IVR
Invesco Mortgage Capital Inc.
REIT - Mortgage
Market Cap$576M
5Y Perf.-69.6%
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Stock Comparison
IVR vs DX
Revenue, margins, valuation, and 5-year total return — side by side.
DX
Dynex Capital, Inc.
REIT - Mortgage
Market Cap$2.66B
5Y Perf.+3.8%
IVR vs DX — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | IVR | DX |
|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $576M | $2.66B |
| Revenue (TTM) | $335M | $421M |
| Net Income (TTM) | $101M | $319M |
| Gross Margin | 50.5% | 99.9% |
| Operating Margin | 47.1% | 107.8% |
| Forward P/E | 3.7x | 9.5x |
| Total Debt | $5.62B | $13.91B |
| Cash & Equiv. | $56M | $930M |
IVR vs DX — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
IVR
DX
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Invesco Mortgage Ca… (IVR) | 100 | 30.4 | -69.6% |
| Dynex Capital, Inc. (DX) | 100 | 103.8 | +3.8% |
Price return only. Dividends and distributions are not included.
Quick Verdict: IVR vs DX
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: DX leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Invesco Mortgage Capital Inc. is the stronger pick specifically for valuation and capital efficiency and dividend income and shareholder returns. As sector peers, any of these can serve as alternatives in the same allocation.
IVR
Invesco Mortgage Capital Inc.
The Real Estate Income Play
IVR is the clearest fit if your priority is income & stability.
- Dividend streak 0 yrs, beta 0.78, yield 20.1%
- Lower P/E (3.7x vs 9.5x)
- 20.1% yield; the other pay no meaningful dividend
Best for: income & stability
DX
Dynex Capital, Inc.
The Real Estate Income Play
DX carries the broadest edge in this set and is the clearest fit for growth exposure and long-term compounding.
- Rev growth 179.5%, EPS growth 65.8%, 3Y rev CAGR 33.4%
- 61.1% 10Y total return vs IVR's -30.9%
- Lower volatility, beta 0.54
Best for: growth exposure and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | DX | 179.5% FFO/revenue growth vs IVR's -24.6% |
| Value | IVR | Lower P/E (3.7x vs 9.5x) |
| Quality / Margins | DX | 75.8% margin vs IVR's 30.2% |
| Stability / Safety | DX | Beta 0.54 vs IVR's 0.78, lower leverage |
| Dividends | IVR | 20.1% yield; the other pay no meaningful dividend |
| Momentum (1Y) | IVR | +32.9% vs DX's +27.0% |
| Efficiency (ROA) | DX | 1.8% ROA vs IVR's 1.7%, ROIC 4.8% vs 4.0% |
IVR vs DX — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLDXLAGGINGIVR
IVRInvesco Mortgage Capi…
2leads
DXDynex Capital, Inc.
3leads
6 Total Categories
CATEGORYLEADERvs IVRMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
DX4/6
Valuation MetricsMultiples, price ratios, and targets
IVR5/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
IVR5/8
Total Returns1Y, 3Y, 5Y total returns with dividends
DX5/6
Risk & VolatilityBeta, volatility, and downside exposure
DX2/2
Analyst OutlookRatings, price targets, and dividends
—
—
Income & Cash Flow (Last 12 Months)
DX leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
DX and IVR operate at a comparable scale, with $421M and $335M in trailing revenue. DX is the more profitable business, keeping 75.8% of every revenue dollar as net income compared to IVR's 30.2%. On growth, DX holds the edge at +3.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | IVRInvesco Mortgage … | DXDynex Capital, In… |
|---|---|---|
| RevenueTrailing 12 months | $335M | $421M |
| EBITDAEarnings before interest/tax | $158M | $572M |
| Net IncomeAfter-tax profit | $101M | $319M |
| Free Cash FlowCash after capex | $157M | $107M |
| Gross MarginGross profit ÷ Revenue | +50.5% | +99.9% |
| Operating MarginEBIT ÷ Revenue | +47.1% | +107.8% |
| Net MarginNet income ÷ Revenue | +30.2% | +75.8% |
| FCF MarginFCF ÷ Revenue | +46.8% | +25.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | -58.6% | +3.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +9.7% | +93.3% |
DX leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
IVR leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
At 5.2x trailing earnings, IVR trades at a 3% valuation discount to DX's 5.4x P/E. On an enterprise value basis, IVR's 19.1x EV/EBITDA is more attractive than DX's 21.2x.
