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what it is
Flagstar takes deposits and makes loans, mostly to apartment owners and businesses across the Northeast and Midwest.
how it gets paid
Last year Flagstar Bank made $4.5B in revenue.
why growth slowed
Revenue fell 25.0% last year. The $0.06 EPS matters because it is the first sign the bank is climbing out of the loss pile.
what just happened
Flagstar posted $0.06 per share against a -$0.01 estimate, but EDGAR shows -$0.56 on a broader count.
At a glance
B+ balance sheet — decent shape, but not bulletproof
10/100 earnings predictability — expect surprises
17.5x trailing p/e — the market's not buying it — or you found a deal
0.4% dividend yield — cash in your pocket every quarter
$0.75 fy2026 eps est
xvary composite: 42/100 — below average
What they do
Flagstar takes deposits and makes loans, mostly to apartment owners and businesses across the Northeast and Midwest.
With over 400 locations and ATMs, your money has a physical home. You feel that when 7,000 employees keep the relationship local. The weird part is that 49% of loans are multi-family buildings (apartment buildings), so one niche carries half the book.
How they make money
$4.5B
annual revenue · revenue declined -25.0% last year
total revenue
$4.5B
25.0%
The products that matter
commercial lending engine
Commercial & Industrial Loans
$1.8B pipeline · up 51%
this is the growth pocket. the pipeline rose to $1.8B from $1.2B a year ago, which matters because a turnaround bank needs new loan production, not just better headlines.
pipeline expansion
deposit gathering and branch banking
Consumer Banking
360+ branches · core funding base
the branch network is the front door for deposits and the backbone of the $3.2B net interest income business. if deposit costs rise faster than loan yields, this is where you feel it.
funding base
fees and other banking income
Non-interest Income
$1.3B · -45%
this $1.3B segment fell 45% from last year. that matters because a bank leaning on a turnaround would prefer its fee income to cushion volatility, not amplify it.
under pressure
Key numbers
$13.09
share price
You are paying $13.09 for a bank whose 18-month target is $10.
$4.5B
annual revenue
That is almost the same size as the roughly $5B market cap, so the stock is not cheap on sales alone.
17.5x
earnings multiple
You are paying 17.5 times trailing earnings for a bank still rebuilding.
0.4%
cash payout
The payout is tiny, so you are buying a turnaround, not income.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- net profit margin 10.0% — keeps 10 cents of every dollar in revenue
- return on equity 7% — $0.07 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in FLG 3 years ago → it's now worth $5,430.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Flagstar posted $0.06 per share against a -$0.01 estimate, but EDGAR shows -$0.56 on a broader count.
Revenue came in at $3.4B, up 210% from a year earlier. The profit line is messy because different reporting views show $0.06 versus -$0.56, which means the quarter improved but did not turn into a clean winner.
$3.4B
revenue
$0.06
eps
210.0%
revenue vs. last year
EPS vs estimate
The $0.06 EPS matters because it is the first sign the bank is climbing out of the loss pile, even with EDGAR still showing a broader loss.
-
flagstar bank eliminated its status as a holding company.the move, finalized in october, reduces regulation, helps streamline administrative functions and creates $15 million in annual cost savings.
-
the move changed the bank's name from flagstar financial to flagstar bank, n.a.
-
flagstar appears to be succeeding in digging itself out of a hole.in early 2024, the former new york community bancorp gave the FDIC the impression that it had strong management and finances, and was thus permitted to purchase the failed signature bank.
-
the news quickly lifted nycb shares to multi-year highs.there is no legal decision, but it seems widely accepted that the bank's accounting practices were worse than questionable.
-
news of the errors sent the shares plummeting 85%.the former management and board were largely removed, and the government appears to have insured future compliance by appointing its choice of a new president and ceo.
source: company earnings report and EDGAR, 2026
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What could go wrong
the #1 risk is the turnaround stalling before profit becomes durable.
high
sustained profitability still has to be proven
flagstar lost $177M last year and made $29M last quarter. that is a swing, not a streak. one bad quarter would put the whole rerating story back on trial.
the stock needs repeated profit, not a single clean quarter
high
revenue pressure is still showing up in both engines
net interest income fell 15% and non-interest income fell 45% last year. when both major revenue lines are shrinking, there is less room for execution errors.
profit can disappear quickly if revenue does not stabilize
med
credit improvement can reverse
criticized loans improved by $2.9B from last year. good. but turnaround banks do not get to treat credit cleanup as permanent until it stays clean through a full cycle.
renewed provisions would hit earnings fast
med
the bank still lacks a moat
360+ branches are a distribution network, not a competitive fortress. if funding gets more expensive or loan pricing gets tighter, you own a bank competing on terms, not uniqueness.
margin pressure becomes a structural problem, not a temporary one
a bank that lost $177M last year and earned only $29M last quarter does not have much room for a stumble.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings report
expected around april 23, 2026. consensus EPS is $0.05. if the bank slips back into a loss, the turnaround pitch gets a lot harder to sell.
guidance
2026 EPS guide of $0.65–$0.70
that range is management's public promise. every quarter now gets measured against it.
credit
criticized loan trend
the $2.9B improvement from last year is real progress. you want to see that keep moving in the same direction.
growth
commercial loan pipeline conversion
the pipeline reached $1.8B, up 51%. the next question is whether those commitments turn into profitable loans, not just a bigger pipeline slide.
Analyst rankings
earnings predictability
10 / 100
in human-speak: analysts do not trust the earnings stream to behave cleanly yet.
balance sheet view
B+
better than distressed, worse than comforting. you are not buying this for fortress-balance-sheet safety.
risk rank
4
safer than 20% of stocks. that is a low bar, not a selling point.
source: institutional data
Institutional activity
167 buyers vs. 170 sellers in 3q2025. total institutional holdings: 0.4B shares.
source: institutional data
Price targets
3-5 year target range
$4
$16
$13
current price
$10
target midpoint · 24% from current · 3-5yr high: $25 (+90% · 19% ann'l return)
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