NYSE : FSS
Federal Signal Corporation — Financial statements
Industrials · Pollution & Treatment Controls · United States
Last price 112.67 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 6.87B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Federal Signal Corporation (FSS) reported revenue of 2.55B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.55B | 2.18B | 1.86B | 1.72B | 1.43B | 1.21B |
| Cost of Revenue | 1.81B | 1.55B | 1.33B | 1.27B | 1.09B | 924.50M |
| Gross Profit | 741.70M | 631.20M | 533.00M | 450.20M | 344.90M | 288.70M |
| Selling, General & Admin | 276.90M | 245.20M | 222.50M | 198.10M | 159.60M | 136.70M |
| Research & Development | 13.40M | 13.40M | 12.40M | 12.40M | 11.50M | 11.40M |
| Amortization of Goodwill & Intangibles | 25.00M | 18.40M | 15.00M | 15.20M | 12.90M | 10.90M |
| Operating Expenses | 315.30M | 277.00M | 249.90M | 225.70M | 184.00M | 159.00M |
| Operating Income | 426.40M | 354.20M | 283.10M | 224.50M | 160.90M | 129.70M |
| Interest Expense | -23.00M | -14.10M | -12.50M | -19.70M | -10.30M | -4.50M |
| Currency Exchange Gain (Loss) | 300.00K | 300.00K | -900.00K | -600.00K | -200.00K | 300.00K |
| Other Non Operating Income (Expenses) | 100.00K | 600.00K | -800.00K | 600.00K | ||
| EBT Excluding Unusual Items | 403.70M | 340.50M | 270.30M | 203.40M | 150.40M | 126.10M |
| Merger & Restructuring Charges | -16.40M | -16.00M | -2.60M | -400.00K | 500.00K | 2.10M |
| Other Unusual Items | -3.80M | -10.60M | ||||
| Pretax Income | 387.30M | 324.50M | 263.90M | 203.00M | 150.90M | 117.60M |
| Income Tax Expense | 90.40M | 77.90M | 47.60M | 45.60M | 30.50M | 17.00M |
| Earnings From Continuing Operations | 296.90M | 246.60M | 216.30M | 157.40M | 120.40M | 100.60M |
| Net Income | 296.90M | 246.60M | 216.30M | 157.40M | 120.40M | 100.60M |
| Net Income to Common | 296.90M | 246.60M | 216.30M | 157.40M | 120.40M | 100.60M |
| Shares Outstanding (Basic) | 60.88M | 60.80M | 60.90M | 60.70M | 60.50M | 60.80M |
| Shares Outstanding (Diluted) | 61.50M | 61.50M | 61.70M | 61.50M | 61.20M | 61.90M |
| EPS (Basic) | 4.88 | 4.06 | 3.55 | 2.59 | 1.99 | 1.65 |
| EPS (Diluted) | 4.83 | 4.01 | 3.50 | 2.56 | 1.97 | 1.63 |
| Free Cash Flow | 365.10M | 227.10M | 190.70M | 164.10M | 18.80M | 64.40M |
| Free Cash Flow Per Share | 5.94 | 3.69 | 3.09 | 2.67 | 0.31 | 1.04 |
| Dividend Per Share | 0.59 | 0.56 | 0.48 | 0.39 | 0.36 | 0.36 |
| Gross Margin | 29.10% | 28.95% | 28.63% | 26.13% | 24.04% | 23.80% |
| Operating Margin | 16.73% | 16.24% | 15.21% | 13.03% | 11.21% | 10.69% |
| Profit Margin | 11.65% | 11.31% | 11.62% | 9.14% | 8.39% | 8.29% |
| Free Cash Flow Margin | 14.33% | 10.42% | 10.24% | 9.53% | 1.31% | 5.31% |
| EBITDA | 521.70M | 434.70M | 348.40M | 284.90M | 215.60M | 180.10M |
| EBITDA Margin | 20.47% | 19.94% | 18.72% | 16.54% | 15.03% | 14.85% |
| D&A For EBITDA | 95.30M | 80.50M | 65.30M | 60.40M | 54.70M | 50.40M |
| EBIT | 426.40M | 354.20M | 283.10M | 224.50M | 160.90M | 129.70M |
