Mine Safety Appliances, or MSA Safety Incorporated, is an American manufacturer and supplier of safety equipment designed for use in a variety of hazardous conditions in industries such as construction, the military, fire service, and chemical, oil, and gas production. MSA is based in the Pittsburgh suburb of Cranberry.3Wikipedia text CC BY-SA 4.0
Mine Safety Appliances, or MSA Safety Incorporated, is an American manufacturer and supplier of safety equipment designed for use in a variety of hazardous conditions in industries such as construction, the military, fire service, and chemical, oil, and gas production. MSA is based in the Pittsburgh suburb of Cranberry.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$1.9B in 2025+34% since 2019Gross profit1112131410$871.1M in 2025+36% since 2019Operating income1112131410$371.8M in 2025+98% since 2019Net income1112131410$278.9M in 2025+102% since 2019
Revenue101516$503.3M in Q2 FY2026−1% since Q4 FY2025Gross profit101516$249.3M in Q2 FY2026+4% since Q4 FY2025Operating income1516$112.0M in Q2 FY2026+20% since Q1 FY2026Net income101516$86.2M in Q2 FY2026−1% since Q4 FY2025
Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net sales
$1.9B
$1.8B
$1.8B
Cost of products sold
$1.0B
$947.7M
$935.5M
Gross profit
$871.1M
$860.4M
$852.1M
Selling, general and administrative
$414.3M
$394.7M
$396.6M
Research and development
$65.3M
$66.5M
$68.0M
Restructuring charges (Note 4)
$3.9M
$6.4M
$9.9M
Currency exchange losses, net
$15.8M
$3.6M
$17.1M
Loss on divestiture of MSA LLC (Note 21)
$0
$0
$129.2M
Product liability expense (Note 21)
$0
$0
$3.0K
Operating income
$371.8M
$389.2M
$231.3M
Interest expense
$31.8M
$36.9M
$46.7M
Other income, net (Note 17)
-$26.4M
-$22.7M
-$22.1M
Total other expense, net
$5.4M
$14.2M
$24.6M
Income before income taxes
$366.4M
$375.0M
$206.7M
Provision for income taxes (Note 11)
$87.5M
$90.0M
$148.1M
Net income
$278.9M
$285.0M
$58.6M
Basic (in dollars per share)
$7.11
$7.24
$1.49
Diluted (in dollars per share)
$7.09
$7.21
$1.48
Dividends per common share (in dollars per share)
$2.10
$2.00
$1.87
Period ending
2025-12-31
2025-09-30
2025-06-30
2025-03-31
2024-12-31
2024-09-30
2024-06-30
2024-03-31
Net sales
$510.9M
$468.4M
$474.1M
$421.3M
$499.7M
$432.7M
$462.5M
$413.3M
Gross profit
$239.4M
$217.6M
$220.7M
$193.4M
$234.4M
$207.5M
$223.0M
$195.5M
Basic (in dollars per share)
$2.22
$1.78
$1.60
$1.51
$2.23
$1.69
$1.83
$1.48
Diluted (in dollars per share)
$2.21
$1.77
$1.59
$1.51
$2.22
$1.69
$1.83
$1.47
Total assets1112131410$2.6B in 2025+43% since 2019Total liabilities171112131410$1.2B in 2025+18% since 2019Shareholders’ equity1711131410$1.4B in 2025+88% since 2019Cash1112131410$165.1M in 2025+8% since 2019Long-term debt171112131410$572.7M in 2025+74% since 2019
Total assets1516$2.6B in Q2 FY2026+2% since Q1 FY2025Total liabilities1516$1.2B in Q2 FY2026+1% since Q1 FY2025Shareholders’ equity1516$1.4B in Q2 FY2026+3% since Q1 FY2025Cash1516$200.1M in Q2 FY2026+21% since Q1 FY2025Long-term debt1516$591.6M in Q2 FY2026+3% since Q1 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$165.1M
$164.6M
$146.4M
Trade receivables, less allowance for credit loss of $10,286 and $8,047
$306.5M
$279.2M
Inventories (Note 5)
$343.0M
$296.8M
Prepaid income taxes
$22.5M
$18.6M
Prepaid expenses and other current assets
$32.3M
$43.8M
Total current assets
$869.3M
$803.0M
Property, plant and equipment, net (Note 6)
$283.1M
$211.9M
Operating lease right-of-use assets, net (Note 18)
$56.9M
$56.1M
Prepaid pension cost (Note 16)
$279.4M
$224.6M
Deferred tax assets (Note 11)
$21.0M
$26.2M
Goodwill (Note 14)
$731.6M
$620.9M
$627.5M
Intangible assets, net (Note 14)
$299.1M
$246.4M
$266.1M
Other noncurrent assets
$13.9M
$16.7M
Total assets
$2.6B
