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Dynex Capital, Inc.(DX)Earnings, Financials & Key Ratios
DX•NYSE•REIT / Real Estate
5.3× P/E·Price updated Jun 19, 2026
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$534M+67.8%
- FFO$321M+177.4%
- FFO/Share2.57+58.1%
- FFO Payout76.78%-24.6%
- FFO per Share2.57+58.1%
- NOI Margin100%
- FFO Margin60.2%+65.4%
- ROE17.5%+57.9%
- ROA2.5%+59.7%
DX Key Insights
Dynex Capital, Inc. (DX) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓FFO growing 177.4% TTM
- ✓Sustainable FFO payout ratio of 76.8%
- ✓High NOI margin of 100.0%
- ✓Trading at only 0.7x book value
✗Weaknesses
- ✗High debt to equity ratio of 5.7x
- ✗Shares diluted 75.5% in last year
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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DX Price & Volume
Dynex Capital, Inc. (DX) stock price & volume — 10-year historical chart
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DX Growth Metrics
Dynex Capital, Inc. (DX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years25.25%
5 Years18.1%
3 Years-
TTM67.76%
Profit CAGR
10 Years34.44%
5 Years12.44%
3 Years30.62%
TTM180.13%
EPS CAGR
10 Years19.38%
5 Years-18.64%
3 Years-7.98%
TTM35.42%
Return on Capital
10 Years9.03%
5 Years17.24%
3 Years25.95%
Last Year5.78%
DX Recent Earnings
Dynex Capital, Inc. (DX) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/12 qtrs (17%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 20, 2026Metric
Actual
Est
EPS
$0.31-1.0%
$0.31
Rev
$79M-11.1%
$89M
Q1 2026
Jan 26, 2026Metric
Actual
Est
EPS
$0.22-42.0%
$0.38
Rev
$43M-30.0%
$62M
Q4 2025
Oct 20, 2025Metric
Actual
Est
EPS
$0.25-43.2%
$0.44
Rev
$139M+390.1%
$28M
Q3 2025
Jul 21, 2025Metric
Actual
Est
EPS
$0.22-55.1%
$0.49
Rev
$1M-106.2%
$21M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 20, 2026 | $0.31vs $0.31-1.0% | $79Mvs $89M-11.1% |
| Q1 2026 | Jan 26, 2026 | $0.22vs $0.38-42.0% | $43Mvs $62M-30.0% |
| Q4 2025 | Oct 20, 2025 | $0.25vs $0.44-43.2% | $139Mvs $28M+390.1% |
| Q3 2025 | Jul 21, 2025 | $0.22vs $0.49-55.1% | $1Mvs $21M-106.2% |
Based on last 12 quarters of dataView full earnings history →
DX Peer Comparison
Dynex Capital, Inc. (DX) competitors in Agency mortgage securities REITs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 AGNC | 11.66B | 10.38 | 7.06 | -60.79% | 87.02% | 15.1% | 0.01 | |
 NLY | 15.96B | 22.21 | 7.61 | 5.35% | 30.28% | 14.05% | 6.92 | |
 TWO | 1.29B | 12.32 | -2.83 | -28.4% | -44.82% | -19.11% | 4.79 | |
 MFA | 972.95M | 9.53 | 5.67 | 213.02% | 20.7% | 7.43% | 6.01 | |
 ARR | 2.08B | 16.76 | 5.08 | 444.08% | 24.22% | 11.47% | 7.94 | |
 IVR | 574.68M | 8.00 | 5.23 | -24.6% | 30.19% | 13.34% | 7.05 | |
 CIM | 1.11B | 13.28 | 4.83 | 218.22% | 2.72% | 0.75% | 5.08 | |
 EFC | 1.34B | 13.44 | 11.29 | 139.04% | 34.24% | 8.4% | 9.07 |
