MSA Safety Incorporated Financial Ratios — MNESP Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	9.43	10.88	9.89	9.28	7.08	8.8	2.43	11.23	11.55	9.59	1.6	13.06	4.04	18.17	15.63
Return on Assets (%)	6.04	8.14	7.52	7.08	5.27	6.62	1.71	7.54	8.24	6.78	0.99	7.53	2.58	13.02	11.72
Return on Capital (%)	7.13	8.43	8.16	7.83	5.88	6.78	2.58	8.99	9.3	7.76	1.68	9.79	3.46	14.41	12.74
Return on Invested Capital (%)	10.06	12.09	12.67	12.03	9.28	10.7	16.91	17.48	17.69	15.82	15.54	13.94	6.96	18.22	16.1
Gross Margin (%)	41.19	44.09	44.68	45.45	44.31	45.43	45.03	45.05	45.55	44.17	43.95	44.1	47.67	47.59	46.46
EBITDA Margin (%)	13.86	15.08	15.52	15.37	14.94	17.61	18.94	20.05	20.56	21.25	19.64	21.88	25.08	25.64	24.7
Operating Margin (%)	10.9	12.23	12.75	12.73	12.13	14.54	15.77	17.26	17.85	18.31	16.05	18.19	21.68	22.08	20.88
Incremental Operating Margin (%)	34.49	-609.32	370.96	11.56	228.95	159.81	45.7	28.28	36.23	6.3	-42.72	41.68	42.19	57.13	-11.54
Pretax Margin (%)	9.08	11.65	10.8	11.22	9.82	13.22	2.49	11.95	13.25	12.47	1.69	15.61	11.56	20.74	19.54
Profit Margin (%)	6.28	8.16	7.94	7.81	6.26	8	2.17	9.14	9.84	9.2	1.52	11.76	3.28	15.76	14.88
Net Income to Common Margin (%)	6.28	8.16	7.94	7.81	6.26	8	2.17	9.14	9.84	9.2	1.52	11.75	3.27	15.76	14.88
Effective Tax Rate (%)	33.45	32.01	29.26	32.27	40	38.05	9.47	22.93	25.06	25.58	7.69	24.69	71.66	24.01	23.87
Dvd Payout Ratio (%)	55.94	57.23	51.89	53.27	74.31	51.1	188.54	45.39	45.22	52.74	308.83	39.79	125.46	27.63	29.51
Sustainable Growth Rate (%)	4.15	4.65	4.76	4.34	1.82	4.3	-2.15	6.13	6.33	4.53	-3.35	7.86	-1.03	13.15	11.01

