FEDERAL SIGNAL CORP /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FEDERAL SIGNAL CORP /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	708	899	1,090	1,221	1,131	1,213	1,435	1,723	1,862	2,181
Cost of revenue	525	677	807	899	837	925	1,090	1,273	1,329	1,549
Gross profit	183	221	282	323	294	289	345	450	533	631
Selling, general and administrative	120	144	159	164	149	149	172	210	234	256
Operating income	60.8	73.6	122	147	131	131	161	225	281	341
Interest expense	1.9	7.3	9.3	7.9	5.7	4.5	10.3	19.7	12.5	14.1
Other non-operating income	-1.8	0.8	-0.6	-0.6	-1.1	1.7	0.4	-1.8	-1.2	-2.3
Pre-tax income	56.8	61	112	139	125	118	151	203	264	325
Income tax	17.4	0.5	17.9	30.2	28.5	17	30.5	45.6	47.6	77.9
Income from continuing operations	39.4	60.5	93.7	108	96.1	101	120
Net income	43.8	61.6	94	109	96.2	101	120	157	216	247
EBITDA	79.9	104	158	189	176	181	216	285	347	421
EPS, basic	0.72	1.03	1.57	1.80	1.59	1.65	1.99	2.59	3.55	4.06
EPS, diluted	0.71	1.02	1.54	1.76	1.56	1.63	1.97	2.56	3.50	4.01
Shares, basic (weighted)	60.4	59.7	59.9	60.2	60.3	60.8	60.5	60.7	60.9	60.8
Shares, diluted (weighted)	61.2	60.4	61.2	61.6	61.7	61.9	61.2	61.5	61.7	61.5
Dividend per share	0.28	0.28	0.31	0.32	0.32	0.36	0.36	0.39	0.48	0.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	50.7	37.5	37.4	31.6	81.7	40.5	47.5	61	91.1	63.7
Receivables	81.3	118	124	134	127	136	174	186	196	292
Inventory	120	137	157	183	185	229	293	303	331	472
Other current assets	7.5	10.9	9.4	12	11.8	25.4	17.4	19.6	24	26.3
Total current assets	260	304	329	361	406	431	531	570	643	854
Property, plant and equipment	42.9	60.1	62	91.9	107	142	179	191	219	275
Lease right-of-use assets			0	27.6	21.9	29.8	24.7	21	27.8	28.4
Goodwill	237	377	375	389	394	432	453	473	478	620
Intangible assets	10.2	152	143	163	154	206	208	208	200	383
Total assets	643	992	1,024	1,166	1,209	1,366	1,524	1,621	1,765	2,393
Accounts payable	35.3	51.5	66.1	65	51.6	64.8	72.4	66.7	79	98
Accrued liabilities	13.8	22.2	29.5	31.1	30.3	29.9	31.1	42.3	45.6	52.3
Deferred revenue				11.5	13.3	21.9	25.4	27.1	35	47.7
Short-term debt	0.5	0.3	0.2	0.2	0.2	0	0.8	3.9	7	0
Total current liabilities	84.9	117	159	160	148	170	181	196	242	282
Long-term debt	63.5	277	210	220	210	282	362	294	204	565
Lease liabilities			0	21.6	15.5	22.1	18.5	14.9	21.8	21.6
Other non-current liabilities	26.9	28.2	15.9	17.3	24.5	13.8	13	16.2	11.4	27
Total liabilities	249	535	494	524	507	582	663	619	579	1,011
Total debt	64	277	209	220	209	281	361	297	211	0
Paid-in capital	200	208	217	229	241	257	272	291	310	330
Retained earnings	302	347	433	528	605	684	782	916	1,103	1,315
Treasury stock	-81.4	-86.1	-88.5	-93	-120	-151	-179	-194	-208	-264
Other comprehensive income	-92	-76.9	-97.3	-89.1	-91.7	-74.2	-84	-81.3	-89	-71
Shareholders' equity	394	457	530	642	702	784	861	1,002	1,186	1,382
Total equity	394	457	530	642	702	784	861	1,002	1,186	1,382
Total liabilities and equity	643	992	1,024	1,166	1,209	1,366	1,524	1,621	1,765	2,393
Shares outstanding	59.6	60	60.2	60.5	60.5	60.9	60.7	61	61.1	60.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	43.8	61.6	94	109	96.2	101	120	157	216	247
Depreciation and amortization	19.1	30	36.4	41.5	44.8	50.4	54.7	60.4	65.3	80.5
Stock-based compensation	4.8	4.6	7.6	8.8	8.4	7.6	10.2	13.1	15.6	15
Deferred income tax	7.9	-14.9	-5.6	3.3	5.8	-6.5	-4.2	-0.3	4.9	13.9
Change in receivables	-8	-11.1	-7.9	-4.7	8.6	2.5	-38	-6.1	-9	-26.6
Change in inventory	-2.3	9.4	-22.6	-10.4	2.5	-24.2	-61	9.8	-24.1	-28.1
Change in payables	-13.9	-5.2	15.6	-6.6	-13.9	6.4	8.3	-8.5	12.6	3.4
Cash from operations	24.7	72.8	92.8	103	136	102	71.8	194	231	255
Capital expenditures	-6.1	-8	-14.1	-35.4	-29.7	-37.4	-53	-30.3	-40.6	-27.6
Acquisitions	-103	-269		-49.6	-5.4	-132	-49.8	-55	-39.7	-501
Cash from investing	-16.8	-278	-11	-84.4	-34.4	-169	-99.7	-83.7	-78.9	-528
Debt issued								0	0	400
Debt repaid	-43.4	0	0
Share buybacks	-37.8	0	-1.2	-1	-13.7	-15.4	-16.1	-5.5	-6.7	-39.7
Dividends paid	-16.9	-16.8	-18.7	-19.3	-19.4	-22	-21.8	-23.8	-29.3	-34.1
Cash from financing	-36.4	191	-81.2	-24.6	-53.4	26.4	35.5	-97.9	-121	245
Exchange rate effect	-1.8	1.5	-0.7	0.1	1.7	-0.7	-0.6	0.7	-1.3	1.3
Net change in cash	-30.3	-13.2	-0.1	-5.8	50.1	-41.2	7	13.5	30.1	-27.4
Free cash flow	18.6	64.8	78.7	67.7	107	64.4	18.8	164	191	227
Interest paid	1.1	6.6	8.7	7.8	5.4	3.9	9.4	22.8	15.3	14.3
