FSS vs ZWS: Federal Signal and Zurn Elkay Water Solutions compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Zurn Elkay Water Solutions is the larger company, worth $7.5B, close to Federal Signal's $6.8B.
- Federal Signal grew revenue faster over the last year (+18.7% vs +11.4%).
- Zurn Elkay Water Solutions keeps more of each dollar of revenue as operating profit (17.1% vs 16.1%).
- On earnings, Federal Signal is the cheaper stock (25.2x vs 36.2x).
- Federal Signal's price assumes faster free cash flow growth: about 10% a year, against 7% for Zurn Elkay Water Solutions (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FSS | ZWS |
|---|---|---|
| Market cap | $6.8B | $7.5B |
| Share price | $113.57 | $46.57 |
| Revenue (last fiscal year) | $2.2B | $1.7B |
| Free cash flow (last fiscal year) | $227M | $317M |
| Revenue growth, last year | +18.7% | +11.4% |
| Revenue growth per year, last 5 fiscal years | +15.8% | +16.8% |
| Operating margin | 16.1% | 17.1% |
| Net margin | 11.7% | 12.3% |
| Return on equity | 18.9% | 13.3% |
| P/E (trailing) | 25.2x | 36.2x |
| Price / free cash flow | 29.7x | 23.5x |
| EV / EBITDA | 15.9x | 19.5x |
| FCF growth the price implies | 10.2% | 7.1% |
| Dividend yield | 0.50% | 0.87% |
| Debt / equity | 0.62x | 0.67x |
| Fundamental grade | B | B |
| Superinvestors holding it | 0 | 1 |
| Insider purchases, last 12 months | 6 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Federal Signal
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.2B | $64M | 10.8% |
| 2022 | $1.4B | $19M | 11.2% |
| 2023 | $1.7B | $164M | 13.0% |
| 2024 | $1.9B | $191M | 15.1% |
| 2025 | $2.2B | $227M | 15.6% |
Zurn Elkay Water Solutions
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $911M | $200M | 11.7% |
| 2022 | $1.3B | $89M | 8.4% |
| 2023 | $1.5B | $233M | 12.5% |
| 2024 | $1.6B | $272M | 15.6% |
| 2025 | $1.7B | $317M | 16.4% |
Where the revenue comes from
Federal Signal · by segments, 2025
Environmental Solutions$1.8B84%
Safety And Security Systems$343M16%
Zurn Elkay Water Solutions · by segments, 2020
Process & Motion Control$1.4B66%
Water Management$710M34%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FSS in InvestinglyQuestions
Which is bigger, Federal Signal or Zurn Elkay Water Solutions?
Zurn Elkay Water Solutions (ZWS), at $7.5B against $6.8B.
Is FSS or ZWS cheaper?
By trailing P/E, Federal Signal (25.2x) is cheaper than Zurn Elkay Water Solutions (36.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, FSS or ZWS?
Federal Signal: revenue grew +18.7% over the last year, against +11.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.