MSA Safety Incorporated

MSA

Security & Protection Services · Industrials

Price

$189.43

+0.99 (+0.53%)

Market Cap

$7.31B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

MSA Safety makes protective equipment that keeps workers safe in dangerous jobs. Its main products include hard hats, gas detectors, fall protection gear, and breathing equipment used by firefighters, construction workers, and industrial workers. The company sells to customers in industries like oil and gas, mining, fire services, and manufacturing, and has been making safety equipment for over 100 years.

MSA earns money by selling hardware products and increasingly through connected devices and software subscriptions tied to its gas detection systems. The company operates globally, with significant revenue from the Americas and Europe, and generates around $1.7 billion in annual sales. Its long history, trusted brand, and the fact that safety regulations often require certified equipment give it a durable competitive position. The main risk is exposure to cyclical industries like oil and gas, where spending on safety equipment can drop sharply during downturns.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-214.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$65M/ year

→ Flat (-2% vs prior year)

3.5% of revenue

In line with sector average (4%)

Steady R&D investment year-over-year

Insider Activity

6.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$200M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

MSA Safety Incorporated is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 39.4M (2021) → 39.3M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

49.5%

Healthy — 49.5% gross margin

Profit after running costs

Operating Margin

23.4%

Excellent — 23.4% operating margin

Return on the money invested

ROCE

22.7%

Exceptional — 22.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+6.5%

Slow sales growth (+6.5% YoY)

Profit growth

EPS YoY

-43.1%

Earnings shrinking (-43.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

129%

Turns 129% of profit into real cash

Spare cash per sale

FCF Margin

18.2%

Converts sales into free cash efficiently (18.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.43

Conservative — low debt load (0.43)

Covers its interest

Interest Cover

13.96x

Comfortably covers interest (14.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

23.5x

Growth-priced — P/E 23.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+2.3

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.12%

Small dividend — 1.12% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+3.4%

Dividend growing modestly (3.4% YoY)

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