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Federal Signal Corporation

FSS Industrials Farm & Heavy Construction Machinery

Federal Signal Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 17.1% from fiscal 2024.

Revenue
+18.1%
EPS
+16.5%
Free cash flow
+47.9%
Total debt
+97.1%

Quarter to September 2026, against a year earlier

112.23 5.70 −4.83%
Market cap
$6.8B
P/E
23.0×
Fwd P/E
21.8×
Dividend yield
0.53%
F-score
6/9
Altman Z
6.36
Beneish M
−2.21
Dividend safety
89/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Environmental Solutions
  • Safety and Security Systems

Every year since 2011 →

Insider Decisions last twelve months

Bought, $m 0.22
Sold, $m 3.30
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell — — — — — — — — 2 — — —
Insider Ownership 2.44%

Capital & Financial Ratios $m

Size
Market Cap 6,840.00
Revenue ttm 2,548.40
Net income ttm 296.90
Free cash flow ttm 365.10
Net debt Q 346.60
Valuation
P/E 23.02
Forward P/E 21.80
Price / sales 2.69
Forward P/S Powerpack
Price / FCF 18.75
Price / book 4.34
Financial health
Current ratio Q 2.97 (at or above 1.5: strong)
Debt / equity Q 0.27 (at or below 0.5: strong)
Interest coverage Q 21.02
Growth
Revenue growth Q +18.11% (above 0%: growing)
Operating income growth Q +18.51% (above 0%: growing)
EPS, this year +24.24% (at or above 15%: strong)
EPS, next year A +10.70%
Revenue, next year A +20.52% (at or above 10%: strong)
EPS, past 5 yrs +20.78% (at or above 15%: strong)
EPS, next 5 yrs A +15.37% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.8×, against a ten-year median of 2.0×; over the ten years it ranged from 0.9× in 2016 to 4.0× in 2025.
P/E against its own 10 years 49.25%
10-year low 10-year high
P/S against its own 10 years 75.65%
10-year low 10-year high
P/B against its own 10 years 74.37%
10-year low 10-year high
EV/Sales against its own 10 years 75.65%
10-year low 10-year high
EV/FCF against its own 10 years 11.99%
10-year low 10-year high

Dividends raised 4 years running

Yield
0.53%
Annual rate
0.59
Payout ratio
12.2%
Growth, 2018–26
+8.60%/yr
  1. 0.31 ’18
  2. 0.32 ’19 +3
  3. 0.32 ’20 +0
  4. 0.36 ’21 +13
  5. 0.36 ’22 +0
  6. 0.39 ’23 +8
  7. 0.48 ’24 +23
  8. 0.56 ’25 +17
  9. 0.60 ’26 +7
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 61 91 64 74
Receivables 186 196 292 300
Inventory 303 331 472 470
Other — — — —
570 643 854 865
2023 2024 2025 Q'26
Payables 67 79 98 111
ST’ Debt 5 19 1 0
Other 48 52 61 76
196 242 282 292

Compound Annual Growth %

10y 5y 3y
Sales 11.00% 14.03% 14.97%
Cash Flow 10.11% 13.34% 52.51%
Earnings 14.53% 20.72% 27.00%
Book Value 13.04% 14.50% 17.09%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.32 Actual 1.34

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.08 1.16 Beat by 0.08
Q1 FY26 0.89 1.18 Beat by 0.29
Q2 FY26 1.28 1.42 Beat by 0.14
Q3 FY26 1.32 1.34 Beat by 0.02
Q4 FY26 1.32 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.14 1.40 1.29 — —
’25 0.75 1.16 1.11 0.99 4.01
’24 0.84 0.99 0.87 0.81 3.50
’23 0.45 0.66 0.71 0.75 2.56
’22 0.33 0.55 0.52 0.57 1.97
’21 0.36 0.48 0.47 0.32 1.63
’20 0.38 0.35 0.41 0.42 1.56
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 626 670 656 — —
’25 464 565 555 597 2,181
’24 425 490 474 472 1,862
’23 386 442 446 448 1,723
’22 330 367 346 392 1,435
’21 279 335 298 301 1,213
’20 286 270 280 295 1,131
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 101 113 91 — —
’25 37 60 61 97 255
’24 31 41 69 91 231
’23 7 36 48 103 194
’22 7 15 10 39 72
’21 26 13 16 47 102
’20 5 60 15 57 136
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 95 101 80 — —
’25 31 52 54 90 227
’24 23 25 61 82 191
’23 1 26 42 95 164
’22 (27) 8 6 32 19
’21 22 8 13 22 64
’20 (4) 53 7 51 107
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 6.1% a year for ten years. It grew 17.0% a year over the last ten.

