A Business at a Glance
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DYNEX CAPITAL INC
DX
$1.6B
Mkt Cap
$12.60
+0.00%
DYNEX CAPITAL INC (DX) has a current P/E ratio of 5.1, compared to its historical median P/E of 3.5. The stock is currently considered Fair based on its historical valuation range.
DYNEX CAPITAL INC (DX) has a 5-year average return on invested capital (ROIC) of 7.7%. This is below average and may indicate limited pricing power.
DYNEX CAPITAL INC (DX) has a market capitalization of $2.6B. It is classified as a mid-cap stock.
Yes, DYNEX CAPITAL INC (DX) pays a dividend with a trailing twelve-month yield of 11.78%.
Based on historical P/E analysis, DYNEX CAPITAL INC (DX) appears fair. The current P/E of 5.1 is 44% above its historical median of 3.5. The estimated fair value CAGR (P/E method) is -13.9%.
DYNEX CAPITAL INC (DX) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
DYNEX CAPITAL INC (DX) generated $121 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CAUTIONARY STATEMENT – This Annual Report on Form 10-K contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). We caution that such forward-looking statements we make are not guarantees of future performance, and actual results may differ materially from those expressed or implied in such forward-looking statements. Some factors that could cause actual results to differ materially from estimates expressed or implied in our forward-looking statements are set forth in this Annual Report on Form 10-K for the year ended December 31, 2025. See “Forward-Looking Statements” set forth within this Part 1, Item 1 and “Risk Factors” within Part I, Item 1A of this Annual Report on Form 10-K. In this Annual Report on Form 10-K, we refer to Dynex Capital, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 176M | - | - | -7.9M | - | 54M |
| Net Income | 231M | 309M | 106M | -14M | 135M | 91M |
| EPS | $1.53 | $2.47 | $1.49 | $-0.25 | $3.17 | $2.78 |
| Free Cash Flow | 0 | 121M | 14M | 62M | 126M | 147M |
| ROIC | -0.0% | 0.7% | 0.9% | 1.8% | 21.4% | 13.8% |
| Gross Margin | - | - | - | 313.5% | - | 72.3% |
| Debt/Equity | 18.87 | 58.44 | 56.07 | 26.99 | 0.06 | 0.11 |
| Dividends/Share | $1.48 | $2.00 | $1.60 | $1.68 | $1.56 | $1.56 |
| Operating Income | -2.0M | 728M | 420M | 202M | 179M | 97M |
| Operating Margin | -1.1% | - | - | -2542.2% | - | - |
| ROE | 8.5% | 16.9% | 10.3% | -1.6% | 16.2% | 12.9% |
| Shares Outstanding | 207M | 125M | 71M | 55M | 43M | 33M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 81M | 78M | 67M | 58M | 50M | N/A | N/A | 54M | N/A | -7.9M | N/A | N/A | 176M |
| Gross Margin | 76.9% | 81.4% | 86.4% | 83.2% | 84.5% | N/A | N/A | 72.3% | N/A | 313.5% | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 6.5M | 8.6M | 7.2M | 7.3M | 8.5M | 8.5M | 9.3M | 11M | 16M | 14M | 14M | 35M | 18M |
| EBIT | 45M | 30M | 59M | 59M | -1.6M | -52M | 193M | 97M | 179M | 202M | 420M | 728M | -2.0M |
