Detailed financial statements for Flagstar Financial, Inc. (FLG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Flagstar Financial, Inc. serves as the holding company for Flagstar Bank, N.A., delivering a wide array of banking solutions and services throughout the United States. Its deposit portfolio features interest-bearing checking, money market, savings, and non-interest-bearing accounts, alongside retirement savings plans and certificates of deposit.
Analysis Summary
Flagstar Financial, Inc. reported revenue of $1.95B in the most recent fiscal year, growing at a 5-year CAGR of 10.9%.
Trailing-twelve-month margins: gross margin 46.0%, operating margin 2.7%, net margin 2.2%.
At $10.54 (closing price, November 3, 2026), FLG trades at a P/E of 77.56 and an ROE of 1.20%. Market capitalisation stands at $4.4B.
Balance sheet quality for FLG: debt-to-equity ratio of 1.43, current ratio of 0.00 over the last 12 months, net cash position of $4.07B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $1.44B | $1.37B | $1.12B | $1.04B | $1.16B | $1.35B | $1.48B | $3.63B | $2.58B | $1.95B |
| Cost of Revenue | $4.2M | $37.2M | $18.3M | $7.0M | $62.0M | $3.0M | $133.0M | $833.0M | $1.09B | $184.0M |
| Gross Profit | $1.43B | $1.33B | $1.10B | $1.03B | $1.10B | $1.35B | $1.35B | $2.80B | $1.49B | $1.77B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $545.7M | $561.2M | $446.5M | $422.0M | $425.0M | $430.0M | $512.0M | $1.90B | $2.38B | $1.18B |
| Operating Expenses | $657.8M | $660.4M | $546.6M | $511.0M | $511.0M | $541.0M | $523.0M | $2.85B | $2.87B | $1.96B |
| Operating Income | $777.1M | $668.2M | $557.7M | $523.0M | $588.0M | $806.0M | $826.0M | -$50.0M | -$1.38B | -$198.0M |
| EBITDA | $812.3M | $701.2M | $590.0M | $550.0M | $612.0M | $827.0M | $849.0M | $115.0M | -$1.19B | -$50.0M |
| Interest Expense | $387.5M | $452.2M | $658.7M | $848.0M | $608.0M | $400.0M | $696.0M | $2.41B | $3.80B | $2.75B |
| Pre-tax Income | $777.1M | $668.2M | $557.7M | $523.0M | $588.0M | $806.0M | $826.0M | -$50.0M | -$1.38B | -$198.0M |
| Income Tax | $281.7M | $202.0M | $135.3M | $128.0M | $77.0M | $210.0M | $176.0M | $29.0M | -$260.0M | -$21.0M |
| Net Income | $495.4M | $466.2M | $422.4M | $395.0M | $511.0M | $596.0M | $650.0M | -$79.0M | -$1.12B | -$177.0M |
| EPS | $3.04 | $2.70 | $2.37 | $2.31 | $3.06 | $3.59 | $3.78 | -$0.49 | -$3.49 | -$0.51 |
| EPS (Diluted) | $3.04 | $2.70 | $2.37 | $2.31 | $3.06 | $3.59 | $3.77 | -$0.49 | -$3.49 | -$0.51 |
| Shares Outstanding (Diluted) | 161.7 M | 162.4 M | 162.4 M | 155.2 M | 154.4 M | 154.7 M | 161.7 M | 237.9 M | 330.7 M | 415.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $523.0M | $498.0M | $516.0M | $530.0M |
| Gross Profit | $520.0M | $498.0M | $498.0M | $454.0M |
| Operating Income | $45.0M | $32.0M | $48.0M | -$10.0M |
| EBITDA | $80.0M | $67.0M | $116.0M | -$10.0M |
| Net Income | $29.0M | $21.0M | $34.0M | $12.0M |
| EPS | $0.05 | $0.03 | $0.06 | $0.01 |
| EPS (Diluted) | $0.05 | $0.03 | $0.05 | $0.01 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $557.9M | $2.53B | $1.47B | $741.9M | $1.95B | $2.21B | $2.03B | $11.47B | $15.43B | $553.0M |
