# Flagstar Financial (FLG.US)

Canonical: https://gigainvestors.com/s/FLG

Analysis as of: 2026-10-16T07:28:33.543Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $11.25 per share; close as of 2026-10-15.

Estimated value: low $17.07 per share, central $19.60 per share, high $23.03 per share. Buy at or below the central value $19.60 per share. Valuation as of 2026-10-16T07:28:33.543Z; scenarios are not confidence intervals.

Expected annual return: 15.0% at the stated quote. About 15.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- positive earnings in fewer than 9 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 7

- Required profitable years: 9

- Return on common equity variation (informational): 2.26×

Chart: Net income; fiscal year observations.

- FY2016: $495M

- FY2017: $466M

- FY2018: $422M

- FY2019: $395M

- FY2020: $478M

- FY2021: $563M

- FY2022: $617M

- FY2023: -$112M

- FY2024: -$1.2B

- FY2025: -$210M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- median cost/income ratio exceeds 65%

- Bank / P&C ROTE, median of available years: 10.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -2.9%

- Cost / income, median: 65.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 14.3%

- FY2017: 10.7%

- FY2018: 10.0%

- FY2019: 9.2%

- FY2020: 12.2%

- FY2021: 13.7%

- FY2022: 11.0%

- FY2023: -1.5%

- FY2024: -16.1%

- FY2025: -2.9%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 4.0%

- Book return interval: 10 years

- Starting book value per share: $21.70

- Ending book value per share: $17.48

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 7.8%

- FY2017: 35.8%

- FY2018: 5.3%

- FY2019: 15.0%

- FY2020: -0.8%

- FY2021: 12.9%

- FY2022: 37.9%

- FY2023: -6.4%

- FY2024: -28.2%

- FY2025: -19.3%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 10.7%

- Diluted shares, 5-year annual growth: 21.9%

- Share growth excluding flagged crisis recapitalisations: 10.7%

- Five-year share growth excluding flagged crisis recapitalisations: 21.9%

- Flagged crisis recapitalisations: 0

- Book value created per share: -$4.23

- Earnings retained per share after dividends and buybacks: -$2.25

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 0

- Deposits, annualized growth: 8.8%

## Holders

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 25% since Jun 2026 · "Flagstar Bank Shares Down on Q2 Earnings Miss, Fee Income Falls Y/Y" (finance.yahoo.com, Jul 2026) · net income USD -210M

Story as of 2026-10-16T09:58:45.977Z; price observation 2026-10-15.

The price assumes profits shrink 1.7% a year forever

- 2025-07-25: Flagstar Financial narrows losses as credit costs moderate, stock edges up ([investing.com](https://www.investing.com/news/earnings/flagstar-financial-narrows-losses-as-credit-costs-moderate-stock-edges-up-93CH-4152829))

- 2026-04-27: FLG Q1 Earnings Beat on NII Growth, Stock Dips as Fee Income Falls Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/flg-q1-earnings-beat-nii-172300038.html))

- 2026-07-27: Flagstar Bank Shares Down on Q2 Earnings Miss, Fee Income Falls Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/flagstar-bank-shares-down-q2-171500494.html))

### Net income · FY2025

net income USD -210M; source https://www.sec.gov/Archives/edgar/data/910073/000091007326000025/fbc-20251231.htm; observed 2026-02-27.

- FY2016: $495M 

- FY2017: $466M 

- FY2018: $422M 

- FY2019: $395M 

- FY2020: $478M 

- FY2021: $563M 

- FY2022: $617M 

- FY2023: -$112M 

- FY2024: -$1.2B 

- FY2025: -$210M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 2.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/910073/000091007326000025/fbc-20251231.htm#000091007326000025 (filed 2026-02-27); FY2025: revenue 2062000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLG.US: Flagstar Bank, National Association provides banking products and services in the United States. The company's deposit products include interest-bearing checking and money market, savings, and non-interest-bearing accounts, as well as certificates of deposit. It offers loan products comprising multi-family loans; commercial real estate loans; acquisition, development, and construction loans; commercial and industrial loans; one-to-four family loans; specialty finance loans and leases; warehouse loans; and home equity lines of credit, as well as other consumer loans, including overdraft loans. The company offers non-deposit investment and insurance products; and online and mobile banking services. It primarily serves individuals, small and mid-size businesses, and professional associations. The company was formerly known as Flagstar Financial, Inc. Flagstar Bank, National Association was founded in 1859 and is headquartered in Hicksville, New York.

### Why customers stay

It earns 10.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on tangible equity observations [[2016,0.1434410316383255],[2017,0.10709521506864578],[2018,0.10013858584594261],[2019,0.09217525432786154],[2020,0.12215691285458727],[2021,0.13681652490886997],[2022,0.11002139800285307],[2023,-0.015471750241746098],[2024,-0.16067447045707917],[2025,-0.02892960462873674]]; median 0.10361690045729419. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,330810000],[2017,356768000],[2018,365889000],[2019,350000000],[2020,349000000],[2021,349000000],[2022,350000000],[2023,519000000],[2024,88000000],[2025,48000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLG.US SharesStats.PercentInsiders = 0.947 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 1.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Price 11.25; FX 1; original perpetual distributable cash 1.3186566469564105; discount 0.1; growth -0.017213924173903147. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $14.36 per share

