SweetValueLab
Write for us

Flagstar — bank health check

FLG
RegionalAssets $87.4B4-quarter TTM
Close · Oct 26, 202610.22P/E 73.7 · yield 0.4%
P/TBV0.66×TBVPS 15.48
Line · r 10%—no line
no lineP/TBV ÷ line − 1
Fed funds · last FOMC3.75–4.00%Sep 16, 2026 · +25bp
UST 3m · 2y · 10y · Oct 26, 20264.22 · 4.68 · 5.0010y−2y +0.32 · 10y−3m +0.78
KBE · YTD+8.9%1D +0.4% · 1Y +14.4% · 5Y +17%
KRE · YTD+12.2%1D +0.4% · 1Y +18.8% · 5Y +0%
SPY · YTD+12.3%1D +0.8% · 1Y +13.1% · 5Y +68%
Prices as ofOct 26, 2026Financials TTM through Sep 30, 2026

Valuation range

the line at three costs of equity

No line: the bank's ROTCE is at or below the 3% growth rate, so the formula gives no positive multiple. The P/TBV stands on its own.

Where it has traded

quarter-end P/TBV · 19 quarters · Dec 31, 2021 → Jun 30, 2026
0.00×0.50×1.00×1.50×2.00×2021202220232024202520262021-12-31 · 1.38× (close 36.63 · TBVPS 26.60)2022-03-31 · 1.26× (close 32.16 · TBVPS 25.63)2022-06-30 · 1.09× (close 27.39 · TBVPS 25.03)2022-09-30 · 1.04× (close 25.59 · TBVPS 24.57)2022-12-31 · 1.01× (close 25.80 · TBVPS 25.43)2023-03-31 · 1.02× (close 27.12 · TBVPS 26.52)2023-06-30 · 1.27× (close 33.72 · TBVPS 26.54)2023-09-30 · 1.31× (close 34.02 · TBVPS 25.94)2023-12-31 · 1.21× (close 30.69 · TBVPS 25.45)2024-03-31 · 0.38× (close 9.66 · TBVPS 25.15)2024-06-30 · 0.46× (close 9.66 · TBVPS 21.20)2024-09-30 · 0.55× (close 11.23 · TBVPS 20.59)2024-12-31 · 0.45× (close 9.33 · TBVPS 20.51)2025-03-31 · 0.67× (close 11.62 · TBVPS 17.34)2025-06-30 · 0.61× (close 10.60 · TBVPS 17.25)2025-09-30 · 0.67× (close 11.55 · TBVPS 17.34)2025-12-31 · 0.80× (close 12.59 · TBVPS 15.82)2026-03-31 · 0.85× (close 13.17 · TBVPS 15.56)2026-06-30 · 0.91× (close 14.94 · TBVPS 16.48)p75 1.15×med 0.91×p25 0.64×now 0.66×
Five-year median 0.91×, middle half 0.64–1.15×, range 0.38–1.38×. Now 0.66×: −27% below its own median, higher than 26% of those quarters.Each quarter priced at its own TBVPS · the band is the 25th–75th percentile

Where the money goes

TTM through Sep 30, 2026 · $B
01234Interest income: 4.0 $B4.0InterestincomeInterest expense: −2.2 $B−2.2InterestexpenseNII: 1.8 $B1.8NIINon-interest income: 0.3 $B0.3Non-interestincomeNet revenue: 2.1 $B2.1NetrevenueOperating expenses: −1.9 $B−1.9OperatingexpensesProvision: −0.1 $B−0.1ProvisionPre-tax: 0.1 $B0.1Pre-taxTax: −0.0 $B−0.0TaxNet income: 0.1 $B0.1Netincome
assets $87.4B ÷ TCE $7.3B = 11.9× leverage · ROA 0.11% × 11.9 = ROTCE 1.3%

Revenue mix

NII vs. non-interest income · Regional peers (10)
FLG88 / 12
Tier average74 / 26

Efficiency 89.7% vs. tier 58.2% · ROTCE 1.3% vs. 15.5% · credit cost 4.7% vs. 4.1% · AOCI/TCE −11.4% vs. −12.2%.

Quarter by quarter

8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter
NII, $B0.5
Provision, $B0.08
Efficiency87.5%
AOCI / TCE−11.4%