| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 43 | 22.7x | 17.3x | Around median | |
Growth | 58 | 6.5% | 7.1% | Around median | |
Quality | 84 | 15.7% | 4.5% | Top tier | |
Safety | 82 | 0.9x | 2.6x | Top tier | |
Capital Return | 88 | 1.17% | 0.06% | Top tier | |
Momentum | 74 | 10.1% | -1.6% | Top tier | |
Sentiment | 36 | 6 | 3 | Bottom tier |
The floor: what the company is worth if growth stopped today
57% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
MSA Safety develops safety equipment and solutions to protect workers and generates revenue through three main categories: portable gas detection and fixed monitoring systems, fire service equipment such as self-contained breathing apparatus, and industrial personal protective equipment, including H2 Type II helmets, ballistic helmets, and fall protection equipment. The company is also expanding its connected detection offerings through the MSA+ platform and the ALTAIR io 4 and ALTAIR io 6 devices, with connected solutions representing 14% of total portable detection sales in Q2 FY2026, up from 10% in the comparable period.
In Q2 FY2026, revenue was $503.3 million, gross profit was $249.3 million, net income was $86.2 million, and diluted earnings per share were $2.23. Reported sales grew 6% year over year and organic sales grew 3%, while the GAAP gross margin was 49.5% and the adjusted operating margin reached 24.1%; a tariff refund of approximately $4 million helped increase the gross margin by about 80 to 100 basis points.
The performance mix reflects strength in industrial personal protective equipment against mixed results in detection and fire service: organic industrial PPE sales rose 16%, while organic detection sales were approximately flat and organic fire service sales declined 2%. Reported Americas sales grew 7% and its adjusted operating margin reached 32%, while reported International sales grew 5% and its margin reached 15.5%. On a trailing 12-month FY2026 basis, the company recorded revenue of $1.9 billion and net income of $314 million.
The average analyst price target is $210, within a range of $197 to $223, with a consensus Buy rating. The average is slightly above the 52-week range high of $208.92, while the highest target exceeds that high and the lowest target is below it; the context does not provide a price-to-earnings multiple that can be used for comparison. This consensus should be weighed against the expected margin moderation in the second half of FY2026, the increase in interest expense to $40–43 million, and the wide annual trading range of $151.11 to $208.92.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Revenue was $503.3 million, up 6% on a reported basis and 3% organically year over year. Gross profit reached $249.3 million and net income reached $86.2 million, while diluted earnings per share rose 40% to $2.23. The gross margin was 49.5% and the adjusted operating margin was 24.1%, with the margin benefiting from a tariff refund of approximately $4 million.
The company expects low-double-digit total revenue growth in FY2026, including mid-single-digit organic growth and a similar contribution from acquisitions. It also expects currency translation support of between 1 and 2 percentage points. The organic outlook is based on a book-to-bill ratio of approximately 1x and opportunities in U.S. fire service and global detection during the second half.
MSA+'s share of portable detection sales rose to 14% in Q2 FY2026 from 10% a year earlier. Connected solutions contributed more than half of portable detection growth during the quarter, while traditional products also continued to grow. Management said on August 4, 2026 that the pace of ALTAIR io 6 orders was better than its initial expectations, while acknowledging that the product approval cycle is lengthy.
Automated analysis for informational purposes only — not investment advice.
MSA Safety completed the acquisition of Autronica Fire & Security in early July 2026 using cash and the credit facility. Pro forma adjusted net leverage rose to 1.8x, compared with approximately 0.8x at quarter-end before the impact of financing the transaction. Liquidity remained at approximately $600 million after the acquisition, but the company will prioritize debt repayment and reduce the pace of share repurchases during the second half of FY2026.
Organic fire service sales declined 2% in Q2 FY2026, primarily because of lower sales of self-contained breathing apparatus. 2025 AFG grant orders materialized at a slower pace than management expected, and the U.S. Department of Homeland Security remained shut down through late May 2026. Management observed an acceleration in the pace of orders during June and July 2026, but noted that the timing of this business is volatile.
The company expects an adjusted gross margin of between 47.5% and 48.5% for FY2026, compared with a rate of approximately 49% in the first half excluding the tariff refund. Pressures include higher freight, resin, metal, and electronic component costs, in addition to the flow-through of higher inventory costs to the income statement after a period of between 90 and 120 days. The tariff refund of approximately $4 million in Q2 FY2026 also supported the margin by about 80 to 100 basis points and does not represent a recurring operating baseline. These pressures coincide with an expected interest expense range of between $40 million and $43 million.