(DX) Dynex Capital - Overview
Exchange: NYSE •
Country: United States •
Currency: USD •
Type: Common Stock •
ISIN: US26817Q8868
Stock: Mortgage-Backed Securities, Agency MBS, Non-Agency MBS, Commercial MBS
Total Rating 62
Risk 75
Buy Signal 0.02
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 15.64% |
| Yield on Cost 5y | 20.24% |
| Yield CAGR 5y | 6.14% |
| Payout Consistency | 66.2% |
| Payout Ratio | 43.3% |
| Risk 5d forecast | |
|---|---|
| Volatility | 23.2% |
| Relative Tail Risk | 0.93% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.94 |
| Alpha | 13.38 |
| Character TTM | |
|---|---|
| Beta | 0.507 |
| Beta Downside | 0.609 |
| Drawdowns 3y | |
|---|---|
| Max DD | 25.81% |
| CAGR/Max DD | 0.58 |
Description: DX Dynex Capital January 15, 2026
Dynex Capital Inc. (NYSE:DX) is a mortgage REIT that primarily invests in U.S. agency and non-agency mortgage-backed securities, including residential MBS, CMBS, and interest-only CMBS. Agency securities are backed by guarantees from Fannie Mae, Freddie Mac, or other government-sponsored entities, while non-agency securities lack such guarantees. As a qualified REIT, Dynex avoids federal income tax provided it distributes at least 90 % of its taxable income to shareholders. The company was founded in 1987 and is based in Glen Allen, Virginia.
Key operating metrics as of the latest filing show a dividend yield near 8.3 % and a distribution coverage ratio of roughly 1.2×, indicating that earnings comfortably support current payouts. The portfolio’s weighted-average coupon sits around 2.5 %, making the REIT sensitive to Federal Reserve rate moves and prepayment risk. Additionally, Dynex’s leverage ratio (debt-to-equity) is about 1.5×, a level typical for mortgage REITs but one that can amplify earnings volatility when mortgage spreads compress.
For a deeper dive into Dynex’s valuation and risk profile, the ValueRay analysis offers a concise, data-driven overview you may find useful.
Piotroski VR‑10 (Strict, 0-10) 2.0
| Net Income: 319.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.44 > 1.0 |
| NWC/Revenue: -3284 % < 20% (prev -3977 %; Δ 693.2% < -1%) |
| CFO/TA 0.01 > 3% & CFO 106.5m > Net Income 319.1m |
| Net Debt (12.98b) to EBITDA (738.2m): 17.59 < 3 |
| Current Ratio: 0.07 > 1.5 & < 3 |
| Outstanding Shares: last quarter (157.2m) vs 12m ago 92.42% < -2% |
| Gross Margin: 36.20% > 18% (prev 0.86%; Δ 3534 % > 0.5%) |
| Asset Turnover: 3.30% > 50% (prev 1.84%; Δ 1.46% > 0%) |
| Interest Coverage Ratio: 0.49 > 6 (EBITDA TTM 738.2m / Interest Expense TTM 152.1m) |
Altman Z'' -5.31
| A: -0.80 (Total Current Assets 1.03b - Total Current Liabilities 14.85b) / Total Assets 17.34b |
| B: -0.03 (Retained Earnings -441.9m / Total Assets 17.34b) |
| C: 0.01 (EBIT TTM 74.4m / Avg Total Assets 12.76b) |
| D: -0.04 (Book Value of Equity -567.2m / Total Liabilities 14.88b) |
| Altman-Z'' Score: -5.31 = D |
What is the price of DX shares?
As of February 07, 2026, the stock is trading at USD 14.07 with a total of 4,067,575 shares traded.
Over the past week, the price has changed by +1.37%, over one month by +1.18%, over three months by +9.33% and over the past year by +22.69%.
Over the past week, the price has changed by +1.37%, over one month by +1.18%, over three months by +9.33% and over the past year by +22.69%.
Is DX a buy, sell or hold?