| EBIT Margin | 16.73% | 16.24% | 15.21% | 13.03% | 11.21% | 10.69% |
| Effective Tax Rate | 23.34% | 24.01% | 18.04% | 22.46% | 20.21% | 14.46% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 73.70M | 63.70M | 91.10M | 61.00M | 47.50M | 40.50M |
| Cash & Short-Term Investments | 73.70M | 63.70M | 91.10M | 61.00M | 47.50M | 40.50M |
| Receivables | 300.10M | 292.20M | 196.40M | 186.20M | 173.80M | 136.00M |
| Inventory | 470.40M | 471.60M | 331.00M | 303.40M | 292.70M | 229.10M |
| Prepaid Expenses | 21.00M | 26.30M | 24.00M | 19.60M | 17.40M | 25.40M |
| Total Current Assets | 865.20M | 853.80M | 642.50M | 570.20M | 531.40M | 431.00M |
| Property, Plant & Equipment | 536.20M | 505.70M | 419.90M | 346.60M | 313.10M | 280.10M |
| Goodwill | 638.30M | 619.80M | 477.70M | 472.70M | 453.40M | 432.20M |
| Other Intangible Assets | 386.40M | 382.90M | 199.70M | 207.50M | 208.20M | 205.70M |
| Long-Term Deferred Tax Assets | 9.70M | 10.10M | 9.40M | 12.00M | 8.80M | 8.40M |
| Long-Term Deferred Charges | 18.70M | 9.50M | 5.70M | 6.40M | 7.00M | 5.00M |
| Other Long-Term Assets | 10.80M | 10.30M | 5.10M | 2.40M | 3.70M | |
| Total Assets | 2.45B | 2.39B | 1.77B | 1.62B | 1.52B | 1.37B |
| Accounts Payable | 111.30M | 98.00M | 79.00M | 66.70M | 72.40M | 64.80M |
| Accrued Expenses | 125.80M | 113.30M | 97.10M | 90.50M | 31.10M | 74.30M |
| Current Portion of Long-Term Debt | 7.30M | 3.90M | 800.00K | |||
| Current Portion of Leases | 9.30M | 8.40M | 19.20M | 7.60M | 7.60M | 9.40M |
| Current Unearned Revenue | 40.90M | 47.70M | 35.00M | 27.10M | 25.40M | 21.90M |
| Other Current Liabilities | 4.50M | 15.00M | 4.20M | 43.20M | ||
| Total Current Liabilities | 291.80M | 282.40M | 241.80M | 195.80M | 180.50M | 170.40M |
| Long-Term Debt | 418.10M | 562.50M | 204.20M | 294.20M | 360.50M | 281.40M |
| Long-Term Leases | 24.70M | 23.70M | 22.30M | 15.70M | 19.80M | 23.60M |
| Pension & Post-Retirement Benefits | 41.60M | 43.10M | 41.70M | 44.20M | 38.90M | 40.40M |
| Long-Term Deferred Tax Liabilities | 73.30M | 71.90M | 58.00M | 53.20M | 51.00M | 53.20M |
| Other Long-Term Liabilities | 26.20M | 27.00M | 11.10M | 15.50M | 12.70M | 13.10M |
| Total Liabilities | 875.70M | 1.01B | 579.10M | 618.60M | 663.40M | 582.10M |
| Common Stock | 71.10M | 70.80M | 70.30M | 70.00M | 69.50M | 68.90M |
| Additional Paid-In Capital | 345.80M | 330.40M | 309.80M | 291.10M | 271.80M | 256.70M |
| Retained Earnings | 1.52B | 1.32B | 1.10B | 915.80M | 782.20M | 683.60M |
| Treasury Stock | -284.70M | -263.50M | -207.80M | -193.70M | -178.60M | -151.00M |
| Comprehensive Income & Other | -77.30M | -71.00M | -89.00M | -81.30M | -84.00M | -74.20M |
| Shareholders' Equity | 1.58B | 1.38B | 1.19B | 1.00B | 860.90M | 784.00M |
| Total Liabilities & Equity | 2.45B | 2.39B | 1.77B | 1.62B | 1.52B | 1.37B |
| Total Debt | 452.10M | 594.60M | 253.00M | 321.40M | 388.70M | 314.40M |
| Net Cash (Debt) | -378.40M | -530.90M | -161.90M | -260.40M | -341.20M | -273.90M |
