Federal Signal Corp. /DE/ (FSS) intrinsic value & 10-year financials
Federal Signal Corp. /DE/ (FSS) has a Graham intrinsic value of $133.19 per share. At $112.39 on Oct 17, 2026, the stock trades 16% below that value. Over the last 10 fiscal years revenue grew 13.3% a year to $2.2B, with an average return on invested capital of 13.6%.
- Graham intrinsic value
- $133.19
- Share price (Oct 17, 2026)
- $112.39
- Price vs Graham value
- 16% below
- Market cap
- $6.9B
- Revenue (FY2025)
- $2.2B
- Revenue growth (10-yr CAGR)
- 13.3%
- ROIC (10-yr avg)
- 13.6%
- Free cash flow (FY2025)
- $227.1M
FSS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.2B | $246.6M | $4.01 | $227.1M | 15.6% | 16.2% |
| FY2024 | $1.9B | $216.3M | $3.50 | $190.7M | 15.1% | 18.0% |
| FY2023 | $1.7B | $157.4M | $2.56 | $164.1M | 13.0% | 14.4% |
| FY2022 | $1.4B | $120.4M | $1.97 | $18.8M | 11.2% | 11.6% |
| FY2021 | $1.2B | $100.6M | $1.63 | $64.4M | 10.8% | 12.0% |
| FY2020 | $1.1B | $96.2M | $1.56 | $106.5M | 11.6% | 12.2% |
| FY2019 | $1.2B | $108.5M | $1.76 | $67.7M | 12.0% | 15.0% |
| FY2018 | $1.1B | $94.0M | $1.54 | $78.7M | 11.2% | 14.6% |
| FY2017 | $898.5M | $61.6M | $1.02 | $64.8M | 7.5% | 12.0% |
| FY2016 | $707.9M | $43.8M | $0.71 | $18.6M | 8.2% | 10.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FEDERAL SIGNAL CORP /DE/ is a consistent compounder, expanding top-line revenue at 13.3% annually over the past decade.
FEDERAL SIGNAL CORP /DE/ returns on capital have been average, hovering around 13.6% ROIC over the decade.
Over the decade, FEDERAL SIGNAL CORP /DE/ shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FEDERAL SIGNAL CORP /DE/ is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $133.19 per share.