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Side-by-side financial comparison of MSA Safety Inc (MSA) and TRIMAS CORP (TRS). Click either name above to swap in a different company.
MSA Safety Inc is the larger business by last-quarter revenue ($510.9M vs $256.5M, roughly 2.0× TRIMAS CORP). TRIMAS CORP runs the higher net margin — 31.9% vs 17.0%, a 14.8% gap on every dollar of revenue. On growth, TRIMAS CORP posted the faster year-over-year revenue change (3.8% vs 2.2%). MSA Safety Inc produced more free cash flow last quarter ($106.0M vs $36.8M). Over the past eight quarters, MSA Safety Inc's revenue compounded faster (11.2% CAGR vs 3.3%).
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.
Trimas Corp is a diversified industrial manufacturing enterprise that designs, produces and distributes a wide portfolio of engineered products, including specialized fasteners, aerospace components, custom packaging solutions, and consumer & industrial hardware. It primarily serves aerospace, automotive, construction, consumer goods and industrial sectors, with core operations across North America and selected global markets.
MSA vs TRS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $510.9M | $256.5M |
| Net Profit | $86.9M | $81.7M |
| Gross Margin | 46.9% | 12.8% |
| Operating Margin | 22.3% | 5.7% |
| Net Margin | 17.0% | 31.9% |
| Revenue YoY | 2.2% | 3.8% |
| Net Profit YoY | -1.2% | 236.9% |
| EPS (diluted) | $2.22 | $2.03 |
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.
| Q1 26 | — | $256.5M | ||
| Q4 25 | $510.9M | $-140.0M | ||
| Q3 25 | $468.4M | $269.3M | ||
| Q2 25 | $474.1M | $274.8M | ||
| Q1 25 | $421.3M | $241.7M | ||
| Q4 24 | $499.7M | $-66.2M | ||
| Q3 24 | $432.7M | $229.4M | ||
| Q2 24 | $462.5M | $240.5M |
| Q1 26 | — | $81.7M | ||
| Q4 25 | $86.9M | $81.7M | ||
| Q3 25 | $69.6M | $9.3M | ||
| Q2 25 | $62.8M | $16.7M | ||
| Q1 25 | $59.6M | $12.4M | ||
| Q4 24 | $87.9M | $5.6M | ||
| Q3 24 | $66.6M | $2.5M | ||
| Q2 24 | $72.2M | $10.9M |
| Q1 26 | — | 12.8% | ||
| Q4 25 | 46.9% | — | ||
| Q3 25 | 46.5% | 12.8% | ||
| Q2 25 | 46.6% | 13.8% | ||
| Q1 25 | 45.9% | 13.6% | ||
| Q4 24 | 46.9% | — | ||
| Q3 24 | 47.9% | 15.4% | ||
| Q2 24 | 48.2% | 14.4% |
| Q1 26 | — | 5.7% | ||
| Q4 25 | 22.3% | — | ||
| Q3 25 | 20.1% | 6.2% | ||
| Q2 25 | 18.1% | 9.9% | ||
| Q1 25 | 18.5% | 9.0% | ||
| Q4 24 | 23.5% | — | ||
| Q3 24 | 21.1% | 3.6% | ||
| Q2 24 | 21.6% | 7.4% |
| Q1 26 | — | 31.9% | ||
| Q4 25 | 17.0% | -58.4% | ||
| Q3 25 | 14.9% | 3.5% | ||
| Q2 25 | 13.2% | 6.1% | ||
| Q1 25 | 14.1% | 5.1% | ||
| Q4 24 | 17.6% | -8.5% | ||
| Q3 24 | 15.4% | 1.1% | ||
| Q2 24 | 15.6% | 4.5% |
| Q1 26 | — | $2.03 | ||
| Q4 25 | $2.22 | $2.01 | ||
| Q3 25 | $1.77 | $0.23 | ||
| Q2 25 | $1.59 | $0.41 | ||
| Q1 25 | $1.51 | $0.30 | ||
| Q4 24 | $2.22 | $0.14 | ||
| Q3 24 | $1.69 | $0.06 | ||
| Q2 24 | $1.83 | $0.27 |
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 | $30.0M |
