Federal Signal Corporation (FSS) 10-Year Financial Performance & Capital Metrics

FSS • • Industrial / General

IndustrialsEnvironmental ServicesEnvironmental Services & EquipmentEnvironmental Equipment & Vehicles

AboutFederal 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.Show more

Revenue $1.86B +8.1%
EBITDA $347M +21.7%
Net Income $216M +37.4%
EPS (Diluted) 3.50 +36.7%
Gross Margin 28.63% +9.6%
EBITDA Margin 18.62% +12.6%
Operating Margin 15.12% +16.0%
Net Margin 11.62% +27.2%
ROE 19.77% +17.0%
ROIC 16.18% +18.4%
Debt/Equity 0.21 -33.5%
Interest Coverage 22.51 +97.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓11 consecutive years of dividend growth
✓Good 3Y average ROE of 17.1%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.32%

5Y8.79%

3Y15.34%

TTM11.83%

Profit (Net Income) CAGR

10Y13%

5Y14.8%

3Y29.07%

TTM10.86%

EPS CAGR

10Y13.35%

5Y14.74%

3Y29.01%

TTM11.01%

ROCE

10Y Avg14.25%

5Y Avg14.46%

3Y Avg15.99%

Latest19.09%

Peer Comparison

Environmental Equipment & Vehicles

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FSSFederal Signal Corporation	7.11B	116.90	33.40	8.06%	11.47%	17.84%	2.68%	0.21
CLWTEuro Tech Holdings Company Limited	9.01M	1.19	12.53	-14.25%	7.69%	15.35%	8.61%	0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	768M	707.9M	898.5M	1.09B	1.22B	1.13B	1.21B	1.43B	1.72B	1.86B
Revenue Growth %	-0.16%	-0.08%	0.27%	0.21%	0.12%	-0.07%	0.07%	0.18%	0.2%	0.08%
Cost of Goods Sold+	542.4M	524.5M	677.3M	807.4M	898.5M	837.2M	924.5M	1.09B	1.27B	1.33B
COGS % of Revenue	0.71%	0.74%	0.75%	0.74%	0.74%	0.74%	0.76%	0.76%	0.74%	0.71%
Gross Profit+	225.6M	183.4M	221.2M	282.1M	322.8M	293.6M	288.7M	344.9M	450.2M	533M
Gross Margin %	0.29%	0.26%	0.25%	0.26%	0.26%	0.26%	0.24%	0.24%	0.26%	0.29%
Gross Profit Growth %	0.08%	-0.19%	0.21%	0.28%	0.14%	-0.09%	-0.02%	0.19%	0.31%	0.18%
Operating Expenses+	122.4M	122.6M	147.6M	160.6M	175.7M	162.2M	158M	184.1M	225.7M	251.6M
OpEx % of Revenue	0.16%	0.17%	0.16%	0.15%	0.14%	0.14%	0.13%	0.13%	0.13%	0.14%
Selling, General & Admin	122M	119.5M	150.4M	159.1M	173.2M	149.2M	159.5M	171.7M	210.1M	237.8M
SG&A % of Revenue	0.16%	0.17%	0.17%	0.15%	0.14%	0.13%	0.13%	0.12%	0.12%	0.13%
Research & Development	0	0	0	0	13.6M	12.2M	0	0	0	0
R&D % of Revenue	-	-	-	-	0.01%	0.01%	-	-	-	-
Other Operating Expenses	400K	3.1M	-2.8M	1.5M	-11.1M	800K	-1.5M	12.4M	15.6M	13.8M
Operating Income+	103.2M	60.8M	73.6M	121.5M	147.1M	131.4M	130.7M	160.8M	224.5M	281.4M
Operating Margin %	0.13%	0.09%	0.08%	0.11%	0.12%	0.12%	0.11%	0.11%	0.13%	0.15%
Operating Income Growth %	0.16%	-0.41%	0.21%	0.65%	0.21%	-0.11%	-0.01%	0.23%	0.4%	0.25%
