FLG · Financials(savings institutions, not federally chartered) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Of the $5.0 billion its operations generated over 10 years, 56.9% went to dividends and 6.3% to buybacks; the share count rose 156.8%. On the accounting screens, it passes 2 of 6 Piotroski tests; 3 of the six cross-checks between its statements fire.
Revenue, fiscal 2025—
Operating margin—gross margin —
Return on invested capital8.3%7.2% on average over 4 years
Free cash flow—
Net debt ÷ EBITDA3.7×net debt 6.2B
Piotroski F-score2/6tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
1-for-3 before fiscal 2022.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
01.0B2.0B3.0B
2016Revenue 32.7MOperating income 1.2B
2017Revenue 31.8MOperating income 1.1B
2018Revenue 29.8MOperating income 1.2B
2019Revenue 29.0MOperating income 1.4B
2020Revenue 22.0MOperating income 1.2B
2021Revenue 23.0MOperating income 1.2B
2022Revenue 27.0MOperating income 1.5B
2023Operating income 2.4B
2024Operating income 774.0M
2025Operating income 1.5B
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Operating income
+0.0%
+5.0%
+3.0%
Dividend per share
-73.6%
-55.4%
-36.1%
Shares
+36.9%
+21.9%
+11.0%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
-2.2%
Return on assets
-0.2%
Asset turnover
—
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-2.0B-1.0B01.0B2.0B
2016Net income 495.4MFree cash flow 671.5MAfter stock-based pay 638.8M
2017Net income 466.2MFree cash flow 1.3BAfter stock-based pay 1.3B
2018Net income 422.4MFree cash flow 530.5MAfter stock-based pay 494.2M
2019Net income 395.0M
2020Net income 511.0M
2021Net income 596.0M
2022Net income 650.0M
2023Net income -79.0M
2024Net income -1.1B
2025Net income -177.0M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
5.0B generated by the business. Each band is its share of that total.
Reinvested in the business 2%121.8M
Acquisitions 0%0
Dividends 57%2.8B
Share buybacks 6%311.9M
Kept, or used to pay down debt 34%1.7B
Over the same years it paid 387.9M in stock. The share count rose 156.8%. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-5.00$0.00$5.00$10.00
2016Earnings per share $3.06Free cash flow per share $4.15Dividend per share $2.05
2017Earnings per share $2.87Free cash flow per share $8.00Dividend per share $2.05
2018Earnings per share $2.60Free cash flow per share $3.27Dividend per share $2.05
2019Earnings per share $2.54Dividend per share $2.04
2020Earnings per share $3.31Dividend per share $2.05
2021Earnings per share $3.85Dividend per share $2.04
2022Earnings per share $4.02Dividend per share $1.96
2023Earnings per share $-0.33Dividend per share $2.04
2024Earnings per share $-3.38Dividend per share $0.16
2025Earnings per share $-0.43Dividend per share $0.04
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
100.0M200.0M300.0M400.0M500.0M
2016Diluted shares 161.7M
2017Diluted shares 162.4M
2018Diluted shares 162.4M
2019Diluted shares 155.2M
2020Diluted shares 154.4M
2021Diluted shares 154.9M
2022Diluted shares 161.7M
2023Diluted shares 237.9M
2024Diluted shares 330.7M
2025Diluted shares 415.3M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-10.0B010.0B20.0B
2016
2017
2018
2019
2020
2021
2022Net debt 19.3B
2023Net debt 9.8B
2024Net debt -1.0B
2025Net debt 6.2B
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
3.7×
Interest coverage
1× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
2of 6 tests passed
✕ProfitableReturn on assets above zerofailed
✕Cash from operationsOperating cash flow above zerofailed
✓Profitability improvedReturn on assets higher than a year beforepassed
✕Profit backed by cashOperating cash flow above net income (low accruals)failed
✓Less long-term debtLong-term debt as a share of assets fellpassed
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Reported profit comfortably exceeds the cash generated (-177M against -181M).
Benign
Growth consuming working capital, or the seasonality of the year-end.
Worrying
Profit held up by accounting entries that do not turn into money.
The effective tax rate is -10.6%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
Net debt is 3.7 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