| Op. Margin | 55.1% | 38.6% | 88.7% | N/A | -3.1% | N/A | N/A | N/A | N/A | -2542.2% | N/A | N/A | -1.1% |
| Net Income | 19M | 7.4M | 34M | 23M | -4.8M | -166M | 160M | 91M | 135M | -14M | 106M | 309M | 231M |
| Net Margin | 23.1% | 9.5% | 50.9% | 39.6% | -9.5% | N/A | N/A | 167.2% | N/A | 174.3% | N/A | N/A | 130.8% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.5% | 5.5% | 12.3% | 11.6% | -0.3% | -9.3% | 31.7% | 13.8% | 21.4% | 1.8% | 0.9% | 0.7% | -0.0% |
| ROE | 3.1% | 1.3% | 7.1% | 4.5% | -0.9% | -29.8% | 26.3% | 12.9% | 16.2% | -1.6% | 10.3% | 16.9% | 8.5% |
| ROA | 0.5% | 0.2% | 1.0% | 0.7% | -0.1% | -3.6% | 3.8% | 2.7% | 3.7% | -0.3% | 1.5% | 2.4% | 0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 214M | 217M | 211M | 204M | 181M | 175M | 174M | 147M | 126M | 62M | 14M | 121M | 184M |
| Free Cash Flow | 214M | 217M | 211M | 204M | 181M | 175M | 174M | 147M | 126M | 62M | 14M | 121M | 0 |
| Owner Earnings | 203M | 209M | 206M | 201M | 178M | 172M | 170M | 142M | 120M | 55M | 5.3M | 106M | 164M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 8.9M | 5.3M | 1.5M | 1.3M | 1.2M | 1.7M | 2.0M | 2.3M | 2.4M | 2.3M | 1.9M | 2.1M | 2.1M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 8.9M | 5.3M | 1.5M | 1.3M | 1.2M | 1.7M | 2.0M | 2.3M | 2.4M | 2.3M | 1.9M | 2.1M | 2.1M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 65M | 61M | 52M | 48M | 53M | 68M | 52M | 59M | 72M | 93M | 118M | 247M | 308M |
| Dividend Yield | 56.9% | 55.9% | 49.2% | 34.2% | 110.2% | 37.9% | 28.9% | 17.8% | 18.5% | 20.0% | 17.2% | 17.0% | 11.8% |
| Share Buybacks | 0 | 41M | 310K | 0 | 0 | 25M | 372K | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 38.8% | 0.3% | N/A | N/A | 13.0% | 0.2% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 2.7M | 3.0M | 2.7M | 2.0M | 1.2M | 1.2M | 1.8M | 2.5M | 4.4M | 4.8M | 7.2M | 13M | 18M |
| Debt Repayment | 23.1B | 23.5B | 40.8B | 85.2B | 104.5B | 101.0B | 33.4B | 12.2B | 16.5B | 20.8B | 65.3B | 136.5B | 136.5B |
| Balance Sheet | |||||||||||||
| Net Debt | -3.3B | -3.2B | -3.0B | -2.9B | -3.6B | -5.1B | -2.8B | -2.0B | -1.4B | 22.4B | 65.2B | 142.6B | 49.9B |
| Cash & Equiv. | 44M | 34M | 74M | 41M | 35M | 63M | 296M | 366M | 332M | 120M | 377M | 531M | 1.5B |
| Long-Term Debt | 11M | 8.4M | 6.4M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 51.4B |
| Debt/Equity | 0.42 | 0.59 | 0.72 | 0.55 | 0.30 | 0.28 | 0.19 | 0.11 | 0.06 | 26.99 | 56.07 | 58.44 | 18.87 |
| Interest Coverage | 1.7 | 1.3 | 2.3 | 1.6 | -0.0 | -0.5 | 5.9 | 17.0 | 4.1 | 0.9 | 1.3 | 1.7 | 1.7 |
| Equity | 607M | 492M | 467M | 557M | 527M | 583M | 633M | 771M | 901M | 871M | 1.2B | 2.5B | 2.7B |
| Total Assets | 3.7B | 3.7B | 3.4B | 3.3B | 3.9B | 5.4B | 3.1B | 3.6B | 3.6B | 6.4B | 8.2B | 17.3B | 24.3B |
