Federal Signal Financials

FSS

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Federal Signal (FSS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$1.9B

YoY+8.1%

5Y CAGR+8.8%

10Y CAGR+9.1%

Federal Signal generated $1.9B in revenue in fiscal year 2024. This represents an increase of 8.1% from the prior year.

EBITDA

$346.7M

YoY+21.7%

5Y CAGR+12.9%

10Y CAGR+13.2%

Federal Signal's EBITDA was $346.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.7% from the prior year.

Free Cash Flow

$190.7M

YoY+16.2%

5Y CAGR+23.0%

10Y CAGR+12.5%

Federal Signal generated $190.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 16.2% from the prior year.

Net Income

$216.3M

YoY+37.4%

5Y CAGR+14.8%

10Y CAGR+13.0%

Federal Signal reported $216.3M in net income in fiscal year 2024. This represents an increase of 37.4% from the prior year.

EPS (Diluted)

$3.50

YoY+36.7%

5Y CAGR+14.7%

10Y CAGR+13.3%

Federal Signal earned $3.50 per diluted share (EPS) in fiscal year 2024. This represents an increase of 36.7% from the prior year.

Cash & Debt

$91.1M

YoY+49.3%

5Y CAGR+23.6%

10Y CAGR+14.2%

Federal Signal held $91.1M in cash against $210.9M in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.48

YoY+23.1%

5Y CAGR+8.4%

10Y CAGR+18.2%

Federal Signal paid $0.48 per share in dividends in fiscal year 2024. This represents an increase of 23.1% from the prior year.

Shares Outstanding

61M

YoY+0.2%

5Y CAGR+0.2%

10Y CAGR-0.2%

Federal Signal had 61M shares outstanding in fiscal year 2024. This represents an increase of 0.2% from the prior year.

Gross Margin

28.6%

YoY+2.5pp

5Y CAGR+2.2pp

10Y CAGR+1.8pp

Federal Signal's gross margin was 28.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.5 percentage points from the prior year.

Operating Margin

15.1%

YoY+2.1pp

5Y CAGR+3.1pp

10Y CAGR+3.7pp

Federal Signal's operating margin was 15.1% in fiscal year 2024, reflecting core business profitability. This is up 2.1 percentage points from the prior year.

Net Margin

11.6%

YoY+2.5pp

5Y CAGR+2.7pp

10Y CAGR+3.4pp

Federal Signal's net profit margin was 11.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 2.5 percentage points from the prior year.

Return on Equity

18.2%

YoY+2.5pp

5Y CAGR+1.3pp

10Y CAGR+1.1pp

Federal Signal's ROE was 18.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 2.5 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$6.7M

YoY+21.8%

5Y CAGR+46.3%

10Y CAGR-4.2%

Federal Signal spent $6.7M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 21.8% from the prior year.

Capital Expenditures

$40.6M

YoY+34.0%

5Y CAGR+2.8%

10Y CAGR+11.5%

Federal Signal invested $40.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 34.0% from the prior year.

FSS Income Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Revenue	$1.9B+8.1%	$1.7B+20.1%	$1.4B+18.3%	$1.2B+7.3%	$1.1B-7.4%	$1.2B
Cost of Revenue	$1.3B+4.4%	$1.3B+16.8%	$1.1B+17.9%	$924.5M+10.4%	$837.2M-6.8%	$898.5M
Gross Profit	$533.0M+18.4%	$450.2M+30.5%	$344.9M+19.5%	$288.7M-1.7%	$293.6M-9.0%	$322.8M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$234.0M+11.4%	$210.1M+22.4%	$171.7M+15.1%	$149.2M0.0%	$149.2M-9.2%	$164.4M
Operating Income	$281.4M+25.3%	$224.5M+39.6%	$160.8M+23.0%	$130.7M-0.5%	$131.4M-10.7%	$147.1M
Interest Expense	$12.5M-36.5%	$19.7M+91.3%	$10.3M+128.9%	$4.5M-21.1%	$5.7M-27.8%	$7.9M
Income Tax	$47.6M+4.4%	$45.6M+49.5%	$30.5M+79.4%	$17.0M-40.4%	$28.5M-5.6%	$30.2M
Net Income	$216.3M+37.4%	$157.4M+30.7%	$120.4M+19.7%	$100.6M+4.6%	$96.2M-11.3%	$108.5M
EPS (Diluted)	$3.50+36.7%	$2.56+29.9%	$1.97+20.9%	$1.63+4.5%	$1.56-11.4%	$1.76

