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Dynex Capital, Inc.

DX Real Estate Reit Mortgage

Dynex Capital, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $533.5 million, up 67.0% from fiscal 2024.

Revenue
+122.1%
EPS
−222.2%
Free cash flow
+19.3%
Total debt
+105.5%

Quarter to September 2026, against a year earlier

10.79 0.04 +0.37%
Market cap
$2.8B
P/E
47.2×
Fwd P/E
−19.5×
Dividend yield
19.0%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.32
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — 1 3 —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 2,790.00
Revenue ttm 1,069.68
Net income ttm (49.75)
Free cash flow ttm 249.73
Net debt Q 22,362.54
Valuation
P/E 47.21 (above 35: high)
Forward P/E (19.50) (negative: loss-making)
Price / sales 2.53
Forward P/S Powerpack
Price / FCF 10.84
Price / book 0.96
Financial health
Current ratio Q 1.15
Debt / equity Q 7.93
Interest coverage Q 1.39
Growth
Revenue growth Q +122.14% (above 0%: growing)
Operating income growth Q +132.35% (above 0%: growing)
EPS, this year +62.23% (at or above 15%: strong)
EPS, next year A +13.38%
Revenue, next year A −28.59% (below 0%: weak)
EPS, past 5 yrs −18.64% (below 0%: weak)
EPS, next 5 yrs A +26.60% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 23.5×, against a ten-year median of 29.9×; over the ten years it ranged from 21.0× in 2024 to 49.5× in 2021.
P/E against its own 10 years 89.77%
10-year low 10-year high
P/S against its own 10 years 8.47%
10-year low 10-year high
P/B against its own 10 years 89.07%
10-year low 10-year high
EV/Sales against its own 10 years 14.12%
10-year low 10-year high
EV/FCF against its own 10 years 76.27%
10-year low 10-year high

Dividends

Yield
19.0%
Annual rate
2.04
Payout ratio
937.1%
Growth, 2018–26
−1.79%/yr
  1. 2.16 ’18
  2. 2.01 ’19 −7
  3. 1.66 ’20 −17
  4. 1.56 ’21 −6
  5. 1.56 ’22 +0
  6. 1.69 ’23 +8
  7. 1.45 ’24 −14
  8. 1.98 ’25 +37
  9. 1.87 ’26 −6
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 238 622 930 1,828
Receivables 6,069 7,555 16,392 26,088
Inventory — — — —
Other — — — —
6,307 8,177 17,323 27,916
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt 5,381 6,563 13,904 24,190
Other — — — —
5,445 6,624 14,037 24,378

Compound Annual Growth %

10y 5y 3y
Sales 18.20% 40.78% 83.25%
Cash Flow (5.69%) (7.03%) (1.48%)
Earnings 45.29% 14.06% 31.62%
Book Value 17.47% 31.20% 39.79%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY25 Estimate 0.44 Actual 0.25

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY24 0.38 0.10 Miss by 0.28
Q1 FY25 0.14 0.20 Beat by 0.06
Q2 FY25 0.49 0.22 Miss by 0.27
Q3 FY25 0.44 0.25 Miss by 0.19