| Total Liabilities | 3.1B | 3.2B | 2.9B | 2.7B | 3.4B | 4.8B | 2.5B | 2.9B | 2.7B | 5.5B | 7.0B | 14.9B | 21.6B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -288M | -331M | -338M | -352M | -399M | -612M | -491M | -451M | -383M | -484M | -494M | -442M | -630M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 812M | 812M |
| Per Share Data | |||||||||||||
| EPS | 1.02 | 0.42 | 2.07 | 1.24 | -0.75 | -7.01 | 6.93 | 2.78 | 3.17 | -0.25 | 1.49 | 2.47 | 1.53 |
| Owner EPS | 11.11 | 11.89 | 12.59 | 10.81 | 27.96 | 7.30 | 7.37 | 4.35 | 2.80 | 1.00 | 0.07 | 0.85 | 0.79 |
| Book Value | 33.25 | 28.05 | 28.52 | 29.93 | 82.75 | 24.67 | 27.43 | 23.58 | 21.09 | 15.75 | 16.62 | 19.69 | 13.14 |
| Cash Flow/Share | 11.74 | 12.37 | 12.85 | 10.99 | 28.34 | 7.42 | 7.53 | 4.49 | 2.96 | 1.12 | 0.20 | 0.97 | 1.12 |
| Dividends/Share | 3.55 | 3.48 | 3.17 | 2.55 | 8.29 | 2.88 | 1.66 | 1.56 | 1.56 | 1.68 | 1.60 | 2.00 | 1.48 |
| Shares Out. | 18.3M | 17.5M | 16.4M | 18.6M | 6.4M | 23.6M | 23.1M | 32.7M | 42.7M | 55.3M | 71.3M | 125.1M | 207.2M |
| Valuation | |||||||||||||
| P/E Ratio | 6.5 | 14.4 | 3.4 | 5.8 | N/A | N/A | 1.4 | 3.5 | 2.6 | N/A | 7.0 | 5.4 | 8.3 |
| P/FCF | 0.6 | 0.5 | 0.5 | 0.7 | 0.3 | 1.1 | 1.2 | 2.2 | 2.8 | 8.3 | 51.4 | 13.9 | N/A |
| EV/EBIT | 41.6 | 76.5 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.6 | 1.8 | 0.7 | 1.0 |
| Price/Sales | 1.4 | 1.4 | 1.6 | 2.1 | 2.8 | N/A | N/A | 6.1 | N/A | N/A | N/A | N/A | 14.8 |
| FCF Yield | 177.9% | 204.5% | 182.5% | 151.4% | 127.4% | 90.9% | 80.1% | 45.5% | 36.1% | 12.0% | 0.7% | 7.2% | N/A |
| Market Cap | 121M | 106M | 115M | 135M | 142M | 193M | 217M | 323M | 350M | 517M | 2.1B | 1.7B | 2.6B |
| Avg. Price | 6.24 | 6.23 | 6.44 | 7.46 | 7.52 | 7.60 | 7.87 | 10.13 | 9.14 | 8.42 | 9.60 | 11.59 | 12.60 |
| Year-End Price | 6.60 | 6.05 | 7.04 | 8.07 | 7.42 | 8.17 | 9.41 | 9.87 | 8.19 | 9.35 | 10.37 | 13.39 | 12.60 |
DYNEX CAPITAL INC passes 3 of 9 quality checks, indicating weak fundamentals.
DYNEX CAPITAL INC trades at 5.1x trailing earnings, compared to its 15-year median P/E of 3.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 13.0x vs a median of 1.7x. The company's 5-year average ROIC is 7.7% with a gross margin of 192.9%. Total shareholder yield (dividends) is 11.8%. At current prices, the estimated annualized return to fair value is -38.7%.
DYNEX CAPITAL INC (DX) has a debt-to-equity ratio of 58.44. This indicates higher leverage, which may increase financial risk.
DYNEX CAPITAL INC (DX) reported earnings per share (EPS) of $2.47 in its most recent fiscal year.
DYNEX CAPITAL INC (DX) has a return on equity (ROE) of 16.9%. This indicates the company generates strong returns for shareholders.
DYNEX CAPITAL INC (DX) has a 5-year average gross margin of 192.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for DYNEX CAPITAL INC (DX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DYNEX CAPITAL INC (DX) has a book value per share of $19.69, based on its most recent annual SEC filing.