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	342	279	268	252	465	391	475	361	391	352	638	608	646	554	627
ST Debt	8	7	8	7	7	27	27	20	20	20	- -	7	27	26	8
LT Debt	334	272	261	245	458	364	448	341	371	332	638	601	620	528	619
Total Debt/EBITDA	2.22	1.67	1.55	1.44	2.75	1.93	2.09	1.33	1.36	1.23	2.32	1.82	1.44	1.2	1.35
Net Debt/EBITDA	1.83	1.17	1	0.84	2.12	1.37	1.5	0.81	0.68	0.51	1.66	1.23	1.02	0.74	0.9
Total Debt/EBIT	2.82	2.06	1.89	1.74	3.39	2.34	2.51	1.54	1.56	1.42	2.84	2.19	1.67	1.39	1.6
Net Debt/EBIT	2.33	1.45	1.21	1.01	2.61	1.66	1.8	0.94	0.78	0.59	2.03	1.47	1.17	0.86	1.06
EBITDA to Interest Expense	10.92	14.76	16.16	17.69	15.56	12.34	14.76	14.42	21.22	30.38	25.56	15.43	9.59	12.57	14.56
EBITDA-CapEx/Interest Expense	10.92	14.76	16.16	17.69	15.56	12.34	14.76	14.42	21.22	30.38	25.07	15.37	9.59	12.57	14.56
EBIT to Interest Expense	8.6	11.97	13.28	14.65	12.64	10.19	12.29	12.41	18.42	26.18	20.89	12.83	8.29	10.82	12.31
Interest Expense	14	11	11	10	11	16	15	19	14	9	11	22	47	37	32
Common Equity/Total Assets	72.25	77.36	74.88	77.76	71.42	79.33	63.13	71.35	71.36	70.11	54.68	60.59	67.08	76.15	73.99
Long-Term Debt/Equity (%)	76.02	57.86	45.54	45.49	88.57	64.83	74.32	53.37	50.65	39.16	76.51	65.04	64.09	46.15	45.27
Long-Term Debt/Capital (%)	28.87	23.67	21.69	19.7	30.84	24.73	28.95	22.48	22.59	19.41	32.7	29.28	29.43	23.58	24.55
Long-Term Debt/Total Assets (%)	29.96	24.5	21.12	19.37	32.19	26.87	26.58	21.23	21.33	17.28	26.64	25.28	28.55	23.92	24.23
Total Debt/Equity (%)	77.9	59.31	46.85	46.73	89.86	69.58	78.75	56.51	53.38	41.52	76.51	65.84	66.84	48.46	45.87
Total Debt/Capital (%)	29.58	24.26	22.31	20.24	31.29	26.54	30.68	23.81	23.8	20.58	32.7	29.64	30.69	24.76	24.88
Total Debt/Total Assets (%)	30.7	25.11	21.73	19.9	32.66	28.84	28.16	22.47	22.48	18.33	26.64	25.59	29.78	25.12	24.55
Net Debt to Equity	64.26	41.73	30.03	27.05	69.37	49.31	56.47	34.6	26.78	17.29	54.74	44.38	47.09	30.04	30.42
Net Debt/Capital (%)	25.73	18.4	15.55	12.81	26.01	20.39	24.09	16.06	13.16	9.46	25.22	21.7	23.24	16.57	17.65
EBITDA	154	167	173	174	169	202	227	272	288	287	275	334	448	464	463
EBITDA-CapEx	154	167	173	174	169	202	227	272	288	287	270	333	448	464	463
Operating Income (Loss)	121	136	142	144	137	167	189	234	250	247	225	278	388	399	392

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.35	0.44	0.5	0.45	0.42	0.51	0.46	0.69	0.73	0.76	0.57	0.5	0.44	0.57	0.57
Current Ratio	2.67	2.46	2.62	2.03	2	2.14	2.15	2.33	2.5	2.58	2.4	2.54	2.36	2.79	3.01
Quick Ratio	1.55	1.48	1.6	1.37	1.37	1.48	1.37	1.57	1.66	1.58	1.35	1.38	1.33	1.54	1.63
CFO/Avg Current Liab	0.48	0.83	0.58	0.5	0.23	0.57	0.9	0.92	0.59	0.7	0.62	0.47	0.27	0.95	1.26
Common Equity/Total Assets	72.25	77.36	74.88	77.76	71.42	79.33	63.13	71.35	71.36	70.11	54.68	60.59	67.08	76.15	73.99
Long-Term Debt/Equity (%)	76.02	57.86	45.54	45.49	88.57	64.83	74.32	53.37	50.65	39.16	76.51	65.04	64.09	46.15	45.27
Long-Term Debt/Capital (%)	28.87	23.67	21.69	19.7	30.84	24.73	28.95	22.48	22.59	19.41	32.7	29.28	29.43	23.58	24.55
Long-Term Debt/Total Assets (%)	29.96	24.5	21.12	19.37	32.19	26.87	26.58	21.23	21.33	17.28	26.64	25.28	28.55	23.92	24.23
Total Debt/Equity (%)	77.9	59.31	46.85	46.73	89.86	69.58	78.75	56.51	53.38	41.52	76.51	65.84	66.84	48.46	45.87
Total Debt/Capital (%)	29.58	24.26	22.31	20.24	31.29	26.54	30.68	23.81	23.8	20.58	32.7	29.64	30.69	24.76	24.88
Total Debt/Total Assets (%)	30.7	25.11	21.73	19.9	32.66	28.84	28.16	22.47	22.48	18.33	26.64	25.59	29.78	25.12	24.55
CFO/Total Liabilities	12.62	23.47	16.74	14.74	6.1	17.02	21.28	27.25	16.38	19.26	12.75	10.83	7.72	27.9	30.64
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	37.67	113.36	- -	- -	- -
Altman's Z-Score	3.33	3.6	3.26	3.13	3.11	3.46	3.18	3.8	3.66	3.27	2.87	3.19	4.08	4.21	3.96

