Tearsheet

Federal Signal (FSS)

Market Price (12/4/2025): $111.25 | Market Cap: $6.8 Bil
Sector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment

Federal Signal (FSS)

Market Price (12/4/2025): $111.25
Market Cap: $6.8 Bil
Sector: Industrials
Industry: Construction Machinery & Heavy Transportation Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
1	Low stock price volatility Vol 12M is 38%
2	Megatrend and thematic drivers Megatrends include Sustainable Infrastructure, and Water Infrastructure. Themes include Waste Management Solutions, Wastewater Management, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
1	Low stock price volatility Vol 12M is 38%
2	Megatrend and thematic drivers Megatrends include Sustainable Infrastructure, and Water Infrastructure. Themes include Waste Management Solutions, Wastewater Management, Show more.

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$111.25	$91.86	$75.89	$45.64	$42.18
Market Cap CYE ($ Bil)	6.8	5.6	4.6	2.8	2.6
Total Debt ($ Bil)	0.2	0.3	0.3	0.4	0.3
Total Cash ($ Bil)	0.1	0.1	0.1	0.0	0.0
Enterprise Value ($ Bil)	6.9	5.9	4.9	3.2	2.9
Valuation Ratios
P/S TTM	3.5	3.0	2.7	2.0	2.2
P/EBIT TTM	22.4	20.4	20.9	17.4	21.6
P/E TTM	30.6	26.0	29.6	23.4	26.2
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$111.25	$91.86	$75.89
Market Cap CYE ($ Bil)	6.8	5.6	4.6
Total Debt ($ Bil)	0.2	0.3	0.3
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	6.9	5.9	4.9
Valuation Ratios
P/S TTM	3.5	3.0	2.7
P/EBIT TTM	22.4	20.4	20.9
P/E TTM	30.6	26.0	29.6
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	FSS	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	2.1
Rev Chg Q	17.0%	7.1%
Rev Chg LTM	11.8%	6.1%
Rev Chg 3Y Avg	15.3%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	15.9%	18.8%
CFO/Rev LTM	12.1%	20.5%
Net Inc Mgn	11.5%	13.1%
VALUATION	HIGH
P/S	3.5	3.2
P/CFO	29.0	15.8
P/FCF	32.8	20.5
P/E	30.5	23.5
STABILITY	GOOD
Debt/Equity	0.03	0.20
Cash/Assets	0.03	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Backlog	1.08 billion	6302025	Link
Orders	467 million	9302025	Link
Street Sweepers Market Share Rank	#1-2	11052025	Link
Aftermarket (Parts & Services) Percentage of Environmental Solutions Group Net Sales	~26%	12312024	Link

Recent
11/14/2025	Dividend	Amount: $0.14 Payment On: 12/02/2025
Upcoming
2/25/2026	Earnings Release	Rev: - EPS: -

FSS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Federal Signal (FSS) experienced a stock decline of -9.2% between August 31, 2025, and December 4, 2025. This movement occurred despite the company reporting strong third-quarter results and raising its full-year outlook for 2025. Key factors contributing to the stock's performance during this period include:

1. Negative Market Reaction to Q3 Earnings Despite Beat: Federal Signal reported strong Q3 CY2025 results, with revenue and non-GAAP profit exceeding Wall Street expectations. Net sales were up 17% year-on-year to $555 million, and adjusted EPS of $1.14 surpassed analyst estimates of $1.08. Despite these positive figures, the market reaction was notably negative, and shares slid in pre-market trading.

2. Decline in Backlog: While the company saw strong order intake in its Safety and Security Systems Group and robust demand for aftermarket parts and services, its consolidated backlog at September 30, 2025, declined 4% year-over-year to $992 million, compared to $1.03 billion in the prior-year quarter. This decline was largely attributed to the planned phase-out of third-party refuse trucks, a strategic shift acknowledged by management to impact order trends for several quarters.

3. Analyst Downgrade: Zacks Research lowered Federal Signal from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 29, 2025.

4. Broader Industry Underperformance: The heavy transportation equipment sector, to which Federal Signal belongs, generally underperformed during parts of 2025. For example, by February 25, 2025, this group had seen share prices down 7.4% on average over the preceding month, with Federal Signal specifically down 7.5% in the same period.

5. Stock Trading Activity and Short-Term Price Fluctuations: While the company reported positive financial results and raised its outlook, the stock experienced short-term price fluctuations. For instance, on December 1, 2025, FSS closed at $113.13, down 0.76%. Additionally, on November 17, 2025, the stock was down 2.44%.

Show less

Stock Movement Drivers

Fundamental Drivers

The -8.5% change in FSS stock from 9/3/2025 to 12/3/2025 was primarily driven by a -13.9% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	121.89	111.55	-8.49%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1974.60	2055.40	4.09%
Net Income Margin (%)	11.22%	11.47%	2.22%
P/E Multiple	33.33	28.72	-13.86%
Shares Outstanding (Mil)	60.60	60.70	-0.17%
Cumulative Contribution			-8.49%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
FSS	-8.5%
Market (SPY)	6.2%	50.8%
Sector (XLI)	2.9%	47.9%

Fundamental Drivers

The 13.9% change in FSS stock from 6/4/2025 to 12/3/2025 was primarily driven by a 8.2% change in the company's Total Revenues ($ Mil).