Income taxes paid	13.3	13.9	21.6	25.7	22.3	35.5	26.9	46.2	62.4	64.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $114.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.2%	Gross profit / revenue.
Operating margin	16.2%	Operating income / revenue.
EBITDA margin	19.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.2%	Pre-tax income / revenue.
Net margin	11.7%	Net income / revenue.
FCF margin	13.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.2%	Cash from operations / revenue.
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.7%	Net income / average total assets.
Return on invested capital (ROIC)	20.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	3.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	28.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	21.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	25.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	14.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	27.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	14.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	26.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	20.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	10.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	52.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	129.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	16.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	15.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	11.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	35.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.74x	Current assets / current liabilities.
Quick ratio	1.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.2%	Total debt / total assets.
Liabilities / assets	38.2%	Total liabilities / total assets.
Net debt	-$57.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.12x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	19.3x	Operating income / interest expense.
Working capital	$544.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	42.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$483.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Fixed asset turnover	8.45x	Revenue / average property, plant and equipment.
Inventory turnover	3.61x	Cost of revenue / average inventory.
Days inventory	101 days	365 x average inventory / cost of revenue.
Receivables turnover	8.48x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	24 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	120 days	Days inventory + days sales outstanding - days payables.
FCF conversion	118.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.64	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$39.80	Revenue / diluted weighted shares.
FCF per share	$5.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.06	Cash from operations / diluted weighted shares.
Book value per share	$24.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.87	Tangible book value / shares outstanding.
Cash per share	$1.02	(Cash + short-term investments) / shares outstanding.
Payout ratio	12.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.00B	Share price x shares outstanding.
Enterprise value	$6.95B	Market cap + total debt - cash - short-term investments.
P/E	24.5x	Market cap / net income. Only when net income is positive.
P/S	2.86x	Market cap / revenue.
P/B	4.65x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.5x	Market cap / tangible book value, when positive.
P/FCF	20.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.8x	Market cap / cash from operations, when positive.
EV/Sales	2.84x	Enterprise value / revenue.
EV/EBIT	17.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.8%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.92x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FEDERAL SIGNAL CORP /DE/'s revenue in fiscal 2025?

FEDERAL SIGNAL CORP /DE/ reported revenue of $2.18B for fiscal 2025, 17.1% higher than the year before.

Was FEDERAL SIGNAL CORP /DE/ profitable in fiscal 2025?

Yes. Net income was $246.6M, a net margin of 11.3%.

How much free cash flow did FEDERAL SIGNAL CORP /DE/ generate in fiscal 2025?

Cash from operations of $254.7M minus capital expenditures of $27.6M left free cash flow of $227.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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