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Side-by-side financial comparison of MSA Safety Inc (MSA) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
MSA Safety Inc is the larger business by last-quarter revenue ($510.9M vs $340.0M, roughly 1.5× Walker & Dunlop, Inc.). MSA Safety Inc runs the higher net margin — 17.0% vs -12.9%, a 29.9% gap on every dollar of revenue. On growth, MSA Safety Inc posted the faster year-over-year revenue change (2.2% vs -0.4%). MSA Safety Inc produced more free cash flow last quarter ($106.0M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
MSA vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $510.9M | $340.0M |
| Net Profit | $86.9M | $-13.9M |
| Gross Margin | 46.9% | — |
| Operating Margin | 22.3% | -17.2% |
| Net Margin | 17.0% | -12.9% |
| Revenue YoY | 2.2% | -0.4% |
| Net Profit YoY | -1.2% | -131.0% |
| EPS (diluted) | $2.22 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $468.4M | $337.7M | ||
| Q2 25 | $474.1M | $319.2M | ||
| Q1 25 | $421.3M | $237.4M | ||
| Q4 24 | $499.7M | $341.5M | ||
| Q3 24 | $432.7M | $292.3M | ||
| Q2 24 | $462.5M | $270.7M | ||
| Q1 24 | $413.3M | $228.1M |
| Q4 25 | $86.9M | $-13.9M | ||
| Q3 25 | $69.6M | $33.5M | ||
| Q2 25 | $62.8M | $34.0M | ||
| Q1 25 | $59.6M | $2.8M | ||
| Q4 24 | $87.9M | $44.8M | ||
| Q3 24 | $66.6M | $28.8M | ||
| Q2 24 | $72.2M | $22.7M | ||
| Q1 24 | $58.1M | $11.9M |
| Q4 25 | 46.9% | — | ||
| Q3 25 | 46.5% | — | ||
| Q2 25 | 46.6% | — | ||
| Q1 25 | 45.9% | — | ||
| Q4 24 | 46.9% | — | ||
| Q3 24 | 47.9% | — | ||
| Q2 24 | 48.2% | — | ||
| Q1 24 | 47.3% | — |
| Q4 25 | 22.3% | -17.2% | ||
| Q3 25 | 20.1% | 13.6% | ||
| Q2 25 | 18.1% | 14.5% | ||
| Q1 25 | 18.5% | 2.2% | ||
| Q4 24 | 23.5% | 15.3% | ||
| Q3 24 | 21.1% | 12.8% | ||
| Q2 24 | 21.6% | 10.4% | ||
| Q1 24 | 19.4% | 6.0% |
| Q4 25 | 17.0% | -12.9% | ||
| Q3 25 | 14.9% | 9.9% | ||
| Q2 25 | 13.2% | 10.6% | ||
| Q1 25 | 14.1% | 1.2% | ||
| Q4 24 | 17.6% | 13.1% | ||
| Q3 24 | 15.4% | 9.9% | ||
| Q2 24 | 15.6% | 8.4% | ||
| Q1 24 | 14.1% | 5.2% |
| Q4 25 | $2.22 | $-0.41 | ||
| Q3 25 | $1.77 | $0.98 | ||
| Q2 25 | $1.59 | $0.99 | ||
| Q1 25 | $1.51 | $0.08 | ||
| Q4 24 | $2.22 | $1.32 | ||
| Q3 24 | $1.69 | $0.85 | ||
| Q2 24 | $1.83 | $0.67 | ||
| Q1 24 | $1.47 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | $580.9M | — |
| Stockholders' EquityBook value | $1.4B | $1.7B |
| Total Assets | $2.6B | $5.1B |
| Debt / EquityLower = less leverage | 0.42× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $165.1M | $299.3M | ||
| Q3 25 | $170.0M | $274.8M | ||
| Q2 25 | $147.0M | $233.7M | ||
| Q1 25 | $170.6M | $181.0M | ||
| Q4 24 | $164.6M | $279.3M | ||
| Q3 24 | $154.4M | $179.8M | ||
| Q2 24 | $146.8M | $208.1M | ||
| Q1 24 | $148.3M | $216.5M |
| 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 | $1.7B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.3B | $1.8B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $1.0B | $1.7B | ||
| Q1 24 | $994.8M | $1.7B |
| Q4 25 | $2.6B | $5.1B | ||
| Q3 25 | $2.6B | $5.8B | ||
| Q2 25 | $2.6B | $4.7B | ||
| Q1 25 | $2.2B | $4.5B | ||
| Q4 24 | $2.2B | $4.4B | ||
| Q3 24 | $2.2B | $4.6B | ||
| Q2 24 | $2.2B | $4.2B | ||
| Q1 24 | $2.2B | $3.8B |
| 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 | $-664.3M |
| Free Cash FlowOCF − Capex | $106.0M | $-680.1M |
| FCF MarginFCF / Revenue | 20.8% | -200.0% |
| Capex IntensityCapex / Revenue | 3.2% | 4.6% |
| Cash ConversionOCF / Net Profit | 1.41× | — |
| TTM Free Cash FlowTrailing 4 quarters | $295.4M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $122.4M | $-664.3M | ||
| Q3 25 | $112.5M | $-948.1M | ||
| Q2 25 | $67.2M | $-238.5M | ||
| Q1 25 | $61.8M | $-281.1M | ||
| Q4 24 | $107.9M | $129.4M | ||
| Q3 24 | $84.3M | $-202.0M | ||
| Q2 24 | $53.3M | $-237.8M | ||
| Q1 24 | $50.9M | $38.4M |
| Q4 25 | $106.0M | $-680.1M | ||
| Q3 25 | $100.5M | $-950.4M | ||
| Q2 25 | $37.9M | $-241.0M | ||
| Q1 25 | $51.0M | $-284.7M | ||
| Q4 24 | $93.5M | $116.4M | ||
| Q3 24 | $70.1M | $-204.0M | ||
| Q2 24 | $39.0M | $-241.7M | ||
| Q1 24 | $39.7M | $35.2M |
| Q4 25 | 20.8% | -200.0% | ||
| Q3 25 | 21.4% | -281.5% | ||
| Q2 25 | 8.0% | -75.5% | ||
| Q1 25 | 12.1% | -120.0% | ||
| Q4 24 | 18.7% | 34.1% | ||
| Q3 24 | 16.2% | -69.8% | ||
| Q2 24 | 8.4% | -89.3% | ||
| Q1 24 | 9.6% | 15.4% |
| Q4 25 | 3.2% | 4.6% | ||
| Q3 25 | 2.6% | 0.7% | ||
| Q2 25 | 6.2% | 0.8% | ||
| Q1 25 | 2.6% | 1.5% | ||
| Q4 24 | 2.9% | 3.8% | ||
| Q3 24 | 3.3% | 0.7% | ||
| Q2 24 | 3.1% | 1.4% | ||
| Q1 24 | 2.7% | 1.4% |
| Q4 25 | 1.41× | — | ||
| Q3 25 | 1.62× | -28.34× | ||
| Q2 25 | 1.07× | -7.02× | ||
| Q1 25 | 1.04× | -102.07× | ||
| Q4 24 | 1.23× | 2.89× | ||
| Q3 24 | 1.27× | -7.01× | ||
| Q2 24 | 0.74× | -10.49× | ||
| Q1 24 | 0.88× | 3.24× |
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% |
WD
Segment breakdown not available.
