MeritValue

FLAGSTAR BANK, NATIONAL ASSOCIATION

FLGdata completeness 88%19 fiscal years on file
The thesis, from the filings

FLAGSTAR BANK, NATIONAL ASSOCIATION earns about 10% on invested capital, and has bought back 11% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$23M1$27M1$5.49B2$5.95B2$4.47B2
Net income$596M3$650M4−$79M5−$1.12B5−$177M5
Operating cash flow$290M6$1.03B7$263M8$86M8−$181M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$21.3B9$21.3B10$14.4B11$12.2B11
Cash & equivalents$2.21B12$2.03B13$11.5B14$15.4B14$5.98B15
Diluted shares464.6M161.7M237.9M330.7M415.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$196.06
your share of equity
Profit it earned you last year
−$4.26
Free cash flow it threw off
—
Debt you’d be carrying
$293.36

10 shares is a claim on $196.06 of net worth that earned you −$4.26 last year, against $293.36 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 18%FY22 4%FY23 10%FY24 9%FY25 8%

It earned an average 10% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−11% shares · 5y

Share count is down 11% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 43% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-005505 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000910073-26-000025 (InterestAndDividendIncomeOperating)
  3. 10-K/A · period ending 2021-12-31 · accession 0000910073-24-000081 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0000910073-25-000038 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000910073-26-000025 (NetIncomeLoss)
  6. 10-K/A · period ending 2021-12-31 · accession 0000910073-24-000081 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000910073-25-000038 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000910073-26-000025 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-12-31 · accession 0000910073-24-000081 (LongTermDebt)
  10. 10-K · period ending 2023-12-31 · accession 0000910073-25-000038 (LongTermDebt)
  11. 10-K · period ending 2024-12-31 · accession 0000910073-26-000025 (LongTermDebt)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-005505 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K/A · period ending 2022-12-31 · accession 0000910073-24-000081 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0000910073-25-000038 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2025-12-31 · accession 0000910073-26-000025 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)