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Flagstar — bank health check

FLG
RegionalAssets $87.7B4-quarter TTM
Close · Oct 16, 202611.08P/E n/m · yield 0.4%
P/TBV0.67×TBVPS 16.48
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 16, 20264.26 · 4.74 · 5.0910y−2y +0.35 · 10y−3m +0.83
KBE · YTD+4.8%1D +0.1% · 1Y +15.5% · 5Y +15%
KRE · YTD+7.7%1D +0.1% · 1Y +20.1% · 5Y −1%
SPY · YTD+11.9%1D −1.1% · 1Y +15.5% · 5Y +71%
Prices as ofOct 16, 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 · 20 quarters · Sep 30, 2021 → Jun 30, 2026
0.00×0.50×1.00×1.50×2.00×2021202220232024202520262021-09-30 · 1.48× (close 38.61 · TBVPS 26.06)2021-12-31 · 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 1.22×med 0.96×p25 0.65×now 0.67×
Five-year median 0.96×, middle half 0.65–1.22×, range 0.38–1.48×. Now 0.67×: −30% below its own median, higher than 35% of those quarters.Each quarter priced at its own TBVPS · the band is the 25th–75th percentile

Where the money goes

TTM through Jun 30, 2026 · $B
01234Interest income: 4.1 $B4.1InterestincomeInterest expense: −2.3 $B−2.3InterestexpenseNII: 1.8 $B1.8NIINon-interest income: 0.2 $B0.2Non-interestincomeNet revenue: 2.0 $B2.0NetrevenueOperating expenses: −1.9 $B−1.9OperatingexpensesProvision: −0.1 $B−0.1ProvisionPre-tax: 0.1 $B0.1Pre-taxTax: −0.0 $B−0.0TaxNet income: 0.0 $B0.0Netincome
assets $87.7B ÷ TCE $7.8B = 11.2× leverage · ROA 0.05% × 11.2 = ROTCE 0.6%

Revenue mix

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

Efficiency 92.9% vs. tier 58.1% · ROTCE 0.6% vs. 15.5% · credit cost 2.9% vs. 4.6% · AOCI/TCE −7.0% vs. −11.5%.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
NII, $B0.4
Provision, $B0.02
Efficiency87.2%
AOCI / TCE−7.0%