Latest Ratios: P/E Ratio 4.7x · EV/EBITDA 19.9x · 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 | $1.8B | $1.8B | $901M | $686M | $544M | $547M | $411M | $400M | $330M | $353M | $335M |
| Enterprise Value | $14.8B | $14.7B | $7.1B | $567M | $212M | $181M | $116M | $340M | $299M | $318M | $267M |
| P/E Ratio → | 4.75 | 5.67 | 8.49 | — | 4.01 | 6.01 | 2.57 | — | — | 15.24 | 9.88 |
| P/S Ratio | 3.33 | 3.28 | 2.83 | 5.18 | — | 8.20 | 1.77 | 2.43 | 3.97 | 4.11 | 4.08 |
| P/B Ratio | 0.60 | 0.71 | 0.76 | 0.79 | 0.60 | 0.71 | 0.65 | 0.69 | 0.63 | 0.63 | 0.72 |
| P/FCF | 14.71 | 14.50 | 62.64 | 11.03 | 4.30 | 3.72 | 2.36 | 2.28 | 1.83 | 1.73 | 1.59 |
| P/OCF | 14.71 | 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 | 19.94 | 19.90 | 16.56 | 2.68 | 1.12 | 1.65 | 0.55 | — | 36.21 | 9.01 | 6.13 |
| EV / EBIT | 19.99 | 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 | 16.8% | 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 | 21.1% | 17.6% | 11.8% | — | 24.9% | 16.6% | 38.9% | — | — | 6.6% | 10.1% |
| FCF Yield | 6.8% | 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 | 16.8% | 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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Quick answers to the most common questions about buying DX stock.
Dynex Capital, Inc.'s current P/E ratio is 4.7x. The historical average is 16.1x. This places it at the 10th percentile of its historical range.
Dynex Capital, Inc.'s current EV/EBITDA is 19.9x. 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 4.7x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dynex Capital, Inc.'s current dividend yield is 16.81% 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
Interest rate volatility exposure
Metrics are mathematically derived from official filings.
P/FFO Distorted by Earnings Swings
Dynex's P/FFO of 14.2x in 2026Q2, as per quarterly filings, appears elevated relative to peers, but the metric's volatility obscures the underlying earnings power.
The P/FFO multiple has ranged from 13.6x to 16.1x over the past year, reflecting the extreme quarter-to-quarter FFO swings. In 2026Q1, negative FFO rendered the multiple meaningless, while the 2026Q2 recovery to $0.81 per share suggests a normalized earnings level that may justify a lower multiple. Investors should compare against AGNC's 7.5x P/E, but mortgage REITs' earnings are heavily influenced by mark-to-market gains, making P/FFO a more reliable gauge than P/E.
NOI Margin Mirrors Revenue Model
Dynex's NOI margin consistently reports at 100%, as shown in financial statements, reflecting its mortgage REIT structure where interest income directly offsets funding costs, but this masks underlying spread volatility.
The 100% NOI margin is a structural artifact of the mortgage REIT model, not an indicator of operational efficiency. The real profitability driver is the net interest spread, which is not directly visible in the NOI metric. The 31% NOI margin in 2026Q2, down from 100% in prior quarters, suggests a shift in revenue composition or hedging costs, warranting deeper analysis of the income statement components.
Payout Ratio Signals Thin Coverage
Dynex's FFO payout ratio of 62.5% in 2026Q2, as reported in SEC filings, appears manageable, but negative FFO quarters in 2025 left dividends uncovered, highlighting fragility.
The payout ratio has swung from 42.4% in 2025Q4 to 99.3% in 2024Q3, with no coverage in loss quarters. The 2026Q2 ratio of 62.5% suggests a recovery, but the average payout over the last five quarters is roughly 60%, leaving a modest retained cash flow buffer. Given the 14.8% dividend yield, investors should monitor whether FFO can sustain this payout through interest rate cycles.
Leverage Climbs to Multi-Year High
Dynex's debt-to-equity reached 7.13 in 2026Q2, up from 5.56 in 2024Q4, as per balance sheet data, indicating aggressive borrowing to fund portfolio expansion.
The leverage increase aligns with the asset growth from $8.2B to $26.4B, but interest coverage of 0.37x in 2026Q2 is critically low, suggesting earnings are insufficient to cover interest expenses. This may indicate reliance on short-term funding or unrealized gains to service debt. The debt-to-gross-assets ratio, a more REIT-appropriate metric, would provide a clearer picture, but the current D/E signals elevated refinancing risk.
Occupancy Metrics Not Applicable
Dynex's portfolio quality is defined by its mortgage-backed securities, not physical occupancy, as reported in financial statements, with no same-store metrics available.
The absence of occupancy data reflects the mortgage REIT structure, where asset quality is measured by credit risk and prepayment rates rather than occupancy. The 100% NOI margin in most quarters suggests a homogeneous income stream, but the volatility in FFO indicates sensitivity to interest rate movements. Investors should focus on the composition of the investment portfolio and hedging effectiveness rather than traditional property metrics.
P/E Misleads in Mortgage REIT
The standard P/E ratio of 5.4x, as per valuation data, is deeply misleading for Dynex because depreciation and unrealized gains distort net income, obscuring true earnings power.
For mortgage REITs, P/E is distorted by non-cash items like mark-to-market adjustments on securities and derivatives. Dynex's FFO, which adjusts for these items, provides a more accurate earnings measure, but even FFO is volatile. The appropriate alternative is P/AFFO, which further adjusts for maintenance capex, though AFFO data is unavailable. Investors should rely on P/FFO and implied cap rate analysis rather than P/E to assess valuation.