Msa Safety (MSA) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MSA SEC filings page.
Msa Safety (MSA) reported $1.9B in revenue over the twelve months to Jun 30, 2026, up 6.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash generation outpacing reported earnings while reinvestment rises and leverage remains contained.
Operating cash flow rose from$296M in FY2024 to$364M in FY2025 even as net income softened, making cash conversion stronger than the earnings trend. Cash generated per reported profit increased from 1.0x to 1.3x, indicating that FY2025’s accounting result understated the period’s cash contribution.
Operating margin narrowed from
Free cash flow increased from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Msa Safety's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Msa Safety has an operating margin of 19.8%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 76/100, reflecting efficient cost management and pricing power. This is down from 21.5% the prior year.
Msa Safety's revenue grew a modest 3.7% year-over-year to $1.9B. This slow but positive growth earns a score of 39/100.
Msa Safety has a moderate D/E ratio of 0.42. This balance of debt and equity financing earns a leverage score of 49/100.
With a current ratio of 3.01, Msa Safety holds $3.01 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 79/100.
Msa Safety converts 15.8% of revenue into free cash flow ($295.4M). This strong cash generation earns a score of 72/100.
Msa Safety earns a strong 20.4% return on equity (ROE), meaning it generates $20 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 75/100. This is down from 24.9% the prior year.
Msa Safety scores 5.99, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.2B) relative to total liabilities ($1.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Msa Safety passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Msa Safety generates $1.30 in operating cash flow ($363.9M OCF vs $278.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Msa Safety earns $11.69 in operating income for every $1 of interest expense ($371.8M vs $31.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Msa Safety generated $503.3M in revenue in Q2 2026. This represents an increase of 6.2% from the same quarter a year earlier. Against the prior quarter it is up 8.6%.
Msa Safety's EBITDA was $131.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 26.3% from the same quarter a year earlier. Against the prior quarter it is up 17.9%.
Msa Safety reported $86.2M in net income in Q2 2026. This represents an increase of 37.3% from the same quarter a year earlier. Against the prior quarter it is up 20.9%.
Msa Safety earned $2.23 per diluted share (EPS) in Q2 2026. This represents an increase of 40.3% from the same quarter a year earlier. Against the prior quarter it is up 21.9%.
Cash & Balance Sheet
Msa Safety generated $82.7M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 118.3% from the same quarter a year earlier. Against the prior quarter it is up 27.0%.
Msa Safety held $200.1M in cash against $591.6M in long-term debt as of Q2 2026.
Msa Safety paid $0.54 per share in dividends in Q2 2026. This represents an increase of 1.9% from the same quarter a year earlier. Against the prior quarter it is up 1.9%.
Margins & Returns
Msa Safety's gross margin was 49.5% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 3.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.
Msa Safety's operating margin was 22.2% in Q2 2026, reflecting core business profitability. This is up 4.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.
Msa Safety's net profit margin was 17.1% in Q2 2026, showing the share of revenue converted to profit. This is up 3.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.
Msa Safety's ROE was 6.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.
Capital Allocation
Msa Safety invested $19.2M in research and development in Q2 2026. This represents an increase of 12.7% from the same quarter a year earlier. Against the prior quarter it is up 17.1%.
Msa Safety spent $26.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 15.0% from the same quarter a year earlier. Against the prior quarter it is down 57.1%.
Msa Safety invested $12.7M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 56.8% from the same quarter a year earlier. Against the prior quarter it is up 19.7%.
