ALLE vs MSA: Allegion and MSA Safety compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Allegion is the larger company, worth $12.4B, about 1.8 times MSA Safety.
- Allegion grew revenue faster over the last year (+12.7% vs +6.2%).
- MSA Safety keeps more of each dollar of revenue as operating profit (21.2% vs 20.8%).
- On earnings, Allegion is the cheaper stock (19.7x vs 22.5x).
- MSA Safety's price assumes faster free cash flow growth: about 7% a year, against 4% for Allegion (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ALLE | MSA |
|---|---|---|
| Market cap | $12.4B | $6.8B |
| Share price | $150.48 | $180.71 |
| Revenue (last fiscal year) | $4.1B | $1.9B |
| Free cash flow (last fiscal year) | $686M | $295M |
| Revenue growth, last year | +12.7% | +6.2% |
| Revenue growth per year, last 5 fiscal years | +9.1% | +7.6% |
| Operating margin | 20.8% | 21.2% |
| Net margin | 15.4% | 16.1% |
| Return on equity | 31.1% | 22.4% |
| P/E (trailing) | 19.7x | 22.5x |
| Price / free cash flow | 18.1x | 23.1x |
| EV / EBITDA | 14.4x | 13.8x |
| FCF growth the price implies | 3.7% | 6.9% |
| Dividend yield | 1.4% | 1.2% |
| Debt / equity | 1.53x | 0.86x |
| Fundamental grade | B | B |
| Superinvestors holding it | 3 | 5 |
| Insider purchases, last 12 months | 3 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Allegion
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.9B | $443M | 18.5% |
| 2022 | $3.3B | $396M | 17.9% |
| 2023 | $3.7B | $516M | 19.4% |
| 2024 | $3.8B | $583M | 20.7% |
| 2025 | $4.1B | $686M | 21.1% |
MSA Safety
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.4B | $155M | 1.6% |
| 2022 | $1.5B | $115M | 15.7% |
| 2023 | $1.8B | $50M | 12.9% |
| 2024 | $1.8B | $242M | 21.5% |
| 2025 | $1.9B | $295M | 19.8% |
Where the revenue comes from
Allegion · by products, 2025
Mechanical products$2.7B67%
Electronic products$1.1B26%
Service$278M7%
MSA Safety · by products, 2022
Breathing Apparatus$371M24%
Fixed Gas & Flame Detection (a)$356M23%
Firefighter Helmets & Protective Apparel (b)$208M14%
Portable Gas Detection$174M11%
Industrial Head Protection$163M11%
Other$146M10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ALLE in InvestinglyQuestions
Which is bigger, Allegion or MSA Safety?
Allegion (ALLE), at $12.4B against $6.8B.
Is ALLE or MSA cheaper?
By trailing P/E, Allegion (19.7x) is cheaper than MSA Safety (22.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, ALLE or MSA?
Allegion: revenue grew +12.7% over the last year, against +6.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.