$2.2B
$2.2B
Notes payable and current portion of long-term debt (Note 13)
$8.2M
$26.4M
Accounts payable
$110.8M
$108.2M
Employees compensation
$57.6M
$54.8M
Income taxes payable (Note 11)
$14.2M
$15.0M
Other current liabilities
$98.3M
$83.7M
Total current liabilities
$289.2M
$288.1M
Long-term debt, net (Note 13)
$572.7M
$481.6M
Pensions (Note 16) and other employee benefits
$143.8M
$134.3M
Noncurrent operating lease liabilities (Note 18)
$46.2M
$46.0M
Deferred tax liabilities (Note 11)
$127.5M
$107.7M
Other noncurrent liabilities
$7.9M
$4.8M
Total liabilities
$1.2B
$1.1B
Preferred stock, 4.5% cumulative, $50 par value (Note 8)
$3.6M
$3.6M
Common stock, no par value (180,000,000 shares authorized; 62,081,391 shares issued; 38,912,629 and 39,260,080 shares outstanding at December 31, 2025 and 2024, respectively)
$343.8M
$330.0M
Treasury shares, at cost (Note 8)
-$484.8M
-$398.2M
Accumulated other comprehensive loss (Note 7)
-$41.8M
-$141.6M
Retained earnings
$1.5B
$1.3B
Total shareholders equity
$1.4B
$1.1B
Total liabilities and shareholders equity
$2.6B
$2.2B
Allowance for credit loss
$10.3M
$8.0M
Preferred stock, par value (in dollars per share)
$50,000.00
$50,000.00
Common stock, shares authorized (in shares)
180.0M shares
180.0M shares
Common stock, shares issued (in shares)
62.1M shares
62.1M shares
Common stock, shares outstanding (in shares)
38.9M shares
39.3M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$165.1M
$164.6M
$146.4M
Trade receivables, less allowance for credit loss of $10,286 and $8,047
$306.5M
$279.2M
Inventories (Note 5)
$343.0M
$296.8M
Prepaid income taxes
$22.5M
$18.6M
Prepaid expenses and other current assets
$32.3M
$43.8M
Total current assets
$869.3M
$803.0M
Property, plant and equipment, net (Note 6)
$283.1M
$211.9M
Operating lease right-of-use assets, net (Note 18)
$56.9M
$56.1M
Prepaid pension cost (Note 16)
$279.4M
$224.6M
Deferred tax assets (Note 11)
$21.0M
$26.2M
Goodwill (Note 14)
$731.6M
$620.9M
$627.5M
Intangible assets, net (Note 14)
$299.1M
$246.4M
$266.1M
Other noncurrent assets
$13.9M
$16.7M
Total assets
$2.6B
$2.2B
$2.2B
Notes payable and current portion of long-term debt (Note 13)
$8.2M
$26.4M
Accounts payable
$110.8M
$108.2M
Employees compensation
$57.6M
$54.8M
Income taxes payable (Note 11)
$14.2M
$15.0M
Other current liabilities
$98.3M
$83.7M
Total current liabilities
$289.2M
$288.1M
Long-term debt, net (Note 13)
$572.7M
$481.6M
Pensions (Note 16) and other employee benefits
$143.8M
$134.3M
Noncurrent operating lease liabilities (Note 18)
$46.2M
$46.0M
Deferred tax liabilities (Note 11)
$127.5M
$107.7M
Other noncurrent liabilities
$7.9M
$4.8M
Total liabilities
$1.2B
$1.1B
Preferred stock, 4.5% cumulative, $50 par value (Note 8)
$3.6M
$3.6M
Common stock, no par value (180,000,000 shares authorized; 62,081,391 shares issued; 38,912,629 and 39,260,080 shares outstanding at December 31, 2025 and 2024, respectively)
$343.8M
$330.0M
Treasury shares, at cost (Note 8)
-$484.8M
-$398.2M
Accumulated other comprehensive loss (Note 7)
-$41.8M
-$141.6M
Retained earnings
$1.5B
$1.3B
Total shareholders equity
$1.4B
$1.1B
Total liabilities and shareholders equity
$2.6B
$2.2B
Allowance for credit loss
$10.3M
$8.0M
Preferred stock, par value (in dollars per share)
$50,000.00
$50,000.00
Common stock, shares authorized (in shares)
180.0M shares
180.0M shares
Common stock, shares issued (in shares)
62.1M shares
62.1M shares
Common stock, shares outstanding (in shares)
38.9M shares
39.3M shares
Cash from operations1112131410$363.9M in 2025+121% since 2019Capital spending1112131410$68.4M in 2025+87% since 2019Free cash flow1112131410$295.4M in 2025+130% since 2019Dividends paid1112131410$82.3M in 2025+30% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$278.9M