| Metric | IVRInvesco Mortgage … | DXDynex Capital, In… |
|---|---|---|
| Market CapShares × price | $576M | $2.7B |
| Enterprise ValueMkt cap + debt − cash | $6.1B | $15.6B |
| Trailing P/EPrice ÷ TTM EPS | 5.24x | 5.40x |
| Forward P/EPrice ÷ next-FY EPS est. | 3.67x | 9.55x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 19.12x | 21.19x |
| Price / SalesMarket cap ÷ Revenue | 1.70x | 6.34x |
| Price / BookPrice ÷ Book value/share | 0.67x | 0.68x |
| Price / FCFMarket cap ÷ FCF | 3.67x | — |
IVR leads this category, winning 5 of 5 comparable metrics.
Profitability & Efficiency
IVR leads this category, winning 5 of 8 comparable metrics.
Profitability & Efficiency
IVR delivers a 13.3% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $13 for DX. DX carries lower financial leverage with a 5.65x debt-to-equity ratio, signaling a more conservative balance sheet compared to IVR's 7.05x. On the Piotroski fundamental quality scale (0–9), IVR scores 5/9 vs DX's 4/9, reflecting solid financial health.
| Metric | IVRInvesco Mortgage … | DXDynex Capital, In… |
|---|---|---|
| ROE (TTM)Return on equity | +13.3% | +13.0% |
| ROA (TTM)Return on assets | +1.7% | +1.8% |
| ROICReturn on invested capital | +4.0% | +4.8% |
| ROCEReturn on capital employed | +40.4% | +5.8% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 4 |
| Debt / EquityFinancial leverage | 7.05x | 5.65x |
| Net DebtTotal debt minus cash | $5.6B | $13.0B |
| Cash & Equiv.Liquid assets | $56M | $930M |
| Total DebtShort + long-term debt | $5.6B | $13.9B |
| Interest CoverageEBIT ÷ Interest expense | 1.46x | — |
IVR leads this category, winning 5 of 8 comparable metrics.
Total Returns (Dividends Reinvested)
DX leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in DX five years ago would be worth $10,792 today (with dividends reinvested), compared to $5,466 for IVR. Over the past 12 months, IVR leads with a +32.9% total return vs DX's +27.0%. The 3-year compound annual growth rate (CAGR) favors DX at 19.2% vs IVR's 9.3% — a key indicator of consistent wealth creation.
| Metric | IVRInvesco Mortgage … | DXDynex Capital, In… |
|---|---|---|
| YTD ReturnYear-to-date | +0.2% | +0.9% |
| 1-Year ReturnPast 12 months | +32.9% | +27.0% |
| 3-Year ReturnCumulative with dividends | +30.7% | +69.3% |
| 5-Year ReturnCumulative with dividends | -45.3% | +7.9% |
| 10-Year ReturnCumulative with dividends | -30.9% | +61.1% |
| CAGR (3Y)Annualised 3-year return | +9.3% | +19.2% |
DX leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
DX leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
DX is the less volatile stock with a 0.54 beta — it tends to amplify market swings less than IVR's 0.78 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. DX currently trades 89.4% from its 52-week high vs IVR's 84.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | IVRInvesco Mortgage … | DXDynex Capital, In… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.78x | 0.54x |
| 52-Week HighHighest price in past year | $9.50 | $14.93 |
| 52-Week LowLowest price in past year | $7.10 | $11.70 |
| % of 52W HighCurrent price vs 52-week peak | +84.4% | +89.4% |
| RSI (14)Momentum oscillator 0–100 | 43.5 | 48.4 |
| Avg Volume (50D)Average daily shares traded | 2.2M | 5.7M |
DX leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Insufficient data to determine a leader in this category.
