A Business at a Glance
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FLAGSTAR BANK, NATIONAL ASSOCIATION
FLG
$5.8B
Mkt Cap
$13.85
-5.85%
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) has a 5-year average return on invested capital (ROIC) of 0.4%. This is below average and may indicate limited pricing power.
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) has a market capitalization of $5.8B. It is classified as a mid-cap stock.
Yes, FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) pays a dividend with a trailing twelve-month yield of 0.29%. The company also returns capital through share buybacks, with a buyback yield of 0.17%.
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) operates in the Savings Institutions, Not Federally Chartered industry, within the Financials sector.
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) reported annual revenue of $4.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) has a net profit margin of -4.4%. The company is currently unprofitable.
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) generated $-181 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Flagstar Bank, National Association is a national banking association headquartered in Hicksville, New York, operating as a single reportable segment with approximately 340 locations across nine states, including strong footholds in the greater New York/New Jersey metropolitan region and the upper Midwest, along with significant presence in fast-growing markets in Florida and the West Coast, plus approximately 20 private bank branches serving high-net-worth individuals. The Bank earns revenue through a diversified loan portfolio including multi-family loans collateralized primarily by rental apartment buildings in New York City, commercial real estate loans concentrated in the Northeast and Midwest, and commercial and industrial loans originated nationally to middle-market and mid-sized companies, complemented by deposit-gathering through its retail branch network and private banking locations. The business model emphasizes relationship-driven banking with a focus on generating deposits and fee income alongside lending, with management targeting net interest margin expansion through lower funding costs, disciplined deposit pricing, and portfolio mix shift toward higher-yielding C&I loans while reducing lower-yielding multifamily exposure. The Bank competes for deposits and customers through multiple channels prioritizing convenience and service at competitive rates, and has undergone an internal corporate reorganization effective October 17, 2025, whereby the Bank became the successor reporting company to Flagstar Financial, Inc., eliminating the holding company structure.
【Profitability and capital deployment ahead】 Management expects the Bank to demonstrate several quarters of sustainable profitability and continued improvement in nonaccrual loans, with the board anticipated to take action on capital distributions in the second half of 2026. Operating expenses are expected to decrease in 2026 and 2027, with a targeted $40 million run-rate expense reduction upon consolidation to a single core processor by July 2027, while the Bank anticipates continued net interest margin expansion driven by lower funding costs and ongoing C&I portfolio growth. The Bank expects to achieve approximately $94 billion in total assets by end of 2026 and $102 billion by end of 2027 through net loan growth, with C&I originations accelerating as the Bank adds specialized bankers and expands relationship-driven lending, while multifamily and CRE payoffs are expected to continue reducing the Bank's exposure in those segments. Management remains focused on reducing nonaccrual loans by approximately $1 billion in 2026 and expects continued downward trends in substandard loans, with the Bank targeting deposit beta of 55–60% on interest-bearing deposits as it actively manages funding costs lower.
| Metric | Target | Period |
|---|---|---|
| Total assets | approximately $94 billion | end of 2026 |
| Total assets | $102 billion | end of 2027 |
| Adjusted EPS | $0.60–$0.65 | 2026 |
| Adjusted EPS | $1.80–$1.90 | 2027 |
| Nonaccrual loan reduction | approximately $1 billion | 2026 |
| Multifamily and CRE payoffs | $2 billion–$3 billion | rest of 2026 |
| Operating expense reduction | approximately $40 million | run-rate basis upon core consolidation by July 2027 |
Total assets (end of 2026): “We expect total assets to be approximately $94 billion at the end of 2026”
Total assets (end of 2027): “We expect total assets to be approximately $94 billion at the end of 2026 and $102 billion at the end of 2027 as a result of net loan growth.”
