Core Insights - MSA Safety Incorporated reported strong free cash flow of $106 million in Q4, representing 122% of earnings and a 13% increase from the previous year [1] - The company achieved a gross margin of 46.9%, reflecting pricing actions to counter tariffs and inflation, with GAAP operating margin at 22.3% and adjusted operating margin at 23.9% [2] - Adjusted EPS for Q4 was $2.38, a 6% increase year-over-year, with GAAP net income of $87 million [3] Financial Performance - MSA's Q4 sales reached $511 million, a 2% increase year-over-year, with a 3% organic sales decline offset by contributions from acquisitions and foreign currency translation [4][7] - For the full year 2025, MSA reported net sales of $1.9 billion, up 4% on a reported basis, with organic growth of 1% [9] - Full-year free cash flow was $295 million, up $53 million from the prior year, with a conversion rate of 106% [11] Product Performance - Detection products saw organic sales growth of 17% in Q4, becoming the largest product category at 41% of total sales, while fire service sales declined by 21% [9][10] - Industrial PPE experienced modest growth, with organic sales rising by 1% [9] Strategic Outlook - Management guided for mid-single-digit organic growth in 2026, with expectations for some fire-service orders to carry into the first half of the year [6][15] - The company aims for price-cost neutrality in H1 2026, with sequential margin improvement anticipated throughout the year [19][20] Capital Deployment and Balance Sheet - Capital deployment in 2025 totaled approximately $420 million, including $189 million for acquisitions and $162 million returned to shareholders [12] - Net debt at year-end was $416 million, with a net leverage ratio of 0.9x and $1.2 billion in liquidity [13] Safety Performance - MSA achieved zero lost-time incidents in 2025, with a total recordable incident rate of 0.25, marking the best safety performance in the company's history [14]