FSSFEDERAL SIGNAL CORP /DE/

Motor Vehicles & Passenger Car Bodies

Revenue: $2.2B; 17% YoY
Operating margin: 15.6%; 3.4% YoY
EBITDA: $421M; 22% YoY
Market cap: $6.9B
Employees: 5,800; $376K revenue each
Net debt / EBITDA: 0.8×; $346M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
103% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
29% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
26% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$376K · 50th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.4B	$1.7B	$1.9B	$2.2B	17%
Operating income	$131M	$161M	$225M	$281M	$341M	21%
Net income	$101M	$120M	$157M	$216M	$247M	14%
Operating cash flow	$102M	$72M	$194M	$231M	$255M	10%
Capex	$37M	$53M	$30M	$41M	$28M	32%
Stock-based comp	$8M	$10M	$13M	$16M	$15M	3.8%
Buybacks	$15M	$16M	$6M	$7M	$40M	493%
Dividends	$22M	$22M	$24M	$29M	$34M	16%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $222K · 1
Open-market sells, 12 mo: $9M · 13
Net: −$9M

Pay vs performance

No pay-versus-performance disclosure yet.