross margin · FY2026

gross margin 47.6%; source https://www.sec.gov/Archives/edgar/data/66570/000006657026000005/msa-20251231.htm; observed 2026-02-12.

- FY2017: 45.0% 

- FY2018: 45.1% 

- FY2019: 45.6% 

- FY2020: 44.2% 

- FY2021: 43.9% 

- FY2022: 44.1% 

- FY2023: 47.7% 

- FY2024: 47.6% 

- FY2025: 46.5% 

- FY2026: 47.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in security & protection services; annual sales are USD 1.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/66570/000006657026000005/msa-20251231.htm (filed 2026-02-12); FY2025: revenue 1874814000; grossProfit 871113000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MSA.US: MSA Safety Incorporated develops, manufactures, and supplies safety products and technology solutions that protect workers and facility infrastructures worldwide. The company offers breathing apparatus products, including self-contained breathing apparatus; firefighter helmets and protective apparel; and fixed gas and flame detection systems, such as fixed gas detection monitoring systems, flame detectors and open-path infrared gas detectors, and refrigerant detection and identification solution, as well as hand-held portable gas detection instruments to detect the presence or absence of various gases in the air. It also provides industrial head protection and accessories; fall protection equipment, such as confined space equipment, harnesses, lanyards, and self-retracting lifelines, as well as engineered systems; and air-purifying respirators, eye and face protection products, ballistic helmets, and gas masks. The company serves fire service, energy, utility, construction, and industrial manufacturing applications, as well as heating, ventilation, air conditioning, and refrigeration industries through distributors and end-users through indirect and direct sales channels. It offers its products under the V-Gard, Cairns, and Gallet brand names. MSA Safety Incorporated was founded in 1914 and is based in Cranberry Township, Pennsylvania.

### Why customers stay

Margins ranged from 46.5% to 47.7% during 2023–25; it earns 26.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 47.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 47.6%.

- Source: https://www.sec.gov/Archives/edgar/data/66570/000006657026000005/msa-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 46.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2017,0.06948049303959022],[2018,0.3460111933227499],[2019,0.28973185189418105],[2020,0.2500001534622494],[2021,0.03167596931241105],[2022,0.24385583143208306],[2023,0.1792081886693055],[2024,0.3243208566386209],[2025,0.2788434730338277],[2026,0.3105374154846354]]; median 0.2644218132480386. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 67.1% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 25523000; cash acquisitions 18156000; owner earnings 101686000. Growth capex plus acquisitions / owner earnings = 0.17854965285290011.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 0; upkeep 23725000; cash acquisitions 216308000; owner earnings 40179000. Growth capex plus acquisitions / owner earnings = 5.383608352622017.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 36887000; cash acquisitions 0; owner earnings 125115000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 36604000; cash acquisitions 33196000; owner earnings 139414000. Growth capex plus acquisitions / owner earnings = 0.2381109501197871.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 48905000; cash acquisitions 0; owner earnings 114846000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 49123000; cash acquisitions 392437000; owner earnings 22534000. Growth capex plus acquisitions / owner earnings = 17.415327948877252.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 43942000; cash acquisitions 0; owner earnings 192005000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 42764000; cash acquisitions 0; owner earnings 76592000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 54223000; cash acquisitions 0; owner earnings 295077000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/66570/000006657026000005/msa-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 68438000; cash acquisitions 189275000; owner earnings 282077000. Growth capex plus acquisitions / owner earnings = 0.6710047256600148.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Incremental return on capital 1.2211179568351156, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,49074000],[2017,52537000],[2018,57248000],[2019,63523000],[2020,66578000],[2021,68586000],[2022,71497000],[2023,73488000],[2024,78759000],[2025,82344000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/66570/000006657026000005/msa-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 89962000 USD.

### Are managers owners

Insiders own 6.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MSA.US SharesStats.PercentInsiders = 6.058 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.1% yearly over ten years; actual growth was 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.14722486463337103. Price 181.79; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.756828427472819 → FY2025 7.1691404462969555. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $58.30 per share