Compare DX vs Peers
Dynex Capital, Inc. (DX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
DX Income Statement
Dynex Capital, Inc. (DX) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 86.02M | 83.22M | 164.41M | 232.26M | 66.76M | -2.37M | 132.6M | 318.03M | 533.52M |
Revenue Growth % | 4.83% | -3.25% | 97.57% | 41.27% | -71.26% | -103.55% | 5690.26% | 139.84% | 67.76% |
Property Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Operating Income (NOI) | 86.02M▲ 0% | 83.22M▼ 3.3% | 164.41M▲ 97.6% | 232.26M▲ 41.3% | 66.76M▼ 71.3% | -2.37M▼ 103.6% | 132.6M▲ 5690.3% | 318.03M▲ 139.8% | 533.52M▲ 67.8% |
NOI Margin % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
Operating Expenses | 52M | 76.19M | 317.08M | 22.12M | -41.18M | -189.15M | -76.72M | -109.53M | -204.71M |
G&A Expenses | 15.82M | 15.11M | 15.99M | 21.08M | 24.09M | 32.35M | 30.73M | 34.59M | 0 |
EBITDA | 70.07M | 66.6M | -38.56M | 210.15M | 107.93M | 186.77M | 209.32M | 427.56M | 738.23M |
EBITDA Margin % | 81.46% | 80.03% | -23.45% | 90.48% | 161.68% | -7874.07% | 157.86% | 134.44% | 138.37% |
Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
D&A / Revenue % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Operating Income | 34.01M▲ 0% | 7.02M▼ 79.4% | -152.67M▼ 2273.8% | 210.15M▲ 237.6% | 107.93M▼ 48.6% | 186.77M▲ 73.0% | 209.32M▲ 12.1% | 427.56M▲ 104.3% | 738.23M▲ 72.7% |
Operating Margin % | 39.54% | 8.44% | -92.86% | 90.48% | 161.68% | -7874.07% | 157.86% | 134.44% | 138.37% |
Interest Expense | 36.18M | 59.57M | 114.11M | 32.62M | 5.67M | 43.61M | 215.45M | 313.66M | 419.17M |
Interest Coverage | 1.94x | 1.12x | -0.34x | 6.44x | 19.03x | 4.28x | 0.97x | 1.36x | 1.76x |
Non-Operating Income | -36.06M | -59.57M | -114.11M | 0 | 0 | 0 | 0 | 0 | 0 |
Pretax Income | 33.89M▲ 0% | 7.02M▼ 79.3% | -152.67M▼ 2273.8% | 177.53M▲ 216.3% | 102.26M▼ 42.4% | 143.16M▲ 40.0% | -6.13M▼ 104.3% | 113.9M▲ 1958.0% | 319.07M▲ 180.1% |
Pretax Margin % | 39.4% | 8.44% | -92.86% | 76.44% | 153.19% | -6035.46% | -4.62% | 35.81% | 59.8% |
Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Net Income | 33.89M▲ 0% | 7.02M▼ 79.3% | -152.67M▼ 2273.8% | 177.53M▲ 216.3% | 102.26M▼ 42.4% | 143.16M▲ 40.0% | -6.13M▼ 104.3% | 113.9M▲ 1958.0% | 319.07M▲ 180.1% |
Net Margin % | 39.4% | 8.44% | -92.86% | 76.44% | 153.19% | -6035.46% | -4.62% | 35.81% | 59.8% |
Net Income Growth % | -21.36% | -79.28% | -2273.83% | 216.29% | -42.4% | 40% | -104.28% | 1958.04% | 180.13% |
Funds From Operations (FFO) | 35.18M▲ 0% | 8.26M▼ 76.5% | -150.98M▼ 1929.0% | 179.52M▲ 218.9% | 104.57M▼ 41.8% | 145.51M▲ 39.2% | -3.81M▼ 102.6% | 115.77M▲ 3134.5% | 321.16M▲ 177.4% |
FFO Margin % | 40.9% | 9.92% | -91.83% | 77.29% | 156.64% | -6134.7% | -2.88% | 36.4% | 60.2% |