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$555.0M-1.7%	$564.6M+21.7%	$463.8M-1.7%	$472.0M-0.5%	$474.2M-3.3%	$490.4M+15.4%	$424.9M-5.2%	$448.4M
Cost of Revenue	$393.5M-0.4%	$395.0M+18.6%	$333.0M-1.9%	$339.4M+1.7%	$333.8M-3.6%	$346.4M+12.1%	$308.9M-6.1%	$329.0M
Gross Profit	$161.5M-4.8%	$169.6M+29.7%	$130.8M-1.4%	$132.6M-5.6%	$140.4M-2.5%	$144.0M+24.1%	$116.0M-2.8%	$119.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$61.4M-8.2%	$66.9M+11.1%	$60.2M+3.1%	$58.4M-2.8%	$60.1M+3.1%	$58.3M+1.9%	$57.2M+5.7%	$54.1M
Operating Income	$94.0M-3.8%	$97.7M+48.7%	$65.7M-6.3%	$70.1M-7.6%	$75.9M-6.4%	$81.1M+49.4%	$54.3M-13.9%	$63.1M
Interest Expense	$2.8M-20.0%	$3.5M+16.7%	$3.0M-3.2%	$3.1M+3.3%	$3.0M-6.3%	$3.2M0.0%	$3.2M-25.6%	$4.3M
Income Tax	$22.4M+1.8%	$22.0M+40.1%	$15.7M+21.7%	$12.9M-31.0%	$18.7M+12.0%	$16.7M+2485.7%	-$700K-105.8%	$12.1M
Net Income	$68.1M-4.6%	$71.4M+54.2%	$46.3M-7.4%	$50.0M-7.2%	$53.9M-11.3%	$60.8M+17.8%	$51.6M+11.2%	$46.4M
EPS (Diluted)	$1.11-4.3%	$1.16+54.7%	$0.75-6.3%	$0.80-8.0%	$0.87-12.1%	$0.99+17.9%	$0.84+13.5%	$0.74

FSS Balance Sheet

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Total Assets	$1.8B+8.9%	$1.6B+6.3%	$1.5B+11.6%	$1.4B+13.0%	$1.2B+3.7%	$1.2B
Current Assets	$642.5M+12.7%	$570.2M+7.3%	$531.4M+23.3%	$431.0M+6.3%	$405.5M+12.4%	$360.7M
Cash & Equivalents	$91.1M+49.3%	$61.0M+28.4%	$47.5M+17.3%	$40.5M-50.4%	$81.7M+158.5%	$31.6M
Inventory	$331.0M+9.1%	$303.4M+3.7%	$292.7M+27.8%	$229.1M+23.8%	$185.0M+1.1%	$182.9M
Accounts Receivable	$196.4M+5.5%	$186.2M+7.1%	$173.8M+27.8%	$136.0M+7.1%	$127.0M-5.4%	$134.2M
Goodwill	$477.7M+1.1%	$472.7M+4.3%	$453.4M+4.9%	$432.2M+9.6%	$394.2M+1.4%	$388.8M
Total Liabilities	$579.1M-6.4%	$618.6M-6.8%	$663.4M+14.0%	$582.1M+14.9%	$506.7M-3.3%	$523.9M
Current Liabilities	$241.8M+23.5%	$195.8M+8.5%	$180.5M+5.9%	$170.4M+14.8%	$148.4M-7.4%	$160.2M
Long-Term Debt	$210.9M-28.3%	$294.3M-18.6%	$361.5M+28.1%	$282.2M+34.5%	$209.8M-4.8%	$220.3M
Total Equity	$1.2B+18.4%	$1.0B+16.4%	$860.9M+9.8%	$784.0M+11.7%	$702.1M+9.4%	$641.6M
Retained Earnings	$1.1B+20.4%	$915.8M+17.1%	$782.2M+14.4%	$683.6M+13.0%	$605.0M+14.5%	$528.2M

