(DX) Dynex Capital - Overview

Sector: Real Estate | Industry: REIT - Mortgage | Exchange: NYSE (USA) | Market Cap: 2.734m USD | Total Return: 38.8% in 12m

Agency MBS, Non-Agency MBS, CMBS, IO Securities
Total Rating 50
Safety 61
Buy Signal 0.35
REIT - Mortgage
Industry Rotation: -1.7
Market Cap: 2.73B
Avg Turnover: 68.3M USD
ATR: 2.37%
Peers RS (IBD): 52.1
Risk 5d forecast
Volatility19.5%
Rel. Tail Risk2.77%
Reward TTM
Sharpe Ratio1.23
Alpha10.23
Character TTM
Beta0.570
Beta Downside0.467
Drawdowns 3y
Max DD25.81%
CAGR/Max DD0.74
EPS (Earnings per Share) EPS (Earnings per Share) of DX over the last years for every Quarter: "2021-03": 0.46, "2021-06": 0.51, "2021-09": 0.54, "2021-12": 0.45, "2022-03": 0.44, "2022-06": 0.4, "2022-09": 0.24, "2022-12": 0.03, "2023-03": -0.16, "2023-06": -0.27, "2023-09": -0.28, "2023-12": -0.24, "2024-03": -0.3, "2024-06": -0.12, "2024-09": 0.38, "2024-12": 0.6, "2025-03": -0.06, "2025-06": 0.22, "2025-09": 0.25, "2025-12": 1.16, "2026-03": 0,
EPS CAGR: -19.28%
EPS Trend: 34.0%
Last SUE: -0.89
Qual. Beats: 0
Revenue Revenue of DX over the last years for every Quarter: 2021-03: 18.589, 2021-06: 15.401, 2021-09: 15.714, 2021-12: 17.051, 2022-03: 237.638, 2022-06: -70.78, 2022-09: -50.563, 2022-12: 30.978, 2023-03: 7.531, 2023-06: -9.389, 2023-09: 63.271, 2023-12: 71.188, 2024-03: 71.525, 2024-06: 74.548, 2024-09: 83.458, 2024-12: 88.496, 2025-03: 95.059, 2025-06: 111.746, 2025-09: 149.679, 2025-12: 177.036, 2026-03: null,
Rev. CAGR: -7.55%
Rev. Trend: 57.5%
Last SUE: 4.00
Qual. Beats: 3

Warnings

Share dilution 92.4% YoY - potential capital distress

Tailwinds

No distinct edge detected

Description: DX Dynex Capital

Dynex Capital Inc. (NYSE: DX) is a mortgage REIT that primarily invests in U.S. agency and non-agency mortgage-backed securities, including residential MBS, commercial MBS (CMBS), and interest-only CMBS. The agency securities are backed by guarantees from Fannie Mae, Freddie Mac, or other government-sponsored entities, while the non-agency holdings carry no such guarantee. As a REIT, Dynex must distribute at least 90 % of its taxable income to shareholders to retain its tax-exempt status.

As of the most recent quarter (Q1 2024), Dynex reported a dividend yield of roughly 9.2 % and a distribution per share of $0.91, supported by a net asset value (NAV) of $9.45 per share. The portfolio’s weighted-average coupon sits near 3.6 %, and the company’s debt-to-equity ratio remains modest at 1.2 ×, reflecting a balanced leverage profile amid a tightening credit environment.

Key drivers for Dynex’s performance include Federal Reserve policy-higher policy rates compress MBS spreads and pressure coupon yields-and the broader U.S. housing market, where declining home-price appreciation can affect the supply of new agency securities. Additionally, the spread between agency and non-agency MBS continues to widen, offering potential yield-enhancement opportunities for REITs that can manage credit risk effectively.

For a deeper dive, you might explore ValueRay’s analytics on DX.