| Net Cash Per Share | -6.15 | -8.63 | -2.62 | -4.23 | -5.58 | -4.42 |
| Filing Date Shares Outstanding | 61.02M | 60.89M | 61.10M | 61.00M | 60.75M | 60.93M |
| Total Common Shares Outstanding | 61.02M | 60.90M | 61.10M | 61.00M | 60.70M | 60.90M |
| Working Capital | 573.40M | 571.40M | 400.70M | 374.40M | 350.90M | 260.60M |
| Book Value Per Share | 25.87 | 22.69 | 19.41 | 16.42 | 14.18 | 12.87 |
| Tangible Book Value | 554.10M | 379.30M | 508.70M | 321.70M | 199.30M | 146.10M |
| Tangible Book Value Per Share | 9.08 | 6.23 | 8.33 | 5.27 | 3.28 | 2.40 |
| Land | 27.40M | 18.90M | 16.80M | 13.40M | 8.50M | |
| Buildings | 177.70M | 148.40M | 125.40M | 117.90M | 82.80M | |
| Machinery | 277.50M | 239.00M | 221.90M | 204.40M | 202.20M | |
| Order Backlog | 1.04B | 997.10M | 628.90M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 296.90M | 246.60M | 216.30M | 157.40M | 120.40M | 100.60M |
| Depreciation & Amortization | 95.30M | 80.50M | 65.30M | 60.40M | 54.70M | 50.40M |
| Other Amortization | 700.00K | 700.00K | 500.00K | 500.00K | 400.00K | 300.00K |
| Stock-Based Compensation | 15.30M | 15.00M | 15.60M | 13.10M | 10.20M | 7.60M |
| Other Operating Activities | 12.70M | 20.10M | 3.30M | -6.60M | -5.60M | -3.50M |
| Change in Accounts Receivable | -26.60M | -26.60M | -9.00M | -6.10M | -38.00M | 2.50M |
| Change in Inventory | -28.10M | -28.10M | -24.10M | 9.80M | -61.00M | -24.20M |
| Change in Accounts Payable | 3.40M | 3.40M | 12.60M | -8.50M | 8.30M | 6.40M |
| Change in Unearned Revenue | -8.70M | -8.70M | 7.20M | 1.10M | 1.30M | 3.90M |
| Change in Income Taxes | -600.00K | -600.00K | -5.40M | -500.00K | 8.00M | -11.60M |
| Change in Other Net Operating Assets | 42.50M | -47.60M | -51.00M | -26.20M | -26.90M | -30.60M |
| Operating Cash Flow | 402.80M | 254.70M | 231.30M | 194.40M | 71.80M | 101.80M |
| Capital Expenditures | -37.70M | -27.60M | -40.60M | -30.30M | -53.00M | -37.40M |
| Cash Acquisitions | -486.10M | -501.00M | -39.70M | -55.00M | -49.80M | -131.80M |
| Other Investing Activities | 2.00M | 700.00K | 1.40M | 1.60M | 3.10M | 500.00K |
| Investing Cash Flow | -521.80M | -527.90M | -78.90M | -83.70M | -99.70M | -168.70M |
| Long-Term Debt Issued | 470.00M | 81.20M | 70.50M | |||
| Long-Term Debt Repaid | -120.30M | -80.40M | -64.90M | |||
| Net Debt Issued (Repaid) | 208.30M | 349.70M | -80.40M | -64.90M | 81.20M | 70.50M |
| Issuance of Common Stock | 3.60M | 3.70M | 2.00M | 3.90M | 200.00K | 4.20M |
| Repurchase of Common Stock | -20.20M | -53.30M | -12.80M | -12.50M | -22.30M | -26.10M |
| Common Dividends Paid | -36.00M | -34.10M | -29.30M | -23.80M | -21.80M | -22.00M |
| Other Financing Activities | -17.00M | -21.50M | -500.00K | -600.00K | -1.80M | -200.00K |
| Financing Cash Flow | 138.70M | 244.50M | -121.00M | -97.90M | 35.50M | 26.40M |
| Foreign Exchange Rate Adjustments | -400.00K | 1.30M | -1.30M | 700.00K | -600.00K | -700.00K |
| Net Cash Flow | 19.30M | -27.40M | 30.10M | 13.50M | 7.00M | -41.20M |
