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MSA Safety (MSA) FY2025 results: revenue $1.9 billion, up 3.7% on the year

MSA Safety Inc. (MSA) reported revenue of $1.9 billion for fiscal 2025, the year ended 31 December 2025, up 3.7% on the year before. Net income was $279 million, down 2.1%, and diluted earnings per share $7.09. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$1.9 billion
+3.7% on the year
FY2018FY2025
Operating margin
19.8%
21.5% a year earlier
FY2018FY2025
Net income
$279 million
-2.1% on the year
FY2018FY2025
Diluted EPS
$7.09
-1.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Fourth-quarter sales fell organically: Net sales were $511 million, up 2% on a GAAP basis and down 3% organically, against $500 million a year earlier.
  • Fourth-quarter EPS and adjusted EPS: Fourth-quarter GAAP net income was $87 million, or $2.21 per diluted share, against $2.22 a year earlier; adjusted diluted EPS rose 6% to $2.38.
  • Americas sales slipped; fire service fell: Americas net sales were $335 million, down 1% GAAP and 3% organically. Detection grew 24% organically while fire service fell 23%. Full-year Americas sales were $1,262 million, up 1%.
  • Detection grew fastest, helped by M&C: Detection sales were $217 million, up 28% GAAP and 17% organically, 43% of net sales; M&C TechGroup accounted for 8 points of the GAAP growth. Full-year detection rose 19%, 12% organically.
  • Fire service fell on timing: Fire service sales were $175 million, down 19% GAAP and 21% organically, at 34% of net sales; full-year fire service fell 9% GAAP and 10% organically.
Read the Q4 FY2025 earnings call summary

From this 10-K

MSA Safety makes safety products that protect workers and facility infrastructure in fire service, energy, utility, construction, industrial manufacturing, and heating, ventilation, air conditioning and refrigeration (HVAC-R). It has been in business since 1914. Its principal product categories are detection, fire service and industrial personal protective equipment (PPE), and it also sells hardware, software and services together under the name MSA+. It reports two segments, Americas and International.

MSA Safety Inc., the 10-K for 2025

MSA Safety makes safety products that protect workers and facility infrastructure in fire service, energy, utility, construction, industrial manufacturing, and heating, ventilation, air conditioning and refrigeration (HVAC-R). It has been in business since 1914. Its principal product categories are detection, fire service and industrial personal protective equipment (PPE), and it also sells hardware, software and services together under the name MSA+. It reports two segments, Americas and International.

Detection

Its fixed gas and flame detection systems are permanently installed to detect combustible or toxic gases and refrigerant leaks in energy and utility sites, water and wastewater plants, food retail and industrial facilities, and they include the Ultima X5000 and S5000 gas monitors and refrigerant leak monitors sold under the MSA Bacharach and MSA Chillgard names. In 2025 it acquired M&C TechGroup, based in Ratingen, Germany, which makes gas analysis systems for gas sampling and conditioning. Its portable gas detectors, including the ALTAIR 2X, ALTAIR 4XR and ALTAIR 5X, can detect up to six gases at once, such as hydrogen sulfide, carbon monoxide, ammonia and chlorine, and its ALTAIR io 4 and ALTAIR io 6 connect through MSA+.

Fire service

Its main breathing product is the self-contained breathing apparatus (SCBA), used by first responders and plant workers entering environments immediately dangerous to life and health. The MSA G1 SCBA is its primary model in the Americas and the MSA M1 SCBA in International markets. It sells fire helmets under the Cairns brand, used mainly in North America, and the Gallet brand, used mainly in its International segment, and its subsidiaries Globe and Bristol Uniforms make firefighter protective apparel.

Industrial PPE

It sells the V-Gard industrial helmet, which it has offered for over 50 years, along with fall protection equipment such as harnesses, lanyards and self-retracting lifelines under the V-Series name. Its other products include air-purifying respirators, eye and face protection, ballistic helmets and gas masks.

Selling and making

In the Americas most sales go through distributors, while International sales go through both indirect and direct channels, and it has over 1,800 authorized distributor locations worldwide. Fire service products are mainly sold through specially trained local and regional distributors who serve volunteer and paid municipal fire departments. Its largest manufacturing and research and development facilities are in the United States, and it also has plants in Mexico, Brazil, Germany, France, the U.K., Ireland, Morocco and China. Its engineers work with standards bodies including the National Institute for Occupational Safety and Health and the National Fire Protection Association.

People

As of December 31, 2025 it employed approximately 5,300 people, of whom approximately 2,200 were in the United States and 3,100 outside it. Approximately 20% of its workforce is covered by collective bargaining agreements or works councils.

From MSA Safety's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,8751,8081,788+3.7%
Cost of revenue1,004948936+5.9%
Gross profit871860852+1.2%
Gross margin46.5%47.6%47.7%
Research and development65.366.568.0-1.8%
Selling, general and administrative414395397+5.0%
Operating income372389231-4.5%
Operating margin19.8%21.5%12.9%
Interest expense31.836.946.7-13.8%
Pre-tax income366375207-2.3%
Income tax87.590.0148-2.8%
Effective tax rate23.9%24.0%71.7%
Net income27928558.6-2.1%
Net margin14.9%15.8%3.3%
Diluted EPS$7.09$7.21$1.48-1.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow36429692.9+22.8%
Capital expenditure68.454.242.8+26.2%
Free cash flow29524250.1+22.0%
Free cash flow margin15.8%13.4%2.8%
Cash from investing-258-53.8-40.0
Cash from financing-105-209-52.3
Depreciation and amortisation71.664.360.8+11.3%
Share-based compensation15.218.230.0-16.4%
Dividends paid82.378.873.5+4.6%
Dividend per share$2.10$2.00$1.87+5.0%
Diluted shares, weighted39m40m39m-0.5%
Shares outstanding at period end39m39m39m-0.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,3671,143967+19.6%
Debt581508602+14.4%
Operating lease liabilities46.246.044.5+0.4%
Other liabilities560508557+10.2%
Total liabilities and equity2,5542,2062,170+15.8%
Fixed assets283212212+33.6%
Goodwill732621628+17.8%
Intangible assets299246266+21.4%
Cash and equivalents165165146+0.3%
Receivables306279295+9.8%
Inventory343297293+15.6%
Other assets426386331+10.4%
Total assets2,5542,2062,170+15.8%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.