At a glance
Capitol Federal Financial Inc is worth $1.06B, about 16 times its fiscal 2025 earnings. Revenue grew 20.2% to $201.0M in fiscal 2025, with 33.8% kept as profit; over 5 years it has grown 0.8% a year. It pays a 5.24% dividend yield, and returned $444.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +41.8% over the past year with dividends reinvested and +0.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 23.8% in the 2020 crash (S&P 500: 33.7%) and 26.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 45 months after the lows.
The business in plain English
Capitol Federal Financial is a Maryland corporation that owns a federally chartered savings bank based in Topeka, Kansas. The bank takes deposits from individuals and businesses and lends them out. Long focused on individual customers, it calls itself one of the leading makers of conventional home mortgages in Kansas, and it generally keeps the home loans it makes. It is now shifting toward business customers and commercial loans, including shares of loans arranged by other lenders. It stopped purchasing home loans from other lenders in June 2024.
Most income is net interest income: the gap between interest earned on loans and securities and interest paid on deposits and Federal Home Loan Bank of Topeka borrowings. In the fiscal year ended September 30, 2025, net interest income was $180.3 million and noninterest income, such as fees, was $20.7 million. To grow fees, it offers treasury management (cash, payment and fraud tools for businesses), small-business banking, and trust and wealth management, and it planned to launch private banking in fiscal 2026.
As of September 30, 2025, it had 46 branches, including two inside stores, in nine Kansas counties and three Missouri counties. It mainly serves Topeka, Wichita, Lawrence, Manhattan, Emporia, Salina and part of greater Kansas City. The annual report does not split revenue by business line or region.
Price history
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CFFN +41.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $60.2M, up 18.5% from a year earlier, and net income was $23.6M (+28.2%).
- For fiscal 2025, revenue was $201.0M (+20.2% year over year; -0.8% a year from FY2020 to FY2025) with a 33.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -0.8% weak |
|---|---|
| Return on equity | 6.5% weak |
| Net income / revenue | 33.8% good |
| Loans | $8.17B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $208.9M | $64.5M | — |
| FY2021 | $203.1M | $76.1M | — |
| FY2022 | $215.4M | $84.5M | — |
| FY2023 | $17.6M | $-101.7M | — |
| FY2024 | $167.3M | $38.0M | — |
| FY2025 | $201.0M | $68.0M | — |
Valuation snapshot
| Market value | $1.06B |
|---|---|
| P/E ratio | 16.2 |
| Dividend yield | 5.24% |
Rank among 1514 US companies
Market value at each year end
Capitol Federal Financial’s market value went from $2.27B at the end of 2016 to $1.06B on Oct 28, 2026, down 53%; since the end of 2025 it is up 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.06B | +17.6% |
| 2025 | $897.6M | +14.4% |
| 2024 | $784.7M | -10.0% |
| 2023 | $872.3M | -26.7% |
| 2022 | $1.19B | -24.4% |
| 2021 | $1.57B | -9.3% |
| 2020 | $1.73B | -10.7% |
| 2019 | $1.94B | +7.7% |
| 2018 | $1.80B | -2.7% |
| 2017 | $1.85B | -18.3% |
| 2016 | $2.27B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CFFN price data to Oct 28, 2026 | +29.1% | +41.8% | +27.1% | +0.2% | +1.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +29.1% |
| 2025 | +22.4% |
| 2024 | -2.6% |
| 2023 | -21.1% |
| 2022 | -16.1% |
| 2021 | -1.8% |
| 2020 | -5.1% |
| 2019 | +15.2% |
| 2018 | +2.8% |
| 2017 | -13.2% |
| 2016 | +39.6% |
| 2015 | +5.3% |
| 2014 | +12.9% |
| 2013 | +10.1% |
| 2012 | +10.4% |
| 2011 | +5.6% |
| 2010 | -7.5% |
| 2009 | -26.5% |
| 2008 | +55.3% |
| 2007 | -15.3% |
| 2006 | +19.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 5.8% over that stretch · deepest drop along the way 33%, back to its old high 89 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23% over that stretch · deepest drop along the way 23.8%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.2% over that stretch · deepest drop along the way 26.3%, back to its old high 44.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (9 read): 2 open-market purchases ($60K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 31, 2025 | Rick C Jackson Executive Vice President | buy | $48K |
| Oct 31, 2025 | Rick C Jackson Executive Vice President | buy | $12K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.2% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.21% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.2% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 5% | Mar 31, 2025 |
ETFs with the most weight in CFFN
| KBWD Invesco KBW High Dividend Yield Financial ETF | 1.53% |
| SVAL iShares US Small Cap Value Factor ETF | 0.48% |
| QABA First Trust NASDAQ ABA Community Bank Index Fund | 0.4% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.38% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.31% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.2% |
| KRE SPDR S&P Regional Banking ETF | 0.16% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.12% |
What could go wrong
- Fixed-rate loans funded by short-term money. Most of its assets are long-term, fixed-rate loans, while most deposits and borrowings reset sooner. When short-term rates rise toward or above long-term rates, the gap between what it earns and pays narrows.
