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Federal Signal Corp (FSS) stock

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NYSE: FSS NYSE Construction Machinery & Heavy Transportation Equipment

B Fundamentals grade

Federal Signal Corp is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$190

Cash-flow model

Base case. Range ~$140–$250 across our lower- and higher-growth cases (14.6%–24.6% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 61% above it.

Price used: $117.01, November 2, 2026

Federal Signal Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Federal Signal files

10-Q filed October 29: Federal Signal

Federal Signal's revenue reached $2.55bn over the twelve months to September 2026, a 24.0% increase on the prior year and roughly the same pace of growth seen a quarter earlier. Among the 20 construction machinery and heavy transportation equipment companies we cover, that performance ranks fourth. Margins have also improved, with free cash flow rising to 14.3% of revenue from 10.7% a year earlier. Our model value sits at $184 a share, little changed from before, while the stock trades at $115. We maintain our Buy rating. At the current price, the market appears to be pricing in cash-flow growth of about 9.8% a year over the next five years, a slower pace than the 16.0% annual revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Federal Signal stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.45bn, up 24.0% on a year earlier, faster than the 23.3% growth a quarter earlier. That growth ranks 3 of 14 among the construction machinery & heavy transportation equipment companies we cover. Free-cash-flow margin rose to 13.9% from 11.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $184 a share, against a share price of $114. At that price, our model says the market is pricing in about 9.5% a year of cash-flow growth for five years, slower than the 15.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Federal Signal Corp's trailing-twelve-month revenue grew 24.0% year on year, with a free-cash-flow margin of 14.3%. Where it stands out: revenue growth of 24.0% ranks 4 of 23 construction machinery & heavy transportation equipment companies we cover. Where it lags: change in growth rate of +0.0pp ranks 19 of 23 construction machinery & heavy transportation equipment companies we cover.

Our discounted-cash-flow model values the business at ~$190 per share in the base case (~$140–$250 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 66.2% while net income grew 25.9%: a 40pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $117.01 is 61% below our value per share of $190.
  • Fast growth. Revenue grew 24.0% over the last 12 months, against a median of 10.1% for construction machinery & heavy transportation equipment companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Below peers: change in growth rate. Change in growth rate of +0.0pp ranks 19 of 23 construction machinery & heavy transportation equipment companies we cover (median +4.6pp).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.34 against an average estimate of $1.32: beat by 1.9%
Revenue
$656m, up 18.1% on a year earlier
Next report
October 29, 2026; average EPS estimate $1.31

Federal Signal's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.9%
  • 1 week+2.5%
  • 1 month+0.6%
  • This year+8.2%
  • 1 year-0.3%
  • 5 years+176.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.5B
Operating margin
16.2%
Net margin
11.7%
EPS (TTM, diluted)
$4.83

Growth

Revenue growth
+24.0%
Change in growth rate
+0.0 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
$365M
FCF margin
14.3%
Stock pay % of revenue
0.6%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Product
  3. Dividend
  4. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Federal Signal Corp valuation models and calculator

What the price is pricing in

The share price implies about 8.9% a year of cash-flow growth for five years.That is slower than the 16.0% a year revenue growth Federal Signal has delivered.

  • Priced in8.9%
  • Last 12 months24.0%
  • 3 years a year15.2%
  • 5 years a year16.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($117.89, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$190
Price used
$117.89close November 3, 2026
Implied change
▲ +60%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Federal Signal Corp's free cash flow after stock-based pay with after-tax interest added back ($310M, FY2026 Q3 TTM), growing 11.9% and 15.3% in the next two years (forecasts, guidance and its record), then back to 19.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$140–~$250 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Federal Signal Corp's free cash flow after stock-based pay ( $310M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Federal Signal Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.02 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$190 ~$140–$250 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$67 ~$59–$85 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$64 ~$45–$91 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$58 ~$51–$69 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$58–$190 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Federal Signal Corp with Construction Machinery & Heavy Transportation Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +33%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $67$92$127$172$231$308
8.5% $49$68$93$126$168$222
10% $39$54$73$98$130$171

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$14.16$14.24$18.63$18.70$30.65$31.88$42.01$45.47$75.59$91.50$108.16$117.01
Market value$898m$872m$1.1bn$1.1bn$1.9bn$2.0bn$2.6bn$2.8bn$4.6bn$5.6bn$6.7bn$7.2bn
+ Net debt (− = net cash)−$32m$13m$240m$173m$189m$128m$242m$316m$238m$133m$503m$348m
Enterprise value$866m$885m$1.4bn$1.3bn$2.1bn$2.1bn$2.8bn$3.1bn$4.9bn$5.8bn$7.2bn$7.5bn
Multiples
Price / sales 1.2x1.2x1.3x1.1x1.5x1.7x2.1x1.9x2.7x3.0x3.1x2.8x
Price / earnings 14.1x19.9x18.3x12.2x17.4x20.4x25.8x23.1x29.5x26.1x27.0x24.2x
Price / free cash flow 10.2x46.9x17.4x14.5x27.9x18.5x40.4x148.0x28.3x29.6x29.3x19.7x
EV / EBITDA 7.5x11.1x13.2x8.3x11.0x11.9x15.7x14.4x17.2x16.7x17.0x14.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Federal Signal's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 10.1% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 25.8%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 13 / 20

    Operating margin has been a median 11.9%; its worst year was 8.4%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.5% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.7% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.25 +24% $2.6bn +21%
Next $5.81 +11% $2.8bn +6%

Next year's EPS estimate has moved +2.0% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.6% on 90 days ago. In the last 30 days, 6 analysts raised Federal Signal Corp's forecast and 0 cut it.

Consensus EPS forecast Federal Signal Corp, last 90 days
$5.00 $5.20 $5.40 $5.60 $5.80 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.17 Current fiscal year, 60 days ago: $5.23 Current fiscal year, 30 days ago: $5.23 Current fiscal year, 7 days ago: $5.23 Current fiscal year, Now: $5.25 $5.25 Next fiscal year, 90 days ago: $5.70 Next fiscal year, 60 days ago: $5.78 Next fiscal year, 30 days ago: $5.78 Next fiscal year, 7 days ago: $5.78 Next fiscal year, Now: $5.81 $5.81

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.17$5.70
60 days ago $5.23$5.78
30 days ago $5.23$5.78
7 days ago $5.23$5.78
Now $5.25$5.81

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.32 $1.34 +1.9%
Jun 2026 $1.29 $1.42 +10.3%
Mar 2026 $0.88 $1.18 +33.4%
Dec 2025 $1.09 $1.16 +5.9%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Federal Signal Corp's revenue by +11.9% next year and +15.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.0%, weight 67%) and the company's own record (+19.6%, weight 33%) . How the weights are set.

Analyst recommendations

7 analysts, Nov 2026
Buy686%
Hold114%
Sell00%

Monthly trend

  1. Nov 20262417
  2. Oct 20262417
  3. Sep 20262417

Counts of recommendations published by analysts covering Federal Signal Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.4%
of tradable shares
Days to cover
8.5
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.6%
of shares
Employees
5,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −0.3%

$117.42 on October 31, 2025 to $117.01

ThenNowEffect
Revenue (last 12 months) $2.0bn $2.4bn +24.0%
Net margin 11.2% 11.7% +3.9%
P/E multiple 32.7x 25.2x −22.8%
Share count 62m 61m +0.3%

Biggest factor: p/e multiple.

Last 3 years +84.9%

$63.29 on November 3, 2023 to $117.01

ThenNowEffect
Revenue (last 12 months) $1.6bn $2.4bn +56.3%
Net margin 8.6% 11.7% +36.1%
P/E multiple 28.9x 25.2x −12.9%
Share count 61m 61m −0.3%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FSS+32%+8%+66%+21%+18%+8%
Industry peers (median)+11%−13%+28%+25%+4%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FSS58%50%50%50%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FSS−16%−27%−14%−18%−32%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 33% from November 6, 2015 to March 1, 2016. Getting back needed a 50% gain, reached on May 9, 2017, 434 days after the low.

Price behaviour

52-week range
$104.51 – $133.70
From 52-week high
−12.5%
vs 50-day average
+1.6%
vs 200-day average
+1.3%
Volatility (1 year)
33%
Beta vs S&P 500
1.17