| Total DebtLower is stronger | $580.9M | — |
| Stockholders' EquityBook value | $1.4B | $705.6M |
| Total Assets | $2.6B | $1.5B |
| Debt / EquityLower = less leverage | 0.42× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $30.0M | ||
| Q4 25 | $165.1M | $30.0M | ||
| Q3 25 | $170.0M | $33.6M | ||
| Q2 25 | $147.0M | $30.3M | ||
| Q1 25 | $170.6M | $32.7M | ||
| Q4 24 | $164.6M | $23.1M | ||
| Q3 24 | $154.4M | $26.9M | ||
| Q2 24 | $146.8M | $35.0M |
| Q1 26 | — | — | ||
| Q4 25 | $580.9M | $469.2M | ||
| Q3 25 | $628.6M | $407.1M | ||
| Q2 25 | $679.3M | $424.5M | ||
| Q1 25 | $502.1M | $434.2M | ||
| Q4 24 | $508.0M | $398.1M | ||
| Q3 24 | $554.7M | $409.9M | ||
| Q2 24 | $588.2M | $427.4M |
| Q1 26 | — | $705.6M | ||
| Q4 25 | $1.4B | $705.6M | ||
| Q3 25 | $1.3B | $725.0M | ||
| Q2 25 | $1.3B | $715.3M | ||
| Q1 25 | $1.2B | $686.6M | ||
| Q4 24 | $1.1B | $667.3M | ||
| Q3 24 | $1.1B | $682.8M | ||
| Q2 24 | $1.0B | $675.9M |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $2.6B | $1.4B | ||
| Q2 25 | $2.6B | $1.4B | ||
| Q1 25 | $2.2B | $1.4B | ||
| Q4 24 | $2.2B | $1.3B | ||
| Q3 24 | $2.2B | $1.4B | ||
| Q2 24 | $2.2B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.42× | 0.66× | ||
| Q3 25 | 0.48× | 0.56× | ||
| Q2 25 | 0.54× | 0.59× | ||
| Q1 25 | 0.42× | 0.63× | ||
| Q4 24 | 0.44× | 0.60× | ||
| Q3 24 | 0.51× | 0.60× | ||
| Q2 24 | 0.57× | 0.63× |
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 | $117.5M |
| Free Cash FlowOCF − Capex | $106.0M | $36.8M |
| FCF MarginFCF / Revenue | 20.8% | 14.4% |
| Capex IntensityCapex / Revenue | 3.2% | 18.9% |
| Cash ConversionOCF / Net Profit | 1.41× | 1.44× |
| TTM Free Cash FlowTrailing 4 quarters | $295.4M | $109.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $117.5M | ||
| Q4 25 | $122.4M | $41.5M | ||
| Q3 25 | $112.5M | $36.5M | ||
| Q2 25 | $67.2M | $30.3M | ||
| Q1 25 | $61.8M | $9.2M | ||
| Q4 24 | $107.9M | $27.1M | ||
| Q3 24 | $84.3M | $22.0M | ||
| Q2 24 | $53.3M | $18.4M |
| Q1 26 | — | $36.8M | ||
| Q4 25 | $106.0M | $36.8M | ||
| Q3 25 | $100.5M | $22.8M | ||
| Q2 25 | $37.9M | $13.2M | ||
| Q1 25 | $51.0M | $-3.8M | ||
| Q4 24 | $93.5M | $12.1M | ||
| Q3 24 | $70.1M | $10.2M | ||
| Q2 24 | $39.0M | $7.5M |
| Q1 26 | — | 14.4% | ||
| Q4 25 | 20.8% | -26.3% | ||
| Q3 25 | 21.4% | 8.5% | ||
| Q2 25 | 8.0% | 4.8% | ||
| Q1 25 | 12.1% | -1.6% | ||
| Q4 24 | 18.7% | -18.3% | ||
| Q3 24 | 16.2% | 4.4% | ||
| Q2 24 | 8.4% | 3.1% |
| Q1 26 | — | 18.9% | ||
| Q4 25 | 3.2% | -3.4% | ||
| Q3 25 | 2.6% | 5.1% | ||
| Q2 25 | 6.2% | 6.2% | ||
| Q1 25 | 2.6% | 5.4% | ||
| Q4 24 | 2.9% | -22.6% | ||
| Q3 24 | 3.3% | 5.2% | ||
| Q2 24 | 3.1% | 4.5% |
| Q1 26 | — | 1.44× | ||
| Q4 25 | 1.41× | 0.51× | ||
| Q3 25 | 1.62× | 3.92× | ||
| Q2 25 | 1.07× | 1.81× | ||
| Q1 25 | 1.04× | 0.74× | ||
| Q4 24 | 1.23× | 4.80× | ||
| Q3 24 | 1.27× | 8.71× | ||
| Q2 24 | 0.74× | 1.68× |
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% |
TRS
Segment breakdown not available.
