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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

10.67 0.08 −0.74%

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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

	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Piotroski F-Score Full definition →	3	6	3	6	5	6	3	4	5	6
P/E ratio Full definition →	6.80	8.49	0.00	3.59	4.84	2.58	0.00	286.00	15.82	10.10
P/S ratio Full definition →	3.26	2.80	3.29	6.36	9.07	4.26	2.35	3.00	3.71	3.72
P/FCF ratio Full definition →	14.39	62.20	10.96	4.37	3.71	2.36	2.28	1.83	1.72	1.63
P/Operating CF Full definition →	121.58	59.12	41.15	18.34	14.24	9.35	7.52	7.86	7.26	6.47
P/B ratio Full definition →	0.74	0.83	0.89	0.70	0.82	0.90	0.95	0.86	0.84	0.96
Price to Tangible BV Full definition →	0.74	0.83	0.89	0.70	0.82	0.90	0.95	0.86	0.84	0.96
EV/Sales Full definition →	27.59	21.42	28.29	31.68	49.54	26.40	29.52	31.95	30.06	34.26
EV/EBITDA Full definition →	28.95	20.58	23.33	17.75	19.02	12.50	17.35	14.70	11.95	13.72
EV/Operating CF Full definition →	121.84	475.59	94.39	21.74	20.24	14.64	28.65	19.48	13.90	14.96
EV/FCF Full definition →	121.84	475.59	94.39	21.74	20.24	14.64	28.65	19.48	13.90	14.96
Quick Ratio Full definition →	1.23	1.23	1.16	1.34	1.27	1.26	0.03	0.03	0.04	0.04
Current Ratio Full definition →	1.23	1.23	1.16	1.34	1.27	1.26	0.04	0.04	0.05	0.05
Net Debt/EBITDA Full definition →	25.53	17.87	20.62	14.18	15.54	10.48	15.97	13.31	10.47	12.23
Debt/Assets Full definition →	80.22%	80.19%	85.20%	73.36%	78.35%	79.00%	88.59%	84.23%	77.91%	85.51%
Debt/Equity Full definition →	5.65	5.54	6.23	2.93	3.70	3.86	8.16	6.21	4.62	6.22
Asset Turnover Full definition →	0.04	0.04	0.04	0.02	0.02	0.02	0.04	0.03	0.03	0.03
Operating CF/Net income Full definition →	0.39	0.14	(4.50)	0.93	1.62	1.09	(1.06)	(37.79)	8.85	6.21
Capex/Depreciation Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest Coverage Full definition →	1.15	0.90	0.81	1.25	6.34	2.31	1.35	1.59	2.17	3.06
ROE Full definition →	18.00%	11.54%	(1.78%)	18.60%	16.21%	36.41%	(41.18%)	(1.19%)	5.98%	9.17%
ROA Full definition →	2.42%	1.46%	(0.28%)	3.74%	2.70%	3.78%	(3.58%)	(0.13%)	0.69%	0.96%
ROIC Full definition →	1.94%	2.48%	1.80%	1.10%	0.70%	1.70%	1.85%	1.60%	1.61%	1.47%
Return on Tangible Assets Full definition →	9.40%	6.84%	(1.60%)	14.75%	11.86%	25.29%	3.60%	0.15%	(0.94%)	(1.22%)
Average Days of Receivables Full definition →	11,214.57	8,630.42	10,674.69	13,212.81	19,468.75	10,470.61	56.22	69.71	76.55	81.01
Research and Development Expense of Revenue Full definition →	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →	9.65%	10.83%	14.81%	37.32%	40.11%	21.85%	9.39%	13.73%	16.74%	16.00%
Intangible Assets out of Total Assets Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Based Compensation of Revenue Full definition →	2.36%	2.26%	2.33%	5.10%	4.19%	1.89%	0.71%	1.12%	2.07%	2.95%
Graham Net Nets Full definition →	1.40	1.32	1.18	1.60	1.39	1.50	(11.54)	(9.81)	(7.48)	(8.16)
Graham Number Full definition →	29.65	22.59	0.00	39.00	39.75	55.53	0.00	5.19	27.11	31.88
Earnings Yield Full definition →	14.70%	11.78%	(2.17%)	27.89%	20.65%	38.76%	(40.14%)	0.35%	6.32%	9.90%
Free Cash Flow Yield Full definition →	6.95%	1.61%	9.12%	22.91%	26.98%	42.29%	43.82%	54.70%	58.26%	61.50%
Revenue per Share Full definition →	4.30	4.52	3.79	2.04	1.84	4.18	7.20	5.72	5.62	5.61
Operating CF per Share Full definition →	0.97	0.20	1.13	2.97	4.51	7.53	7.42	9.39	12.17	12.86
Capex per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow per Share Full definition →	0.97	0.20	1.13	2.97	4.51	7.53	7.42	9.39	12.17	12.86
Cash per Share Full definition →	7.50	8.78	4.34	10.59	12.93	13.41	5.68	4.61	5.19	6.04
Shareholders Equity per Share Full definition →	19.84	16.74	15.89	21.21	23.66	27.42	24.68	27.41	33.15	28.54
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	19.84	16.74	15.89	21.21	23.66	27.42	24.68	27.41	33.15	28.54
Free Cash Flow Full definition →	120.82	14.39	62.20	126.35	146.97	173.95	175.35	180.56	204.45	210.51
Working Capital Full definition →	3,286.14	1,552.62	862.23	918.23	766.55	632.69	(4,607.10)	(3,174.31)	(2,464.92)	(2,776.05)
Net Current Asset Value Full definition →	2,442.71	1,177.27	807.84	884.28	755.91	615.72	(4,617.77)	(3,237.69)	(2,625.96)	(2,792.23)
EV/EBIT Full definition →	30.64	24.18	33.62	50.54	82.72	33.78	32.58	37.02	36.10	40.79
Capex to Sales Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Operating Income Full definition →	3.62	3.16	3.90	10.15	15.14	5.46	2.60	3.47	4.46	4.43
Other line items
Depreciation/Fixed assets Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash ROIC Full definition →	0.70%	0.17%	0.95%	3.16%	3.63%	5.13%	3.20%	4.64%	6.35%	6.06%
Accounts Receivable Turnover Full definition →	0.04	0.05	0.05	0.03	0.02	0.07	7.21	5.39	4.70	4.26
Average Receivables Full definition →	11,973.86	6,812.18	4,603.65	3,170.69	2,985.20	1,396.77	23.61	20.42	20.11	21.58
Average Assets Full definition →	12,763.38	7,277.16	4,987.49	3,622.49	3,367.27	4,232.71	4,628.35	3,595.93	3,351.75	3,533.89
Average Common Equity Full definition →	1,715.70	919.99	778.19	728.46	561.16	439.54	402.23	400.02	386.47	369.77

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Columns are period end dates · fundamentals updated 2 Nov 2026

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