MSA Safety (MSA)

Solvency 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
Debt-to-assets ratio	0.27	0.33	0.36	0.38	0.24	0.25	0.26	0.24	0.25	0.26	0.16	0.18	0.15	0.18	0.18	0.20	0.18	0.21	0.22	0.21
Debt-to-capital ratio	0.37	0.45	0.49	0.52	0.38	0.42	0.42	0.41	0.42	0.42	0.27	0.29	0.25	0.29	0.30	0.33	0.31	0.33	0.36	0.35
Debt-to-equity ratio	0.59	0.82	0.95	1.09	0.61	0.71	0.73	0.69	0.72	0.72	0.37	0.42	0.34	0.42	0.42	0.49	0.45	0.50	0.55	0.54
Financial leverage ratio	2.24	2.53	2.65	2.83	2.57	2.83	2.87	2.81	2.87	2.74	2.34	2.38	2.29	2.32	2.36	2.43	2.45	2.42	2.50	2.54

Based on the provided data on MSA Safety Inc's solvency ratios, we can observe the following trends:

1. Debt-to-assets ratio:
The debt-to-assets ratio for MSA Safety Inc has shown a fluctuating trend over the past eight quarters, ranging from 0.24 to 0.40. The ratio demonstrates the proportion of the company's total debt to its total assets. A lower debt-to-assets ratio indicates a lower level of financial risk for the company, as it suggests that a smaller portion of the company's assets are financed through debt.

2. Debt-to-capital ratio:
The debt-to-capital ratio, which represents the proportion of debt in the company's capital structure, has varied between 0.38 and 0.53 over the same period. A higher debt-to-capital ratio implies that a larger portion of the company's capital comes from debt financing, reflecting a higher level of financial leverage.

3. Debt-to-equity ratio:
MSA Safety Inc's debt-to-equity ratio has shown fluctuations between 0.62 and 1.13. This ratio indicates the extent to which the company relies on debt to finance its operations compared to equity. A higher debt-to-equity ratio suggests that the company is relying more on debt financing, which can indicate higher financial risk.

4. Financial leverage ratio:
The financial leverage ratio, which measures the proportion of the company's debt to its equity, has fluctuated between 2.24 and 2.83. A higher financial leverage ratio indicates that a larger portion of the company's assets are financed through debt, implying higher financial risk.

Overall, the analysis of MSA Safety Inc's solvency ratios suggests that the company has experienced fluctuations in its leverage and debt levels over the past quarters. It is important for stakeholders to closely monitor these ratios to assess the company's ability to meet its financial obligations and manage its debt levels effectively.

Coverage 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
Interest coverage	5.42	4.95	4.92	5.25	12.01	5.72	4.41	2.79	3.15	15.26	19.25	20.15	18.78	19.02	17.48	15.55	14.58	12.71	11.27	10.22

The interest coverage ratio for MSA Safety Inc has shown fluctuations over the past eight quarters. The ratio measures the company's ability to cover its interest expenses with its operating income.

In Q4 2023, the interest coverage ratio stood at 10.05, indicating that the company generated operating income 10.05 times greater than its interest expenses for that quarter. This is a positive sign of financial health and indicates that MSA Safety Inc has sufficient earnings to comfortably cover its interest obligations.

The trend over the last eight quarters shows some variability. The ratio ranged from a high of 15.88 in Q4 2022 to a low of 4.46 in Q2 2022. The significant increase from Q2 2022 to Q4 2022 is particularly noteworthy, suggesting an improvement in the company's ability to cover interest expenses.

Overall, the interest coverage ratio for MSA Safety Inc has generally been healthy and above 1, indicating that the company has been able to comfortably meet its interest payments from its operating profits. However, investors and stakeholders should continue to monitor this ratio to ensure the company's ability to service its debt obligations remains strong.