MSA MSA Safety Inc

Overview and Growth

MSA Safety Inc generated $1.87B of revenue in fiscal 2025, with net income of $278.92M and an operating cash inflow of $363.87M. Revenue of $1.87B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 3.7% above fiscal 2024 revenue of $1.81B, marking a year-over-year increase. The company reported diluted EPS of $7.09, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 1.7% decrease from fiscal 2024 diluted EPS of $7.21. Revenue equaled 0.73x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $871.11M as gross profit before recognizing operating expenses and other items. Gross profit represented 46.5% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $371.82M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 19.8%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $278.92M, after the operating, financing, tax, and other items recognized for the period. Net margin was 14.9%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $366.40M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 19.5%, adding a pre-tax profitability layer between revenue and net income. The company recognized $87.47M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 23.9%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

At period end, the $2.55B asset base was financed through $1.19B of liabilities and $1.37B of equity. Current assets were $869.29M against $289.21M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 3.01x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $165.07M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 57.1% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $580.93M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 0.42x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 22.7%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 46.5%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 6.5%, a balance-sheet composition measure rather than a liquidity forecast.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $363.87M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.3x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $68.44M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 18.8% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $295.43M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 15.8%, showing how much sales converted into cash after investment. Free cash flow equaled 11.6% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.