Flagstar Bank, National Association is a US-listed company in the regional banks industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $2.09bn, down 6.4% on a year earlier, a smaller fall than the 14.1% decline a quarter earlier. That puts it 48 of 50 for growth among the regional banks companies we cover.
Our model value for Flagstar Bank is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Flagstar Bank, National Association's trailing-twelve-month revenue fell 6.4% year on year, with a free-cash-flow margin of 7.8%. Where it stands out: change in growth rate of +7.6pp ranks 27 of 244 regional banks companies we cover. Where it lags: revenue growth of -6.4% ranks 235 of 245 regional banks companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to -6.4% (+7.6pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Flagstar Bank, National Association's latest figures clears our strength thresholds.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for Flagstar Bank, National Association at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Flagstar Bank, National Association as a bank or lender, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$3.4 ~$1.5–$6.2 | Left out: far from the other models (more than 3x away from their median) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$14 ~$4.2–$24 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$15 ~$19–$29 | Included |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$7.1 ~$6.7–$8.5 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Flagstar Bank, National Association with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Flagstar Bank's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.8% of total assets over 10 years.
Net margin has been a median 37.2%; its worst year was -98.0%.
The diluted share count rose 172.4% over five years; stock-based pay has been a median 2.6% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (47 before it).
Next results: January 29, 2027, before the open. Analysts expect revenue of $556m and EPS of $0.02 (range $0.00 to $0.04) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.11 | +130% | $2.1bn | +2% |
| Next | $0.73 | +551% | $2.5bn | +20% |
Next year's EPS estimate has moved −47.7% in 90 days, across 16 analysts.
The consensus EPS forecast for the current fiscal year is −68.5% on 90 days ago. In the last 30 days, 0 analysts raised Flagstar Bank, National Association's forecast and 15 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.36 | $1.39 |
| 60 days ago | $0.36 | $1.36 |
| 30 days ago | $0.33 | $1.30 |
| 7 days ago | $0.16 | $0.74 |
| Now | $0.11 | $0.73 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.07 | $0.01 | −85.9% |
| Jun 2026 | $0.07 | $0.05 | −26.2% |
| Mar 2026 | $0.04 | $0.04 | +9.8% |
| Dec 2025 | $0.02 | $0.06 | +170.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −5.6%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $2.2bn | $2.1bn | −6.4% |
| P/S multiple | 1.9x | 2.3x | +20.0% |
| Share count | 372m | 443m | −15.9% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| FLG | +23% | −25% | +27% | −69% | +35% | −14% |
| Industry peers (median) | +34% | −4% | −2% | +16% | +10% | +24% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| FLG | 58% | 42% | 58% | 42% | 58% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| FLG | −17% | −35% | −38% | −75% | −25% | −34% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 80% from July 31, 2023 to April 30, 2024. Getting back needed a 403% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 23, 2026 | −10.7% | +0.2% | −8.1% | — |
| July 24, 2026 | −6.5% | +0.1% | −3.3% | −8.8% |
| April 24, 2026 | −2.4% | +0.9% | −2.9% | −2.2% |
| January 30, 2026 | −0.3% | +0.2% | +5.4% | −4.9% |
| October 24, 2025 | +2.8% | +2.0% | −1.2% | −1.6% |
| July 25, 2025 | −5.7% | +0.4% | −7.1% | +4.2% |
