What is the primary revenue source for MSA Safety (MSA)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze MSA's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out MSA Safety's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How MSA Safety Makes Money: MSA Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 2.93 percentage points year over year.

Revenue: USD 966.96M
Largest revenue segment share (Detection): 39.53%
Cost of revenue: USD 498.09M
Selling, general and administrative: USD 221.76M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueNet sales · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of products sold · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Detection)Detection · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Goodwill: USD 726.05M
Inventory: USD 350.12M
Accounts receivable: USD 347.88M
Total liabilities: USD 1.20B
Shareholder equity: USD 1.40B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Shareholder equityTotal shareholders’ equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories (note 5) · InventoryNet
Accounts receivableTrade receivables, less allowance for credit loss of $10,434 and $10,286 · AccountsReceivableNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 108.64% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 157.46M
Operating cash flow: USD 171.06M
Cash conversion: 108.64%
Free cash flow: USD 147.80M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 41.41M
Share repurchases: USD 86.40M
Stock issuance proceeds: USD 23.00K
Net shareholder return: USD 127.79M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of dividends · PaymentsOfDividends · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of equity · PaymentsForRepurchaseOfEquity · abs(node_value)
Stock issuance proceedsExercise of stock options (note 8) · ProceedsFromStockOptionsExercised · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?