EBITDA+	115.5M	79.9M	103.6M	157.9M	188.6M	176.2M	181.1M	215.5M	284.9M	346.7M
EBITDA Margin %	0.15%	0.11%	0.12%	0.14%	0.15%	0.16%	0.15%	0.15%	0.17%	0.19%
EBITDA Growth %	0.15%	-0.31%	0.3%	0.52%	0.19%	-0.07%	0.03%	0.19%	0.32%	0.22%
D&A (Non-Cash Add-back)	12.3M	19.1M	30M	36.4M	41.5M	44.8M	50.4M	54.7M	60.4M	65.3M
EBIT	102.2M	58.7M	68.3M	120.9M	146.5M	130.3M	122.1M	161.2M	222.7M	276.4M
Net Interest Income+	-2.3M	-1.9M	-7.3M	-9.3M	-7.9M	-5.7M	-4.5M	-10.3M	-19.7M	-12.5M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	2.3M	1.9M	7.3M	9.3M	7.9M	5.7M	4.5M	10.3M	19.7M	12.5M
Other Income/Expense	-3.3M	-4M	-6.1M	-9.9M	-8.5M	-6.8M	-13.1M	-9.9M	-21.5M	-17.5M
Pretax Income+	99.9M	56.8M	61M	111.6M	138.6M	124.6M	117.6M	150.9M	203M	263.9M
Pretax Margin %	0.13%	0.08%	0.07%	0.1%	0.11%	0.11%	0.1%	0.11%	0.12%	0.14%
Income Tax+	34.1M	17.4M	500K	17.9M	30.2M	28.5M	17M	30.5M	45.6M	47.6M
Effective Tax Rate %	0.64%	0.77%	1.01%	0.84%	0.78%	0.77%	0.86%	0.8%	0.78%	0.82%
Net Income+	63.5M	43.8M	61.6M	94M	108.5M	96.2M	100.6M	120.4M	157.4M	216.3M
Net Margin %	0.08%	0.06%	0.07%	0.09%	0.09%	0.09%	0.08%	0.08%	0.09%	0.12%
Net Income Growth %	-0%	-0.31%	0.41%	0.53%	0.15%	-0.11%	0.05%	0.2%	0.31%	0.37%
Net Income (Continuing)	65.8M	39.4M	60.5M	93.7M	108.4M	96.1M	100.6M	120.4M	157.4M	216.3M
Discontinued Operations	0	4.4M	1.1M	300K	100K	100K	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.00	0.71	1.02	1.54	1.76	1.56	1.63	1.97	2.56	3.50
EPS Growth %	0%	-0.29%	0.44%	0.51%	0.14%	-0.11%	0.04%	0.21%	0.3%	0.37%
EPS (Basic)	1.02	0.72	1.03	1.57	1.80	1.59	1.65	1.99	2.59	3.55
Diluted Shares Outstanding	63.4M	61.2M	60.4M	61.2M	61.6M	61.7M	61.9M	61.2M	61.5M	61.7M
Basic Shares Outstanding	62.2M	60.4M	59.7M	59.9M	60.2M	60.3M	60.8M	60.5M	60.7M	60.9M
Dividend Payout Ratio	0.25%	0.39%	0.27%	0.2%	0.18%	0.2%	0.22%	0.18%	0.15%	0.14%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	315.1M	259.6M	303.8M	328.5M	360.7M	405.5M	431M	531.4M	570.2M	642.5M
Cash & Short-Term Investments	76M	50.7M	37.5M	37.4M	31.6M	81.7M	40.5M	47.5M	61M	91.1M
Cash Only	76M	50.7M	37.5M	37.4M	31.6M	81.7M	40.5M	47.5M	61M	91.1M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	73M	81.3M	118.2M	124.4M	134.2M	127M	136M	173.8M	186.2M	196.4M
Days Sales Outstanding	34.69	41.92	48.02	41.68	40.11	40.99	40.92	44.21	39.45	38.51
Inventory	87.2M	120.1M	137.2M	157.3M	182.9M	185M	229.1M	292.7M	303.4M	331M
Days Inventory Outstanding	58.68	83.58	73.94	71.11	74.3	80.66	90.45	98.02	87.03	90.94
Other Current Assets	64.4M	0	10.9M	9.4M	0	0	0	17.4M	19.6M	24M
Total Non-Current Assets+	351.4M	383.6M	688.5M	695.3M	804.8M	803.3M	935.1M	992.9M	1.05B	1.12B
