Saturday 17 October 2026
Export DX’s income statement to Excel — free account
Dynex Capital, Inc.
Dynex Capital, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $533.5 million, up 67.0% from fiscal 2024. In the quarter to June 2026, revenue grew 170.9%, EPS grew 671.4%, free cash flow grew 164.0% and total debt rose 162.6%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three; insiders bought in the last twelve months.
10.93
0.19
−1.71%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 15.66 | 19.74 | 16.68 | 13.84 | 7.04 | 15.32 | 10.60 | 9.57 | 11.36 | 10.79 |
Analyst estimates 2026–2028 Powerpack |
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| High | 22.83 | 22.23 | 21.09 | 18.96 | 20.34 | 20.51 | 17.17 | 15.00 | 13.13 | 14.52 | |||||
| People | |||||||||||||||
| People | Employees | 18 | 17 | 19 | 20 | 19 | 19 | 19 | 22 | 22 | 28 | ||||
| Revenue/emp, $m | 5.11 | 5.56 | 5.79 | 8.51 | 5.08 | 3.16 | 4.56 | 9.43 | 14.52 | 19.05 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 92 | 95 | 110 | 170 | 96 | 60 | 87 | 208 | 320 | 534 | ||||
| Gross margin, % | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||||
| EBT | 43 | 34 | 7 | (153) | 178 | 102 | 143 | (6) | 114 | 319 | |||||
| EBT margin, % | 46.90 | 35.86 | 6.38 | (89.72) | 184.03 | 170.29 | 165.13 | (2.95) | 35.65 | 59.80 | |||||
| Net income | 43 | 34 | 7 | (153) | 178 | 102 | 143 | (6) | 114 | 319 | |||||
| Depreciation | 152 | 159 | 144 | 135 | 128 | 120 | 100 | 77 | 50 | 28 | |||||
| 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 | ||||
| Earnings | 2.07 | 1.38 | (0.24) | (7.01) | 6.93 | 2.79 | 3.19 | (0.25) | 1.50 | 2.28 | |||||
| Cash flow | 12.86 | 12.17 | 9.39 | 7.42 | 7.53 | 4.51 | 2.97 | 1.13 | 0.20 | 0.97 | |||||
| Capex | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| Free cash flow | 12.86 | 12.17 | 9.39 | 7.42 | 7.53 | 4.51 | 2.97 | 1.13 | 0.20 | 0.97 | |||||
| Book value | 28.54 | 33.15 | 27.41 | 24.68 | 27.42 | 23.66 | 21.21 | 15.89 | 16.74 | 19.84 | |||||
| Shares, m | 16 | 17 | 19 | 24 | 23 | 33 | 42 | 55 | 71 | 124 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 10.10 | 15.82 | 286.00 | 0.00 | 2.58 | 4.84 | 3.59 | 0.00 | 8.49 | 6.80 | ||||
| P/S | 3.72 | 3.71 | 3.00 | 2.35 | 4.26 | 9.07 | 6.36 | 3.29 | 2.80 | 3.26 | |||||
| P/B | 0.96 | 0.84 | 0.86 | 0.95 | 0.90 | 0.82 | 0.70 | 0.89 | 0.83 | 0.74 | |||||
| EV/Sales | 34.26 | 30.06 | 31.95 | 29.52 | 26.40 | 49.54 | 31.68 | 28.29 | 21.42 | 27.59 | |||||
| EV/FCF | 14.96 | 13.90 | 19.48 | 28.65 | 14.64 | 20.24 | 21.74 | 94.39 | 475.59 | 121.84 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 211 | 204 | 181 | 175 | 174 | 147 | 126 | 62 | 14 | 121 | ||||
| Capex | — | — | — | — | — | — | — | — | — | — | |||||
| Free cash flow | 211 | 204 | 181 | 175 | 174 | 147 | 126 | 62 | 14 | 121 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | (2,776) | (2,465) | (3,174) | (4,607) | 633 | 767 | 918 | 862 | 1,553 | 3,286 | ||||
