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Side-by-side financial comparison of MSA Safety Inc (MSA) and Smith Douglas Homes Corp. (SDHC). Click either name above to swap in a different company.
MSA Safety Inc is the larger business by last-quarter revenue ($510.9M vs $260.4M, roughly 2.0× Smith Douglas Homes Corp.). MSA Safety Inc runs the higher net margin — 17.0% vs 1.4%, a 15.7% gap on every dollar of revenue. On growth, MSA Safety Inc posted the faster year-over-year revenue change (2.2% vs -9.4%). MSA Safety Inc produced more free cash flow last quarter ($106.0M vs $8.7M). Over the past eight quarters, Smith Douglas Homes Corp.'s revenue compounded faster (17.3% CAGR vs 11.2%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
MSA vs SDHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $510.9M | $260.4M |
| Net Profit | $86.9M | $3.5M |
| Gross Margin | 46.9% | 19.9% |
| Operating Margin | 22.3% | 6.5% |
| Net Margin | 17.0% | 1.4% |
| Revenue YoY | 2.2% | -9.4% |
| Net Profit YoY | -1.2% | -14.3% |
| EPS (diluted) | $2.22 | $0.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $510.9M | $260.4M | ||
| Q3 25 | $468.4M | $262.0M | ||
| Q2 25 | $474.1M | $223.9M | ||
| Q1 25 | $421.3M | $224.7M | ||
| Q4 24 | $499.7M | $287.5M | ||
| Q3 24 | $432.7M | $277.8M | ||
| Q2 24 | $462.5M | $220.9M | ||
| Q1 24 | $413.3M | $189.2M |
| Q4 25 | $86.9M | $3.5M | ||
| Q3 25 | $69.6M | $2.1M | ||
| Q2 25 | $62.8M | $2.4M | ||
| Q1 25 | $59.6M | $2.7M | ||
| Q4 24 | $87.9M | $4.1M | ||
| Q3 24 | $66.6M | $5.3M | ||
| Q2 24 | $72.2M | $3.6M | ||
| Q1 24 | $58.1M | $3.0M |
| Q4 25 | 46.9% | 19.9% | ||
| Q3 25 | 46.5% | 21.0% | ||
| Q2 25 | 46.6% | 23.2% | ||
| Q1 25 | 45.9% | 23.8% | ||
| Q4 24 | 46.9% | 25.5% | ||
| Q3 24 | 47.9% | 26.5% | ||
| Q2 24 | 48.2% | 26.7% | ||
| Q1 24 | 47.3% | 26.1% |
| Q4 25 | 22.3% | 6.5% | ||
| Q3 25 | 20.1% | 6.6% | ||
| Q2 25 | 18.1% | 7.7% | ||
| Q1 25 | 18.5% | 8.7% | ||
| Q4 24 | 23.5% | 10.4% | ||
| Q3 24 | 21.1% | 14.2% | ||
| Q2 24 | 21.6% | 11.7% | ||
| Q1 24 | 19.4% | 11.3% |
| Q4 25 | 17.0% | 1.4% | ||
| Q3 25 | 14.9% | 0.8% | ||
| Q2 25 | 13.2% | 1.1% | ||
| Q1 25 | 14.1% | 1.2% | ||
| Q4 24 | 17.6% | 1.4% | ||
| Q3 24 | 15.4% | 1.9% | ||
| Q2 24 | 15.6% | 1.7% | ||
| Q1 24 | 14.1% | 1.6% |
| Q4 25 | $2.22 | $0.39 | ||
| Q3 25 | $1.77 | $0.24 | ||
| Q2 25 | $1.59 | $0.26 | ||
| Q1 25 | $1.51 | $0.30 | ||
| Q4 24 | $2.22 | $0.50 | ||
| Q3 24 | $1.69 | $0.58 | ||
| Q2 24 | $1.83 | $0.40 | ||
| Q1 24 | $1.47 | $0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $165.1M | $12.7M |
| Total DebtLower is stronger | $580.9M | — |
| Stockholders' EquityBook value | $1.4B | $86.7M |
| Total Assets | $2.6B | $557.6M |
