MSA Safety (MSA)

Operating return on assets (Operating ROA)

		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
Operating income (ttm)	US$ in thousands	231,320	199,690	169,880	136,408	239,137	79,678	47,767	21,366	22,781	135,302	144,049	157,208	171,907	190,220	208,685	214,869	188,247	188,496	168,885	161,204
Total assets	US$ in thousands	2,170,150	2,194,340	2,199,150	2,179,670	2,376,980	2,387,290	2,408,450	2,415,780	2,396,400	2,259,450	1,963,230	1,942,760	1,919,630	1,792,660	1,752,940	1,730,930	1,781,800	1,699,140	1,713,860	1,671,370
Operating ROA		10.66%	9.10%	7.72%	6.26%	10.06%	3.34%	1.98%	0.88%	0.95%	5.99%	7.34%	8.09%	8.96%	10.61%	11.90%	12.41%	10.56%	11.09%	9.85%	9.65%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $231,320K ÷ $2,170,150K
= 10.66%

Based on the data provided, the operating return on assets (operating ROA) of MSA Safety Inc has shown a steady upward trend over the past eight quarters. In Q1 2022, the operating ROA was 1.83%, which increased to 17.86% in Q4 2023. This indicates that the company has been able to generate more operating income from its assets over time, reflecting improved operational efficiency and profitability. The consistent growth in operating ROA suggests that MSA Safety Inc has been effectively utilizing its assets to generate higher operating profits, which is a positive sign for the company's financial performance.