Adjusted EPS (2026): “Adjusted EPS is now forecast to be in the $0.60-$0.65 range in 2026”
Adjusted EPS (2027): “Adjusted EPS is now forecast to be in the $0.60-$0.65 range in 2026 and in the $1.80-$1.90 range in 2027.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 4.8B | 6.4B | 8.2B | 2.3B | 1.8B |
| Net Income | 0 | -210M | -1.2B | -112M | 617M | 563M |
| EPS | $0.00 | $-0.50 | $-3.49 | $-0.98 | $1.81 | $2.40 |
| Free Cash Flow | 0 | -181M | 86M | 263M | 1.0B | 286M |
| ROIC | 0.0% | -1.2% | -4.7% | -0.4% | 3.1% | 4.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.38 | 1.50 | 1.77 | 2.59 | 2.71 | 0.43 |
| Dividends/Share | $0.00 | $0.04 | $0.20 | $4.08 | $0.93 | $1.36 |
| Operating Income | 0 | -198M | -1.4B | 68M | 826M | 806M |
| Operating Margin | 0.0% | -4.1% | -21.7% | 0.8% | 35.3% | 46.1% |
| ROE | 0.0% | -2.6% | -13.9% | -1.3% | 7.8% | 8.1% |
| Shares Outstanding | 417M | 420M | 330M | 114M | 341M | 235M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.9B | 1.9B | 1.8B | 1.8B | 1.8B | 1.9B | 1.8B | 1.8B | 2.3B | 8.2B | 6.4B | 4.8B | 0 |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 307M | 343M | 352M | 364M | 317M | 302M | 301M | 303M | 354M | 1.1B | 1.3B | 976M | 976M |
| EBIT | 76M | 74M | 42M | 46M | 36M | 19M | 588M | 806M | 826M | 68M | -1.4B | -198M | 0 |
| Op. Margin | 4.0% | 3.9% | 2.3% | 2.5% | 2.0% | 1.0% | 33.2% | 46.1% | 35.3% | 0.8% | -21.7% | -4.1% | 0.0% |
| Net Income | 482M | -47M | 495M | 442M | 390M | 362M | 478M | 563M | 617M | -112M | -1.2B | -210M | 0 |
| Net Margin | 25.6% | -2.5% | 27.2% | 24.5% | 21.9% | 19.2% | 27.0% | 32.2% | 26.4% | -1.4% | -18.1% | -4.4% | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 8.0M | 0 | 0 | 2.0M | 2.4B | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.9% | -0.4% | 4.0% | 5.2% | 4.7% | 5.2% | 4.6% | 4.9% | 3.1% | -0.4% | -4.7% | -1.2% | 0.0% |
| ROE | 8.4% | -0.8% | 8.2% | 6.8% | 5.8% | 5.4% | 7.1% | 8.1% | 7.8% | -1.3% | -13.9% | -2.6% | 0.0% |
| ROA | 1.0% | -0.1% | 1.0% | 0.9% | 0.8% | 0.7% | 0.9% | 1.0% | 0.8% | -0.1% | -1.1% | -0.2% | 0.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 722M | -420M | 756M | 1.3B | 540M | 510M | 334M | 290M | 1.0B | 263M | 86M | -181M | 0 |
| Free Cash Flow | 649M | -455M | 671M | 1.3B | 531M | 501M | 333M | 286M | 1.0B | 263M | 86M | -181M | 0 |
| Owner Earnings | 687M | -456M | 721M | 1.3B | 472M | 451M | 281M | 238M | 974M | 51M | -152M | -390M | -209M |
| CapEx | 73M | 35M | 84M | 28M | 9.8M | 9.0M | 1.0M | 4.0M | 3.0M | 0 | 0 | 0 | 0 |
| Maint. CapEx | 8.3M | 5.3M | 2.4M | 208K | 32M | 27M | 24M | 21M | 23M | 165M | 184M | 148M | 148M |
| Growth CapEx | 65M | 29M | 82M | 28M | 0 | 0 | 0 | 0 | 0 | N/A | N/A | N/A | 0 |
| D&A | 8.3M | 5.3M | 2.4M | 208K | 32M | 27M | 24M | 21M | 23M | 165M | 184M | 148M | 148M |
| CapEx/OCF | 10.2% | N/A | 11.1% | 2.1% | 1.8% | 1.8% | 0.3% | 1.4% | 0.3% | 25.1% | 41.9% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 442M | 454M | 331M | 332M | 333M | 317M | 316M | 316M | 317M | 486M | 53M | 15M | 0 |