| Total debt | 2,905 | 2,575 | 3,273 | 4,758 | 2,445 | 2,852 | 2,645 | 5,427 | 6,563 | 13,913 | |||||
| Net debt | 2,807 | 2,488 | 3,185 | 4,624 | 2,135 | 2,430 | 2,195 | 5,189 | 5,942 | 12,982 | |||||
| Shareholders’ equity | 467 | 557 | 527 | 583 | 633 | 771 | 901 | 871 | 1,185 | 2,462 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 0.96 | 0.69 | (0.13) | (3.58) | 3.78 | 2.70 | 3.74 | (0.28) | 1.46 | 2.42 | ||||
| ROIC | 1.47 | 1.61 | 1.60 | 1.85 | 1.70 | 0.70 | 1.10 | 1.80 | 2.48 | 1.94 | |||||
| ROE | 9.17 | 5.98 | (1.19) | (41.18) | 36.41 | 16.21 | 18.60 | (1.78) | 11.54 | 18.00 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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. | $4.9B | 12.3× | 7.5× | −22.48% (below 0%: shrinking) | −77.48% (below 0%: shrinking) | +117.58% (above 0%: growing) | 100.00% | 79.13% | Compare |
| STWD STARWOOD PROPERTY TRUST, INC. | $4.7B | 21.1× | 17.8× | +15.62% (above 0%: growing) | −97.37% (below 0%: shrinking) | +72.68% (above 0%: growing) | 27.80% | (2.16%) | Compare |
| DX Dynex Capital, Inc. | $2.8B | 4.1× | 28.2× | +170.93% (above 0%: growing) | n/m | +163.96% (above 0%: growing) | 100.00% | 94.64% | |
| ARR ARMOUR Residential REIT, Inc. | $1.9B | 3.5× | 8.3× | +45.88% (above 0%: growing) | n/m | +741.92% (above 0%: growing) | 100.00% | 93.50% | Compare |
| BXMT Blackstone Mortgage Trust, Inc. | $1.8B | 117× | 22.4× | −3.29% (below 0%: shrinking) | n/m | +3.93% (above 0%: growing) | 78.86% | 71.19% | Compare |
| EFC Ellington Financial Inc. | $1.5B | 7.1× | 6.4× | +47.95% (above 0%: growing) | −4.44% (below 0%: shrinking) | +108.89% (above 0%: growing) | 95.69% | 125.46% | Compare |
| LADR Ladder Capital Corp | $1.1B | 21.7× | 19.0× | +4.91% (above 0%: growing) | −14.29% (below 0%: shrinking) | −9.50% (below 0%: shrinking) | 100.00% | 60.88% | Compare |
| ORC Orchid Island Capital, Inc. | $1.0B | 3.4× | 8.9× | +77.91% (above 0%: growing) | n/m | +342.48% (above 0%: growing) | 100.00% | 117.80% | Compare |
| ARI Apollo Commercial Real Estate Finance | $824.0M | 8.0× | 31.6× | −37.40% (below 0%: shrinking) | −8.33% (below 0%: shrinking) | −20.13% (below 0%: shrinking) | 91.99% | 16.46% | Compare |
| Median of peers | $1.7B | 10.2× | 13.3× | +10.27% | −14.29% | +90.79% | 97.85% | 75.16% |
Dynex Capital, Inc. (DX) key facts
- Strength: Dynex Capital, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $533.5 million, up 67.0% from fiscal 2024.
- Dynex Capital, Inc. (DX) is a Reit Mortgage company in the Real Estate sector, listed on the New York Stock Exchange.
- As of October 16, 2026, DX traded at $10.93, a market capitalization of $2.8 billion.
- Dynex Capital, Inc. pays an annual dividend of $2.04 per share, a yield of 18.7%, with a payout ratio of 77.6%.
- Return on equity was 18.0% and debt-to-equity 7.14.
- Its Piotroski F-score is 3 out of 9 for fiscal 2025.