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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
MSA Safety reported revenue of $1.9B in the fiscal year ended Dec 2025, up 3.7% from the year before. Operating income was $372M, an operating margin of 19.8%, and net income was $279M. Operating cash flow of $364M less capital expenditure of $68M left free cash flow of $295M. Net debt was $416M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,400 | 1,528 | 1,788 | 1,808 | 1,875 |
| Cost of revenue | 785 | 854 | 936 | 948 | 1,004 |
| Gross profit | 615 | 674 | 852 | 860 | 871 |
| Research & development | 57.8 | 57.0 | 68.0 | 66.5 | 65.3 |
| Selling, general & admin | 333 | 339 | 397 | 395 | 414 |
| Operating income | 22.8 | 239 | 231 | 389 | 372 |
| Interest expense | 10.8 | 21.7 | 46.7 | 36.9 | 31.8 |
| Pre-tax income | 23.6 | 239 | 207 | 375 | 366 |
| Income tax | 1.8 | 58.9 | 148 | 90.0 | 87.5 |
| Net income | 21.3 | 180 | 58.6 | 285 | 279 |
| Diluted EPS | 0.54 | 4.56 | 1.48 | 7.21 | 7.09 |
| Diluted shares | 39.4 | 39.4 | 39.5 | 39.5 | 39.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 141 | 163 | 146 | 165 | 165 |
| Receivables | 254 | 297 | 295 | 279 | 306 |
| Inventory | 281 | 338 | 293 | 297 | 343 |
| Current assets | 793 | 880 | 786 | 803 | 869 |
| Net PP&E | 208 | 208 | 212 | 212 | 283 |
| Goodwill | 637 | 621 | 628 | 621 | 732 |
| Total assets | 2,396 | 2,377 | 2,170 | 2,206 | 2,554 |
| Payables | 107 | 113 | 112 | 108 | 111 |
| Current liabilities | 331 | 346 | 333 | 288 | 289 |
| Short-term debt | 0.0 | 7.4 | 26.5 | 26.4 | 8.2 |
| Long-term debt | 598 | 565 | 575 | 482 | 573 |
| Total liabilities | 1,562 | 1,453 | 1,203 | 1,062 | 1,187 |
| Shareholders' equity | 834 | 924 | 967 | 1,143 | 1,367 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 199 | 157 | 92.9 | 296 | 364 |
| Capital expenditure | 43.8 | 42.6 | 42.8 | 54.2 | 68.4 |
| Free cash flow | 155 | 115 | 50.1 | 242 | 295 |
| Depreciation & amortisation | 45.4 | 47.1 | 60.8 | 64.3 | 71.6 |
| Stock-based compensation | 18.9 | 19.7 | 30.0 | 18.2 | 15.2 |
| Acquisitions | 392 | 0.0 | 0.0 | 0.0 | 189 |
| Dividends paid | 68.6 | 71.5 | 73.5 | 78.8 | 82.3 |
| Dividend per share | 1.75 | 1.82 | 1.87 | 2.00 | 2.10 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.1% | 17.0% | 1.1% | 3.7% |
| Operating income growth (YoY) | – | 949.8% | −3.3% | 68.2% | −4.5% |
| EPS growth (YoY) | – | 744.4% | −67.5% | 387.2% | −1.7% |
| Gross margin | 43.9% | 44.1% | 47.7% | 47.6% | 46.5% |
| Operating margin | 1.6% | 15.7% | 12.9% | 21.5% | 19.8% |
| Net margin | 1.5% | 11.8% | 3.3% | 15.8% | 14.9% |
| Return on equityBlank when equity is negative | 2.6% | 19.4% | 6.1% | 24.9% | 20.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.1% | 11.8% | 12.6% | 20.3% | 16.4% |
| Free cash flow margin | 11.1% | 7.5% | 2.8% | 13.4% | 15.8% |
| Cash conversion (CFO ÷ net income) | 9.33x | 0.88x | 1.59x | 1.04x | 1.30x |
| Receivable days | 66 | 71 | 60 | 56 | 60 |
| Inventory days | 131 | 145 | 114 | 114 | 125 |
| Payable days | 50 | 48 | 44 | 42 | 40 |
| Interest cover | 2.12x | 11.0x | 4.95x | 10.5x | 11.7x |
| Debt ÷ equity | 0.72x | 0.62x | 0.62x | 0.44x | 0.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 457 | 410 | 455 | 343 | 416 |
| Current ratio | 2.40x | 2.54x | 2.36x | 2.79x | 3.01x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.