MSA Safety Incorporated MSA
MSA Safety delivers a quality industrial profile with 21.4% operating margins and 15.8% FCF margins in FY2025, but EPS declined 1.7% and the stock trades at a 25% PE premium to the peer median. Q2 2026 results showed higher sales, earnings, and cash flow with mid-single-digit organic growth guidance maintained, and the Autronica Fire and Security acquisition closed in early July, yet Chairman Vartanian's $3.9M share sale on August 7 and $23.5M of net insider selling over 24 months temper enthusiasm.
Smart money interest is improving with 52 funds holding the stock as of Q2 2026 versus 40 a year earlier, and the price sits above both its 50-day and 200-day moving averages, but the modest growth profile does not justify adding at current premium levels.
What could go wrong
- Valuation premium. PE of 23.5 is 25.4% above the peer median of 18.7, and PS of 3.75 is 114.6% above the peer median, leaving little room for error if growth disappoints.
- Insider selling. Chairman Vartanian sold 20,000 shares for $3.9M on August 7, 2026, and net insider value over 24 months is -$23.5M despite a positive net share count of 92,071.
- Margin compression. Gross margin contracted from 47.6% in FY2024 to 46.5% in FY2025, and EPS declined 1.7% year-over-year, signaling cost or mix pressure.
- Acquisition integration. Autronica Fire and Security closed in early July 2026; integration execution and any impact on margins or leverage are untested.
What would change my mind
Where this comes from: derived_metrics FY2025 · derived_metrics FY2025 · peer_relative · insider transactions. Orin's read on MSA; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All MSA filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Portfolio Management | $319.3M | 0.0% of fund |
| Vanguard Capital Management | $298.3M | 0.0% of fund |
| State Street | $283.8M | 0.0% of fund |
| Jpmorgan Chase & | $137.4M | 0.0% of fund |
| Geode Capital Management | $120.8M | 0.0% of fund |
| Bank of New York Mellon | $117.5M | 0.0% of fund |
65 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 133 Form 4 filings, net −$23.5M. Of the 50 on hand, 1 was an open-market purchase and 2 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about MSA
Orin answers questions about MSA from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 22.7× | — | 44.5× |
| EV/EBITDA | 14.4× | — | — |
| P/S | 3.63× | — | — |
| P/B | 5.1× | — | — |
10.1%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.3B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$210
$197 – $223 · +15% against today's price
- 7 buy or overweight
- 5 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| MSAMSA Safety Incorporated | $7B | 22.7× | 14.4× | 47.6% | 16.1% | 23% |
| ADTADT Inc. | $5B | 8.2× | 4.6× | 51.4% | 12.0% | 17% |
| FBINFortune Brands Innovations, Inc. | $5B | 31.7× | 15.4× | 45.6% | 3.4% | 6% |
| GATXGATX Corporation | $7B | 18.3× | 17.5× | 46.2% | 17.9% | 13% |
| GTESGates Industrial Corporation plc | $7B | 18.4× | 11.4× | 40.5% | 10.4% | 11% |
| MIDDThe Middleby Corporation | $5B | — | — | 38.0% | -13.2% | -18% |
| MOG-AMoog Inc. | $12B | 31.5× | 21.1× | 27.9% | 8.7% | 18% |
The median is of the 5 peers listed above and nothing else — check it against the column. This company trades 23.1% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.