FSS
Federal Signal Corporation
FSS's fundamentals are strong: revenue grew 24% and free cash flow grew 66%. At 24x earnings, it's trading in line with its usual 26x. Analysts expect that strong growth to continue.
FSS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Healthy |
FSS's revenue, profitability, cash flow and balance sheet are all currently healthy.
FSS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 20x | $98.68 | -14% |
| Forward | 20x | $115 | — |
| Current | 24x | $115 | — |
| Fair | 26x | $126 | +9.2% |
| Expensive | 30x | $143 | +24% |
Historical ranges are pointers, not guarantees.
FSS's PE is in its fair range at 24x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its cheap range.
FSS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for FSS, with profitability improving.
FSS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.65 | +17% |
| Q3 2026 | $4.82 | +26% |
| Q2 2026 | $4.64 | +30% |
| Q1 2026 | $4.40 | +29% |
| Q4 2025 | $4.01 | +15% |
| Q3 2025 | $3.82 | +11% |
| Q2 2025 | $3.58 | +9.1% |
| Q1 2025 | $3.41 | +16% |
| Q4 2024 | $3.50 | +37% |
FSS's earnings per share have climbed steadily: $4.82 over the past year, up 26% from the year before, and higher year over year for 16 quarters in a row.
FSS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $655.5M | +18% |
| Q2 2026 | $670.2M | +19% |
| Q1 2026 | $625.6M | +35% |
| Q4 2025 | $597.1M | +27% |
| Q3 2025 | $555M | +17% |
| Q2 2025 | $564.6M | +15% |
| Q1 2025 | $463.8M | +9.2% |
| Q4 2024 | $472M | +5.3% |
FSS's revenue has grown year over year for 22 quarters in a row: $656M last quarter, up 18% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | 0 points |
| Q2 2026 | 18% | +0.3 points |
| Q1 2026 | 16% | +1.8 points |
| Q4 2025 | 14% | -0.9 points |
| Q3 2025 | 17% | +0.9 points |
| Q2 2025 | 17% | +0.8 points |
| Q1 2025 | 14% | +1.4 points |
| Q4 2024 | 15% | +0.8 points |
FSS's operating margin was 17% last quarter, about level with the same quarter a year ago.
FSS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $80M | +48% |
| Q2 2026 | $101M | +93% |
| Q1 2026 | $94.6M | +204% |
| Q4 2025 | $89.5M | +9% |
| Q3 2025 | $54.1M | -11% |
| Q2 2025 | $52.4M | +111% |
| Q1 2025 | $31.1M | +36% |
| Q4 2024 | $82.1M | -13% |
FSS generated $365M in free cash flow over the past year, up 66% from the year before.
FSS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +0.2% | +100K shares |
| 3 years | +0.2% | +100K shares |
| 5 years | -0.3% | -200K shares |
| Available history | -0.2% | -100K shares |
FSS has 62M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5M |
| Q2 2026 | $100,000 |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $21.2M |
| Q1 2025 | $18.5M |
| Q4 2024 | $2.2M |
FSS has spent almost nothing on buybacks in the past year.
FSS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.6x | Very low |
| Q4 2024 | 0.4x | Very low |
FSS's net debt is less than a year of its operating earnings (EBITDA).
FSS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.0 | Neutral |
| Stochastic | 32.3 | Neutral |
FSS's weekly RSI is 49 (neutral) and its Stochastic is 32 (neutral).
FSS PE vs Industrials Sector
| Metric | FSS | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 0.7% below |
| PE % | 33 | 58 | 25 pts below |
FSS is trading at 24x earnings, in line with the Industrials sector's median of 24x.
FSS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $113.9 | 1% above |
| 20 week MA | $118.0 | 2.5% below |
| 50 week MA | $115.1 | 0% below |
| 100 week MA | $108.6 | 5.9% above |
| 200 week MA | $90.8 | 27% above |
FSS's trend is mixed: it's above three of its five weekly moving averages, and 27% above its 200-week average.
FSS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $32.4 | $31.9 | -1.6% |
| 2021 | $31.9 | $42.4 | +33% |
| 2022 | $42.4 | $46.1 | +8.9% |
| 2023 | $46.1 | $76.7 | +66% |
| 2024 | $76.7 | $92.7 | +21% |
| 2025 | $92.7 | $113.4 | +22% |
| 2026 YTD | $113.4 | $115.1 | +1.4% |
FSS has finished higher in five of the last six years. It's up 1.4% so far in 2026.