Dynex Capital, Inc. (DX) 10-Year Financial Performance & Capital Metrics

DX • • REIT / Real Estate

Real EstateMortgage REITsHybrid Mortgage REITsMulti-Asset Mortgage Investors

AboutDynex Capital, Inc., a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non-agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest-only securities. Agency MBS have a guaranty of principal payment by an agency of the U.S. government or a U.S. government-sponsored entity, such as Fannie Mae and Freddie Mac. Non-Agency MBS have no such guaranty of payment. The company has qualified as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 1987 and is headquartered in Glen Allen, Virginia.Show more

Revenue $150M +462.2%
FFO $116M +3134.5%
FFO/Share 1.62 +2433.9%
FFO Payout 101.8% +104.2%
FFO per Share 1.62 +2433.9%
NOI Margin 100% +248.8%
FFO Margin 76.97% +639.7%
ROE 11.08% +1701.8%
ROA 1.57% +1373.5%
Debt/Assets 80.47%
Net Debt/EBITDA 53.62
Book Value/Share 16.63 +4.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 132.7% TTM
✓High NOI margin of 100.0%
✓Trading near 52-week high
✓Trading at only 0.9x book value

✗Weaknesses

✗High debt to equity ratio of 5.6x
✗Dividend exceeds FFO - may not be sustainable
✗Dividend payout exceeds 100% of earnings
✗Shares diluted 30.0% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.74%

5Y-

3Y5.61%

TTM2.51%

Profit (Net Income) CAGR

10Y15.14%

5Y-

3Y3.66%

TTM112.12%

EPS CAGR

10Y3.86%

5Y-

3Y-18.77%

TTM17.84%

ROCE

10Y Avg3.53%

5Y Avg6.33%

3Y Avg7.42%

Latest18.38%

Peer Comparison

Multi-Asset Mortgage Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RWTNRedwood Trust, Inc. 9.125% Seni	3.36B	25.34	79.19	52.9%	-0.62%	-0.29%		14.10
MITNAG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029	754.34M	25.45	20.69	5.49%	18.45%	8.87%	7.4%	11.65
EFC-PCEllington Financial Inc.	2.49B	25.42	18.97	-13.66%	46.15%	8.39%
RWTRedwood Trust, Inc.	734.76M	5.80	18.13	52.9%	-41.59%	-8.86%		13.80
EFC-PDEllington Financial Inc.	2.37B	24.18	17.65	12.07%	49.64%	8.39%
STWDStarwood Property Trust, Inc.	6.8B	18.35	16.38	-0.53%	19.99%	4.84%	9.1%	1.25
NLYAnnaly Capital Management, Inc.	16.28B	23.83	14.71	189.21%	31.62%	9.97%	15.04%	1.69
IVRInvesco Mortgage Capital Inc.	659.79M	9.30	14.31	17.98%	36.99%	6.93%	27.76%	6.70