	6042025	12032025	Change
Stock Price ($)	97.98	111.55	13.85%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1900.40	2055.40	8.16%
Net Income Margin (%)	11.10%	11.47%	3.33%
P/E Multiple	28.37	28.72	1.21%
Shares Outstanding (Mil)	61.10	60.70	0.65%
Cumulative Contribution			13.85%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
FSS	13.9%
Market (SPY)	15.1%	34.5%
Sector (XLI)	7.6%	33.1%

Fundamental Drivers

The 14.1% change in FSS stock from 12/3/2024 to 12/3/2025 was primarily driven by a 11.8% change in the company's Total Revenues ($ Mil).

	12032024	12032025	Change
Stock Price ($)	97.77	111.55	14.09%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1837.90	2055.40	11.83%
Net Income Margin (%)	11.57%	11.47%	-0.87%
P/E Multiple	28.04	28.72	2.41%
Shares Outstanding (Mil)	61.00	60.70	0.49%
Cumulative Contribution			14.09%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
FSS	14.1%
Market (SPY)	14.3%	50.9%
Sector (XLI)	9.8%	54.4%

Fundamental Drivers

The 129.8% change in FSS stock from 12/4/2022 to 12/3/2025 was primarily driven by a 52.9% change in the company's Total Revenues ($ Mil).

	12042022	12032025	Change
Stock Price ($)	48.53	111.55	129.85%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1344.70	2055.40	52.85%
Net Income Margin (%)	7.83%	11.47%	46.50%
P/E Multiple	27.84	28.72	3.15%
Shares Outstanding (Mil)	60.40	60.70	-0.50%
Cumulative Contribution			129.84%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
FSS	60.5%
Market (SPY)	53.2%	54.0%
Sector (XLI)	45.4%	62.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FSS Return	4%	32%	8%	66%	21%	22%	264%
Peers Return	5%	26%	5%	33%	20%	24%	177%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
FSS Win Rate	50%	58%	50%	50%	50%	50%
Peers Win Rate	57%	58%	43%	55%	55%	56%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
FSS Max Drawdown	-26%	-2%	-26%	0%	-6%	-25%
Peers Max Drawdown	-49%	-7%	-26%	-12%	-13%	-26%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PCAR, OSK, REVG, WNC, CAT. See FSS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	FSS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-33.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	49.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	216 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-31.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	45.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	289 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-33.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	49.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	120 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-77.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	349.1%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2433 days	1480 days

Compare to PCAR, OSK, REVG, WNC, CAT

In The Past

Federal Signal's stock fell -33.3% during the 2022 Inflation Shock from a high on 11/12/2021. A -33.3% loss requires a 49.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Federal Signal (FSS)

Federal Signal Corporation, together with its subsidiaries, designs, manufactures, and supplies a suite of products and integrated solutions for municipal, governmental, industrial, and commercial customers in the United States, Canada, Europe, and internationally. It operates through Environmental Solutions Group, and Safety and Security Systems Group. The Environmental Solutions Group segment offers a range of street sweepers, safe-digging trucks ,sewer cleaners, industrial vacuum loaders, vacuum, and hydro-excavation trucks; road-marking, line-removal and waterblasting equipment, dump truck bodies, trailers, and metal extraction support equipment under the Elgin, Vactor, Guzzler, TRUVAC, Westech, Jetstream, Mark Rite Lines, Ox Bodies, Crysteel, J-Craft, Duraclass, Rugby, Travis, OSW, NTE, WTB, Ground Force, Bucks, and Switch-N-Go brand names. It also offers refuse and recycling collection vehicles, camera systems, ice resurfacing equipment, and snow-removal equipment, as well as safety, and security systems. In addition, this segment engages in the sale of parts, service and repair, equipment rental, and training activities. The Safety and Security Systems Group segment provides systems and products for community alerting, emergency vehicles, first responder interoperable communications, and industrial communications. Its products include vehicle lightbars and sirens, industrial signaling equipment, public warning systems, general alarm systems, and public address systems. This segment sells its products under the Federal Signal, Federal Signal VAMA, and Victor brand names. The company sells its products through wholesaler, distributor, independent manufacturer representative, original equipment manufacturer, and direct sales force, as well as independent foreign distributor. Federal Signal Corporation was founded in 1901 and is headquartered in Oak Brook, Illinois.

AI Generated Analysis | Feedback

Here are a few analogies to describe Federal Signal (FSS):

Think of them as a highly specialized Caterpillar or Volvo Trucks, focusing exclusively on the heavy-duty vehicles that keep our cities running, like street sweepers, vacuum excavators, and refuse trucks.
They are also a key supplier of warning lights, sirens, and communication systems for emergency vehicles and industrial safety, much like how Axon Enterprises provides specialized technology for law enforcement.

AI Generated Analysis | Feedback

Sewer and Industrial Vacuum Trucks: Manufactures specialized vehicles used for municipal sewer cleaning, industrial vacuum loading, and material handling.
Street Sweepers: Produces various types of street sweeping vehicles for municipal and contractor use.
Emergency Vehicle Warning Systems: Designs and manufactures lighting, sirens, and communication systems for police, fire, EMS, and utility vehicles.
Mass Notification & Public Safety Systems: Provides outdoor warning sirens and integrated critical communication solutions for public safety and industrial facilities.