Property, Plant & Equipment	52.9M	123.7M	147.3M	158.6M	234.9M	242.1M	280.1M	313.1M	346.6M	419.9M
Fixed Asset Turnover	14.52x	5.72x	6.10x	6.87x	5.20x	4.67x	4.33x	4.58x	4.97x	4.43x
Goodwill	231.6M	236.5M	377.3M	375.1M	388.8M	394.2M	432.2M	453.4M	472.7M	477.7M
Intangible Assets	200K	10.2M	151.8M	143.1M	162.9M	153.5M	205.7M	208.2M	207.5M	199.7M
Long-Term Investments	3.5M	3.9M	5.4M	5.6M	0	0	0	0	0	0
Other Non-Current Assets	43.3M	1.1M	500K	400K	8.2M	4M	8.7M	9.4M	11.5M	16M
Total Assets+	666.5M	643.2M	992.3M	1.02B	1.17B	1.21B	1.37B	1.52B	1.62B	1.77B
Asset Turnover	1.15x	1.10x	0.91x	1.06x	1.05x	0.94x	0.89x	0.94x	1.06x	1.05x
Asset Growth %	0.01%	-0.03%	0.54%	0.03%	0.14%	0.04%	0.13%	0.12%	0.06%	0.09%
Total Current Liabilities+	117.2M	84.9M	117.1M	158.8M	160.2M	148.4M	170.4M	180.5M	195.8M	241.8M
Accounts Payable	38M	35.3M	51.5M	36.6M	65M	51.6M	64.8M	72.4M	66.7M	79M
Days Payables Outstanding	25.57	24.57	27.75	16.55	26.41	22.5	25.58	24.25	19.13	21.7
Short-Term Debt	400K	500K	300K	200K	0	0	0	800K	3.9M	7M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	59.8M	30.3M	200K	52.7M	44.2M	44.8M	44.4M	0	34.7M	101.6M
Current Ratio	2.69x	3.06x	2.59x	2.07x	2.25x	2.73x	2.53x	2.94x	2.91x	2.66x
Quick Ratio	1.94x	1.64x	1.42x	1.08x	1.11x	1.49x	1.18x	1.32x	1.36x	1.29x
Cash Conversion Cycle	67.8	100.93	94.2	96.24	88	99.15	105.78	117.99	107.35	107.75
Total Non-Current Liabilities+	143.7M	164.2M	417.8M	334.9M	363.7M	358.3M	411.7M	482.9M	422.8M	337.3M
Long-Term Debt	43.4M	63.2M	277M	209.4M	219.9M	209.4M	280.7M	360.2M	293.5M	203.9M
Capital Lease Obligations	300K	300K	400K	500K	22M	15.9M	23.6M	19.8M	15.7M	22.3M
Deferred Tax Liabilities	70.5M	63.1M	45.4M	46.3M	52.7M	53.7M	53.2M	51M	53.2M	58M
Other Non-Current Liabilities	87.4M	90M	86.3M	71.9M	69.1M	79.3M	54.2M	51.9M	60.4M	53.1M
Total Liabilities	260.9M	249.1M	534.9M	493.7M	523.9M	506.7M	582.1M	663.4M	618.6M	579.1M
Total Debt+	44.1M	64M	277.7M	210.1M	250.3M	233.7M	313.7M	388.4M	320.7M	252.4M
Net Debt	-31.9M	13.3M	240.2M	172.7M	218.7M	152M	273.2M	340.9M	259.7M	161.3M
Debt / Equity	0.11x	0.16x	0.61x	0.40x	0.39x	0.33x	0.40x	0.45x	0.32x	0.21x
Debt / EBITDA	0.38x	0.80x	2.68x	1.33x	1.33x	1.33x	1.73x	1.80x	1.13x	0.73x
Net Debt / EBITDA	-0.28x	0.17x	2.32x	1.09x	1.16x	0.86x	1.51x	1.58x	0.91x	0.47x
Interest Coverage	44.87x	32.00x	10.08x	13.06x	18.62x	23.05x	29.04x	15.61x	11.40x	22.51x
Total Equity+	405.6M	394.1M	457.4M	530.1M	641.6M	702.1M	784M	860.9M	1B	1.19B
Equity Growth %	0.09%	-0.03%	0.16%	0.16%	0.21%	0.09%	0.12%	0.1%	0.16%	0.18%
Book Value per Share	6.40	6.44	7.57	8.66	10.42	11.38	12.67	14.07	16.29	19.22