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	5.69	5.78	5.68	5.51	5.09	5.2	5.28	5.55	5.61	5.31	5.53	5.54	6.04	6.3	6.4
Days Sales Outstanding	64.15	63.1	64.27	66.28	71.71	70.23	69.19	65.74	65.1	68.68	66.01	65.84	60.41	57.92	57.01
Inventory Turnover	4.48	4.47	4.5	4.76	5.06	5.48	5.12	4.81	4.47	3.5	2.99	2.76	2.97	3.22	3.14
Days Inventory Outstanding	81.44	81.65	81.02	76.65	72.11	66.6	71.24	75.9	81.68	104.25	122.22	132.25	123.08	113.5	116.34
Accounts Payable Turnover	11.88	11.22	9.74	8.82	9.14	9.23	9.46	9.06	9.45	9.24	8.47	8.32	7.93	8.65	9.59
Accounts Payable Turnover Days	30.73	32.52	37.47	41.38	39.93	39.53	38.58	40.3	38.6	39.52	43.07	43.9	46.03	42.19	38.06
Cash Conversion Cycle	114.86	112.22	107.83	101.55	103.88	97.3	101.84	101.34	108.17	133.41	145.16	154.19	137.46	129.24	135.29
Inventory to Cash Days	-17.29	-18.55	-16.75	-10.37	-0.4	3.63	-2.05	-10.15	-16.57	-35.57	-56.2	-66.41	-62.67	-55.58	-59.33
Inventories	141	136	137	123	126	103	154	157	185	245	281	338	293	297	343
Raw Materials	59	50	54	69	86	84	117	125	151	161	186	225	189	190	228
Work In Process	17	13	8	9	9	7	10	6	4	3	7	16	15	13	15
Finished Goods	66	73	74	90	75	54	66	66	72	81	88	97	89	93	99
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	47	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	60	83	96	106	106	114	134	140	152	161	141	163	146	165	165
+ Preferred Equity and Hybrid Capital	4	4	4	4	4	4	4	4	4	4	4	4	4	4	4
+ Minority/Non Controlling Interest	6	8	6	5	1	3	5	6	7	8	- -	- -	- -	- -	- -
+ Total Debt	342	279	268	252	465	391	475	361	391	352	638	608	646	554	627
Enterprise Value	292	208	181	154	363	283	349	175	199	128	452	439	503	393	466
Total Capital	1,157	1,151	1,202	1,244	1,485	1,471	1,547	1,518	1,643	1,709	1,952	2,052	2,106	2,237	2,521
Total Debt/Capital (%)	29.58	24.26	22.31	20.24	31.29	26.54	30.68	23.81	23.8	20.58	32.7	29.64	30.69	24.76	24.88
Total Debt / EV	1.17	1.34	1.48	1.63	1.28	1.38	1.36	2.06	1.96	2.75	1.41	1.39	1.28	1.41	1.35
EV/Sales	0.26	0.19	0.16	0.14	0.32	0.25	0.29	0.13	0.14	0.09	0.32	0.29	0.28	0.22	0.25
EV/EBITDA	1.89	1.24	1.05	0.88	2.15	1.4	1.54	0.64	0.69	0.45	1.64	1.31	1.12	0.85	1.01
EV/EBIT	2.4	1.53	1.28	1.07	2.65	1.7	1.85	0.75	0.8	0.52	2.01	1.58	1.3	0.98	1.19
EV/Cash Flow to Firm	3.08	1.31	1.53	1.36	5.88	1.95	1.43	0.63	1.14	0.6	2.16	2.53	4.74	1.21	1.2
EV/Free Cash Flow to Firm	3.08	1.31	1.53	1.36	5.88	1.95	1.43	0.63	1.14	0.6	2.11	2.51	4.74	1.21	1.2
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	292	208	181	154	363	283	349	230	249	203	501	449	503	393	466
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	1,113	1,110	1,112	1,134	1,131	1,150	1,197	1,358	1,402	1,348	1,400	1,528	1,788	1,808	1,875
TTM EBITDA	154	167	173	174	169	202	227	272	288	287	275	334	448	464	463
TTM Operating Income	121	136	142	144	137	167	189	234	250	247	225	278	388	399	392
TTM Cash Flow to Firm	95	158	118	114	62	145	244	278	175	214	209	174	106	324	388
TTM Free Cash Flow to Firm	95	158	118	114	62	145	244	278	175	214	214	175	106	324	388

