📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

MSA Safety Incorporated develops, manufactures, and supplies safety products and technology solutions that protect workers and facility infrastructures worldwide. The company offers breathing apparatus products, including self-contained breathing apparatus; firefighter helmets and protective apparel; and fixed gas and flame detection systems, such as fixed gas detection monitoring systems, flame detectors and open-path infrared gas detectors, and refrigerant detection and identification solution, as well as hand-held portable gas detection instruments to detect the presence or absence of various gases in the air. It also provides industrial head protection and accessories; fall protection equipment, such as confined space equipment, harnesses, lanyards, and self-retracting lifelines, as well as engineered systems; and air-purifying respirators, eye and face protection products, ballistic helmets, and gas masks. The company serves fire service, energy, utility, construction, and industrial manufacturing applications, as well as heating, ventilation, air conditioning, and refrigeration industries through distributors and end-users through indirect and direct sales channels. It offers its products under the V-Gard, Cairns, and Gallet brand names. MSA Safety Incorporated was founded in 1914 and is based in Cranberry Township, Pennsylvania.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q2 2025

Mixed

while acknowledging gross margin pressures from tariffs and FX and near-term fire service uncertainty.

Q3 2025

Confident Specific

Management described the quarter as 'solid' despite fire service headwinds, repeatedly stated that issues are 'timing-related' not demand loss, and provided specific quantification of the expected impact (roughly 1% of organic growth shift). They maintained their low single-digit organic growth outlook and expressed confidence in fire service fundamentals.

Q4 2025

Confident Specific

Management uses specific achievements ('finishing the year with 0 lost-time incidents', 'total recordable incident rate was 0.25, the best rate we've achieved ever', 'detection is now our largest product category') and forward-looking statements with clear targets ('return to those 30% incremental margin targets this year', 'mid-single-digit organic growth'). Acknowledges challenges but frames them as transitory.

Q1 2026 latest

Confident Specific

Management provided specific numbers (10% reported sales growth, 18% adjusted EPS growth, 7% organic in Americas) and reaffirmed guidance, while acknowledging challenges like the Middle East conflict and tariff pressures. They emphasized solid execution and the strategic Autronica acquisition with detailed financial metrics.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. MSA delivered a solid Q1 with margin expansion and strong free cash flow, even as International faced headwinds from the Middle East conflict and softer European markets. The Autronica acquisition is a compelling strategic move that expands the detection portfolio and adds $3 billion to addressable market, with clear synergy potential and immediate EPS accretion. The reaffirmed guidance suggests management has line of sight to recovery in International markets, supported by improving order trends. However, investors should watch the pace of International recovery, especially detection projects in the Middle East and Europe, and tariff cost pass-through. The strong balance sheet and active capital returns (buybacks, dividends) provide downside support. Next quarter, focus on International organic growth inflection, Autronica integration updates, and margin progression within the guided range.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED MSA Safety Q1 2026 revenue $464M, Autronica acquisition $555M

Revenue & Profitability

First quarter 2026 revenue was $464 million, up 10% reported and 3% organically. GAAP net income increased 20% to $71 million, with diluted EPS of $1.83 (up 21%). Adjusted diluted EPS rose 18% to $1.99. Adjusted operating margin was 21.8%, up 100 basis points year-over-year. Free cash flow was $65 million, representing 91% of earnings.

Outlook

Management reaffirmed a mid-single-digit organic sales growth outlook for 2026, expecting continued strength in the Americas and improvement in International results from Q1 levels. The Middle East conflict and softer European markets weigh on detection orders, but improved pipeline and backlog support recovery. Tariffs and inflation are being managed through pricing and productivity.

Growth Drivers

Key growth levers include high single-digit organic performance in the Americas, 7% organic growth in industrial PPE (driven by fall protection and the H2 Hard Hat), and fire service AFG grant recapture (about two-thirds remaining). New products like the ALTAIR io6 and Bacharach refrigerant detectors offer long-term growth. The Autronica acquisition adds scale and $3 billion in addressable market.

Balance Sheet & CapEx

Capital expenditures in Q1 2026 were $11 million, returning to a normalized level. No specific full-year CapEx guidance was provided. The company continues to invest in R&D ($16 million in Q1) and supply chain to mitigate disruption.

Margins

GAAP gross margin improved 150 basis points year-over-year to 47.4%; adjusted gross margin rose 170 basis points to 48.1%. Adjusted operating margin was 21.8%, up 100 bps, with an incremental operating margin of 32%. Management expects full-year gross margins in the 47%-48% range and incremental margins of 30%. Price cost was positive in Q1.

Key Risks

Risks highlighted include the Middle East conflict causing order and delivery delays, the U.S. government shutdown impacting AFG grant timing for fire service customers, softer European economy, tariff and inflation pressures on costs, and supply chain disruptions (especially electronics and resins). Geopolitical and macroeconomic volatility remains elevated.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-31

Q2 2026 saw 6% sales growth, robust margin expansion, and 24% higher adjusted EPS year-over-year. Strong free cash flow enabled $47M in shareholder returns, and the Autronica acquisition was completed. Outlook remains positive for mid-single-digit organic growth in 2026, despite Middle East headwinds.

Q1 2026 Q1 2026 2026-05-05

Q1 2026 saw 10% reported sales growth and 18% adjusted EPS growth, driven by strong Americas performance and margin expansion, while International faced headwinds. The $555M Autronica acquisition is expected to be accretive, with cost synergies realized over three years.

Q4 2025 Q4 2025 2026-02-12

Delivered solid 2025 results with 4% sales growth, strong cash flow, and record safety metrics. Detection led growth, while fire service faced timing headwinds expected to reverse in 2026. Outlook calls for mid-single-digit organic growth, margin recovery, and continued innovation.

Q3 2025 Q3 2025 2025-10-29

Q3 2025 saw 8% sales growth and 6% higher adjusted EPS, driven by detection and industrial PPE, while fire service faced headwinds from delayed AFG funding and NFPA changes. Strong cash flow, margin management, and a robust M&A pipeline support a positive long-term outlook.

Q2 2025 Q2 2025 2025-08-05

Second quarter sales grew 3% year-over-year, with strong detection and fall protection offsetting fire service declines. Margins were pressured by FX, inflation, and tariffs, but pricing and productivity helped. M&C Tech Group acquisition contributed to growth and EPS accretion.

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