At a glance
MSA Safety is worth $6.83B, about 25 times its fiscal 2025 earnings. Revenue grew 3.7% to $1.87B in fiscal 2025, with 14.9% kept as profit; over 5 years it has grown 6.8% a year. It pays a 1.21% dividend yield, raised every year for at least 9 years, and returned $546.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +10.2% over the past year with dividends reinvested and +4.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.2% in the 2020 crash (S&P 500: 33.7%) and 26.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 8 months after the lows.
The business in plain English
MSA Safety, in business since 1914 and formerly called Mine Safety Appliances, makes equipment that protects workers in dangerous jobs. Its detection line covers gas and flame detectors, from systems permanently installed in plants to handheld ALTAIR units. Its fire service line centers on the self-contained breathing apparatus (SCBA), the air tank and mask firefighters wear into smoke, plus Cairns and Gallet helmets and protective clothing. Industrial personal protective equipment (PPE) includes V-Gard hard hats and fall-protection harnesses.
Buyers include fire departments, energy and utility companies, construction firms, factories and users of heating, ventilation, air conditioning and refrigeration (HVAC-R) systems. In the Americas, most sales go through distributors. MSA has over 1,800 authorized distributor locations worldwide, and its sales staff work with them to train end users. No customer made up more than 10% of 2025 sales. Some revenue repeats: installed detectors need replacement parts and service, and the MSA+ program bundles hardware, software and services.
Revenue was $1.87 billion in 2025. Detection was the largest line at 40.7% of sales, followed by firefighter safety at 34.5% and industrial PPE and other products at 24.7%. The Americas segment brought in 67.3% and International 32.7%. The United States alone was 50.3%. MSA also bought M&C TechGroup, a German maker of gas analysis systems, in 2025.
Price history
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MSA +10.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Detection | $763.4M | 40.7% |
| Firefighter Safety | $647.5M | 34.5% |
| Industrial PPE and Other | $463.9M | 24.7% |
By business segment
| Americas | $1.26B | 67.3% |
| International segment | $613.0M | 32.7% |
By geography
| United States | $943.4M | 50.3% |
| Other | $931.5M | 49.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $503.3M, up 6.2% from a year earlier, and net income was $86.2M (+37.3%).
- For fiscal 2025, revenue was $1.87B (+3.7% year over year; +6.8% a year from FY2020 to FY2025) with a 14.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.8% good |
|---|---|
| Operating margin | 19.8% good |
| Free cash flow margin | 15.8% good |
| Return on equity (FY2025) | 20.4% good |
| Return on assets (FY2025) | 10.9% good |
| Net cash (cash minus debt) | $-399.7M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.35B | $124.1M | $157.7M |
| FY2021 | $1.40B | $21.3M | $155.3M |
| FY2022 | $1.53B | $179.6M | $114.9M |
| FY2023 | $1.79B | $58.6M | $50.1M |
| FY2024 | $1.81B | $285.0M | $242.2M |
| FY2025 | $1.87B | $278.9M | $295.4M |
Valuation snapshot
| Market value | $6.83B |
|---|---|
| P/E ratio | 25 |
| Dividend yield | 1.21% |
Rank among 1514 US companies
Market value at each year end
MSA Safety’s market value went from $2.61B at the end of 2016 to $6.83B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.83B | +9.0% |
| 2025 | $6.27B | -3.8% |
| 2024 | $6.52B | -1.8% |
| 2023 | $6.64B | +17.4% |
| 2022 | $5.65B | -4.5% |
| 2021 | $5.92B | +1.7% |
| 2020 | $5.82B | +18.9% |
| 2019 | $4.89B | +35.0% |
| 2018 | $3.63B | +23.0% |
| 2017 | $2.95B | +13.1% |
| 2016 | $2.61B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MSA price data to Oct 28, 2026 | +11.6% | +10.2% | +5.2% | +4.2% | +13.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.6% |
| 2025 | -2.1% |
| 2024 | -0.7% |
| 2023 | +18.5% |
| 2022 | -3.2% |
| 2021 | +2.1% |
| 2020 | +19.8% |
| 2019 | +36.1% |
| 2018 | +23.6% |
| 2017 | +13.9% |
| 2016 | +63.8% |
| 2015 | -15.8% |
| 2014 | +6.0% |
| 2013 | +22.8% |
| 2012 | +33.8% |
| 2011 | +9.7% |
| 2010 | +21.9% |
| 2009 | +15.6% |
| 2008 | -52.7% |
| 2007 | +44.2% |
| 2006 | +3.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 66.2% over that stretch · deepest drop along the way 70.4%, back to its old high 47.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.2% over that stretch · deepest drop along the way 38.2%, back to its old high 6.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.1% over that stretch · deepest drop along the way 26.1%, back to its old high 8.2 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 1 open-market purchases ($71K) and 2 sales ($4.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Nishan J. Vartanian Director | sell | $3.9M |
| Aug 4, 2026 | Jonathan D. Buck Chief Accounting Officer | sell | $90K |
| Jun 11, 2026 | Julie A Beck Chief Financial Officer | buy | $71K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.12% | Mar 31, 2026 |
| APG Asset Management US Inc. | 4.8% | Dec 31, 2024 |
| JPMORGAN CHASE & CO. | 4.6% | Jun 30, 2025 |
ETFs with the most weight in MSA
| FSGS First Trust SMID Growth Strength ETF | 1% |
| FSCS First Trust SMID Capital Strength ETF | 0.96% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.57% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 0.51% |
| SNPD Xtrackers S&P Dividend Aristocrats Screened ETF | 0.48% |
| FVD First Trust Value Line Dividend Index Fund | 0.43% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.41% |
| SDVY First Trust SMID Cap Rising Dividend Achievers ETF | 0.4% |
What could go wrong
- Injury claims and product recalls. MSA's gear is used in high-risk settings, from fires to confined spaces. If users are hurt, it can face lawsuits, recalls and reputational damage, and some claims could exceed its insurance.