Dynex Capital has received a consensus analysts rating of 4.29.
Therefore, it is recommended to buy DX.
- StrongBuy: 4
- Buy: 1
- Hold: 2
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the DX price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 15.1 | 7.3% |
| Analysts Target Price | 15.1 | 7.3% |
| ValueRay Target Price | 17.3 | 22.7% |
DX Fundamental Data Overview February 07, 2026
P/E Trailing = 5.6951
P/E Forward = 8.8028
P/S = 7.5144
P/B = 1.1945
P/EG = -1.31
Revenue TTM = 420.9m USD
EBIT TTM = 74.4m USD
EBITDA TTM = 738.2m USD
Long Term Debt = 8.37m USD (from longTermDebt, last quarter)
Short Term Debt = 13.91b USD (from shortTermDebt, last quarter)
Debt = 13.91b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 12.98b USD (from netDebt column, last quarter)
Enterprise Value = 16.18b USD (2.80b + Debt 13.91b - CCE 531.0m)
Interest Coverage Ratio = 0.49 (Ebit TTM 74.4m / Interest Expense TTM 152.1m)
EV/FCF = 151.9x (Enterprise Value 16.18b / FCF TTM 106.5m)
FCF Yield = 0.66% (FCF TTM 106.5m / Enterprise Value 16.18b)
FCF Margin = 25.31% (FCF TTM 106.5m / Revenue TTM 420.9m)
Net Margin = 75.80% (Net Income TTM 319.1m / Revenue TTM 420.9m)
Gross Margin = 36.20% ((Revenue TTM 420.9m - Cost of Revenue TTM 268.6m) / Revenue TTM)
Gross Margin QoQ = 46.75% (prev 26.68%)
Tobins Q-Ratio = 0.93 (Enterprise Value 16.18b / Total Assets 17.34b)
Interest Expense / Debt = -0.96% (Interest Expense -133.6m / Debt 13.91b)
Taxrate = 21.0% (US default 21%)
NOPAT = 58.7m (EBIT 74.4m * (1 - 21.00%))
Current Ratio = 0.07 (Total Current Assets 1.03b / Total Current Liabilities 14.85b)
Debt / Equity = 5.65 (Debt 13.91b / totalStockholderEquity, last quarter 2.46b)
Debt / EBITDA = 17.59 (Net Debt 12.98b / EBITDA 738.2m)
Debt / FCF = 121.9 (Net Debt 12.98b / FCF TTM 106.5m)
Total Stockholder Equity = 1.86b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.50% (Net Income 319.1m / Total Assets 17.34b)
RoE = 17.19% (Net Income TTM 319.1m / Total Stockholder Equity 1.86b)
RoCE = 3.99% (EBIT 74.4m / Capital Employed (Equity 1.86b + L.T.Debt 8.37m))
RoIC = 0.37% (NOPAT 58.7m / Invested Capital 15.84b)
WACC = 0.67% (E(2.80b)/V(16.71b) * Re(7.78%) + D(13.91b)/V(16.71b) * Rd(-0.96%) * (1-Tc(0.21)))
Discount Rate = 7.78% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 65.64%
[DCF Debug] Terminal Value 83.55% ; FCFF base≈69.7m ; Y1≈54.8m ; Y5≈35.9m
Fair Price DCF = N/A (negative equity: EV 1.11b - Net Debt 12.98b = -11.88b; debt exceeds intrinsic value)
EPS Correlation: 27.29 | EPS CAGR: 29.50% | SUE: 3.27 | # QB: 1
Revenue Correlation: 21.83 | Revenue CAGR: 20.50% | SUE: 4.0 | # QB: 2
EPS next Quarter (2026-03-31): EPS=0.26 | Chg30d=-0.041 | Revisions Net=-2 | Analysts=2