Implied
6.1%
10 years, reported
17.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 708 899 1,090 1,221 1,131 1,213 1,435 1,723 1,862 2,181 2,548 +13.3% 2,628 2,793 3,011 +11.4%
Gross margin, % 25.91 24.62 25.89 26.43 25.96 23.80 24.04 26.13 28.63 28.95 29.10 +3.0 pt
EBT 57 61 112 139 125 118 151 203 264 325 387 +21.4%
EBT margin, % 8.02 6.79 10.24 11.35 11.02 9.69 10.52 11.78 14.18 14.88 15.20 +6.9 pt
Net income 44 62 94 109 96 101 120 157 216 247 297 +21.2%
Per share, $
Per share, $ Revenue 11.72 15.05 18.19 20.29 18.75 19.95 23.72 28.38 30.57 35.86 41.78 +13.2%
Earnings 0.72 1.03 1.57 1.80 1.59 1.65 1.99 2.59 3.55 4.06 4.87 +21.2%
Cash flow 0.41 1.22 1.55 1.71 2.26 1.67 1.19 3.20 3.80 4.19 6.60 +29.5%
Capex (0.10) (0.13) (0.24) (0.59) (0.49) (0.62) (0.88) (0.50) (0.67) (0.45) (0.62) +18.2%
Free cash flow 0.31 1.09 1.31 1.12 1.77 1.06 0.31 2.70 3.13 3.74 5.99 +32.0%
Book value 6.52 7.66 8.85 10.66 11.64 12.89 14.23 16.51 19.48 22.73 25.88 +14.9%
Shares, m 60 60 60 60 60 61 61 61 61 61 61 +0.1%
Valuation, ×
Valuation, × P/E 22.04 19.34 12.68 17.92 20.73 26.11 23.37 29.18 26.03 26.75 23.02 22.4
P/S 1.35 1.32 1.09 1.59 1.77 2.17 1.96 2.65 3.02 3.03 2.69 2.0
P/B 2.43 2.60 2.25 3.03 2.85 3.36 3.27 4.56 4.74 4.78 4.34 3.4
EV/Sales 1.37 1.59 1.25 1.74 1.88 2.37 2.18 2.79 3.09 3.26 2.82 2.2
EV/FCF 52.25 22.06 17.34 31.47 19.99 44.68 166.42 29.30 30.20 31.28 19.70 44.5
Cash, $m
Cash, $m Operating cash flow 25 73 93 103 136 102 72 194 231 255 403 +29.6%
Capex (6) (8) (14) (35) (30) (37) (53) (30) (41) (28) (38) +18.3%
Free cash flow 19 65 79 68 107 64 19 164 191 227 365 +32.1%
Balance, $m
Balance, $m Working capital 175 187 170 201 257 261 351 374 401 571 573 +14.1%
Net debt 13 240 173 189 128 242 316 238 133 501 347 +49.7%
Shareholders’ equity 394 457 530 642 702 784 861 1,002 1,186 1,382 1,579 +15.0%
Returns, %
Returns, % ROA 6.69 7.53 9.32 9.91 8.10 7.81 8.33 10.01 12.78 11.86 13.52 +5.2 pt
ROIC 9.33 6.59 10.80 11.07 9.89 7.96 8.54 11.32 13.34 11.31 13.40 +2.0 pt
ROE 10.95 14.47 19.04 18.52 14.32 13.54 14.64 16.90 19.77 19.20 20.47 +8.3 pt
People
People Employees 2,200 3,100 3,300 3,600 3,500 3,900 4,100 4,500 4,700 5,800 — +11.4%
Revenue/emp, $m 0.32 0.29 0.33 0.34 0.32 0.31 0.35 0.38 0.40 0.38 — +1.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Federal Signal designs, manufactures and supplies equipment used to maintain infrastructure and protect people and property. Founded in 1901 and headquartered in Oak Brook, the company is led by President and Chief Executive Officer Jennifer L. Sherman.

