# MSA Safety Incorporated (MSA)

> Source: Nexqual · https://nexqual.com/MSA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, MSA Safety Incorporated (MSA), nexqual.com/MSA" · informational, not investment advice.

**Price:** USD 184.44 (+0.60% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 183.34 · day 179.26–184.46 · 52w 151.11–208.92 · market cap $7.12B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.95B, net income $314M (16.1% margin), free cash flow $354M (SEC filings).
- Valuation: P/E 22.7x (avg 53.1x at the last 3 fiscal year-ends), EV/EBITDA 15.4x, net debt $400M.
- 3 of 80 tracked superinvestors hold MSA (13F, Q2 2026): 1 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $4.0M; 2 not under a Rule 10b5-1 plan ($4.0M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $71K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.71 on a 1–5 scale) (7 analysts), mean target USD 208.17 (range 190–223).
- Total return with dividends: 1Y +11.9% vs S&P 500 +14.9%; 5Y +26.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 2.09, revenue estimate $528M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.40B | $1.53B | $1.79B | $1.81B | $1.87B | $1.95B |
| Gross profit | $615M | $674M | $852M | $860M | $871M | — |
| Operating income | $22.8M | $239M | $231M | $389M | $372M | $413M |
| Net income | $21.3M | $180M | $58.6M | $285M | $279M | $314M |
| EPS (diluted) | $0.54 | $4.56 | $1.48 | $7.21 | $7.09 | — |
| Free cash flow | $155M | $115M | $50.1M | $242M | $295M | $354M |
| Gross margin | 43.9% | 44.1% | 47.7% | 47.6% | 46.5% | — |
| Operating margin | 1.6% | 15.7% | 12.9% | 21.5% | 19.8% | 21.2% |
| Net margin | 1.5% | 11.8% | 3.3% | 15.8% | 14.9% | 16.1% |
| Revenue growth | +3.9% | +9.1% | +17.0% | +1.1% | +3.7% | — |
| Cash + short-term investments | $141M | $163M | $146M | $165M | $165M | — |
| Total debt | $598M | $573M | $602M | $508M | $581M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.7x · P/S 3.7x · EV/EBITDA 15.4x · EV/Sales 3.9x · P/FCF 20.1x · P/B 5.1x · FCF yield 4.98% · Earnings yield 4.41% · Dividend yield (paid, TTM) 1.16% · Net debt $400M · EV $7.52B
P/E at fiscal year-ends: Dec 2025 22.6x, Dec 2024 23.0x, Dec 2023 113.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold MSA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Ruane Cunniff | Ruane Cunniff LP | 4.68% | $301M | Reduced -3.1% |
| Francois Rochon | Giverny Capital | 0.98% | $29.0M | New position |
| Mairs & Power | Mairs & Power Funds | <0.01% | $257K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-07 | Vartanian Nishan J. | Director | 20,000 | $3.9M | 28% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Buck Jonathan D. | Chief Accounting Officer | 469 | $90K | 11% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $71K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-11 | Beck Julie A | Chief Financial Officer | 448 | $71K | 158.69 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 2.71 on a 1–5 scale), 7 analysts; mean target USD 208.17 (low 190, high 223).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-03 | JP Morgan | Target raised | Neutral | $210 → $220 |
| 2026-08-03 | Baird | Target raised | Neutral | $197 → $215 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +11.9% | +26.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +12.0% | +4.8% |
| Volatility (annualized) | 25.4% | 24.8% |
| Max drawdown | -22.6% (Feb 2026→Jun 2026) | -30.3% (Apr 2024→Mar 2025) |

## Peers (Security & Protection Services)
ADT (ADT Inc.) USD 6.99 +2.79% · BCO (Brinks Company (The)) USD 111.22 +2.29% · BRC (Brady Corporation) USD 82.65 +0.38% · GEO (Geo Group Inc (The) REIT) USD 26.94 -2.53% · ALLE (Allegion plc) USD 176.52 +11.02% · CXW (CoreCivic, Inc.) USD 29.33 -0.64%

## More
Full page: https://nexqual.com/MSA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $341.5M | 67.8% | +6.7% |
| International | $161.9M | 32.2% | +5.1% |
| Total revenue | $503.3M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Detection | $201.4M | 40.0% | +3.9% |
| Fire Service | $161.9M | 32.2% | -0.9% |
| Industrial PPE And Other | $140.1M | 27.8% | +19.7% |
| Total revenue | $503.3M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $943.4M | 50.3% | -1.2% |
| Non Us | $931.5M | 49.7% | +9.2% |
| Total revenue | $1.87B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.09 | $2.15 | -3.0% | $528.4M | 7 |
| Next quarter (ends 2026-12-31) | $2.61 | $2.62 | -0.3% | $588.9M | 7 |
| Current fiscal year (ends 2026-12-31) | $9.07 | $8.88 | +2.1% | $2.08B | 7 |
| Next fiscal year (ends 2027-12-31) | $9.93 | $9.70 | +2.4% | $2.27B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±6.3%; last 8 reports averaged ±3.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 27.9% | ±6.3% |
| 2026-12-18 | 56 | 25.4% | ±8.0% |
| 2027-03-19 | 147 | 24.3% | ±12.3% |
| 2027-06-17 | 237 | 24.5% | ±15.7% |