MSA Safety Incorporated (MSA) Stock Analysis & Winston Score

MSA Safety makes protective equipment that keeps workers safe in dangerous jobs. Its main products include hard hats, gas detectors, fall protection gear, and breathing equipment used by firefighters, construction workers, and industrial workers. The company sells to customers in industries like oil and gas, mining, fire services, and manufacturing, and has been making safety equipment for over 100 years.

MSA earns money by selling hardware products and increasingly through connected devices and software subscriptions tied to its gas detection systems. The company operates globally, with significant revenue from the Americas and Europe, and generates around $1.7 billion in annual sales. Its long history, trusted brand, and the fact that safety regulations often require certified equipment give it a durable competitive position. The main risk is exposure to cyclical industries like oil and gas, where spending on safety equipment can drop sharply during downturns.

Winston Score History

Politician Trades

4 trades / 12mo

3 Congressional buys and 1 sell on MSA in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+21.2% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$65M/ year

→ Flat (-2% vs prior year)

3.5% of revenue

In line with sector average (4%)

Steady R&D investment year-over-year

Insider Activity

6.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$180M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

MSA Safety Incorporated is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 39.4M (2021) → 39.3M (2025)

Score breakdown

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Quality

Gross Margin

47.4%

Healthy — 47.4% gross margin

Operating Margin

21.1%

Excellent — 21.1% operating margin

ROCE

5.0%

Weak — 5.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.6%

Slow sales growth (5.6% YoY)

EPS YoY

+2.3%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

130%

Turns 130% of profit into real cash

FCF Margin

16.1%

Converts sales into free cash efficiently (16.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.45

Conservative — low debt load (0.45)

Interest Cover

12.92x

Comfortably covers interest (12.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

23.0x

Growth-priced — P/E 23.0

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+3.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.0 → 19.3)

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Dividends

Dividend Yield

1.24%

Small dividend — 1.24% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+3.4%

Dividend growing modestly (3.4% YoY)

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