AI Generated Analysis | Feedback

Federal Signal (FSS) primarily sells its products and services to other companies and governmental agencies rather than directly to individuals. The company's customer base is highly fragmented, and according to its most recent annual report (10-K), no single customer accounts for more than 10% of its consolidated net sales.

Therefore, while it's not possible to list specific major named customer companies with stock symbols, Federal Signal serves a broad range of entities across several key categories:

Governmental Agencies and Municipalities: These customers include local, state, and federal government entities suchs as police departments, fire departments, emergency medical services (EMS), and public works departments. They purchase a wide array of Federal Signal products, including emergency warning systems, communication solutions, street sweepers, and vacuum trucks for public safety and infrastructure maintenance.
Commercial and Industrial Customers: This category encompasses a diverse group of businesses, including construction contractors, utility companies, environmental service providers, manufacturing facilities, mining operations, and airports. These customers utilize Federal Signal's specialized vehicles (like street sweepers, vacuum excavators), safety solutions, and signaling equipment for their operational and safety needs.
Original Equipment Manufacturers (OEMs): Federal Signal also supplies components and sub-systems to other manufacturers who integrate them into their final products. For example, they may provide chassis for fire apparatus or warning light systems for other specialized vehicles.

Due to the fragmented nature of its customer base, Federal Signal does not disclose specific major customers that are public companies generating a significant portion of its revenue.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

Jennifer L. Sherman, President and Chief Executive Officer

Jennifer L. Sherman was appointed President and Chief Executive Officer of Federal Signal Corporation on January 1, 2016, having joined the company in 1994. Prior to her promotion to CEO, she held various leadership roles including Chief Operating Officer, Chief Administrative Officer, Senior Vice President, General Counsel, and Secretary. Ms. Sherman began her career as a corporate attorney with a focus on commercial contract disputes, labor law, bankruptcy, securities, and collections. She currently serves on the Board of Franklin Electric Company, Inc. and has been involved with several non-profit boards.

Ian A. Hudson, Senior Vice President and Chief Financial Officer

Ian A. Hudson was promoted to Senior Vice President and Chief Financial Officer of Federal Signal on October 24, 2017, after serving as Interim Chief Financial Officer. He joined Federal Signal in August 2013 as Vice President and Corporate Controller. Before joining the company, Mr. Hudson was Director of Accounting – Latin America and Asia Pacific at Groupon, Inc. from June 2012 to August 2013. Prior to that, he spent 14 years at Ernst & Young, LLP, most recently as a Senior Audit Manager.

Mark D. Weber, Senior Vice President and Chief Operating Officer

Mark D. Weber was appointed Senior Vice President and Chief Operating Officer, effective January 15, 2018. He rejoined Federal Signal after serving four years as President and CEO of Supreme Industries, Inc., which was successfully sold to Wabash National Corporation during his leadership. Before his time at Supreme Industries, Mr. Weber spent 17 years at Federal Signal in various leadership positions, including President of the Environmental Solutions Group. Earlier in his career, he worked at Cummins Engine Company. He also serves on the Board of Horizon Global Corporation.

Diane I. Bonina, Vice President, General Counsel and Secretary

Diane I. Bonina became Vice President, General Counsel and Secretary of Federal Signal on April 26, 2022, having joined the company as Legal Counsel in March 2022. In her role, she is responsible for the company's legal, corporate secretary, and compliance functions. Ms. Bonina previously held senior legal positions at AT&T and was an attorney with the Chicago law firm Jenner & Block in its litigation department. She also served as a law clerk for the Honorable Cornelia G. Kennedy of the U.S. Court of Appeals for the Sixth Circuit.

Felix M. Boeschen, Vice President, Corporate Strategy & Investor Relations

Felix M. Boeschen was appointed Vice President, Corporate Strategy and Investor Relations, effective September 28, 2023. He is responsible for developing and implementing strategic initiatives and leading the company's investor relations efforts. Prior to joining Federal Signal, Mr. Boeschen served as a Vice President of Equity Research at Raymond James from 2020 to 2023, where he covered companies in the machinery, truck equipment, and specialty vehicle sectors.

AI Generated Analysis | Feedback

The most significant clear emerging threat to Federal Signal (FSS) is the rapid acceleration of the electrification of municipal and industrial vehicle fleets.

Federal Signal's Environmental Solutions Group heavily relies on the manufacture and sale of traditional diesel-powered heavy equipment such as street sweepers, vacuum trucks, sewer cleaners, and hydro-excavators. Many municipalities, government agencies, and industrial customers, which are FSS's core market, are increasingly setting aggressive targets for transitioning their fleets to electric or alternative fuel vehicles to meet environmental goals, reduce noise pollution, and achieve long-term operational savings.

This shift represents a substantial threat as it requires significant investment in research and development to design and produce competitive electric alternatives. If FSS is unable to innovate and scale its electric product offerings at a pace commensurate with market demand or if it lags behind competitors already deploying robust electric solutions, it risks losing substantial market share in its core equipment segments.