| Debt / EquityLower = less leverage | 0.42× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $165.1M | $12.7M | ||
| Q3 25 | $170.0M | $14.8M | ||
| Q2 25 | $147.0M | $16.8M | ||
| Q1 25 | $170.6M | $12.7M | ||
| Q4 24 | $164.6M | $22.4M | ||
| Q3 24 | $154.4M | $23.7M | ||
| Q2 24 | $146.8M | $17.3M | ||
| Q1 24 | $148.3M | $32.8M |
| Q4 25 | $580.9M | — | ||
| Q3 25 | $628.6M | — | ||
| Q2 25 | $679.3M | — | ||
| Q1 25 | $502.1M | — | ||
| Q4 24 | $508.0M | — | ||
| Q3 24 | $554.7M | — | ||
| Q2 24 | $588.2M | — | ||
| Q1 24 | $596.2M | — |
| Q4 25 | $1.4B | $86.7M | ||
| Q3 25 | $1.3B | $82.2M | ||
| Q2 25 | $1.3B | $80.0M | ||
| Q1 25 | $1.2B | $76.9M | ||
| Q4 24 | $1.1B | $73.6M | ||
| Q3 24 | $1.1B | $68.4M | ||
| Q2 24 | $1.0B | $62.1M | ||
| Q1 24 | $994.8M | $59.7M |
| Q4 25 | $2.6B | $557.6M | ||
| Q3 25 | $2.6B | $571.6M | ||
| Q2 25 | $2.6B | $570.2M | ||
| Q1 25 | $2.2B | $513.9M | ||
| Q4 24 | $2.2B | $475.9M | ||
| Q3 24 | $2.2B | $460.1M | ||
| Q2 24 | $2.2B | $429.3M | ||
| Q1 24 | $2.2B | $401.3M |
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.60× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $122.4M | $9.8M |
| Free Cash FlowOCF − Capex | $106.0M | $8.7M |
| FCF MarginFCF / Revenue | 20.8% | 3.4% |
| Capex IntensityCapex / Revenue | 3.2% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.41× | 2.77× |
| TTM Free Cash FlowTrailing 4 quarters | $295.4M | $-36.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $122.4M | $9.8M | ||
| Q3 25 | $112.5M | $22.8M | ||
| Q2 25 | $67.2M | $-28.9M | ||
| Q1 25 | $61.8M | $-34.9M | ||
| Q4 24 | $107.9M | $5.5M | ||
| Q3 24 | $84.3M | $22.9M | ||
| Q2 24 | $53.3M | $39.0K | ||
| Q1 24 | $50.9M | $-9.3M |
| Q4 25 | $106.0M | $8.7M | ||
| Q3 25 | $100.5M | $21.4M | ||
| Q2 25 | $37.9M | $-31.1M | ||
| Q1 25 | $51.0M | $-35.9M | ||
| Q4 24 | $93.5M | $4.8M | ||
| Q3 24 | $70.1M | $22.3M | ||
| Q2 24 | $39.0M | $-2.1M | ||
| Q1 24 | $39.7M | $-9.7M |
| Q4 25 | 20.8% | 3.4% | ||
| Q3 25 | 21.4% | 8.2% | ||
| Q2 25 | 8.0% | -13.9% | ||
| Q1 25 | 12.1% | -16.0% | ||
| Q4 24 | 18.7% | 1.7% | ||
| Q3 24 | 16.2% | 8.0% | ||
| Q2 24 | 8.4% | -1.0% | ||
| Q1 24 | 9.6% | -5.1% |
| Q4 25 | 3.2% | 0.4% | ||
| Q3 25 | 2.6% | 0.5% | ||
| Q2 25 | 6.2% | 0.9% | ||
| Q1 25 | 2.6% | 0.5% | ||
| Q4 24 | 2.9% | 0.2% | ||
| Q3 24 | 3.3% | 0.2% | ||
| Q2 24 | 3.1% | 1.0% | ||
| Q1 24 | 2.7% | 0.2% |
| Q4 25 | 1.41× | 2.77× | ||
| Q3 25 | 1.62× | 10.70× | ||
| Q2 25 | 1.07× | -12.24× | ||
| Q1 25 | 1.04× | -13.01× | ||
| Q4 24 | 1.23× | 1.33× | ||
| Q3 24 | 1.27× | 4.28× | ||
| Q2 24 | 0.74× | 0.01× | ||
| Q1 24 | 0.88× | -3.12× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
