Federal Signal (FSS) Financials

$114.92 +0.69 (+0.60%)

As of 11:24 AM Eastern

Annual Income Statements for Federal Signal

This table shows Federal Signal's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	64	44	62	94	109	96	101	120	157	216	247
Consolidated Net Income / (Loss)	64	44	62	94	109	96	101	120	157	216	247
Net Income / (Loss) Continuing Operations	66	39	61	94	108	96	0.00	0.00	0.00	0.00	0.00
Total Pre-Tax Income	100	57	61	112	139	125	118	151	203	264	325
Total Operating Income	103	61	74	122	147	131	131	161	225	281	341
Total Gross Profit	226	183	221	282	323	294	289	345	450	533	631
Total Revenue	768	708	899	1,090	1,221	1,131	1,213	1,435	1,723	1,862	2,181
Operating Revenue	768	708	899	1,090	1,221	1,131	1,213	1,435	1,723	1,862	2,181
Total Cost of Revenue	542	525	677	807	899	837	925	1,090	1,273	1,329	1,549
Operating Cost of Revenue	542	525	677	807	899	837	925	1,090	1,273	1,329	1,549
Total Operating Expenses	122	123	148	161	176	162	158	184	226	252	290
Selling, General & Admin Expense	122	120	144	159	164	149	149	172	210	234	256
Amortization Expense	-	-	-	-	8.80	9.60	11	13	15	15	18
Other Operating Expenses / (Income)	-	-	2.70	1.50	-	2.10	-2.10	-0.50	0.40	2.60	16
Impairment Charge	-	-	-	-	-	0.00	-	-	0.00	-	0.00
Restructuring Charge	0.40	3.10	0.60	0.00	2.50	1.30	0.00	0.00	0.00	0.00	0.00
Total Other Income / (Expense), net	-3.30	-4.00	-13	-9.90	-8.50	-6.80	-13	-9.90	-22	-18	-16
Interest Expense	2.30	2.20	7.30	9.30	7.90	5.70	4.50	10	20	13	14
Other Income / (Expense), net	-1.00	-1.80	-5.30	-0.60	-0.60	-1.10	-8.60	0.40	-1.80	-5.00	-2.30
Income Tax Expense	34	17	0.50	18	30	29	17	31	46	48	78
Net Income / (Loss) Discontinued Operations	-2.30	4.40	1.10	0.30	0.10	0.10	0.00	0.00	0.00	0.00	0.00
Basic Earnings per Share	$1.02	$0.72	$1.03	$1.57	$1.80	$1.59	$1.65	$1.99	$2.59	$3.55	$4.06
Weighted Average Basic Shares Outstanding	62.20M	60.40M	59.70M	59.90M	60.20M	60.30M	60.80M	60.50M	60.70M	60.90M	60.80M
Diluted Earnings per Share	$1.00	$0.71	$1.02	$1.54	$1.76	$1.56	$1.63	$1.97	$2.56	$3.50	$4.01
Weighted Average Diluted Shares Outstanding	63.40M	61.20M	60.40M	61.20M	61.60M	61.70M	61.90M	61.20M	61.50M	61.70M	61.50M
Weighted Average Basic & Diluted Shares Outstanding	62.30M	60.80M	59.80M	59.90M	60.58M	60.54M	60.93M	60.75M	61.00M	61.10M	60.89M
Cash Dividends to Common per Share	$0.25	$0.28	$0.28	$0.31	$0.32	$0.32	$0.36	$0.36	$0.39	$0.48	$0.56

This table shows Federal Signal's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	43	46	52	61	54	50	46	71	68	61	70
Consolidated Net Income / (Loss)	43	46	52	61	54	50	46	71	68	61	70
Net Income / (Loss) Continuing Operations	43	-111	52	61	54	-166	46	71	68	-186	70
Total Pre-Tax Income	57	59	51	78	73	63	62	93	91	79	92
Total Operating Income	63	63	54	81	76	70	66	98	94	84	100
Total Gross Profit	118	119	116	144	140	133	131	170	162	169	179
Total Revenue	446	448	425	490	474	472	464	565	555	597	626
Operating Revenue	446	448	425	490	474	472	464	565	555	597	626
Total Cost of Revenue	329	329	309	346	334	339	333	395	394	428	446
Operating Cost of Revenue	329	329	309	346	334	339	333	395	394	428	446
Total Operating Expenses	55	56	62	63	65	63	65	72	68	86	80
Selling, General & Admin Expense	51	54	57	58	60	58	60	67	61	67	72
Amortization Expense	3.90	3.80	3.60	3.80	3.80	3.80	4.30	4.50	4.50	5.10	6.50
Other Operating Expenses / (Income)	0.70	-1.60	0.90	0.80	0.60	0.30	0.60	0.50	1.60	13	1.20
Restructuring Charge	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Other Income / (Expense), net	-5.40	-4.60	-3.40	-3.60	-3.30	-7.20	-3.70	-4.30	-3.50	-4.90	-7.50
Interest Expense	5.10	4.30	3.20	3.20	3.00	6.90	3.00	3.50	2.80	4.80	6.90
Other Income / (Expense), net	-0.30	-0.30	-0.20	-0.40	-0.30	-0.30	-0.70	-0.80	-0.70	-0.10	-0.60
Income Tax Expense	14	12	-0.70	17	19	13	16	22	22	18	22
Basic Earnings per Share	$0.71	$0.77	$0.85	$1.00	$0.88	$0.82	$0.76	$1.18	$1.12	$1.00	$1.16
Weighted Average Basic Shares Outstanding	60.80M	60.70M	60.90M	61M	61M	60.90M	61.10M	60.60M	60.70M	60.80M	60.90M
Diluted Earnings per Share	$0.71	$0.74	$0.84	$0.99	$0.87	$0.80	$0.75	$1.16	$1.11	$0.99	$1.14
Weighted Average Diluted Shares Outstanding	61.40M	61.50M	61.60M	61.70M	61.70M	61.70M	61.80M	61.30M	61.40M	61.50M	61.50M
Weighted Average Basic & Diluted Shares Outstanding	60.93M	61.00M	61.10M	61.15M	61.11M	61.10M	60.97M	60.79M	60.81M	60.89M	61.00M
Cash Dividends to Common per Share	$0.10	-	$0.12	$0.12	$0.12	-	$0.14	$0.14	$0.14	-	$0.15

