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DXDynex Capital, Inc.
$11.73$1.8B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
DX logo

Dynex Capital, Inc.

DX
NYSE · Mortgage REITs
$11.73
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$1.78B
P/E4.7x
52W High$14.93
Volume9.68M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Leverage-Driven Growth Masks Volatile FFO Quality

Dynex Capital is executing an aggressive leverage-driven portfolio expansion, with total assets surging from $8.2B to $26.4B over eight quarters while debt-to-equity climbed to 7.13 in 2026Q2. This growth has produced a dramatic revenue inflection—revenue jump...

GrowthAccelerating
ProfitabilityStable
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

DX price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

2/12 Beats

EPS beat 2 of last 12 quarters

02

Valuation risk

-34% Peers

P/E is 34% below peer median

03

Market leadership

RS 35 · Lag

Laggard (Underperforming 65% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Oct 20

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
DX-4.62%
S&P 500 (^GSPC)+12.39%
1-Year Return
DX+13.80%
S&P 500 (^GSPC)+15.77%
3-Year Return
DX+41.39%
S&P 500 (^GSPC)+76.42%
5-Year Return
DX+16.47%
S&P 500 (^GSPC)+70.11%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
4.7x
Forward P/E
7.9x
EV/EBITDA100th %ile
19.9x
FCF YieldCash Flow
6.8%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
4.7x
6.0x
25th· Low
EV/EBITDA
19.9x
2.7x
100th· High
Price/FCF
14.7x
11.0x
80th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$17.83+52.0%
Base (Fair)$23.83+95.6%
Bull$30.18+157.3%
$17.83 Bear$23.83 Base$30.18 Bull
Current Market Price: $11.73
Trades at a 50.8% discount to Base DCF ($23.83)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$534M+67.8% YoY
Net income
$319M+180.1% YoY
Free cash flow
$121M+739.5% YoY
Operating margin
138.4%+3.9 pts YoY
ROIC (TTM)4.8%
Avg ROIC 5Y-
ROE (TTM)17.5%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate2/12 (17%)
Revenue Beat Rate6/12 (50%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 20, 2026
$0.36-1.3%
vs $0.36
$94M-9.5%
vs $104M
Q2 2026
Apr 20, 2026
$0.31-1.0%
vs $0.31
$79M-11.1%
vs $89M
Q1 2026
Jan 26, 2026
$0.22-42.0%
vs $0.38
$43M-30.0%
vs $62M
Q4 2025
Oct 20, 2025
$0.25-43.2%
vs $0.44
$139M+390.1%
vs $28M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
24/7 Wall Street·5d ago
These Huge Mortgage REIT Yields Are Really a Bet on Interest Rates

Six mortgage REITs are dangling yields above 10%, but the spread holding those payouts together just hit a one-year low. Here is what the coverage numbers and management language reveal about which dividends are already under pressure.

Seeking Alpha·Sep 16, 2026
25 Dividend Buys You May Want To Hold Forever From September's Russell Index

The top ten SML Russell MHFS dogs are forecasted to deliver average net gains of 40.06% by September 2027, with yields up to 22.18%. All top-ten yielders are ideally priced, with annual dividends from $1K invested exceeding single share prices, meeting the 'dividend dog' standard. Fifteen of fifty-one SML Russell MHFS stocks show negative free cash flow margins, making their dividends less secure and riskier for income-focused investors.

24/7 Wall Street·Sep 11, 2026
The Hidden Problem With These High-Yield Mortgage REIT Distributions

Some of the highest-yielding mortgage REITs on the market are quietly handing investors back their own money while calling it income.

GuruFocus·Sep 11, 2026
Dynex Capital, Inc. Declares Common and Preferred Stock Dividends

Dynex Capital, Inc. (NYSE: DX; “Dynex” or the “Company”), a REIT with a long track record of generating dividends from high-quality mortgage assets, ann

Filtered for Dynex Capital, Inc.More Headlines
04

Compare before deciding

Benchmark DX against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Dynex Capital, Inc. (DX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
DX logoDXDynex Capital, Inc.Current
$11.73$1.78B4.7567.76%59.8%17.5%16.81%
AGNC logoAGNCAGNC Investment Corp.
$9.91$11.38B6.74-60.79%43.6%12.7%—
NLY logoNLYAnnaly Capital Management, Inc.
$21.04$15.79B7.215.35%40.52%18.31%—
TWO logoTWOTwo Harbors Investment Corp.
$12.18$1.28B-2.79-28.4%-2.53%-1.23%—
MFA logoMFAMFA Financial, Inc.
$8.32$849.42M4.95213.02%19.71%8.23%—
ARR logoARRARMOUR Residential REIT, Inc.
$14.60$1.7B4.42444.08%42.7%18.52%—

Compare DX vs Peers

Dynex Capital, Inc. (DX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AGNC

Most directly comparable listed peer for DX.

Scale Benchmark

vs JPM

Larger-name benchmark to compare DX against a more recognizable public peer.

Peer Set

Compare Top 5

vs AGNC, NLY, TWO, MFA

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

DX SEC Filings & Documents

Dynex Capital, Inc. (DX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 28, 2026·SEC

Material company update

Jul 20, 2026·SEC

Material company update

Jun 16, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 27, 2026·SEC

FY 2026

Apr 27, 2026·SEC

FY 2025

Oct 27, 2025·SEC

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DX Frequently Asked Questions

Dynex Capital, Inc. (DX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Dynex Capital, Inc.'s revenue?

Dynex Capital, Inc. (DX) reported $886.9M in revenue for fiscal year 2025. This represents a 845% increase from $93.8M in 1996.

How fast is Dynex Capital, Inc. growing?

Dynex Capital, Inc. (DX) grew revenue by 67.8% over the past year. This is strong growth.

Is DX profitable?

Yes, Dynex Capital, Inc. (DX) is profitable, generating $436.2M in net income for fiscal year 2025 (59.8% net margin).

Dividend & Returns
Does DX pay dividends?

Yes, Dynex Capital, Inc. (DX) pays a dividend with a yield of 16.81%. This makes it attractive for income-focused investors.

What is DX's return on equity?

Dynex Capital, Inc. (DX) has a return on equity (ROE) of 17.5%. This is reasonable for most industries.

Industry Metrics
What is Dynex Capital, Inc.'s FFO?

Dynex Capital, Inc. (DX) generated Funds From Operations (FFO) of $444.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is DX a good dividend stock?

Dynex Capital, Inc. (DX) offers a 16.81% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in DX back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →