MSA Safety (MSA) Q4 2025 earnings summary

Executive summary

• Achieved solid 2025 results with $1.9 billion in net sales (up 4%), strong free cash flow, and robust growth in detection and fall protection, despite fire service timing delays and mixed industrial markets.

• Detection became the largest product category, with significant organic growth, while fire service sales declined due to market timing and government-related delays.

• Successfully integrated M&C TechGroup, expanding the detection portfolio and contributing to EPS growth.

• Maintained a healthy backlog, strong balance sheet, and above-market growth in strategic accelerators, with 37% product vitality and world-class safety performance.

• Accelerated adoption of the connected ecosystem, protecting over 40 million workers globally and deploying $485 million in capital.

Financial highlights

• Q4 net sales were $511 million, up 2% year-over-year; full-year net sales reached $1.9 billion, up 4%.

• Q4 adjusted EPS was $2.38 (up 6%); full-year adjusted EPS was $7.93 (up 3%).

• Q4 GAAP gross margin was 46.9%; full-year gross profit margin was 46.5%.

• Adjusted operating margin for the year was 22.1%, down 80 bps; adjusted EBITDA margin was 25.2%.

• Free cash flow for the year was $295 million, up 22%, with a 106% conversion rate.

Outlook and guidance

• 2026 outlook projects mid-single-digit organic sales growth, with M&C adding ~1% to revenue and continued momentum in detection, connected ecosystem, and fall protection.

• End markets expected to be positive in energy/chemical, neutral in fire service, general industrial, and construction.

• Modeling assumptions include interest expense of $28–$31 million and a tax rate in the mid-20s%.

• Anticipate normal seasonal patterns, with Q1 typically the lowest.

• Confident in navigating macro uncertainty and achieving 2028 targets.