DX Stock Analysis: Dynex Capital | NYSE
REIT - Mortgage | NYSE, USA | Market Cap: 2.834m USD | 12M Return: 22% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 64.2M
Qual. Beats: 0
Qual. Beats: 4
Warnings
Tailwinds
Seasonality 10.5 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: 241.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.34 > 1.0 |
| NWC/Revenue: -2.91k% < 20% (prev -2.03k%; Δ -873.5% < -1%) |
| CFO/TA 0.01 > 3% & CFO 184.3m > Net Income 241.8m |
| Net Debt (20.3b) to EBITDA (769.2m): 26.35 < 3 |
| Current Ratio: 0.06 > 1.5 & < 3 |
| Outstanding Shares: last quarter (200.1m) vs 12m ago 121.1% < -2% |
| Gross Margin: 39.76% > 18% (prev 92.61%; Δ -52.85% > 0.5%) |
| Asset Turnover: 4.17% > 50% (prev 3.78%; Δ 0.39% > 0%) |
| Interest Coverage Ratio: 1.47 > 6 (EBIT TTM 761.2m / Interest Expense TTM 519.4m) |
| A: -0.83 (Total Current Assets 1.39b - Total Current Liabilities 21.6b) / Total Assets 24.3b |
| B: -0.03 (Retained Earnings -629.6m / Total Assets 24.3b) |
| C: 0.05 (EBIT TTM 761.2m / Avg Total Assets 16.7b) |
| D: 0.13 (Book Value of Equity 2.72b / Total Liabilities 21.6b) |
| Altman-Z'' = -5.10 = D |
As of July 13, 2026, the stock is trading at USD 13.15 with a total of 2,049,276 shares traded. Over the past week, the price has changed by +1.08%, over one month by +3.07%, over three months by +4.54% and over the past year by +22.04%.
Current recommended Stop Loss: 12.80 (which is 2.7% or 1.7 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 | 12.5% |
P/E Trailing = 6.2123
P/E Forward = 9.8522
P/S = 9.322
P/B = 1.0711
P/EG = 0.7056
Revenue TTM = 695.9m USD
EBIT TTM = 761.2m USD
EBITDA TTM = 769.2m USD
Long Term Debt = 8.37m USD (from longTermDebt, last fiscal year)
Short Term Debt = 21.0b USD (from shortTermDebt, last quarter)
Debt = 21.0b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 20.3b USD (calculated: Debt 21.0b - CCE 773.1m)
Enterprise Value = 23.1b USD (2.83b + Debt 21.0b - CCE 773.1m)
Interest Coverage Ratio = 1.47 (Ebit TTM 761.2m / Interest Expense TTM 519.4m)
EV/FCF = 125.4x (Enterprise Value 23.1b / FCF TTM 184.3m)
FCF Yield = 0.80% (FCF TTM 184.3m / Enterprise Value 23.1b)
FCF Margin = 26.49% (FCF TTM 184.3m / Revenue TTM 695.9m)
Net Margin = 34.75% (Net Income TTM 241.8m / Revenue TTM 695.9m)
Gross Margin = 39.76% ((Revenue TTM 695.9m - Cost of Revenue TTM 419.2m) / Revenue TTM)
Gross Margin QoQ = none% (prev 28.66%)
Tobins Q-Ratio = 0.95 (Enterprise Value 23.1b / Total Assets 24.3b)
Interest Expense / Debt = 2.47% (Interest Expense 519.4m / Debt 21.0b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 601.3m (EBIT 761.2m * (1 - 21.00%))
Current Ratio = 0.06 (Total Current Assets 1.39b / Total Current Liabilities 21.6b)
Debt / Equity = 7.73 (Debt 21.0b / totalStockholderEquity, last quarter 2.72b)
Debt / EBITDA = 26.35 (Net Debt 20.3b / EBITDA 769.2m)
Debt / FCF = 110.0 (Net Debt 20.3b / FCF TTM 184.3m)
Total Stockholder Equity = 2.19b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.45% (Net Income 241.8m / Total Assets 24.3b)
RoE = 11.05% (Net Income TTM 241.8m / Total Stockholder Equity 2.19b)
RoCE = 34.66% (EBIT 761.2m / Capital Employed (Equity 2.19b + L.T.Debt 8.37m))
RoIC = 2.53% (NOPAT 601.3m / Invested Capital 23.7b)
WACC = 2.65% (E(2.83b)/V(23.9b) * Re(7.83%) + D(21.0b)/V(23.9b) * Rd(2.47%) * (1-Tc(0.21)))
Discount Rate = 7.83% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 74.32%
[DCF] Terminal Value 77.97% ; FCFF base≈125.7m ; Y1≈144.1m ; Y5≈212.1m
[DCF] Fair Price = N/A (negative equity: EV 3.19b - Net Debt 20.3b = -17.1b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.05 | # QB: 0
Revenue Correlation: N/A | Revenue CAGR: N/A | SUE: 1.37 | # QB: 4
EPS current Quarter (2026-06-30): EPS=0.35 | Chg30d=+8.82% | Revisions=+40% | Analysts=3
EPS next Quarter (2026-09-30): EPS=0.36 | Chg30d=+6.68% | Revisions=+40% | Analysts=3
EPS current Year (2026-12-31): EPS=1.37 | Chg30d=+4.50% | Revisions=+0% | GrowthEPS=+76.7% | GrowthRev=+234.6%
EPS next Year (2027-12-31): EPS=1.58 | Chg30d=+3.81% | Revisions=+50% | GrowthEPS=+14.9% | GrowthRev=+29.9%
[Analyst] Revisions Ratio: +70% (up=7, down=0)