TNC vs. MSA

Last updated Apr 1, 2026

Compare and contrast key facts about Tennant Company (TNC) and MSA Safety Incorporated (MSA).

Performance

TNC vs. MSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tennant Company (TNC) and MSA Safety Incorporated (MSA). The values are adjusted to include any dividend payments, if applicable.

TNC vs. MSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNC Tennant Company	-9.45%	-8.22%	-11.03%	52.62%	-22.84%	16.87%	-8.78%	51.57%	-27.40%	3.32%
MSA MSA Safety Incorporated	4.15%	-2.14%	-0.71%	18.52%	-3.15%	2.14%	19.79%	36.10%	23.61%	13.97%

Fundamentals

EPS TNC : $2.37 MSA : $10.63
PE Ratio TNC : 28.01 MSA : 15.65
PS Ratio TNC : 1.02 MSA : 2.33
Total Revenue (TTM) TNC : $1.20B MSA : $1.87B
Gross Profit (TTM) TNC : $484.30M MSA : $871.11M
EBITDA (TTM) TNC : $110.00M MSA : $473.57M

Returns By Period

In the year-to-date period, TNC achieves a -9.45% return, which is significantly lower than MSA's 4.15% return. Over the past 10 years, TNC has underperformed MSA with an annualized return of 4.00%, while MSA has yielded a comparatively higher 14.78% annualized return.

TNC

• 1D: 3.22%
• 1M: 9.01%
• YTD: -9.45%
• 6M: -17.60%
• 1Y: -15.92%
• 3Y*: 0.34%
• 5Y*: -2.46%
• 10Y*: 4.00%

MSA

• 1D: 1.46%
• 1M: -16.06%
• YTD: 4.15%
• 6M: -2.97%
• 1Y: 14.51%
• 3Y*: 8.89%
• 5Y*: 3.14%
• 10Y*: 14.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

TNC vs. MSA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TNC

TNC Risk / Return Rank: 20
TNC Sharpe Ratio Rank: 23
TNC Sortino Ratio Rank: 23
TNC Omega Ratio Rank: 22
TNC Calmar Ratio Rank: 22
TNC Martin Ratio Rank: 10

MSA

MSA Risk / Return Rank: 57
MSA Sharpe Ratio Rank: 61
MSA Sortino Ratio Rank: 53
MSA Omega Ratio Rank: 52
MSA Calmar Ratio Rank: 57
MSA Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TNC vs. MSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tennant Company (TNC) and MSA Safety Incorporated (MSA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TNC	MSA	Difference
Sharpe ratio Return per unit of total volatility	-0.42	0.57	-0.99
Sortino ratio Return per unit of downside risk	-0.31	0.96	-1.28
Omega ratio Gain probability vs. loss probability	0.95	1.12	-0.17
Calmar ratio Return relative to maximum drawdown	-0.59	0.72	-1.31
Martin ratio Return relative to average drawdown	-1.48	2.16	-3.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNC vs. MSA - Sharpe Ratio Comparison

The current TNC Sharpe Ratio is -0.42, which is lower than the MSA Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of TNC and MSA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TNC	MSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	0.57	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.13	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.52	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.34	-0.13

Correlation

The correlation between TNC and MSA is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TNC vs. MSA - Dividend Comparison

TNC's dividend yield for the trailing twelve months is around 1.82%, more than MSA's 1.27% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TNC Tennant Company	1.82%	1.62%	1.39%	1.16%	1.65%	1.16%	1.27%	1.13%	1.63%	1.16%	1.14%	1.42%
MSA MSA Safety Incorporated	1.27%	1.31%	1.21%	1.11%	1.26%	1.16%	1.14%	1.30%	1.58%	1.78%	1.89%	2.92%

Drawdowns

TNC vs. MSA - Drawdown Comparison

The maximum TNC drawdown since its inception was -83.81%, which is greater than MSA's maximum drawdown of -70.32%. Use the drawdown chart below to compare losses from any high point for TNC and MSA.

Drawdown Indicators

	TNC	MSA	Difference
Max Drawdown Largest peak-to-trough decline	-83.81%	-70.32%	-13.49%
Max Drawdown (1Y) Largest decline over 1 year	-27.71%	-20.67%	-7.04%
Max Drawdown (5Y) Largest decline over 5 years	-48.98%	-35.09%	-13.89%
Max Drawdown (10Y) Largest decline over 10 years	-48.98%	-38.39%	-10.59%
Current Drawdown Current decline from peak	-44.38%	-17.87%	-26.51%
Average Drawdown Average peak-to-trough decline	-16.78%	-17.45%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.11%	6.85%	+4.26%

Volatility

TNC vs. MSA - Volatility Comparison

Tennant Company (TNC) and MSA Safety Incorporated (MSA) have volatilities of 8.26% and 7.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNC	MSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.26%	7.95%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	32.14%	18.31%	+13.83%
Volatility (1Y) Calculated over the trailing 1-year period	36.60%	25.48%	+11.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.19%	24.43%	+4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.99%	28.73%	+3.26%

Financials

TNC vs. MSA - Profitability Comparison

The chart below illustrates the profitability comparison between Tennant Company and MSA Safety Incorporated over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TNC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Tennant Company reported a gross profit of 100.80M and revenue of 291.60M. Therefore, the gross margin over that period was 34.6%.

MSA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, MSA Safety Incorporated reported a gross profit of 239.39M and revenue of 510.91M. Therefore, the gross margin over that period was 46.9%.

TNC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Tennant Company reported an operating income of 400.00K and revenue of 291.60M, resulting in an operating margin of 0.1%.

MSA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, MSA Safety Incorporated reported an operating income of 144.05M and revenue of 510.91M, resulting in an operating margin of 28.2%.

TNC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Tennant Company reported a net income of -4.40M and revenue of 291.60M, resulting in a net margin of -1.5%.

MSA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, MSA Safety Incorporated reported a net income of 86.93M and revenue of 510.91M, resulting in a net margin of 17.0%.