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	33.53M	56.82M	49.84M	23.7M	-136.7M	199.67M	127.69M	177M	26.75M	150.4M
Revenue Growth %	-0.53%	0.69%	-0.12%	-0.52%	-6.77%	2.46%	-0.36%	0.39%	-0.85%	4.62%
Property Operating Expenses	-499K	-103K	-75K	0	0	0	0	0	19.08M	0
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	8.56M	56.82M	49.84M	23.7M	-136.7M	199.67M	24.09M	33.84M	13.8M	34.59M
G&A Expenses	17.67M	14.71M	15.82M	15.11M	15.99M	21.08M	24.09M	32.35M	30.73M	34.59M
EBITDA+	21.88M	44.6M	35.18M	8.26M	0	0	103.6M	145.51M	-1.66M	115.8M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	5.34M	1.5M	1.29M	1.23M	1.68M	1.99M	0	2.35M	2.31M	0
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	16.54M	43.1M	33.89M	7.02M	0	0	103.6M	143.16M	-3.98M	115.8M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	22.61M	25.23M	36.18M	59.57M	114.11M	32.62M	5.67M	43.61M	215.45M	313.66M
Interest Coverage	0.73x	1.71x	0.94x	0.12x	-	-	18.27x	3.28x	-0.02x	0.37x
Non-Operating Income	21.88M	1.5M	35.18M	8.26M	1.68M	1.99M	103.6M	-43.61M	2.31M	115.8M
Pretax Income+	16.54M	43.1M	33.89M	7.02M	-152.67M	177.53M	102.26M	143.16M	-6.13M	113.9M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	16.54M	43.1M	33.89M	7.02M	-152.67M	177.53M	102.26M	143.16M	-6.13M	113.9M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.41%	1.61%	-0.21%	-0.79%	-22.74%	2.16%	-0.42%	0.4%	-1.04%	19.58%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.4%	1.04%	-0.21%	-0.77%	-19.29%	2.19%	-0.42%	0.39%	-1.03%	31.34%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.42	2.07	1.38	-0.24	-7.01	6.93	2.78	3.17	-0.25	1.49
EPS Growth %	-0.59%	3.93%	-0.33%	-1.17%	-28.21%	1.99%	-0.6%	0.14%	-1.08%	6.96%
EPS (Basic)	0.42	2.07	1.38	-0.24	-7.01	6.93	2.79	3.19	-0.25	1.50
Diluted Shares Outstanding	17.62M	16.37M	16.81M	19.23M	23.62M	23.11M	32.76M	42.74M	54.81M	71.26M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	3.67B	3.4B	3.31B	3.89B	5.37B	3.09B	3.64B	3.61B	6.37B	8.18B
Asset Growth %	-0%	-0.07%	-0.03%	0.18%	0.38%	-0.43%	0.18%	-0.01%	0.77%	0.28%
Real Estate & Other Assets+	-3.5B	-3.21B	-3.17B	-3.75B	-5.19B	0	-170.52M	-301.75M	-158.2M	6.9B
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	158.71M	106.49M	60.69M	55.62M	88.79M	460.42M	0	0	0	666.09M
Cash & Equivalents	33.94M	74.12M	40.87M	34.6M	62.58M	295.6M	366.02M	332.04M	119.64M	377.1M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	87.98M	0	0	0	0	0	-382.98M	-357.64M	-149.68M	287.73M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Total Liabilities	3.18B	2.93B	2.75B	3.36B	4.79B	2.45B	2.87B	2.7B	5.5B	7B
Total Debt+	528.44M	6.44M	5.52M	3.46M	2.73M	111K	0	0	0	6.59B
Net Debt	494.51M	-67.68M	-35.35M	-31.14M	-59.85M	-295.49M	-366.02M	-332.04M	-119.64M	6.21B
Long-Term Debt	528.44M	6.44M	5.52M	3.46M	2.73M	111K	0	0	0	0
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	1000K
Capital Lease Obligations	0	110M	141.29M	142.88M	162.81M	174.56M	0	0	0	0
Total Current Liabilities+	15.45M	15.42M	173.16M	83.03M	28.05M	7.22M	0	0	0	6.65B
Accounts Payable	1.74M	3.16M	3.73M	10.31M	15.59M	1.41M	1.36M	16.45M	53.19M	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	0	-222K	0	0	0	352.54M
Total Equity+	492.02M	467.18M	557.06M	527.15M	582.99M	633.45M	771.28M	901.33M	870.74M	1.18B
Equity Growth %	-0.19%	-0.05%	0.19%	-0.05%	0.11%	0.09%	0.22%	0.17%	-0.03%	0.36%
Shareholders Equity	492.02M	467.18M	557.06M	527.15M	582.99M	633.45M	771.28M	901.33M	870.74M	1.18B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	490K	492K	558K	628K	229K	237K	367K	536K	570K	845K
Additional Paid-in Capital	725.36M	727.37M	775.87M	818.44M	858.35M	869.5M	1.11B	1.36B	1.4B	1.74B
Retained Earnings	-330.71M	-338.07M	-351.97M	-399.02M	-612.2M	-491.1M	-451.45M	-383.22M	-483.61M	-493.73M
Preferred Stock	109.66M	110M	141.29M	142.88M	162.81M	174.56M	107.84M	107.84M	107.84M	107.84M
Return on Assets (ROA)	0%	0.01%	0.01%	0%	-0.03%	0.04%	0.03%	0.04%	-0%	0.02%
Return on Equity (ROE)	0.03%	0.09%	0.07%	0.01%	-0.28%	0.29%	0.15%	0.17%	-0.01%	0.11%
Debt / Assets	0.14%	0%	0%	0%	0%	0%	-	-	-	0.8%
Debt / Equity	1.07x	0.01x	0.01x	0.01x	0.00x	0.00x	-	-	-	5.56x
Net Debt / EBITDA	22.60x	-1.52x	-1.00x	-3.77x	-	-	-3.53x	-2.28x	-	53.62x
Book Value per Share	27.93	28.54	33.15	27.41	24.68	27.42	23.54	21.09	15.89	16.63

