MSA Safety Incorporated (NYSE: MSA) has announced its financial results for the fourth quarter and full-year 2025. In the fourth quarter, the company achieved net sales of $511 million, representing a 2% increase under GAAP and a 3% organic decrease year-over-year. The company's GAAP operating income was $114 million, or 22.3% of net sales, and adjusted operating income was $122 million, or 23.9% of net sales. GAAP net income was $87 million, or $2.21 per diluted share, and adjusted earnings were $93 million, or $2.38 per diluted share.
For the full-year 2025, MSA achieved net sales of $1.9 billion, a 4% increase under GAAP and a 1% organic increase year-over-year. The company's GAAP operating income was $372 million, or 19.8% of net sales, and adjusted operating income was $415 million, or 22.1% of net sales. GAAP earnings were $279 million, or $7.09 per diluted share, and adjusted earnings were $312 million, or $7.93 per diluted share.
MSA Safety returned a total of $61 million to shareholders through $40 million of share repurchases and $21 million of dividends. The company also repaid $48 million of debt and invested $16 million in capital expenditures.
In terms of the balance sheet, MSA Safety maintained a strong liquidity position with net debt at the end of the fourth quarter standing at $416 million, and the company's net leverage ratio was 0.9x at December 31, 2025. The company's ample liquidity of $1.2 billion provides optionality around execution of strategic growth initiatives, including acquisitions.
Looking ahead, MSA Safety is expecting mid-single digit full-year organic sales growth in 2026. The company anticipates tailwinds from increasing global safety standards, favorable demand for fixed and portable detection, carry-over from fire service late afg funding, and positive contribution from strategic pricing actions. However, it also expects headwinds from continued macroeconomic, tariff, and geopolitical policy uncertainty, as well as mixed industrial end market demand globally.
The figures illustrate the financial performance of MSA Safety Incorporated for the specified period, showcasing both the challenges and successes the company experienced. As a result of these announcements, the company's shares have moved 0.88% on the market, and are now trading at a price of $184.64. If you want to know more, read the company's complete 8-K report here.