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Federal Signal Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Federal Signal Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Federal Signal Corp
$1.5B $2B $2.5B $3B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.7B Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $1.8B Revenue (TTM), FY24 Q3: $1.8B Revenue (TTM), FY24 Q4: $1.9B Revenue (TTM), FY25 Q1: $1.9B Revenue (TTM), FY25 Q2: $2B Revenue (TTM), FY25 Q3: $2.1B Revenue (TTM), FY25 Q4: $2.2B Revenue (TTM), FY26 Q1: $2.3B Revenue (TTM), FY26 Q2: $2.4B Revenue (TTM), FY26 Q3: $2.5B $2.5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.7B
FY24 Q1 $1.8B
FY24 Q2 $1.8B
FY24 Q3 $1.8B
FY24 Q4 $1.9B
FY25 Q1 $1.9B
FY25 Q2 $2B
FY25 Q3 $2.1B
FY25 Q4 $2.2B
FY26 Q1 $2.3B
FY26 Q2 $2.4B
FY26 Q3 $2.5B
Revenue growth, TTM YoY Federal Signal Corp
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 20.1% Revenue growth, TTM YoY, FY24 Q1: 18.3% Revenue growth, TTM YoY, FY24 Q2: 15.6% Revenue growth, TTM YoY, FY24 Q3: 10.3% Revenue growth, TTM YoY, FY24 Q4: 8.1% Revenue growth, TTM YoY, FY25 Q1: 7.8% Revenue growth, TTM YoY, FY25 Q2: 9.1% Revenue growth, TTM YoY, FY25 Q3: 11.8% Revenue growth, TTM YoY, FY25 Q4: 17.1% Revenue growth, TTM YoY, FY26 Q1: 23.3% Revenue growth, TTM YoY, FY26 Q2: 24.0% Revenue growth, TTM YoY, FY26 Q3: 24.0% 24.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 20.1%
FY24 Q1 18.3%
FY24 Q2 15.6%
FY24 Q3 10.3%
FY24 Q4 8.1%
FY25 Q1 7.8%
FY25 Q2 9.1%
FY25 Q3 11.8%
FY25 Q4 17.1%
FY26 Q1 23.3%
FY26 Q2 24.0%
FY26 Q3 24.0%
Operating margin (TTM) Federal Signal Corp
13% 14% 15% 16% 17% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 13.0% Operating margin (TTM), FY24 Q1: 13.6% Operating margin (TTM), FY24 Q2: 14.4% Operating margin (TTM), FY24 Q3: 14.9% Operating margin (TTM), FY24 Q4: 15.1% Operating margin (TTM), FY25 Q1: 15.4% Operating margin (TTM), FY25 Q2: 15.7% Operating margin (TTM), FY25 Q3: 15.9% Operating margin (TTM), FY25 Q4: 15.6% Operating margin (TTM), FY26 Q1: 16.0% Operating margin (TTM), FY26 Q2: 16.2% Operating margin (TTM), FY26 Q3: 16.2% 16.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 13.0%
FY24 Q1 13.6%
FY24 Q2 14.4%
FY24 Q3 14.9%
FY24 Q4 15.1%
FY25 Q1 15.4%
FY25 Q2 15.7%
FY25 Q3 15.9%
FY25 Q4 15.6%
FY26 Q1 16.0%
FY26 Q2 16.2%
FY26 Q3 16.2%
FCF margin (TTM) Federal Signal Corp
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.5% FCF margin (TTM), FY24 Q1: 10.5% FCF margin (TTM), FY24 Q2: 10.2% FCF margin (TTM), FY24 Q3: 11.1% FCF margin (TTM), FY24 Q4: 10.2% FCF margin (TTM), FY25 Q1: 10.5% FCF margin (TTM), FY25 Q2: 11.5% FCF margin (TTM), FY25 Q3: 10.7% FCF margin (TTM), FY25 Q4: 10.4% FCF margin (TTM), FY26 Q1: 12.4% FCF margin (TTM), FY26 Q2: 13.9% FCF margin (TTM), FY26 Q3: 14.3% 14.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.5%
FY24 Q1 10.5%
FY24 Q2 10.2%
FY24 Q3 11.1%
FY24 Q4 10.2%
FY25 Q1 10.5%
FY25 Q2 11.5%
FY25 Q3 10.7%
FY25 Q4 10.4%
FY26 Q1 12.4%
FY26 Q2 13.9%
FY26 Q3 14.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Federal Signal took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.2B
  2. Cost of revenue $1.5B · 71.1%
  3. Gross profit $631M · 28.9%
  4. Selling, general and admin $256M · 11.7%
  5. Other operating costs $34.4M · 1.6%
  6. Operating income $341M · 15.6%
  7. Income tax $77.9M · 3.6%
  8. Interest and other $16.4M · 0.8%
  9. Net income $247M · 11.3%

