Dynex Capital, Inc. (DX) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↑
20.27
↑+141% vs avg
5yr avg: 8.42
30Y Low0.6·High60.8
P/FCF
↑
16.38
↓-15% vs avg
5yr avg: 19.24
30Y Low0.3·High62.6
P/B Ratio
↑
0.66
-7% vs avg
5yr avg: 0.71
30Y Low0.1·High1.0
ROE
↑
17.5%
↓+47% vs avg
5yr avg: 11.9%
30Y Low-38%·High29%
Debt/EBITDA
↑
18.85
+10% vs avg
5yr avg: 17.12
30Y Low0.0·High27.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Dynex Capital, Inc. trades at 5.3x earnings, 13% below its 5-year average of 6.0x, sitting at the 10th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 78%. On a free-cash-flow basis, the stock trades at 16.4x P/FCF, 15% below the 5-year average of 19.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $1.8B | $901M | $686M | $544M | $547M | $411M | $400M | $330M | $353M | $335M |
| Enterprise Value | $15.0B | $14.7B | $7.1B | $567M | $212M | $181M | $116M | $340M | $299M | $318M | $267M |
| P/E Ratio → | 5.29 | 5.67 | 8.49 | — | 4.01 | 6.01 | 2.57 | — | — | 15.24 | 9.88 |
| P/S Ratio | 3.71 | 3.28 | 2.83 | 5.18 | — | 8.20 | 1.77 | 2.43 | 3.97 | 4.11 | 4.08 |
| P/B Ratio | 0.66 | 0.71 | 0.76 | 0.79 | 0.60 | 0.71 | 0.65 | 0.69 | 0.63 | 0.63 | 0.72 |
| P/FCF | 16.38 | 14.50 | 62.64 | 11.03 | 4.30 | 3.72 | 2.36 | 2.28 | 1.83 | 1.73 | 1.59 |
| P/OCF | 16.38 | 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
DX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Dynex Capital, Inc.'s enterprise value stands at 20.3x EBITDA, 141% above its 5-year average of 8.4x. The Real Estate sector median is 17.0x, placing the stock at a 19% premium on an enterprise-value basis.
| 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 | 20.27 | 19.96 | 16.63 | 2.71 | 1.13 | 1.68 | 0.55 | — | 4.49 | 4.54 | 3.93 |
| EV / EBIT | 20.27 | 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 |
DX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Dynex Capital, Inc. earns an operating margin of 138.4%, significantly above the Real Estate sector average of 24.8%. Operating margins have compressed from 157.9% to 138.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 17.5% indicates solid capital efficiency. ROIC of 4.8% represents below-average returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
DX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Dynex Capital, Inc. carries a Debt/EBITDA ratio of 18.8x, which is highly leveraged (138% above the sector average of 7.9x). Net debt stands at $13.0B ($13.9B total debt minus $930M cash). Interest coverage of just 1.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 | 18.85 | 18.85 | 15.40 | — | — | — | 0.00 | — | 0.05 | 0.08 | 0.09 |
| 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 | 17.59 | 17.59 | 14.52 | -0.57 | -1.78 | -3.39 | -1.41 | — | -0.47 | -0.50 | -0.99 |
| 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 |
DX Liquidity & Efficiency
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 | — | — | — | — | — | — | — | — | — | — | — |
DX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Dynex Capital, Inc. returns 15.1% to shareholders annually primarily through dividends. The payout ratio of 77.3% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 18.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 15.1% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 18.9% | 17.6% | 11.8% | — | 24.9% | 16.6% | 38.9% | — | — | 6.6% | 10.1% |
| FCF Yield | 6.1% | 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 | 15.1% | 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 |
Peer Comparison
Compare DX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DXYou | $2B | 5.3 | 20.3 | 16.4 | 100.0% | 138.4% | 17.5% | 4.8% | 18.8 |
 AGNC | $12B | 7.1 | 2.1 | 17.9 | 100.0% | 236.3% | 15.1% | 33.8% | 0.0 |
 NLY | $16B | 7.6 | 18.3 | — | 99.9% | 102.6% | 14.1% | 6.4% | 16.3 |
 TWO | $1B | -2.8 | 197.9 | 14.6 | 97.9% | 68.7% | -23.2% | 3.1% | 188.0 |
 MFA | $973M | 5.7 | 17.0 | 12.8 | 96.2% | 78.8% | 9.6% | 4.4% | 15.9 |
 ARR | $2B | 5.1 | 20.7 | 16.7 | 97.0% | 73.9% | 17.8% | 6.8% | 18.6 |
 IVR | $575M | 5.2 | 19.1 | 3.7 | 96.7% | 94.5% | 13.3% | 4.0% | 17.5 |
 CIM | $1B | 4.8 | 18.0 | — | 94.9% | 93.2% | 9.0% | 4.1% | 16.9 |
 EFC | $1B | 11.3 | 39.4 | 2.6 | 84.3% | 61.6% | 8.5% | 3.1% | 37.0 |
 EARN | $165M | 18.3 | 98.1 | 18.1 | 31.3% | 14.0% | 4.0% | 0.7% | 79.3 |
 ORC | $1B | 5.4 | 22.7 | 8.4 | 97.8% | 88.6% | 15.6% | 2.1% | 22.0 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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DX — Frequently Asked Questions
Quick answers to the most common questions about buying DX stock.
What is Dynex Capital, Inc.'s P/E ratio?
Dynex Capital, Inc.'s current P/E ratio is 5.3x. The historical average is 16.1x. This places it at the 10th percentile of its historical range.
What is Dynex Capital, Inc.'s EV/EBITDA?
Dynex Capital, Inc.'s current EV/EBITDA is 20.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.8x.
What is Dynex Capital, Inc.'s ROE?
Dynex Capital, Inc.'s return on equity (ROE) is 17.5%. The historical average is 4.4%.
Is DX stock overvalued?
Based on historical data, Dynex Capital, Inc. is trading at a P/E of 5.3x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Dynex Capital, Inc.'s dividend yield?
Dynex Capital, Inc.'s current dividend yield is 15.10% with a payout ratio of 77.3%.
What are Dynex Capital, Inc.'s profit margins?
Dynex Capital, Inc. has 100.0% gross margin and 138.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Dynex Capital, Inc. have?
Dynex Capital, Inc.'s Debt/EBITDA ratio is 18.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.