MSA Safety
MSA Safety Incorporated develops, manufactures, and supplies safety products and technology solutions that protect workers and facility infrastructures worldwide. The company offers breathing apparatus products, including self-contained breathing apparatus; firefighter helmets and protective apparel; and fixed gas and flame detection systems, such as fixed gas detection monitoring systems, flame … Read more
MSA Safety (MSA) - Net Assets
Latest net assets as of December 2025: $1.37 Billion USD
Based on the latest financial reports, MSA Safety (MSA) has net assets worth $1.37 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($2.55 Billion) and total liabilities ($1.19 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $1.37 Billion |
| % of Total Assets | 53.52% |
| Annual Growth Rate | 5.41% |
| 5-Year Change | 63.83% |
| 10-Year Change | 143.58% |
| Growth Volatility | 8.66 |
MSA Safety - Net Assets Trend (1985–2025)
This chart illustrates how MSA Safety's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for MSA Safety (1985–2025)
The table below shows the annual net assets of MSA Safety from 1985 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $1.37 Billion | +19.57% |
| 2024-12-31 | $1.14 Billion | +18.26% |
| 2023-12-31 | $966.80 Million | +4.66% |
| 2022-12-31 | $923.74 Million | +10.71% |
| 2021-12-31 | $834.39 Million | -1.51% |
| 2020-12-31 | $847.19 Million | +15.65% |
| 2019-12-31 | $732.57 Million | +14.55% |
| 2018-12-31 | $639.52 Million | +6.13% |
| 2017-12-31 | $602.58 Million | +7.37% |
| 2016-12-31 | $561.21 Million | +8.52% |
| 2015-12-31 | $517.13 Million | -3.99% |
| 2014-12-31 | $538.63 Million | -5.89% |
| 2013-12-31 | $572.35 Million | +21.59% |
| 2012-12-31 | $470.70 Million | +7.12% |
| 2011-12-31 | $439.41 Million | -3.65% |
| 2010-12-31 | $456.05 Million | +3.79% |
| 2009-12-31 | $439.40 Million | +11.21% |
| 2008-12-31 | $395.12 Million | -14.57% |
| 2007-12-31 | $462.54 Million | +5.64% |
| 2006-12-31 | $437.85 Million | +14.50% |
| 2005-12-31 | $382.40 Million | +1.27% |
| 2004-12-31 | $377.61 Million | +22.66% |
| 2003-12-31 | $307.86 Million | +6.50% |
| 2002-12-31 | $289.06 Million | +14.03% |
| 2001-12-31 | $253.50 Million | +11.94% |
| 2000-12-31 | $226.47 Million | -6.61% |
| 1999-12-31 | $242.50 Million | -0.12% |
| 1998-12-31 | $242.80 Million | +0.58% |
| 1997-12-31 | $241.40 Million | 0.00% |
| 1996-12-31 | $241.40 Million | -4.81% |
| 1995-12-31 | $253.60 Million | -4.66% |
| 1994-12-31 | $266.00 Million | +2.39% |
| 1993-12-31 | $259.80 Million | -1.29% |
| 1992-12-31 | $263.20 Million | -5.73% |
| 1991-12-31 | $279.20 Million | -0.11% |
| 1990-12-31 | $279.50 Million | +13.76% |
| 1989-12-31 | $245.70 Million | +6.27% |
| 1988-12-31 | $231.20 Million | +9.21% |
| 1987-12-31 | $211.70 Million | +12.01% |
| 1986-12-31 | $189.00 Million | +13.92% |
| 1985-12-31 | $165.90 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to MSA Safety's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 768.7% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.55 Billion | 113.11% |
| Common Stock | $343.84 Million | 25.15% |
| Other Comprehensive Income | $-41.78 Million | -3.06% |
| Total Equity | $1.37 Billion | 100.00% |
MSA Safety Competitors by Market Cap
The table below lists competitors of MSA Safety ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
LIG Nex1 Co Ltd
KO:079550
|
$6.30 Billion |
|
Voya Financial Inc
NYSE:VOYA
|
$6.32 Billion |
|
Viavi Solutions Inc
NASDAQ:VIAV
|
$6.32 Billion |
|
Phoenix Group Holdings PLC
PINK:PNXGF
|
$6.33 Billion |
|
Merus BV
NASDAQ:MRUS
|
$6.30 Billion |
|
BYD CO.LTD SDR/0,10 O.N.
F:4BY1
|
$6.30 Billion |
|
Aker BP ASA
PINK:AKRBF
|
$6.29 Billion |
|
First American Corporation
NYSE:FAF
|
$6.29 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in MSA Safety's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,143,319,000 to 1,367,012,000, a change of 223,693,000 (19.6%).