Shares of revenue. Source: Federal Signal's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 750 633 689 803 713 779 768 708 899 1,090 1,221 1,131 1,213 1,435 1,723 1,862 2,181 2,548
Gross profit 193 151 155 190 176 209 226 183 221 282 323 294 289 345 450 533 631 742
EBITDA 51 24 46 65 73 100 116 80 104 158 189 176 181 216 285 347 421 508
Operating income 36 12 33 52 62 89 103 61 74 122 147 131 131 161 225 281 341 413
Net income 23 −176 −14 −28 160 64 64 44 62 94 109 96 101 120 157 216 247 297
Diluted EPS $0.47 −$3.05 −$0.23 −$0.44 $2.53 $1.00 $1.00 $0.71 $1.02 $1.54 $1.76 $1.56 $1.63 $1.97 $2.56 $3.50 $4.01 $4.83
Growth (year on year)
Revenue — −15.6% +8.8% +16.6% −11.2% +9.3% −1.4% −7.8% +26.9% +21.3% +12.1% −7.4% +7.3% +18.3% +20.1% +8.1% +17.1% +24.0%
EBITDA — −52.9% +94.1% +40.0% +12.2% +38.0% +15.3% −30.8% +29.7% +52.4% +19.4% −6.6% +2.8% +19.0% +32.2% +21.7% +21.5% +25.8%
Operating income — −65.4% — +55.1% +19.6% +44.0% +16.3% −41.1% +21.1% +65.1% +21.1% −10.7% −0.5% +23.0% +39.6% +25.3% +21.1% +26.0%
Net income — −860.6% — — — −60.2% −0.3% −31.0% +40.6% +52.6% +15.4% −11.3% +4.6% +19.7% +30.7% +37.4% +14.0% +25.9%
Diluted EPS — −748.9% — — — −60.5% 0.0% −29.0% +43.7% +51.0% +14.3% −11.4% +4.5% +20.9% +29.9% +36.7% +14.6% +26.1%
Margins
Gross margin 25.7% 23.8% 22.6% 23.6% 24.7% 26.8% 29.4% 25.9% 24.6% 25.9% 26.4% 26.0% 23.8% 24.0% 26.1% 28.6% 28.9% 29.1%
EBITDA margin 6.7% 3.8% 6.7% 8.1% 10.2% 12.9% 15.0% 11.3% 11.5% 14.5% 15.4% 15.6% 14.9% 15.0% 16.5% 18.6% 19.3% 19.9%
Operating margin 4.8% 2.0% 4.8% 6.4% 8.6% 11.4% 13.4% 8.6% 8.2% 11.2% 12.0% 11.6% 10.8% 11.2% 13.0% 15.1% 15.6% 16.2%
Net margin 3.1% −27.8% −2.1% −3.4% 22.4% 8.2% 8.3% 6.2% 6.9% 8.6% 8.9% 8.5% 8.3% 8.4% 9.1% 11.6% 11.3% 11.7%
Free-cash-flow margin 6.4% 3.0% −1.4% 1.3% 8.9% 7.5% 11.4% 2.6% 7.2% 7.2% 5.5% 9.4% 5.3% 1.3% 9.5% 10.2% 10.4% 14.3%
Cash flow
Cash from operations 62 30 4 23 75 72 97 25 73 93 103 136 102 72 194 231 255 403
Capital spending 14 11 14 13 12 14 10 6 8 14 35 30 37 53 30 41 28 38
Free cash flow 48 19 −10 10 63 59 88 19 65 79 68 107 64 19 164 191 227 365
Stock-based pay 3 2 2 3 4 6 7 5 5 8 9 8 8 10 13 16 15 14
Free cash flow after stock pay 45 17 −12 8 59 53 81 14 60 71 59 98 57 9 151 175 212 351
Balance sheet
Cash 21 62 10 30 14 24 76 51 38 37 32 82 41 48 61 91 64 74
Total debt 0 262 223 158 92 50 44 64 278 210 221 210 283 363 299 224 567 422
Net debt (negative = net cash) −21 200 214 128 79 26 −32 13 240 173 189 128 242 316 238 133 503 348
Diluted shares — 58m 62m 63m 63m 64m 63m 61m 60m 61m 62m 62m 62m 61m 62m 62m 62m 62m
Returned to shareholders
Dividends 12 13 4 0 0 6 16 17 17 19 19 19 22 22 24 29 34 36
Buybacks — — — 0 0 10 11 38 0 1 1 14 15 16 6 7 40 5
Total returned 12 13 4 0 0 16 26 55 17 20 20 33 37 38 29 36 74 41

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · September 30, 2026
What it owns · $2.5bn
Short-term assets $865mLonger-term assets $1.6bn
What it owes, and who funded it · $2.5bn
Short-term liabilities $292mLonger-term liabilities $584mShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $865m of assets due within a year against $292m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $865m short-term assets against $584m of longer-dated liabilities.
  • More cash than debt $74m of cash against $420m of debt.
  • Debt below 40% of shareholders' equity Debt is 27% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 42% to 27% over five years.
  • A year's operating cash flow covers at least 20% of debt $403m of operating cash flow against $420m of debt.
  • Operating profit covers interest at least five times over Operating income of $413m against $23m of interest.

