DX Stock Analysis: Dynex Capital | NYSE
REIT - Mortgage | NYSE, USA | Market Cap: 3.234m USD | 12M Return: 20% | US26817Q8868 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 63.4M
Qual. Beats: 0
Rev. Trend: 97.0%
Qual. Beats: 5
Warnings
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Dynex Capital, Inc. is a mortgage real estate investment trust (REIT) that invests in residential and commercial mortgage-backed securities (MBS) across the United States. Its portfolio includes both Agency MBS, which carry a guaranty of principal payment from U.S. government agencies or government-sponsored entities such as Fannie Mae and Freddie Mac, and Non-Agency MBS, which lack such guarantees.
As a REIT, the company benefits from a federal tax structure that generally exempts it from corporate income tax, provided it distributes at least 90% of its taxable income to shareholders. Mortgage REITs like Dynex operate differently from equity REITs: rather than owning physical properties, they generate income primarily from the spread between the yield on their MBS holdings and their cost of funding.
Dynex was incorporated in 1987 and is headquartered in Glen Allen, Virginia. The company trades on the NYSE under the ticker DX and is classified within the Mortgage REITs sub-industry of the Financials sector.
- Mortgage spreads compress as repo financing costs outpace MBS yields
- Fed rate cut trajectory drives book value and prepayment speeds
- Non-agency commercial MBS allocation lifts portfolio yield and credit risk
| Net Income: 436.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.44 > 1.0 |
| NWC/Revenue: -2.54k% < 20% (prev -2.19k%; Δ -353.2% < -1%) |
| CFO/TA 0.01 > 3% & CFO 236.6m > Net Income 436.2m |
| Net Debt (22.0b) to EBITDA (905.1m): 24.35 < 3 |
| Current Ratio: 0.03 > 1.5 & < 3 |
| Outstanding Shares: last quarter (223.6m) vs 12m ago 97.57% < -2% |
| Gross Margin: 52.74% > 18% (prev 91.38%; Δ -38.65% > 0.5%) |
| Asset Turnover: 4.70% > 50% (prev 3.35%; Δ 1.35% > 0%) |
| Interest Coverage Ratio: 1.41 > 6 (EBIT TTM 902.8m / Interest Expense TTM 639.7m) |
| A: -0.85 (Total Current Assets 711.8m - Total Current Liabilities 23.2b) / Total Assets 26.4b |
| B: -0.02 (Retained Earnings -567.2m / Total Assets 26.4b) |
| C: 0.05 (EBIT TTM 902.8m / Avg Total Assets 18.9b) |
| D: 0.14 (Book Value of Equity 3.18b / Total Liabilities 23.2b) |
| Altman-Z'' = -5.20 = D |
As of August 27, 2026, the stock is trading at USD 12.88 with a total of 2,977,158 shares traded. Over the past week, the price has changed by -2.12%, over one month by +3.22%, over three months by +3.06% and over the past year by +19.97%.
Current recommended Stop Loss: 12.50 (which is 3% or 1.9 ATR below the current price).
Dynex Capital has received a consensus analysts rating of 4.29. Therefore, it is recommended to buy DX.
- StrongBuy: 4
- Buy: 1
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 14.8 | 14.5% |
P/E Trailing = 4.1629
P/E Forward = 10.1112
P/S = 6.4378
P/B = 1.072
P/EG = 0.7056
Revenue TTM = 886.9m USD
EBIT TTM = 902.8m USD
EBITDA TTM = 905.1m USD
Long Term Debt = 8.37m USD (from longTermDebt, last fiscal year)
Short Term Debt = 22.6b USD (from shortTermDebt, last quarter)
Debt = 22.6b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 22.0b USD (calculated: Debt 22.6b - CCE 607.6m)
Enterprise Value = 25.3b USD (3.23b + Debt 22.6b - CCE 607.6m)
Interest Coverage Ratio = 1.41 (Ebit TTM 902.8m / Interest Expense TTM 639.7m)
EV/FCF = 106.8x (Enterprise Value 25.3b / FCF TTM 236.6m)
FCF Yield = 0.94% (FCF TTM 236.6m / Enterprise Value 25.3b)
FCF Margin = 26.68% (FCF TTM 236.6m / Revenue TTM 886.9m)
Net Margin = 49.18% (Net Income TTM 436.2m / Revenue TTM 886.9m)
Gross Margin = 52.74% ((Revenue TTM 886.9m - Cost of Revenue TTM 419.2m) / Revenue TTM)
Gross Margin QoQ = 30.98% (prev none%)
Tobins Q-Ratio = 0.96 (Enterprise Value 25.3b / Total Assets 26.4b)
Interest Expense / Debt = 2.83% (Interest Expense 639.7m / Debt 22.6b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 713.2m (EBIT 902.8m * (1 - 21.00%))
Current Ratio = 0.03 (Total Current Assets 711.8m / Total Current Liabilities 23.2b)
Debt / Equity = 7.13 (Debt 22.6b / totalStockholderEquity, last quarter 3.18b)
Debt / EBITDA = 24.35 (Net Debt 22.0b / EBITDA 905.1m)
Debt / FCF = 93.15 (Net Debt 22.0b / FCF TTM 236.6m)
Total Stockholder Equity = 2.58b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.31% (Net Income 436.2m / Total Assets 26.4b)
RoE = 16.91% (Net Income TTM 436.2m / Total Stockholder Equity 2.58b)
RoCE = 34.89% (EBIT 902.8m / Capital Employed (Equity 2.58b + L.T.Debt 8.37m))
RoIC = 2.77% (NOPAT 713.2m / Invested Capital 25.8b)
WACC = 2.95% (E(3.23b)/V(25.9b) * Re(8.0%) + D(22.6b)/V(25.9b) * Rd(2.83%) * (1-Tc(0.21)))
Discount Rate = 8.0% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 96.05 | Cagr: 79.82%
[DCF] Terminal Value 77.97% ; FCFF base≈162.4m ; Y1≈186.2m ; Y5≈274.0m
[DCF] Fair Price = N/A (negative equity: EV 4.12b - Net Debt 22.0b = -17.9b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.24 | # QB: 0
Revenue Correlation: 96.96 | Revenue CAGR: 100.8% | SUE: 1.73 | # QB: 5
EPS current Quarter (2026-09-30): EPS=0.37 | Chg30d=+1.29% | Revisions=+40% | Analysts=3
EPS current Year (2026-12-31): EPS=1.41 | Chg30d=+2.55% | Revisions=+29% | GrowthEPS=+81.2% | GrowthRev=+241.0%
EPS next Year (2027-12-31): EPS=1.57 | Chg30d=-0.56% | Revisions=+0% | GrowthEPS=+11.4% | GrowthRev=+25.5%
[Analyst] Revisions Ratio: +31% (up=7, down=3)