FLG
Flagstar Financial, Inc.
FLG's outlook is improving despite an expensive valuation.
MS
Morgan Stanley
MS has the edge over FLG overall, supported by stronger valuation and stronger modeled upside.
FLG Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
FLG's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like FLG.
MS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MS's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MS.
FLG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3x | $0.48 | -95% |
| Fair | 9.8x | $1.56 | -85% |
| Expensive | 13x | $2.11 | -80% |
| Forward | 21x | $10.34 | — |
| Current | 65x | $10.34 | — |
Historical ranges are pointers, not guarantees.
FLG's PE is in its expensive range at 65x. If earnings grow as analysts expect, today's price would be 21x next year's earnings.
MS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $134 | -29% |
| Fair | 14x | $178 | -5.7% |
| Forward | 14x | $189 | — |
| Current | 15x | $189 | — |
| Expensive | 18x | $223 | +18% |
Historical ranges are pointers, not guarantees.
MS has the edge over FLG in the historical PE scenario, which offers more potential upside but is not a forecast.
FLG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for FLG, with profitability improving. However, they disagree widely on these estimates.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MS, with profitability improving.
FLG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.50 | +212% |
| Q3 2026 | $0.16 | +$1.25 |
| Q2 2026 | $0.04 | +$1.81 |
| Q1 2026 | -$0.21 | +$2.51 |
| Q4 2025 | -$0.50 | +$3.31 |
| Q3 2025 | -$1.09 | +$13.74 |
| Q2 2025 | -$1.77 | +$11.46 |
| Q1 2025 | -$2.72 | +$7.72 |
| Q4 2024 | -$3.81 | -$3.33 |
FLG has returned to profit: it earned $0.16 per share over the past year, after losing money the year before.
MS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.39 | +6.3% |
| Q3 2026 | $12.60 | +29% |
| Q2 2026 | $12.37 | +40% |
| Q1 2026 | $11.04 | +29% |
| Q4 2025 | $10.21 | +28% |
| Q3 2025 | $9.76 | +48% |
| Q2 2025 | $8.84 | +45% |
| Q1 2025 | $8.53 | +55% |
| Q4 2024 | $7.95 | +53% |
MS has the edge over FLG on earnings, with more consistent year-over-year improvement.
FLG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $530M | +2.1% |
| Q2 2026 | $516M | +4% |
| Q1 2026 | $498M | +1.6% |
| Q4 2025 | $557M | -11% |
| Q3 2025 | $519M | -17% |
| Q2 2025 | $496M | -26% |
| Q1 2025 | $490M | -23% |
| Q4 2024 | $625M | -28% |
FLG's revenue fell from its 2023 peak and has held roughly level since: $530M last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -1.9% | +6 points |
| Q2 2026 | 9.3% | +26 points |
| Q1 2026 | 6.4% | +31 points |
| Q4 2025 | 8.1% | +46 points |
| Q3 2025 | -7.9% | +46 points |
| Q2 2025 | -16% | +47 points |
| Q1 2025 | -25% | +36 points |
| Q4 2024 | -38% | +287 points |
FLG's operating margin was −1.9% last quarter, up 6 points from the same quarter a year ago.
MS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.3B | +12% |
| Q2 2026 | $21.3B | +27% |
| Q1 2026 | $20.6B | +16% |
| Q4 2025 | $17.9B | +10% |
| Q3 2025 | $18.2B | +18% |
| Q2 2025 | $16.8B | +12% |
| Q1 2025 | $17.7B | +17% |
| Q4 2024 | $16.2B | +26% |
MS has the edge over FLG on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | -1.2 points |
| Q2 2026 | 34% | +6.9 points |
| Q1 2026 | 34% | +2.8 points |
| Q4 2025 | 32% | +2 points |
| Q3 2025 | 33% | +5.6 points |
| Q2 2025 | 28% | +0.4 points |
| Q1 2025 | 31% | +2.2 points |
| Q4 2024 | 30% | +14 points |
MS has the edge over FLG on profitability, with a higher operating margin.
FLG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$5M | -102% |
| Q2 2026 | $226M | -36% |
| Q1 2026 | -$118M | +$472M |
| Q4 2025 | -$189M | -130% |
| Q3 2025 | $243M | +$1.3B |
| Q2 2025 | $355M | -55% |
| Q1 2025 | -$590M | -$296M |
| Q4 2024 | $623M | -20% |
FLG's free cash flow was −$86M over the past year, against $631M the year before. Free cash flow isn't a meaningful measure for financial services companies like FLG.