- 2016-11: $62.16 per share

- 2016-12: $69.33 per share

- 2017-01: $71.35 per share

- 2017-02: $72.25 per share

- 2017-03: $70.69 per share

- 2017-04: $77.85 per share

- 2017-05: $81.10 per share

- 2017-06: $81.17 per share

- 2017-07: $80.16 per share

- 2017-08: $72.86 per share

- 2017-09: $79.51 per share

- 2017-10: $79.50 per share

- 2017-11: $86.00 per share

- 2017-12: $77.52 per share

- 2018-01: $78.31 per share

- 2018-02: $80.63 per share

- 2018-03: $83.24 per share

- 2018-04: $86.84 per share

- 2018-05: $93.00 per share

- 2018-06: $96.34 per share

- 2018-07: $100.88 per share

- 2018-08: $101.09 per share

- 2018-09: $106.44 per share

- 2018-10: $104.44 per share

- 2018-11: $108.99 per share

- 2018-12: $94.27 per share

- 2019-01: $100.18 per share

- 2019-02: $103.39 per share

- 2019-03: $103.40 per share

- 2019-04: $109.91 per share

- 2019-05: $99.38 per share

- 2019-06: $105.39 per share

- 2019-07: $105.35 per share

- 2019-08: $105.63 per share

- 2019-09: $109.11 per share

- 2019-10: $120.07 per share

- 2019-11: $123.93 per share

- 2019-12: $126.36 per share

- 2020-01: $135.60 per share

- 2020-02: $121.67 per share

- 2020-03: $101.20 per share

- 2020-04: $112.53 per share

- 2020-05: $118.94 per share

- 2020-06: $114.44 per share

- 2020-07: $118.53 per share

- 2020-08: $125.95 per share

- 2020-09: $134.17 per share

- 2020-10: $131.92 per share

- 2020-11: $149.44 per share

- 2020-12: $149.39 per share

- 2021-01: $156.12 per share

- 2021-02: $160.99 per share

- 2021-03: $150.02 per share

- 2021-04: $160.76 per share

- 2021-05: $168.06 per share

- 2021-06: $165.58 per share

- 2021-07: $164.48 per share

- 2021-08: $162.84 per share

- 2021-09: $145.70 per share

- 2021-10: $153.03 per share

- 2021-11: $143.32 per share

- 2021-12: $150.96 per share

- 2022-01: $137.40 per share

- 2022-02: $139.10 per share

- 2022-03: $132.70 per share

- 2022-04: $120.69 per share

- 2022-05: $127.49 per share

- 2022-06: $121.07 per share

- 2022-07: $128.34 per share

- 2022-08: $118.86 per share

- 2022-09: $109.28 per share

- 2022-10: $134.24 per share

- 2022-11: $141.01 per share

- 2022-12: $144.19 per share

- 2023-01: $136.39 per share

- 2023-02: $134.35 per share

- 2023-03: $133.50 per share

- 2023-04: $129.75 per share

- 2023-05: $137.56 per share

- 2023-06: $173.96 per share

- 2023-07: $166.00 per share

- 2023-08: $182.68 per share

- 2023-09: $157.65 per share

- 2023-10: $157.88 per share

- 2023-11: $174.14 per share

- 2023-12: $168.83 per share

- 2024-01: $165.03 per share

- 2024-02: $184.15 per share

- 2024-03: $193.59 per share

- 2024-04: $180.40 per share

- 2024-05: $180.00 per share

- 2024-06: $187.69 per share

- 2024-07: $188.65 per share

- 2024-08: $182.63 per share

- 2024-09: $177.34 per share

- 2024-10: $165.95 per share

- 2024-11: $173.81 per share

- 2024-12: $165.77 per share

- 2025-01: $164.73 per share

- 2025-02: $163.70 per share

- 2025-03: $146.69 per share

- 2025-04: $157.42 per share

- 2025-05: $162.97 per share

- 2025-06: $167.53 per share

- 2025-07: $177.87 per share

- 2025-08: $170.60 per share

- 2025-09: $172.07 per share

- 2025-10: $157.03 per share

- 2025-11: $161.30 per share

- 2025-12: $160.14 per share

- 2026-01: $177.15 per share

- 2026-02: $195.41 per share

- 2026-03: $163.95 per share

- 2026-04: $166.39 per share

- 2026-05: $165.80 per share

- 2026-06: $174.58 per share

- 2026-07: $174.35 per share

- 2026-08: $186.77 per share

- 2026-09: $177.88 per share

- 2026-10: $181.79 per share

## Annual estimated value (USD per share)

- FY2016: low $28.12 per share, central $31.78 per share, high $36.53 per share

- FY2017: low $28.00 per share, central $31.47 per share, high $36.08 per share

- FY2018: low $33.84 per share, central $37.91 per share, high $43.33 per share

- FY2019: low $39.79 per share, central $45.59 per share, high $52.29 per share

- FY2020: low $39.73 per share, central $46.00 per share, high $52.66 per share

- FY2021: low $35.91 per share, central $40.47 per share, high $46.53 per share

- FY2022: low $43.82 per share, central $50.81 per share, high $58.51 per share

- FY2023: low $44.97 per share, central $50.78 per share, high $58.52 per share

- FY2024: low $47.67 per share, central $56.10 per share, high $64.77 per share

- FY2025: low $72.48 per share, central $86.85 per share, high $100.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/66570/000006657026000005/msa-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Francois Rochon](https://gigainvestors.com/GC): 166,305 MSA shares; USD 29,034,000 reported position value; 0.98% of portfolio; new; quarter 2026 Q2.
- [Bill Ruane](https://gigainvestors.com/RC): 1,721,415 MSA shares; USD 300,525,000 reported position value; 4.68% of portfolio; reduce; quarter 2026 Q2.

# MSA — MSA Safety Inc.

Held by 2 investors · USD 329,559,000 total · 2026 Q2 · reported price USD 174.58 (split-adjusted).
Page: https://gigainvestors.com/s/MSA

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Ruane (https://gigainvestors.com/RC) | USD 300,525,000 | 4.7% | reduce -3.09% |
| Francois Rochon (https://gigainvestors.com/GC) | USD 29,034,000 | 1.0% | new |

## Total held by quarter

- 2025 Q2: USD 158,997,195 · 1 holder · USD 167.53
- 2025 Q3: USD 293,428,562 · 1 holder · USD 172.07
- 2025 Q4: USD 290,115,229 · 1 holder · USD 160.14
- 2026 Q1: USD 291,221,434 · 1 holder · USD 163.95
- 2026 Q2: USD 329,559,000 · 2 holders · USD 174.58