$285.0M
$58.6M
Depreciation and amortization
$71.6M
$64.3M
$60.8M
Tax-effected loss on divestiture of MSA LLC (Note 21)
$0
$0
$199.6M
Stock-based compensation (Note 12)
$15.2M
$18.2M
$30.0M
Pension income (Note 16)
-$14.0M
-$8.1M
-$7.9M
Deferred income tax benefit (Note 11)
-$5.0M
-$98.0K
-$8.5M
Loss on asset write-down and dispositions, net
$1.4M
$819.0K
$173.0K
Pension contributions (Note 16)
-$7.0M
-$7.9M
-$5.2M
Currency exchange losses, net
$15.8M
$3.6M
$17.1M
Product liability expense (Note 21)
$0
$0
$3.0K
Product liability payments (Note 21)
$0
$0
-$5.2M
Contribution on divestiture of MSA LLC (Note 21)
$0
$0
-$341.2M
Trade receivables
-$5.2M
-$1.4M
-$7.1M
Inventories (Note 5)
-$10.5M
-$14.7M
$51.6M
Accounts payable
-$4.7M
$3.1M
-$5.5M
Other current assets and liabilities
$26.9M
-$49.1M
$53.5M
Other noncurrent assets and liabilities
$295.0K
$2.7M
$2.2M
Cash Flow From Operating Activities
$363.9M
$296.4M
$92.9M
Capital expenditures
-$68.4M
-$54.2M
-$42.8M
Acquisitions, net of cash acquired (Note 15)
$189.3M
$0
$0
Property disposals and other investing
$79.0K
$468.0K
$2.8M
Cash Flow Used In Investing Activities
-$257.6M
-$53.8M
-$40.0M
Payments on long-term debt (Note 13)
-$1.1B
-$1.2B
-$1.9B
Proceeds from long-term debt (Note 13)
$1.1B
$1.1B
$1.9B
Debt issuance costs
-$3.1M
-$200.0K
-$1.1M
Cash dividends paid
-$82.3M
-$78.8M
-$73.5M
Company stock purchases (Note 8)
-$90.0M
-$37.3M
-$4.0M
Exercise of stock options (Note 8)
$569.0K
$501.0K
$1.5M
Employee stock purchase plan (Note 8)
$2.0M
$1.4M
$963.0K
Cash Flow Used In Financing Activities
-$105.5M
-$208.7M
-$52.3M
Effect of exchange rate changes on cash, cash equivalents and restricted cash
$127.0K
-$17.3M
-$16.7M
Change in cash, cash equivalents and restricted cash
MSA Safety sits at the top of its group. 40 entities, 19 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
MSA GalletSubsidiary · Châtillon-sur-Chalaronne, France
Bacharach Holding Corp. Subsidiary · Delaware, United States
Compañia MSA de Argentina S.A. Subsidiary · Argentina
General Monitors Ireland Limited Subsidiary · Ireland
General Monitors, Inc. Subsidiary · Nevada, United States
Globe Holding Company, LLC Subsidiary · New Hampshire, United States
Latchways plc Subsidiary · United Kingdom
M&C Techgroup Germany GmbH Subsidiary · Germany
MSA (China) Safety Equipment Co. Ltd. Subsidiary · China
MSA (INDIA) LIMITED Subsidiary · Kolkata, India
MSA (Suzhou) Safety Equipment R&D Co., Ltd Subsidiary · China
MSA Advanced Detection, LLC Subsidiary · Pennsylvania, United States
MSA Canada Inc. Subsidiary · Canada
MSA de Chile Ltda. Subsidiary · Chile
MSA de Mexico, S.A. de C.V. Subsidiary · Mexico
MSA do Brasil Ltda. Subsidiary · Brazil
MSA Europe GmbH Subsidiary · Switzerland
MSA Europe Holdings GmbH Subsidiary · Germany
MSA Gallet Holdings SAS Subsidiary · France
MSA Innovation, LLC Subsidiary · Pennsylvania, United States
MSA International Holdings B.V. Subsidiary · Netherlands
MSA International, LLC Subsidiary · Delaware, United States
MSA Italia S.R.L. Subsidiary · Italy
MSA Nederland B.V. Subsidiary · Netherlands
and 14 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What MSA Safety reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our principal executive offices are located at 1000 Cranberry Woods Drive, Cranberry Township, PA, United States. We own or lease our primary facilities. Our primary manufacturing locations in the Americas segment are located in Cranberry Township, PA; Jacksonville, NC; Murrysville, PA; New Kensington, PA; Pittsfield, NH,; and Querétaro, Mexico, and our primary distribution center is located in New Galilee, PA. The primary manufacturing locations in the International segment are located in Berlin, Germany; Bristol, United Kingdom; Ratingen, Germany; Châtillon-sur-Chalaronne, France; Galway, Ireland; Chelalate, Morocco; Suzhou, China and Aach, Germany. Our primary research and development centers are located in Berlin, Germany; Cranberry Township, PA; Suzhou, China; Johannesburg/Cape Town, South Africa; and Châtillon-sur-Chalaronne, France.