MSA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $503.3M+6.2% | $463.6M+10.0% | $510.9M+2.2% | $468.4M+8.3% | $474.1M+2.5% | $421.3M+1.9% | $499.7M+0.9% | $432.7M-3.1% |
| Cost of Revenue | $254.0M+0.2% | $244.1M+7.1% | N/A | $250.8M+11.4% | $253.4M+5.8% | $227.9M+4.7% | N/A | $225.2M-1.2% |
| Gross Profit | $249.3M+12.9% | $219.6M+13.5% | $239.4M+2.1% | $217.6M+4.9% | $220.7M-1.0% | $193.4M-1.1% | $234.4M-1.6% | $207.5M-5.2% |
| R&D Expenses | $19.2M+12.7% | $16.4M+4.4% | N/A | $16.5M-1.1% | $17.0M-0.4% | $15.7M-1.6% | N/A | $16.7M-5.5% |
| SG&A Expenses | $114.1M+1.8% | $107.7M+14.6% | N/A | $102.9M+8.1% | $112.1M+6.7% | $94.0M-0.2% | N/A | $95.1M-6.9% |
| Operating Income | $112.0M+30.4% | $93.0M+19.6% | N/A | $94.3M+3.1% | $85.9M-14.1% | $77.8M-2.9% | N/A | $91.5M-2.8% |
| EBITDA | $131.3M+26.3% | $111.4M+18.5% | N/A | $112.9M+5.1% | $104.0M-10.4% | $94.0M-1.7% | N/A | $107.4M-2.0% |
| Interest Expense | $8.0M-2.0% | $7.7M+12.7% | N/A | $8.4M-8.1% | $8.1M-16.0% | $6.8M-36.4% | N/A | $9.2M-26.8% |
| Income Tax | $25.2M+26.1% | $21.7M+18.4% | N/A | $22.8M+6.2% | $20.0M-10.0% | $18.3M+5.0% | N/A | $21.5M-4.0% |
| Net Income | $86.2M+37.3% | $71.3M+19.6% | $86.9M-1.2% | $69.6M+4.4% | $62.8M-13.1% | $59.6M+2.5% | $87.9M+15.1% | $66.6M+2.1% |
| EPS (Basic) | $2.23+39.4% | $1.83+21.2% | $2.22-0.4% | $1.78+5.3% | $1.60-12.6% | $1.51+2.0% | $2.23+14.9% | $1.69+1.8% |
| EPS (Diluted) | $2.23+40.3% | $1.83+21.2% | $2.21-0.5% | $1.77+4.7% | $1.59-13.1% | $1.51+2.7% | $2.22+15.0% | $1.69+2.4% |
| Diluted Shares (Avg) | 39M-1.7% | 39M-1.3% | N/A | 39M-0.5% | 39M-0.5% | 40M-0.1% | N/A | 39M+0.1% |
MSA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.6B+2.0% | $2.6B+14.7% | $2.6B+15.8% | $2.6B+13.9% | $2.6B+13.7% | $2.2B+2.8% | $2.2B+1.6% | $2.2B+2.2% |
| Current Assets | $934.8M+5.3% | $891.7M+8.3% | $869.3M+8.3% | $894.8M+6.2% | $887.5M+3.0% | $823.2M+3.8% | $803.0M+2.1% | $842.7M-1.1% |
| Cash & Equivalents | $200.1M+36.1% | $180.2M+5.6% | $165.1M+0.3% | $170.0M+10.1% | $147.0M+0.1% | $170.6M+15.0% | $164.6M+12.4% | $154.4M-6.2% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $350.1M+1.8% | $352.3M+14.9% | $343.0M+15.6% | $355.5M+1.0% | $343.9M+7.2% | $306.7M+0.4% | $296.8M+1.4% | $351.8M+8.6% |
| Accounts Receivable | $347.9M+4.2% | $325.0M+10.4% | $306.5M+9.8% | $306.9M+10.7% | $333.8M+11.6% | $294.4M+5.5% | $279.2M-5.2% | $277.3M-6.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $726.1M-1.0% | $727.4M+16.0% | $731.6M+17.8% | $732.2M+15.7% | $733.2M+17.4% | $627.2M+0.3% | $620.9M-1.1% | $632.8M+2.0% |
| Total Liabilities | $1.2B-7.5% | $1.2B+15.6% | $1.2B+11.8% | $1.3B+9.1% | $1.3B+7.2% | $1.0B-11.3% | $1.1B-11.7% | $1.1B-13.5% |
| Current Liabilities | $288.9M+1.2% | $281.3M+0.3% | $289.2M+0.4% | $290.3M-7.7% | $285.5M-18.8% | $280.4M-11.4% | $288.1M-13.4% | $314.5M-3.4% |
| Non-Current Liabilities | $911.0M-10.0% | $927.4M+21.2% | $898.2M+16.0% | $960.9M+15.5% | $1.0B+17.9% | $765.3M-11.3% | $774.4M-11.0% | $832.1M-16.8% |
| Long-Term Debt | $591.6M-11.8% | $605.1M+29.0% | $572.7M+18.9% | $620.4M+17.5% | $671.0M+19.4% | $469.2M-17.6% | $481.6M-16.3% | $527.8M-26.3% |
| Total Equity | $1.4B+11.9% | $1.4B+13.9% | $1.4B+19.6% | $1.3B+18.9% | $1.3B+21.2% | $1.2B+19.6% | $1.1B+18.3% | $1.1B+26.1% |
