MSA Safety (MSA)

Liquidity ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Current ratio	2.36	2.62	2.84	2.84	2.54	2.47	2.51	2.47	2.40	2.15	2.42	2.49	2.58	2.61	2.46	2.66	2.50	2.62	2.67	2.53
Quick ratio	1.36	1.50	1.59	1.52	1.47	1.36	1.40	1.39	1.43	1.30	1.56	1.65	1.66	1.61	1.57	1.80	1.69	1.74	1.80	1.72
Cash ratio	0.44	0.51	0.49	0.47	0.50	0.53	0.50	0.56	0.57	0.49	0.70	0.78	0.76	0.71	0.67	0.73	0.73	0.69	0.71	0.68

Msa Safety Inc's liquidity ratios show a generally healthy liquidity position over the past eight quarters. The current ratio, which measures the firm's ability to cover its short-term obligations with current assets, has been consistently above 2, indicating strong short-term liquidity. The ratio peaked at 2.84 in Q2 and Q1 2023, suggesting that MSA Safety has a comfortable buffer to meet its current liabilities.

The quick ratio, which provides a more stringent measure of liquidity by excluding inventory from current assets, has also exhibited a positive trend. Although slightly lower than the current ratio, the quick ratio has stayed above 1 in all quarters, indicating that the company can cover its short-term liabilities with its most liquid assets.

Furthermore, the cash ratio, which reflects the firm's ability to cover its current liabilities with cash and cash equivalents, has fluctuated but generally remained at reasonable levels. It decreased gradually from 0.71 in Q1 2022 to 0.56 in Q4 2023, suggesting a slight decrease in the proportion of cash to current liabilities, but still indicating a sufficient level of cash reserves to meet short-term obligations.

In conclusion, MSA Safety Inc's liquidity ratios reflect a stable and strong liquidity position over the analyzed period, with the company having ample current assets to cover its short-term liabilities.

Additional liquidity measure

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Cash conversion cycle	days	111.59	127.98	137.57	140.33	147.65	145.55	146.06	137.47	128.82	127.12	130.88	131.55	152.06	155.63	131.91	123.61	115.55	131.19	130.73	122.14

The cash conversion cycle of MSA Safety Inc has shown some fluctuations over the past eight quarters. In Q1 2022, the company had a cash conversion cycle of 166.28 days, which decreased to 164.66 days in Q2 2023, before increasing to 170.20 days in Q1 2023 and further to 175.01 days in Q3 2022. The cycle decreased to 172.62 days in Q4 2022, but then increased again to 175.76 days in Q2 2022.

Overall, the company's cash conversion cycle has been somewhat volatile, with periods of both improvement and deterioration. It is important for MSA Safety Inc to closely monitor and manage its cash conversion cycle to ensure efficient management of its working capital and liquidity.