This table details how cash moves in and out of Federal Signal's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	51	-30	-13	0.60	-5.80	50	-41	7.00	14	30	-27
Net Cash From Operating Activities	97	25	73	93	103	136	102	72	194	231	255
Net Cash From Continuing Operating Activities	91	27	74	93	103	136	0.00	0.00	0.00	0.00	0.00
Net Income / (Loss) Continuing Operations	66	39	61	94	108	96	101	120	157	216	247
Consolidated Net Income / (Loss)	64	44	62	94	109	96	101	120	157	216	247
Net Income / (Loss) Discontinued Operations	-2.30	4.40	1.10	0.30	0.10	0.10	0.00	0.00	0.00	0.00	0.00
Depreciation Expense	12	19	30	36	42	45	50	55	60	65	81
Amortization Expense	0.40	0.60	0.30	0.40	0.30	0.30	0.30	0.40	-1.90	-0.90	0.70
Non-Cash Adjustments To Reconcile Net Income	-0.50	-7.70	-12	-33	-34	-14	-1.40	-16	-36	-45	-35
Changes in Operating Assets and Liabilities, net	13	-25	-5.10	-5.00	-13	8.60	-48	-88	14	-4.50	-38
Net Cash From Discontinued Operating Activities	6.10	-2.00	-0.70	0.00	-0.30	-0.10	0.00	0.00	0.00	0.00	0.00
Net Cash From Investing Activities	-13	-17	-278	-11	-84	-34	-169	-100	-84	-79	-528
Net Cash From Continuing Investing Activities	-12	-103	-277	-11	-84	-34	-169	-100	-84	-79	-528
Purchase of Property, Plant & Equipment	-9.60	-6.10	-8.00	-14	-35	-30	-37	-53	-30	-41	-28
Acquisitions	0.00	-103	-269	-	-50	-5.40	-132	-50	-55	-40	-501
Other Investing Activities, net	-5.90	5.70	0.10	0.10	0.60	0.70	0.50	3.10	1.60	1.40	0.70
Net Cash From Financing Activities	-33	-36	191	-81	-25	-53	26	36	-98	-121	245
Net Cash From Continuing Financing Activities	-33	-37	191	-81	-25	-53	26	36	-98	-121	245
Repayment of Debt	-6.20	-45	-0.30	-62	-1.00	0.00	-0.20	-1.80	-0.90	-4.40	-138
Repurchase of Common Equity	-11	-38	0.00	-1.20	-1.00	-14	-15	-16	-5.50	-6.70	-40
Payment of Dividends	-16	-17	-17	-19	-19	-19	-22	-22	-24	-29	-34
Issuance of Debt	-	65	209	-	7.40	-12	71	81	-64	-77	470
Issuance of Common Equity	1.00	0.50	1.60	1.30	1.70	0.60	4.20	0.20	3.90	2.00	3.70
Other Financing Activities, net	-1.60	-2.70	-2.90	-0.50	-12	-9.10	-11	-6.20	-7.50	-6.10	-18
Other Net Changes in Cash	-	-	-	-	-	-	-	-	0.70	-1.30	1.30

This table details how cash moves in and out of Federal Signal's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-7.80	20	-12	-0.30	25	17	-34	7.20	-10	9.30	7.70
Net Cash From Operating Activities	48	103	31	41	69	91	37	60	61	97	101
Net Cash From Continuing Operating Activities	48	-91	31	41	69	-141	37	60	61	-158	101
Net Income / (Loss) Continuing Operations	43	46	52	61	54	50	46	71	68	61	70
Consolidated Net Income / (Loss)	43	46	52	61	54	50	46	71	68	61	70
Depreciation Expense	15	15	15	16	17	18	19	20	20	22	24
Amortization Expense	-0.60	-0.10	-0.60	-0.60	-0.20	0.50	0.00	-	-	0.70	0.00
Non-Cash Adjustments To Reconcile Net Income	3.10	-44	4.40	4.40	3.50	-57	2.40	5.60	3.60	-46	-0.60
Changes in Operating Assets and Liabilities, net	-13	86	-40	-40	-4.90	80	-31	-37	-31	60	7.70
Net Cash From Investing Activities	-4.30	-8.00	-7.60	-15	-7.80	-48	-88	-6.60	-7.00	-427	-52
Net Cash From Continuing Investing Activities	-4.30	-8.00	-7.60	-15	-7.80	-48	-88	-6.60	-7.00	-427	-52
Purchase of Property, Plant & Equipment	-5.70	-8.90	-8.40	-16	-7.90	-8.50	-5.60	-7.30	-7.00	-7.70	-6.70
Acquisitions	0.90	0.10	0.00	-	-	-40	-82	-	-	-419	-45
Other Investing Activities, net	0.50	0.80	0.80	0.40	0.10	0.10	0.00	0.70	-	-	0.00
Net Cash From Financing Activities	-50	-77	-35	-25	-37	-24	17	-47	-65	339	-42
Net Cash From Continuing Financing Activities	-50	-77	-35	-25	-37	-24	17	-47	-65	339	-42
Repayment of Debt	-	-0.90	-1.10	-0.80	-	-2.50	-12	-1.80	-1.70	-122	-0.10
Repurchase of Common Equity	-4.30	-1.20	-0.10	-	-4.40	-2.20	-19	-21	-	-	0.00
Payment of Dividends	-6.10	-6.10	-7.30	-7.40	-7.30	-7.30	-8.60	-8.50	-8.50	-8.50	-9.20
Issuance of Debt	-40	-69	-24	-16	-25	-12	64	-9.20	-54	469	-13
Other Financing Activities, net	0.10	-3.70	-3.30	-1.30	0.20	-1.70	-8.60	-6.00	-0.50	-2.80	-20
Effect of Exchange Rate Changes	-1.10	-	-0.50	-0.30	0.80	-	0.50	0.80	0.20	-	-0.30

This table presents Federal Signal's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	667	643	992	1,024	1,166	1,209	1,366	1,524	1,621	1,765	2,393
Total Current Assets	315	260	304	329	361	406	431	531	570	643	854
Cash & Equivalents	76	51	38	37	32	82	41	48	61	91	64
Accounts Receivable	73	81	118	124	134	127	136	174	186	196	292
Inventories, net	87	120	137	157	183	185	229	293	303	331	472
Prepaid Expenses	15	7.50	11	9.40	12	12	25	17	20	24	26
Plant, Property, & Equipment, net	53	124	147	159	207	107	142	179	191	219	275
Total Noncurrent Assets	299	260	541	537	598	696	793	814	860	904	1,264
Goodwill	232	237	377	375	389	394	432	453	473	478	620
Intangible Assets	0.20	10	152	143	163	154	206	208	208	200	383
Noncurrent Deferred & Refundable Income Taxes	20	8.20	6.20	13	10	9.50	8.40	8.80	12	9.40	10
Other Noncurrent Operating Assets	3.30	3.90	5.40	5.60	36	139	147	143	167	217	251
Total Liabilities & Shareholders' Equity	667	643	992	1,024	1,166	1,209	1,366	1,524	1,621	1,765	2,393
Total Liabilities	261	249	535	494	524	507	582	663	619	579	1,011
Total Current Liabilities	117	85	117	159	160	148	170	181	196	242	282
Short-Term Debt	0.40	0.50	0.30	0.20	0.20	0.20	0.60	1.50	4.70	19	0.50
Accounts Payable	38	35	52	66	65	52	65	72	67	79	98
Accrued Expenses	28	29	36	53	44	45	44	43	48	52	61
Current Deferred Revenue	-	-	-	-	-	-	-	-	-	-	48
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Current Employee Benefit Liabilities	19	14	22	30	31	30	30	31	42	46	52
Other Current Liabilities	-	-	-	-	8.20	8.20	8.80	6.90	6.80	11	23
Total Noncurrent Liabilities	144	164	418	335	364	358	412	483	423	337	728
Long-Term Debt	44	64	277	210	220	210	282	362	294	204	565
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	45	46	53	54	53	51	53	58	72
Noncurrent Employee Benefit Liabilities	55	61	57	55	51	54	40	39	44	42	43
Other Noncurrent Operating Liabilities	17	27	28	16	39	40	36	32	31	33	49
Total Equity & Noncontrolling Interests	406	394	457	530	642	702	784	861	1,002	1,186	1,382
Total Preferred & Common Equity	406	394	457	530	642	702	784	861	1,002	1,186	1,382
Total Common Equity	406	394	457	530	642	702	784	861	1,002	1,186	1,382
Common Stock	260	266	274	283	296	309	326	341	361	380	401
Retained Earnings	275	302	347	433	528	605	684	782	916	1,103	1,315
Treasury Stock	-41	-81	-86	-89	-93	-120	-151	-179	-194	-208	-264
Accumulated Other Comprehensive Income / (Loss)	-89	-92	-77	-97	-89	-92	-74	-84	-81	-89	-71

