FEDERAL SIGNAL CORP /DE/ FSS
Federal Signal Corporation, founded in 1901, was reincorporated as a Delaware corporation in 1969. The Company designs, manufactures, and supplies a suite of products and integrated solutions for municipal, governmental, industrial, and commercial customers. The Company's portfolio of products that it manufactures includes (i) vehicles and equipment for maintenance and infrastructure end-markets, including sewer cleaners, industrial vacuum loaders, vacuum- and hydro-excavation trucks (collectively, "safe-digging trucks"), street sweepers, waterblasting equipment, refuse collection vehicles, road-marking and line-removal equipment, dump truck bodies, trailers, metal extraction support equipment, and multi-purpose maintenance vehicles, and (ii) public safety equipment, such as vehicle lightbars and sirens, industrial signaling equipment, public warning systems, and general alarm/public address systems. In addition, the Company engages in the sale of parts, service and repair, equipment rentals, and training as part of a comprehensive aftermarket offering to its customers. The Company operates 26 principal manufacturing facilities in five countries and provides products and integrated solutions to customers in all regions of the world.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.18B | $1.86B | $1.72B | $1.43B | $1.21B | $1.13B | $1.22B | $1.09B | $898.5M | $707.9M |
| Cost of revenue | $1.55B | $1.33B | $1.27B | $1.09B | $924.5M | $837.2M | $898.5M | $807.4M | $677.3M | $524.5M |
| Gross profit | $631.2M | $533.0M | $450.2M | $344.9M | $288.7M | $293.6M | $322.8M | $282.1M | $221.2M | $183.4M |
| SG&A | $255.9M | $234.0M | $210.1M | $171.7M | $149.2M | $149.2M | $164.4M | $159.1M | $144.3M | $119.5M |
| Operating income | $340.9M | $281.4M | $224.5M | $160.8M | $130.7M | $131.4M | $147.1M | $121.5M | $73.6M | $60.8M |
| Interest expense | $14.1M | $12.5M | $19.7M | $10.3M | $4.5M | $5.7M | $7.9M | $9.3M | $7.3M | $1.9M |
| Pre-tax income | $324.5M | $263.9M | $203.0M | $150.9M | $117.6M | $124.6M | $138.6M | $111.6M | $61.0M | $56.8M |
| Income tax | $77.9M | $47.6M | $45.6M | $30.5M | $17.0M | $28.5M | $30.2M | $17.9M | $500.0K | $17.4M |
| Net income | $246.6M | $216.3M | $157.4M | $120.4M | $100.6M | $96.2M | $108.5M | $94.0M | $61.6M | $43.8M |
| EPS, basic | 4.06 | 3.55 | 2.59 | 1.99 | 1.65 | 1.59 | 1.80 | 1.57 | 1.03 | 0.72 |
| EPS, diluted | 4.01 | 3.50 | 2.56 | 1.97 | 1.63 | 1.56 | 1.76 | 1.54 | 1.02 | 0.71 |
| Shares, diluted (wtd. avg.) | $61.5M | $61.7M | $61.5M | $61.2M | $61.9M | $61.7M | $61.6M | $61.2M | $60.4M | $61.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $63.7M | $91.1M | $61.0M | $47.5M | $40.5M | $81.7M | $31.6M | $37.4M | $37.5M | $50.7M |
| Receivables | $292.2M | $196.4M | $186.2M | $173.8M | $136.0M | $127.0M | $134.2M | $124.4M | $118.2M | $81.3M |
| Inventory | $471.6M | $331.0M | $303.4M | $292.7M | $229.1M | $185.0M | $182.9M | $157.3M | $137.2M | $120.1M |
| Total current assets | $853.8M | $642.5M | $570.2M | $531.4M | $431.0M | $405.5M | $360.7M | $328.5M | $303.8M | $259.6M |
| Property, plant and equipment | $274.6M | $218.9M | $190.8M | $179.3M | $141.9M | $106.9M | $91.9M | $62.0M | $60.1M | $42.9M |
| Goodwill | $619.8M | $477.7M | $472.7M | $453.4M | $432.2M | $394.2M | $388.8M | $375.1M | $377.3M | $236.5M |
| Other intangibles | $382.9M | $199.7M | $207.5M | $208.2M | $205.7M | $153.5M | $162.9M | $143.1M | $151.8M | $10.2M |
| Total assets | $2.39B | $1.77B | $1.62B | $1.52B | $1.37B | $1.21B | $1.17B | $1.02B | $992.3M | $643.2M |
| Accounts payable | $98.0M | $79.0M | $66.7M | $72.4M | $64.8M | $51.6M | $65.0M | $66.1M | $51.5M | $35.3M |
| Short-term debt | $0 | $7.0M | $3.9M | $800.0K | $0 | — | — | — | — | — |
| Total current liabilities | $282.4M | $241.8M | $195.8M | $180.5M | $170.4M | $148.4M | $160.2M | $158.8M | $117.1M | $84.9M |
| Long-term debt | — | — | — | — | — | — | — | $209.4M | $277.0M | — |
| Total liabilities | $1.01B | $579.1M | $618.6M | $663.4M | $582.1M | $506.7M | $523.9M | $493.7M | $534.9M | $249.1M |
| Retained earnings | $1.32B | $1.10B | $915.8M | $782.2M | $683.6M | $605.0M | $528.2M | $432.5M | $346.6M | $301.8M |
| Total equity | $1.38B | $1.19B | $1.00B | $860.9M | $784.0M | $702.1M | $641.6M | $530.1M | $457.4M | $394.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $254.7M | $231.3M | $194.4M | $71.8M | $101.8M | $136.2M | $103.1M | $92.8M | $72.8M | $24.7M |
| Depreciation and amortisation | $80.5M | $65.3M | $60.4M | $54.7M | $50.4M | $44.8M | $41.5M | $36.4M | $30.0M | $19.1M |
| Stock-based compensation | $15.0M | $15.6M | $13.1M | $10.2M | $7.6M | $8.4M | $8.8M | $7.6M | $4.6M | $4.8M |
| Capital expenditure | $27.6M | $40.6M | $30.3M | $53.0M | $37.4M | $29.7M | $35.4M | $14.1M | $8.0M | $6.1M |
| Investing cash flow | -$527.9M | -$78.9M | -$83.7M | -$99.7M | -$168.7M | -$34.4M | -$84.4M | -$11.0M | -$278.2M | -$16.8M |
| Financing cash flow | $244.5M | -$121.0M | -$97.9M | $35.5M | $26.4M | -$53.4M | -$24.6M | -$81.2M | $190.7M | -$36.4M |
| Dividends paid | $34.1M | $29.3M | $23.8M | $21.8M | $22.0M | $19.4M | $19.3M | $18.7M | $16.8M | $16.9M |
| Buybacks | $39.7M | $6.7M | $5.5M | $16.1M | $15.4M | $13.7M | $1.0M | $1.2M | $0 | $37.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-011576.
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