Its Environmental Solutions Group makes vehicles and equipment for jobs such as cleaning sewers, sweeping streets, collecting refuse and marking roads. Its vacuum- and hydro-excavation trucks use suction and water to expose underground pipes and utility lines. Other products include dump truck bodies, trailers, industrial vacuum loaders and specialty vehicles that support metal extraction.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Environmental Solutions 1,838 84.27%
Safety and Security Systems 343 15.73%
Gross margin 28.95%
Operating margin 15.63%
Pre-tax margin 14.88%

Revenue by segment since 2011

Federal Signal Corporation vs peers in Farm & Heavy Construction Machinery (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PCAR PACCAR Inc. $55.0B 19.9× 17.3× +18.96% (above 0%: growing) +43.75% (above 0%: growing) −47.92% (below 0%: shrinking) 20.48% 14.88% Compare
CNH CNH Industrial N.V. $13.9B 45.1× 27.6× +1.95% (above 0%: growing) −35.29% (below 0%: shrinking) −124.62% (below 0%: shrinking) 29.29% 13.66% Compare
OSK Oshkosh Corporation $8.3B 17.2× 16.6× +5.69% (above 0%: growing) −26.88% (below 0%: shrinking) −35.86% (below 0%: shrinking) 15.49% 6.94% Compare
AGCO AGCO Corporation $7.6B 28.6× 23.3× −8.63% (below 0%: shrinking) −82.43% (below 0%: shrinking) −1,351.85% (below 0%: shrinking) 24.99% 5.13% Compare
FSS Federal Signal Corporation $6.8B 23.0× 21.8× +18.11% (above 0%: growing) +16.51% (above 0%: growing) +47.87% (above 0%: growing) 28.86% 16.99%
TEX Terex Corporation $6.1B 27.3× 27.6× +58.40% (above 0%: growing) +1.64% (above 0%: growing) +61.54% (above 0%: growing) 19.80% 8.33% Compare
BLBD Blue Bird Corporation $1.9B 7.0× 6.4× +29.94% (above 0%: growing) +366.38% (above 0%: growing) −58.60% (below 0%: shrinking) 19.99% 12.12% Compare
ALG Alamo Group, Inc. $1.7B 21.2× 14.7× −4.02% (below 0%: shrinking) −92.01% (below 0%: shrinking) +24.63% (above 0%: growing) 18.88% 0.85% Compare
LNN Lindsay Corporation $1.1B 20.0× 20.6× +5.21% (above 0%: growing) +11.00% (above 0%: growing) −20.40% (below 0%: shrinking) 26.92% 9.77% Compare
Median of peers $6.9B 20.6× 19.0× +5.45% −12.62% −41.89% 20.24% 9.05%

All 27 Farm & Heavy Construction Machinery stocks →

From the latest earnings call

Updated

  • CEO Jennifer Sherman said third-quarter orders rose across several Environmental Solutions product lines, while aftermarket growth reflected demand for parts, used equipment and rentals.
  • Sherman said Federal Signal narrowed its full-year sales outlook primarily because of expected third-party refuse-truck delivery delays, while raising its adjusted earnings outlook.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 101.84%
Held by the ten largest 49.20%
Holder Shares Stake Change
BlackRock 9.62m 15.76% +554.38k
Vanguard 6.68m 10.95% −203.28k
State Street 2.45m 4.01% +139.39k
Capital Group 2.43m 3.98% −198.71k
Geode Capital Management 1.95m 3.20% +155.82k
Fidelity (FMR) 1.49m 2.44% −154.69k
Neuberger Berman 1.44m 2.36% +47.70k
T. Rowe Price 1.38m 2.26% +151.30k
WASATCH ADVISORS LP 1.37m 2.24% −141.17k
Dimensional Fund Advisors 1.23m 2.01% +18.54k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 6 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.42m 14.80m 339,000,000.00
2024 7.58m 15.67m 299,000,000.00
2023 6.87m 15.04m 247,000,000.00
2022 5.65m 7.49m 148,000,000.00
2021 4.67m 7.32m 137,000,000.00

Ownership

Directors and executive officers, together 3.30%
BlackRock, Inc. 14.20%
The Vanguard Group 11.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Federal Signal Corporation (FSS) Latest News

31 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · MarketBeat

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · PR Newswire
Impact 3 · · Moby
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press

28 Oct

Impact 4 · · PR Newswire
Impact 4 · · StockStory

23 Oct

Impact 4 · · StockStory

5 Oct

Impact 3 · · Zacks

22 Sep

Impact 3 · · StockStory

16 Sep

Impact 3 ·

4 Aug

Impact 3 · · The Motley Fool transcript

1 Aug

Impact 4 ·

31 Jul

Impact 4 ·
Impact 3 · · MarketBeat

30 Jul

Impact 4 · · Moby transcript
Impact 4 ·
Impact 3 · · The Motley Fool transcript
Impact 3 · transcript

8 Jul

Impact 3 ·

12 Jun

Impact 3 ·

27 May

Impact 3 · · Zacks

20 May

Impact 4 · · Simply Wall St.

1 May

Impact 4 · · Simply Wall St.

30 Apr

Impact 4 · · MarketBeat

29 Apr

Impact 4 · · The Motley Fool transcript

FSS metrics, ten years each

stockrow.com/FSS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com