Latest Ratios: P/E Ratio -22.9x · EV/EBITDA N/A · ROE -2.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.9B | $5.2B | $3.1B | $7.3B | $4.2B | $5.7B | $4.9B | $5.6B | $4.6B | $6.3B | $7.7B |
| Enterprise Value | $16.5B | $16.9B | $2.1B | $24.4B | $33.8B | $24.0B | $19.3B | $19.7B | $17.3B | $16.7B | $20.8B |
| P/E Ratio → | -22.94 | — | — | — | 6.84 | 10.20 | 10.34 | 15.61 | 11.91 | 14.47 | 15.70 |
| P/S Ratio | 2.50 | 2.68 | 1.19 | 2.01 | 2.82 | 4.20 | 4.21 | 5.38 | 4.08 | 4.64 | 5.36 |
| P/B Ratio | 0.60 | 0.64 | 0.38 | 0.87 | 0.47 | 0.80 | 0.71 | 0.83 | 0.69 | 0.93 | 1.26 |
| P/FCF | — | — | 61.71 | 37.06 | 4.08 | 19.81 | 14.63 | 10.98 | 8.64 | 4.88 | 11.50 |
| P/OCF | — | — | 35.88 | 27.76 | 4.07 | 19.54 | 14.63 | 10.98 | 8.49 | 4.78 | 10.21 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.65 | 0.81 | 6.73 | 22.81 | 17.79 | 16.62 | 18.92 | 15.43 | 12.25 | 14.48 |
| EV / EBITDA | — | — | — | 212.54 | 39.81 | 29.04 | 31.52 | 35.82 | 29.35 | 23.85 | 25.65 |
| EV / EBIT | — | — | — | — | 40.92 | 29.80 | 32.81 | 37.67 | 31.05 | 25.03 | 26.81 |
| EV / FCF | — | — | 41.63 | 124.07 | 33.04 | 83.97 | 57.76 | 38.63 | 32.64 | 12.88 | 31.03 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.6% | 37.6% | 23.4% | 46.3% | 61.9% | 77.0% | 62.1% | 54.7% | 62.0% | 73.1% | 78.6% |
| Operating Margin | -4.2% | -4.2% | -21.6% | -0.8% | 37.9% | 46.1% | 33.2% | 27.7% | 31.3% | 36.8% | 42.5% |
| Net Profit Margin | -3.8% | -3.8% | -17.5% | -1.3% | 29.8% | 34.1% | 28.9% | 20.9% | 23.7% | 25.6% | 27.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.2% | -2.2% | -13.5% | -0.9% | 8.2% | 8.6% | 7.5% | 5.9% | 6.3% | 7.2% | 8.2% |
| ROA | -0.2% | -0.2% | -1.0% | -0.1% | 0.9% | 1.0% | 0.9% | 0.7% | 0.8% | 1.0% | 1.0% |
| ROIC | -0.7% | -0.7% | -3.5% | -0.1% | 1.8% | 2.4% | 2.0% | 1.8% | 2.1% | 2.5% | 2.8% |
| ROCE | -0.5% | -0.5% | -6.0% | -0.2% | 4.0% | 3.8% | 2.7% | 2.5% | 2.8% | 3.5% | 4.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.50 | 1.50 | 1.77 | 3.42 | 3.59 | 2.92 | 2.39 | 2.21 | 2.13 | 1.90 | 2.23 |
| Debt / EBITDA | — | — | — | 248.84 | 37.29 | 24.86 | 26.72 | 26.99 | 24.08 | 18.42 | 16.83 |
| Net Debt / Equity | — | 1.43 | -0.12 | 2.05 | 3.36 | 2.61 | 2.11 | 2.10 | 1.91 | 1.53 | 2.14 |
| Net Debt / EBITDA | — | — | — | 149.06 | 34.89 | 22.19 | 23.53 | 25.64 | 21.58 | 14.81 | 16.15 |
| Debt / FCF | — | — | -20.08 | 87.02 | 28.96 | 64.16 | 43.12 | 27.65 | 24.00 | 8.00 | 19.53 |
| Interest Coverage | -0.07 | -0.07 | -0.36 | -0.02 | 1.19 | 2.02 | 0.97 | 0.62 | 0.85 | 1.48 | 2.01 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.54 | 0.54 | 0.35 | 0.27 | 0.18 | 0.22 | 0.25 | 0.20 | 0.21 | 0.18 | 0.05 |
| Quick Ratio | 0.54 | 0.54 | 0.35 | 0.27 | 0.18 | 0.22 | 0.25 | 0.20 | 0.21 | 0.18 | 0.05 |
| Cash Ratio | 0.02 | 0.02 | 0.19 | 0.13 | 0.03 | 0.06 | 0.06 | 0.02 | 0.05 | 0.09 | 0.02 |
| Asset Turnover | — | 0.05 | 0.06 | 0.05 | 0.02 | 0.03 | 0.03 | 0.04 | 0.03 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.3% | 1.7% | 6.7% | 7.6% | 5.6% | 6.5% | 5.7% | 7.3% | 5.2% | 4.3% |
| Payout Ratio | — | — | — | — | 48.8% | 53.0% | 61.8% | 80.3% | 78.8% | 71.2% | 66.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 14.6% | 9.8% | 9.7% | 6.4% | 8.4% | 6.9% | 6.4% |
| FCF Yield | — | — | 1.6% | 2.7% | 24.5% | 5.0% | 6.8% | 9.1% | 11.6% | 20.5% | 8.7% |
| Buyback Yield | 0.0% | 0.0% | 0.4% | 0.2% | 0.6% | 0.3% | 1.2% | 1.3% | 3.6% | 0.3% | 0.1% |
| Total Shareholder Yield | 0.3% | 0.3% | 2.1% | 6.8% | 8.2% | 5.9% | 7.7% | 7.0% | 10.8% | 5.5% | 4.4% |
| Shares Outstanding | — | $415M | $331M | $238M | $162M | $155M | $154M | $155M | $162M | $162M | $162M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying FLG stock.
