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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Market cap: $2.8B
P/E: 4.1×
Fwd P/E: 28.2×
Dividend yield: 18.7%
F-score: 3/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.05

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	1	—	—	—	—	—	—	1	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 2,760.00

Revenue 886.86

Net Income 436.18

Free Cash Flow 236.58

Net Debt 21,482.66

Current Ratio 1.16

Debt/Equity 7.14

P/E ratio 4.12

Fwd P/E 28.20

P/S ratio 2.74

P/B ratio 0.79

Past 5Y EPS Growth (20.01%)

This Y EPS Growth 59.61%

Next Y EPS Growth 6.87%

Next Y revenue growth (28.87%)

Next 5Y EPS Growth 23.16%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 30.61%

10-year low 10-year high

P/S against its own 10 years 11.32%

10-year low 10-year high

P/B against its own 10 years 10.39%

10-year low 10-year high

EV/Sales against its own 10 years 21.16%

10-year low 10-year high

EV/FCF against its own 10 years 76.74%

10-year low 10-year high

Dividends

Payout Ratio 0.78

Annual Dividend Rate 2.04

Annual Dividend Yield 18.66%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.04	0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17
2025	1.98	0.15 0.15 0.15 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17
2024	1.45	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.15
2023	1.69	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
2022	1.56	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
2021	1.56	0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
2020	1.66	0.15 0.15 0.15 0.15 0.15 0.13 0.13 0.13 0.13 0.13 0.13 0.13
2019	2.01	0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.15 0.15 0.15 0.15 0.15
2018	2.16	0.54 0.54 0.54 0.54
2017	2.16	0.54 0.54 0.54 0.54
2016	2.52	0.63 0.63 0.63 0.63

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	238	622	930	1,178
Receivables	6,069	7,555	16,392	25,224
Inventory	—	—	—	—
Other	—	—	—	—
	6,307	8,177	17,323	26,402

	2023	2024	2025	Q'26
Payables	—	—	—	—
ST’ Debt	5,381	6,563	13,904	22,645
Other	—	—	—	—
	5,445	6,624	14,037	22,827

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	257	303	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.41)	0.80	—	—	—
’25	(0.06)	(0.14)	1.08	1.16	2.27
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
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
	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.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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%

All 37 Reit Mortgage stocks →

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.