| Retained Earnings | $1.7B+16.2% | $1.6B+15.0% | $1.5B+14.6% | $1.5B+15.5% | $1.4B+15.9% | $1.4B+17.4% | $1.3B+18.0% | $1.3B+18.1% |
MSA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $95.4M+41.9% | $75.7M+22.4% | $122.4M+13.4% | $112.5M+33.4% | $67.2M+26.1% | $61.8M+21.5% | $107.9M-32.1% | $84.3M-32.4% |
| Depreciation & Amortization | $19.3M+6.8% | $18.4M+12.9% | $18.7M+11.2% | $18.6M+16.5% | $18.1M+12.8% | $16.3M+4.4% | $16.8M+6.1% | $16.0M+2.9% |
| Stock-Based Compensation | $7.8M+45.4% | $3.8M+45.0% | N/A | $3.4M-20.5% | $5.4M+6.5% | $2.6M-37.2% | N/A | $4.2M-50.3% |
| Capital Expenditures | $12.7M-56.8% | $10.6M-1.8% | $16.3M+13.4% | $12.0M-15.9% | $29.3M+104.5% | $10.8M-3.9% | $14.4M+22.3% | $14.3M+12.6% |
| Free Cash Flow | $82.7M+118.3% | $65.1M+27.5% | $106.0M+13.4% | $100.5M+43.4% | $37.9M-2.8% | $51.0M+28.7% | $93.5M-36.5% | $70.1M-37.5% |
| Investing Cash Flow | -$12.7M+94.2% | -$10.6M+2.0% | -$17.8M-26.7% | -$12.0M+15.8% | -$217.1M-1421.7% | -$10.8M+4.0% | -$14.0M-20.3% | -$14.2M-12.6% |
| Financing Cash Flow | -$58.7M-149.1% | -$47.2M-3.5% | -$107.6M-48.4% | -$71.8M-4.9% | $119.6M+409.6% | -$45.6M-56.8% | -$72.5M+55.4% | -$68.5M+20.5% |
| Dividends Paid | $20.9M0.0% | $20.6M+2.6% | $20.7M+3.1% | $20.8M+3.4% | $20.8M+3.7% | $20.0M+8.3% | $20.1M+8.7% | $20.1M+8.6% |
| Share Buybacks | $26.0M-15.0% | $60.4M+229.5% | $39.9M+302.9% | $1.1M-89.1% | $30.5M+177.8% | $18.3M+214.2% | $9.9M+49465.0% | $10.6M+15040.0% |
MSA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.5%+3.0pp | 47.4%+1.5pp | 46.9%-0.1pp | 46.5%-1.5pp | 46.6%-1.7pp | 45.9%-1.4pp | 46.9%-1.2pp | 47.9%-1.0pp |
| Operating Margin | 22.2%+4.1pp | 20.1%+1.6pp | N/A | 20.1%-1.0pp | 18.1%-3.5pp | 18.5%-0.9pp | N/A | 21.1%+0.1pp |
| Net Margin | 17.1%+3.9pp | 15.4%+1.2pp | 17.0%-0.6pp | 14.9%-0.5pp | 13.2%-2.4pp | 14.1%+0.1pp | 17.6%+2.2pp | 15.4%+0.8pp |
| Return on Equity | 6.2%+1.1pp | 5.3%+0.3pp | 6.4%-1.3pp | 5.3%-0.7pp | 5.0%-2.0pp | 5.0%-0.8pp | 7.7%-0.2pp | 6.1%-1.4pp |
| Return on Assets | 3.3%+0.8pp | 2.8%+0.1pp | 3.4%-0.6pp | 2.7%-0.2pp | 2.5%-0.8pp | 2.7%0.0pp | 4.0%+0.5pp | 3.0%0.0pp |
| Current Ratio | 3.24+0.1x | 3.17+0.2x | 3.01+0.2x | 3.08+0.4x | 3.11+0.7x | 2.94+0.4x | 2.79+0.4x | 2.68+0.1x |
| Debt-to-Equity | 0.42-0.1x | 0.45+0.1x | 0.420.0x | 0.480.0x | 0.540.0x | 0.39-0.2x | 0.42-0.2x | 0.48-0.3x |
| Asset Turnover | 0.190.0x | 0.180.0x | 0.200.0x | 0.180.0x | 0.190.0x | 0.190.0x | 0.230.0x | 0.190.0x |
| FCF Margin | 16.4%+8.4pp | 14.0%+1.9pp | 20.8%+2.0pp | 21.4%+5.2pp | 8.0%-0.4pp | 12.1%+2.5pp | 18.7%-11.0pp | 16.2%-8.9pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Msa Safety MSA | FY2025 | $1.9B | $278.9M | 14.9% | $7.2B | 65/100 |
| ADT Inc ADT | FY2025 | $5.1B | $596.0M | 11.6% | $5.5B | 54/100 |
| Brinks Co BCO | FY2025 | $5.3B | $199.7M | 3.8% | $4.4B | 53/100 |
| Brady Corp BRC | FY2026 | $1.7B | $205.4M | 12.4% | $4.3B | 77/100 |
| Geo Group Inc GEO | FY2025 | $2.6B | $254.4M | 9.7% | $4.0B | 46/100 |
| Corecivic CXW | FY2025 | $2.2B | $116.5M | 5.3% | $3.2B | 35/100 |
Where Msa Safety Ranks
Frequently Asked Questions
What is Msa Safety's annual revenue?
Msa Safety (MSA) reported $1.9B in total revenue for fiscal year 2025. This represents a 3.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Msa Safety's revenue growing?
