Dynex Capital, Inc. (DX) P/E Ratio History
UndervaluedTrading at 5.3x vs 5Y avg 13.3x · 50th percentile · Below historical baseline · Data 1990–2025
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P/E Ratio Analysis
As of June 21, 2026, Dynex Capital, Inc. (DX) trades at a price-to-earnings ratio of 5.3x, with a stock price of $13.06 and trailing twelve-month earnings per share of $2.03.
The current P/E is 60% below its 5-year average of 13.3x. Over the past five years, DX's P/E has ranged from a low of 1.2x to a high of 108.5x, placing the current valuation at the 50th percentile of its historical range.
Compared to the Real Estate sector median P/E of 24.1x, DX trades at a 78% discount to its sector peers. The sector includes 174 companies with P/E ratios ranging from 0.7x to 195.6x.
Relative to the broader market, DX trades at a notable discount to the S&P 500 median P/E of 24.4x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our DX DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
DX Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
DX P/E vs Peers
Agency mortgage securities REITs peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $12B | 7.1 | - | +58% | |
| $16B | 7.6 | - | +80% | |
| $973M | 5.7 | - | +105% | |
| $2B | 5.1 | - | +747%Best | |
| $575M | 5.2 | - | +135% | |
| $1B | 4.8Lowest | 0.10Best | +150% | |
| $1B | 11.3 | 0.45 | -13% | |
| $165M | 18.3 | - | -23% | |
| $1B | 5.4 | 0.11 | +114% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
DX Historical P/E Data (1990–2025)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2025 Q4 | Dec 31 2025 | $14.01 | $2.04 | 6.9x | -72% |
| FY2025 Q3 | - | $12.29 | $1.50 | 8.2x | -67% |
| FY2025 Q2 | Jun 30 2025 | $12.22 | $0.80 | 15.2x | -38% |
| FY2025 Q1 | Mar 31 2025 | $13.02 | $0.79 | 16.4x | -33% |
| FY2024 Q4 | - | $12.65 | $1.51 | 8.4x | -66% |
| FY2024 Q3 | Sep 30 2024 | $12.76 | $1.28 | 10.0x | -59% |
| FY2024 Q2 | Jun 30 2024 | $11.94 | $0.11 | 108.5x | +342% |
| FY2024 Q1 | Mar 31 2024 | $12.45 | $1.25 | 10.0x | -59% |
| FY2023 Q3 | Sep 30 2023 | $11.94 | $0.27 | 44.2x | +80% |
| FY2022 Q4 | Dec 31 2022 | $12.72 | $3.58 | 3.6x | -86% |
| FY2022 Q3 | Sep 30 2022 | $11.65 | $3.06 | 3.8x | -84% |
| FY2022 Q2 | - | $15.92 | $4.48 | 3.6x | -86% |
| FY2022 Q1 | - | $16.20 | $2.36 | 6.9x | -72% |
| FY2021 Q4 | Dec 31 2021 | $16.71 | $3.45 | 4.8x | -80% |
| FY2021 Q3 | - | $17.28 | $4.72 | 3.7x | -85% |
| FY2021 Q2 | Jun 30 2021 | $18.66 | $5.99 | 3.1x | -87% |
| FY2021 Q1 | Mar 31 2021 | $18.93 | $15.73 | 1.2x | -95% |
| FY2020 Q4 | - | $17.80 | $6.90 | 2.6x | -89% |
| FY2020 Q3 | Sep 30 2020 | $15.21 | $7.56 | 2.0x | -92% |
| FY2020 Q2 | - | $14.30 | $4.29 | 3.3x | -86% |
| FY2018 Q4 | Dec 31 2018 | $17.16 | $0.06 | 286.0x | +1065% |
| FY2018 Q3 | Sep 30 2018 | $19.14 | $5.16 | 3.7x | -85% |
| FY2018 Q2 | Jun 30 2018 | $19.59 | $4.43 | 4.4x | -82% |
| FY2018 Q1 | Mar 31 2018 | $19.89 | $3.14 | 6.3x | -74% |
| FY2017 Q4 | Dec 31 2017 | $21.03 | $1.32 | 15.9x | -35% |
| FY2017 Q3 | Sep 30 2017 | $21.81 | $4.32 | 5.0x | -79% |
