Dynex Capital, Inc. DX

FinancialsResidential & Commercial REITsUnited States of America

Last close 10.65 USD on Nov 1, 2026, −12.2% year to date

Quant rating

Quant rating B Rank 286 of 799 in Financials

Growth A 29 of 799
Valuation C 551 of 799
Quality B 306 of 799
Revisions A 26 of 799
Momentum D 699 of 799

Wall Street consensus Buy (2.00)Average target 12.60 USD +18.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.8B
Enterprise value: 26.2B
52-week range: 10.31 – 14.93
3-year range: 10.31 – 14.93
Dividend yield: 19.15%
Beta (5 years): 0.98
Shares outstanding: 260M
Next earnings: Jan 25, 2027

About the company

Dynex Capital, Inc. is a financial services company. The Company is an internally managed mortgage real estate investment trust (REIT), which invests in mortgage-backed securities (MBS). It finances its investments principally with repurchase agreements. Its objective is to provide attractive risk-adjusted returns to its shareholders over the long term that are reflective of a leveraged, high-quality fixed income portfolio with a focus on capital preservation. It seeks to provide returns to its shareholders primarily through the payment of regular dividends and through capital appreciation of its investments. It primarily invests in Agency MBS, of which over 97% are residential MBS (Agency RMBS), including to-be-announced (TBA) securities. The remainder of its investment portfolio consists of Agency commercial MBS (Agency CMBS) and Agency and non-Agency CMBS interest-only (CMBS IO) securities.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	534	318	133	−2.4	66.8	–
Revenue growth	67.8%	139.8%	5,690.3%	−103.6%	−83.5%	5.7%
EPS (basic, normalized)	0.90	−0.35	−0.95	1.04	1.97	–
EPS growth	–	–	–	−47.2%	–	–
Gross margin	21.4%	1.4%	−62.5%	–	91.5%	13.0%
Net margin	57.9%	33.4%	−10.4%	–	136.2%	54.3%
ROE	17.5%	11.1%	−0.7%	17.1%	14.6%	11.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	993
Current ratio	–
Long-term debt (mil)	0
Net debt (mil)	23,421
Total equity (mil)	3,052
Net debt / equity	7.67x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	534	+67.8%	49.1x	–	–	–	0.90	+357.1%	11.8x
2026	406	−24.0%	64.5x	–	–	–	1.42	+58.1%	7.5x
2027	528	+30.2%	49.6x	–	–	–	1.66	+16.3%	6.4x
2028	616	+16.6%	42.5x	–	–	–	1.79	+8.5%	5.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	406	0.0%	0.0%	+66.5%	1.42	+1.1%	+1.1%	−5.2%
2027	528	0.0%	0.0%	+143.9%	1.66	+6.9%	+6.9%	+6.4%
2028	616	0.0%	0.0%	–	1.79	+1.4%	+1.4%	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	−3.2	1.3	0.9	6.9	17.1	23.1	30.6	43.5	79.3	93.8
Sales mean (mil)	−0.3	−3.0	5.3	13.8	22.1	22.9	30.2	53.1	54.3	96.7
Surprise	−821.2%	−142.9%	−83.2%	−50.2%	−22.4%	+0.8%	+1.3%	−18.1%	+46.0%	−3.0%
EPS reported	−0.30	−0.12	−0.10	0.10	0.21	0.22	0.25	0.28	0.31	0.36
EPS mean	−0.09	−0.19	−0.03	0.07	0.23	0.31	0.31	0.31	0.34	0.37
Surprise	−248.8%	+37.5%	−257.1%	+47.1%	−10.6%	−29.4%	−19.7%	−8.9%	−7.5%	−3.7%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DX Dynex Capital, Inc.	2.8B	–	57.9%	0.90x	7.5x	6.4x	–	–
NLY Annaly Capital Management, Inc.	14.4B	–	26.2%	0.90x	5.8x	5.9x	24.0x	19.4x
AGNC AGNC Investment Corp.	11.0B	–	32.5%	0.94x	5.6x	5.9x	63.8x	63.5x
RITM Rithm Capital Corp.	5.2B	–	11.9%	0.60x	4.0x	4.0x	–	–
STWD Starwood Property Trust Inc (Maryland)	4.5B	–	21.2%	0.70x	7.8x	6.4x	18.1x	15.7x
ARR ARMOUR Residential REIT, Inc.	1.8B	–	30.5%	0.79x	4.4x	4.5x	–	–
Mean		–	30.0%	0.81x	5.9x	5.5x	35.3x	32.9x
Median		–	28.3%	0.84x	5.7x	5.9x	24.0x	19.4x