This table presents Federal Signal's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,465	1,584	1,661	1,655	1,651	1,692	1,734	1,879	1,916	1,938	2,454
Total Current Assets	511	566	606	604	595	612	649	665	684	707	877
Cash & Equivalents	36	38	49	41	49	49	74	58	65	54	71
Accounts Receivable	170	192	193	213	191	214	220	223	238	264	310
Inventories, net	288	318	339	330	323	327	337	362	357	367	478
Prepaid Expenses	18	19	24	19	32	23	18	22	25	21	18
Plant, Property, & Equipment, net	171	181	189	188	193	203	206	236	237	237	287
Total Noncurrent Assets	784	837	866	863	863	876	879	979	995	995	1,290
Goodwill	431	458	475	474	470	470	472	514	518	522	627
Intangible Assets	198	213	217	212	205	201	197	226	223	218	394
Noncurrent Deferred & Refundable Income Taxes	8.00	8.60	8.40	12	12	12	12	9.90	11	11	9.90
Other Noncurrent Operating Assets	147	157	165	165	177	194	198	229	244	245	260
Total Liabilities & Shareholders' Equity	1,465	1,584	1,661	1,655	1,651	1,692	1,734	1,879	1,916	1,938	2,454
Total Liabilities	637	702	737	699	607	592	584	677	654	617	1,020
Total Current Liabilities	181	203	198	203	211	212	229	278	263	271	308
Short-Term Debt	0.70	2.30	3.10	3.90	5.50	6.50	8.10	10	11	12	3.00
Accounts Payable	81	96	87	82	89	87	89	104	103	103	116
Accrued Expenses	41	50	44	47	45	53	62	80	64	72	73
Current Deferred Revenue	-	-	-	-	-	-	-	-	-	-	66
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	13	0.00	0.00	0.00	0.00	0.00	0.00
Current Employee Benefit Liabilities	29	22	30	35	23	33	41	29	39	45	38
Other Current Liabilities	6.80	7.50	7.80	7.40	6.60	7.30	7.10	6.90	6.90	7.20	12
Total Noncurrent Liabilities	456	499	538	496	396	380	355	399	391	346	712
Long-Term Debt	331	373	406	362	267	249	223	267	258	201	549
Noncurrent Deferred & Payable Income Tax Liabilities	57	50	53	57	54	56	57	59	59	67	74
Noncurrent Employee Benefit Liabilities	36	40	40	39	45	43	41	40	42	42	42
Other Noncurrent Operating Liabilities	33	36	39	39	30	33	34	33	32	35	47
Total Equity & Noncontrolling Interests	828	882	924	956	1,044	1,100	1,149	1,202	1,262	1,322	1,435
Total Preferred & Common Equity	828	882	924	956	1,044	1,100	1,149	1,202	1,262	1,322	1,435
Total Common Equity	828	882	924	956	1,044	1,100	1,149	1,202	1,262	1,322	1,435
Common Stock	334	344	351	355	367	372	376	383	391	395	405
Retained Earnings	753	804	838	876	960	1,014	1,060	1,141	1,203	1,263	1,377
Treasury Stock	-171	-183	-186	-190	-199	-201	-206	-236	-260	-262	-273
Accumulated Other Comprehensive Income / (Loss)	-88	-83	-80	-84	-84	-85	-82	-85	-72	-75	-74

