Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 7, 2026

Msa Safety Inc (MSA)

A forensic read on Msa Safety Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

11.1

Distress distance

Clean

Earnings quality

Forensic signals

25.7

P / E (ttm)

20.4%

ROE

$7.4B

Market cap

1.11%

Dividend yield

3.7%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Msa Safety Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 11.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+18.1%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +18.1% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +16% against +6% in cost of sales and receivables up +10% against revenue +4%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 5% of net operating assets, diverging from the balance-sheet accrual read.

13.4%

FY2025

Return on invested capital. Return on invested capital is 13.4% in the latest fiscal year and rising from 10% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.

-0.1%/yr

FY2022–FY2025

Share count. Diluted share count changed -0% over the last 3 years to FY2025 (-0.1%/yr). Roughly flat — buybacks ($90M) are about offsetting stock comp ($15M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$1.87B

Revenue Growth YoY+3.7%

Revenue CAGR (3yr)+7.1%

Net Margin14.9%

Free Cash Flow$295.4M

Return on Equity20.4%

Debt / Equity0.42x

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Data from SEC EDGAR public filings · metrics as of Aug 7, 2026. Forensic signals flag probability, not certainty.