| April 25, 2025 | +5.1% | +0.8% | +6.9% | +5.0% |
| January 30, 2025 | +23.2% | 0.0% | +32.8% | +22.0% |
| October 25, 2024 | −7.7% | +0.3% | −9.7% | +6.8% |
| July 25, 2024 | +2.6% | +0.6% | −9.9% | +3.2% |
| May 1, 2024 | +27.2% | +0.6% | +35.1% | +24.2% |
| January 31, 2024 | −44.6% | −0.3% | −56.8% | −65.4% |
How Flagstar Bank, National Association’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: fundamentals grade E (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: the shares trade below our fair value: a collar caps upside the model expects.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $5.5B |
| FY23 Q4 | $5.8B |
| FY24 Q1 | $3.7B |
| FY24 Q2 | $3.2B |
| FY24 Q3 | $2.8B |
| FY24 Q4 | $2.6B |
| FY25 Q1 | $2.4B |
| FY25 Q2 | $2.2B |
| FY25 Q3 | $2.1B |
| FY25 Q4 | $2.1B |
| FY26 Q1 | $2.1B |
| FY26 Q2 | $2.1B |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 289.9% |
| FY23 Q4 | 250.8% |
| FY24 Q1 | -5.2% |
| FY24 Q2 | -32.7% |
| FY24 Q3 | -49.0% |
| FY24 Q4 | -55.7% |
| FY25 Q1 | -35.7% |
| FY25 Q2 | -30.5% |
| FY25 Q3 | -23.8% |
| FY25 Q4 | -19.2% |
| FY26 Q1 | -14.1% |
| FY26 Q2 | -6.4% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -2.2% |
| FY23 Q4 | 4.6% |
| FY24 Q1 | -81.9% |
| FY24 Q2 | 72.7% |
| FY24 Q3 | 8.7% |
| FY24 Q4 | 3.4% |
| FY25 Q1 | -8.7% |
| FY25 Q2 | -29.1% |
| FY25 Q3 | 29.6% |
| FY25 Q4 | -8.8% |
| FY26 Q1 | 14.1% |
| FY26 Q2 | 7.8% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 1.1 | 1.5 | 1.4 | 1.5 | 1.4 | 1.3 | 0.6 | 1.4 | 1.3 | 1.1 | 1.0 | 1.2 | 1.4 | 1.6 | 5.8 | 2.6 | 2.1 | 2.1 |
| Net income | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | −0.0 | 0.5 | 0.5 | 0.4 | 0.4 | 0.5 | 0.6 | 0.7 | −0.1 | −1.1 | −0.2 | 0.0 |
| Diluted EPS | $3.39 | $1.24 | $1.09 | $1.13 | $1.08 | $1.09 | −$0.11 | $1.01 | $0.90 | $0.79 | $0.77 | $1.02 | $1.20 | $3.77 | −$0.49 | −$3.49 | −$0.50 | $0.11 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | +53.8% | +42.8% | −5.4% | +1.5% | −4.9% | −3.1% | −53.9% | +131.6% | −6.0% | −16.7% | −7.3% | +11.5% | +16.3% | +21.7% | +250.8% | −55.7% | −19.2% | −6.4% |
| Net income | +411.8% | +35.7% | −11.3% | +4.4% | −5.1% | +2.1% | −109.7% | — | −5.9% | −9.4% | −6.5% | +29.4% | +16.6% | +9.1% | −112.2% | — | — | — |
| Diluted EPS | +391.3% | −63.4% | −12.1% | +3.7% | −4.4% | +0.9% | −110.1% | — | −10.9% | −12.2% | −2.5% | +32.5% | +17.6% | +214.2% | −113.0% | — | — | — |
| Margins | ||||||||||||||||||
| Net margin | 37.5% | 35.6% | 33.4% | 34.4% | 34.3% | 36.2% | −7.6% | 34.6% | 34.6% | 37.6% | 37.9% | 44.0% | 44.1% | 39.6% | −1.4% | −43.8% | −8.6% | 2.3% |
| Free-cash-flow margin | 19.6% | −7.8% | 55.0% | 36.9% | 96.6% | 48.4% | −73.6% | 46.9% | 96.4% | 47.3% | 49.0% | 28.8% | 21.5% | 62.4% | 4.6% | 3.4% | −8.8% | 7.8% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 0.2 | −0.1 | 0.8 | 0.6 | 1.4 | 0.7 | −0.4 | 0.8 | 1.3 | 0.5 | 0.5 | 0.3 | 0.3 | 1.0 | 0.3 | 0.1 | −0.2 | 0.2 |
| Capital spending | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Free cash flow | 0.2 | −0.1 | 0.8 | 0.5 | 1.3 | 0.6 | −0.5 | 0.7 | 1.3 | 0.5 | 0.5 | 0.3 | 0.3 | 1.0 | 0.3 | 0.1 | −0.2 | 0.2 |
| Stock-based pay | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 |
| Free cash flow after stock pay | 0.2 | −0.1 | 0.8 | 0.5 | 1.3 | 0.6 | −0.5 | 0.6 | 1.3 | 0.5 | 0.5 | 0.3 | 0.3 | 1.0 | 0.2 | 0.0 | −0.2 | 0.1 |
| Balance sheet | ||||||||||||||||||
| Cash | 2.7 | 1.9 | 2.0 | 2.4 | 0.6 | 0.6 | 0.5 | 0.6 | 2.5 | 1.5 | 0.7 | 1.9 | 2.2 | 2.0 | 11.5 | 15.4 | 6.0 | 5.2 |
| Total debt | 0.0 | 0.0 | 0.0 | 0.0 | 15.1 | 14.2 | 15.7 | 13.7 | 12.9 | 14.2 | 14.6 | 16.1 | 16.6 | 21.3 | 21.3 | 14.4 | 12.2 | 10.9 |
| Net debt (negative = net cash) | −2.7 | −1.9 | −2.0 | −2.4 | 14.5 | 13.7 | 15.2 | 13.1 | 10.4 | 12.7 | 13.8 | 14.1 | 14.4 | 19.3 | 9.8 | −1.0 | 6.2 | 5.8 |