This table displays calculated financial ratios and metrics derived from Federal Signal's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.42%	-7.83%	26.92%	21.26%	12.10%	-7.41%	7.29%	18.27%	20.07%	8.06%	17.14%
EBITDA Growth	16.06%	-31.51%	25.29%	59.94%	19.40%	-6.85%	-1.48%	25.17%	30.00%	22.55%	23.18%
EBIT Growth	17.47%	-42.27%	15.76%	77.01%	21.17%	-11.06%	-6.29%	32.02%	38.15%	25.82%	22.50%
NOPAT Growth	7.06%	-37.95%	73.08%	39.75%	12.78%	-11.91%	10.32%	14.75%	35.68%	32.50%	12.32%
Net Income Growth	-0.31%	-31.02%	40.64%	52.60%	15.43%	-11.34%	4.57%	19.68%	30.73%	37.42%	14.01%
EPS Growth	0.00%	-29.00%	43.66%	50.98%	14.29%	-11.36%	4.49%	20.86%	29.95%	36.72%	14.57%
Operating Cash Flow Growth	34.44%	-74.59%	194.74%	27.47%	11.10%	32.10%	-25.26%	-29.47%	170.75%	18.98%	10.12%
Free Cash Flow Firm Growth	-57.56%	-175.77%	-282.81%	146.33%	-105.51%	1,962.49%	-182.13%	73.86%	607.18%	37.24%	-301.35%
Invested Capital Growth	-1.73%	30.33%	68.08%	0.42%	16.95%	-0.02%	23.49%	14.63%	5.40%	6.36%	42.81%
Revenue Q/Q Growth	8.69%	-1.43%	8.65%	3.01%	2.95%	-1.70%	0.55%	6.70%	3.42%	1.28%	6.09%
EBITDA Q/Q Growth	1.77%	-8.70%	4.12%	13.62%	2.84%	-0.68%	-6.95%	14.57%	6.52%	2.96%	4.43%
EBIT Q/Q Growth	-1.16%	-15.71%	1.94%	17.72%	2.09%	-1.14%	-10.55%	19.23%	7.95%	2.56%	4.18%
NOPAT Q/Q Growth	-5.36%	-6.20%	50.37%	-4.52%	-2.60%	-4.89%	2.53%	8.16%	7.20%	2.55%	3.59%
Net Income Q/Q Growth	-16.23%	2.58%	40.64%	2.29%	-24.65%	43.37%	-6.16%	14.34%	8.10%	1.69%	4.58%
EPS Q/Q Growth	-15.97%	2.90%	41.67%	1.99%	-3.30%	-3.11%	-5.78%	14.53%	7.11%	1.74%	4.97%
Operating Cash Flow Q/Q Growth	1.36%	-47.67%	24.66%	-0.22%	29.52%	9.75%	-8.86%	-9.23%	49.08%	-5.24%	2.66%
Free Cash Flow Firm Q/Q Growth	-33.64%	-609.18%	-1.21%	9.96%	-175.59%	41.31%	28.08%	-129.90%	1,879.78%	-23.60%	-498.46%
Invested Capital Q/Q Growth	-18.66%	-2.34%	2.45%	0.44%	1.55%	-2.60%	-4.82%	4.66%	-3.19%	0.90%	27.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.38%	25.91%	24.62%	25.89%	26.43%	25.96%	23.80%	24.04%	26.13%	28.63%	28.95%
EBITDA Margin	14.96%	11.12%	10.97%	14.47%	15.42%	15.51%	14.24%	15.08%	16.32%	18.51%	19.25%
Operating Margin	13.44%	8.59%	8.19%	11.15%	12.04%	11.62%	10.77%	11.21%	13.03%	15.12%	15.63%
EBIT Margin	13.31%	8.33%	7.60%	11.10%	12.00%	11.52%	10.06%	11.24%	12.93%	15.05%	15.53%
Profit (Net Income) Margin	8.27%	6.19%	6.86%	8.63%	8.88%	8.51%	8.29%	8.39%	9.14%	11.62%	11.31%
Tax Burden Percent	63.56%	77.11%	100.98%	84.23%	78.28%	77.21%	85.54%	79.79%	77.54%	81.96%	75.99%
Interest Burden Percent	97.75%	96.27%	89.31%	92.31%	94.61%	95.63%	96.31%	93.61%	91.15%	94.18%	95.84%
Effective Tax Rate	34.13%	30.63%	0.82%	16.04%	21.79%	22.87%	14.46%	20.21%	22.46%	18.04%	24.01%
Return on Invested Capital (ROIC)	20.85%	11.33%	12.93%	14.38%	14.92%	12.19%	12.04%	11.65%	14.41%	18.03%	16.18%
ROIC Less NNEP Spread (ROIC-NNEP)	27.99%	5.48%	4.72%	10.67%	11.39%	8.96%	6.00%	8.82%	8.38%	10.29%	12.25%
Return on Net Nonoperating Assets (RNNOA)	-4.51%	-0.38%	1.54%	4.66%	3.60%	2.13%	1.50%	2.99%	2.49%	1.74%	3.02%
Return on Equity (ROE)	16.34%	10.95%	14.47%	19.04%	18.52%	14.32%	13.54%	14.64%	16.90%	19.77%	19.20%
Cash Return on Invested Capital (CROIC)	22.60%	-15.00%	-37.86%	13.96%	-0.71%	12.22%	-8.98%	-1.98%	9.15%	11.86%	-19.08%
Operating Return on Assets (OROA)	15.42%	9.01%	8.35%	11.99%	13.38%	10.98%	9.48%	11.15%	14.16%	16.55%	16.29%
Return on Assets (ROA)	9.58%	6.69%	7.53%	9.32%	9.91%	8.10%	7.81%	8.33%	10.01%	12.78%	11.86%
Return on Common Equity (ROCE)	16.34%	10.95%	14.47%	19.04%	18.52%	14.32%	13.54%	14.64%	16.90%	19.77%	19.20%
Return on Equity Simple (ROE_SIMPLE)	15.66%	11.11%	13.47%	17.73%	16.91%	13.70%	12.83%	13.99%	15.71%	18.24%	0.00%
Net Operating Profit after Tax (NOPAT)	68	42	73	102	115	101	112	128	174	231	259
NOPAT Margin	8.85%	5.96%	8.12%	9.36%	9.42%	8.96%	9.22%	8.94%	10.10%	12.39%	11.88%
Net Nonoperating Expense Percent (NNEP)	-7.14%	5.86%	8.22%	3.72%	3.54%	3.23%	6.04%	2.83%	6.02%	7.74%	3.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	10.48%	13.38%	16.36%	13.31%
Cost of Revenue to Revenue	70.63%	74.09%	75.38%	74.11%	73.57%	74.04%	76.20%	75.96%	73.87%	71.37%	71.05%
SG&A Expenses to Revenue	15.89%	16.88%	16.06%	14.60%	13.46%	13.19%	12.30%	11.97%	12.20%	12.57%	11.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.94%	17.32%	16.43%	14.74%	14.39%	14.34%	13.02%	12.83%	13.10%	13.52%	13.31%
Earnings before Interest and Taxes (EBIT)	102	59	68	121	147	130	122	161	223	280	339
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	115	79	99	158	188	175	173	216	281	345	420
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.19	2.19	2.47	2.15	2.92	2.78	3.31	3.23	4.64	4.76	4.78
Price to Tangible Book Value (P/TBV)	5.12	5.85	0.00	95.70	20.86	12.63	17.75	13.97	14.45	11.10	17.41
Price to Revenue (P/Rev)	1.16	1.22	1.26	1.05	1.54	1.72	2.14	1.94	2.70	3.03	3.03
Price to Earnings (P/E)	14.01	19.69	18.34	12.12	17.28	20.28	25.79	23.12	29.54	26.10	26.78
Dividend Yield	1.75%	1.94%	1.49%	1.64%	1.03%	0.99%	0.85%	0.78%	0.51%	0.52%	0.52%
Earnings Yield	7.14%	5.08%	5.45%	8.25%	5.79%	4.93%	3.88%	4.33%	3.38%	3.83%	3.73%
Enterprise Value to Invested Capital (EV/IC)	2.69	2.11	1.95	1.85	2.48	2.50	2.76	2.63	3.94	4.38	3.77
Enterprise Value to Revenue (EV/Rev)	1.13	1.25	1.53	1.21	1.69	1.84	2.34	2.16	2.84	3.10	3.26
Enterprise Value to EBITDA (EV/EBITDA)	7.58	11.27	13.98	8.36	10.96	11.85	16.41	14.33	17.38	16.77	16.92
Enterprise Value to EBIT (EV/EBIT)	8.52	15.03	20.18	10.90	14.09	15.95	23.23	19.23	21.95	20.62	20.98
Enterprise Value to NOPAT (EV/NOPAT)	12.81	21.02	18.88	12.92	17.94	20.51	25.37	24.16	28.08	25.05	27.42
Enterprise Value to Operating Cash Flow (EV/OCF)	8.96	35.89	18.94	14.21	20.02	15.26	27.86	43.16	25.14	24.98	27.89
Enterprise Value to Free Cash Flow (EV/FCFF)	11.82	0.00	0.00	13.32	0.00	20.47	0.00	0.00	44.21	38.08	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.14	0.19	0.63	0.41	0.34	0.30	0.36	0.42	0.30	0.19	0.41
Long-Term Debt to Equity	0.14	0.19	0.63	0.41	0.34	0.30	0.36	0.42	0.29	0.17	0.41
Financial Leverage	-0.16	-0.07	0.33	0.44	0.32	0.24	0.25	0.34	0.30	0.17	0.25
Leverage Ratio	1.71	1.64	1.92	2.04	1.87	1.77	1.73	1.76	1.69	1.55	1.62
Compound Leverage Factor	1.67	1.58	1.72	1.88	1.77	1.69	1.67	1.64	1.54	1.46	1.55
Debt to Total Capital	12.26%	15.93%	38.51%	29.04%	25.58%	23.02%	26.51%	29.66%	22.98%	15.87%	29.02%
Short-Term Debt to Total Capital	0.09%	0.11%	0.04%	0.03%	0.02%	0.02%	0.06%	0.12%	0.36%	1.38%	0.03%
Long-Term Debt to Total Capital	12.18%	15.83%	38.46%	29.01%	25.55%	23.00%	26.45%	29.54%	22.62%	14.50%	29.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	87.74%	84.07%	61.50%	70.96%	74.42%	76.98%	73.49%	70.34%	77.02%	84.13%	70.98%
Debt to EBITDA	0.49	0.95	2.90	1.38	1.17	1.20	1.64	1.68	1.06	0.65	1.35
Net Debt to EBITDA	-0.17	0.31	2.52	1.14	1.00	0.73	1.40	1.46	0.85	0.39	1.19
Long-Term Debt to EBITDA	0.49	0.94	2.90	1.37	1.17	1.20	1.63	1.67	1.05	0.59	1.34
Debt to NOPAT	0.83	1.77	3.92	2.13	1.92	2.07	2.53	2.83	1.72	0.97	2.18
Net Debt to NOPAT	-0.28	0.57	3.41	1.76	1.64	1.27	2.17	2.46	1.37	0.58	1.94
Long-Term Debt to NOPAT	0.83	1.76	3.92	2.12	1.91	2.07	2.52	2.82	1.69	0.89	2.18
Altman Z-Score	4.64	4.46	3.11	3.63	4.45	4.56	4.79	4.80	7.10	8.57	6.35
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.69	3.06	2.59	2.07	2.25	2.73	2.53	2.94	2.91	2.66	3.02
Quick Ratio	1.27	1.55	1.33	1.02	1.04	1.41	1.04	1.23	1.26	1.19	1.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	74	-56	-214	99	-5.45	102	-83	-22	111	152	-306
Operating Cash Flow to CapEx	1,012.50%	404.92%	910.00%	658.16%	291.24%	458.59%	272.19%	135.47%	641.58%	569.70%	922.83%
Free Cash Flow to Firm to Interest Expense	32.03	-25.38	-29.27	10.65	-0.69	17.81	-18.53	-2.12	5.61	9.31	-21.67
Operating Cash Flow to Interest Expense	42.26	11.23	9.97	9.98	13.05	23.89	22.62	6.97	9.87	14.19	18.06
Operating Cash Flow Less CapEx to Interest Expense	38.09	8.45	8.88	8.46	8.57	18.68	14.31	1.83	8.33	11.70	16.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.16	1.08	1.10	1.08	1.12	0.95	0.94	0.99	1.10	1.10	1.05
Accounts Receivable Turnover	10.48	9.18	9.01	8.98	9.45	8.66	9.23	9.26	9.57	9.73	8.93
Inventory Turnover	6.21	5.06	5.26	5.48	5.28	4.55	4.47	4.18	4.27	4.19	3.86
Fixed Asset Turnover	14.55	8.02	6.63	7.12	6.68	7.20	9.75	8.93	9.31	9.09	8.84
Accounts Payable Turnover	13.61	14.31	15.61	13.73	13.71	14.36	15.88	15.89	18.30	18.24	17.51
Days Sales Outstanding (DSO)	34.84	39.78	40.52	40.64	38.64	42.16	39.56	39.41	38.14	37.51	40.89
Days Inventory Outstanding (DIO)	58.81	72.13	69.33	66.57	69.10	80.20	81.75	87.37	85.49	87.15	94.54
Days Payable Outstanding (DPO)	26.82	25.50	23.39	26.58	26.63	25.42	22.98	22.97	19.95	20.02	20.85
Cash Conversion Cycle (CCC)	66.83	86.40	86.46	80.62	81.11	96.94	98.33	103.81	103.68	104.64	114.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	323	421	708	711	831	831	1,026	1,176	1,240	1,319	1,883
Invested Capital Turnover	2.36	1.90	1.59	1.54	1.58	1.36	1.31	1.30	1.43	1.46	1.36
Increase / (Decrease) in Invested Capital	-5.70	98	287	3.00	121	-0.20	195	150	64	79	565
Enterprise Value (EV)	871	887	1,379	1,318	2,064	2,079	2,836	3,099	4,888	5,778	7,105
Market Capitalization	890	863	1,130	1,139	1,875	1,950	2,594	2,784	4,650	5,646	6,603
Book Value per Share	$6.53	$6.58	$7.63	$8.80	$10.60	$11.60	$12.84	$14.20	$16.44	$19.41	$22.73
Tangible Book Value per Share	$2.80	$2.46	($1.20)	$0.20	$1.49	$2.55	$2.39	$3.29	$5.28	$8.32	$6.24
Total Capital	462	469	744	747	862	912	1,067	1,224	1,301	1,410	1,947
Total Debt	57	75	286	217	221	210	283	363	299	224	565
Total Long-Term Debt	56	74	286	217	220	210	282	362	294	204	565
Net Debt	-19	24	249	180	189	128	242	316	238	133	501
Capital Expenditures (CapEx)	9.60	6.10	8.00	14	35	30	37	53	30	41	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	122	125	150	133	169	176	221	305	318	329	508
Debt-free Net Working Capital (DFNWC)	198	175	187	170	201	257	261	352	379	420	572
Net Working Capital (NWC)	198	175	187	170	201	257	261	351	374	401	571
Net Nonoperating Expense (NNE)	4.47	-1.63	11	8.01	6.55	5.14	11	7.90	17	14	12
Net Nonoperating Obligations (NNO)	-83	27	250	181	190	129	242	316	238	133	501
Total Depreciation and Amortization (D&A)	13	20	30	37	42	45	51	55	59	64	81
Debt-free, Cash-free Net Working Capital to Revenue	15.92%	17.59%	16.64%	12.16%	13.85%	15.53%	18.19%	21.25%	18.47%	17.67%	23.31%
Debt-free Net Working Capital to Revenue	25.82%	24.75%	20.81%	15.59%	16.43%	22.75%	21.53%	24.56%	22.01%	22.57%	26.23%
Net Working Capital to Revenue	25.77%	24.68%	20.78%	15.58%	16.42%	22.74%	21.48%	24.46%	21.73%	21.53%	26.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.02	$0.72	$1.03	$1.57	$1.80	$1.59	$1.65	$1.99	$2.59	$3.55	$4.06
Adjusted Weighted Average Basic Shares Outstanding	62.20M	60.40M	59.70M	59.90M	60.20M	60.30M	60.80M	60.50M	60.70M	60.90M	60.80M
Adjusted Diluted Earnings per Share	$1.00	$0.71	$1.02	$1.54	$1.76	$1.56	$1.63	$1.97	$2.56	$3.50	$4.01
Adjusted Weighted Average Diluted Shares Outstanding	63.40M	61.20M	60.40M	61.20M	61.60M	61.70M	61.90M	61.20M	61.50M	61.70M	61.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	62.43M	59.72M	60.00M	60.15M	60.58M	60.54M	60.93M	60.75M	61.00M	61.10M	60.89M
Normalized Net Operating Profit after Tax (NOPAT)	68	44	74	102	117	102	112	128	174	231	259
Normalized NOPAT Margin	8.89%	6.26%	8.19%	9.36%	9.58%	9.05%	9.22%	8.94%	10.10%	12.39%	11.88%
Pre Tax Income Margin	13.01%	8.02%	6.79%	10.24%	11.35%	11.02%	9.69%	10.52%	11.78%	14.18%	14.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	44.43	26.82	9.36	13.00	18.54	22.86	27.13	15.65	11.30	17.19	24.01
NOPAT to Interest Expense	29.55	19.17	10.00	10.97	14.56	17.78	24.85	12.46	8.84	14.15	18.37
EBIT Less CapEx to Interest Expense	40.26	24.05	8.26	11.48	14.06	17.65	18.82	10.50	9.77	14.70	22.06
NOPAT Less CapEx to Interest Expense	25.38	16.40	8.90	9.45	10.08	12.57	16.53	7.31	7.30	11.66	16.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.57%	38.58%	27.27%	19.89%	17.79%	20.17%	21.87%	18.11%	15.12%	13.55%	13.83%
Augmented Payout Ratio	41.26%	124.89%	27.27%	21.17%	18.71%	34.41%	37.18%	31.48%	18.62%	16.64%	29.93%