- 2016-11: $15.98 per share

- 2016-12: $15.91 per share

- 2017-01: $15.19 per share

- 2017-02: $15.28 per share

- 2017-03: $13.97 per share

- 2017-04: $13.29 per share

- 2017-05: $12.92 per share

- 2017-06: $13.13 per share

- 2017-07: $13.13 per share

- 2017-08: $12.05 per share

- 2017-09: $12.89 per share

- 2017-10: $12.56 per share

- 2017-11: $13.34 per share

- 2017-12: $13.02 per share

- 2018-01: $14.16 per share

- 2018-02: $13.62 per share

- 2018-03: $13.03 per share

- 2018-04: $11.88 per share

- 2018-05: $11.59 per share

- 2018-06: $11.04 per share

- 2018-07: $10.77 per share

- 2018-08: $10.77 per share

- 2018-09: $10.37 per share

- 2018-10: $9.58 per share

- 2018-11: $10.63 per share

- 2018-12: $9.41 per share

- 2019-01: $11.62 per share

- 2019-02: $12.51 per share

- 2019-03: $11.57 per share

- 2019-04: $11.63 per share

- 2019-05: $9.93 per share

- 2019-06: $9.98 per share

- 2019-07: $11.53 per share

- 2019-08: $11.54 per share

- 2019-09: $12.55 per share

- 2019-10: $11.65 per share

- 2019-11: $11.92 per share

- 2019-12: $12.02 per share

- 2020-01: $11.06 per share

- 2020-02: $10.81 per share

- 2020-03: $9.39 per share

- 2020-04: $10.86 per share

- 2020-05: $10.05 per share

- 2020-06: $10.20 per share

- 2020-07: $10.53 per share

- 2020-08: $9.05 per share

- 2020-09: $8.27 per share

- 2020-10: $8.31 per share

- 2020-11: $9.69 per share

- 2020-12: $10.55 per share

- 2021-01: $10.46 per share

- 2021-02: $12.21 per share

- 2021-03: $12.62 per share

- 2021-04: $11.96 per share

- 2021-05: $11.97 per share

- 2021-06: $11.02 per share

- 2021-07: $11.78 per share

- 2021-08: $12.52 per share

- 2021-09: $12.87 per share

- 2021-10: $12.43 per share

- 2021-11: $11.98 per share

- 2021-12: $12.21 per share

- 2022-01: $11.66 per share

- 2022-02: $11.54 per share

- 2022-03: $10.72 per share

- 2022-04: $9.24 per share

- 2022-05: $9.98 per share

- 2022-06: $9.13 per share

- 2022-07: $10.62 per share

- 2022-08: $9.79 per share

- 2022-09: $8.53 per share

- 2022-10: $9.31 per share

- 2022-11: $9.35 per share

- 2022-12: $8.60 per share

- 2023-01: $9.99 per share

- 2023-02: $8.88 per share

- 2023-03: $9.04 per share

- 2023-04: $10.69 per share

- 2023-05: $10.28 per share

- 2023-06: $11.24 per share

- 2023-07: $13.87 per share

- 2023-08: $12.28 per share

- 2023-09: $11.34 per share

- 2023-10: $9.48 per share

- 2023-11: $9.41 per share

- 2023-12: $10.23 per share

- 2024-01: $6.47 per share

- 2024-02: $4.79 per share

- 2024-03: $3.22 per share

- 2024-04: $2.65 per share

- 2024-05: $3.29 per share

- 2024-06: $3.22 per share

- 2024-07: $10.52 per share

- 2024-08: $10.84 per share

- 2024-09: $11.23 per share

- 2024-10: $10.12 per share

- 2024-11: $11.97 per share

- 2024-12: $9.33 per share

- 2025-01: $11.83 per share

- 2025-02: $12.00 per share

- 2025-03: $11.62 per share

- 2025-04: $11.71 per share

- 2025-05: $11.52 per share

- 2025-06: $10.60 per share

- 2025-07: $11.29 per share

- 2025-08: $12.82 per share

- 2025-09: $11.55 per share

- 2025-10: $11.42 per share

- 2025-11: $12.24 per share

- 2025-12: $12.59 per share

- 2026-01: $13.22 per share

- 2026-02: $12.69 per share

- 2026-03: $13.17 per share

- 2026-04: $13.97 per share

- 2026-05: $14.06 per share

- 2026-06: $14.94 per share

- 2026-07: $14.22 per share

- 2026-08: $13.31 per share

- 2026-09: $11.67 per share

- 2026-10: $11.25 per share

## Annual estimated value (USD per share)

- FY2016: low $31.63 per share, central $35.31 per share, high $39.96 per share

- FY2017: low $38.48 per share, central $43.22 per share, high $49.28 per share

- FY2018: low $37.34 per share, central $41.96 per share, high $47.88 per share

- FY2019: low $37.58 per share, central $41.34 per share, high $45.94 per share

- FY2020: low $33.69 per share, central $37.05 per share, high $41.17 per share

- FY2021: low $33.76 per share, central $37.80 per share, high $42.93 per share

- FY2022: low $38.42 per share, central $43.63 per share, high $50.46 per share

- FY2023: low $31.22 per share, central $35.65 per share, high $41.54 per share

- FY2024: low $21.19 per share, central $24.34 per share, high $28.59 per share

- FY2025: low $17.06 per share, central $19.59 per share, high $23.01 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:15.375Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/910073/000091007326000025/fbc-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.