| FY2017 Q2 | Jun 30 2017 | $21.30 | $4.63 | 4.6x | -81% |
| FY2017 Q1 | Mar 31 2017 | $21.27 | $4.90 | 4.3x | -82% |
| FY2016 Q4 | Dec 31 2016 | $20.46 | $2.07 | 9.9x | -60% |
| FY2015 Q4 | - | $19.05 | $0.52 | 36.6x | +49% |
| FY2015 Q2 | - | $22.86 | $2.55 | 9.0x | -64% |
| FY2015 Q1 | - | $25.41 | $0.55 | 45.9x | +87% |
| FY2014 Q4 | Dec 31 2014 | $24.75 | $1.02 | 24.2x | -2% |
| FY2014 Q3 | - | $24.24 | $2.00 | 12.1x | -51% |
| FY2014 Q2 | Jun 30 2014 | $26.55 | $0.04 | 663.8x | +2603% |
| FY2014 Q1 | Mar 31 2014 | $26.85 | $2.10 | 12.8x | -48% |
| FY2013 Q4 | - | $24.00 | $3.29 | 7.3x | -70% |
| FY2013 Q3 | Sep 30 2013 | $26.31 | $3.26 | 8.1x | -67% |
| FY2013 Q2 | Jun 30 2013 | $30.57 | $4.67 | 6.5x | -73% |
| FY2013 Q1 | Mar 31 2013 | $32.04 | $4.11 | 7.8x | -68% |
| FY2012 Q4 | Dec 31 2012 | $28.32 | $4.08 | 6.9x | -72% |
| FY2012 Q3 | Sep 30 2012 | $32.25 | $4.16 | 7.8x | -68% |
| FY2012 Q2 | Jun 30 2012 | $31.14 | $3.26 | 9.6x | -61% |
| FY2012 Q1 | Mar 31 2012 | $28.65 | $3.23 | 8.9x | -64% |
| FY2011 Q4 | Dec 31 2011 | $27.39 | $3.17 | 8.6x | -65% |
| FY2011 Q3 | Sep 30 2011 | $24.18 | $3.44 | 7.0x | -71% |
| FY2011 Q2 | - | $29.04 | $4.14 | 7.0x | -71% |
| FY2011 Q1 | - | $30.18 | $4.09 | 7.4x | -70% |
| FY2010 Q4 | Dec 31 2010 | $32.76 | $3.89 | 8.4x | -66% |
| FY2010 Q3 | - | $32.34 | $3.18 | 10.2x | -59% |
| FY2010 Q2 | Jun 30 2010 | $27.69 | $3.38 | 8.2x | -67% |
| FY2010 Q1 | Mar 31 2010 | $27.00 | $3.16 | 8.5x | -65% |
| FY2009 Q4 | - | $26.19 | $2.97 | 8.8x | -64% |
| FY2009 Q3 | Sep 30 2009 | $25.29 | $2.79 | 9.1x | -63% |
| FY2009 Q2 | - | $24.60 | $2.28 | 10.8x | -56% |
| FY2009 Q1 | - | $21.06 | $2.18 | 9.7x | -61% |
| FY2008 Q4 | Dec 31 2008 | $19.62 | $2.60 | 7.5x | -69% |
| FY2008 Q3 | - | $23.55 | $2.24 | 10.5x | -57% |
| FY2008 Q2 | Jun 30 2008 | $26.40 | $2.15 | 12.3x | -50% |
| FY2008 Q1 | Mar 31 2008 | $28.65 | $1.92 | 14.9x | -39% |
| FY2007 Q4 | Dec 31 2007 | $26.61 | $1.20 | 22.2x | -10% |
| FY2007 Q3 | Sep 30 2007 | $23.67 | $1.41 | 16.8x | -32% |
| FY2007 Q2 | Jun 30 2007 | $24.75 | $0.69 | 35.9x | +46% |
| FY2007 Q1 | Mar 31 2007 | $23.25 | $0.42 | 55.4x | +125% |
| FY2006 Q4 | Dec 31 2006 | $21.27 | $0.21 | 101.3x | +312% |
| FY2006 Q1 | Mar 31 2006 | $20.25 | $0.21 | 96.4x | +293% |
| FY2005 Q4 | Dec 31 2005 | $20.70 | $0.09 | 230.0x | +837% |
| FY2005 Q3 | Sep 30 2005 | $21.42 | $4.16 | 5.1x | -79% |
| FY2005 Q2 | - | $22.65 | $4.52 | 5.0x | -80% |
| FY1999 Q1 | Mar 31 1999 | $39.75 | $0.41 | 97.0x | +295% |
| FY1998 Q4 | - | $55.50 | $5.16 | 10.8x | -56% |
| FY1998 Q3 | Sep 30 1998 | $101.25 | $14.28 | 7.1x | -71% |
| FY1998 Q2 | - | $133.50 | $20.17 | 6.6x | -73% |
| FY1998 Q1 | - | $144.00 | $23.24 | 6.2x | -75% |
| FY1997 Q4 | Dec 31 1997 | $159.00 | $27.85 | 5.7x | -77% |
| FY1997 Q3 | - | $172.50 | $36.55 | 4.7x | -81% |
| FY1997 Q2 | Jun 30 1997 | $168.00 | $37.12 | 4.5x | -82% |
| FY1997 Q1 | Mar 31 1997 | $155.25 | $42.91 | 3.6x | -85% |
| FY1996 Q4 | - | $176.25 | $36.42 | 4.8x | -80% |
| FY1996 Q3 | Sep 30 1996 | $142.50 | $24.99 | 5.7x | -77% |
