MSA Safety (MSA) just wrapped up FY 2025 with Q4 revenue of US$510.9 million and basic EPS of US$2.22, setting the tone for how the full year lands for shareholders watching the top and bottom line. The company has seen quarterly revenue move from US$432.7 million in Q3 2024 to US$468.4 million in Q3 2025 and then to US$510.9 million in Q4 2025, while basic EPS over that span shifted from US$1.69 to US$1.78 and then to US$2.22. This feeds into a trailing twelve month EPS of US$7.11 and keeps the focus firmly on how efficiently those sales are being turned into earnings.

See our full analysis for MSA Safety.

With the headline numbers on the table, the next step is to measure them against the widely held narratives about MSA Safety's growth, profitability and risk profile to see which views line up with the data and which ones get stressed by this latest set of results.

Net margin at 14.9% keeps profitability solid

• Over the last 12 months, MSA Safety reported net income of US$278.9 million on US$1.9b in revenue, which works out to a 14.9% net margin that sits alongside basic EPS of US$7.11 on a trailing basis.
• Consensus narrative talks about resilient profitability supported by pricing and cost initiatives, and the current 14.9% margin plus Q4 net income of US$86.9 million help that view, but:
  • Trailing net margin is described as having moved from 15.8% to 14.9%. The recent year therefore did not keep pace with the earlier 5 year earnings growth rate of 34.6% per year that bulls often point to.
  • Q4 2025 net income of US$86.9 million is close to Q4 2024’s US$87.9 million. This suggests solid profitability but not a clear step up to match the stronger long term growth history that optimistic investors highlight.

If you want to see how this earnings profile fits into the more optimistic take on MSA’s future, check out the detailed bull case for the company here: 🐂 MSA Safety Bull Case

Valuation premium vs peers, yet below DCF fair value

• MSA trades on a trailing P/E of 28.5x compared with a US Commercial Services industry average of 25.1x and a peer average of 18.1x, even though the current share price of US$203.08 is described as about 30.5% below a DCF fair value of US$292.09.
• Bears focus on that premium P/E, and the data partly backs their caution but also adds a twist:
  • Compared with the analyst price target of US$193.14, the current US$203.08 price sits above that target. This lines up with concerns that the market may already be paying up relative to earnings forecasts of about 11.1% growth per year.
  • At the same time, the DCF fair value of US$292.09 is well above today’s price. That challenges the bearish view that the stock is simply expensive without any longer term value support in the models cited.

Skeptics watching that premium P/E and mixed value signals may want the full cautious angle on the story before deciding: 🐻 MSA Safety Bear Case

5.2% revenue growth forecast vs 11.1% earnings growth

• Analysts see revenue growing around 5.2% per year while earnings are forecast to grow roughly 11.1% per year, off a trailing 12 month earnings base of US$278.9 million, which implies a focus on margin and mix rather than just chasing top line expansion.
• Analysts’ consensus view links this slower revenue line with higher margin products and cost work, and the reported numbers give that story both support and some pushback:
  • The last 12 months of revenue at US$1.9b and trailing 5 year earnings growth of 34.6% per year show that earnings have historically risen faster than sales, which is consistent with a mix shift toward higher value offerings mentioned in the consensus narrative.
  • However, the same summary notes that net margin slipped from 15.8% to 14.9% over the most recent year. This suggests that relying on margin expansion alone to reach the forecast US$377.8 million of earnings by around 2028 may face more pressure if revenue only tracks that 5.2% growth path.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for MSA Safety on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

See the numbers through a different lens? Take a couple of minutes to test your own view against the data and shape a narrative that fits it, then Do it your way

A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding MSA Safety.

Explore Alternatives

MSA Safety carries a premium P/E while net margins have eased and recent quarterly earnings sit close to last year, leaving some investors questioning value support.

If that mix of rich pricing and softer margin progress feels uncomfortable, check out 55 high quality undervalued stocks today and see which companies pair earnings power with more modest expectations.

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.