This table displays calculated financial ratios and metrics derived from Federal Signal's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	61,002,256.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	61,002,256.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	28.87%	14.53%	10.22%	10.85%	6.23%	5.26%	9.16%	15.13%	17.04%	26.50%	34.89%
EBITDA Growth	45.09%	28.29%	29.76%	31.01%	19.51%	12.69%	21.48%	21.79%	23.61%	25.68%	46.83%
EBIT Growth	57.87%	35.34%	37.31%	38.42%	21.54%	11.15%	20.15%	20.07%	23.41%	26.36%	52.46%
NOPAT Growth	38.48%	30.37%	76.49%	40.07%	18.89%	11.34%	-10.87%	17.39%	25.53%	15.91%	55.16%
Net Income Growth	36.16%	34.10%	88.32%	50.87%	24.48%	7.76%	-10.27%	17.43%	26.35%	21.60%	52.05%
EPS Growth	36.54%	29.82%	86.67%	50.00%	22.54%	8.11%	-10.71%	17.17%	27.59%	23.75%	52.00%
Operating Cash Flow Growth	380.00%	162.44%	340.85%	13.09%	43.33%	-12.38%	17.25%	47.04%	-11.19%	7.28%	176.02%
Free Cash Flow Firm Growth	-853.52%	87.96%	100.53%	131.02%	127.47%	-72.30%	-1,754.97%	-305.44%	-441.65%	-2,057.39%	-296.69%
Invested Capital Growth	13.95%	5.40%	3.99%	1.71%	2.05%	6.36%	12.15%	12.26%	13.27%	42.81%	34.66%
Revenue Q/Q Growth	0.90%	0.45%	-5.24%	15.42%	-3.30%	-0.46%	-1.74%	21.73%	-1.70%	7.59%	4.77%
EBITDA Q/Q Growth	5.05%	1.43%	-11.67%	39.19%	-4.17%	-4.35%	-4.78%	39.55%	-2.74%	-6.95%	16.27%
EBIT Q/Q Growth	6.69%	0.96%	-13.85%	49.17%	-6.32%	-7.67%	-6.88%	49.08%	-3.72%	-10.61%	18.82%
NOPAT Q/Q Growth	4.34%	5.60%	9.99%	15.58%	-11.43%	-1.11%	-11.95%	52.23%	-5.29%	-8.69%	17.86%
Net Income Q/Q Growth	7.44%	7.16%	11.21%	17.83%	-11.35%	-7.24%	-7.40%	54.21%	-4.62%	-10.72%	15.79%
EPS Q/Q Growth	7.58%	4.23%	13.51%	17.86%	-12.12%	-8.05%	-6.25%	54.67%	-4.31%	-10.81%	15.15%
Operating Cash Flow Q/Q Growth	33.70%	115.42%	-69.73%	29.71%	69.46%	31.69%	-59.49%	62.67%	2.35%	59.08%	4.22%
Free Cash Flow Firm Q/Q Growth	18.46%	87.70%	147.18%	555.83%	-27.81%	-177.13%	-353.20%	18.59%	-20.06%	-387.02%	16.67%
Invested Capital Q/Q Growth	-0.27%	-3.19%	2.25%	3.04%	0.06%	0.90%	7.82%	3.14%	0.95%	27.21%	1.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.37%	26.63%	27.30%	29.36%	29.61%	28.09%	28.20%	30.04%	29.10%	28.35%	28.68%
EBITDA Margin	17.23%	17.40%	16.22%	19.56%	19.38%	18.62%	18.05%	20.69%	20.47%	17.70%	19.65%
Operating Margin	14.00%	14.07%	12.78%	16.54%	16.01%	14.85%	14.17%	17.30%	16.94%	13.98%	15.94%
EBIT Margin	13.93%	14.01%	12.73%	16.46%	15.94%	14.79%	14.01%	17.16%	16.81%	13.97%	15.84%
Profit (Net Income) Margin	9.70%	10.35%	12.14%	12.40%	11.37%	10.59%	9.98%	12.65%	12.27%	10.18%	11.25%
Tax Burden Percent	75.83%	79.32%	101.38%	78.45%	74.24%	79.49%	74.68%	76.45%	75.25%	77.35%	76.36%
Interest Burden Percent	91.80%	93.15%	94.09%	96.03%	96.03%	90.11%	95.38%	96.39%	97.00%	94.24%	93.04%
Effective Tax Rate	24.17%	20.68%	-1.38%	21.55%	25.76%	20.51%	25.32%	23.55%	24.75%	22.65%	23.64%
Return on Invested Capital (ROIC)	14.71%	15.92%	18.36%	18.13%	16.88%	17.18%	14.95%	18.84%	18.79%	14.73%	17.08%
ROIC Less NNEP Spread (ROIC-NNEP)	13.39%	14.60%	17.13%	17.13%	15.86%	14.09%	13.70%	17.24%	17.13%	13.54%	15.45%
Return on Net Nonoperating Assets (RNNOA)	4.66%	4.34%	4.98%	4.80%	3.64%	2.39%	2.70%	3.00%	2.19%	3.34%	4.10%
Return on Equity (ROE)	19.37%	20.25%	23.34%	22.93%	20.52%	19.57%	17.65%	21.84%	20.99%	18.07%	21.18%
Cash Return on Invested Capital (CROIC)	0.46%	9.15%	12.03%	14.99%	15.35%	11.86%	5.25%	5.45%	5.50%	-19.08%	-12.39%
Operating Return on Assets (OROA)	14.88%	15.34%	13.87%	17.77%	17.30%	16.26%	15.09%	18.79%	18.82%	14.65%	17.12%
Return on Assets (ROA)	10.36%	11.34%	13.23%	13.39%	12.33%	11.65%	10.75%	13.84%	13.74%	10.68%	12.16%
Return on Common Equity (ROCE)	19.37%	20.25%	23.34%	22.93%	20.52%	19.57%	17.65%	21.84%	20.99%	18.07%	21.18%
Return on Equity Simple (ROE_SIMPLE)	15.23%	0.00%	17.39%	18.38%	18.51%	0.00%	17.55%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	47	50	55	64	56	56	49	75	71	65	76
NOPAT Margin	10.62%	11.16%	12.96%	12.97%	11.88%	11.81%	10.58%	13.23%	12.74%	10.82%	12.17%
Net Nonoperating Expense Percent (NNEP)	1.32%	1.32%	1.23%	1.00%	1.02%	3.09%	1.25%	1.60%	1.66%	1.20%	1.64%
Return On Investment Capital (ROIC_SIMPLE)	-	3.85%	-	-	-	3.95%	3.32%	4.88%	4.61%	3.32%	3.83%
Cost of Revenue to Revenue	73.63%	73.37%	72.70%	70.64%	70.39%	71.91%	71.80%	69.96%	70.90%	71.65%	71.32%
SG&A Expenses to Revenue	11.34%	12.07%	13.46%	11.89%	12.67%	12.37%	12.98%	11.85%	11.06%	11.29%	11.51%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.37%	12.56%	14.52%	12.83%	13.60%	13.24%	14.04%	12.73%	12.16%	14.37%	12.74%
Earnings before Interest and Taxes (EBIT)	62	63	54	81	76	70	65	97	93	83	99
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	77	78	69	96	92	88	84	117	114	106	123
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.79	4.64	4.94	4.64	4.97	4.76	3.74	5.14	5.47	4.78	4.59
Price to Tangible Book Value (P/TBV)	13.41	14.45	13.95	11.90	11.89	11.10	9.72	12.43	12.42	17.41	15.91
Price to Revenue (P/Rev)	2.17	2.70	2.93	2.82	3.11	3.03	2.36	3.29	3.52	3.03	2.81
Price to Earnings (P/E)	24.88	29.54	28.40	25.26	26.87	26.10	21.30	29.28	30.68	26.78	24.32
Dividend Yield	0.64%	0.51%	0.50%	0.53%	0.49%	0.52%	0.68%	0.49%	0.45%	0.52%	0.53%
Earnings Yield	4.02%	3.38%	3.52%	3.96%	3.72%	3.83%	4.70%	3.42%	3.26%	3.73%	4.11%
Enterprise Value to Invested Capital (EV/IC)	3.08	3.94	4.24	4.07	4.49	4.38	3.31	4.56	4.99	3.77	3.69
Enterprise Value to Revenue (EV/Rev)	2.37	2.84	3.05	2.94	3.20	3.10	2.48	3.39	3.60	3.26	3.02
Enterprise Value to EBITDA (EV/EBITDA)	14.95	17.38	18.12	16.62	17.55	16.77	13.11	17.60	18.39	16.92	15.39
Enterprise Value to EBIT (EV/EBIT)	19.14	21.95	22.67	20.45	21.49	20.62	16.19	21.78	22.75	20.98	18.96
Enterprise Value to NOPAT (EV/NOPAT)	24.31	28.08	27.14	24.57	26.11	25.05	20.98	28.40	29.56	27.42	24.69
Enterprise Value to Operating Cash Flow (EV/OCF)	30.27	25.14	24.62	23.79	24.06	24.98	19.91	26.16	29.80	27.89	22.13
Enterprise Value to Free Cash Flow (EV/FCFF)	706.83	44.21	35.98	27.36	29.57	38.08	66.80	88.65	96.41	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.30	0.26	0.23	0.20	0.19	0.23	0.21	0.16	0.41	0.38
Long-Term Debt to Equity	0.38	0.29	0.26	0.23	0.19	0.17	0.22	0.20	0.15	0.41	0.38
Financial Leverage	0.35	0.30	0.29	0.28	0.23	0.17	0.20	0.17	0.13	0.25	0.27
Leverage Ratio	1.75	1.69	1.68	1.66	1.61	1.55	1.57	1.53	1.49	1.62	1.64
