MSA (MSAfety) Operating Income: $403 Mil (TTM As of Mar. 2026)


MSA MSA Safety Inc MSA
87 GF Score
Price $172.38
GF Value $187.33
Valuation Fairly Valued
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What is MSAfety Operating Income?

MSAfety MSA +0.52% 87 Operating Income is $403 Mil as of Mar. 2026. GuruFocus rates MSA with a GF Score™ of 87/100 and a GF Value™ of $187.33 (Fairly Valued).

MSAfety's Operating Income for the three months ended in Mar. 2026 was $96 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $403 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. MSAfety's Operating Income for the three months ended in Mar. 2026 was $96 Mil. MSAfety's Revenue for the three months ended in Mar. 2026 was $464 Mil. Therefore, MSAfety's Operating Margin % for the quarter that ended in Mar. 2026 was 20.61%.

Good Sign:

MSA Safety Inc operating margin is expanding. Margin expansion is usually a good sign.

MSAfety's 5-Year average Growth Rate for Operating Margin % was 5.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. MSAfety's annualized ROC % for the quarter that ended in Mar. 2026 was 12.93%. MSAfety's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 52.44%.


MSAfety  (NYSE:MSA) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

MSAfety's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=382.168 * ( 1 - 23.36% )/( (2264.292 + 2265.48)/ 2 )
=292.8935552/2264.886
=12.93 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2554.374 - 125.015 - ( 165.067 - max(0, 289.211 - 869.292+165.067))
=2264.292

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2563.986 - 118.348 - ( 180.158 - max(0, 281.267 - 891.672+180.158))
=2265.48

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

MSAfety's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=402.78/( ( (339.993 + max(423.239, 0)) + (334.493 + max(438.321, 0)) )/ 2 )
=402.78/( ( 763.232 + 772.814 )/ 2 )
=402.78/768.023
=52.44 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(306.452 + 343.035 + 54.738) - (125.015 + 0 + 155.971)
=423.239

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(325.011 + 352.314 + 34.189) - (118.348 + 0 + 154.845)
=438.321

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

MSAfety's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=95.542/463.632
=20.61 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


MSAfety Operating Income Related Terms


MSAfety Operating Income Historical Data

* Premium members only.

The historical data trend for MSAfety's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

MSAfety Operating Income Chart

MSAfety Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 224.69 277.95 387.51 399.21 391.52

MSAfety Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 83.76 91.64 98.24 117.88 95.54
MSA
87GF Score
MSA Safety Inc MSA
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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MSAfety Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $403 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $403 Mil mean?
MSAfety (MSA) has a Operating Income of $403 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on MSAfety and its competitors.
Is MSAfety's Operating Income too high?
MSAfety's current Operating Income is $403 Mil. Overall, MSAfety has a GF Score™ of 87/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does MSAfety's Operating Income compare to ADT and BRC?
MSAfety's Operating Income of $403 Mil can be compared against companies in the Business Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Business Services company?
A good Operating Income depends on the Business Services industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on MSAfety and its competitors. MSAfety's current Operating Income is $403 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MSAfety stock overvalued right now?
Based on GuruFocus' analysis, MSAfety (MSA) is currently considered Fairly Valued. The stock's GF Value™ is $187.33, compared to a current price of $172.38 — trading 8% below its estimated fair value. The current Operating Income is $403 Mil. MSAfety's overall GF Score™ is 87/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For MSAfety (MSA), the current Operating Income is $403 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is MSAfety (MSA) Overvalued in 2026?

Based on GuruFocus' analysis, MSAfety stock appears to be undervalued. The current stock price of $172.38 is trading 8% below its estimated GF Value™ of $187.33. GuruFocus considers MSAfety to be Fairly Valued.

Key valuation signals for MSA:

  • Operating Income: $403 Mil
  • GF Value™: $187.33 vs. price of $172.38 (8% below fair value)
  • GF Score™: 87/100

No single metric tells the full story. See the MSA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


MSAfety Business Description

Other Exchanges M07:Germany
Address 1000 Cranberry Woods Drive, Cranberry Township, PA, USA, 16066-5207
MSA Safety Inc makes safety products that are used to protect workers in the oil and gas and mining industries. The company's product offerings include breathing apparatuses, fall protection, portable gas detection systems, industrial head protection, fire and rescue helmets, and fixed gas and flame detection systems, among others. The end markets for its products include the fire service, contractor, industrial, mining, oil and gas, and utilities industries. The company has organized its business into four geographical operating segments that are aggregated into two reportable segments: Americas and International. The majority of its revenue is generated from the Americas segment, which is comprised of the company's operations in Northern North America and Latin America geographies.
87GF Score

Get the complete analysis for MSA

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$172.38
Price
$187.33
GF Value