FSS
FEDERAL SIGNAL CORP /DE/
Industrials • CIK: 0000277509
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Market Cap
$6.60B
P/E (TTM)
26.7x
Rev Growth (TTM)
-11.4%
Net Margin (TTM)
15.0%
FCF Yield (TTM)
3.4%
FCF Margin (TTM)
13.8%
LATEST EARNINGS
No earnings in last 90 days
Check back after next 8-K filing
Cash Flow Health
Free Cash Flow8/8 positive
TTM$227M
Q4 '25
$90M+65%
Q3 '25
$54M+3%
FCF Margin
TTM13.8%
Q4 '25136.4%+1300%
Sector: 5.4%Top 25%
OCF Margin15.4%
OCF/NI1.03x
CapEx Coverage9.2x
FCF Yield3.4%
FCF Growth (2Y)+129%
Cash Conversion Cycle
118 days
DSO: 54+DIO: 88−DPO: 23
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM1.1%
Div Yield0.5%
+Buyback (TTM)0.6%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.5%
FCF Payout Ratio15.0%
Free Cash Flow (TTM)$227.1M
Stock Repurchases (TTM)$39.7M
Capital Return / FCF32.5%
Est. Dividends Paid (TTM)$34.0M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
13.1%
Moderate
-0.0% YoY-8.4%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
12.3%
8Q: 12.3%
Asset Turnover
0.84x
8Q: 1.09x
Leverage (1+D/E)
1.41x
D/E: 0.41x
DuPont: 14.6% ≈ 13.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
6.89x
8Q:9.09x
-478.2%
Invested Cap Turn
1.13x
8Q:1.44x
-64.3%
CapEx Intensity
1.9%
8Q:2.2%
CapEx/Depreciation
0.34x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $1.6B | $65.6M↓88.2% | $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 |
Operating Income | $266.9M | $9.5M↓89.9% | $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 |
Net Income | $246.6M | $60.8M↓10.7% | $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 |
Operating Cash Flow | $254.7M | $97.2M↑59.1% | $61.1M↑2.3% | $59.7M↑62.7% | $36.7M↓59.5% | $90.6M↑31.7% | $68.8M↑69.5% | $40.6M↑29.7% | $31.3M |
Free Cash Flow | $227.1M | $89.5M↑65.4% | $54.1M↑3.2% | $52.4M↑68.5% | $31.1M↓62.1% | $82.1M↑34.8% | $60.9M↑145.6% | $24.8M↑8.3% | $22.9M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
26.7x
Volatile
8Q: 103.0x+918%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
26.7x
vs – sector
Cash Flow
30.1x
EV/FCF vs –
Growth-Adj
1.8xPEG
Fair for growth
Quality-Adj
2.0P/E per %ROIC
ROIC: 13.1%
Shareholder Returns
Dividend
0.5%
Buyback
0.6%
Total Yield
1.1%
Market Cap$6.60B
EV$6.82B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
84/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
19.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
13.1%
8Q:–
-8.4%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 12.3%
Asset Turnover: 0.84x
Earnings Quality
Cash Conversion
1.03x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin38.3%
Capital Efficiency
Invested Capital Turnover1.13x
Working Capital
Cash Conversion Cycle118 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
49/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-11.4%
OpInc Growth YoY
-86.4%
EPS Growth YoY
14.6%
FCF 3Y CAGR
129.4%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
38.3%
Operating
16.2%
Top 25% in sector
Net
15.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-1.2 pts
FCF: 13.8% | Net: 15.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $500.90M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.41x
Balance sheet risk & solvency analysis