Latest Ratios: P/E Ratio -54.1x · EV/EBITDA 20.0x · ROE 17.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.8B | $901M | $686M | $544M | $547M | $411M | $400M | $330M | $353M | $335M |
| Enterprise Value | $14.6B | $14.7B | $7.1B | $567M | $212M | $181M | $116M | $340M | $299M | $318M | $267M |
| P/E Ratio → | -54.08 | 5.67 | 8.49 | — | 4.01 | 6.01 | 2.57 | — | — | 15.24 | 9.88 |
| P/S Ratio | 1.51 | 3.28 | 2.83 | 5.18 | — | 8.20 | 1.77 | 2.43 | 3.97 | 4.11 | 4.08 |
| P/B Ratio | 0.54 | 0.71 | 0.76 | 0.79 | 0.60 | 0.71 | 0.65 | 0.69 | 0.63 | 0.63 | 0.72 |
| P/FCF | 6.48 | 14.50 | 62.64 | 11.03 | 4.30 | 3.72 | 2.36 | 2.28 | 1.83 | 1.73 | 1.59 |
| P/OCF | 13.39 | 14.50 | 62.64 | 11.03 | 4.30 | 3.72 | 2.36 | 2.28 | 1.83 | 1.73 | 1.59 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 27.62 | 22.36 | 4.27 | — | 2.72 | 0.50 | 2.07 | 3.59 | 3.70 | 3.26 |
| EV / EBITDA | 20.00 | 19.90 | 16.56 | 2.68 | 1.12 | 1.65 | 0.55 | — | 36.21 | 9.01 | 6.13 |
| EV / EBIT | 19.78 | 19.96 | 16.63 | 2.71 | 1.13 | 1.68 | 0.55 | — | 4.49 | 4.54 | 3.93 |
| EV / FCF | — | 121.95 | 494.04 | 9.11 | 1.68 | 1.23 | 0.67 | 1.94 | 1.66 | 1.56 | 1.27 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 138.4% | 138.4% | 134.4% | 157.9% | -7874.1% | 161.7% | 90.5% | -92.9% | 8.4% | 39.5% | 51.3% |
| Net Profit Margin | 59.8% | 59.8% | 35.8% | -4.6% | -6035.5% | 153.2% | 76.4% | -92.9% | 8.4% | 39.4% | 52.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.5% | 17.5% | 11.1% | -0.7% | 17.1% | 14.6% | 29.2% | -27.5% | 1.3% | 6.6% | 9.0% |
| ROA | 2.5% | 2.5% | 1.6% | -0.1% | 4.0% | 3.0% | 4.2% | -3.3% | 0.2% | 1.0% | 1.2% |
| ROIC | 4.8% | 4.8% | 7.9% | 23.8% | 28.7% | 21.8% | 36.6% | -22.5% | 1.0% | 5.5% | 4.6% |
| ROCE | 5.8% | 5.8% | 67.9% | 4.2% | 5.2% | 3.2% | 5.0% | -3.3% | 0.2% | 1.0% | 1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.65 | 5.65 | 5.56 | — | — | — | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA | 18.79 | 18.79 | 15.34 | — | — | — | 0.00 | — | 0.42 | 0.16 | 0.15 |
| Net Debt / Equity | — | 5.27 | 5.24 | -0.14 | -0.37 | -0.47 | -0.47 | -0.10 | -0.06 | -0.06 | -0.14 |
| Net Debt / EBITDA | 17.54 | 17.54 | 14.46 | -0.57 | -1.76 | -3.32 | -1.39 | — | -3.77 | -1.00 | -1.55 |
| Debt / FCF | — | 107.45 | 431.41 | -1.92 | -2.63 | -2.49 | -1.70 | -0.34 | -0.17 | -0.17 | -0.32 |
| Interest Coverage | 1.76 | 1.76 | 1.36 | 0.97 | 4.28 | 19.03 | 6.44 | -0.34 | 1.12 | 1.94 | 2.70 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 0.10 | — | — | — | 63.74 | 3.17 | 0.67 | 0.35 | 6.90 |
| Quick Ratio | — | — | 0.10 | — | — | — | 63.74 | 3.17 | 0.67 | 0.35 | 6.90 |
| Cash Ratio | — | — | 0.06 | — | — | — | 40.92 | 2.23 | 0.42 | 0.24 | 4.81 |
| Asset Turnover | — | 0.03 | 0.04 | 0.02 | -0.00 | 0.02 | 0.08 | 0.03 | 0.02 | 0.03 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 18.5% | 14.1% | 13.1% | 13.6% | 13.3% | 10.8% | 12.7% | 17.0% | 16.0% | 13.4% | 15.5% |
| Payout Ratio | 77.3% | 77.3% | 103.5% | — | 50.5% | 57.6% | 29.5% | — | 751.7% | 140.2% | 120.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 17.6% | 11.8% | — | 24.9% | 16.6% | 38.9% | — | — | 6.6% | 10.1% |