| Diluted shares | 117m | 145m | 145m | 146m | 146m | 147m | 150m | 162m | 162m | 162m | 155m | 154m | 155m | 162m | 238m | 331m | 415m | 443m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.1 | 0.0 | 0.0 |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | — | — |
| Total returned | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.3 | 0.4 | 0.5 | 0.4 | 0.4 | 0.3 | 0.3 | 0.5 | 0.1 | 0.0 | 0.0 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 623 | 625 | 490 | 496 | 519 | 557 | 498 | 516 |
| Net income | −280 | −188 | −100 | −70 | −36 | 29 | 21 | 34 |
| Diluted EPS | −$0.79 | −$0.33 | −$0.26 | −$0.19 | −$0.11 | $0.06 | $0.03 | $0.06 |
| Growth (year on year) | ||||||||
| Revenue | −40.2% | −27.9% | −22.6% | −26.1% | −16.7% | −10.9% | +1.6% | +4.0% |
| Net income | −235.3% | — | — | — | — | — | — | — |
| Diluted EPS | −197.5% | — | — | — | — | — | — | — |
| Margins | ||||||||
| Net margin | −44.9% | −30.1% | −20.4% | −14.1% | −6.9% | 5.2% | 4.2% | 6.6% |
| Free-cash-flow margin | −166.8% | 99.7% | −120.4% | 71.6% | 46.8% | −33.9% | −23.7% | 43.8% |
| Cash flow | ||||||||
| Cash from operations | −1,039 | 623 | −590 | 355 | 243 | −189 | −118 | 226 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −1,039 | 623 | −590 | 355 | 243 | −189 | −118 | 226 |
| Stock-based pay | 17 | 16 | 15 | 14 | 17 | 15 | 14 | 19 |
| Free cash flow after stock pay | −1,056 | 607 | −605 | 341 | 226 | −204 | −132 | 207 |
| Last 12 months unless stated | FLG | VLY | BOKF | CFR | CBSH | FNB | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2.1bn | $2.2bn | $2.3bn | $2.3bn | $1.9bn | $1.8bn | $255m |
| Revenue growth, last 12 months | −6.4% | 12.2% | 9.8% | 6.6% | 8.6% | 11.8% | 12.5% |
| Revenue growth, 3-year average | −24.1% | 2.5% | 2.5% | 5.5% | 6.1% | 4.1% | 6.0% |
| Revenue growth, latest quarter | 4.0% | 13.3% | 10.1% | 6.4% | 11.9% | 5.5% | 10.7% |
| Net margin | 2.3% | 32.2% | 28.5% | 29.5% | 31.3% | 33.0% | 28.7% |
| Cash from operations / revenue | 7.8% | 26.7% | 65.9% | 32.7% | 67.7% | 38.5% | 34.3% |
| Free-cash-flow margin | 7.8% | 25.9% | 58.5% | 24.8% | 65.1% | 34.0% | 31.4% |
| Free-cash-flow margin, 3-year average | 17.1% | 21.8% | 49.8% | 20.2% | 41.6% | 29.8% | 29.9% |
| Stock pay / revenue | 3.1% | 1.4% | 1.0% | 1.2% | 1.2% | 1.0% | 1.2% |
| Change in share count | 0.4% | 3.2% | −3.9% | −2.3% | — | −0.7% | 0.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -6.4% | 12.5% | 235 of 245 |
| Change in growth rate Growth | +7.6pp | +0.0pp | 27 of 244 |
| Net margin Profitability | 2.3% | 28.7% | 233 of 245 |
| Stock pay as % of revenue Cash generation | 3.1% | 1.3% | 191 of 206 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Liberty 77 Capital L.P. | $1.1B | 75.0M | 20.5% | 0.0% |
| Blackrock, Inc. | $643M | 43.0M | 11.8% | ▲ 4.7% |
| Reverence Capital Partners, L.P. | $538M | 36.0M | 9.8% | 0.0% |
| State Street Corp | $253M | 16.9M | 4.6% | ▲ 1.9% |
| Vanguard Portfolio Management LLC | $203M | 13.6M | 3.7% | ▼ 13.3% |
| T. Rowe Price Investment Management, Inc. | $197M | 13.2M | 3.6% | ▲ 4.2% |
| Vanguard Capital Management LLC | $188M | 12.6M | 3.4% | ▼ 13.6% |
| Hudson Bay Capital Management LP | $145M | 9.7M | 2.7% | ▼ 71.9% |
| Goldman Sachs Group Inc | $129M | 8.6M | 2.4% | ▲ 34.4% |
| Geode Capital Management, LLC | $123M | 8.2M | 2.3% | ▲ 6.4% |
| Alliancebernstein L.P. | $113M | 8.6M | 2.1% | ▲ 14.5% |
| Dimensional Fund Advisors LP | $105M | 7.0M | 1.9% | ▲ 4.3% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Flagstar Bank, National Association's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Raffetto Richard A SEVP Pres of Com & Priv Bnking | December 4, 2025 | Buy | 95 | $12.85 | $1,221 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 29, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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