• Federal Signal average return on tangible equity for 2023 was 63.19, a 1.06% decline from 2022.
• Federal Signal average return on tangible equity for 2022 was 63.87, a 6.68% decline from 2021.
• Federal Signal average return on tangible equity for 2021 was 68.44, a 39.64% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.