FFO Growth % | -21.12% | -76.53% | -1929% | 218.9% | -41.75% | 39.16% | -102.62% | 3134.47% | 177.43% |
FFO per Share | 2.09 | 0.43 | -6.39 | 7.77 | 3.19 | 3.40 | -0.07 | 1.62 | 2.57 |
FFO Payout Ratio % | 135.11% | 639.49% | -45.07% | 29.21% | 56.32% | 49.73% | -2438.82% | 101.8% | 76.78% |
EPS (Diluted) | 1.38▲ 0% | -0.25▼ 118.1% | -7.01▼ 2704.0% | 6.93▲ 198.9% | 2.78▼ 59.9% | 3.17▲ 14.0% | -0.25▼ 107.9% | 1.49▲ 696.0% | 2.47▲ 65.8% |
EPS Growth % | -33.33% | -118.12% | -2704% | 198.86% | -59.88% | 14.03% | -107.89% | 696% | 65.77% |
EPS (Basic) | 1.38 | -0.25 | -7.01 | 6.93 | 2.78 | 3.19 | -0.25 | 1.50 | 2.49 |
Diluted Shares Outstanding | 16.81M | 19.23M | 23.62M | 23.11M | 32.76M | 42.74M | 54.81M | 71.26M | 125.07M |
DX Balance Sheet
Dynex Capital, Inc. (DX) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Total Assets | 3.31B | 3.89B | 5.37B | 3.09B | 3.64B | 3.61B | 6.37B | 8.18B | 17.34B |
Asset Growth % | -2.71% | 17.55% | 38.2% | -42.51% | 17.88% | -0.95% | 76.68% | 28.49% | 111.89% |
Real Estate & Other Assets | -3.17B | -3.75B | -5.19B | 0 | -170.52M | -301.75M | -158.2M | 6.9B | 8.94M |
PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Total Current Assets | 60.69M | 55.62M | 88.79M | 460.42M | 0 | 0 | 0 | 666.09M | 1.03B |
Cash & Equivalents | 40.87M | 34.6M | 62.58M | 295.6M | 366.02M | 332.04M | 119.64M | 377.1M | 930.39M |
Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Other Current Assets | 0 | 0 | 0 | 0 | -382.98M | -357.64M | -149.68M | 287.73M | 10.5M |
Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Liabilities | 2.75B | 3.36B | 4.79B | 2.45B | 2.87B | 2.7B | 5.5B | 7B | 14.88B |
Total Debt | 5.52M | 3.46M | 2.73M | 111K | 0 | 0 | 0 | 6.59B | 13.91B |
Net Debt | -35.35M | -31.14M | -59.85M | -295.49M | -366.02M | -332.04M | -119.64M | 6.21B | 12.98B |
Long-Term Debt | 5.52M | 3.46M | 2.73M | 111K | 0 | 0 | 0 | 0 | 0 |
Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.59B | 13.91B |
Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Current Liabilities | 173.16M | 83.03M | 28.05M | 7.22M | 0 | 0 | 0 | 6.65B | 0 |
Accounts Payable | 3.73M | 10.31M | 15.59M | 1.41M | 1.36M | 16.45M | 53.19M | 0 | 0 |
Deferred Revenue | 0 | 0 | 0 | 2.45B | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | 0 | 0 | 0 | -222K | 0 | 0 | 0 | 352.54M | 14.88B |
Total Equity | 557.06M▲ 0% | 527.15M▼ 5.4% | 582.99M▲ 10.6% | 633.45M▲ 8.7% | 771.28M▲ 21.8% | 901.33M▲ 16.9% | 870.74M▼ 3.4% | 1.18B▲ 36.1% | 2.46B▲ 107.8% |
Equity Growth % | 19.24% | -5.37% | 10.59% | 8.66% | 21.76% | 16.86% | -3.39% | 36.08% | 107.79% |
Shareholders Equity | 557.06M | 527.15M | 582.99M | 633.45M | 771.28M | 901.33M | 870.74M | 1.18B | 2.46B |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common Stock | 558K | 628K | 229K | 237K | 367K | 536K | 570K | 845K | 1.75M |