Analyst Outlook
Wall Street rates IVR as "Hold" and DX as "Hold". Consensus price targets imply 26.1% upside for DX (target: $17) vs 12.2% for IVR (target: $9). IVR is the only dividend payer here at 20.10% yield — a key consideration for income-focused portfolios.
| Metric | IVRInvesco Mortgage … | DXDynex Capital, In… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $9.00 | $16.83 |
| # AnalystsCovering analysts | 20 | 14 |
| Dividend YieldAnnual dividend ÷ price | +20.1% | — |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | $1.61 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.5% | 0.0% |
Insufficient data to determine a leader in this category.
Key Takeaway
DX leads in 3 of 6 categories (Income & Cash Flow, Total Returns). IVR leads in 2 (Valuation Metrics, Profitability & Efficiency).
Best OverallDynex Capital, Inc. (DX)Leads 3 of 6 categories
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IVR vs DX: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is IVR or DX a better buy right now?
For growth investors, Dynex Capital, Inc.
(DX) is the stronger pick with 179. 5% revenue growth year-over-year, versus -24. 6% for Invesco Mortgage Capital Inc. (IVR). Invesco Mortgage Capital Inc. (IVR) offers the better valuation at 5. 2x trailing P/E (3. 7x forward), making it the more compelling value choice. Analysts rate Invesco Mortgage Capital Inc. (IVR) a "Hold" — based on 20 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — IVR or DX?
On trailing P/E, Invesco Mortgage Capital Inc.
(IVR) is the cheapest at 5. 2x versus Dynex Capital, Inc. at 5. 4x. On forward P/E, Invesco Mortgage Capital Inc. is actually cheaper at 3. 7x.
03Which is the better long-term investment — IVR or DX?
Over the past 5 years, Dynex Capital, Inc.
(DX) delivered a total return of +7. 9%, compared to -45. 3% for Invesco Mortgage Capital Inc. (IVR). Over 10 years, the gap is even starker: DX returned +61. 1% versus IVR's -30. 9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — IVR or DX?
By beta (market sensitivity over 5 years), Dynex Capital, Inc.
(DX) is the lower-risk stock at 0. 54β versus Invesco Mortgage Capital Inc. 's 0. 78β — meaning IVR is approximately 45% more volatile than DX relative to the S&P 500. On balance sheet safety, Dynex Capital, Inc. (DX) carries a lower debt/equity ratio of 6% versus 7% for Invesco Mortgage Capital Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — IVR or DX?
By revenue growth (latest reported year), Dynex Capital, Inc.
(DX) is pulling ahead at 179. 5% versus -24. 6% for Invesco Mortgage Capital Inc. (IVR). On earnings-per-share growth, the picture is similar: Invesco Mortgage Capital Inc. grew EPS 135. 4% year-over-year, compared to 65. 8% for Dynex Capital, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — IVR or DX?
Dynex Capital, Inc.
(DX) is the more profitable company, earning 75. 9% net margin versus 29. 8% for Invesco Mortgage Capital Inc. — meaning it keeps 75. 9% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: DX leads at 175. 6% versus 94. 5% for IVR. At the gross margin level — before operating expenses — DX leads at 100. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is IVR or DX more undervalued right now?
On forward earnings alone, Invesco Mortgage Capital Inc.
(IVR) trades at 3. 7x forward P/E versus 9. 5x for Dynex Capital, Inc. — 5. 9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for DX: 26. 1% to $16. 83.
08Which pays a better dividend — IVR or DX?
In this comparison, IVR (20.
1% yield) pays a dividend. DX does not pay a meaningful dividend and should not be held primarily for income.
09Is IVR or DX better for a retirement portfolio?
For long-horizon retirement investors, Invesco Mortgage Capital Inc.
(IVR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 78), 20. 1% yield). Both have compounded well over 10 years (IVR: -30. 9%, DX: +61. 1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between IVR and DX?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: IVR is a small-cap deep-value stock; DX is a small-cap high-growth stock. IVR pays a dividend while DX does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(IVR: -58.6% · DX: 315.7%)Net Margin>
%
(IVR: 30.2% · DX: 75.8%)P/E Ratio<
x
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