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Auto manufacturers · Consumer Cyclical · Fiscal year ends Dec 31
Federal Signal reported revenue of $2.2B in the fiscal year ended Dec 2025, up 17.1% from the year before. Operating income was $341M, an operating margin of 15.6%, and net income was $247M. Operating cash flow of $255M less capital expenditure of $28M left free cash flow of $227M. Net debt was $501M.
Ranks among the 15 auto manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,213 | 1,435 | 1,723 | 1,862 | 2,181 |
| Cost of revenue | 925 | 1,090 | 1,273 | 1,329 | 1,549 |
| Gross profit | 289 | 345 | 450 | 533 | 631 |
| Selling, general & admin | 149 | 172 | 210 | 234 | 256 |
| Operating income | 131 | 161 | 225 | 281 | 341 |
| Interest expense | 4.5 | 10.3 | 19.7 | 12.5 | 14.1 |
| Pre-tax income | 118 | 151 | 203 | 264 | 325 |
| Income tax | 17.0 | 30.5 | 45.6 | 47.6 | 77.9 |
| Net income | 101 | 120 | 157 | 216 | 247 |
| Diluted EPS | 1.63 | 1.97 | 2.56 | 3.50 | 4.01 |
| Diluted shares | 61.9 | 61.2 | 61.5 | 61.7 | 61.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 40.5 | 47.5 | 61.0 | 91.1 | 63.7 |
| Receivables | 136 | 174 | 186 | 196 | 292 |
| Inventory | 229 | 293 | 303 | 331 | 472 |
| Current assets | 431 | 531 | 570 | 643 | 854 |
| Net PP&E | 142 | 179 | 191 | 219 | 275 |
| Goodwill | 432 | 453 | 473 | 478 | 620 |
| Total assets | 1,366 | 1,524 | 1,621 | 1,765 | 2,393 |
| Payables | 64.8 | 72.4 | 66.7 | 79.0 | 98.0 |
| Deferred revenue | 21.9 | 25.4 | 27.1 | 35.0 | 47.7 |
| Current liabilities | 170 | 181 | 196 | 242 | 282 |
| Short-term debt | 0.0 | 0.8 | 3.9 | 7.0 | 0.0 |
| Long-term debt | 281 | 361 | 297 | 211 | 565 |
| Total liabilities | 582 | 663 | 619 | 579 | 1,011 |
| Shareholders' equity | 784 | 861 | 1,002 | 1,186 | 1,382 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 102 | 71.8 | 194 | 231 | 255 |
| Capital expenditure | 37.4 | 53.0 | 30.3 | 40.6 | 27.6 |
| Free cash flow | 64.4 | 18.8 | 164 | 191 | 227 |
| Depreciation & amortisation | 50.4 | 54.7 | 60.4 | 65.3 | 80.5 |
| Stock-based compensation | 7.6 | 10.2 | 13.1 | 15.6 | 15.0 |
| Acquisitions | 132 | 49.8 | 55.0 | 39.7 | 501 |
| Share buybacks | 15.4 | 16.1 | 5.5 | 6.7 | 39.7 |
| Dividends paid | 22.0 | 21.8 | 23.8 | 29.3 | 34.1 |
| Dividend per share | 0.36 | 0.36 | 0.39 | 0.48 | 0.56 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.3% | 20.1% | 8.1% | 17.1% |
| Operating income growth (YoY) | – | 23.0% | 39.6% | 25.3% | 21.1% |
| EPS growth (YoY) | – | 20.9% | 29.9% | 36.7% | 14.6% |
| Gross margin | 23.8% | 24.0% | 26.1% | 28.6% | 28.9% |
| Operating margin | 10.8% | 11.2% | 13.0% | 15.1% | 15.6% |
| Net margin | 8.3% | 8.4% | 9.1% | 11.6% | 11.3% |
| Return on equityBlank when equity is negative | 12.8% | 14.0% | 15.7% | 18.2% | 17.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.9% | 12.0% | 15.8% | 18.5% | 16.2% |
| Free cash flow margin | 5.3% | 1.3% | 9.5% | 10.2% | 10.4% |
| Cash conversion (CFO ÷ net income) | 1.01x | 0.60x | 1.24x | 1.07x | 1.03x |
| Receivable days | 41 | 44 | 39 | 39 | 49 |
| Inventory days | 90 | 98 | 87 | 91 | 111 |
| Payable days | 26 | 24 | 19 | 22 | 23 |
| Interest cover | 29.0x | 15.6x | 11.4x | 22.5x | 24.2x |
| Debt ÷ equity | 0.36x | 0.42x | 0.30x | 0.18x | 0.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 240 | 314 | 240 | 127 | 501 |
| Current ratio | 2.53x | 2.94x | 2.91x | 2.66x | 3.02x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.