MSA Safety (MSA) financial statements
MSA Safety reported revenue of $1.9B in fiscal 2025, up 5.6% a year over 9 years.
Net income was $279M and the operating margin 19.8%, against 14.0% in 2016.
Free cash flow was $295M, and the company returned $82M in dividends.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MSA Safety's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.4B | $1.4B | $1.3B | $1.4B | $1.5B | $1.8B | $1.8B | $1.9B |
| Cost of revenue | $627M | $658M | $746M | $763M | $753M | $785M | $854M | $936M | $948M | $1.0B |
| Gross profit | $522M | $539M | $612M | $639M | $595M | $615M | $674M | $852M | $860M | $871M |
| Research and development | $47M | $50M | $53M | $58M | $58M | $58M | $57M | $68M | $67M | $65M |
| Selling, general and admin | $308M | $300M | $325M | $331M | $290M | $333M | $339M | $397M | $395M | $414M |
| Operating income | $161M | $40M | $173M | $188M | $172M | $23M | $239M | $231M | $389M | $372M |
| Interest expense | $16M | $15M | $19M | $14M | $9M | $11M | $22M | $47M | $37M | $32M |
| Pre-tax income | $152M | $30M | $162M | $186M | $168M | $24M | $239M | $207M | $375M | $366M |
| Income tax | $58M | $3M | $37M | $47M | $43M | $2M | $59M | $148M | $90M | $87M |
| Net income | $92M | $26M | $124M | $138M | $124M | $21M | $180M | $59M | $285M | $279M |
| EPS (diluted) | $2.42 | $0.67 | $3.18 | $3.52 | $3.15 | $0.54 | $4.56 | $1.48 | $7.21 | $7.09 |
| Diluted shares | 38M | 39M | 39M | 39M | 39M | 39M | 39M | 39M | 40M | 39M |
| Gross margin | 45.4% | 45.0% | 45.1% | 45.6% | 44.2% | 43.9% | 44.1% | 47.7% | 47.6% | 46.5% |
| Operating margin | 14.0% | 3.3% | 12.8% | 13.4% | 12.7% | 1.6% | 15.7% | 12.9% | 21.5% | 19.8% |
| Net margin | 8.0% | 2.2% | 9.1% | 9.8% | 9.2% | 1.5% | 11.8% | 3.3% | 15.8% | 14.9% |
Balance sheet
Fiscal years, from MSA Safety's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $114M | $134M | $140M | $152M | $161M | $141M | $163M | $146M | $165M | $165M |
| Receivables | $210M | $244M | $245M | $255M | $252M | $254M | $297M | $295M | $279M | $306M |
| Inventory | $103M | $154M | $157M | $185M | $245M | $281M | $338M | $293M | $297M | $343M |
| Total current assets | $473M | $622M | $657M | $693M | $801M | $793M | $880M | $786M | $803M | $869M |
| Property, plant and equipment | $149M | $157M | $158M | $167M | $190M | $208M | $208M | $212M | $212M | $283M |
| Goodwill | $333M | $422M | $414M | $437M | $443M | $637M | $621M | $628M | $621M | $732M |
| Total assets | $1.4B | $1.7B | $1.6B | $1.8B | $1.9B | $2.4B | $2.4B | $2.2B | $2.2B | $2.6B |
| Total current liabilities | $221M | $289M | $282M | $278M | $311M | $331M | $346M | $333M | $288M | $289M |
| Long-term debt | $364M | $448M | $341M | $328M | $287M | $598M | $565M | $575M | $482M | $573M |
| Total liabilities | $793M | $1.1B | $968M | $1.0B | $1.1B | $1.6B | $1.5B | $1.2B | $1.1B | $1.2B |
| Shareholders' equity | $558M | $598M | $634M | $726M | $839M | $834M | $924M | $967M | $1.1B | $1.4B |
| Net debt | $277M | $340M | $221M | $196M | $146M | $457M | $410M | $455M | $343M | $416M |
Cash flow
Fiscal years, from MSA Safety's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $135M | $230M | $264M | $165M | $207M | $199M | $157M | $93M | $296M | $364M |
| Capital spending | $26M | $24M | $34M | $37M | $49M | $44M | $43M | $43M | $54M | $68M |
| Free cash flow | $109M | $207M | $230M | $128M | $158M | $155M | $115M | $50M | $242M | $295M |
| Stock-based compensation | $9M | $12M | $12M | $14M | $7M | $19M | $20M | $30M | $18M | $15M |
| Dividends paid | $49M | $53M | $57M | $64M | $67M | $69M | $71M | $73M | $79M | $82M |
| Net borrowing | -$61M | $77M | -$108M | -$17M | -$44M | $293M | -$13M | $24M | -$94M | $67M |
| Free cash flow margin | 9.5% | 17.3% | 16.9% | 9.2% | 11.7% | 11.1% | 7.5% | 2.8% | 13.4% | 15.8% |
| Dividends per share | $1.29 | $1.36 | $1.47 | $1.62 | $1.69 | $1.74 | $1.81 | $1.86 | $1.99 | $2.09 |
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Open MSA in InvestinglyQuestions
What was MSA Safety's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does MSA Safety generate?
$295M in fiscal 2025 (operating cash flow minus capital spending).
From MSA Safety's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.