Total Shareholders' Equity	405.6M	394.1M	457.4M	530.1M	641.6M	702.1M	784M	860.9M	1B	1.19B
Common Stock	64.8M	65.4M	66.1M	66.4M	66.9M	67.8M	68.9M	69.5M	70M	70.3M
Retained Earnings	274.9M	301.8M	346.6M	432.5M	528.2M	605M	683.6M	782.2M	915.8M	1.1B
Treasury Stock	-40.9M	-81.4M	-86.1M	-88.5M	-93M	-119.8M	-151M	-178.6M	-193.7M	-207.8M
Accumulated OCI	-88.8M	-92M	-76.9M	-97.3M	-89.1M	-91.7M	-74.2M	-84M	-81.3M	-89M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	97.2M	24.7M	72.8M	92.8M	103.1M	136.2M	101.8M	71.8M	194.4M	231.3M
Operating CF Margin %	0.13%	0.03%	0.08%	0.09%	0.08%	0.12%	0.08%	0.05%	0.11%	0.12%
Operating CF Growth %	0.34%	-0.75%	1.95%	0.27%	0.11%	0.32%	-0.25%	-0.29%	1.71%	0.19%
Net Income	63.5M	43.8M	61.6M	94M	108.4M	96.2M	100.6M	120.4M	157.4M	216.3M
Depreciation & Amortization	12.3M	19.1M	30M	36.4M	41.5M	44.8M	50.4M	54.7M	60.4M	65.3M
Stock-Based Compensation	6.8M	4.8M	4.6M	7.6M	0	8.4M	0	0	13.1M	15.6M
Deferred Taxes	25.9M	7.9M	-14.9M	-5.6M	3.3M	5.8M	-6.5M	-4.2M	-300K	4.9M
Other Non-Cash Items	1.5M	-11.4M	-1.6M	-8.5M	6.6M	-6.6M	10.9M	9.2M	-5.8M	-1.1M
Working Capital Changes	-12.8M	-39.5M	-6.9M	-31.1M	-56.7M	-12.4M	-53.6M	-108.3M	-30.4M	-69.7M
Change in Receivables	-300K	-8M	-11.1M	-7.9M	-4.7M	8.6M	2.5M	-38M	-6.1M	-9M
Change in Inventory	-3.3M	-2.3M	9.4M	-22.6M	-10.4M	2.5M	-24.2M	-61M	9.8M	-24.1M
Change in Payables	-3.1M	-13.9M	-5.2M	15.6M	-6.6M	-13.9M	6.4M	8.3M	-8.5M	12.6M
Cash from Investing+	-12.8M	-16.8M	-278.2M	-11M	-84.4M	-34.4M	-168.7M	-99.7M	-83.7M	-78.9M
Capital Expenditures	-9.6M	-6.1M	-8M	-14.1M	-35.4M	-29.7M	-37.4M	-53M	-30.3M	-40.6M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.03%	0.03%	0.03%	0.04%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3.2M	91.9M	-1M	100K	600K	700K	500K	3.1M	1.6M	1.4M
Cash from Financing+	-33M	-36.4M	190.7M	-81.2M	-24.6M	-53.4M	26.4M	35.5M	-97.9M	-121M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-15.6M	-16.9M	-16.8M	-18.7M	-19.3M	-19.4M	-22M	-21.8M	-23.8M	-29.3M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.2M	-900K	1.3M	1.3M	-10.3M	-9.1M	-10.9M	-6.1M	3.3M	1.5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	87.6M	18.6M	64.8M	78.7M	67.7M	106.5M	64.4M	18.8M	164.1M	190.7M
FCF Margin %	0.11%	0.03%	0.07%	0.07%	0.06%	0.09%	0.05%	0.01%	0.1%	0.1%
FCF Growth %	0.66%	-0.79%	2.48%	0.21%	-0.14%	0.57%	-0.4%	-0.71%	7.73%	0.16%
FCF per Share	1.38	0.30	1.07	1.29	1.10	1.73	1.04	0.31	2.67	3.09
FCF Conversion (FCF/Net Income)	1.53x	0.56x	1.18x	0.99x	0.95x	1.42x	1.01x	0.60x	1.24x	1.07x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	16.34%	10.95%	14.47%	19.04%	18.52%	14.32%	13.54%	14.64%	16.9%	19.77%
