FLG // Flagstar Bank N.A.

DES <GO> NYSE CIK 0000910073 ↗

Financials • Banks

$10.47 ▲ +0.31 (+3.05%)

MKT CAP: $4.35B • VOL: 6.22M

52W L $10 52W H $15

ALTMAN Z

0.45 RISK

PIOTROSKI

3 / 9

FLG // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 55/100 [D+] (-1 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D+

RQD CONFIDENCE

54 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.58

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

14 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON FLG)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 93/100 Z-SCORE: +3.34σ

FLG Accounting Gap: Net Income (+84.2%) Outpaced OCF (-120%) With +0% Working-Capital Build

CASH CONVERSION GAP

+204.2% (NI vs OCF)

RECEIVABLES / WC BLOAT

+0.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Flagstar Bank N.A. (FLG) exposes a +204.2% Cash Conversion Gap as YoY Net Income growth (+84.2%) diverged from Operating Cash Flow growth (-120.0%). Non-cash current assets and receivables expanded +0.0% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

FLG // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -24.77%📐 HORIZONTAL RANGE

2026-10-30O $10.50H $10.57L $10.37C $10.51VOL 6.25M

RES: $16.92SUP: $9.87SMA50: $12.10SMA200: $13.44

FLG // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 39/100

BEAR 0

100 BULL

Flagstar Bank N.A. (FLG) exhibits 41.0% gross margins and -0.6% return on invested capital within Financials (Banks), balanced against a 24.0x enterprise multiple and 7.3% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 41.0% gross profitability converts into -17.7% operating margin and -0.6% ROIC, outpacing sector cost of capital.

ROIC: -0.6% // GM: 41.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +2.2% paired with -5.42% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +2.2% // FCF YLD: -5.42%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 0.45 and Piotroski F-Score of 3/9 indicate low near-term refinancing stress.

ALTMAN Z: 0.45 // F-SCORE: 3/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (18.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±7.3% implied move with a 0.58 put/call ratio around $10.00 max pain.

IMPL MOVE: ±7.3% // P/C: 0.58

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Banks require continuous execution to defend -14.5% net margins.

NET MARGIN: -14.5% // D/E: 4.09x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 18.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.11).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 18.0x

EV / EBITDA —

FCF YIELD -5.42%

GROSS MARGIN 41.0%

OPERATING MARGIN -17.7%

NET MARGIN -14.5%

ROIC % -0.6%

REV GROWTH YOY +2.2%

DILUTED EPS TTM $-0.43

DEBT / EQUITY 4.09x

DIVIDEND YIELD 0.35%

RSI-14 MOMENTUM 34.0

5Y EQUITY BETA 1.11

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // FLGPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $9.58

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for FLG & activate live FRED threshold breach alerts.

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