AI Generated Analysis | Feedback

The addressable markets for Federal Signal's main products and services vary by product category and region. The company operates primarily through its Environmental Solutions Group and Safety and Security Systems Group, serving municipal, governmental, industrial, and commercial clients. Here are the estimated market sizes for their key products and services:

Environmental Solutions Group

Street Sweepers: The global street sweeper market was valued at approximately USD 2.1 billion in 2024 and is projected to grow to USD 3.4 billion by 2035, at a Compound Annual Growth Rate (CAGR) of 4.4%. The North America street sweeper market alone was estimated at USD 870.1 million in 2024 and is expected to reach USD 1.56 billion by 2034, growing at a CAGR of 6.1%.
Industrial Vacuum Loader Trucks / Vacuum Trucks: The global industrial vacuum loader truck market size was estimated at USD 1.23 billion in 2023 and is projected to reach USD 2.44 billion by 2033, with a CAGR of 7.09%. Another estimate places the global vacuum truck market at USD 2.1 billion in 2024, expected to exceed USD 5.15 billion by 2037, at a CAGR of 6.5%. The U.S. vacuum truck market is projected to reach an estimated value of USD 930.6 million by 2032.
Refuse Collection Vehicles (Garbage Collection Trucks): The global garbage collection trucks market is anticipated to be approximately USD 15,032.7 million in 2025 and is projected to rise to USD 20,049.9 million by 2032, at a CAGR of 4.2%. Another report values the global market at USD 8.9 billion in 2024, with a projection to reach USD 14.1 billion by 2035, at a CAGR of 4.2%.
Dump Truck Bodies: The global dump truck bodies market size was approximately USD 2.34 billion in 2024 and is expected to reach USD 3.79 billion by 2033, growing at a CAGR of about 5.5%. For North America, the dump truck/body manufacturing market was estimated at USD 660 million in 2022.
Trailers (Dump Trailers): The global dump trailer market is valued at USD 11.43 billion in 2025 and is projected to reach USD 27.35 billion by 2035, expanding at a CAGR of 9.1%. North America leads this market with a 35% share.

Safety and Security Systems Group

Public Safety and Security Systems: The global public safety and security market size was valued at USD 516.68 billion in 2024 and is projected to reach USD 1,124.77 billion by 2030, growing at a CAGR of 14.3%. North America held a dominant share of 38.7% of the global market in 2024.
Emergency Vehicle Lighting: The global emergency warning lights market is estimated to be valued at USD 2.15 billion in 2025 and is expected to reach USD 3.07 billion by 2032, with a CAGR of 5.2%. North America is estimated to lead this market with a share of 41.3% in 2025.
Outdoor Warning Sirens: The global outdoor warning sirens market size was valued at USD 169.43 million in 2024 and is expected to grow to USD 275.33 million by 2034, with a CAGR of 5.0%. The North American market for outdoor warning sirens is calculated at USD 46.5 million for 2024 and is projected to reach USD 60.7 million by 2034, at a CAGR of 2.7%.
Public Address Systems: The global public address and voice alarm systems market size reached USD 3.3 billion in 2024 and is expected to reach USD 5.8 billion by 2033, exhibiting a growth rate (CAGR) of 6.37%. North America holds 33% of the total public address system demand.
Fire Trucks: The global fire truck market size was valued at USD 9.15 billion in 2024 and is expected to reach USD 11.96 billion by 2032, at a CAGR of 3.41%. North America's fire truck market size was valued at USD 8.21 billion in 2024 and is expected to be worth USD 13.29 billion by 2033, with a CAGR of 5.50%.

AI Generated Analysis | Feedback

The following are 3-5 expected drivers of future revenue growth for Federal Signal (FSS) over the next 2-3 years:

Sustained Strong Demand in Core Markets: Federal Signal anticipates continued robust demand in its publicly funded and industrial markets. This persistent strength is a key driver for both its Environmental Solutions Group (ESG) and Safety and Security Systems Group (SSG), leading to sustained sales growth for its products and aftermarket offerings.
Strategic Acquisitions and Inorganic Growth: Acquisitions are a significant component of Federal Signal's growth strategy. Recent successful integrations, such as HOG Technologies and Standard Equipment, have already contributed to revenue expansion. The ongoing integration of the New Way division is particularly highlighted as a long-term catalyst for increasing market share in the refuse truck segment. The company projects its growth to be evenly split between organic and inorganic contributions.
Aftermarket Sales Growth and Price Realization: Strong aftermarket demand for parts and services, coupled with effective price realization strategies, continues to be a meaningful contributor to Federal Signal's revenue growth. This allows the company to capitalize on its installed base and manage costs effectively.
Increased Production and Operational Enhancements: Efforts to increase production levels, including capacity expansions and automation initiatives at key facilities, are expected to support higher sales volumes. Furthermore, the "build more parts" initiative aims to enhance in-sourcing of components, which can reduce supply chain vulnerabilities and improve efficiency, indirectly boosting revenue by ensuring product availability.

AI Generated Analysis | Feedback

Share Repurchases

Federal Signal's Board of Directors authorized a new stock repurchase program of up to $150 million in April 2025.
As of the end of the first quarter of 2025, approximately $27 million remained under a previous stock repurchase program authorized in March 2020.
From the March 2020 buyback plan, the company repurchased 1,173,156 shares for $67.81 million as of September 30, 2025.