- Net income of 278,924,000 contributed positively to equity growth.
- Dividend payments of 82,344,000 reduced retained earnings.
- Share repurchases of 89,962,000 reduced equity.
- Other comprehensive income increased equity by 99,868,000.
- Other factors increased equity by 17,207,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $278.92 Million | +20.4% |
| Dividends Paid | $82.34 Million | -6.02% |
| Share Repurchases | $89.96 Million | -6.58% |
| Other Comprehensive Income | $99.87 Million | +7.31% |
| Other Changes | $17.21 Million | +1.26% |
| Total Change | $- | 19.57% |
Book Value vs Market Value Analysis
This analysis compares MSA Safety's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 4.99x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 62.58x to 4.99x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $2.77 | $173.53 | x |
| 1986-12-31 | $3.18 | $173.53 | x |
| 1987-12-31 | $3.55 | $173.53 | x |
| 1988-12-31 | $3.88 | $173.53 | x |
| 1989-12-31 | $4.18 | $173.53 | x |
| 1990-12-31 | $4.80 | $173.53 | x |
| 1991-12-31 | $4.85 | $173.53 | x |
| 1992-12-31 | $4.72 | $173.53 | x |
| 1993-12-31 | $4.78 | $173.53 | x |
| 1994-12-31 | $4.93 | $173.53 | x |
| 1995-12-31 | $4.83 | $173.53 | x |
| 1996-12-31 | $5.50 | $173.53 | x |
| 1997-12-31 | $5.87 | $173.53 | x |
| 1998-12-31 | $6.06 | $173.53 | x |
| 1999-12-31 | $6.23 | $173.53 | x |
| 2000-12-31 | $6.10 | $173.53 | x |
| 2001-12-31 | $6.98 | $173.53 | x |
| 2002-12-31 | $7.91 | $173.53 | x |
| 2003-12-31 | $8.29 | $173.53 | x |
| 2004-12-31 | $10.18 | $173.53 | x |
| 2005-12-31 | $10.46 | $173.53 | x |
| 2006-12-31 | $11.86 | $173.53 | x |
| 2007-12-31 | $12.74 | $173.53 | x |
| 2008-12-31 | $10.95 | $173.53 | x |
| 2009-12-31 | $12.17 | $173.53 | x |
| 2010-12-31 | $12.39 | $173.53 | x |
| 2011-12-31 | $11.93 | $173.53 | x |
| 2012-12-31 | $12.71 | $173.53 | x |
| 2013-12-31 | $15.28 | $173.53 | x |
| 2014-12-31 | $14.28 | $173.53 | x |
| 2015-12-31 | $13.70 | $173.53 | x |
| 2016-12-31 | $14.77 | $173.53 | x |
| 2017-12-31 | $15.57 | $173.53 | x |
| 2018-12-31 | $16.41 | $173.53 | x |
| 2019-12-31 | $18.52 | $173.53 | x |
| 2020-12-31 | $21.36 | $173.53 | x |
| 2021-12-31 | $21.15 | $173.53 | x |
| 2022-12-31 | $23.44 | $173.53 | x |
| 2023-12-31 | $24.49 | $173.53 | x |
| 2024-12-31 | $28.92 | $173.53 | x |
| 2025-12-31 | $34.74 | $173.53 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently MSA Safety utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 20.40%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 14.88%
- • Asset Turnover: 0.73x
- • Equity Multiplier: 1.87x
- Recent ROE (20.40%) is above the historical average (12.50%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 15.43% | 6.51% | 1.34x | 1.77x | $9.01 Million |
| 1986 | 11.16% | 5.43% | 1.19x | 1.73x | $2.20 Million |
| 1987 | 6.61% | 3.66% | 1.14x | 1.59x | $-7.17 Million |
| 1988 | 10.47% | 6.09% | 1.10x | 1.56x | $1.08 Million |
| 1989 | 11.19% | 6.63% | 1.07x | 1.58x | $2.93 Million |
| 1990 | 10.45% | 6.16% | 1.07x | 1.59x | $1.25 Million |
| 1991 | 6.70% | 3.73% | 1.15x | 1.56x | $-9.22 Million |
| 1992 | 0.99% | 0.52% | 1.23x | 1.55x | $-23.72 Million |