Msa Safety (MSA) revenue grew by 3.7% year-over-year, from $1.8B to $1.9B in fiscal year 2025.
Is Msa Safety profitable?
Yes, Msa Safety (MSA) reported a net income of $278.9M in fiscal year 2025, with a net profit margin of 14.9%.
What is Msa Safety's EBITDA?
Msa Safety (MSA) had EBITDA of $443.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Msa Safety have?
As of fiscal year 2025, Msa Safety (MSA) had $165.1M in cash and equivalents against $572.7M in long-term debt.
What is Msa Safety's gross margin?
Msa Safety (MSA) had a gross margin of 46.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Msa Safety's operating margin?
Msa Safety (MSA) had an operating margin of 19.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Msa Safety's net profit margin?
Msa Safety (MSA) had a net profit margin of 14.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Msa Safety pay dividends?
Yes, Msa Safety (MSA) paid $2.10 per share in dividends during fiscal year 2025.
What is Msa Safety's return on equity (ROE)?
Msa Safety (MSA) has a return on equity of 20.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Msa Safety's free cash flow?
Msa Safety (MSA) generated $295.4M in free cash flow during fiscal year 2025. This represents a 22.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Msa Safety's operating cash flow?
Msa Safety (MSA) generated $363.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Msa Safety's total assets?
Msa Safety (MSA) had $2.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Msa Safety's capital expenditures?
Msa Safety (MSA) invested $68.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Msa Safety spend on research and development?
Msa Safety (MSA) invested $65.3M in research and development during fiscal year 2025.
What is Msa Safety's current ratio?
Msa Safety (MSA) had a current ratio of 3.01 as of fiscal year 2025, which is generally considered healthy.
What is Msa Safety's debt-to-equity ratio?
Msa Safety (MSA) had a debt-to-equity ratio of 0.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Msa Safety's return on assets (ROA)?
Msa Safety (MSA) had a return on assets of 10.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Msa Safety's P/E ratio?
Msa Safety (MSA) trades at 23.1x earnings, its market capitalization divided by net income of $314.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $7.2B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Msa Safety's price-to-sales ratio?
Msa Safety (MSA) trades at 3.7x sales, its market capitalization divided by revenue of $1.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $7.2B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Msa Safety's Altman Z-Score?
Msa Safety (MSA) has an Altman Z-Score of 5.99, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Msa Safety's Piotroski F-Score?
Msa Safety (MSA) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Msa Safety's earnings high quality?
Msa Safety (MSA) has an earnings quality ratio of 1.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Msa Safety cover its interest payments?
Msa Safety (MSA) has an interest coverage ratio of 11.69x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Msa Safety?
Msa Safety (MSA) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.