Additional Paid-in Capital | 775.87M | 818.44M | 858.35M | 869.5M | 1.11B | 1.36B | 1.4B | 1.74B | 2.92B |
Retained Earnings | -351.97M | -399.02M | -612.2M | -491.1M | -451.45M | -383.22M | -483.61M | -493.73M | -441.94M |
Preferred Stock | 141.29M | 142.88M | 162.81M | 174.56M | 107.84M | 107.84M | 107.84M | 107.84M | 107.84M |
Return on Assets (ROA) | 1.01% | 0.2% | -3.3% | 4.2% | 3.04% | 3.95% | -0.12% | 1.57% | 2.5% |
Return on Equity (ROE) | 6.62% | 1.3% | -27.5% | 29.19% | 14.56% | 17.12% | -0.69% | 11.08% | 17.5% |
Debt / Assets | 0.17% | 0.09% | 0.05% | 0% | - | - | - | 80.47% | 80.22% |
Debt / Equity | 0.01x | 0.01x | 0.00x | 0.00x | - | - | - | 5.56x | 5.65x |
Net Debt / EBITDA | -0.50x | -0.47x | - | -1.41x | -3.39x | -1.78x | -0.57x | 14.52x | 17.59x |
Book Value per Share | 33.15 | 27.41 | 24.68 | 27.42 | 23.54 | 21.09 | 15.89 | 16.63 | 19.69 |
DX Cash Flow Statement
Dynex Capital, Inc. (DX) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 204.45M | 180.56M | 175.35M | 173.95M | 146.97M | 126.35M | 62.2M | 14.39M | 120.82M |
Operating CF Growth % | -2.88% | -11.68% | -2.89% | -0.8% | -15.51% | -14.03% | -50.77% | -76.86% | 739.5% |
Operating CF / Revenue % | 237.69% | 216.97% | 106.65% | 74.89% | 220.16% | -5326.81% | 46.91% | 4.53% | 22.65% |
Net Income | 33.89M | 7.02M | -152.67M | 177.53M | 102.26M | 143.16M | -6.13M | 113.9M | 319.07M |
Depreciation & Amortization | 1.29M | 1.23M | 1.68M | 1.99M | 2.31M | 2.35M | 2.31M | 1.87M | 2.1M |
Stock-Based Compensation | 1.95M | 1.23M | 1.21M | 1.82M | 2.52M | 4.42M | 4.83M | 7.24M | 12.56M |
Other Non-Cash Items | 166.12M | 169.82M | 326.45M | -9.42M | 44.86M | -35.85M | 40.02M | -96.85M | -231.79M |
Working Capital Changes | 1.2M | 1.26M | -1.32M | 2.03M | -4.98M | 12.27M | 21.17M | -11.76M | 18.88M |
Cash from Investing | 87.43M | -869.34M | -1.6B | 2.35B | -555.38M | -65.44M | -2.96B | -1.03B | -8.07B |
Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Purchase of Investments | -1.32B | -1.79B | -3.18B | -2.62B | -1.54B | -1.55B | -3.58B | -1.87B | -9.04B |
Sale of Investments | 1.38B | 921.96M | 1.57B | 4.97B | 990.05M | 1.49B | 667.75M | 90.31M | 952.72M |
Other Investing | 25.16M | -2.03M | 1.98M | 3.48M | -3.75M | 247K | -49.51M | 756.08M | 8.92M |
Cash from Financing | -303.57M | 690.28M | 1.47B | -2.35B | 519.98M | -32.34M | 2.69B | 1.4B | 8.26B |
Dividends Paid | -47.53M | -52.79M | -68.04M | -52.44M | -58.9M | -72.37M | -93.04M | -117.84M | -246.6M |
Common Dividends | -47.53M | -52.79M | -68.04M | -52.44M | -58.9M | -72.37M | -93.04M | -117.84M | -246.6M |
Debt Issuance (Net) | -1000K | 1000K | 1000K | -1000K | 1000K | 0 | 0 | 1000K | 1000K |
Share Repurchases | 0 | 0 | -25.03M | -617K | 0 | 0 | 0 | 0 | 0 |
Other Financing | -582K | -374K | -481K | -2.32B | -1.18M | -206.86M | 2.74B | -1.18M | -1.63M |
