MSA on NYSE

MSA Safety

Logo: MSA Safety Incorporated, Public domain, via Wikimedia Commons4

American manufacturing company

Mine Safety Appliances, or MSA Safety Incorporated, is an American manufacturer and supplier of safety equipment designed for use in a variety of hazardous conditions in industries such as construction, the military, fire service, and chemical, oil, and gas production. MSA is based in the Pittsburgh suburb of Cranberry.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

1914Founded1

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  • TickerMSA on NYSE1
  • Industrypersonal protective equipment1
  • HeadquartersPittsburgh1
  • Websitewww.msasafety.com
  • Slogan“The Safety Company”1
  • Business address1000 Cranberry Woods Drive, Cranberry Township, Pa 160665
  • Filer categoryLarge accelerated filer5

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PalmercarpenterA
Photo: Alfred T. Palmer, Public domain, via Wikimedia Commons7

Mine Safety Appliances, or MSA Safety Incorporated, is an American manufacturer and supplier of safety equipment designed for use in a variety of hazardous conditions in industries such as construction, the military, fire service, and chemical, oil, and gas production. MSA is based in the Pittsburgh suburb of Cranberry.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

46.5%Gross margin8
19.8%Operating margin8
14.9%Net margin8
3.7%Revenue growth, 20258
20.4%Return on equity8
0.42×Debt to equity8
$295.4MFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Detection brought in 41% of the revenue MSA Safety broke down this way in fiscal 2025.

  1. Detection$763.4M841%up 19% from 2024
  2. Firefighter Safety$647.5M835%down 9% from 2024
  3. Industrial PPE And Other$463.9M825%up 2% from 2024
Products and services by year
Products and services202320242025
Detection$634.9M$642.8M$763.4M
Firefighter Safety$684.2M$712.7M$647.5M
Industrial PPE And Other$468.5M$452.7M$463.9M

Business segments

Americas brought in 51% of the revenue MSA Safety broke down this way in fiscal 2025.

  1. Americas$1.3B851%up 1% from 2024
  2. International$613.0M825%up 9% from 2024
  3. International$613.0M825%up 9% from 2024
Business segments by year
Business segments202320242025
Americas$1.2B$1.2B$1.3B
International$552.1M$561.5M$613.0M
International$552.1M$561.5M$613.0M

Regions

United States brought in 50% of the revenue MSA Safety broke down this way in fiscal 2025.

  1. United States$943.4M850%down 1% from 2024
  2. Outside the United States$931.5M850%up 9% from 2024
Regions by year
Regions202320242025
United States$961.1M$955.0M$943.4M
Outside the United States$826.6M$853.2M$931.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue54¢$1.0B
  • Research and development3¢$65.3M
  • Selling, general and admin22¢$414.3M
  • Other costs1¢$25.1M
  • Income tax5¢$87.5M
  • Profit15¢$278.9M

Out of $1.9B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Capital spending19¢$68.4M
  • Dividends paid23¢$82.3M
  • Kept or used elsewhere59¢$213.1M

Out of $363.9M of cash from operations.8

Financial statements

Revenue91011128$1.9B in 2025+34% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.4B$1.4B20192020: $1.3B$1.3B2020−4%2021: $1.4B$1.4B2021+4%2022: $1.5B$1.5B2022+9%2023: $1.8B$1.8B2023+17%2024: $1.8B$1.8B2024+1%2025: $1.9B$1.9B2025+4%
Gross profit91011128$871.1M in 2025+36% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $638.6M$638.6M20192020: $595.5M$595.5M2020−7%2021: $615.3M$615.3M2021+3%2022: $673.8M$673.8M2022+10%2023: $852.1M$852.1M2023+26%2024: $860.4M$860.4M2024+1%2025: $871.1M$871.1M2025+1%
Operating income91011128$371.8M in 2025+98% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $188.2M$188.2M20192020: $171.9M$171.9M2020−9%2021: $22.8M$22.8M2021−87%2022: $239.1M$239.1M2022+950%2023: $231.3M$231.3M2023−3%2024: $389.2M$389.2M2024+68%2025: $371.8M$371.8M2025−4%
Net income91011128$278.9M in 2025+102% since 2019
0$100.0M$200.0M$300.0M2019: $138.0M$138.0M20192020: $124.1M$124.1M2020−10%2021: $21.3M$21.3M2021−83%2022: $179.6M$179.6M2022+742%2023: $58.6M$58.6M2023−67%2024: $285.0M$285.0M2024+386%2025: $278.9M$278.9M2025−2%