- A bigger push into commercial lending. The bank is growing commercial loans, including shares of loans arranged by other lenders, some outside its local area. The company says this raises its credit risk—the chance borrowers don't repay.
- Heavy reliance on the Kansas economy. Its branches sit in Kansas and greater Kansas City. A downturn or falling property values there, or in regions where it holds commercial property or purchased home loans, could hurt loan quality and earnings.
- Dividends depend on the bank's payouts. The holding company funds dividends and buybacks largely with payments from the bank, which regulators limit. A tax item tied to old bad-debt reserves may also affect their size and timing.
- Rising rates can reduce shareholder equity. Securities held as available for sale are carried at market value. When rates rise, their value falls, and that drop reduces stockholders' equity even if the bank still holds them.
- Tough competition for loans and deposits. Bigger banks, credit unions, farm credit lenders and non-bank lenders have expanded in its markets, and smaller local lenders price aggressively. That can mean paying more for deposits or earning less on loans.
Recent events
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Capitol Federal's dividend has been cut, not raised, and it has no streak of increases. Dividends per share peaked at $0.87 in fiscal 2021 and were $0.34 in both fiscal 2024 and 2025. The board planned to keep $0.34 for fiscal 2026, paid as $0.085 a quarter. Dividends equaled 65.1% of fiscal 2025 earnings, and the yield was 5.24% as of October 28, 2026. Buybacks are modest: $51.4 million over fiscal 2021–2025, against $393.0 million in dividends.
The shares have fallen sharply in past downturns. They dropped 33% in September and October 2008 and took 89 months to recover, although they rose 5.8% across the market's full October 2007 to March 2009 slide. They fell 23.8% in the 2020 COVID crash, recovering in about eight months, and 26.3% in the 2022 market downturn, not regaining that peak until July 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Capitol Federal Financial make money?
Mostly from net interest income, the gap between the interest it earns on loans and securities and the interest it pays on deposits and borrowings. In the fiscal year ended September 30, 2025, net interest income was $180.3 million and noninterest income, such as fees, was $20.7 million. Its loans are a mix of commercial loans and first mortgages on owner-occupied homes, funded by deposits and Federal Home Loan Bank of Topeka borrowings.
Does Capitol Federal raise its dividend every year?
No. Capitol Federal has no streak of annual dividend increases. Dividends per share were $0.68 in fiscal 2020, peaked at $0.87 in fiscal 2021, then fell to $0.34 in fiscal 2024 and stayed there in fiscal 2025. The board planned to pay $0.085 a quarter, or $0.34, in fiscal 2026. The dividend yield, a year's dividends divided by the share price, was 5.24% as of October 28, 2026.
Is Capitol Federal Financial profitable?
Yes, in every fiscal year from 2020 to 2025 except fiscal 2023, when it lost $101.7 million. Net income was $68.0 million, or $0.52 per share, in fiscal 2025, up 79% from fiscal 2024. Return on equity, profit as a share of shareholders' capital, was 6.5% that year. In the quarter ended June 30, 2026, net income rose 28.2% from a year earlier to $23.6 million.
How has CFFN stock performed over the long run?
Strongly over one and three years, but barely over five and ten. As of October 28, 2026, the stock returned 41.8% over one year and 29.1% year to date, and averaged 27.1% a year over three years. Over five years it averaged 0.2% a year, and over ten years 1.1% a year. It lost ground every calendar year from 2021 to 2024, including 21.1% in 2023, before gaining 22.4% in 2025.
Which ETFs own Capitol Federal stock?
Capitol Federal is held by 48 ETFs, each as a small slice of the fund. The largest weighting is in the Invesco KBW High Dividend Yield Financial ETF (KBWD), at 1.53%. Others include the iShares US Small Cap Value Factor ETF (SVAL) at 0.48%, the First Trust NASDAQ ABA Community Bank Index Fund (QABA) at 0.40% and the SPDR S&P Regional Banking ETF (KRE) at 0.16%. Among big shareholders, BlackRock reported owning 13.2% of the shares as of June 30, 2025.