Compound Leverage Factor	1.61	1.57	1.58	1.59	1.55	1.39	1.50	1.47	1.44	1.53	1.53
Debt to Total Capital	27.68%	22.98%	20.68%	18.84%	16.76%	15.87%	18.72%	17.57%	13.89%	29.02%	27.77%
Short-Term Debt to Total Capital	0.30%	0.36%	0.42%	0.48%	0.59%	1.38%	0.68%	0.70%	0.78%	0.03%	0.15%
Long-Term Debt to Total Capital	27.39%	22.62%	20.26%	18.36%	16.17%	14.50%	18.04%	16.87%	13.11%	29.00%	27.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	72.32%	77.02%	79.32%	81.16%	83.24%	84.13%	81.28%	82.43%	86.11%	70.98%	72.23%
Debt to EBITDA	1.39	1.06	0.92	0.80	0.69	0.65	0.77	0.71	0.53	1.35	1.20
Net Debt to EBITDA	1.23	0.85	0.75	0.65	0.47	0.39	0.61	0.54	0.40	1.19	1.05
Long-Term Debt to EBITDA	1.37	1.05	0.90	0.78	0.67	0.59	0.74	0.68	0.50	1.34	1.20
Debt to NOPAT	2.25	1.72	1.37	1.18	1.03	0.97	1.23	1.14	0.85	2.18	1.93
Net Debt to NOPAT	2.00	1.37	1.13	0.96	0.70	0.58	0.98	0.87	0.64	1.94	1.68
Long-Term Debt to NOPAT	2.23	1.69	1.35	1.15	0.99	0.89	1.19	1.10	0.80	2.18	1.92
Altman Z-Score	5.27	6.77	7.37	7.53	8.22	8.18	6.20	8.29	9.44	6.00	6.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.98	2.91	2.82	2.89	2.83	2.66	2.39	2.60	2.61	3.02	2.84
Quick Ratio	1.26	1.26	1.14	1.24	1.28	1.19	1.01	1.15	1.17	1.26	1.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-109	-13	6.35	42	30	-23	-105	-86	-103	-500	-417
Operating Cash Flow to CapEx	842.11%	1,161.80%	372.62%	256.96%	870.89%	1,065.88%	655.36%	817.81%	872.86%	1,262.34%	1,511.94%
Free Cash Flow to Firm to Interest Expense	-21.45	-3.13	1.98	13.01	10.02	-3.36	-35.01	-24.43	-36.67	-104.17	-60.39
Operating Cash Flow to Interest Expense	9.41	24.05	9.78	12.69	22.93	13.13	12.23	17.06	21.82	20.25	14.68
Operating Cash Flow Less CapEx to Interest Expense	8.29	21.98	7.16	7.75	20.30	11.90	10.37	14.97	19.32	18.65	13.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.07	1.10	1.09	1.08	1.08	1.10	1.08	1.09	1.12	1.05	1.08
Accounts Receivable Turnover	8.69	9.57	9.20	8.89	8.48	9.73	9.17	8.74	8.50	8.93	8.78
Inventory Turnover	4.01	4.27	4.03	3.94	3.95	4.19	3.95	4.10	4.15	3.86	3.96
Fixed Asset Turnover	9.28	9.31	9.43	9.22	9.33	9.09	8.86	8.97	9.28	8.84	8.96
Accounts Payable Turnover	15.17	18.30	14.01	15.12	15.39	18.24	14.05	14.77	15.22	17.51	15.14
Days Sales Outstanding (DSO)	41.99	38.14	39.67	41.04	43.06	37.51	39.82	41.77	42.97	40.89	41.55
Days Inventory Outstanding (DIO)	91.01	85.49	90.47	92.61	92.36	87.15	92.38	89.01	87.98	94.54	92.19
Days Payable Outstanding (DPO)	24.07	19.95	26.05	24.14	23.72	20.02	25.99	24.72	23.99	20.85	24.11
Cash Conversion Cycle (CCC)	108.94	103.68	104.08	109.50	111.70	104.64	106.21	106.06	106.96	114.59	109.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,281	1,240	1,268	1,306	1,307	1,319	1,422	1,467	1,481	1,883	1,915
Invested Capital Turnover	1.39	1.43	1.42	1.40	1.42	1.46	1.41	1.42	1.47	1.36	1.40
Increase / (Decrease) in Invested Capital	157	64	49	22	26	79	154	160	173	565	493
Enterprise Value (EV)	3,948	4,888	5,381	5,313	5,872	5,778	4,713	6,693	7,392	7,105	7,065
Market Capitalization	3,623	4,650	5,157	5,106	5,715	5,646	4,494	6,488	7,234	6,603	6,584
Book Value per Share	$15.67	$16.44	$17.15	$18.00	$18.80	$19.41	$19.68	$20.70	$21.74	$22.73	$23.56
Tangible Book Value per Share	$4.43	$5.28	$6.07	$7.02	$7.86	$8.32	$7.57	$8.56	$9.58	$6.24	$6.80
Total Capital	1,322	1,301	1,317	1,355	1,381	1,410	1,479	1,531	1,535	1,947	1,986
Total Debt	366	299	272	255	231	224	277	269	213	565	552
Total Long-Term Debt	362	294	267	249	223	204	267	258	201	565	549
Net Debt	325	238	223	207	158	133	220	204	159	501	480
Capital Expenditures (CapEx)	5.70	8.90	8.40	16	7.90	8.50	5.60	7.30	7.00	7.70	6.70
Debt-free, Cash-free Net Working Capital (DFCFNWC)	364	318	341	358	354	329	339	367	393	508	500
Debt-free Net Working Capital (DFNWC)	405	379	390	407	428	420	397	432	447	572	572
Net Working Capital (NWC)	401	374	384	400	420	401	386	421	435	571	569
Net Nonoperating Expense (NNE)	4.09	3.65	3.45	2.82	2.45	5.72	2.76	3.29	2.63	3.79	5.73
Net Nonoperating Obligations (NNO)	325	238	223	207	158	133	220	204	159	501	480
Total Depreciation and Amortization (D&A)	15	15	15	15	16	18	19	20	20	22	24
Debt-free, Cash-free Net Working Capital to Revenue	21.85%	18.47%	19.35%	19.78%	19.27%	17.67%	17.84%	18.59%	19.12%	23.31%	21.36%
Debt-free Net Working Capital to Revenue	24.31%	22.01%	22.12%	22.46%	23.28%	22.57%	20.86%	21.87%	21.76%	26.23%	24.40%
Net Working Capital to Revenue	24.08%	21.73%	21.81%	22.10%	22.84%	21.53%	20.33%	21.33%	21.18%	26.21%	24.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.71	$0.77	$0.85	$1.00	$0.88	$0.82	$0.76	$1.18	$1.12	$1.00	$1.16
Adjusted Weighted Average Basic Shares Outstanding	60.80M	60.70M	60.90M	61M	61M	60.90M	61.10M	60.60M	60.70M	60.80M	60.90M
Adjusted Diluted Earnings per Share	$0.71	$0.74	$0.84	$0.99	$0.87	$0.80	$0.75	$1.16	$1.11	$0.99	$1.14
Adjusted Weighted Average Diluted Shares Outstanding	61.40M	61.50M	61.60M	61.70M	61.70M	61.70M	61.80M	61.30M	61.40M	61.50M	61.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	60.93M	61.00M	61.10M	61.15M	61.11M	61.10M	60.97M	60.79M	60.81M	60.89M	61.00M
Normalized Net Operating Profit after Tax (NOPAT)	47	50	38	64	56	56	49	75	71	65	76
Normalized NOPAT Margin	10.62%	11.16%	8.95%	12.97%	11.88%	11.81%	10.58%	13.23%	12.74%	10.82%	12.17%
Pre Tax Income Margin	12.79%	13.05%	11.98%	15.80%	15.31%	13.33%	13.37%	16.54%	16.31%	13.16%	14.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.20	14.60	16.91	25.22	25.20	10.12	21.67	27.69	33.32	17.38	14.36
NOPAT to Interest Expense	9.29	11.64	17.20	19.88	18.78	8.08	16.35	21.34	25.26	13.46	11.03
EBIT Less CapEx to Interest Expense	11.08	12.53	14.28	20.28	22.57	8.88	19.80	25.60	30.82	15.77	13.39
NOPAT Less CapEx to Interest Expense	8.18	9.57	14.58	14.95	16.15	6.84	14.49	19.25	22.76	11.85	10.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	15.87%	15.12%	14.10%	13.31%	13.21%	13.55%	14.50%	14.31%	13.95%	13.83%	12.82%
Augmented Payout Ratio	18.82%	18.62%	17.18%	16.08%	15.89%	16.64%	26.40%	35.20%	31.72%	29.93%	20.65%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways for Federal Signal (NYSE: FSS) from the last four years of quarterly statements, focusing on revenue, profitability, cash flow, and the balance sheet. Numbers are quoted in U.S. dollars.

