Flagstar Bank, National Association
FLGNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $10.51 Prior regular-session close from the quote source.
- $10.37–$10.49 Regular-session low and high so far today.
- 3.6M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $9.93–$15.44 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FLG if it stabilizes funding and credit losses, stops balance-sheet run-off, and converts its remaining loan/securities spread into sustained positive operating cash flow and net income without a dilutive capital raise.
FLG price history
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Investment thesis
What must happen next
If Flagstar stabilizes its deposit/funding mix and stops balance-sheet runoff, its revenue (driven by net interest income plus fees) will stop contracting and begin to recover.HoldingMateriality: High
Revenue declined from 5,764,000,000 (FY 2023) to 2,552,000,000 (FY 2024) to 2,062,000,000 (FY 2025), showing the top-line is the key lever management must reverse. Revenue stabilization is the top-line precondition for turning operating cash flow and net income positive; without it profitability is impossible to sustain.
Watch: Continued low mortgage origination or servicing volumes (a structural market weakness) that permanently reduce fee income and originations, and/or higher-cost deposit pricing that compresses net interest margin.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue declined from 5,764,000,000 (FY 2023) to 2,552,000,000 (FY 2024) to 2,062,000,000 (FY 2025), showing the top-line is the key.
Open source ↗A decline and normalization in credit provisions and marks on securities/loans will causally permit net income to return to profitability even if revenue only stabilizes.HoldingMateriality: High
Net income swung from -1,118,000,000 (FY 2024) to -177,000,000 (FY 2025), indicating the scale of improvement possible when loss items moderate. The dramatic FY‑2024 loss was largely a driver-level event (provisions/marks); if provisions normalize the bank can leverage existing net interest spread to reach positive net income.
Watch: A renewed rise in delinquencies or adverse mark-to-market in the securities/loan portfolio (e.g., housing downturn, localized credit stress) that forces large reserve builds again.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net income swung from -1,118,000,000 (FY 2024) to -177,000,000 (FY 2025), indicating the scale of improvement possible when loss items.
Open source ↗Sufficient cash and liquidity management will prevent forced asset sales at depressed prices, allowing the bank time to repair earnings.WeakeningMateriality: Medium
Cash (Cash and equivalents) moved from 11,609,000,000 (2023) to 15,559,000,000 (2024) then to 5,977,000,000 (2025), showing management has used/managed liquidity and that cash is the buffer to watch. If liquidity runs short, management would be forced into asset sales or emergency capital raises, which would destroy value; maintaining liquidity preserves optionality.
Watch: Large, rapid deposit outflows or wholesale funding withdrawals, or a frozen wholesale market that prevents refinancing, forcing asset sales.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash (Cash and equivalents) moved from 11,609,000,000 (2023) to 15,559,000,000 (2024) then to 5,977,000,000 (2025), showing management has used/managed liquidity.
Open source ↗If deposit costs and credit costs are controlled, operating cash flow will revert to positive and become the primary engine to rebuild equity organically.WeakeningMateriality: Medium
Operating cash flow has fallen from 1,026,000,000 (FY 2022) to 263,000,000 (FY 2023) to 86,000,000 (FY 2024) to -181,000,000 (FY 2025), illustrating how sensitive cash generation is to balance-sheet and credit dynamics. Positive operating cash flow indicates core operations generate real liquidity to support lending and dividends and avoid dilutive capital raises.
Watch: Persistent high funding costs or recurring elevated provisions keep operating cash flow negative, implying the underlying margin/spread economics are broken or impaired by funding.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow has fallen from 1,026,000,000 (FY 2022) to 263,000,000 (FY 2023) to 86,000,000 (FY 2024) to -181,000,000 (FY.
Open source ↗Flagstar’s equity base is large enough to absorb near-term losses and avoid forced dilution if management reins in losses and cash burn in the next 1-2 years.StrengtheningMateriality: Medium
Equity has been roughly stable: 8,824,000,000 (2022) → 8,367,000,000 (2023) → 8,167,000,000 (2024) → 8,143,000,000 (2025), suggesting losses so far were absorbed without massive immediate dilution. A stable capital base lets the bank ride through cyclical losses and execute operational fixes without issuing equity that would dilute existing holders.
Watch: A materially larger loss run, specific regulatory capital shortfall, or a requirement to recognize additional OTTI/SEC impairment that materially reduces book equity and forces a capital raise.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Equity has been roughly stable: 8,824,000,000 (2022) → 8,367,000,000 (2023) → 8,167,000,000 (2024) → 8,143,000,000 (2025), suggesting losses so far.