Net Change in Cash | -11.69M▲ 0% | 1.5M▲ 112.9% | 45.53M▲ 2927.0% | 168.45M▲ 270.0% | 111.57M▼ 33.8% | 28.57M▼ 74.4% | -212.01M▼ 842.1% | 383.68M▲ 281.0% | 308.85M▼ 19.5% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 98.89M | 87.2M | 88.7M | 134.23M | 309.74M | 421.31M | 449.88M | 237.86M | 621.54M |
Cash at End | 87.2M | 88.7M | 134.23M | 302.68M | 421.31M | 449.88M | 237.86M | 621.54M | 930.39M |
Free Cash Flow | 204.45M▲ 0% | 180.56M▼ 11.7% | 175.35M▼ 2.9% | 173.95M▼ 0.8% | 146.97M▼ 15.5% | 126.35M▼ 14.0% | 62.2M▼ 50.8% | 14.39M▼ 76.9% | 120.82M▲ 739.5% |
FCF Growth % | -2.88% | -11.68% | -2.89% | -0.8% | -15.51% | -14.03% | -50.77% | -76.86% | 739.5% |
FCF / Revenue % | 237.69% | 216.97% | 106.65% | 74.89% | 220.16% | -5326.81% | 46.91% | 4.53% | 22.65% |
DX Key Ratios
Dynex Capital, Inc. (DX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
FFO per Share | 2.72 | 2.09 | 0.43 | -6.39 | 7.77 | 3.19 | 3.4 | -0.07 | 1.62 | 2.57 |
FFO Payout Ratio | 116.37% | 135.11% | 639.49% | -45.07% | 29.21% | 56.32% | 49.73% | -2438.82% | 101.8% | 76.78% |
NOI Margin | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
Net Debt / EBITDA | -0.99x | -0.50x | -0.47x | - | -1.41x | -3.39x | -1.78x | -0.57x | 14.52x | 17.59x |
Debt / Assets | 0.19% | 0.17% | 0.09% | 0.05% | 0% | - | - | - | 80.47% | 80.22% |
Interest Coverage | 2.70x | 1.94x | 1.12x | -0.34x | 6.44x | 19.03x | 4.28x | 0.97x | 1.36x | 1.76x |
Book Value / Share | 28.54 | 33.15 | 27.41 | 24.68 | 27.42 | 23.54 | 21.09 | 15.89 | 16.63 | 19.69 |
Revenue Growth | 46.16% | 4.83% | -3.25% | 97.57% | 41.27% | -71.26% | -103.55% | 5690.26% | 139.84% | 67.76% |
Related:DX Dividend History·DX Revenue History·DX Price History·DX P/E History·DX Financial Ratios·DX Institutional Holders
DX SEC Filings & Documents
Dynex Capital, Inc. (DX) SEC filings — annual & quarterly reports (10-K, 10-Q)
DX Frequently Asked Questions
Dynex Capital, Inc. (DX) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Dynex Capital, Inc. (DX) reported $533.5M in revenue for fiscal year 2025. This represents a 469% increase from $93.8M in 1996.
Dynex Capital, Inc. (DX) grew revenue by 67.8% over the past year. This is strong growth.
Yes, Dynex Capital, Inc. (DX) is profitable, generating $319.1M in net income for fiscal year 2025 (59.8% net margin).
Dividend & Returns
Yes, Dynex Capital, Inc. (DX) pays a dividend with a yield of 15.10%. This makes it attractive for income-focused investors.
Dynex Capital, Inc. (DX) has a return on equity (ROE) of 17.5%. This is reasonable for most industries.
Industry Metrics
Dynex Capital, Inc. (DX) generated Funds From Operations (FFO) of $321.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Dynex Capital, Inc. (DX) offers a 15.10% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.