From Federal Signal Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$5.1M
Dividends (TTM)
$36M
Returned to shareholders
11%
of free cash flow
Buybacks, last 3 fiscal years
$51.9M
Diluted share count
−0.1%
year over year
Total shareholder yield
0.6%
dividends 0.5% + buybacks 0.1% of market value
Dividend payout ratio
12%
of net income paid out
Sales & admin spending
11.3%
of revenue
Days sales outstanding
43 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction machinery & heavy transportation equipment
Last 12 months unless stated FSS GBX MTW TRN HY BLBD Median
Revenue, last 12 months $2.5bn $2.5bn $2.3bn $2.1bn $3.5bn $1.6bn $2.1bn
Revenue growth, last 12 months 24.0% −24.0% 8.9% −2.4% −11.1% 13.5% 10.1%
Revenue growth, 3-year average 15.2% −14.5% 2.0% −8.6% −3.6% 14.0% 4.3%
Revenue growth, latest quarter 18.1% −22.2% 10.3% 17.8% −15.0% 29.9% 17.8%
Gross margin 29.1% 13.6% 18.7% 24.6% 15.4% 20.6% 21.4%
Operating margin 16.2% 5.8% 3.1% 34.5% −2.3% 11.8% 5.9%
Operating margin, 3-year average 15.7% 8.7% 2.5% 23.4% 2.1% 10.9% 8.6%
Net margin 11.7% 3.2% 0.9% 15.4% −3.3% 17.5% 3.2%
Cash from operations / revenue 15.8% 1.6% 4.8% 19.3% 2.2% 11.2% 8.9%
Free-cash-flow margin 14.3% −9.7% 3.0% 16.8% 0.4% 9.5% 7.0%
Free-cash-flow margin, 3-year average 12.0% −4.0% 0.3% 15.0% 1.5% 8.6% 5.9%
Stock pay / revenue 0.6% 0.6% 0.4% 1.1% 0.2% 0.5% 0.6%
Change in share count −0.1% −1.1% 2.3% −1.9% −0.2% −0.1% −0.1%

Median of all 23 companies we cover in construction machinery & heavy transportation equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 construction machinery & heavy transportation equipment companies
Measure Company Peer median Rank
Revenue growth Growth 24.0% 10.1% 4 of 23
Change in growth rate Growth +0.0pp +4.6pp 19 of 23
Gross margin Profitability 29.1% 21.4% 6 of 23
Operating margin Profitability 16.2% 5.8% 5 of 21
Net margin Profitability 11.7% 3.2% 6 of 23
Free-cash-flow margin Cash generation 14.3% 7.0% 5 of 23
Stock pay as % of revenue Cash generation 0.6% 0.6% 8 of 20
Long-term debt as % of assets Balance sheet 17.1% 24.0% 6 of 18
Change in share count Balance sheet -0.1% -0.1% 11 of 21
Days sales outstanding Balance sheet 43 days 50 days 4 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Environmental Solutions $1.8B 84.3% ▲ 18.0%
Safety and Security Systems $343M 15.7% ▲ 12.7%
Geography
Region Revenue YoY
United States $1.7B ▲ 16.6%
Canada $298M ▲ 15.6%
Exports From US To Other Regions $175M ▲ 33.2%
Europe Other $171M ▲ 26.4%

These categories overlap or exclude eliminations, so shares aren't shown.