MS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$46B | -$42.7B |
| Q2 2026 | -$2.7B | -123% |
| Q1 2026 | -$7.1B | +$16.9B |
| Q4 2025 | -$2.4B | -120% |
| Q3 2025 | -$3.3B | +$14B |
| Q2 2025 | $11.8B | +368% |
| Q1 2025 | -$24B | -650% |
| Q4 2024 | $11.8B | +$29.6B |
MS has the edge over FLG on cash flow, with more consistent year-over-year improvement.
FLG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.6% | -7.6M shares |
| 1 year | +12% | +50.5M shares |
| 3 years | +93% | +225M shares |
| 5 years | +201% | +311M shares |
| Available history | +200% | +311M shares |
FLG has 466M diluted shares, up 12% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | $9M |
| Q1 2023 | $9M |
| Q4 2022 | — |
| Q3 2022 | — |
| Q4 2020 | — |
MS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -3M shares |
| 1 year | -1.5% | -24M shares |
| 3 years | -4.7% | -77M shares |
| 5 years | -14% | -246M shares |
| Available history | -4.5% | -74M shares |
MS has the edge over FLG on shareholder dilution, with a more favorable share count trend.
FLG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 42.2x | High |
| Q2 2026 | 47.2x | High |
| Q1 2026 | 110.1x | High |
| Q4 2023 | 85.2x | High |
| Q3 2023 | 2.5x | Moderate |
| Q2 2023 | 0.2x | Very low |
| Q1 2023 | -0.3x | Net Cash |
| Q4 2022 | 22.2x | High |
FLG's net debt is more than 20 years of its operating earnings (EBITDA), up from 2.5 years a year ago. Net leverage isn't a meaningful measure for financial services companies like FLG.
MS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.8x | High |
| Q2 2026 | 7.3x | High |
| Q1 2026 | 8.2x | High |
| Q4 2025 | 8.6x | High |
| Q3 2025 | 8.4x | High |
| Q2 2025 | 8.7x | High |
| Q1 2025 | 8.7x | High |
| Q4 2024 | 7.9x | High |
MS has the edge over FLG on leverage, with a lower net debt burden relative to earnings.
FLG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 28.1 | Oversold |
| Stochastic | 11.6 | Oversold |
FLG's weekly RSI is 28 (oversold) and its Stochastic is 12 (oversold).
MS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.0 | Neutral |
| Stochastic | 18.7 | Oversold |
MS's weekly RSI is 45 (neutral) and its Stochastic is 19 (oversold).
FLG PE vs Financial Services Sector
| Metric | FLG | Sector median | Relative |
|---|---|---|---|
| PE | 65x | 13x | 396% above |
| PE % | 94 | 63 | 31 pts above |
FLG is trading at 65x earnings, a 396% premium to the Financial Services sector's median of 13x.
MS PE vs Financial Services Sector
| Metric | MS | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 59 | 63 | 4 pts below |
MS has the edge over FLG on valuation relative to its sector.
FLG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.0 | 6.3% below |
| 20 week MA | $12.8 | 19% below |
| 50 week MA | $13.2 | 22% below |
| 100 week MA | $12.3 | 16% below |
| 200 week MA | $17.0 | 39% below |
FLG is in a downtrend: it's below all five of its weekly moving averages, and 39% below its 200-week average.
MS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $186.5 | 1.5% above |
| 20 week MA | $203.3 | 6.9% below |
| 50 week MA | $191.9 | 1.4% below |
| 100 week MA | $164.9 | 15% above |
| 200 week MA | $129.3 | 46% above |
MS has the edge over FLG on trend strength, trading above more of its moving averages.
FLG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.4 | $31.3 | -11% |
| 2021 | $31.3 | $36.2 | +15% |
| 2022 | $36.2 | $25.9 | -28% |
| 2023 | $25.9 | $30.7 | +19% |
| 2024 | $30.7 | $9.03 | -71% |
| 2025 | $9.03 | $12.8 | +41% |
| 2026 YTD | $12.8 | $10.3 | -19% |
FLG has finished lower in three of the last six years. It's down 19% so far in 2026.
MS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.1 | $68.1 | +33% |
| 2021 | $68.1 | $99.3 | +46% |
| 2022 | $99.3 | $86.1 | -13% |
| 2023 | $86.1 | $93.3 | +8.3% |
| 2024 | $93.3 | $126.8 | +36% |
| 2025 | $126.8 | $181.9 | +43% |
| 2026 YTD | $181.9 | $189.2 | +4% |
MS has the edge over FLG on returns for 2026, with the stronger performance.