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Side-by-side financial comparison of MSA Safety Inc (MSA) and TRUPANION, INC. (TRUP). Click either name above to swap in a different company.
MSA Safety Inc is the larger business by last-quarter revenue ($510.9M vs $376.9M, roughly 1.4× TRUPANION, INC.). On growth, TRUPANION, INC. posted the faster year-over-year revenue change (11.7% vs 2.2%). MSA Safety Inc produced more free cash flow last quarter ($106.0M vs $25.3M). Over the past eight quarters, MSA Safety Inc's revenue compounded faster (11.2% CAGR vs 11.0%).
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.
TRUPANION, INC.TRUPEarnings & Financial Report
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).
MSA vs TRUP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $510.9M | $376.9M |
| Net Profit | $86.9M | — |
| Gross Margin | 46.9% | 17.3% |
| Operating Margin | 22.3% | 1.9% |
| Net Margin | 17.0% | — |
| Revenue YoY | 2.2% | 11.7% |
| Net Profit YoY | -1.2% | — |
| EPS (diluted) | $2.22 | $0.13 |
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 | $376.9M | ||
| Q3 25 | $468.4M | $366.9M | ||
| Q2 25 | $474.1M | $353.6M | ||
| Q1 25 | $421.3M | $342.0M | ||
| Q4 24 | $499.7M | $337.3M | ||
| Q3 24 | $432.7M | $327.5M | ||
| Q2 24 | $462.5M | $314.8M | ||
| Q1 24 | $413.3M | $306.1M |
| Q4 25 | $86.9M | — | ||
| Q3 25 | $69.6M | — | ||
| Q2 25 | $62.8M | — | ||
| Q1 25 | $59.6M | — | ||
| Q4 24 | $87.9M | — | ||
| Q3 24 | $66.6M | — | ||
| Q2 24 | $72.2M | — | ||
| Q1 24 | $58.1M | — |
| Q4 25 | 46.9% | 17.3% | ||
| Q3 25 | 46.5% | 16.4% | ||
| Q2 25 | 46.6% | 15.5% | ||
| Q1 25 | 45.9% | 14.9% | ||
| Q4 24 | 46.9% | 15.7% | ||
| Q3 24 | 47.9% | 15.1% | ||
| Q2 24 | 48.2% | 12.8% | ||
| Q1 24 | 47.3% | 11.8% |
| Q4 25 | 22.3% | 1.9% | ||
| Q3 25 | 20.1% | 1.6% | ||
| Q2 25 | 18.1% | 0.7% | ||
| Q1 25 | 18.5% | -0.4% | ||
| Q4 24 | 23.5% | 0.1% | ||
| Q3 24 | 21.1% | 0.5% | ||
| Q2 24 | 21.6% | -1.7% | ||
| Q1 24 | 19.4% | -2.0% |
| Q4 25 | 17.0% | — | ||
| Q3 25 | 14.9% | — | ||
| Q2 25 | 13.2% | — | ||
| Q1 25 | 14.1% | — | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 15.4% | — | ||
| Q2 24 | 15.6% | — | ||
| Q1 24 | 14.1% | — |
| Q4 25 | $2.22 | $0.13 | ||
| Q3 25 | $1.77 | $0.13 | ||
| Q2 25 | $1.59 | $0.22 | ||
| Q1 25 | $1.51 | $-0.03 | ||
| Q4 24 | $2.22 | $0.04 | ||
| Q3 24 | $1.69 | $0.03 | ||
| Q2 24 | $1.83 | $-0.14 | ||
| Q1 24 | $1.47 | $-0.16 |
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 | $370.7M |
| Total DebtLower is stronger | $580.9M | $101.8M |
| Stockholders' EquityBook value | $1.4B | $383.9M |
| Total Assets | $2.6B | $915.0M |