From Federal Signal Corp's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$8B
Institutions reporting
466
Shares held vs prior quarter
▲ 3.1%
Positions opened / closed
65 / 49

Top buyers and sellers, Q2 2026: 240 institutions bought and 200 sold ; the biggest buyer was Pictet Asset Management Holding SA (+875K shares) and the biggest seller Van Berkom & Associates Inc (−767K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.2B 9.6M 15.5% ▲ 6.1%
Vanguard Portfolio Management LLC $449M 3.5M 5.6% ▼ 4.2%
Vanguard Capital Management LLC $340M 2.6M 4.3% ▼ 2.5%
State Street Corp $314M 2.4M 3.9% ▲ 6.0%
Capital World Investors $288M 2.2M 3.6% ▲ 2.7%
Geode Capital Management, LLC $251M 2.0M 3.1% ▲ 8.7%
FMR LLC $192M 1.5M 2.4% ▼ 9.4%
Neuberger Berman Group LLC $185M 1.4M 2.3% ▲ 3.4%
Wasatch Advisors LP $175M 1.4M 2.2% ▼ 9.4%
Dimensional Fund Advisors LP $158M 1.2M 2.0% ▲ 1.5%
First Trust Advisors LP $140M 1.1M 1.8% ▼ 6.1%
Nomura Asset Management International Inc. $136M 1.1M 1.7% ▼ 9.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Federal Signal Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $221,540 1 trade by 1 insider, last 12 months Insider sales History → $9M 12 trades by 3 insiders · 0% under pre-set plans
Net ▼ $8.8M net selling
Insider Date Trade Shares Price Value
Bonina Diane VP, Gen'l Counsel & Secretary August 4, 2026 Sell 100 $131.05 $13,105
Bonina Diane VP, Gen'l Counsel & Secretary August 4, 2026 Sell 6,350 $130.41 $828,104
Bonina Diane VP, Gen'l Counsel & Secretary August 4, 2026 Sell 8,306 $130.45 $1.1M
Reichelderfer Brenda Director August 4, 2026 Sell 6,070 $131.02 $795,291
Bonina Diane VP, Gen'l Counsel & Secretary August 3, 2026 Sell 4,408 $128.75 $567,530
Maue Richard A Director March 10, 2026 Buy 2,000 $110.77 $221,540
Weber Mark SVP & COO November 6, 2025 Sell 14,042 $111.70 $1.6M
Weber Mark SVP & COO November 6, 2025 Sell 19,760 $111.61 $2.2M
Weber Mark SVP & COO November 6, 2025 Sell 20 $112.34 $2,247
Weber Mark SVP & COO November 6, 2025 Sell 2,546 $112.55 $286,552
Weber Mark SVP & COO November 6, 2025 Sell 1,640 $112.50 $184,500
Weber Mark SVP & COO November 6, 2025 Sell 1,709 $110.75 $189,272

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

In the last 12 months, 2 members of Congress disclosed 4 purchases and 0 sales of Federal Signal Corp shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded September 21, 2026, filed October 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 9, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 2, 2026, filed March 9, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Federal Signal Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Federal Signal Corp in brief

What does Federal Signal Corp do?
Federal Signal Corp is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.
What is Federal Signal Corp's stock ticker?
Federal Signal Corp trades under the ticker FSS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Federal Signal Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Federal Signal Corp reported revenue of $2.5B, 24.0% higher than a year earlier, according to its SEC filings.
What is Federal Signal Corp's free cash flow?
Federal Signal Corp's free-cash-flow margin is 14.3% of revenue over the trailing twelve months, ranking 5 of the 23 construction machinery & heavy transportation equipment companies we cover.
What is Federal Signal Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Federal Signal Corp's free cash flow after stock-based pay gives ~$190 per share in the base case, and ~$140–$250 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Federal Signal Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Federal Signal Corp buying back stock, and does it pay a dividend?
Federal Signal Corp spent $5.1M on share repurchases over the trailing twelve months, and its diluted share count fell 0.1% over the year.
What is Federal Signal Corp's market cap?
On November 2, 2026, Federal Signal Corp's market capitalisation was about $7.2B, with a price-to-earnings ratio of 24.2 and net debt of $348M. Market figures come from third-party market data and may be delayed.
Does Federal Signal Corp pay a dividend?
Yes: Federal Signal Corp paid $36M in dividends over the trailing twelve months, a dividend yield of 0.50% and a payout ratio of 12.1%.
How much debt does Federal Signal Corp have?
Federal Signal Corp's debt-to-equity ratio is 26.6%, from its latest balance sheet (41.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Federal Signal Corp's competitors?
In our Construction Machinery & Heavy Transportation Equipment peer group, the companies closest to Federal Signal Corp are Greenbrier Companies Inc, Manitowoc Co Inc, Trinity Industries Inc, Hyster-yale, Inc. and Blue Bird Corp. The side-by-side comparison below sets their revenue, margins and growth against Federal Signal Corp's.
Are insiders buying or selling Federal Signal Corp stock?
Over the last 12 months, Federal Signal Corp's directors and officers reported 1 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.