Flagstar Financial, Inc.'s current P/E ratio is -22.9x. The historical average is 17.1x.
Flagstar Financial, Inc.'s return on equity (ROE) is -2.2%. The historical average is 8.2%.
Based on historical data, Flagstar Financial, Inc. is trading at a P/E of -22.9x. Compare with industry peers and growth rates for a complete picture.
Flagstar Financial, Inc.'s current dividend yield is 0.31%.
Flagstar Financial, Inc. has 37.6% gross margin and -4.2% operating margin.
Key Metrics
Top Statement Risk
NYC rent-regulated credit exposure
Metrics are mathematically derived from official filings.
Distress Discount Persists
FLG trades at 0.69x tangible book, a steep discount to peers like WAL at 1.09x, reflecting market skepticism about earnings recovery and asset quality, as per recent market data.
The P/B of 0.69x implies the market is pricing in further credit deterioration or a permanently lower return on tangible equity. With ROTCE near zero, the discount appears justified unless the bank can demonstrate sustained profitability above its cost of equity. The forward P/E of 38.8x suggests investors expect a sharp earnings rebound, but the negative TTM P/E indicates current earnings are insufficient to support the multiple.
ROE Trapped Near Zero
ROE improved from -3.9% in 2024Q1 to 0.4% in 2026Q2, but remains far below the cost of equity, as NIM of 0.5% and thin leverage (9% equity/assets) constrain returns, per financial statements.
The DuPont decomposition shows that the bank's return on assets is essentially zero, and with equity at 9% of assets, ROE is mathematically capped at low single digits. The NIM of 0.5% is a fraction of peer levels, indicating severe asset yield and funding cost pressures. Non-interest income contributes only 7.2% of revenue, offering little diversification from spread income.
NIM Stuck at 50 Basis Points
Net interest margin has remained at 0.5% for five consecutive quarters, while the efficiency ratio improved to 42.8% in 2026Q2, but this reflects cost cuts rather than revenue growth, as per quarterly reports.
The stable NIM suggests that asset yields and funding costs are moving in tandem, but at a level that is unsustainable for a profitable bank. The efficiency ratio improvement from 49.9% to 42.8% is driven by expense reduction, not top-line expansion, as revenue fell 26.5% YoY. This indicates that the bank is shrinking its way to efficiency, which may not be durable if revenue continues to decline.
Thin Capital Base Limits Flexibility
Equity to assets ratio has held at 9% for five quarters, with tangible book value per share declining from $27.19 to $16.49, indicating capital erosion, as reported in balance sheet data.
The stable equity ratio masks a shrinking balance sheet, as total assets fell 26% from 2024Q2 to 2026Q2. Tangible book value per share has declined by 39% over the same period, reflecting credit losses and possibly unrealized securities losses. With CET1 not disclosed, the equity ratio suggests a capital base that may be adequate but leaves little room for error or additional provisioning.
Provision Normalization Masks Risks
Loan loss provisions fell from $390M in 2024Q2 to $18M in 2026Q2, a 95% reduction, but criticized assets remain elevated, suggesting the credit cycle may have peaked, per cash flow analysis.
The sharp decline in provisions indicates that the bank believes credit losses are stabilizing, but the elevated criticized asset levels from prior analysis suggest that the worst may not be over. The concentration in NYC rent-regulated multi-family loans remains a key risk, as regulatory changes could impair collateral values. Investors should monitor whether the low provision levels are sustainable or if further charges are needed.
P/E Misleads on Earnings Quality
The negative TTM P/E and high forward P/E of 38.8x obscure the fact that earnings are driven by cost cuts and provision normalization, not revenue growth, as per income statement analysis.
For banks, P/E is often distorted by volatile provisions and one-time items. FLG's earnings turnaround is based on a 95% reduction in provisions and expense cuts, while revenue continues to decline. A more appropriate metric is P/TBV, which at 0.69x reflects the market's view of asset quality and future earnings power. Investors should focus on ROTCE and NIM trends rather than P/E, which can be misleading during a credit cycle.