| 1993 | 4.08% | 2.47% | 1.05x | 1.57x | $-15.38 Million |
| 1994 | 5.75% | 3.33% | 1.10x | 1.57x | $-11.30 Million |
| 1995 | 7.45% | 3.88% | 1.20x | 1.60x | $-6.46 Million |
| 1996 | 9.57% | 4.61% | 1.23x | 1.69x | $-1.04 Million |
| 1997 | 9.07% | 4.39% | 1.23x | 1.68x | $-2.24 Million |
| 1998 | 7.54% | 3.66% | 1.10x | 1.88x | $-5.98 Million |
| 1999 | 6.23% | 3.03% | 1.10x | 1.86x | $-9.15 Million |
| 2000 | 10.26% | 4.96% | 0.96x | 2.16x | $592.50K |
| 2001 | 12.48% | 6.21% | 0.98x | 2.05x | $6.28 Million |
| 2002 | 12.13% | 6.21% | 0.97x | 2.01x | $6.17 Million |
| 2003 | 21.20% | 9.35% | 1.08x | 2.09x | $34.48 Million |
| 2004 | 18.81% | 8.29% | 1.17x | 1.94x | $33.29 Million |
| 2005 | 21.39% | 8.97% | 1.26x | 1.90x | $43.54 Million |
| 2006 | 14.60% | 6.95% | 1.02x | 2.05x | $20.13 Million |
| 2007 | 14.64% | 6.71% | 0.99x | 2.20x | $21.43 Million |
| 2008 | 17.88% | 6.18% | 1.30x | 2.22x | $31.05 Million |
| 2009 | 9.92% | 4.73% | 1.05x | 2.00x | $-366.60K |
| 2010 | 8.44% | 3.90% | 0.82x | 2.65x | $-7.03 Million |
| 2011 | 15.90% | 6.28% | 1.00x | 2.54x | $25.91 Million |
| 2012 | 19.26% | 8.16% | 1.00x | 2.36x | $43.57 Million |
| 2013 | 15.42% | 7.94% | 0.90x | 2.16x | $31.01 Million |
| 2014 | 16.43% | 7.81% | 0.90x | 2.35x | $34.64 Million |
| 2015 | 13.71% | 6.26% | 0.79x | 2.76x | $19.16 Million |
| 2016 | 16.38% | 8.00% | 0.85x | 2.41x | $35.81 Million |
| 2017 | 4.32% | 2.17% | 0.71x | 2.80x | $-34.23 Million |
| 2018 | 19.41% | 9.14% | 0.84x | 2.51x | $60.20 Million |
| 2019 | 19.01% | 9.84% | 0.81x | 2.40x | $65.42 Million |
| 2020 | 14.79% | 9.20% | 0.70x | 2.29x | $40.16 Million |
| 2021 | 2.56% | 1.52% | 0.58x | 2.87x | $-62.10 Million |
| 2022 | 19.45% | 11.76% | 0.64x | 2.57x | $87.26 Million |
| 2023 | 6.06% | 3.28% | 0.82x | 2.24x | $-38.10 Million |
| 2024 | 24.92% | 15.76% | 0.82x | 1.93x | $170.64 Million |
| 2025 | 20.40% | 14.88% | 0.73x | 1.87x | $142.22 Million |
Industry Comparison
This section compares MSA Safety's net assets metrics with peer companies in the Security & Protection Services industry.
Industry Context
- Industry: Security & Protection Services
- Average net assets among peers: $6,547,811,572
- Average return on equity (ROE) among peers: 19.06%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| MSA Safety (MSA) | $1.37 Billion | 15.43% | 0.87x | $6.30 Billion |
| Airborne Security & Protective Services Inc (ABPR) | $-854.54K | 0.00% | 0.00x | $0.92 |
| ADT Inc (ADT) | $4.22 Billion | -14.42% | 3.07x | $3.03 Billion |
| Aether Global Innovations Corp. (AETHF) | $-152.09K | 0.00% | 0.00x | $93.45K |
| Ameriguard Security Services Inc. (AGSS) | $-1.49 Million | 0.00% | 0.00x | $2.10 Million |
| Allegion PLC (ALLE) | $116.40 Million | 196.82% | 18.31x | $12.28 Billion |
| Avante Logixx Inc (ALXXF) | $13.51 Million | -22.42% | 0.86x | $10.92 Million |
| ANTVF (ANTVF) | $254.48 Million | 4.87% | 0.92x | $55.07 Million |
| ASSA ABLOY AB (publ) (ASAZF) | $13.64 Billion | 12.87% | 1.61x | $29.24 Billion |
| Assa Abloy AB (ASAZY) | $47.23 Billion | 14.08% | 1.02x | $13.04 Billion |
| ATWEC Technologies Inc (ATWT) | $1.23 Million | -1.17% | 1.75x | $9.02 |