EPS current Year (2026-12-31): EPS=1.17 | Chg30d=-0.158 | Revisions Net=-2 | Growth EPS=+50.7% | Growth Revenue=+120.6%
EPS next Year (2027-12-31): EPS=1.38 | Chg30d=-0.118 | Revisions Net=+0 | Growth EPS=+18.2% | Growth Revenue=+24.6%
P/E Forward = 8.8028
P/S = 7.5144
P/B = 1.1945
P/EG = -1.31
Revenue TTM = 420.9m USD
EBIT TTM = 74.4m USD
EBITDA TTM = 738.2m USD
Long Term Debt = 8.37m USD (from longTermDebt, last quarter)
Short Term Debt = 13.91b USD (from shortTermDebt, last quarter)
Debt = 13.91b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 12.98b USD (from netDebt column, last quarter)
Enterprise Value = 16.18b USD (2.80b + Debt 13.91b - CCE 531.0m)
Interest Coverage Ratio = 0.49 (Ebit TTM 74.4m / Interest Expense TTM 152.1m)
EV/FCF = 151.9x (Enterprise Value 16.18b / FCF TTM 106.5m)
FCF Yield = 0.66% (FCF TTM 106.5m / Enterprise Value 16.18b)
FCF Margin = 25.31% (FCF TTM 106.5m / Revenue TTM 420.9m)
Net Margin = 75.80% (Net Income TTM 319.1m / Revenue TTM 420.9m)
Gross Margin = 36.20% ((Revenue TTM 420.9m - Cost of Revenue TTM 268.6m) / Revenue TTM)
Gross Margin QoQ = 46.75% (prev 26.68%)
Tobins Q-Ratio = 0.93 (Enterprise Value 16.18b / Total Assets 17.34b)
Interest Expense / Debt = -0.96% (Interest Expense -133.6m / Debt 13.91b)
Taxrate = 21.0% (US default 21%)
NOPAT = 58.7m (EBIT 74.4m * (1 - 21.00%))
Current Ratio = 0.07 (Total Current Assets 1.03b / Total Current Liabilities 14.85b)
Debt / Equity = 5.65 (Debt 13.91b / totalStockholderEquity, last quarter 2.46b)
Debt / EBITDA = 17.59 (Net Debt 12.98b / EBITDA 738.2m)
Debt / FCF = 121.9 (Net Debt 12.98b / FCF TTM 106.5m)
Total Stockholder Equity = 1.86b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.50% (Net Income 319.1m / Total Assets 17.34b)
RoE = 17.19% (Net Income TTM 319.1m / Total Stockholder Equity 1.86b)
RoCE = 3.99% (EBIT 74.4m / Capital Employed (Equity 1.86b + L.T.Debt 8.37m))
RoIC = 0.37% (NOPAT 58.7m / Invested Capital 15.84b)
WACC = 0.67% (E(2.80b)/V(16.71b) * Re(7.78%) + D(13.91b)/V(16.71b) * Rd(-0.96%) * (1-Tc(0.21)))
Discount Rate = 7.78% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 65.64%
[DCF Debug] Terminal Value 83.55% ; FCFF base≈69.7m ; Y1≈54.8m ; Y5≈35.9m
Fair Price DCF = N/A (negative equity: EV 1.11b - Net Debt 12.98b = -11.88b; debt exceeds intrinsic value)
EPS Correlation: 27.29 | EPS CAGR: 29.50% | SUE: 3.27 | # QB: 1
Revenue Correlation: 21.83 | Revenue CAGR: 20.50% | SUE: 4.0 | # QB: 2
EPS next Quarter (2026-03-31): EPS=0.26 | Chg30d=-0.041 | Revisions Net=-2 | Analysts=2
EPS current Year (2026-12-31): EPS=1.17 | Chg30d=-0.158 | Revisions Net=-2 | Growth EPS=+50.7% | Growth Revenue=+120.6%
EPS next Year (2027-12-31): EPS=1.38 | Chg30d=-0.118 | Revisions Net=+0 | Growth EPS=+18.2% | Growth Revenue=+24.6%