Share Issuance

The company's common stock par value increased by $0.4 million between 2023 and 2024, indicating the issuance of approximately 0.4 million shares, likely related to equity compensation.

Outbound Investments

In September 2025, Federal Signal agreed to acquire New Way Trucks for an initial purchase price of $396 million, plus an additional $30 million for manufacturing facilities, marking an expansion into the refuse collection vehicle market.
The company acquired Standard Equipment Company in 2024 for an upfront value of $38.8 million, with a potential for an additional $4.8 million in contingent earn-outs.
In 2023, Federal Signal completed the acquisitions of Trackless Vehicles Limited, Trackless Vehicles Asset Corp, and Work Equipment Ltd.

Capital Expenditures

Expected capital expenditures for 2025 are projected to be between $40 million and $50 million.
Total capital expenditures were $41.8 million in 2024 and $30.8 million in 2023.
For the nine months ending September 30, 2025, Federal Signal funded $19.9 million in capital expenditures.

Better Bets than Federal Signal (FSS)

	FSS	Better Performance than FSS
Metric	Value	INDUSTRY: Construction Machinery & Heavy Transportation Equipment
Rev Chg LTM	11.8%
Rev Chg 3Y Avg	15.3%
Op Mgn LTM	15.9%	GATX (30.6%), CAT (18.2%), TRN (16.8%), WAB (16.4%)
CFO/Rev LTM	12.1%	GATX (41.6%), CAT (18.0%), TRN (17.6%), PCAR (16.0%), WAB (13.8%)
FCF/Rev LTM	10.7%	GATX (41.6%), CAT (12.3%), WAB (11.8%), PCAR (10.8%)
Total Yield	3.7%	PCAR (9.6%), OSK (9.6%), CAT (6.7%), CMI (6.3%), WAB (3.9%)
P/S	3.5	OSK (0.8), CMI (1.7), PCAR (1.8), CAT (2.9), WAB (3.2)
P/Op Inc	22.1	OSK (8.7), PCAR (15.4), CMI (15.5), CAT (15.8), WAB (19.3)

	FSS	Better Performance than FSS
Metric	Value	SECTOR: Industrials
Rev Chg LTM	11.8%	UBER (18.2%), GE (17.7%), WM (15.9%), TDG (12.8%), GD (11.9%)
Rev Chg 3Y Avg	15.3%	EMR (24.9%), VRT (21.4%), UBER (19.6%), TDG (18.2%), GE (15.7%)
Op Mgn LTM	15.9%	UNP (40.6%), GE (20.5%), DE (20.0%), ETN (19.0%), CAT (18.2%)
CFO/Rev LTM	12.1%	UNP (39.6%), UBER (18.1%), CAT (18.0%), GE (17.2%), ETN (15.4%)
FCF/Rev LTM	10.7%	UNP (24.5%), UBER (17.5%), GE (14.7%), ETN (12.5%), CAT (12.3%)
Total Yield	3.7%	UBER (8.1%), UNP (7.3%), CAT (6.7%), DE (5.0%), RTX (4.5%)
P/S	3.5	BA (2.0), RTX (2.6), CAT (2.9), DE (3.2), HON (3.3)
P/Op Inc	22.1	UNP (14.0), CAT (15.8), DE (15.9), HON (17.4), ADP (21.7)

	FSS	Better Performance than FSS
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	11.8%	NVDA (71.6%), AVGO (28.0%), META (21.3%), MSFT (15.6%), GOOGL (13.4%)
Rev Chg 3Y Avg	15.3%	NVDA (92.0%), AVGO (24.0%), LLY (23.4%), BRK-B (19.8%), META (17.3%)
Op Mgn LTM	15.9%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	12.1%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	10.7%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	3.7%	XOM (10.3%), JNJ (8.4%), JPM (6.7%), BRK-B (6.2%), GOOGL (4.6%)
P/S	3.5	WMT (1.1), XOM (1.4), COST (1.5), BRK-B (2.7), AMZN (3.5)
P/Op Inc	22.1	XOM (12.4), V (16.6), HD (16.8), PG (17.5), JNJ (18.5)

		Best Bets In Industrials Sector
	FSS
What You Pay
P/E	30.6
P/EBIT	22.5
What You Get
Rev Chg Q	17.0%
Rev Chg LTM	11.8%
Rev Chg 3Y Avg	15.3%
FCF/Rev 3Y Avg	9.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Can Federal Signal Stock Recover If Markets Fall?	Return
2	How Does FSS Stock Compare With Its Peers Right Now?
3	FSS Dip Buy Analysis
4	Federal Signal Total Shareholder Return (TSR): 21.5% in 2024 and 30.1% 3-yr compounded annual returns (above peer average)
5	Federal Signal (FSS) Operating Cash Flow Comparison	Financials
6	Federal Signal (FSS) Net Income Comparison	Financials
7	Federal Signal (FSS) Operating Income Comparison	Financials
8	Federal Signal (FSS) Revenue Comparison	Financials
9	Federal Signal vs. United Therapeutics: FSS stock's significantly higher valuation vs. UTHR appears counterintuitive	Counter-Intuitive Comparisons
10	Federal Signal vs. Arista Networks: FSS stock's significantly higher valuation vs. ANET appears counterintuitive	Counter-Intuitive Comparisons
11	ARTICLES
12	FSS vs the Competition: Which Stock Comes Out on Top?		August 14th, 2025

