FSS
Federal Signal Corporation
Is FSS Halal?
Specialty-vehicle and equipment maker with known financial ratios passing; gross interest income remains unavailable.
What You Should Know
Federal Signal Corporation manufactures street sweepers, sewer cleaners, vacuum trucks, dump bodies and safety and signaling products for municipal, industrial and commercial customers. Its March 31, 2026 Form 10-Q reports assets of $2,454.4 million, interest-bearing debt of $551.6 million, cash of $71.4 million and accounts receivable of $310.1 million. Debt/assets is 22.47%, liquidity/assets is 2.91% and receivables-plus-cash/assets is 15.54%; the filing does not separately disclose gross interest income. The known financial ratios pass the examined MSCI and Malaysia proxies, with FTSE income remaining incomplete, and customer end-use classification remains incomplete.
⚠️ Concerns
- •Known debt, liquidity and receivables-plus-cash ratios pass the examined limits
- •Gross interest income is not separately disclosed
- •Municipal and government contracts have varied end uses
- •Environmental-services vehicles and rental equipment require contract review
- •Re-screen after the next filing or a material acquisition or end-use change
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
551.6 / 2,454.4
71.4 / 2,454.4
381.5 / 2,454.4
- Financial
- Incomplete
- Overall
- Incomplete
Known debt/assets is 22.47%, liquidity is 2.91% and receivables plus cash is 15.54%, below examined FTSE limits, but gross interest income is unavailable.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 22.47%, liquidity is 2.91% and receivables plus cash is 15.54%, below examined MSCI total-assets limits; activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 22.47% and liquidity is 2.91%, below the examined 33% limits; activity remains incomplete and this is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored and activity classification remains incomplete.
Business-activity disclosure
Federal Signal manufactures specialty vehicles and equipment for environmental, municipal, industrial and public-safety customers. The core manufacturing activity is generally permissible, while customer contracts and end uses require review.
Limitation: The filing does not provide a reproducible prohibited-revenue numerator for public-safety, government or customer end uses, and gross interest income is not separately disclosed.
Purification
Gross interest income is not separately disclosed and no scholar-approved purification percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are USD millions from Federal Signal's March 31, 2026 Form 10-Q.
- Debt includes $3.0 million current borrowings and finance-lease obligations plus $548.6 million long-term borrowings and finance-lease obligations; operating leases are excluded.
- Cash is $71.4 million and no separately identified interest-bearing securities are added.
- Accounts receivable is $310.1 million and first-quarter net sales are $625.6 million; the filing does not separately disclose gross interest income.
- Rental equipment is an operating asset, not an interest-bearing security, and is excluded from liquidity securities.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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