| Dividend Yield | 7.6% | 6.9% | 4.8% | 5.1% | 5.6% | 5.3% | 5.8% | 4.5% | 3.5% | 14.5% | 1.3% | 0.3% | N/A |
| Share Buybacks | 7.3M | 7.0M | 8.7M | 18M | 161M | 67M | 50M | 0 | 7.0M | 0 | 0 | 10M | 10M |
| Buyback Yield | 0.2% | 0.2% | 0.2% | 0.4% | 5.0% | 1.6% | 1.3% | 0.3% | 0.2% | N/A | N/A | N/A | 0.2% |
| Stock-Based Comp | 27M | 30M | 33M | 36M | 36M | 32M | 29M | 31M | 29M | 47M | 54M | 61M | 61M |
| Debt Repayment | 50M | 11.2B | 0 | 3.3B | 4.4B | 5.5B | 6.5B | 2.5B | 14.0B | 19.4B | 30.8B | 6.5B | 6.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 13.6B | 11.4B | 13.1B | -3.5B | -6.8B | -5.2B | 314M | -5.0B | 12.7B | 869M | -11.5B | -9.6B | -10.5B |
| Cash & Equiv. | 564M | 538M | 558M | 2.5B | 1.5B | 742M | 1.9B | 2.2B | 2.1B | 11.6B | 15.6B | 6.0B | 21.7B |
| Long-Term Debt | 50M | 11.2B | 1.2B | 3.0B | 295M | 295M | 6.9B | 2.1B | 21.3B | 21.3B | 11.7B | 8.2B | 7.7B |
| Debt/Equity | 2.46 | 2.02 | 2.23 | 0.37 | 0.04 | 0.21 | 1.18 | 0.43 | 2.71 | 2.59 | 1.77 | 1.50 | 1.38 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 5.8B | 5.9B | 6.1B | 6.8B | 6.7B | 6.7B | 6.8B | 7.0B | 8.8B | 8.4B | 8.2B | 8.1B | 8.1B |
| Total Assets | 48.6B | 50.3B | 48.9B | 49.1B | 51.9B | 53.6B | 56.3B | 59.5B | 90.1B | 114.1B | 100.2B | 87.5B | 87.1B |
| Total Liabilities | 42.8B | 44.4B | 42.8B | 42.3B | 45.2B | 46.9B | 49.5B | 52.5B | 81.3B | 105.7B | 92.0B | 79.4B | 79.0B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 287M | 625M | 488M | 381M | 356M |
| Retained Earnings | 465M | -37M | 128M | 238M | 297M | 342M | 494M | 741M | 1.0B | 443M | -763M | -988M | -980M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.18 | -0.22 | 2.02 | 1.80 | 1.58 | 1.54 | 2.04 | 2.40 | 1.81 | -0.98 | -3.49 | -0.50 | 0.00 |
| Owner EPS | 3.11 | -2.13 | 2.94 | 5.26 | 1.91 | 1.92 | 1.20 | 1.01 | 2.86 | 0.45 | -0.46 | -0.93 | -0.50 |
| Book Value | 26.15 | 27.69 | 24.97 | 27.70 | 26.99 | 28.55 | 29.20 | 30.03 | 25.91 | 73.21 | 24.72 | 19.39 | 19.48 |
| Cash Flow/Share | 3.27 | -1.96 | 3.08 | 5.41 | 2.19 | 2.17 | 1.43 | 1.24 | 3.01 | 2.30 | 0.26 | -0.43 | 0.36 |
| Dividends/Share | 2.00 | 2.12 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.36 | 0.93 | 4.08 | 0.20 | 0.04 | 0.00 |
| Shares Out. | 221.1M | 214.3M | 245.2M | 245.3M | 246.6M | 235.1M | 234.3M | 234.6M | 340.6M | 114.3M | 330.4M | 420.0M | 416.8M |
| Valuation | |||||||||||||
| P/E Ratio | 8.5 | N/A | 10.0 | 9.8 | 8.3 | 11.6 | 8.3 | 8.8 | 6.2 | N/A | N/A | N/A | N/A |
| P/FCF | 9.5 | N/A | 11.1 | 5.0 | 9.2 | 12.5 | 17.9 | 25.9 | 7.8 | 13.3 | 34.6 | N/A | N/A |
| EV/EBIT | 233.3 | 212.0 | 433.9 | 17.6 | N/A | 644.8 | 10.6 | 11.5 | 14.2 | 114.1 | 264.6 | 183.8 | N/A |
| Price/Book | 0.7 | 0.7 | 0.8 | 0.6 | 0.5 | 0.6 | 0.6 | 0.7 | 0.4 | 0.8 | 0.4 | 0.7 | 0.7 |
| Price/Sales | 2.9 | 7.1 | 3.2 | 3.2 | 3.5 | 3.8 | 3.1 | 3.5 | 2.7 | 1.2 | 1.6 | 2.4 | N/A |
| FCF Yield | 15.8% | -10.5% | 13.5% | 30.1% | 16.4% | 12.0% | 8.4% | 5.8% | 26.7% | 3.7% | 2.9% | -3.4% | N/A |
| Market Cap | 4.1B | 4.3B | 5.0B | 4.3B | 3.2B | 4.2B | 4.0B | 4.9B | 3.8B | 7.0B | 3.0B | 5.4B | 5.8B |