- Legacy asbestos and coal dust claims. In January 2023, MSA sold the unit holding old coal dust, asbestos and silica claims. That unit and the buyer agreed to cover losses, but MSA relies on them being able to pay.
- Shifting safety standards and approvals. Most products must pass official performance tests. New standards can force redesigns that open the door to competitors, approvals can be delayed, and customers may rush or delay purchases around an expected change.
- Fire departments depend on government budgets. Firefighter safety products were 34.5% of 2025 sales, and many buyers are municipal fire departments. Budget cuts, staffing reductions, long shutdowns or slow government approvals could hurt sales, earnings and cash flow.
- Tariffs, shortages and trade rules. MSA relies on global supply chains and benefits from trade deals such as the United States-Mexico-Canada Agreement. Shortages, new tariffs or changes to those deals could raise costs and squeeze profits.
- Currency swings affect reported results. Nearly half of 2025 sales (49.7%) came from outside the United States. Because MSA reports in dollars, a stronger dollar shrinks the value of those sales and makes results harder to compare between years.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Other company announcement
- Shareholder vote results
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
MSA has raised its dividend at least 9 years in a row through 2025, based on SEC filings going back to 2016. The true streak may be longer. Dividends per share rose from $1.71 in 2020 to $2.10 in 2025, about 4.2% a year. The 2025 dividend used 29.5% of earnings and 27.9% of free cash flow (cash left after running and investing in the business). But in 2023, free cash flow of about $50 million fell short of the $73 million paid in dividends. The yield was 1.21% as of October 28, 2026, which is modest for an income investor. Share buybacks totaled $172 million from 2021 to 2025.
The shares have fallen hard in downturns. They dropped 70.4% in the 2008 financial crisis and did not fully recover until February 2013. They fell 38.2% in the 2020 COVID crash and recovered by October 2020. They fell 26.1% in the 2022 bear market and recovered by June 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
How does MSA Safety make money?
Mainly by selling safety equipment to companies and fire departments, often through distributors. In 2025, revenue was $1.87 billion. Detection products such as gas and flame detectors brought in 40.7%. Firefighter safety gear such as breathing apparatus and helmets brought in 34.5%. Industrial protective equipment such as V-Gard hard hats and fall-protection harnesses brought in 24.7%. Some income repeats, from replacement parts and service on installed detectors and from the MSA+ bundle of hardware, software and services.
Does MSA Safety raise its dividend every year?
Yes, based on its record so far. MSA has raised its dividend at least 9 years in a row through 2025, according to SEC filings going back to 2016. The true streak may be longer. Dividends per share rose from $1.71 in 2020 to $2.10 in 2025, about 4.2% a year. In 2025 the dividend took 29.5% of earnings. The yield was 1.21% as of October 28, 2026, so the cash income per dollar invested is modest.
What happened to MSA Safety's asbestos lawsuits?
MSA sold the subsidiary that held them. On January 5, 2023, it sold Mine Safety Appliances Company, LLC to a joint venture of R&Q Insurance Holdings and Obra Capital. That unit holds old product liability claims tied to coal dust, asbestos, silica and other exposures. The unit and the buyer agreed to cover those losses. The risk is not fully gone: MSA relies on them being able to pay, and it is still responsible for claims on products not included in the sale.
How much of MSA Safety's sales come from outside the US?
About half. In 2025, the United States made up 50.3% of MSA's $1.87 billion in revenue and other countries made up 49.7%. By reporting segment, the Americas brought in 67.3% and International 32.7%. Because MSA reports in US dollars, currency swings can raise or lower its reported results and make years harder to compare. In 2025 MSA added to its overseas business by buying M&C TechGroup, a gas analysis company based in Ratingen, Germany.
How did MSA Safety stock hold up in market crashes?
It fell sharply each time but has recovered so far. The shares dropped 70.4% in the 2008 financial crisis and did not regain their earlier peak until February 2013. They fell 38.2% in the 2020 COVID crash and recovered by October 2020. They fell 26.1% in the 2022 bear market and recovered by June 2023. As of October 28, 2026, the share price had gained about 13.9% a year over 10 years, but only 4.2% a year over five.