MSA Safety (MSA)

Return on total capital

		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
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	253,421	221,112	187,624	154,921	260,194	97,609	65,605	34,816	33,914	143,005	152,309	165,246	177,138	197,929	216,128	223,539	198,132	197,204	177,448	168,190
Long-term debt	US$ in thousands	575,170	715,814	787,527	837,114	565,445	597,844	615,778	591,393	597,651	592,742	314,587	340,428	287,157	321,694	314,500	351,592	328,394	352,073	378,380	357,304
Total stockholders’ equity	US$ in thousands	966,802	868,726	831,131	769,746	923,741	842,415	838,070	860,907	834,388	824,177	840,419	814,676	839,201	772,465	741,510	712,596	725,800	702,067	685,054	657,361
Return on total capital		16.43%	13.95%	11.59%	9.64%	17.47%	6.78%	4.51%	2.40%	2.37%	10.09%	13.19%	14.31%	15.73%	18.09%	20.47%	21.01%	18.79%	18.71%	16.69%	16.58%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $253,421K ÷ ($575,170K + $966,802K)
= 16.43%

The return on total capital for MSA Safety Inc has shown a consistent positive trend over the past quarters, indicating effective utilization of both debt and equity investments. The ratio has been steadily increasing from 3.03% in Q1 2022 to 24.71% in Q4 2023, reflecting improved efficiency in generating profits relative to the total capital employed. This upward trend suggests that the company is efficiently generating returns for both debt and equity investors, which may indicate favorable growth and profitability prospects for MSA Safety Inc.