(DX) Dynex Capital - Overview
Sector: Real Estate | Industry: REIT - Mortgage | Exchange: NYSE (USA) | Market Cap: 2.797m USD | Total Return: 28.1% in 12m
Avg Turnover: 57.3M
Qual. Beats: 0
Qual. Beats: 4
Warnings
Share dilution 121.1% YoY
Choppy Below Avwap Earnings
Tailwinds
Confidence
Dynex Capital, Inc. (DX) is a mortgage real estate investment trust (mREIT) based in Glen Allen, Virginia. The company invests primarily in residential and commercial mortgage-backed securities (MBS) within the United States. Its portfolio includes Agency MBS, which carry government-backed guarantees against credit loss, and Non-Agency MBS, which lack such protections but often offer higher yields.
Operating as an mREIT, Dynex Capital functions as a financial intermediary that earns income from the spread between the interest earned on mortgage assets and the cost of funding those positions through leverage. To maintain its tax-exempt status at the corporate level, the firm is legally required to distribute at least 90% of its taxable income to shareholders in the form of dividends.
Investors can review detailed financial metrics on ValueRay to further evaluate the companys performance. Established in 1987, the firm focuses on managing interest rate risk and liquidity to navigate the volatility inherent in the fixed-income markets.
- Widening mortgage spreads impact book value and net asset value performance
- Federal Reserve interest rate policy shifts dictate net interest margin volatility
- Agency MBS concentration reduces credit risk but increases sensitivity to duration
- Leverage costs and repo market liquidity influence quarterly dividend sustainability levels
- REIT tax status mandates high payout ratios limiting internal capital appreciation potential
| 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 (902.4m): 22.46 < 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 0.93%; Δ 3.88k% > 0.5%) |
| Asset Turnover: 4.17% > 50% (prev 3.78%; Δ 0.39% > 0%) |
| Interest Coverage Ratio: 1.73 > 6 (EBITDA TTM 902.4m / 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 900.3m / Avg Total Assets 16.7b) |
| D: -0.03 (Book Value of Equity -754.7m / Total Liabilities 21.6b) |
| Altman-Z'' = -5.21 = D |
As of May 28, 2026, the stock is trading at USD 13.05 with a total of 2,944,458 shares traded.
Over the past week, the price has changed by +3.48%,
over one month by -4.10%,
over three months by -3.24% and
over the past year by +28.12%.
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 | 15.1 | 15.7% |
P/E Trailing = 6.1321
P/E Forward = 9.6339
P/S = 9.2017
P/B = 1.0472
P/EG = 0.7056
Revenue TTM = 695.9m USD
EBIT TTM = 900.3m USD
EBITDA TTM = 902.4m 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 (2.80b + Debt 21.0b - CCE 773.1m)
Interest Coverage Ratio = 1.73 (Ebit TTM 900.3m / Interest Expense TTM 519.4m)
EV/FCF = 125.2x (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 default 21%)
NOPAT = 711.2m (EBIT 900.3m * (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 = 22.46 (Net Debt 20.3b / EBITDA 902.4m)
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 = 8.58% (Net Income TTM 241.8m / Total Stockholder Equity 2.82b)
RoCE = 31.86% (EBIT 900.3m / Capital Employed (Equity 2.82b + L.T.Debt 8.37m))
RoIC = 3.03% (NOPAT 711.2m / Invested Capital 23.5b)
WACC = 2.64% (E(2.80b)/V(23.8b) * Re(7.85%) + D(21.0b)/V(23.8b) * Rd(2.47%) * (1-Tc(0.21)))
Discount Rate = 7.85% (= 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=0.32 | Chg30d=+15.37% | Revisions=+33% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.34 | Chg30d=+13.76% | Revisions=+33% | Analysts=2
EPS current Year (2026-12-31): EPS=1.31 | Chg30d=+11.22% | Revisions=+43% | GrowthEPS=+69.0% | GrowthRev=+209.0%
EPS next Year (2027-12-31): EPS=1.52 | Chg30d=+9.70% | Revisions=+43% | GrowthEPS=+15.7% | GrowthRev=+34.4%
[Analyst] Revisions Ratio: +43%