Blackstone Mortgage Trust, Inc. (BXMT) vs Dynex Capital, Inc. (DX)

Blackstone Mortgage Trust, Inc. and Dynex Capital, Inc. are both Reit Mortgage companies. Dynex Capital, Inc. is the larger, with a market value of $2.8B against $1.9B — 1.5× the size. Blackstone Mortgage Trust, Inc. has negative trailing earnings, so its P/E is not meaningful; Dynex Capital, Inc. trades at 47.2×. Dynex Capital, Inc. grew revenue faster over the last twelve months: 140.4% against −1.80%. Dynex Capital, Inc. has the higher net margin (−5.66% vs −24.7%) and the lower return on invested capital (2.47% vs 4.09%). Both pay a dividend; Dynex Capital, Inc. yields more (19.0% vs 16.5%). Across the 22 metrics below, Dynex Capital, Inc. leads on 12 and Blackstone Mortgage Trust, Inc. on 10.

Valuation

Metric BXMT DX Reit Mortgage median
P/E n/m 47.21 14.55
P/S 1.26 2.53 1.72
P/B 0.68 0.96 0.52
Price to free cash flow 6.10 10.84 4.35
EV/EBITDA 13.69 24.61 28.27
EV/Sales 10.25 23.45 15.73
Earnings yield (19.53%) 2.12% 0.23%
Free cash flow yield 16.40% 9.22% 13.86%

Profitability

Metric BXMT DX Reit Mortgage median
Gross margin 78.72% 100.00% 100.00%
Operating margin 71.10% 93.76% 31.94%
Net margin (24.71%) (5.66%) (1.81%)
Free cash flow margin 20.73% 23.35% 27.05%
Return on equity (11.65%) (2.59%) (0.49%)
Return on assets (2.02%) (0.29%) (0.06%)
Return on invested capital 4.09% 2.47% 0.79%

Growth

Metric BXMT DX Reit Mortgage median
Revenue growth (TTM) (1.80%) 140.39% 1.39%
EPS growth (last fiscal year) 154.70% 65.77% 45.25%
Revenue growth, 5-year CAGR 14.60% 40.78% 14.60%
Net income growth, 5-year CAGR (4.46%) 14.06% 0.00%

Health

Metric BXMT DX Reit Mortgage median
Debt to equity 4.98 7.93 2.91
Current ratio 0.00 1.15 0.82
Net debt to EBITDA 12.49 25.53 18.31

Dividend

Metric BXMT DX Reit Mortgage median
Dividend yield 16.46% 18.98% 17.37%
Payout ratio 20.89 9.37 1.87

Size

Metric BXMT DX Reit Mortgage median
Market cap 1.90b 2.79b 409.49m

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