We believe that all of our facilities, including the manufacturing facilities, are in good repair and in suitable condition for the purposes for which they are used.
MSA was founded on June 14, 1914 after development of the Edison Safety Mining Lamp by mining engineer John T. Ryan Sr. and George H. Deike with help from Thomas Edison following a terrible mine explosion in West Virginia in 1912. The mining lamp was a battery-powered headlamp for miners to help prevent methane-related explosions caused by open flame lamps. Since the turn of the 21st century, MSA has seen record sales. Only a small portion of the company's current products involve mining related products. The company’s competitors include Industrial Scientific Corporation, RAE Systems and Dräger.
In May 2026, MSA announced that it would buy Autronica Fire & Security, which sells fire and gas detection systems, for $555 million from Sentinel Capital Partners.
Mine Safety Appliances Co. has been manufacturing oxygen breathing apparatus for decades.
Their "Chemox" chemical rebreather, primarily designed for use in mines, has been modified for use on Mount Everest in 1952 and 1986. They are stated to be simple in construction and operation. It is essentially a canister of potassium superoxide connected to one-way flow valves to an air bag and thence to the user, as in Rebreathers whose absorbent releases oxygen hereinabove. There are no controls or operable valves of any kind. Breathing rate controls oxygen production. The main disadvantage is the 4-lbs canisters are good for only about 45-minutes of rapid climbing before another canister must be switched in. The canisters supply about 6 hours of sleeping oxygen.
Hard hats
MSA also produces protective hard hats. MSA went on to produce a lighter and more streamlined helmet known as the "Topgard" in the 1960s. MSA brand firefighting helmets were notably used by the Los Angeles County Fire Department and were seen regularly on 1970s TV shows.
MSA continues to manufacture firefighting protective helmets and in 2000 acquired competitor, Cairns Helmets.
Apr 29, 2025Reported quarterly or annual results88
Feb 12, 2025Reported quarterly or annual results89
Oct 23, 2024Reported quarterly or annual results90
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
410 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 50 major events, 274 insider forms, 18 large holders, 48 other. The latest 20:
36 open-market trades by officers, directors and large owners since October 2021: 1 buys and 35 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 12, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks MSA Safety names in Item 1A of its 10-K filed Feb 12, 2026: 28 risks under these headings, as written.18
RISKS RELATED TO LEGAL AND REGULATORY CHALLENGES
Claims of injuries or potential safety issues or quality concerns could be made against our various subsidiaries.
Our subsidiaries may experience losses from product liability claims, which could have a material adverse effect on our business, operating results, financial condition and liquidity.
Our ability to market and sell our products and solutions is subject to existing government laws, regulations and standards. Changes in such laws, regulations and standards or our failure to comply with them could materially and adversely affect our results of operations.
