Dynex Capital, Inc. (DX) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↑
21.19
+0% vs avg
5yr avg: 21.14
30Y Low0.6·High61.4
P/FCF
↑
N/A
—
5yr avg: 20.42
30Y Low0.3·High62.6
P/B Ratio
↑
0.68
-5% 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
↓-50% vs avg
5yr avg: 37.86
30Y Low0.0·High32.3
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 5.4x earnings, 11% 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 24.5x, the stock trades at a discount of 78%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $1.8B | $901M | $686M | $544M | $547M | $411M | $400M | $330M | $353M | $335M |
| Enterprise Value | $15.6B | $14.7B | $7.1B | $567M | $212M | $181M | $116M | $340M | $299M | $318M | $267M |
| P/E Ratio → | 5.40 | 5.67 | 8.49 | — | 4.01 | 6.01 | 2.57 | — | — | 15.24 | 9.88 |
| P/S Ratio | 6.34 | 4.17 | 5.99 | 25.65 | 3.07 | 4.29 | 2.06 | — | 13.93 | 7.08 | 5.88 |
| P/B Ratio | 0.68 | 0.71 | 0.76 | 0.79 | 0.60 | 0.71 | 0.65 | 0.69 | 0.63 | 0.63 | 0.72 |
| P/FCF | — | — | 62.63 | 11.03 | 4.30 | 3.72 | 2.36 | 2.28 | 1.83 | 1.73 | 1.59 |
| P/OCF | — | — | 62.63 | 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 21.2x EBITDA, roughly in line with its 5-year average of 21.1x. The Real Estate sector median is 16.7x, placing the stock at a 27% 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 | — | 35.05 | 47.28 | 21.18 | 1.20 | 1.42 | 0.58 | — | 12.62 | 6.37 | 4.70 |
| EV / EBITDA | 21.19 | 19.96 | 61.40 | — | 1.46 | 1.75 | 0.65 | — | 34.80 | 9.33 | 6.33 |
| EV / EBIT | 21.19 | 19.96 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 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 175.6%, significantly above the Real Estate sector average of 26.0%. Operating margins have expanded from -14.9% to 175.6% over the past 3 years, signaling improving operational efficiency. 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 | 175.6% | 175.6% | 77.0% | -14.9% | 81.7% | 81.1% | 89.4% | 111.7% | 36.3% | 68.3% | 74.2% |
| Net Profit Margin | 75.9% | 75.9% | 75.7% | -22.9% | 80.9% | 80.1% | 88.9% | 111.7% | 29.6% | 67.9% | 75.7% |
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% | 2.1% | -0.5% | 22.3% | 20.9% | 31.1% | -22.5% | 1.3% | 5.6% | 4.6% |
| ROCE | 5.8% | 5.8% | 18.4% | -0.1% | 4.0% | 3.1% | 4.2% | -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 (140% above the sector average of 7.9x). Net debt stands at $13.0B ($13.9B total debt minus $930M cash).
| 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 | 56.87 | — | — | — | 0.00 | — | 0.40 | 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 | 17.59 | 17.59 | 53.62 | — | -2.30 | -3.53 | -1.65 | — | -3.63 | -1.04 | -1.60 |
| Debt / FCF | — | — | 431.41 | -1.92 | -2.63 | -2.49 | -1.70 | -0.34 | -0.17 | -0.17 | -0.32 |
| Interest Coverage | — | — | 0.37 | -0.02 | 3.32 | 18.27 | 5.48 | -1.34 | 0.14 | 0.94 | 1.67 |
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 | — | 0.06 | — | — | — | 40.92 | 2.23 | 0.42 | 0.24 | 4.81 |
| Asset Turnover | — | 0.02 | 0.02 | 0.00 | 0.05 | 0.04 | 0.06 | -0.03 | 0.01 | 0.02 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
DX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Dynex Capital, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 18.5% (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 | — | — | 13.1% | 13.6% | 13.3% | 10.8% | 12.7% | 17.0% | 16.0% | 13.4% | 15.5% |
| Payout Ratio | — | — | 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 | 18.5% | 17.6% | 11.8% | — | 24.9% | 16.6% | 38.9% | — | — | 6.6% | 10.1% |
| FCF Yield | — | — | 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 | 0.0% | 0.0% | 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 | $3B | 5.4 | 21.2 | — | 100.0% | 175.6% | 17.5% | 4.8% | 18.8 |
 AGNC | $10B | 11.6 | 2.4 | 112.6 | 100.0% | 79.6% | 9.6% | 34.0% | 0.0 |
 NLY | $16B | 7.7 | 18.3 | — | 99.9% | 102.6% | 14.1% | 6.4% | 16.3 |
 TWO | $1B | -2.8 | 197.8 | 14.5 | 97.9% | 68.7% | -23.2% | 3.1% | 188.0 |
 MFA | $997M | 5.8 | 17.1 | 13.1 | 96.2% | 78.8% | 9.6% | 4.4% | 15.9 |
 ARR | $2B | 5.3 | 20.8 | 17.4 | 97.0% | 73.9% | 17.8% | 6.8% | 18.6 |
 IVR | $576M | 5.2 | 19.1 | 3.7 | 96.7% | 94.5% | 13.3% | 4.0% | 17.5 |
 CIM | $1B | 5.0 | 18.0 | — | 94.9% | 93.2% | 9.0% | 4.1% | 16.9 |
 EFC | $1B | 11.4 | 39.5 | 2.7 | 84.3% | 61.6% | 8.5% | 3.1% | 37.0 |
 EARN | $182M | 20.2 | 100.5 | 20.0 | 31.3% | 14.0% | 4.0% | 0.7% | 79.3 |
 ORC | $1B | 5.6 | 22.8 | 8.8 | 97.8% | 88.6% | 15.6% | 2.1% | 22.0 |
| Real Estate Median | — | 24.5 | 16.7 | 15.6 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonDX — 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 5.4x. 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 21.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.8x.
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 5.4x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Dynex Capital, Inc.'s profit margins?
Dynex Capital, Inc. has 100.0% gross margin and 175.6% 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.