	Title
0	DASHBOARDS
1	Can Federal Signal Stock Recover If Markets Fall?
2	How Does FSS Stock Compare With Its Peers Right Now?
3	FSS Dip Buy Analysis
4	Federal Signal Total Shareholder Return (TSR): 21.5% in 2024 and 30.1% 3-yr compounded annual returns (above peer average)
5	Federal Signal (FSS) Operating Cash Flow Comparison
6	Federal Signal (FSS) Net Income Comparison
7	Federal Signal (FSS) Operating Income Comparison
8	Federal Signal (FSS) Revenue Comparison
9	Federal Signal vs. United Therapeutics: FSS stock's significantly higher valuation vs. UTHR appears counterintuitive
10	Federal Signal vs. Arista Networks: FSS stock's significantly higher valuation vs. ANET appears counterintuitive
11	ARTICLES
12	FSS vs the Competition: Which Stock Comes Out on Top?

Trade Ideas

Select past ideas related to FSS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Federal Signal

Peers to compare with:

Financials

	FSS	PCAR	OSK	REVG	WNC	CAT	Median
Name	Federal .	PACCAR	Oshkosh	REV	Wabash N.	Caterpil.
Mkt Price	111.55	108.54	128.15	56.53	9.06	591.49	110.05
Mkt Cap	6.8	57.1	8.2	2.7	0.0	277.8	7.5
Rev LTM	2,055	29,532	10,332	2,397	1,638	63,139	6,364
Op Inc LTM	327	3,365	957	172	371	11,510	664
FCF LTM	220	3,194	755	200	108	7,740	487
FCF 3Y Avg	175	3,005	316	93	118	8,349	245
CFO LTM	248	4,717	974	233	150	11,373	611
CFO 3Y Avg	208	4,450	599	125	186	11,517	403

Growth & Margins

	FSS	PCAR	OSK	REVG	WNC	CAT	Median
Name	Federal .	PACCAR	Oshkosh	REV	Wabash N.	Caterpil.
Rev Chg LTM	11.8%	-15.2%	-2.5%	-3.2%	-22.9%	-4.9%	-4.0%
Rev Chg 3Y Avg	15.3%	3.8%	9.9%	1.7%	-9.8%	5.8%	4.8%
Rev Chg Q	17.0%	-19.0%	-1.9%	11.3%	-17.8%	-0.7%	-1.3%
QoQ Delta Rev Chg LTM	4.1%	-5.0%	-0.5%	2.8%	-4.8%	-0.2%	-0.3%
Op Mgn LTM	15.9%	11.4%	9.3%	7.2%	22.6%	18.2%	13.6%
Op Mgn 3Y Avg	14.5%	14.4%	9.2%	4.7%	6.8%	18.8%	11.8%
QoQ Delta Op Mgn LTM	0.3%	-1.0%	-0.0%	0.7%	29.6%	-0.9%	0.2%
CFO/Rev LTM	12.1%	16.0%	9.4%	9.7%	9.2%	18.0%	10.9%
CFO/Rev 3Y Avg	11.1%	13.7%	6.0%	5.1%	8.7%	17.8%	9.9%
FCF/Rev LTM	10.7%	10.8%	7.3%	8.3%	6.6%	12.3%	9.5%
FCF/Rev 3Y Avg	9.3%	9.2%	3.1%	3.8%	5.6%	12.9%	7.4%

Valuation

	FSS	PCAR	OSK	REVG	WNC	CAT	Median
Name	Federal .	PACCAR	Oshkosh	REV	Wabash N.	Caterpil.
Mkt Cap	6.8	57.1	8.2	2.7	0.0	277.8	7.5
P/S	3.5	1.8	0.8	1.0	0.0	2.9	1.4
P/EBIT	22.5	15.4	8.5	14.6	0.0	14.9	14.7
P/E	30.6	19.2	12.5	21.4	0.0	19.3	19.3
P/CFO	29.1	11.0	8.5	9.9	0.0	16.0	10.4
Total Yield	3.7%	9.6%	9.6%	5.3%	67,757.1%	6.7%	8.1%
Dividend Yield	0.5%	4.4%	1.5%	0.6%	3,467.9%	1.5%	1.5%
FCF Yield 3Y Avg	3.1%	6.1%	4.1%	6.2%	12,421.5%	5.4%	5.8%
D/E	0.0	0.3	0.1	0.0	1,078.5	0.2	0.2
Net D/E	0.0	0.1	0.1	0.0	851.5	0.2	0.1