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$1.9B+1.2%	$1.9B+1.9%	$1.9B+6.5%	$1.8B+1.8%	$1.7B+2.5%	$1.7B+2.4%	$1.7B+1.9%	$1.6B
Current Assets	$706.5M+3.3%	$684.1M+2.9%	$664.8M+3.5%	$642.5M-1.0%	$649.2M+6.1%	$611.8M+2.8%	$595.3M+4.4%	$570.2M
Cash & Equivalents	$54.4M-15.9%	$64.7M+12.5%	$57.5M-36.9%	$91.1M+23.6%	$73.7M+51.6%	$48.6M-0.6%	$48.9M-19.8%	$61.0M
Inventory	$367.3M+3.0%	$356.5M-1.5%	$362.0M+9.4%	$331.0M-1.8%	$337.0M+3.1%	$326.9M+1.3%	$322.7M+6.4%	$303.4M
Accounts Receivable	$263.6M+10.6%	$238.3M+6.8%	$223.2M+13.6%	$196.4M-10.8%	$220.3M+3.1%	$213.6M+11.6%	$191.4M+2.8%	$186.2M
Goodwill	$521.7M+0.8%	$517.6M+0.7%	$514.0M+7.6%	$477.7M+1.3%	$471.6M+0.4%	$469.9M-0.1%	$470.2M-0.5%	$472.7M
Total Liabilities	$616.7M-5.7%	$653.8M-3.4%	$677.0M+16.9%	$579.1M-0.9%	$584.2M-1.3%	$591.9M-2.5%	$607.0M-1.9%	$618.6M
Current Liabilities	$271.2M+3.1%	$263.0M-5.5%	$278.4M+15.1%	$241.8M+5.4%	$229.4M+8.4%	$211.7M+0.3%	$211.0M+7.8%	$195.8M
Long-Term Debt	$211.6M-21.0%	$268.0M-2.8%	$275.8M+30.8%	$210.9M-8.2%	$229.7M-9.5%	$253.7M-6.3%	$270.9M-8.0%	$294.3M
Total Equity	$1.3B+4.7%	$1.3B+5.0%	$1.2B+1.4%	$1.2B+3.2%	$1.1B+4.5%	$1.1B+5.3%	$1.0B+4.2%	$1.0B
Retained Earnings	$1.3B+5.0%	$1.2B+5.5%	$1.1B+3.4%	$1.1B+4.0%	$1.1B+4.6%	$1.0B+5.6%	$960.1M+4.8%	$915.8M

FSS Cash Flow Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Operating Cash Flow	$231.3M+19.0%	$194.4M+170.8%	$71.8M-29.5%	$101.8M-25.3%	$136.2M+32.1%	$103.1M
Capital Expenditures	$40.6M+34.0%	$30.3M-42.8%	$53.0M+41.7%	$37.4M+25.9%	$29.7M-16.1%	$35.4M
Free Cash Flow	$190.7M+16.2%	$164.1M+772.9%	$18.8M-70.8%	$64.4M-39.5%	$106.5M+57.3%	$67.7M
Investing Cash Flow	-$78.9M+5.7%	-$83.7M+16.0%	-$99.7M+40.9%	-$168.7M-390.4%	-$34.4M+59.2%	-$84.4M
Financing Cash Flow	-$121.0M-23.6%	-$97.9M-375.8%	$35.5M+34.5%	$26.4M+149.4%	-$53.4M-117.1%	-$24.6M
Dividends Paid	$29.3M+23.1%	$23.8M+9.2%	$21.8M-0.9%	$22.0M+13.4%	$19.4M+0.5%	$19.3M
Share Buybacks	$6.7M+21.8%	$5.5M-65.8%	$16.1M+4.5%	$15.4M+12.4%	$13.7M+1270.0%	$1.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	N/A	N/A	$36.7M	N/A	N/A	N/A	$31.3M	N/A
Capital Expenditures	N/A	N/A	$5.6M	N/A	N/A	N/A	$8.4M	N/A
Free Cash Flow	N/A	N/A	$31.1M	N/A	N/A	N/A	$22.9M	N/A
Investing Cash Flow	N/A	N/A	-$87.7M	N/A	N/A	N/A	-$7.6M	N/A
Financing Cash Flow	N/A	N/A	$16.9M	N/A	N/A	N/A	-$35.3M	N/A
Dividends Paid	$8.5M0.0%	$8.5M-1.2%	$8.6M+17.8%	$7.3M0.0%	$7.3M-1.4%	$7.4M+1.4%	$7.3M+19.7%	$6.1M
Share Buybacks	N/A	N/A	$18.5M	N/A	$4.4M	N/A	$100K	N/A

FSS Financial Ratios

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Gross Margin	28.6%+2.5pp	26.1%+2.1pp	24.0%+0.2pp	23.8%-2.2pp	26.0%-0.5pp	26.4%
Operating Margin	15.1%+2.1pp	13.0%+1.8pp	11.2%+0.4pp	10.8%-0.8pp	11.6%-0.4pp	12.0%
Net Margin	11.6%+2.5pp	9.1%+0.7pp	8.4%+0.1pp	8.3%-0.2pp	8.5%-0.4pp	8.9%
Return on Equity	18.2%+2.5pp	15.7%+1.7pp	14.0%+1.2pp	12.8%-0.9pp	13.7%-3.2pp	16.9%
Return on Assets	12.3%+2.5pp	9.7%+1.8pp	7.9%+0.5pp	7.4%-0.6pp	8.0%-1.3pp	9.3%
Current Ratio	2.66-0.3	2.91-0.0	2.94+0.4	2.53-0.2	2.73+0.5	2.25
Debt-to-Equity	0.18-0.1	0.29-0.1	0.42+0.1	0.36+0.1	0.30-0.0	0.34
FCF Margin	10.2%+0.7pp	9.5%+8.2pp	1.3%-4.0pp	5.3%-4.1pp	9.4%+3.9pp	5.5%