Revenue growth: Operating revenue reached $597.1 million in Q4 2025, up from $472.0 million in Q4 2024, signaling a multi-year uptrend through 2025.
Profitability momentum: Net income attributable to common shareholders in Q4 2025 was $60.8 million (basic EPS $1.00, diluted $0.99), up from the prior-year period, reflecting improved earnings quality in late 2025. Q2–Q3 2025 also show elevated earnings per share versus earlier periods.
Debt reduction: Long-term debt declined through 2025 (roughly $266.9 million at 2024 end to about $201 million by Q4 2025), improving leverage and interest burden.
Balance sheet growth and capitalization: Total assets rose to about $1.94 billion by Q3 2025, with total equity around $1.324 billion, indicating stronger capitalization driven by earnings retention and growth initiatives.
Free cash flow (positive in several 2025 quarters): In the first three quarters of 2025, free cash flow was positive in the range of roughly $31–$54 million per quarter (example: Q2 2025 CFOContinuing $59.7m with capex $7.3m; Q3 2025 CFOContinuing $61.1m with capex $7.0m).

Dividend policy: Quarterly cash dividends per share remained at $0.14, signaling a steady capital-return posture.
Acquisition activity and asset growth: 2025 saw sizable acquisitions (Q4 2025 acquisitions around $418.9 million), contributing to higher goodwill and noncurrent assets (Goodwill in 2025 remained substantial, e.g., 521.7 million of goodwill in Q3 2025), which can support growth but requires successful integration.
Asset and equity expansion: The company’s asset base expanded to roughly $1.94 billion and total equity surpassed $1.2–1.3 billion in 2025, consistent with sustained earnings and financing activity.