| Short-term Investments | $104.3M | $2.27B | $4.38B | $4.48B | $4.54B | $4.61B | $8.63B | $9.14B | $10.40B | $15.70B |
| Receivables | $802.9M | $662.6M | $683.1M | $1.27B | $1.74B | $1.80B | $1.68B | $3.19B | $2.12B | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.47B | $5.46B | $6.54B | $6.49B | $8.22B | $8.62B | $12.34B | $23.81B | $27.95B | $16.25B |
| Property, Plant & Equipment | $373.7M | $368.7M | $346.2M | $598.8M | $554.0M | $270.0M | $491.0M | $652.0M | $562.0M | $477.0M |
| Goodwill | $2.44B | $2.44B | $2.44B | $2.43B | $2.43B | $2.43B | $2.43B | 0 | 0 | 0 |
| Intangible Assets | $234.2M | $6.1M | $780,000 | 0 | 0 | 0 | $1.32B | $1.74B | $514.0M | $381.0M |
| Total Assets | $48.93B | $49.12B | $51.90B | $53.64B | $56.31B | $59.53B | $90.14B | $114.06B | $100.16B | $87.51B |
| Accounts Payable | 0 | 0 | 0 | 0 | $19.0M | $18.0M | 0 | 0 | 0 | 0 |
| Short-term Debt | $1.65B | $450.0M | $500.0M | $800.0M | $800.0M | $4.55B | $10.32B | $7.35B | $3.75B | 0 |
| Total Current Liabilities | $30.54B | $29.55B | $31.26B | $32.46B | $33.26B | $39.63B | $69.05B | $88.88B | $79.62B | $30.29B |
| Long-term Debt | $12.02B | $12.46B | $13.71B | $13.76B | $15.28B | $15.76B | $21.33B | $21.27B | $10.68B | $12.18B |
| Total Liabilities | $42.80B | $42.33B | $45.24B | $46.93B | $49.46B | $52.48B | $81.32B | $105.69B | $91.99B | $79.37B |
| Retained Earnings | $128.4M | $237.9M | $297.2M | $342.0M | $494.0M | $741.0M | $1.04B | $443.0M | -$763.0M | -$988.0M |
| Total Equity | $6.12B | $6.80B | $6.66B | $6.71B | $6.84B | $7.04B | $8.82B | $8.37B | $8.17B | $8.14B |
| Total Debt | $13.67B | $12.91B | $14.21B | $14.84B | $16.35B | $20.56B | $31.66B | $28.62B | $14.43B | $12.18B |
| Net Debt | $13.01B | $8.12B | $8.35B | $9.62B | $9.87B | $13.74B | $21.00B | $8.00B | -$11.41B | -$4.07B |
| Working Capital | -$29.07B | -$24.09B | -$24.72B | -$25.96B | -$25.04B | -$31.01B | -$56.71B | -$65.07B | -$51.67B | -$14.04B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $553.0M | $401.0M | $416.0M | $382.0M |
| Total Assets | $87.51B | $87.13B | $87.71B | $87.41B |
| Total Liabilities | $79.37B | $79.01B | $79.57B | $79.77B |
| Total Equity | $8.14B | $8.12B | $8.14B | $7.64B |
| Total Debt | $12.18B | $11.19B | $10.94B | $10.94B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $495.4M | $466.2M | $422.4M | $395.0M | $511.0M | $596.0M | $650.0M | -$79.0M | -$1.12B | -$177.0M |
| Depreciation & Amortization | $35.2M | $33.0M | $32.3M | $27.0M | $24.0M | $21.0M | $23.0M | $165.0M | $184.0M | $148.0M |
| Stock-based Compensation | $32.7M | $36.0M | $36.3M | $32.0M | $29.0M | $31.0M | $29.0M | $47.0M | $54.0M | 0 |
| Change in Working Capital | -$4.32B | -$1.20B | -$23.4M | -$45.0M | -$521.0M | -$342.0M | $395.0M | -$944.0M | $43.0M | -$437.0M |
| Operating Cash Flow | $755.7M | $1.33B | $540.4M | $510.0M | $334.0M | $290.0M | $1.03B | $263.0M | $86.0M | -$534.0M |
| Capital Expenditure | -$84.2M | -$27.8M | -$9.8M | 0 | 0 | -$4.0M | -$3.0M | -$66.0M | -$36.0M | -$67.0M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | $331.0M | $24.90B | 0 | 0 |
