MSA Safety (MSA) is drawing attention after unveiling upgrades to its G1 XR Edition Self-Contained Breathing Apparatus and expanding connected safety tools, including the FireGrid Incident Command API, at FDIC International.

The new firefighter safety launches arrive after a softer patch for the shares, with a 30-day share price return of 3.51% and a 90-day share price return of 6.36%. At the same time, the 1-year total shareholder return sits at 12.09% and the 3-year total shareholder return at 35.64%, pointing to longer term momentum that contrasts with recent weakness.

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With the shares recently seeing a 30-day return of 3.51% and trading at a reported 35% intrinsic discount, the key question is whether this reflects genuine value or if the market is already pricing in future growth.

Most Popular Narrative: 18.4% Undervalued

With MSA Safety last closing at $169.85 against a narrative fair value of $208.14, the current setup hinges on how recurring, connected safety revenue shapes future earnings.

Robust growth in connected safety solutions (such as MSA+ and ALTAIR io 4) reflects increasing customer adoption of advanced, cloud-connected worker technologies, a trend driven by heightened workplace safety requirements and industrial digitization. This positions MSA for above-average revenue and margin expansion as these premium products command higher prices. Strategic R&D investments and fast innovation cycles (with imminent new product launches like the io 6) are allowing MSA to continually upgrade its product portfolio, supporting sustained organic growth rates and higher EBITDA margins due to market-leading offerings and product mix improvement.

Curious what justifies paying up for a safety equipment maker? The core of this narrative is a different mix of revenue, higher margins and a valuation multiple usually reserved for faster growing sectors. Want to see which long term earnings and cash flow assumptions sit behind that gap between price and fair value? The full narrative lays out every step in that 7.07% discount rate model.

Result: Fair Value of $208.14 (UNDERVALUED)

However, you also need to factor in risks such as ongoing cost pressures from tariffs and foreign exchange, as well as softer demand in core Fire Service and industrial PPE lines.

Next Steps

The mix of optimism and caution in this article is clear, so it makes sense to look at the numbers yourself and stress test the narrative. To see what specific positives others are watching, review the 3 key rewards

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.