# Federal Signal Corporation (FSS)

> Source: Nexqual · https://nexqual.com/FSS · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Federal Signal Corporation (FSS), nexqual.com/FSS" · informational, not investment advice.

**Price:** USD 113.45 (-2.04% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 115.81 · day 111.17–118.12 · 52w 101.19–134.51 · market cap $6.93B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.45B, net income $285M (11.7% margin), free cash flow $339M (SEC filings).
- Valuation: P/E 24.3x (avg 27.8x at the last 3 fiscal year-ends), EV/EBITDA 15.1x, net debt $392M.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $3.3M; 2 not under a Rule 10b5-1 plan ($3.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 144.29 (range 132–150).
- Total return with dividends: 1Y -12.1% vs S&P 500 +13.6%; 5Y +173.9% vs S&P 500 +79.8%.
- Next earnings: 2026-10-29, EPS estimate USD 1.32, revenue estimate $662M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.21B | $1.43B | $1.72B | $1.86B | $2.18B | $2.45B |
| Gross profit | $289M | $345M | $450M | $533M | $631M | — |
| Operating income | $131M | $161M | $225M | $281M | $341M | $395M |
| Net income | $101M | $120M | $157M | $216M | $247M | $285M |
| EPS (diluted) | $1.63 | $1.97 | $2.56 | $3.50 | $4.01 | — |
| Free cash flow | $64.4M | $18.8M | $164M | $191M | $227M | $339M |
| Gross margin | 23.8% | 24.0% | 26.1% | 28.6% | 28.9% | — |
| Operating margin | 10.8% | 11.2% | 13.0% | 15.1% | 15.6% | 16.2% |
| Net margin | 8.3% | 8.4% | 9.1% | 11.6% | 11.3% | 11.7% |
| Revenue growth | +7.3% | +18.3% | +20.1% | +8.1% | +17.1% | — |
| Cash + short-term investments | $40.5M | $47.5M | $61.0M | $91.1M | $63.7M | — |
| Total debt | $281M | $362M | $301M | $218M | $567M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.3x · P/S 2.8x · EV/EBITDA 15.1x · EV/Sales 3.0x · P/FCF 20.4x · P/B 4.6x · FCF yield 4.90% · Earnings yield 4.12% · Dividend yield (paid, TTM) 0.52% · Buyback yield (TTM) 0.00% · Net debt $392M · EV $7.32B
P/E at fiscal year-ends: Dec 2025 27.1x, Dec 2024 26.4x, Dec 2023 30.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-04 | Reichelderfer Brenda | Director | 6,070 | $795K | 11.7% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-03…2026-08-04 | Bonina Diane | VP, Gen'l Counsel & Secretary | 19,264 | $2.5M | 54.1% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 144.29 (low 132, high 150).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-17 | Citigroup | Initiated | Buy | $150 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -12.1% | +173.9% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -12.2% | +22.3% |
| Volatility (annualized) | 34.9% | 29.3% |
| Max drawdown | -19.0% (Oct 2025→Mar 2026) | -33.0% (Nov 2021→Apr 2022) |

## Peers (Farm & Heavy Construction Machinery)
AGCO (AGCO Corporation) USD 102.16 -1.20% · TEX (Terex Corporation) USD 53.37 +7.43% · OSK (Oshkosh Corporation (Holding Co) USD 137.93 +2.79% · CNH (CNH Industrial N.V.) USD 11 -1.26% · BLBD (Blue Bird Corporation) USD 57.17 +0.62% · ALG (Alamo Group, Inc.) USD 144.29 -0.95%

## More
Full page: https://nexqual.com/FSS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.32 | $1.27 | +3.7% | $661.6M | 8 |
| Next quarter (ends 2026-12-31) | $1.31 | $1.25 | +4.8% | $680.2M | 8 |
| Current fiscal year (ends 2026-12-31) | $5.23 | $4.96 | +5.5% | $2.64B | 8 |
| Next fiscal year (ends 2027-12-31) | $5.78 | $5.55 | +4.2% | $2.79B | 8 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $1.42 | $1.29 | Beat +10.1% | — |
| — | Quarter ended Mar 31, 2026 | $1.18 | $0.88 | Beat +34.1% | — |
| — | Quarter ended Dec 31, 2025 | $1.16 | $1.10 | Beat +5.5% | — |
| — | Quarter ended Sep 30, 2025 | $1.14 | $1.08 | Beat +5.6% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/277509/000162828026050993/0001628280-26-050993-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.