| Stock Repurchased | -$8.7M | -$18.5M | -$163.2M | -$75.0M | -$59.0M | -$16.0M | -$24.0M | -$12.0M | -$11.0M | 0 |
| Dividends Paid | -$330.8M | -$356.8M | -$365.9M | -$350.0M | -$349.0M | -$349.0M | -$350.0M | -$519.0M | -$88.0M | -$48.0M |
| Free Cash Flow | $671.5M | $1.30B | $530.5M | $510.0M | $334.0M | $286.0M | $1.02B | $197.0M | $50.0M | -$601.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $243.0M | -$178.0M | -$133.0M | $241.0M |
| Capital Expenditure | -$10.0M | -$38.0M | -$20.0M | -$26.0M |
| Free Cash Flow | $233.0M | -$216.0M | -$153.0M | $215.0M |
| Dividends Paid | -$13.0M | -$11.0M | -$13.0M | -$12.0M |
| Stock-based Compensation | $17.0M | 0 | 0 | $33.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -5.1% | -17.8% | -7.3% | +11.5% | +16.3% | +9.8% | +145.1% | -28.9% | -24.5% |
| Net Income Growth (YoY) | | -5.9% | -9.4% | -6.5% | +29.4% | +16.6% | +9.1% | -112.2% | -1,315.2% | +84.2% |
| EPS Growth (YoY) | | -11.2% | -12.2% | -2.5% | +32.5% | +17.3% | +5.3% | -113.0% | -612.2% | +85.4% |
| Shares Change (YoY) | | +0.4% | +0.0% | -4.4% | -0.5% | +0.2% | +4.5% | +47.1% | +39.0% | +25.6% |
| FCF Growth (YoY) | | +93.4% | -59.2% | -3.9% | -34.5% | -14.4% | +257.7% | -80.7% | -74.6% | -1,302.0% |
| Gross Margin | 99.7% | 97.3% | 98.4% | 99.3% | 94.7% | 99.8% | 91.0% | 77.1% | 57.7% | 90.6% |
| Operating Margin | 54.0% | 48.9% | 49.7% | 50.2% | 50.6% | 59.7% | 55.7% | -1.4% | -53.3% | -10.2% |
| EBITDA Margin | 56.4% | 51.3% | 52.6% | 52.8% | 52.7% | 61.3% | 57.3% | 3.2% | -46.2% | -2.6% |
| Net Margin | 34.4% | 34.1% | 37.6% | 37.9% | 44.0% | 44.1% | 43.9% | -2.2% | -43.3% | -9.1% |
| FCF Margin | 46.7% | 95.1% | 47.3% | 49.0% | 28.8% | 21.2% | 69.0% | 5.4% | 1.9% | -30.8% |
| Effective Tax Rate | 36.3% | 30.2% | 24.3% | 24.5% | 13.1% | 26.1% | 21.3% | -58.0% | 18.9% | 10.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $4.15 | $8.00 | $3.27 | $3.29 | $2.16 | $1.85 | $6.33 | $0.83 | $0.15 | -$1.45 |
| Dividends Per Share | $2.05 | $2.20 | $2.25 | $2.25 | $2.26 | $2.26 | $2.16 | $2.18 | $0.27 | $0.12 |
| Shares Outstanding (Basic) | 161.7 M | 162.4 M | 162.4 M | 155.1 M | 154.2 M | 154.7 M | 161.2 M | 237.9 M | 320.3 M | 415.3 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 1.20% |
| Return on Invested Capital | 0.55% |
| Return on Assets | 0.11% |
| Gross Margin | 45.95% |
| Operating Margin | 2.68% |
| Net Margin | 2.24% |
Financial Health
| Debt / Equity | 1.43 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -0.12 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 15.70 | 14.47 | 11.91 | 15.61 | 10.34 | 10.20 | 6.83 | -63.73 | -2.67 | -24.69 |
| P/B | 1.26 | 0.93 | 0.69 | 0.83 | 0.71 | 0.80 | 0.47 | 0.89 | 0.37 | 0.64 |
| P/S | 5.36 | 4.64 | 4.08 | 5.37 | 4.20 | 4.20 | 2.81 | 2.04 | 1.16 | 2.68 |
| Gross Margin | 78.6% | 73.1% | 62.0% | 54.7% | 62.1% | 77.0% | 61.9% | 46.3% | 23.4% | 37.6% |
| Operating Margin | 54.0% | 48.9% | 49.7% | 50.2% | 50.6% | 59.7% | 55.7% | -1.4% | -53.3% | -10.2% |
| Net Margin | 34.4% | 34.1% | 37.6% | 37.9% | 44.0% | 44.1% | 43.9% | -2.2% | -43.3% | -9.1% |