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FSS

Federal Signal Corporation

FSS

Federal Signal Corporation • NYSE
$114.00 ▲ 1.07% (+1.21)
Market Cap $6.93 B
52w High $132.89
52w Low $66.47
Dividend Yield 0.56%
P/E 29.84
Volume 189.53K
Outstanding Shares 60.81M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $555M ▼ $61.4M ▼ $68.1M ▼ 12.27% ▼ $1.12 ▼ $113.6M ▼
Q2-2025 $564.6M ▲ $71.9M ▲ $71.4M ▲ 12.646% ▲ $1.18 ▲ $116.8M ▲
Q1-2025 $463.8M ▼ $65.1M ▲ $46.3M ▼ 9.983% ▼ $0.76 ▼ $83.7M ▲
Q4-2024 $472M ▼ $62.5M ▼ $50M ▼ 10.593% ▼ $0.82 ▼ $83.6M ▼
Q3-2024 $474.2M $64.5M $53.9M 11.367% $0.88 $92.1M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $54.4M ▼ $1.938B ▲ $616.7M ▼ $1.322B ▲
Q2-2025 $64.7M ▲ $1.916B ▲ $653.8M ▼ $1.262B ▲
Q1-2025 $57.5M ▼ $1.879B ▲ $677M ▲ $1.202B ▲
Q4-2024 $91.1M ▲ $1.765B ▲ $579.1M ▼ $1.186B ▲
Q3-2024 $73.7M $1.734B $584.2M $1.149B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $68.1M ▼ $61.1M ▲ $-7M ▼ $-64.6M ▼ $-10.3M ▼ $54.1M ▲
Q2-2025 $71.4M ▲ $59.7M ▲ $-6.6M ▲ $-46.7M ▼ $7.2M ▲ $52.4M ▲
Q1-2025 $46.3M ▼ $36.7M ▼ $-87.7M ▼ $16.9M ▲ $-33.6M ▼ $31.1M ▼
Q4-2024 $50M ▼ $90.6M ▲ $-48.1M ▼ $-23.8M ▲ $17.4M ▼ $82.1M ▲
Q3-2024 $53.9M $68.8M $-7.8M $-36.7M $25.1M $60.9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Environmental Solutions
Environmental Solutions
 $400.00M ▲$390.00M ▼$480.00M ▲$470.00M ▼
Safety And Security Systems
Safety And Security Systems
 $80.00M ▲$80.00M ▲$80.00M ▲$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Over the past several years, Federal Signal has grown steadily, with both sales and profits climbing at a healthy pace. Revenue has risen each year, and profits have grown even faster than sales, which suggests better pricing power, operating efficiency, or both. Margins have improved meaningfully, indicating good cost control and scale benefits. Earnings per share have increased strongly over the period, showing that growth is not just from getting bigger, but also from becoming more profitable per share. As an industrial company, results can still be influenced by economic cycles and public-sector budgets, but the recent trend points to a well-managed, expanding business.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and strengthening. Total assets and shareholder equity have climbed consistently, showing that the company is building up its asset base while keeping a strong capital cushion. Debt is present but sits well below equity, which points to a moderate and manageable level of leverage. Debt ticked up in the middle of the period and has since come down, suggesting a deliberate approach to borrowing and repayment, likely tied to growth investments or acquisitions. Cash on hand remains relatively modest but has improved recently. Overall, the company appears conservatively financed for an industrial player, with room to navigate downturns and fund future investments.

Cash Flow

Cash Flow Cash generation has improved meaningfully over time. Operating cash flow has strengthened alongside earnings, which suggests that reported profits are largely backed by actual cash inflows, especially in the most recent years. Free cash flow has been positive throughout the period, but more robust and consistent recently, after a weaker year driven likely by working capital swings or timing of orders. Capital spending is steady and moderate, indicating ongoing investment in equipment and technology without overstretching. The rising free cash flow base provides flexibility to support dividends, acquisitions, or balance sheet strengthening, though actual capital allocation choices are not detailed here.

Competitive Edge

Competitive Edge Federal Signal occupies attractive, specialized niches rather than broad commodity markets. It focuses on environmental and safety equipment—such as sweepers, sewer cleaners, hydro excavators, sirens, and emergency warning systems—where reliability, performance, and regulatory compliance matter more than rock-bottom price. The business benefits from long-standing relationships with municipalities, government bodies, and industrial customers, which tend to be sticky and slow to change vendors. Its dual segments in environmental solutions and safety systems diversify its revenue streams across different end markets and funding sources. A large installed base supports ongoing parts, service, and upgrade revenue, deepening customer ties. On top of that, the company has a disciplined history of acquiring niche players to broaden its product range and geographic reach. The main competitive risks are the cyclical nature of public spending, potential price pressure from rivals, and the need to keep pace with evolving technology and emissions rules.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of Federal Signal’s strategy. The company has a long history of “firsts” in sirens and public safety, and today it is leaning heavily into vehicle electrification and smarter, more connected equipment. A meaningful share of its R&D budget goes to electric and hybrid vehicles, which has already produced commercial products like plug-in hybrid and fully electric sweepers. This positions the company to benefit as cities and contractors pursue cleaner fleets. It is also developing specialized and modular equipment—such as advanced hydro excavators and configurable sweepers—that can be tailored to specific customer needs, creating differentiation beyond price. In safety systems, patents like self-adapting emergency lighting and platforms such as the CommanderOne warning system, with potential recurring revenue, show a shift toward higher-value, software-enabled offerings. Future opportunities lie in deeper integration of telematics and IoT, and in expanding service and subscription models. Execution risk remains: electrification and smart systems require ongoing investment, customers may adopt new technologies gradually, and competitors are innovating too.

Summary

Federal Signal presents the profile of a mature industrial company that has managed to grow steadily while also upgrading the quality of its earnings. The income statement shows rising sales and expanding margins, the balance sheet reflects moderate leverage and growing equity, and cash flows have strengthened to support reinvestment and strategic flexibility. Competitively, the firm benefits from its focus on critical but specialized equipment for public safety and environmental services, long-term customer relationships, and a sizable installed base. Its innovation agenda—especially around electrification, smart systems, and configurable heavy equipment—aligns with long-term trends in urbanization, infrastructure renewal, and sustainability. Key things to watch include the pace of adoption of its electric and connected products, the stability of municipal and industrial spending, and continued discipline in acquisitions and capital deployment. Overall, the company appears to be in a solid financial and strategic position, yet still exposed to the usual industrial and technology transition risks.

NEWS

November 26, 2025 · 8:00 AM UTC

Federal Signal Completes Acquisition of New Way Trucks; Raises Full-Year 2025 Outlook

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October 30, 2025 · 8:00 AM UTC

Federal Signal Reports Third Quarter Results Including 17% Net Sales Growth and 24% Operating Income Improvement; Raises Full-Year Outlook

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October 28, 2025 · 10:30 AM UTC

Federal Signal Corporation Declares Dividend of $0.14 per share

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October 16, 2025 · 10:00 AM UTC

Federal Signal to Host Third Quarter Earnings Conference Call on October 30, 2025

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September 24, 2025 · 6:15 PM UTC

Federal Signal to Acquire New Way Trucks; Expand Specialty Vehicle Platform into Refuse Collection Vehicles

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