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	2.4	1.53	1.28	1.07	2.65	1.7	1.85	0.75	0.8	0.52	2.01	1.58	1.3	0.98	1.19
Enterprise Value	292	208	181	154	363	283	349	175	199	128	452	439	503	393	466
Low Price	31.5	31.5	35.5	43.24	46.5	48	43	49	35	49.75	50	45.01	48.2	48.2	31
EV/Sales	0.26	0.19	0.16	0.14	0.32	0.25	0.29	0.13	0.14	0.09	0.32	0.29	0.28	0.22	0.25
EV/EBITDA	1.89	1.24	1.05	0.88	2.15	1.4	1.54	0.64	0.69	0.45	1.64	1.31	1.12	0.85	1.01
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	0.26	0.19	0.16	0.14	0.32	0.25	0.29	0.17	0.18	0.15	0.36	0.29	0.28	0.22	0.25
EV/Sales High	0.26	0.19	0.16	0.14	0.32	0.25	0.29	0.17	0.18	0.15	0.36	0.29	0.28	0.22	0.25
EV/Sales Low	0.26	0.19	0.16	0.14	0.32	0.25	0.29	0.17	0.18	0.15	0.36	0.29	0.28	0.22	0.25
EV/EBITDA Average	1.89	1.24	1.05	0.88	2.15	1.4	1.54	0.85	0.86	0.71	1.82	1.34	1.12	0.85	1.01
EV/EBITDA High	1.89	1.24	1.05	0.88	2.15	1.4	1.54	0.85	0.86	0.71	1.82	1.34	1.12	0.85	1.01
EV/EBITDA Low	1.89	1.24	1.05	0.88	2.15	1.4	1.54	0.85	0.86	0.71	1.82	1.34	1.12	0.85	1.01
EV/EBIT Average	2.4	1.53	1.28	1.07	2.65	1.7	1.85	0.98	1	0.82	2.23	1.61	1.3	0.98	1.19
EV/EBIT High	2.4	1.53	1.28	1.07	2.65	1.7	1.85	0.98	1	0.82	2.23	1.61	1.3	0.98	1.19
EV/EBIT Low	2.4	1.53	1.28	1.07	2.65	1.7	1.85	0.98	1	0.82	2.23	1.61	1.3	0.98	1.19
Last Price	21.54	20.38	26.6	29.54	31.99	34.05	35.85	37.55	40.53	41.98	43.93	44.4	46.53	48.2	45
High Price	41	41	50	46.5	48	48.75	49	49	50.5	50.5	50	50	48.2	48.2	48.2
Enterprise Value Average	292	208	181	154	363	283	349	230	249	203	501	449	503	393	466
Enterprise Value High	292	208	181	154	363	283	349	230	249	203	501	449	503	393	466
Enterprise Value Low	292	208	181	154	363	283	349	230	249	203	501	449	503	393	466

Shares Outstanding	37	37	37	37	37	38	38	39	39	39	39	39	39	39	39
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

MSA Safety Incorporated

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)