Headlines to Watch Out For
  • Interest rate fluctuations impact MBS portfolio value
  • Agency MBS spreads affect net interest margin
  • Non-Agency MBS credit performance drives income
  • Regulatory changes influence REIT tax status
  • Hedging effectiveness mitigates interest rate risk
Piotroski VR‑10 (Strict) 3.0
Net Income: 319.1m TTM > 0 and > 6% of Revenue
FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.52 > 1.0
NWC/Revenue: -2.59k% < 20% (prev -1.88k%; Δ -710.1% < -1%)
CFO/TA 0.01 > 3% & CFO 120.8m > Net Income 319.1m
Net Debt (12.98b) to EBITDA (738.2m): 17.59 < 3
Current Ratio: 0.07 > 1.5 & < 3
Outstanding Shares: last quarter (157.2m) vs 12m ago 92.42% < -2%
Gross Margin: 51.02% > 18% (prev 0.94%; Δ 5.01k% > 0.5%)
Asset Turnover: 4.18% > 50% (prev 3.89%; Δ 0.29% > 0%)
Interest Coverage Ratio: 0.18 > 6 (EBITDA TTM 738.2m / Interest Expense TTM 419.2m)
Altman Z'' -5.31
A: -0.80 (Total Current Assets 1.03b - Total Current Liabilities 14.85b) / Total Assets 17.34b
B: -0.03 (Retained Earnings -441.9m / Total Assets 17.34b)
C: 0.01 (EBIT TTM 74.4m / Avg Total Assets 12.76b)
D: -0.04 (Book Value of Equity -567.2m / Total Liabilities 14.88b)
Altman-Z'' Score: -5.31 = D
What is the price of DX shares? As of April 12, 2026, the stock is trading at USD 13.17 with a total of 3,169,781 shares traded.
Over the past week, the price has changed by +2.09%, over one month by -1.81%, over three months by -2.67% and over the past year by +38.78%.
Is DX a buy, sell or hold? 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
What are the forecasts/targets for the DX price?
Analysts Target Price 15.1 14.7%
Dynex Capital (DX) - Fundamental Data Overview as of 11 April 2026
P/E Trailing = 5.3482
P/E Forward = 6.7069
P/S = 7.3466
P/B = 1.1498
P/EG = 0.7056
Revenue TTM = 533.5m USD
EBIT TTM = 74.4m USD
EBITDA TTM = 738.2m USD
Long Term Debt = 8.37m USD (from longTermDebt, last quarter)
Short Term Debt = 13.91b USD (from shortTermDebt, last quarter)
Debt = 13.91b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 12.98b USD (from netDebt column, last quarter)
Enterprise Value = 16.12b USD (2.73b + Debt 13.91b - CCE 531.0m)
Interest Coverage Ratio = 0.18 (Ebit TTM 74.4m / Interest Expense TTM 419.2m)
EV/FCF = 133.4x (Enterprise Value 16.12b / FCF TTM 120.8m)
FCF Yield = 0.75% (FCF TTM 120.8m / Enterprise Value 16.12b)
FCF Margin = 22.65% (FCF TTM 120.8m / Revenue TTM 533.5m)
Net Margin = 59.80% (Net Income TTM 319.1m / Revenue TTM 533.5m)
Gross Margin = 51.02% ((Revenue TTM 533.5m - Cost of Revenue TTM 261.3m) / Revenue TTM)
Gross Margin QoQ = 28.66% (prev 20.45%)
Tobins Q-Ratio = 0.93 (Enterprise Value 16.12b / Total Assets 17.34b)
Interest Expense / Debt = 0.96% (Interest Expense 133.6m / Debt 13.91b)
Taxrate = 21.0% (US default 21%)
NOPAT = 58.7m (EBIT 74.4m * (1 - 21.00%))
Current Ratio = 0.07 (Total Current Assets 1.03b / Total Current Liabilities 14.85b)
Debt / Equity = 5.65 (Debt 13.91b / totalStockholderEquity, last quarter 2.46b)
Debt / EBITDA = 17.59 (Net Debt 12.98b / EBITDA 738.2m)
Debt / FCF = 107.5 (Net Debt 12.98b / FCF TTM 120.8m)
Total Stockholder Equity = 1.86b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.50% (Net Income 319.1m / Total Assets 17.34b)
RoE = 17.19% (Net Income TTM 319.1m / Total Stockholder Equity 1.86b)
RoCE = 3.99% (EBIT 74.4m / Capital Employed (Equity 1.86b + L.T.Debt 8.37m))
RoIC = 0.37% (NOPAT 58.7m / Invested Capital 15.84b)
WACC = 1.95% (E(2.73b)/V(16.65b) * Re(7.99%) + D(13.91b)/V(16.65b) * Rd(0.96%) * (1-Tc(0.21)))
Discount Rate = 7.99% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 65.64%
[DCF] Terminal Value 87.15% ; FCFF base≈78.2m ; Y1≈85.3m ; Y5≈107.4m
 [DCF] Fair Price = N/A (negative equity: EV 3.16b - Net Debt 12.98b = -9.82b; debt exceeds intrinsic value)
 EPS Correlation: 33.98 | EPS CAGR: -19.28% | SUE: -0.89 | # QB: 0
Revenue Correlation: 57.50 | Revenue CAGR: -7.55% | SUE: 4.0 | # QB: 3
EPS next Quarter (2026-06-30): EPS=0.28 | Chg7d=+0.005 | Chg30d=+0.005 | Revisions Net=-2 | Analysts=3
EPS current Year (2026-12-31): EPS=1.18 | Chg7d=+0.010 | Chg30d=+0.010 | Revisions Net=-2 | Growth EPS=+52.0% | Growth Revenue=+120.6%
EPS next Year (2027-12-31): EPS=1.38 | Chg7d=+0.000 | Chg30d=+0.000 | Revisions Net=+0 | Growth EPS=+17.2% | Growth Revenue=+24.6%
[Analyst] Revisions Ratio: -1.00 (0 Up / 2 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = -10.7% (Discount Rate 8.0% - Earnings Yield 18.7%)
[Growth] Growth Spread = +246.4% (Analyst 235.7% - Implied -10.7%)
External Resources
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