MSA Safety (MSA)

Return on assets (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
Net income (ttm)	US$ in thousands	58,583	33,662	13,312	-6,085	179,630	66,665	42,939	20,432	21,340	97,594	105,795	116,785	124,077	142,019	154,877	158,507	137,997	130,160	121,638	115,011
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
ROA		2.70%	1.53%	0.61%	-0.28%	7.56%	2.79%	1.78%	0.85%	0.89%	4.32%	5.39%	6.01%	6.46%	7.92%	8.84%	9.16%	7.74%	7.66%	7.10%	6.88%

December 31, 2023 calculation

ROA = Net income (ttm) ÷ Total assets
= $58,583K ÷ $2,170,150K
= 2.70%

MSA Safety Inc's return on assets (ROA) has exhibited fluctuations over the past eight quarters. In Q4 2022, the ROA was notably high at 7.55%, demonstrating a strong ability to generate earnings relative to its asset base. However, in the subsequent quarters, the ROA experienced a decrease to 2.89% in Q3 2022, 1.78% in Q2 2022, and 0.84% in Q1 2022, indicating a decline in the company's efficiency in utilizing its assets to generate profits.

The ROA further deteriorated in Q1 2023, turning negative at -0.28%, suggesting that the company's assets were not generating sufficient earnings to cover its costs. However, MSA Safety Inc managed to improve its ROA in the following quarters, reaching 0.60% in Q2 2023 and 1.53% in Q3 2023, indicating some recovery in asset efficiency.

Overall, MSA Safety Inc's ROA performance has been somewhat volatile, with periods of strong returns followed by declines and subsequent improvements. It is essential for investors and analysts to closely monitor the company's asset utilization and profitability trends to assess its financial health and performance.