FLGFLAGSTAR BANK, NATIONAL ASSOCIATION
Savings Institutions, Not Federally Chartered
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $4.4B
- Employees
- 5,631
- Net debt / EBITDA
- —
- $2.5B net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes226% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-8% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo81% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$5K · 4th pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingNo$103K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $23M | $27M | — | — | — | |
| Net income | $596M | $650M | −$79M | −$1.1B | −$177M | 84% |
| Operating cash flow | $290M | $1.0B | $263M | $86M | −$181M | 310% |
| Stock-based comp | $31M | $29M | $47M | $54M | $61M | 13% |
| Buybacks | $0 | $7M | $0 | $0 | — | |
| Dividends | $316M | $317M | $486M | $53M | $15M | 72% |
Deal filings
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 21, 2025 | Liberty 77 Capital L.P. | SCHEDULE 13D/A | 24.9% | Passive |
| Aug 26, 2025 | Liberty 77 Capital L.P. | SCHEDULE 13D/A | 18.1% | Active |
| Sep 24, 2024 | Liberty 77 Capital L.P. | SC 13D/A | 18.1% | Passive |
| Aug 13, 2024 | Liberty 77 Capital L.P. | SC 13D/A | 9.9% | Passive |
| Aug 13, 2024 | RCP GenPar HoldCo LLC | SC 13D/A | 8.9% | Passive |
| Jun 14, 2024 | RCP GenPar HoldCo LLC | SC 13D | 8.4% | Active |
| Jun 10, 2024 | Liberty 77 Capital L.P. | SC 13D/A | 7.7% | Passive |
| Mar 14, 2024 | Liberty 77 Capital L.P. | SC 13D | 5.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $103K · 2
- Open-market sells, 12 mo
- $0 · 0
- Net
- $103K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $8M | $22M | 49 | 211 |
| FY2024 | — | — | 36 | 165 |
| FY2023 | — | — | 117 | 123 |
| FY2022 | — | — | 92 | 113 |
| FY2021 | — | — | 123 | 136 |