AGNC Investment Corp. (AGNC) vs Dynex Capital, Inc. (DX)

AGNC Investment Corp. and Dynex Capital, Inc. are both Reit Mortgage companies. AGNC Investment Corp. is the larger, with a market value of $11.5B against $2.8B — 4.1× the size. Dynex Capital, Inc. trades at the lower P/E: 4.3× against 5.0×. Dynex Capital, Inc. grew revenue faster over the last twelve months: 134.2% against 19.0%. AGNC Investment Corp. has the higher net margin (53.4% vs 48.0%) and the lower return on invested capital (1.41% vs 2.08%). Both pay a dividend; AGNC Investment Corp. yields more (15.2% vs 13.0%). Across the 23 metrics below, Dynex Capital, Inc. leads on 18 and AGNC Investment Corp. on 5.

Valuation

Metric AGNC DX Reit Mortgage median
P/E 5.01 4.28 7.80
P/S 2.85 2.84 1.90
P/B 1.05 0.82 0.61
Price to free cash flow 12.57 10.65 5.90
EV/EBITDA 40.17 28.40 28.40
EV/Sales 25.40 27.06 16.02
Earnings yield 19.96% 23.37% 7.68%
Free cash flow yield 7.96% 9.39% 11.60%

Profitability

Metric AGNC DX Reit Mortgage median
Gross margin 25.01% 100.00% 100.00%
Operating margin 57.94% 92.55% 35.40%
Net margin 53.44% 47.95% 11.85%
Free cash flow margin 22.65% 26.68% 26.68%
Return on equity 21.67% 18.61% 4.81%
Return on assets 1.87% 2.25% 0.62%
Return on invested capital 1.41% 2.08% 1.22%

Growth

Metric AGNC DX Reit Mortgage median
Revenue growth (TTM) 18.95% 134.15% 4.70%
EPS growth (last fiscal year) 58.06% 52.35% —
Revenue growth, 5-year CAGR 18.32% 40.78% 14.60%
Net income growth, 5-year CAGR 0.00% 14.06% 0.00%

Health

Metric AGNC DX Reit Mortgage median
Debt to equity 7.17 7.14 3.30
Current ratio 0.23 1.16 1.00
Net debt to EBITDA 45.27 25.53 18.31

Dividend

Metric AGNC DX Reit Mortgage median
Dividend yield 15.21% 13.01% 13.05%
Payout ratio 1.18 8.21 1.24

Size

Metric AGNC DX Reit Mortgage median
Market cap 11.51b 2.83b 517.48m

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