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	29.1%-0.9pp	30.0%+1.8pp	28.2%+0.1pp	28.1%-1.5pp	29.6%+0.2pp	29.4%+2.1pp	27.3%+0.7pp	26.6%
Operating Margin	16.9%-0.4pp	17.3%+3.1pp	14.2%-0.7pp	14.8%-1.2pp	16.0%-0.5pp	16.5%+3.8pp	12.8%-1.3pp	14.1%
Net Margin	12.3%-0.4pp	12.7%+2.7pp	10.0%-0.6pp	10.6%-0.8pp	11.4%-1.0pp	12.4%+0.3pp	12.1%+1.8pp	10.3%
Return on Equity	5.1%-0.5pp	5.7%+1.8pp	3.9%-0.4pp	4.2%-0.5pp	4.7%-0.8pp	5.5%+0.6pp	4.9%+0.3pp	4.6%
Return on Assets	3.5%-0.2pp	3.7%+1.3pp	2.5%-0.4pp	2.8%-0.3pp	3.1%-0.5pp	3.6%+0.5pp	3.1%+0.3pp	2.9%
Current Ratio	2.610.0	2.60+0.2	2.39-0.3	2.66-0.2	2.83-0.1	2.89+0.1	2.82-0.1	2.91
Debt-to-Equity	0.16-0.1	0.21-0.0	0.23+0.1	0.18-0.0	0.20-0.0	0.23-0.0	0.26-0.0	0.29
FCF Margin	N/A	N/A	6.7%	N/A	N/A	N/A	5.4%	N/A

Financial Health Signals

Financial Profile 73/100

Profitability

Growth

Leverage

100

Liquidity

Cash Flow

Returns

Based on FY2024 annual data. Scores normalized against common benchmarks.

Altman Z-Score Safe

10.25

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Neutral

6/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Cash-Backed

1.07x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage Safe

22.5x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Federal Signal's annual revenue?

Federal Signal (FSS) reported $1.9B in total revenue for fiscal year 2024. This represents a 8.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Federal Signal's revenue growing?

Federal Signal (FSS) revenue grew by 8.1% year-over-year, from $1.7B to $1.9B in fiscal year 2024.

Is Federal Signal profitable?

Yes, Federal Signal (FSS) reported a net income of $216.3M in fiscal year 2024, with a net profit margin of 11.6%.

What is Federal Signal's earnings per share (EPS)?

Federal Signal (FSS) reported diluted earnings per share of $3.50 for fiscal year 2024. This represents a 36.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Federal Signal's EBITDA?

Federal Signal (FSS) had EBITDA of $346.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Federal Signal have?

As of fiscal year 2024, Federal Signal (FSS) had $91.1M in cash and equivalents against $210.9M in long-term debt.

What is Federal Signal's gross margin?

Federal Signal (FSS) had a gross margin of 28.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Federal Signal's operating margin?

Federal Signal (FSS) had an operating margin of 15.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Federal Signal's net profit margin?

Federal Signal (FSS) had a net profit margin of 11.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Federal Signal pay dividends?

Yes, Federal Signal (FSS) paid $0.48 per share in dividends during fiscal year 2024.

What is Federal Signal's return on equity (ROE)?

Federal Signal (FSS) has a return on equity of 18.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Federal Signal's free cash flow?

Federal Signal (FSS) generated $190.7M in free cash flow during fiscal year 2024. This represents a 16.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Federal Signal's operating cash flow?

Federal Signal (FSS) generated $231.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Federal Signal's total assets?

Federal Signal (FSS) had $1.8B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Federal Signal's capital expenditures?

Federal Signal (FSS) invested $40.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Federal Signal buy back shares?

Yes, Federal Signal (FSS) spent $6.7M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Federal Signal have outstanding?

Federal Signal (FSS) had 61M shares outstanding as of fiscal year 2024.

What is Federal Signal's current ratio?

Federal Signal (FSS) had a current ratio of 2.66 as of fiscal year 2024, which is generally considered healthy.

What is Federal Signal's debt-to-equity ratio?

Federal Signal (FSS) had a debt-to-equity ratio of 0.18 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Federal Signal's return on assets (ROA)?

Federal Signal (FSS) had a return on assets of 12.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Federal Signal's Altman Z-Score?

Federal Signal (FSS) has an Altman Z-Score of 10.25, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.

What is Federal Signal's Piotroski F-Score?

Federal Signal (FSS) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Federal Signal's earnings high quality?

Federal Signal (FSS) has an earnings quality ratio of 1.07x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Federal Signal cover its interest payments?

Federal Signal (FSS) has an interest coverage ratio of 22.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Federal Signal?

Federal Signal (FSS) scores 73 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.