At a glance
Flagstar Financial, Inc. is worth $4.22B. Revenue fell 19.2% to $2.06B in fiscal 2025, at a loss; over 5 years it has grown 12.2% a year. It pays a 0.39% dividend yield, and returned $1.19B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −13.2% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Flagstar Bank, National Association, is a bank headquartered in Hicksville, New York. As of December 31, 2025, it had $87.5 billion in assets, $61.0 billion in loans and $66.0 billion in deposits. It operates about 340 locations in nine states. Its strongest footholds are in the New York/New Jersey area and the upper Midwest, and it has a significant presence in Florida and on the West Coast. It also has about 20 private bank branches, mainly in New York City and on the West Coast, which serve wealthy individuals and their businesses.
Like other banks, Flagstar earns most of its money from net interest income. That is the gap between the interest it collects on loans and securities and the interest it pays on deposits and borrowings. In 2025, net interest income was $1.72 billion of its $2.06 billion in revenue. The other $341 million was noninterest income, such as fees. Most of its multi-family loans are backed by rental apartment buildings in New York City. Most of its commercial real estate loans are on properties in the Northeast and Midwest. It also makes business loans to mid-sized companies nationwide and offers mortgages, investment products and insurance.
Flagstar reports as a single segment, so it gives no revenue split by product or region. On October 17, 2025, its former holding company, Flagstar Financial, Inc., merged into the bank. That company was once named New York Community Bancorp.
Price history
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FLG -13.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $516.0M, up 4% from a year earlier, and net income was $34.0M.
- For fiscal 2025, revenue was $2.06B (-19.2% year over year; +12.2% a year from FY2020 to FY2025) with a -8.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.2% good |
|---|---|
| Return on equity | -2.2% weak |
| Net income / revenue | -8.6% weak |
| Deposits | $67.52B |
| Loans | $60.12B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.16B | $511.0M | — |
| FY2021 | $1.35B | $596.0M | — |
| FY2022 | $1.64B | $650.0M | — |
| FY2023 | $5.76B | $-79.0M | — |
| FY2024 | $2.55B | $-1.12B | — |
| FY2025 | $2.06B | $-177.0M | — |
Valuation snapshot
| Market value | $4.22B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0.39% |
Rank among 1514 US companies
Market value at each year end
Flagstar Financial’s market value went from $3.87B at the end of 2024 to $4.22B on Oct 28, 2026, up 9%; since the end of 2025 it is down 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.22B | -19.4% |
| 2025 | $5.23B | +35.1% |
| 2024 | $3.87B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FLG price data to Oct 28, 2026 | -19.1% | -13.2% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -19.1% |
| 2025 | +35.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($103K) and 1 sales ($51.72).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 27, 2026 | Alan L Frank Director | buy | $101K |
| Dec 4, 2025 | Richard A Raffetto SEVP Pres of Com & Priv Bnking | buy | $1K |
| Sep 4, 2025 | Richard A Raffetto SEVP Pres of Com & Priv Bnking | sell | $52.00 |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.2% | Sep 30, 2026 |
| RCP Eagle Holdings LP | 8.65% | Dec 31, 2025 |
| PICTON MAHONEY ASSET MANAGEMENT | 5.1% | Jun 30, 2026 |
| STATE STREET CORPORATION | 4.4% | Mar 31, 2025 |
| Hudson Bay Capital Management LP | 2.34% | Jun 30, 2026 |
ETFs with the most weight in FLG
| FDIQ Invesco Bloomberg Financial Data Providers ETF | 2.17% |
| KRE SPDR S&P Regional Banking ETF | 2.04% |
| NIXT Research Affiliates Deletions ETF | 1.1% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.61% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 0.27% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 0.26% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 0.26% |
| BBSC JPMorgan BetaBuilders U.S. Small Cap Equity Fund | 0.25% |
What could go wrong
- Heavy reliance on New York City apartments. Most of its multi-family loans are backed by New York City rental apartment buildings. A weaker local economy, or changes in New York State laws or regulations, could hurt borrowers' ability to repay.