Returns

	FSS	PCAR	OSK	REVG	WNC	CAT	Median
Name	Federal .	PACCAR	Oshkosh	REV	Wabash N.	Caterpil.
1M Rtn	-3.1%	11.7%	6.1%	8.0%	14.4%	3.7%	7.1%
3M Rtn	-8.5%	13.2%	-6.1%	-3.0%	-17.1%	42.9%	-4.5%
6M Rtn	13.9%	18.0%	26.5%	32.0%	-0.0%	70.4%	22.2%
12M Rtn	14.1%	-3.2%	15.8%	79.6%	-52.6%	50.4%	15.0%
3Y Rtn	129.8%	74.7%	48.1%	393.8%	-63.2%	163.6%	102.3%
1M Excs Rtn	-3.1%	11.8%	6.1%	8.1%	14.4%	3.7%	7.1%
3M Excs Rtn	-16.0%	5.5%	-12.9%	-13.4%	-24.7%	35.8%	-13.1%
6M Excs Rtn	-0.9%	3.3%	11.7%	17.2%	-14.7%	55.7%	7.5%
12M Excs Rtn	1.6%	-16.8%	1.2%	69.8%	-66.6%	34.3%	1.4%
3Y Excs Rtn	65.8%	5.5%	-24.1%	331.9%	-135.1%	95.2%	35.7%

Comparison Analyses

	Title
0	PCAR or FSS - With 35% Return Forecast, FSS Probably Deserves Your Money
1	Federal Signal vs Shake Shack: Similar Market Cap; Which Stock Is A Better Bet?
2	Federal Signal vs Werner Enterprises: Similar Market Cap; Which Stock Is A Better Bet?
3	Federal Signal vs Badger Meter: Similar Market Cap; Which Stock Is A Better Bet?
4	Federal Signal vs HubSpot: Similar Revenue; Which Stock Is A Better Bet?
5	Federal Signal vs The Trade Desk: Similar Revenue; Which Stock Is A Better Bet?
6	Federal Signal vs Manhattan Associates: Similar Income; Which Stock Is A Better Bet?
7	Federal Signal vs Kratos Defense & Security Solutions: Similar Market Cap; Which Stock Is A Better Bet?
8	Federal Signal vs Graham Holdings Company: Similar Market Cap; Which Stock Is A Better Bet?
9	Federal Signal vs Coca-Cola Consolidated: Similar Market Cap; Which Stock Is A Better Bet?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/26/2025	2/27/2024	3/1/2023	3/1/2022	2/25/2021	2/27/2020
Key Financials
Total Revenue	2,055	1,862	1,723	1,435	1,213	1,131	1,221
EBITDA	398	342	283	216	172	175	188
Operating Income	327	280	225	160	118	135	150
Net Income	236	216	157	120	101	96	108
EPS	3.88	3.55	2.59	1.99	1.65	1.59	1.80
Growth Rates
Total Revenue Growth	11.8%	8.1%	20.1%	18.3%	7.3%	-7.4%	12.1%
EBITDA Growth	18.3%	20.7%	31.1%	25.2%	-1.5%	-6.9%	19.5%
Operating Income Growth	18.8%	24.6%	40.3%	35.5%	-12.2%	-9.9%	21.6%
Net Income Growth	10.9%	37.4%	30.7%	19.7%	4.6%	-11.3%	15.4%
Margins
EBITDA Margin	19.3%	18.4%	16.4%	15.0%	14.2%	15.5%	15.4%
Operating Income Margin	15.9%	15.1%	13.1%	11.2%	9.8%	11.9%	12.2%
Net Income Margin	11.5%	11.6%	9.1%	8.4%	8.3%	8.5%	8.9%
Cash & Debt
Total Cash	54	91	61	48	40	82	32
Total Debt	243	252	321	388	314	234	250
Net Debt / (Cash)	189	161	260	341	273	152	219
Cash Flows
Net Cash from Operations	248	231	194	72	102	136	103
Free Cash from Operations	220	191	164	19	64	106	68
Returns to Shareholders
Dividends	33	29	24	22	22	19	19
Share Repurchases	54	13	12	22	26	23	3