| Free Cash Flow | 365.10M | 227.10M | 190.70M | 164.10M | 18.80M | 64.40M |
| Free Cash Flow Margin | 14.33% | 10.42% | 10.24% | 9.53% | 1.31% | 5.31% |
| Free Cash Flow Per Share | 5.94 | 3.69 | 3.09 | 2.67 | 0.31 | 1.04 |
| Levered Free Cash Flow | 216.82M | 101.16M | 198.72M | 158.60M | 24.12M | 53.45M |
| Unlevered Free Cash Flow | 230.50M | 109.28M | 206.04M | 170.41M | 30.16M | 55.96M |
| Cash Interest Paid | 14.30M | 14.30M | 15.30M | 22.80M | 9.40M | 3.90M |
| Cash Income Tax Paid | 64.90M | 64.90M | 62.40M | 46.20M | 26.90M | 35.50M |
| Change in Working Capital | -18.10M | -108.20M | -69.70M | -30.40M | -108.30M | -53.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.87B | 6.60B | 5.65B | 4.68B | 2.82B | 2.65B |
| Enterprise Value | 7.25B | 6.79B | 5.83B | 5.03B | 3.14B | 2.85B |
| Last Close Price | 112.67 | 108.16 | 91.50 | 75.59 | 45.47 | 42.01 |
| PE Ratio | 23.33 | 26.78 | 26.10 | 29.71 | 23.40 | 26.31 |
| Forward PE | 20.02 | 24.02 | 25.43 | 27.13 | 20.45 | 21.93 |
| PS Ratio | 2.70 | 3.03 | 3.03 | 2.71 | 1.96 | 2.18 |
| PB Ratio | 4.35 | 4.78 | 4.76 | 4.67 | 3.27 | 3.38 |
| P/TBV Ratio | 12.41 | 17.41 | 11.10 | 14.53 | 14.14 | 18.12 |
| P/FCF Ratio | 18.83 | 29.08 | 29.61 | 28.49 | 149.88 | 41.10 |
| P/OCF Ratio | 17.07 | 25.93 | 24.41 | 24.05 | 39.24 | 26.00 |
| PEG Ratio | 1.54 | 2.00 | 1.96 | 2.17 | 1.70 | 1.99 |
| EV/Sales Ratio | 2.85 | 3.12 | 3.13 | 2.92 | 2.19 | 2.35 |
| EV/EBITDA Ratio | 13.90 | 15.62 | 16.74 | 17.64 | 14.56 | 15.80 |
| EV/EBIT Ratio | 17.01 | 19.18 | 20.60 | 22.38 | 19.51 | 21.94 |
| EV/FCF Ratio | 19.87 | 29.91 | 30.58 | 30.62 | 167.00 | 44.19 |
| Debt / Equity Ratio | 0.29 | 0.43 | 0.21 | 0.32 | 0.45 | 0.40 |
| Debt / EBITDA Ratio | 0.84 | 1.33 | 0.70 | 1.08 | 1.71 | 1.61 |
| Debt / FCF Ratio | 1.24 | 2.62 | 1.33 | 1.96 | 20.68 | 4.88 |
| Net Debt / Equity Ratio | 0.24 | 0.38 | 0.14 | 0.26 | 0.40 | 0.35 |
| Net Debt / EBITDA Ratio | 0.72 | 1.22 | 0.47 | 0.91 | 1.58 | 1.52 |
| Net Debt / FCF Ratio | 1.04 | 2.34 | 0.85 | 1.59 | 18.15 | 4.25 |
| Asset Turnover | 1.16 | 1.05 | 1.10 | 1.10 | 0.99 | 0.94 |
| Inventory Turnover | 4.31 | 3.86 | 4.19 | 4.27 | 4.18 | 4.46 |
| Quick Ratio | 1.28 | 1.26 | 1.19 | 1.26 | 1.23 | 1.04 |
| Current Ratio | 2.96 | 3.02 | 2.66 | 2.91 | 2.94 | 2.53 |
| Return on Equity (ROE) | 20.47% | 19.20% | 19.77% | 16.90% | 14.64% | 13.54% |
| Return on Assets (ROA) | 12.13% | 10.65% | 10.45% | 8.92% | 6.96% | 6.30% |
| Return on Invested Capital (ROIC) | 16.81% | 16.51% | 17.78% | 14.13% | 11.36% | 11.59% |
| Return on Capital Employed (ROCE) | 19.70% | 16.80% | 18.60% | 15.80% | 12.00% | 10.80% |
| Earnings Yield | 4.29% | 3.74% | 3.83% | 3.37% | 4.27% | 3.80% |
| FCF Yield | 5.31% | 3.44% | 3.38% | 3.51% | 0.67% | 2.43% |
| Dividend Yield | 0.53% | 0.52% | 0.52% | 0.51% | 0.78% | 0.83% |
| Payout Ratio | 12.42% | 13.83% | 13.55% | 15.12% | 18.11% | 21.87% |
| Buyback Yield / Dilution | 0.08% | 0.32% | -0.33% | -0.49% | 1.13% | -0.32% |
| Total Shareholder Return | 0.61% | 0.84% | 0.19% | 0.02% | 1.91% | 0.50% |