| FCF Yield | 15.4% | 6.9% | 1.6% | 9.1% | 23.2% | 26.8% | 42.3% | 43.8% | 54.7% | 57.8% | 62.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 6.3% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 18.5% | 14.1% | 13.1% | 13.6% | 13.3% | 10.8% | 12.9% | 23.3% | 16.0% | 13.4% | 15.6% |
| Shares Outstanding | — | $125M | $71M | $55M | $43M | $33M | $23M | $24M | $19M | $17M | $16M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying DX stock.
Dynex Capital, Inc.'s current P/E ratio is -54.1x. The historical average is 16.1x.
Dynex Capital, Inc.'s current EV/EBITDA is 20.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
Dynex Capital, Inc.'s return on equity (ROE) is 17.5%. The historical average is 4.4%.
Based on historical data, Dynex Capital, Inc. is trading at a P/E of -54.1x. Compare with industry peers and growth rates for a complete picture.
Dynex Capital, Inc.'s current dividend yield is 18.46% with a payout ratio of 77.3%.
Dynex Capital, Inc. has 100.0% gross margin and 138.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Dynex Capital, Inc.'s Debt/EBITDA ratio is 18.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Repo rollover and mark-to-market volatility
Metrics are mathematically derived from official filings.
Deep Discount Refs Impaired Earnings, Not Cheapness
Dynex trades at 0.55x book and a 4.38x P/E, yet the 18.2% dividend yield sits below peers like IVR at 29.6% and ARR at 22.7%, per current valuation tables, suggesting the discount reflects earnings uncertainty rather than a value anomaly.
The 0.55x price-to-book discount to the entire peer group, with AGNC and NLY both at 0.73x, does not appear to signal an opportunity so much as it prices in the possibility that reported book value overstates recoverable equity, given 2026Q3 ROE of -10.8% and interest coverage of 0.39x. The 12.12x P/FFO for 2026Q3 is arithmetically meaningless because FFO per share was negative $1.33, and even the trough 14.20x-15.66x multiples recorded in prior quarters reflect depressed earnings rather than a growth premium, so investors may find the implied-cap-rate framing more informative than any earnings multiple here.
Margins Recalibrate as Derivative Gains Fade
NOI margin collapsed from 100.0% through 2025Q4 to 30.5% in 2026Q3, while ROE swung from positive 8.4% to negative 10.8%, as reported in Dynex's quarterly ratio disclosures, a recalibration that appears driven by the fading of outsized unrealized derivative gains rather than deteriorating spreads.
The 100% NOI margins recorded across five consecutive quarters are an accounting artifact consistent with derivative gains offsetting all recognized costs, so the shift to a ~30% margin in 2026Q2-2026Q3 likely represents a more economically representative picture of spread earning capacity. With revenue up 122.1% year over year to $332.5 million while FFO fell to negative $335.1 million, growth is evidently not organic spread income; analysts should treat the FFO growth line, which printed -3.2% in 2026Q3 after a -27.6% in 2026Q1, as the more reliable signal of underlying profitability.
