“Interest expense, net Interest expense, net, for the three months ended March 31, 2026 increased by $3.9 million compared to the prior-year quarter, largely due to higher average debt levels.”10-Q · Apr 29, 2026 ↗
Federal Signal Corporation
FSS
Market read
Federal Signal Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 41 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
- Revenue increased 34.9% versus the comparable filing period.
- Non-U.S. orders rose $24.7M with product-level detail (specialty equipment, aftermarket, vacuum trucks, dump bodies) disclosed in the quarter.
- Interest expense, net increased versus prior periods, attributed largely to higher average debt levels for the quarter and six months.
Invalidation: The isolated read changes if FSS's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 41 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
- Revenue increased 34.9% versus the comparable filing period.
- Operating margin improved 1.8 percentage points.
- Net income increased 52.1% versus the comparable filing period.
No thresholded adverse filing evidence is available yet.
- Non-U.S. orders rose $24.7M with product-level detail (specialty equipment, aftermarket, vacuum trucks, dump bodies) disclosed in the quarter.
- Interest expense, net increased versus prior periods, attributed largely to higher average debt levels for the quarter and six months.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +17.1% year over year.
- Credit and interest rates has repeated favorable evidence across 4 filings.
- Demand and volume has repeated favorable evidence across 4 filings.
- Pricing and mix has repeated favorable evidence across 4 filings.
No qualifying adverse evidence was identified; that is not proof there is no downside.
- P/E is 45% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 212% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 11, 2026
114.08Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“Non-U.S.”10-Q · Apr 29, 2026 ↗
“Gross profit margin for the three months ended March 31, 2026 was 43.6%, compared to 41.6% in the prior-year quarter, with the improvement primarily attributable to improved operating leverage from higher sales volumes and benefits from pricing actions.”10-Q · Apr 29, 2026 ↗
“SEG&A expenses for the nine months ended September 30, 2025 increased by $1.7 million, or 4%, compared to the prior-year period, primarily due to higher employee-related costs and increased investment in new product development initiatives.”10-Q · Oct 30, 2025 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.2× · EV/sales 3.2×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for FSS. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-04-29 against the comparable filing from 2025-04-30.
What improved
- Revenue increased 34.9% versus the comparable filing period.
- Operating margin improved 1.8 percentage points.
- Net income increased 52.1% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Interest expense, net Interest expense, net, for the three months ended March 31, 2026 increased by $3.9 million compared to the prior-year quarter, largely due to higher average debt levels.”
“Cost of sales Cost of sales increased by $113.2 million, or 34%, for the three months ended March 31, 2026 compared to the prior-year quarter, largely due to an increase of $105.4 million, or 37%, within the Environmental Solutions Group, primarily related to higher sales volumes and the addition of cost of sales from recent acquisitions.”
“Operating Results Net sales for the three months ended March 31, 2026 increased by $161.8 million, or 35%, compared to the prior-year quarter, primarily due to higher sales volumes, inclusive of the effects of acquisitions, and pricing actions.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind FSS
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
TFCTruist Financial CorporationlenderFeb 25, 2026 ▾
“On October 29, 2025, the Company entered into the 2025 Credit Agreement, by and among the Company, Wells Fargo Bank, National Association, as administrative agent, swingline lender, and an issuing lender, BofA Securities, Inc., PNC Capital Markets LLC, Truist…”
Depended on by
OSKOshkosh CorporationcompetitorFeb 17, 2026 ▾
“8 Competitors in the refuse and recycling collection vehicles market include Environmental Solutions Group (a subsidiary of Terex Corporation), New Way Trucks (a subsidiary of Federal Signal), Labrie Enviroquip Group (owned by Wynnchurch Capital) and other re…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 2 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
FSS is currently a Follower in the organic co-movement group Homebuilding & Building Products. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.