EPS $

Mar Jun Sep Dec Year
’26 (0.41) 0.80 (1.33) — —
’25 (0.06) (0.14) 1.08 1.16 2.47
’24 0.64 (0.15) 0.38 0.60 1.49
’23 (0.81) 0.96 (0.82) 0.39 (0.25)
’22 3.11 0.69 (1.07) 0.85 3.17
’21 4.20 (1.43) 0.35 0.33 2.78
’20 (4.63) 8.31 1.62 1.60 6.93
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 257 303 332 — —
’25 95 112 150 177 534
’24 72 76 83 88 320
’23 31 42 63 71 208
’22 17 18 20 31 87
’21 14 13 16 17 60
’20 40 20 20 17 96
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 70 84 81 — —
’25 6 32 68 14 121
’24 (17) 19 (2) 15 14
’23 4 31 10 17 62
’22 35 36 26 30 126
’21 30 38 41 38 147
’20 44 39 47 44 174
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 70 84 81 — —
’25 6 32 68 14 121
’24 (17) 19 (2) 15 14
’23 4 31 10 17 62
’22 35 36 26 30 126
’21 30 38 41 38 147
’20 44 39 47 44 174
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 92 95 110 170 96 60 87 208 320 534 1,070 +21.6% 381 538 381 (10.6%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 43 34 7 (153) 178 102 143 (6) 114 319 (50) +24.9%
EBT margin, % 46.90 35.86 6.38 (89.72) 184.03 170.29 165.13 (2.95) 35.65 59.80 (4.65) +12.9 pt
Net income 43 34 7 (153) 178 102 143 (6) 114 319 (50) +24.9%
Per share, $
Per share, $ Revenue 5.61 5.62 5.72 7.20 4.18 1.84 2.04 3.79 4.52 4.30 4.25 (2.9%)
Earnings 2.07 1.38 (0.24) (7.01) 6.93 2.79 3.19 (0.25) 1.50 2.28 0.23 +1.1%
Cash flow 12.86 12.17 9.39 7.42 7.53 4.51 2.97 1.13 0.20 0.97 0.99 (24.9%)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 12.86 12.17 9.39 7.42 7.53 4.51 2.97 1.13 0.20 0.97 0.99 (24.9%)
Book value 28.54 33.15 27.41 24.68 27.42 23.66 21.21 15.89 16.74 19.84 12.12 (4.0%)
Shares, m 16 17 19 24 23 33 42 55 71 124 200 +25.2%
Valuation, ×
Valuation, × P/E 10.10 15.82 286.00 0.00 2.58 4.84 3.59 0.00 8.49 6.80 47.21 33.8
P/S 3.72 3.71 3.00 2.35 4.26 9.07 6.36 3.29 2.80 3.26 2.53 4.2
P/B 0.96 0.84 0.86 0.95 0.90 0.82 0.70 0.89 0.83 0.74 0.96 0.8
EV/Sales 34.26 30.06 31.95 29.52 26.40 49.54 31.68 28.29 21.42 27.59 23.45 31.1
EV/FCF 14.96 13.90 19.48 28.65 14.64 20.24 21.74 94.39 475.59 121.84 100.45 82.5
Cash, $m
Cash, $m Operating cash flow 211 204 181 175 174 147 126 62 14 121 250 (6.0%)
Capex — — — — — — — — — — — —
Free cash flow 211 204 181 175 174 147 126 62 14 121 250 (6.0%)
Balance, $m
Balance, $m Working capital (2,776) (2,465) (3,174) (4,607) 633 767 918 862 1,553 3,286 3,538 n/m
Net debt 2,807 2,488 3,185 4,624 2,135 2,430 2,195 5,189 5,942 12,982 22,363 +18.6%
Shareholders’ equity 467 557 527 583 633 771 901 871 1,185 2,462 3,052 +20.3%
Returns, %
Returns, % ROA 0.96 0.69 (0.13) (3.58) 3.78 2.70 3.74 (0.28) 1.46 2.42 (0.29) +1.5 pt
ROIC 1.47 1.61 1.60 1.85 1.70 0.70 1.10 1.80 2.48 1.94 2.47 +0.5 pt
ROE 9.17 5.98 (1.19) (41.18) 36.41 16.21 18.60 (1.78) 11.54 18.00 (2.59) +8.8 pt
People
People Employees 18 17 19 20 19 19 19 22 22 28 — +5.0%
Revenue/emp, $m 5.11 5.56 5.79 8.51 5.08 3.16 4.56 9.43 14.52 19.05 — +15.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Dynex Capital, Inc. vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
RITM Rithm Capital Corp. $5.3B 14.6× 10.1× +55.62% (above 0%: growing) +8.33% (above 0%: growing) +34.64% (above 0%: growing) 100.00% 83.59% Compare
STWD STARWOOD PROPERTY TRUST, INC. $4.8B 21.8× 17.1× +15.62% (above 0%: growing) n/m +72.68% (above 0%: growing) 27.80% (2.16%) Compare
DX Dynex Capital, Inc. $2.8B 47.2× — (loss-making) +122.14% (above 0%: growing) n/m +19.26% (above 0%: growing) 100.00% 96.21%
BXMT Blackstone Mortgage Trust, Inc. $1.9B — (loss-making) — (loss-making) −5.69% (below 0%: shrinking) n/m −68.73% (below 0%: shrinking) 77.32% 69.63% Compare
ARR ARMOUR Residential REIT, Inc. $1.9B — (loss-making) — (loss-making) +30.53% (above 0%: growing) n/m +361.70% (above 0%: growing) 100.00% 93.98% Compare
EFC Ellington Financial Inc. $1.5B 7.0× 5.6× +47.95% (above 0%: growing) −4.44% (below 0%: shrinking) +108.89% (above 0%: growing) 95.69% 125.46% Compare
LADR Ladder Capital Corp $1.2B 11.4× 12.9× −15.61% (below 0%: shrinking) +253.93% (above 0%: growing) +579.74% (above 0%: growing) 100.00% 54.14% Compare
ORC Orchid Island Capital, Inc. $963.0M 99.6× — (loss-making) +51.35% (above 0%: growing) n/m +132.66% (above 0%: growing) 100.00% (45.05%) Compare
CIM Chimera Investment Corporation $663.0M — (loss-making) — (loss-making) +10.32% (above 0%: growing) n/m −191.20% (below 0%: shrinking) 100.00% 0.00% Compare
Median of peers $1.7B 14.6× 11.5× +23.08% +8.33% +90.79% 100.00% 61.89%

All 37 Reit Mortgage stocks →

Dynex Capital, Inc. (DX) Latest News

26 Oct

Impact 3 · · Business Wire

24 Oct

Impact 3 · · Insider Monkey

20 Oct

Impact 4 · · Simply Wall St.

19 Oct

Impact 4 · · Moby transcript
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Business Wire
Impact 3 · · Associated Press

15 Oct

Impact 3 · · Insider Monkey

14 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

7 Oct

Impact 3 · · 24/7 Wall St.

23 Sep

Impact 4 ·

22 Sep

Impact 3 · · Business Wire

21 Sep

Impact 3 · · GuruFocus.com

21 Jul

Impact 4 ·
Impact 3 · · Moby transcript
Impact 3 ·

20 Jul

Impact 3 ·
Impact 3 · · MarketBeat
Impact 3 ·

26 May

Impact 3 · · Simply Wall St.

14 May

Impact 3 · · Investing.com

21 Apr

Impact 4 ·

20 Apr

Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 3 ·

17 Apr

Impact 4 · · Simply Wall St.

6 Apr

Impact 3 · · Simply Wall St.

DX metrics, ten years each

stockrow.com/DX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com