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MSA Safety cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$68.2M in Q3 2026 · $322M over twelve months

Operating cash flow$82.3M
Capital spending−$14.1M
Free cash flow+$68.2M
Cash / net income1.4×
Cash conversion cycle133 days

Analysis

In Q3 2026, MSA Safety generated $82.3M of operating cash flow and spent $14.1M on capital projects, leaving free cash flow of $68.2M. That is $32.3M less than in Q3 2025 ($100M).

Over the twelve months to Sep 30, 2026, operating cash flow was $376M; the largest uses were acquisitions ($565M), buybacks ($139M), dividends ($83.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($494M), other financing ($2.0M); the cash balance rose by $17.5M.

Operating cash flow was $82.3M against net income of $58.4M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$23.0M, payables −$16.7M, prepaid and other assets +$10.2M.

Its cash conversion cycle was 133 days (receivables 62 + inventory 113 − payables 42).

Free cash flow

MSA Safety: free cash flow by quarterMSA Safety: free cash flow by quarter$93.5MQ4 2024$51.0MQ1 2025$37.9MQ2 2025$100MQ3 2025$106MQ4 2025$65.1MQ1 2026$82.7MQ2 2026$68.2MQ3 2026
Operating cash flow less capital spending.
MSA Safety: operating cash flow against capital spendingMSA Safety: operating cash flow against capital spendingOperating cash flowCapital spending$108M$14.4MQ4 2024$61.8M$10.8MQ1 2025$67.2M$29.3MQ2 2025$112M$12.0MQ3 2025$122M$16.3MQ4 2025$75.7M$10.6MQ1 2026$95.4M$12.7MQ2 2026$82.3M$14.1MQ3 2026
Latest (Q3 2026): Operating cash flow $82.3M, Capital spending $14.1M.

Capital allocation, year by year

MSA Safety: where the cash came from (up) and went (down), by fiscal yearMSA Safety: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $199MFY2021: Net borrowing $293MFY2021: Shares issued $5.8MFY2021: Capital spending −$43.8MFY2021: Acquisitions −$392MFY2021: Buybacks −$6.2MFY2021: Dividends −$68.6M$498MFY2021FY2022: Operating cash flow $157MFY2022: Net borrowing −$13.0MFY2022: Shares issued $4.7MFY2022: Capital spending −$42.6MFY2022: Buybacks −$34.4MFY2022: Dividends −$71.5M$162MFY2022FY2023: Operating cash flow $92.9MFY2023: Net borrowing $23.9MFY2023: Shares issued $1.5MFY2023: Capital spending −$42.8MFY2023: Buybacks −$4.0MFY2023: Dividends −$73.5M$118MFY2023FY2024: Operating cash flow $296MFY2024: Net borrowing −$94.3MFY2024: Shares issued $501KFY2024: Capital spending −$54.2MFY2024: Buybacks −$37.3MFY2024: Dividends −$78.8M$297MFY2024FY2025: Operating cash flow $364MFY2025: Net borrowing $67.3MFY2025: Shares issued $569KFY2025: Capital spending −$68.4MFY2025: Acquisitions −$189MFY2025: Buybacks −$90.0MFY2025: Dividends −$82.3M$432MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were acquisitions ($582M) and dividends ($375M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$187M
Debt$1.1B
Net debt$934M
Due within a year$8.2M

MSA Safety funds itself: free cash flow was $322M over the last twelve months, and $187M of cash and investments stands against $1.1B of debt ($8.2M due within a year, 22.8× covered by cash).

MSA Safety: debt maturities by year (FY2025)MSA Safety: debt maturities by year (FY2025)$8.2MYear 1$33.2MYear 2$33.2MYear 3$8.2MYear 4$294MYear 5$208MAfter year 5
Principal due in each year as disclosed in the annual report, against $187M of cash and investments now.

Where the cash came from and went

MSA Safety: sources (+) and uses (−) of cash, Q3 2026MSA Safety: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$563MNet borrowing (+) / repaid (−)$522MOperating cash flow$82.3MDividends−$20.8MCapital spending−$14.1MBuybacks−$12.9MCash drawn (+) / kept (−)$12.8MExchange rates−$5.9MShares issued$3K
MSA Safety: sources (+) and uses (−) of cash, TTM to Q3 2026MSA Safety: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$565MNet borrowing (+) / repaid (−)$494MOperating cash flow$376MBuybacks−$139MDividends−$83.0MCapital spending−$53.7MCash drawn (+) / kept (−)−$17.5MExchange rates−$14.4MOther financing$2.0MOther investing$96KShares issued$84K

From profit to cash

MSA Safety: net income to operating cash flow, Q3 2026MSA Safety: net income to operating cash flow, Q3 2026Net income$58.4MDepreciation & amortization$23.0MStock-based pay$7.6MReceivables$6.3MInventory−$1.7MPayables−$16.7MPrepaid and other assets$10.2MOther operating capital−$361KOperating cash flow$82.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266211342133
Q2 20266112643143
Q1 20266112842147
Q4 20255511839134
Q3 20256312845146
Q2 20256011744133
Q1 20256111944136
Q4 20245111241123

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$82.3M−$14.1M−$563M−$12.9M−$20.8M$522M$3K$12.8M$68.2M
Q2 2026$95.4M−$12.7M—−$26.0M−$20.9M−$13.0M$1K−$20.0M$82.7M
Q1 2026$75.7M−$10.6M—−$60.4M−$20.6M$33.8M$22K−$15.3M$65.1M
Q4 2025$122M−$16.3M−$1.5M−$39.9M−$20.7M−$48.0M$58K$4.9M$106M
Q3 2025$112M−$12.0M—−$1.1M−$20.8M−$49.9M$14K−$23.0M$100M
Q2 2025$67.2M−$29.3M—−$30.5M−$20.8M$173M$267K$23.3M$37.9M
Q1 2025$61.8M−$10.8M—−$18.3M−$20.0M−$7.5M$230K−$6.2M$51.0M
Q4 2024$108M−$14.4M—−$9.9M−$20.1M−$43.3M$7K−$10.1M$93.5M

MSA Safety: income statement and cash flow

MSA Safety, Q3 2026: revenue $536M (+14% year over year), operating margin 16.4%. The chart follows the revenue to costs, profit and cash.

MSA Safety: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.