Every line of the income statement in the latest annual report, as filed.8

Period ending2025-12-312024-12-312023-12-31
Net sales$1.9B$1.8B$1.8B
Cost of products sold$1.0B$947.7M$935.5M
Gross profit$871.1M$860.4M$852.1M
Selling, general and administrative$414.3M$394.7M$396.6M
Research and development$65.3M$66.5M$68.0M
Restructuring charges (Note 4)$3.9M$6.4M$9.9M
Currency exchange losses, net$15.8M$3.6M$17.1M
Loss on divestiture of MSA LLC (Note 21)$0$0$129.2M
Product liability expense (Note 21)$0$0$3.0K
Operating income$371.8M$389.2M$231.3M
Interest expense$31.8M$36.9M$46.7M
Other income, net (Note 17)-$26.4M-$22.7M-$22.1M
Total other expense, net$5.4M$14.2M$24.6M
Income before income taxes$366.4M$375.0M$206.7M
Provision for income taxes (Note 11)$87.5M$90.0M$148.1M
Net income$278.9M$285.0M$58.6M
Basic (in dollars per share)$7.11$7.24$1.49
Diluted (in dollars per share)$7.09$7.21$1.48
Dividends per common share (in dollars per share)$2.10$2.00$1.87

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The story

MSA was founded on June 14, 1914 after development of the Edison Safety Mining Lamp by mining engineer John T. Ryan Sr. and George H. Deike with help from Thomas Edison following a terrible mine explosion in West Virginia in 1912. The mining lamp was a battery-powered headlamp for miners to help prevent methane-related explosions caused by open flame lamps. Since the turn of the 21st century, MSA has seen record sales. Only a small portion of the company's current products involve mining related products. The company’s competitors include Industrial Scientific Corporation, RAE Systems and Dräger.

In May 2026, MSA announced that it would buy Autronica Fire & Security, which sells fire and gas detection systems, for $555 million from Sentinel Capital Partners.

From Wikipedia’s article on MSA Safety, shared under CC BY-SA 4.0.6

Leadership

Who has led MSA Safety, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. William M. Lambert2008–2018
  2. Nishan J. Vartanian2018–2024
  3. Steven C. Blanco Sr.2025–now

Chair

  1. William M. Lambert2017–2018

President

  1. William M. Lambert2007–2017
  2. Kerry M. Bove2011–2017
  3. Ronald N. Herring Jr.2012–2017
  4. Nishan J. Vartanian2017–2023
  5. Stephanie L. Sciullo2024–now
  6. Steven C. Blanco Sr.2024

Chief financial officer

  1. Dennis L. Zeitler2003–2013
  2. Stacy Powell McMahan2014–2015
  3. Kenneth D. Krause2015–2022
  4. Lee B. McChesney2022–2025
  5. Elyse L. Brody2025
  6. Julie A. Beck2025–now

Chief operating officer

  1. William M. Lambert2007–2008
  2. Nishan J. Vartanian2017–2018
  3. Steven C. Blanco Sr.2024
197019801990200020102020
Board members and other officers (40)

Products and brands

  • eye protection
  • gas mask
  • hearing protection
  • personal protective equipment

Listed on Wikidata.1

Breathing Apparatus

Mine Safety Appliances Co. has been manufacturing oxygen breathing apparatus for decades.

Their "Chemox" chemical rebreather, primarily designed for use in mines, has been modified for use on Mount Everest in 1952 and 1986. They are stated to be simple in construction and operation. It is essentially a canister of potassium superoxide connected to one-way flow valves to an air bag and thence to the user, as in Rebreathers whose absorbent releases oxygen hereinabove. There are no controls or operable valves of any kind. Breathing rate controls oxygen production. The main disadvantage is the 4-lbs canisters are good for only about 45-minutes of rapid climbing before another canister must be switched in. The canisters supply about 6 hours of sleeping oxygen.

Hard hats

MSA also produces protective hard hats. MSA went on to produce a lighter and more streamlined helmet known as the "Topgard" in the 1960s. MSA brand firefighting helmets were notably used by the Los Angeles County Fire Department and were seen regularly on 1970s TV shows.

MSA continues to manufacture firefighting protective helmets and in 2000 acquired competitor, Cairns Helmets.

From Wikipedia’s article on MSA Safety, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries

  • MSA Gallet
  • Mine Safety Appliances

From Wikidata.1

Former names

  • MINE SAFETY APPLIANCES COMay 11, 1994 to Mar 6, 20145

Timeline

  1. Feb 20, 2025New chief executive Steven C. Blanco Sr. becomes CEO16
  2. May 21, 2018New chief executive Nishan J. Vartanian becomes CEO17
  3. Jun 9, 2008New chief executive William M. Lambert becomes CEO18
  4. 1914Founded Founded1

Recent filings

  1. Sep 16, 20264
  2. Sep 14, 20264
  3. Sep 14, 20264
  4. Sep 14, 20264
  5. Sep 14, 20264
  6. Sep 1, 20264
  7. Aug 18, 2026144
  8. Aug 11, 20264
  9. Aug 7, 2026144
  10. Aug 5, 20264
  11. Aug 5, 20264
  12. Jul 31, 202610-Q
  13. Jul 30, 20268-K
  14. Jul 22, 20263
  15. Jul 21, 20268-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

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