Technical analysis

1M−4.6%
3M−13.9%
1Y−7.6%
3Y+72.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Dynex Capital, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	534	318	133	−2.4	66.8	405
Cost of revenue	419	314	215	43.6	5.7	32.6
Gross profit	114	4.4	−82.8	−46.0	61.1	372
Selling, general & administrative expenses	51.5	34.6	30.7	32.4	24.1	21.1
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−258	−146	−110	−223	−66.6	172
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	1.5	1.9	2.2	1.5	1.3	1.1
Operating income	319	114	−6.1	143	102	178
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	319	114	−6.1	143	102	178
Provision for taxes	–	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	319	114	−6.1	143	102	178
Extraordinary items	–	–	–	–	–	–
Net income	319	114	−6.1	143	102	178
EBIT, normalized	61.3	−32.1	−116	−79.8	35.7	350
EBITDA, normalized	63.4	−30.3	−113	−77.5	38.0	352
Basic EPS, normalized	0.90	−0.35	−0.95	1.04	1.97	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Dynex Capital, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	531	377	120	332	366	296
Receivables	85.4	43.3	30.0	25.6	17.0	165
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	–	–	–	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	16,307	7,512	6,039	3,115	3,186	2,603
Note receivable	–	–	–	–	–	–
Other long-term assets	1,035	672	331	490	454	492
Total assets	17,342	8,185	6,370	3,605	3,640	3,095
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	95.2	44.7	53.2	16.4	1.4	1.4
Short-term debt	13,904	6,563	5,381	2,644	2,850	2,437
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	8.4	0	46.0	0.4	1.8	7.7
Minority interest	–	–	–	–	–	–
Other liabilities	14,872	7,000	5,453	2,703	2,867	2,454
Total liabilities	14,880	7,000	5,499	2,704	2,868	2,461
Shareholders' equity
Preferred stock	−3.7	−3.7	−3.7	−3.7	−3.7	−6.6
Common stock	1.7	0.8	0.6	0.5	0.4	0.2
Additional paid-in capital	2,922	1,742	1,404	1,358	1,108	869
Retained earnings (accumulated deficit)	−442	−494	−484	−383	−451	−491
Treasury stock	–	–	–	–	–	–
Other equity	−15.6	−61.0	−47.0	−69.8	118	261
Total equity	2,462	1,185	871	901	771	633
Total liabilities & shareholders' equity	17,342	8,185	6,370	3,605	3,640	3,095

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Dynex Capital, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	319	114	−6.1	143	102	178
Depreciation, depletion & amortization	2.1	1.9	2.3	2.4	2.3	2.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	−219	−89.6	44.8	−31.4	47.4	−7.6
Changes in working capital	18.9	−11.8	21.2	12.3	−5.0	2.0
Cash from operations	121	14.4	62.2	126	147	174
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	−8,074	−1,026	−2,960	−65.4	−555	2,353
Cash from investing	−8,074	−1,026	−2,960	−65.4	−555	2,353
Financing activities
Financing cash flow items	−1.8	−1.2	−0.4	−1.3	−1.2	−0.2
Cash dividends paid	−247	−118	−93.0	−72.4	−58.9	−52.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	8,510	1,514	2,779	41.4	580	−2,300
Cash from financing	8,262	1,395	2,686	−32.3	520	−2,353
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	309	384	−212	28.6	112	174
Free cash flow	121	14.4	62.2	126	147	174

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.