MSA Safety Incorporated (MSA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+28.8%

$237.92

vs $184.78 price

Levered DCF

$206.69

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

6.09

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	22.52×	22.9×	113.31×	31.48×	279.56×	46.83×	35.9×	29.1×
P/B	4.59×	5.71×	6.86×	6.12×	7.09×	6.92×	6.73×	5.65×
P/S	3.35×	3.61×	3.71×	3.7×	4.22×	4.31×	3.48×	2.66×
EV / EBITDA	14.35×	14.52×	22.71×	19.28×	75.82×	27.62×	21.62×	17.52×
Gross margin	46.5%	47.6%	47.7%	44.1%	43.9%	44.2%	45.6%	45.1%
Operating margin	21.4%	21.5%	12.9%	15.7%	1.6%	12.7%	13.4%	12.8%
Net margin	14.9%	15.8%	3.3%	11.8%	1.5%	9.2%	9.8%	9.1%
Current ratio	3.01×	2.79×	2.36×	2.54×	2.4×	2.58×	2.5×	2.33×
Debt / equity	0.46×	0.48×	0.67×	0.66×	0.78×	0.42×	0.55×	0.57×
Interest coverage	12.64×	10.55×	4.95×	11.04×	2.12×	18.22×	13.85×	9.19×
Dividend yield	1.3%	1.2%	1.1%	1.3%	1.2%	1.1%	1.3%	1.6%
Payout ratio	29.5%	27.6%	125.4%	39.8%	321.4%	53.7%	46.0%	46.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.4%	24.9%	6.1%	19.4%	2.6%	14.8%	19.0%	19.4%
Return on invested capital	13.5%	15.2%	3.5%	8.8%	1.0%	7.9%	9.5%	9.9%
Return on assets	10.9%	12.9%	2.7%	7.6%	0.9%	6.5%	7.9%	7.7%
Free cash flow yield	4.7%	3.7%	0.8%	2.0%	2.5%	2.7%	2.6%	6.4%
Earnings yield	4.4%	4.4%	0.9%	3.2%	0.4%	2.1%	2.8%	3.4%
Enterprise value	$6.7B	$6.9B	$7.1B	$6.1B	$6.4B	$6B	$5.1B	$3.8B
Net debt / EBITDA	0.98×	0.82×	1.59×	1.41×	5.98×	0.88×	1.04×	1.01×
Cash conversion cycle (days)	144	129	131	169	150	149	115	105