| FY1996 Q2 | Jun 30 1996 | $138.00 | $22.35 | 6.2x | -75% |
| FY1996 Q1 | Mar 31 1996 | $123.00 | $14.19 | 8.7x | -65% |
| FY1995 Q4 | Dec 31 1995 | $120.00 | $14.26 | 8.4x | -66% |
| FY1995 Q3 | Sep 30 1995 | $121.50 | $14.15 | 8.6x | -65% |
| FY1995 Q2 | Jun 30 1995 | $114.75 | $12.52 | 9.2x | -63% |
| FY1995 Q1 | Mar 31 1995 | $91.50 | $12.33 | 7.4x | -70% |
| FY1994 Q4 | Dec 31 1994 | $63.75 | $15.09 | 4.2x | -83% |
| FY1994 Q3 | Sep 30 1994 | $133.50 | $17.89 | 7.5x | -70% |
| FY1994 Q2 | - | $142.50 | $18.38 | 7.8x | -68% |
| FY1994 Q1 | - | $159.75 | $18.34 | 8.7x | -65% |
| FY1993 Q4 | Dec 31 1993 | $171.75 | $18.14 | 9.5x | -61% |
| FY1993 Q3 | - | $185.25 | $17.63 | 10.5x | -57% |
| FY1993 Q2 | Jun 30 1993 | $168.75 | $17.74 | 9.5x | -61% |
| FY1993 Q1 | Mar 31 1993 | $165.75 | $17.10 | 9.7x | -61% |
| FY1992 Q4 | - | $121.50 | $15.70 | 7.7x | -68% |
| FY1992 Q3 | Sep 30 1992 | $136.50 | $14.53 | 9.4x | -62% |
| FY1992 Q2 | - | $106.50 | $12.79 | 8.3x | -66% |
| FY1992 Q1 | - | $73.50 | $10.90 | 6.7x | -73% |
| FY1991 Q4 | - | $63.00 | $9.58 | 6.6x | -73% |
| FY1991 Q3 | Sep 30 1991 | $62.25 | $8.16 | 7.6x | -69% |
| FY1991 Q2 | Jun 30 1991 | $49.50 | $6.89 | 7.2x | -71% |
| FY1991 Q1 | Mar 31 1991 | $44.25 | $6.17 | 7.2x | -71% |
| FY1990 Q4 | Dec 31 1990 | $30.75 | $5.51 | 5.6x | -77% |
Average P/E for displayed period: 24.6x
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
36+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
DX — Frequently Asked Questions
Quick answers to the most common questions about buying DX stock.
What is DX's P/E ratio?
Dynex Capital, Inc. (DX) trailing twelve-month P/E ratio is 5.3x, based on TTM diluted EPS of $2.03. The 5-year average P/E is 13.3x and the historical range spans 1.2x to 108.5x.
Is DX stock overvalued or undervalued?
DX trades at 5.3x P/E, below its 5-year average of 13.3x. At the 50th percentile of its historical range (1.2x–108.5x), the stock is priced at a discount to its own history.
Is DX stock expensive?
No, DX is not expensive on a historical basis. The current P/E of 5.3x is below the 5-year average of 13.3x and sits at the 50th percentile of its valuation range.
What is DX's historical P/E range?
Over the past 5 years, DX's P/E ratio has ranged from 1.2x to 108.5x, with a median of 6.9x and an average of 13.3x. The current P/E of 5.3x places the stock at the 50th percentile of this range. Full historical data spans 1990–2025.
How does DX's P/E compare to the S&P 500?
DX trades at 5.3x P/E versus the S&P 500 median of 24.4x. The 78% discount to the market suggests lower growth expectations or perceived higher risk.
How does DX's valuation compare to Real Estate peers?
Dynex Capital, Inc. P/E of 5.3x compares to the Real Estate sector median of 24.1x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is DX's PEG ratio?
DX PEG ratio is N/A, based on a P/E of 5.3x and EPS growth of 65.8%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is DX's earnings yield?
DX earnings yield is 18.91%, the inverse of its 5.3x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.