Return on Invested Capital (ROIC)	20.23%	11.68%	9.99%	13.01%	14.12%	11.5%	10.26%	10.68%	13.67%	16.18%
Gross Margin	29.38%	25.91%	24.62%	25.89%	26.43%	25.96%	23.8%	24.04%	26.13%	28.63%
Net Margin	8.27%	6.19%	6.86%	8.63%	8.88%	8.51%	8.29%	8.39%	9.14%	11.62%
Debt / Equity	0.11x	0.16x	0.61x	0.40x	0.39x	0.33x	0.40x	0.45x	0.32x	0.21x
Interest Coverage	44.87x	32.00x	10.08x	13.06x	18.62x	23.05x	29.04x	15.61x	11.40x	22.51x
FCF Conversion	1.53x	0.56x	1.18x	0.99x	0.95x	1.42x	1.01x	0.60x	1.24x	1.07x
Revenue Growth	-16.39%	-7.83%	26.92%	21.26%	12.1%	-7.41%	7.29%	18.27%	20.07%	8.06%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Environmental Solutions	534.1M	490.7M	692.6M	863.5M	992.9M	915.8M	1B	1.19B	1.44B	1.56B
Environmental Solutions Growth	-	-8.13%	41.15%	24.68%	14.99%	-7.77%	9.63%	18.59%	20.77%	8.29%
Safety And Security Systems	233.9M	217.2M	205.9M	226M	228.4M	215M	209.2M	244.2M	284.8M	304.4M
Safety And Security Systems Growth	-	-7.14%	-5.20%	9.76%	1.06%	-5.87%	-2.70%	16.73%	16.63%	6.88%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	576.8M	510.2M	674.1M	848M	952.8M	872.2M	926.8M	1.15B	1.34B	1.47B
UNITED STATES Growth	-	-11.55%	32.12%	25.80%	12.36%	-8.46%	6.26%	24.06%	16.32%	9.85%
CANADA	75.9M	111.5M	142.6M	150.9M	169M	160.5M	192.4M	175.3M	237.8M	257.4M
CANADA Growth	-	46.90%	27.89%	5.82%	11.99%	-5.03%	19.88%	-8.89%	35.65%	8.24%
Europe/Other	-	-	-	90.6M	99.5M	98.1M	94M	109.7M	147.5M	135M
Europe/Other Growth	-	-	-	-	9.82%	-1.41%	-4.18%	16.70%	34.46%	-8.47%
Europe / Other	115.3M	86.2M	81.8M	-	-	-	-	-	-	-
Europe / Other Growth	-	-25.24%	-5.10%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Federal Signal Corporation (FSS) has a price-to-earnings (P/E) ratio of 33.4x. This suggests investors expect higher future growth.

Growth & Financials

Federal Signal Corporation (FSS) reported $2.06B in revenue for fiscal year 2024. This represents a 158% increase from $795.6M in 2011.

Federal Signal Corporation (FSS) grew revenue by 8.1% over the past year. This is steady growth.

Yes, Federal Signal Corporation (FSS) is profitable, generating $235.8M in net income for fiscal year 2024 (11.6% net margin).

Dividend & Returns

Yes, Federal Signal Corporation (FSS) pays a dividend with a yield of 0.41%. This makes it attractive for income-focused investors.

Federal Signal Corporation (FSS) has a return on equity (ROE) of 19.8%. This is reasonable for most industries.

Federal Signal Corporation (FSS) generated $219.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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