| Avg. Price | 26.48 | 30.59 | 28.31 | 26.40 | 24.01 | 25.33 | 23.32 | 30.24 | 26.75 | 29.42 | 12.35 | 11.59 | 13.85 |
| Year-End Price | 27.79 | 30.23 | 30.32 | 26.43 | 19.69 | 26.71 | 25.48 | 31.57 | 23.47 | 30.69 | 9.00 | 12.77 | 13.85 |
FLAGSTAR BANK, NATIONAL ASSOCIATION passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 0.4%. Total shareholder yield (dividends + buybacks) is 0.5%. At current prices, the estimated annualized return to fair value is -26.8%.
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) has a debt-to-equity ratio of 1.50. This indicates moderate leverage.
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) reported earnings per share (EPS) of $-0.50 in its most recent fiscal year.
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) has a return on equity (ROE) of -2.6%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 19 years of financial data for FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) has a book value per share of $19.39, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the Bank to demonstrate several quarters of sustainable profitability and continued improvement in nonaccrual loans, with the board anticipated to take action on capital distributions in the second half of 2026. Operating expenses are expected to decrease in 2026 and 2027, with a targeted $40 million run-rate expense reduction upon consolidation to a single core processor by July 2027, while the Bank anticipates continued net interest margin expansion driven by lower funding costs and ongoing C&I portfolio growth. The Bank expects to achieve approximately $94 billion in total assets by end of 2026 and $102 billion by end of 2027 through net loan growth, with C&I originations accelerating as the Bank adds specialized bankers and expands relationship-driven lending, while multifamily and CRE payoffs are expected to continue reducing the Bank's exposure in those segments. Management remains focused on reducing nonaccrual loans by approximately $1 billion in 2026 and expects continued downward trends in substandard loans, with the Bank targeting deposit beta of 55–60% on interest-bearing deposits as it actively manages funding costs lower.
Based on recent SEC filings and earnings calls, FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG) has provided the following forward guidance: Total assets: approximately $94 billion (end of 2026); Total assets: $102 billion (end of 2027); Adjusted EPS: $0.60–$0.65 (2026); Adjusted EPS: $1.80–$1.90 (2027); Nonaccrual loan reduction: approximately $1 billion (2026), plus 2 additional metrics.
Nonaccrual loan reduction (2026): “we'll be down $1 billion”
Multifamily and CRE payoffs (rest of 2026): “we believe we can pay down another $2 billion-$3 billion over the rest of the year.”
Operating expense reduction (run-rate basis upon core consolidation by July 2027): “On a run rate basis, we believe when that gets completed, it's roughly a $40 million decrease in expenses for the company.”