- Concentration in commercial property lending. Its heavy lending on apartment buildings and commercial real estate may draw extra scrutiny from regulators. Its plan to spread its loans more widely may prove harder, costlier or slower than expected.
- Loan losses could exceed reserves. Its allowance for credit losses, money set aside for expected loan losses, was $1.1 billion as of December 31, 2025. If defaults top its models' estimates, extra provisions would cut earnings and capital.
- The dividend could shrink further or end. The 10-K warns that ending the quarterly dividend could hurt the stock. Preferred shareholders are paid first, and deferring payments on trust preferred securities, a type of debt, would block common dividends.
- Warrants and new shares could dilute holders. The bank has issued warrants, which give holders the right to buy new shares. If they are used, or the bank sells more stock, ownership spreads across more shares and the price could suffer.
- Interest rate moves can squeeze profits. Deposit costs follow short-term rates, but loan yields follow longer-term rates. If deposit costs rise faster, net interest income shrinks. Rates that stay high could also strain property borrowers whose loan rates reset.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Executive or board change; Shareholder vote results; Investor presentation or announcement
- Executive or board change; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
Flagstar pays a dividend, but a very small one, and it has no streak of increases. Dividends per share fell from $2.04 in 2022 and 2023 to $0.20 in 2024 and $0.04 in 2025. The yield was 0.39% as of October 28, 2026. The bank lost money in 2023, 2024 and 2025, so earnings did not cover those payments. Buybacks totaled just $7 million from 2021 through 2025. For an income investor, the stock provides little cash. The 10-K also lists ending the quarterly dividend among its risks.
Our price history for FLG covers only about two years. It does not show how the shares held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. In the year to October 28, 2026, the shares fell as much as 33.9% from peak to low point. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Flagstar Bank make money?
Mostly by lending. In 2025, $1.72 billion of Flagstar's $2.06 billion in revenue was net interest income. That is the difference between the interest it earns on loans and securities and the interest it pays on deposits and borrowings. The other $341 million was noninterest income, such as fees. It lends mainly against New York City rental apartment buildings and commercial property in the Northeast and Midwest. It also lends to mid-sized businesses across the country.
Does Flagstar Bank pay a dividend?
Yes, but a small one. Flagstar paid $0.04 per share in 2025, down from $0.20 in 2024 and $2.04 in both 2022 and 2023. The dividend yield, which is yearly dividends divided by the share price, was 0.39% as of October 28, 2026. The bank lost money in 2023, 2024 and 2025, so earnings did not cover those dividends. Its 10-K lists ending the quarterly cash dividend among its risks.
Is Flagstar Bank the same company as New York Community Bancorp?
Yes. It is the same business, now without a holding company. Its earlier names include Queens County Bancorp, New York Community Bancorp and Flagstar Financial, Inc. On October 17, 2025, Flagstar Financial merged into Flagstar Bank, National Association. Shareholders received the same number of shares in the bank, which trade on the NYSE as FLG. The bank says it expects to keep filing reports with the SEC voluntarily, but it may stop.
Is Flagstar Bank profitable?
It has not made a full-year profit since 2022. Flagstar lost $79 million in 2023, $1.12 billion in 2024 and $177 million in 2025. Its 2025 return on equity, which measures profit against shareholders' money, was -2.2%. In 2025 it also set aside $184 million for expected loan losses. In the quarter ended June 30, 2026, it reported net income of $34 million on revenue of $516 million. Revenue was up 4% from a year earlier.
How has Flagstar Bank stock performed?
It has fallen over the past year. As of October 28, 2026, the shares were down 13.2% over one year and down 19.1% for 2026 to that date. In 2025 they gained 35.4%. In the year to October 28, 2026, the deepest drop from peak to low point was 33.9%. Volatility, a measure of how sharply the price swings, was 29.4% over one year. Our price history for FLG covers only about two years, so there is no long-term record.