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/30/2025	4/30/2025	2/26/2025	10/31/2024	7/25/2024	4/30/2024	2/27/2024	11/2/2023	7/27/2023	5/2/2023	3/1/2023
Key Financials Quarterly
Total Revenue	555	565	464	472	474	490	425	448	446	442	386	392
Ebitda	114	117	84	84	92	96	70	78	78	74	54	60
Operating Income	96	98	66	67	76	82	55	62	63	60	40	47
Net Income	68	71	46	50	54	61	52	46	43	40	27	35
EPS	1.12	1.18	0.76	0.82	0.88	1.00	0.85	0.76	0.71	0.66	0.45	0.57
Key Financials TTM
Total Revenue TTM	2,055	1,975	1,900	1,862	1,838	1,810	1,762	1,723	1,666	1,566	1,490	1,435
Ebitda TTM	398	376	356	342	336	322	299	283	265	241	227	216
Operating Income TTM	327	308	291	280	275	262	240	225	210	187	172	160
Net Income TTM	236	222	211	216	213	202	182	157	146	134	127	120
Growth Rates Quarterly
Total Revenue Growth	17.0%	15.1%	9.2%	5.3%	6.2%	10.8%	10.2%	14.5%	28.9%	20.6%	16.7%	29.9%
EBITDA Growth	23.3%	21.0%	20.4%	7.0%	18.8%	30.8%	29.4%	29.3%	46.2%	22.6%	27.0%	81.4%
Operating Income Growth	25.0%	19.9%	20.1%	8.3%	21.0%	36.5%	37.3%	30.6%	58.4%	34.8%	39.6%	180.4%
Net Income Growth	26.3%	17.4%	-10.3%	7.8%	24.5%	50.9%	88.3%	34.1%	36.2%	20.3%	33.7%	77.4%
Margins Quarterly
EBITDA Margin	20.5%	20.7%	18.0%	17.7%	19.4%	19.7%	16.4%	17.4%	17.4%	16.7%	13.9%	15.4%
Operating Income Margin	17.2%	17.4%	14.3%	14.1%	16.1%	16.7%	13.0%	13.7%	14.2%	13.6%	10.4%	12.0%
Net Income Margin	12.3%	12.6%	10.0%	10.6%	11.4%	12.4%	12.1%	10.3%	9.7%	9.1%	7.1%	8.8%
Cash & Debt
Total Cash	54	65	58	91	74	49	49	61	41	49	38	48
Total Debt	243	296	305	252	259	284	294	321	390	435	402	388
Net Debt / (Cash)	189	232	248	161	186	235	245	260	349	386	364	341
Cash Flows Quarterly
FCF from Operations	61	60	37	91	69	41	31	103	48	36	7	39
Cash Flows TTM
FCF from Operations TTM	248	256	237	231	244	223	219	194	130	92	72	72
Returns to Shareholders Quarterly
Dividends	8	8	9	7	7	7	7	6	6	6	6	5
Share Repurchases	1	24	27	2	4	2	4	3	4	2	4	3
Return on Invested Capital (ROIC) Quarterly
ROIC	152.5%	129.7%	80.0%	131.3%	122.5%	109.2%	90.2%	75.1%	54.9%	47.5%	34.9%	45.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	132.2%	101.2%	90.2%	142.4%	121.6%	92.2%	81.2%	67.1%	47.0%	39.1%	38.0%	37.5%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Environmental Solutions	1,291	1,206	1,098	927	908
Safety and Security Systems	288	279	227	226	223
Corporate and eliminations	42	39	41	56	34
Total assets of discontinued operations				0	0
Total	1,620	1,524	1,366	1,209	1,166

Price Behavior

Price Behavior

Market Price	$111.55
Market Cap ($ Bil)	6.8
First Trading Date	03/01/1982
Distance from 52W High	-13.9%
	50 Days	200 Days
DMA Price	$116.23	$103.64
DMA Trend	up	down
Distance from DMA	-4.0%	7.6%
	3M	1YR
Volatility	31.2%	37.9%
Downside Capture	182.73	100.65
Upside Capture	90.53	100.39
Correlation (SPY)	50.4%	51.0%

FSS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.11	1.27	1.28	1.19	0.98	1.08
Up Beta	1.73	0.93	1.30	1.49	1.06	1.23
Down Beta	0.44	1.14	1.06	1.79	0.83	0.87
Up Capture	83%	113%	93%	94%	104%	154%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	22	29	64	123	398
Down Capture	117%	161%	168%	80%	100%	101%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	19	33	61	124	347

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of FSS With Other Asset Classes (Last 1Y)
	FSS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	14.6%	8.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	37.7%	18.9%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.43	0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		54.2%	50.8%	-7.7%	18.1%	33.2%	29.8%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of FSS With Other Asset Classes (Last 5Y)
	FSS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	28.8%	13.1%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	30.5%	17.2%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.87	0.61	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		66.1%	54.9%	4.7%	16.9%	42.4%	21.5%

Based On 10-Year Data

		Comparison of FSS With Other Asset Classes (Last 10Y)
	FSS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	22.0%	12.8%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	32.4%	19.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.70	0.57	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		62.4%	54.6%	-1.8%	20.9%	43.8%	13.6%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	4,006,137
Short Interest: % Change Since 10312025	11.5%
Average Daily Volume	425,871
Days-to-Cover Short Interest	9.41
Basic Shares Quantity	60,700,000
Short % of Basic Shares	6.6%

Returns Analyses

	Title
0	Can Federal Signal Stock Recover If Markets Fall?
1	Federal Signal Stock Return Comparison
2	[9/30/2021] Federal Signal (FSS) Stock Price Forecast: AI Forecasts FSS Stock Price To Be Around $40.3 In A Month (Up 4.4%)
3	Federal Signal Total Shareholder Return (TSR): 8.1% in 2022 and 13.9% 3-yr returns (above peer average)
4	Federal Signal (FSS) Stock Return: AI Predicts FSS Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	7302025	10-Q 6/30/2025
3312025	4302025	10-Q 3/31/2025
12312024	2262025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	7252024	10-Q 6/30/2024
3312024	4302024	10-Q 3/31/2024
12312023	2272024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	7272022	10-Q 6/30/2022
3312022	5022022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Federal Signal (FSS)

Market Price (12/4/2025): $111.25 | Market Cap: $6.8 BilSector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment

Federal Signal (FSS)

Market Price (12/4/2025): $111.25Market Cap: $6.8 BilSector: IndustrialsIndustry: Construction Machinery & Heavy Transportation Equipment

Valuation, Metrics & Events

FSS Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Federal Signal (FSS)

Environmental Solutions Group

Safety and Security Systems Group

Interactive Breakdown

Better Bets than Federal Signal (FSS)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Federal Signal

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/4/2025): $111.25 | Market Cap: $6.8 Bil
Sector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment

Market Price (12/4/2025): $111.25
Market Cap: $6.8 Bil
Sector: Industrials
Industry: Construction Machinery & Heavy Transportation Equipment