Open source ↗
Full investment case & evidence
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Original research
If Flagstar stabilizes its deposit/funding mix and stops balance-sheet runoff, its revenue (driven by net interest income plus fees) will stop contracting and begin to recover. Revenue stabilization is the top-line precondition for turning operating cash flow and net income positive; without it profitability is impossible to sustain.
A decline and normalization in credit provisions and marks on securities/loans will causally permit net income to return to profitability even if revenue only stabilizes. The dramatic FY‑2024 loss was largely a driver-level event (provisions/marks); if provisions normalize the bank can leverage existing net interest spread to reach positive net income.
Sufficient cash and liquidity management will prevent forced asset sales at depressed prices, allowing the bank time to repair earnings. If liquidity runs short, management would be forced into asset sales or emergency capital raises, which would destroy value; maintaining liquidity preserves optionality.
If deposit costs and credit costs are controlled, operating cash flow will revert to positive and become the primary engine to rebuild equity organically. Positive operating cash flow indicates core operations generate real liquidity to support lending and dividends and avoid dilutive capital raises.
Flagstar’s equity base is large enough to absorb near-term losses and avoid forced dilution if management reins in losses and cash burn in the next 1-2 years. A stable capital base lets the bank ride through cyclical losses and execute operational fixes without issuing equity that would dilute existing holders.
All standing thesis claims
Original report summary
it stabilizes funding and credit losses, stops balance-sheet run-off, and converts its remaining loan/securities spread into sustained positive operating cash flow and net income without a dilutive capital raise.
Bull case and bear case
Bull case and bear case for Flagstar Bank, National Association
Where the evidence on Flagstar Bank, National Association disagrees: Mixed on the latest evidence (Oct 12, 2026). Of its 5 thesis points, 1 strengthening, 2 holding and 2 weakening.
Bull case: what the evidence supports
If Flagstar stabilizes its deposit/funding mix and stops balance-sheet runoff, its revenue (driven by net interest income plus fees) will stop contracting and begin to recover.
A decline and normalization in credit provisions and marks on securities/loans will causally permit net income to return to profitability even if revenue only stabilizes.
Flagstar’s equity base is large enough to absorb near-term losses and avoid forced dilution if management reins in losses and cash burn in the next 1-2 years.
Bear case: what the evidence questions
Sufficient cash and liquidity management will prevent forced asset sales at depressed prices, allowing the bank time to repair earnings.
If deposit costs and credit costs are controlled, operating cash flow will revert to positive and become the primary engine to rebuild equity organically.
Thesis-Break Engine
Thesis-break watch · Flagstar Bank, National Association
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Flagstar Bank, National Association filed an SEC 8-K on 2026-07-24: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Flagstar Bank, National Association filed an SEC 8-K on 2026-06-11: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Flagstar Bank, National Association filed an SEC 8-K on 2026-05-18: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Continued low mortgage origination or servicing volumes (a structural market weakness) that permanently reduce fee income and originations, and/or higher-cost deposit pricing that compresses net interest margin.
- A renewed rise in delinquencies or adverse mark-to-market in the securities/loan portfolio (e.g., housing downturn, localized credit stress) that forces large reserve builds again.
- Large, rapid deposit outflows or wholesale funding withdrawals, or a frozen wholesale market that prevents refinancing, forcing asset sales.
- Persistent high funding costs or recurring elevated provisions keep operating cash flow negative, implying the underlying margin/spread economics are broken or impaired by funding.
- A materially larger loss run, specific regulatory capital shortfall, or a requirement to recognize additional OTTI/SEC impairment that materially reduces book equity and forces a capital raise.
FLG news
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Financial statements
FLG income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
FLG: quick answers
- Which well-known investors own FLG?
- 2 of the 37 well-known funds tracked here reported FLG shares in their latest 13F filings. By share of the fund's portfolio: Soros Fund Management (George Soros), 0.1%; Bridgewater Associates (Ray Dalio), 0.1%. Fund portfolios
FLG in well-known investors’ portfolios
2 of 37 funds reported FLG shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| George SorosSoros Fund Management | 0.14% | $11.7M | New | Q2 2026 |
| Ray DalioBridgewater Associates | 0.10% | $24.4M | −4.7% | Q2 2026 |