| Debt / EquityLower = less leverage | 0.42× | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $165.1M | $370.7M | ||
| Q3 25 | $170.0M | $348.5M | ||
| Q2 25 | $147.0M | $319.6M | ||
| Q1 25 | $170.6M | $321.8M | ||
| Q4 24 | $164.6M | $307.4M | ||
| Q3 24 | $154.4M | $293.1M | ||
| Q2 24 | $146.8M | $277.2M | ||
| Q1 24 | $148.3M | $275.2M |
| Q4 25 | $580.9M | $101.8M | ||
| Q3 25 | $628.6M | — | ||
| Q2 25 | $679.3M | — | ||
| Q1 25 | $502.1M | — | ||
| Q4 24 | $508.0M | $127.5M | ||
| Q3 24 | $554.7M | — | ||
| Q2 24 | $588.2M | — | ||
| Q1 24 | $596.2M | — |
| Q4 25 | $1.4B | $383.9M | ||
| Q3 25 | $1.3B | $368.6M | ||
| Q2 25 | $1.3B | $355.5M | ||
| Q1 25 | $1.2B | $333.7M | ||
| Q4 24 | $1.1B | $323.3M | ||
| Q3 24 | $1.1B | $320.2M | ||
| Q2 24 | $1.0B | $305.8M | ||
| Q1 24 | $994.8M | $303.4M |
| Q4 25 | $2.6B | $915.0M | ||
| Q3 25 | $2.6B | $880.2M | ||
| Q2 25 | $2.6B | $847.8M | ||
| Q1 25 | $2.2B | $837.2M | ||
| Q4 24 | $2.2B | $806.9M | ||
| Q3 24 | $2.2B | $816.1M | ||
| Q2 24 | $2.2B | $795.9M | ||
| Q1 24 | $2.2B | $789.5M |
| Q4 25 | 0.42× | 0.27× | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.44× | 0.39× | ||
| 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 | $29.3M |
| Free Cash FlowOCF − Capex | $106.0M | $25.3M |
| FCF MarginFCF / Revenue | 20.8% | 6.7% |
| Capex IntensityCapex / Revenue | 3.2% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.41× | — |
| TTM Free Cash FlowTrailing 4 quarters | $295.4M | $75.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $122.4M | $29.3M | ||
| Q3 25 | $112.5M | $29.2M | ||
| Q2 25 | $67.2M | $15.0M | ||
| Q1 25 | $61.8M | $16.0M | ||
| Q4 24 | $107.9M | $23.7M | ||
| Q3 24 | $84.3M | $15.3M | ||
| Q2 24 | $53.3M | $6.9M | ||
| Q1 24 | $50.9M | $2.4M |
| Q4 25 | $106.0M | $25.3M | ||
| Q3 25 | $100.5M | $23.9M | ||
| Q2 25 | $37.9M | $12.0M | ||
| Q1 25 | $51.0M | $14.0M | ||
| Q4 24 | $93.5M | $21.8M | ||
| Q3 24 | $70.1M | $13.4M | ||
| Q2 24 | $39.0M | $4.0M | ||
| Q1 24 | $39.7M | $-631.0K |
| Q4 25 | 20.8% | 6.7% | ||
| Q3 25 | 21.4% | 6.5% | ||
| Q2 25 | 8.0% | 3.4% | ||
| Q1 25 | 12.1% | 4.1% | ||
| Q4 24 | 18.7% | 6.5% | ||
| Q3 24 | 16.2% | 4.1% | ||
| Q2 24 | 8.4% | 1.3% | ||
| Q1 24 | 9.6% | -0.2% |
| Q4 25 | 3.2% | 1.0% | ||
| Q3 25 | 2.6% | 1.4% | ||
| Q2 25 | 6.2% | 0.8% | ||
| Q1 25 | 2.6% | 0.6% | ||
| Q4 24 | 2.9% | 0.6% | ||
| Q3 24 | 3.3% | 0.6% | ||
| Q2 24 | 3.1% | 0.9% | ||
| Q1 24 | 2.7% | 1.0% |
| Q4 25 | 1.41× | — | ||
| Q3 25 | 1.62× | — | ||
| Q2 25 | 1.07× | — | ||
| Q1 25 | 1.04× | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 0.74× | — | ||
| Q1 24 | 0.88× | — |
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% |
TRUP
| Subscriptionbusiness | $261.4M | 69% |
| Other | $115.4M | 31% |