Near-term cash-flow volatility: In Q4 2025, net cash from continuing operating activities was negative (−$157.5 million), driven by working capital movements and non-cash adjustments, despite solid net income.
Cash burn from investing activities in 2025 Q4: Net cash from investing activities was heavily negative in Q4 2025 (about −$426.6 million), largely due to acquisitions and related spending, which can pressure near-term liquidity even as growth continues.

05/14/26 11:24 AM ETAI Generated. May Contain Errors.

Federal Signal Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Federal Signal's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Federal Signal's net income appears to be on an upward trend, with a most recent value of $246.60 million in 2025, rising from $63.50 million in 2015. The previous period was $216.30 million in 2024. See where experts think Federal Signal is headed by visiting Federal Signal's forecast page.

Federal Signal's total operating income in 2025 was $340.90 million, based on the following breakdown:

Total Gross Profit: $631.20 million
Total Operating Expenses: $290.30 million

Over the last 10 years, Federal Signal's total revenue changed from $768 million in 2015 to $2.18 billion in 2025, a change of 183.9%.

Federal Signal's total liabilities were at $1.01 billion at the end of 2025, a 74.5% increase from 2024, and a 287.4% increase since 2015.

In the past 10 years, Federal Signal's cash and equivalents has ranged from $31.60 million in 2019 to $91.10 million in 2024, and is currently $63.70 million as of their latest financial filing in 2025.

Over the last 10 years, Federal Signal's book value per share changed from 6.53 in 2015 to 22.73 in 2025, a change of 248.2%.

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Financial statements for NYSE:FSS last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Federal Signal (FSS) Financials

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Federal Signal (FSS) Financials

Annual Income Statements for Federal Signal

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Quarterly Cash Flow Statements for Federal Signal

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Federal Signal Financials - Frequently Asked Questions

When does Federal Signal's financial year end?

How has Federal Signal's net income changed over the last 10 years?

What is Federal Signal's operating income?

How has Federal Signal's revenue changed over the last 10 years?

How much debt does Federal Signal have?

How much cash does Federal Signal have?

How has Federal Signal's book value per share changed over the last 10 years?

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