We are subject to various federal, state and local laws and regulations across our global organization and any violation of these laws or regulations could adversely affect our results of operations.
We are subject to various environmental laws, regulations and ordinances, any violation of which could adversely affect our results of operations.
We are subject to risks related to our sustainability activities and disclosures.
We are subject to various U.S. and foreign tax laws and any changes in these laws related to the taxation of businesses and resolutions of tax disputes could adversely affect our results of operations.
RISKS RELATED TO SUPPLY AND MANUFACTURING
Our future results are subject to the risk that purchased components and materials are unavailable or available at excessive cost due to material shortages, tariff changes, excessive demand, currency fluctuation, inflationary pressure and other factors.
Our plans to continue to improve productivity, execute restructuring programs (such as to improve profitability), reduce complexity, and meet other operating objectives may not be successful, which could adversely affect our ability to compete.
We are subject to risks related to various U.S. and foreign climate regulations and any changes in these regulations related to climate disclosure and penalties for non-compliance could adversely affect our results of operations.
The other 18 risks
RISKS RELATED TO ECONOMIC, MARKET AND COMPETITIVE CONDITIONS
Unfavorable economic and market conditions could materially and adversely affect our business, results of operations and financial condition.
Pandemics or disease outbreaks may cause unfavorable economic or market conditions which could impact demand patterns and/or disrupt global supply chains and manufacturing operations. Collectively, these outcomes could materially and adversely affect our business, results of operations and financial condition.
A reduction in the spending patterns of government customers, prolonged or recurring government shutdowns or reductions in government staffing, or delays in obtaining government approval for our products and solutions could materially and adversely affect our net sales, earnings and cash flow.
The markets in which we operate are highly competitive, and some of our competitors have greater financial and other resources than we do. The competitive pressures faced by us could materially and adversely affect our business, results of operations and financial condition.
RISKS RELATED TO NEW AND ADJACENT INITIATIVES
Our plans to improve future profitability through restructuring programs may not be successful and could lead to unintended consequences.
Our inability to successfully identify, consummate and integrate current and future acquisitions or to realize anticipated cost savings and other benefits could adversely affect our business. Additionally, divestitures may expose us to alleged potential liabilities which could adversely affect our business.
If we fail to introduce successful new products or solutions or extend our existing portfolio, we could lose our market position and our financial performance could be materially and adversely affected.
RISKS RELATED TO CYBERSECURITY OR MISAPPROPRIATION OF OUR CRITICAL INFORMATION
A failure of our information systems or a cybersecurity breach could materially and adversely affect our business, results of operations and financial condition.
Our continued success depends on our ability to protect our intellectual property. If we are unable to protect our intellectual property, our business could be materially and adversely affected.
RISKS RELATED TO HUMAN CAPITAL MANAGEMENT
If we lose any of our key personnel or are unable to attract, train and/or retain qualified employees for our global workforce or properly plan the succession of senior management, our ability to manage our business and continue our growth could be negatively impacted.
RISKS RELATED TO DOING BUSINESS INTERNATIONALLY
We have significant international operations, are subject to the risks of doing business in foreign countries and global supply chains, and may be impacted by external factors including those we may be unable to control.
Because we derive a significant portion of our sales from the operations of our foreign subsidiaries, future currency exchange rate fluctuations could adversely affect our results of operations and financial condition and could affect the comparability of our results between financial periods.
We benefit from free trade laws and regulations, such as the United States-Mexico-Canada Agreement and any changes to these laws and regulations could adversely affect our results of operations.
GENERAL RISK FACTORS
Damage to the reputation of MSA or to one or more of our Company brands could adversely affect our business.
If our goodwill, other intangible assets and long-lived assets become impaired, we may be required to record significant non-cash charges to earnings.
Failure to effectively harness and/or protect Company data or to incorporate, or improperly incorporating, Artificial Intelligence (AI) could damage our business.
Risks related to our defined benefit pension and other post-retirement plans could adversely affect our results of operations and cash flow.
If we fail to meet our debt service requirements or the restrictive covenants in our debt agreements or if interest rates increase, our results of operations and financial condition could be materially and adversely affected.
Legal proceedings
Please refer to Note 21—Contingencies to the consolidated financial statements in Part II Item 8 of this Form 10-K.
