Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Federal Signal Corporation's third-quarter results for 2025 demonstrated significant financial growth and strategic progress, balanced with certain challenges.</li><li>The conglomerate reported a 17% year-over-year increase in net sales, reaching $555 million.</li><li>This rise was driven by organic growth of 11% and contributions from recent acquisitions, namely Hog Technologies and Standard, which added a combined $30 million to the quarterly sales.</li></ul>

Federal Signal Corporation's third-quarter results for 2025 demonstrated significant financial growth and strategic progress, balanced with certain challenges.The conglomerate reported a 17% year-over-year increase in net sales, reaching $555 million.This rise was driven by organic growth of 11% and contributions from recent acquisitions, namely Hog Technologies and Standard, which added a combined $30 million to the quarterly sales.

Federal Signal Corporation Is Turning Acquisitions Into a Profit Engine — But Can Hog Technologies Keep Exceeding Expectations?

<ul><li>Federal Signal Corporation has made a strategic move with its definitive agreement to acquire Scranton Manufacturing Company, doing business as New Way Trucks, for an initial consideration of $396 million.</li><li>This deal, announced on September 25, 2025, includes an additional $30 million earmarked for real estate tied to New Way’s manufacturing facilities in Iowa and Mississippi.</li><li>Further, a performance-based earnout of up to $54 million could be paid over the next two years.</li></ul>

Federal Signal Corporation has made a strategic move with its definitive agreement to acquire Scranton Manufacturing Company, doing business as New Way Trucks, for an initial consideration of $396 million.This deal, announced on September 25, 2025, includes an additional $30 million earmarked for real estate tied to New Way’s manufacturing facilities in Iowa and Mississippi.Further, a performance-based earnout of up to $54 million could be paid over the next two years.

Federal Signal’s $396M Bet On Refuse Trucks: Could This Trash Truck Deal Get Dirty?

<ul><li>Federal Signal Corporation reported robust financial results for the second quarter of 2025, marked by a significant year-over-year increase in both revenue and profitability.</li><li>The company experienced a 15% rise in net sales, reaching $565 million, and a 20% improvement in operating income to $97.7 million.</li><li>The adjusted EBITDA margin also displayed considerable growth, rising by 100 basis points to 20.9%.</li></ul>

Federal Signal Corporation reported robust financial results for the second quarter of 2025, marked by a significant year-over-year increase in both revenue and profitability.The company experienced a 15% rise in net sales, reaching $565 million, and a 20% improvement in operating income to $97.7 million.The adjusted EBITDA margin also displayed considerable growth, rising by 100 basis points to 20.9%.

Federal Signal Corporation: Unlocking Market Share With Smart Channel Optimization & Product Innovation!

<ul><li>Federal Signal Corporation's first-quarter performance in 2025 reflects a robust start to the year, showcasing a 9% year-over-year growth in net sales, reaching $464 million.</li><li>The company reported an increase in operating income by 21%, amounting to $65.7 million, and adjusted EBITDA, which also rose by 21% to $85.1 million.</li><li>These figures demonstrate healthy financial improvement where the gross margin expanded by 90 basis points to 28.2%.</li></ul>

Federal Signal Corporation's first-quarter performance in 2025 reflects a robust start to the year, showcasing a 9% year-over-year growth in net sales, reaching $464 million.The company reported an increase in operating income by 21%, amounting to $65.7 million, and adjusted EBITDA, which also rose by 21% to $85.1 million.These figures demonstrate healthy financial improvement where the gross margin expanded by 90 basis points to 28.2%.

Federal Signal Company: Attempting To Power Ahead with Market Share Grabs & Disruption-Proof Operations!

<ul><li>Federal Signal Corporation reported strong financial results for the fourth quarter and full year of 2024.</li><li>The company achieved record-high net sales of approximately $1.86 billion for the year, an 8% increase over the previous year.</li><li>Operating income grew by 25% to $281.4 million, and adjusted EBITDA rose by 23% to $350.6 million, translating to a margin of 18.8%.</li></ul>

Federal Signal Corporation reported strong financial results for the fourth quarter and full year of 2024.The company achieved record-high net sales of approximately $1.86 billion for the year, an 8% increase over the previous year.Operating income grew by 25% to $281.4 million, and adjusted EBITDA rose by 23% to $350.6 million, translating to a margin of 18.8%.

Federal Signal's Genius Operational Overhaul Is Quietly Boosting Margins & Market Share!

United States

Federal Signal Corporation manufactures and supplies safety, signaling, and communications equipment.  The Company's equipment includes fire rescue products, street sweeping and vacuum loader vehicles, parking control equipment, custom on-premise signage, carbide cutting tools, precision punches and dies, and plastic injection mold components.

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Federal Signal (FSS US)

Federal Signal Corporation Is Turning Acquisitions Into a Profit Engine — But Can Hog Technologies Keep Exceeding Expectations?

Federal Signal Corporation's third-quarter results for 2025 demonstrated significant financial growth and strategic progress, balanced with...

Baptista Research

Federal Signal’s $396M Bet On Refuse Trucks: Could This Trash Truck Deal Get Dirty?

Federal Signal Corporation has made a strategic move with its definitive agreement to acquire Scranton Manufacturing Company, doing business as...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Federal Signal Corporation Is Turning Acquisitions Into a Profit Engine — But Can Hog Technologies Keep Exceeding Expectations?

Federal Signal Corporation's third-quarter results for 2025 demonstrated significant financial growth and strategic progress, balanced with...

Baptista Research

Federal Signal’s $396M Bet On Refuse Trucks: Could This Trash Truck Deal Get Dirty?

Federal Signal Corporation has made a strategic move with its definitive agreement to acquire Scranton Manufacturing Company, doing business as...

Baptista Research

Federal Signal Corporation: Unlocking Market Share With Smart Channel Optimization & Product Innovation!

Federal Signal Corporation reported robust financial results for the second quarter of 2025, marked by a significant year-over-year increase in...

Baptista Research

Federal Signal Company: Attempting To Power Ahead with Market Share Grabs & Disruption-Proof Operations!

Federal Signal Corporation's first-quarter performance in 2025 reflects a robust start to the year, showcasing a 9% year-over-year growth in net...

Baptista Research

Federal Signal's Genius Operational Overhaul Is Quietly Boosting Margins & Market Share!

Federal Signal Corporation reported strong financial results for the fourth quarter and full year of 2024. The company achieved record-high net...

Baptista Research