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	216.99M	210.51M	204.45M	180.56M	175.35M	173.95M	146.97M	126.35M	62.2M	14.39M
Operating CF Growth %	0.01%	-0.03%	-0.03%	-0.12%	-0.03%	-0.01%	-0.16%	-0.14%	-0.51%	-0.77%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	16.54M	43.1M	33.89M	7.02M	-152.67M	177.53M	102.26M	143.16M	-6.13M	113.9M
Depreciation & Amortization	5.34M	1.5M	1.29M	1.23M	1.68M	1.99M	2.31M	2.35M	2.31M	1.87M
Stock-Based Compensation	2.96M	2.71M	1.95M	1.23M	1.21M	1.82M	2.52M	4.42M	4.83M	7.24M
Other Non-Cash Items	196.18M	160.47M	166.12M	169.82M	326.45M	-9.42M	44.86M	-35.85M	40.02M	-96.85M
Working Capital Changes	-4.04M	2.73M	1.2M	1.26M	-1.32M	2.03M	-4.98M	12.27M	21.17M	-11.76M
Cash from Investing+	-209.37M	67.97M	87.43M	-869.34M	-1.6B	2.35B	-555.38M	-65.44M	-2.96B	-1.03B
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	-1.17B	-495.63M	-1.32B	-1.79B	-3.18B	-2.62B	-1.54B	-1.55B	-3.58B	-1.87B
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	15.33M	15.75M	25.16M	-2.03M	1.98M	3.48M	-3.75M	247K	-49.51M	756.08M
Cash from Financing+	-8.66M	-264.72M	-303.57M	690.28M	1.47B	-2.35B	519.98M	-32.34M	2.69B	1.4B
Dividends Paid	-61.02M	-51.9M	-47.53M	-52.79M	-68.04M	-52.44M	-58.9M	-72.37M	-93.04M	-117.84M
Common Dividends	-61.02M	-51.9M	-47.53M	-52.79M	-68.04M	-52.44M	-58.9M	-72.37M	-93.04M	-117.84M
Debt Issuance (Net)	-1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	0	0	1000K
Share Repurchases	-41.17M	-310K	0	0	-25.03M	-617K	0	0	0	0
Other Financing	95.79M	-211.15M	-582K	-374K	-481K	-2.32B	-1.18M	-206.86M	2.74B	-1.18M
Net Change in Cash+	41.18M	13.76M	-11.69M	1.5M	45.53M	168.45M	111.57M	28.57M	-212.01M	383.68M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	43.94M	85.13M	98.89M	87.2M	88.7M	134.23M	309.74M	421.31M	449.88M	237.86M
Cash at End	85.13M	98.89M	87.2M	88.7M	134.23M	302.68M	421.31M	449.88M	237.86M	621.54M
Free Cash Flow+	216.99M	210.51M	204.45M	180.56M	175.35M	173.95M	146.97M	126.35M	62.2M	14.39M
FCF Growth %	0.01%	-0.03%	-0.03%	-0.12%	-0.03%	-0.01%	-0.16%	-0.14%	-0.51%	-0.77%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.24	2.72	2.09	0.43	-6.39	7.77	3.19	3.4	-0.07	1.62
FFO Payout Ratio	278.84%	116.37%	135.11%	639.49%	-45.07%	29.21%	56.32%	49.73%	-2438.82%	101.8%
NOI Margin	101.49%	100.18%	100.15%	100%	100%	100%	100%	100%	28.67%	100%
Net Debt / EBITDA	22.60x	-1.52x	-1.00x	-3.77x	-	-	-3.53x	-2.28x	-	53.62x
Debt / Assets	14.4%	0.19%	0.17%	0.09%	0.05%	0%	-	-	-	80.47%
Interest Coverage	0.73x	1.71x	0.94x	0.12x	-	-	18.27x	3.28x	-0.02x	0.37x
Book Value / Share	27.93	28.54	33.15	27.41	24.68	27.42	23.54	21.09	15.89	16.63
Revenue Growth	-53.01%	69.45%	-12.29%	-52.46%	-676.93%	246.06%	-36.05%	38.62%	-84.89%	462.25%

Frequently Asked Questions

Valuation & Price

Dynex Capital, Inc. (DX) has a price-to-earnings (P/E) ratio of 9.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Dynex Capital, Inc. (DX) reported $207.0M in revenue for fiscal year 2024. This represents a 181% increase from $73.8M in 2011.

Dynex Capital, Inc. (DX) grew revenue by 462.2% over the past year. This is strong growth.

Yes, Dynex Capital, Inc. (DX) is profitable, generating $184.8M in net income for fiscal year 2024 (75.7% net margin).

Dividend & Returns

Yes, Dynex Capital, Inc. (DX) pays a dividend with a yield of 11.60%. This makes it attractive for income-focused investors.

Dynex Capital, Inc. (DX) has a return on equity (ROE) of 11.1%. This is reasonable for most industries.

Industry Metrics

Dynex Capital, Inc. (DX) generated Funds From Operations (FFO) of $207.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Dynex Capital, Inc. (DX) offers a 11.60% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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