Payout Ratio Hides Behind Missing AFFO
AFFO per share is unavailable across all ten quarters, and the FFO payout ratio blanked out in every negative-FFO period including 2026Q3, while the last observable reading was 62.5% in 2026Q2, per Dynex's reported figures, leaving distribution coverage essentially unquantified on a cash basis.
The 62.5% payout recorded in 2026Q2 already sits at the upper end of comfortable for an mREIT, and its disappearance in 2026Q3 coincides with FFO of negative $335.1 million against quarterly distributions that escalated roughly 4.7x to $128.3 million over the series, implying the dividend may currently be funded by balance sheet proceeds or equity issuance rather than recurring spread income. Because maintenance-capex-equivalent outlays such as repo haircuts and collateral posting are not visible in the payout ratio, investors should monitor whether operating cash flow, which was $81.4 million in 2026Q3 against the $128.3 million distribution, closes the gap as a sustainability test.
Coverage Collapses as Leverage Hits Sector Ceiling
Debt-to-equity rose to 7.93x in 2026Q3 from 5.65x a year earlier while interest coverage cratered from 2.39x to 0.39x, as disclosed in Dynex's balance sheet data, a combination that appears to leave the book acutely exposed to repo funding dislocations.
Interest coverage of 0.39x means recognized interest expense now exceeds the income available to service it, which is characteristic of an inverted-spread environment for a levered mortgage book and suggests every incremental rise in SOFR compresses the net interest spread further. With cash of $993 million representing only about 4.1% of $24.2 billion in total debt and total assets having quadrupled to $27.9 billion on equity of just $3.1 billion, liquidity appears sized for daily funding turnover rather than a stress scenario, warranting close attention to the repo maturity ladder and the persistence of the reporting discrepancy around the 5.65x figure.
Leverage at Peer Ceiling, Returns at Peer Trough
Dynex's 7.93x debt-to-equity now matches ARMOUR's 7.94x and exceeds NLY's 6.92x and AGNC's near-zero reported leverage, while its -10.8% ROE trails every peer including the loss-making TWO at -1.2%, per current peer tables, indicating risk is elevated without compensating return.
DX's yield of 18.2% positions it mid-pack, below MFA at 26.4% and IVR at 29.6%, which implies the market is not paying for its CMBS IO differentiation and may instead be discounting the volatility of its hybrid book. The peer group's uniformly sub-1.0x price-to-book multiples suggest sector-wide skepticism about mREIT book values, but DX's combination of top-of-range leverage and bottom-of-range returns suggests investors should monitor whether its smaller-scale CMBS positioning translates into spread performance that offsets the funding-cost burden its larger, more liquid competitors appear better positioned to absorb.
P/E and D/E Mislead on This Mortgage Book
The most commonly misapplied ratio here is standard P/E, which shows 4.38x and implies deep cheapness, yet GAAP net income of negative $335.5 million against positive $81.4 million operating cash flow in 2026Q3 demonstrates how mark-to-market distortions invert the signal.
For a levered mortgage REIT, reported earnings absorb unrealized MBS and derivative swings that involve no cash movement, so a low P/E can simultaneously coexist with deteriorating distributable economics, and analysts should substitute Core Income or earnings available for distribution that strips out these marks. Debt-to-equity is similarly treacherous at 5.65x versus 7.93x depending on whether repurchase agreements and unconsolidated vehicles are consolidated, so debt-to-gross-assets against the $27.9 billion balance sheet provides a more stable leverage frame; given AFFO is unavailable across all ten quarters, no payout-based metric currently validates the 18.2% yield, and this data gap warrants further investigation before the discount is read as a margin of safety.