Latest Ratios: P/E Ratio 7.6x · EV/EBITDA 2.4x · ROE 15.1%. (2008–2025 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 | $12.8B | $11.0B | $7.2B | $6.1B | $5.6B | $8.0B | $8.6B | $9.6B | $7.7B | $7.2B | $6.0B |
| Enterprise Value | $11.1B | $9.3B | $6.8B | $5.6B | $46.1B | $63.7B | $70.6B | $8.6B | $7.1B | $6.6B | $8.3B |
| P/E Ratio → | 7.60 | 7.29 | 9.90 | 196.20 | — | 12.33 | — | 15.24 | 83.52 | 9.90 | 10.13 |
| P/S Ratio | 6.71 | 5.74 | 1.48 | 6.04 | 1.68 | 3.30 | 25.23 | 8.85 | 4.03 | 4.55 | — |
| P/B Ratio | 0.92 | 0.89 | 0.74 | 0.74 | 0.71 | 0.77 | 0.78 | 0.87 | 0.07 | 0.11 | 0.11 |
| P/FCF | 19.64 | 16.81 | 84.18 | — | 5.49 | 5.18 | 4.93 | 8.11 | 6.96 | 5.75 | — |
| P/OCF | 19.64 | 16.81 | 84.18 | — | 5.49 | 5.18 | 4.93 | 8.11 | 6.96 | 5.75 | 4.45 |
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 | — | 4.86 | 1.39 | 5.61 | 13.96 | 26.37 | 206.89 | 7.92 | 3.70 | 4.12 | — |
| EV / EBITDA | 2.37 | 1.98 | 1.79 | 2.31 | — | 53.35 | 43.12 | 2.49 | 5.35 | 5.05 | 8.40 |
| EV / EBIT | 2.47 | 2.06 | 1.79 | 2.31 | — | 77.25 | 172.92 | 3.02 | 5.45 | 5.06 | 8.49 |
| EV / FCF | — | 14.24 | 79.05 | — | 45.52 | 41.33 | 40.38 | 7.26 | 6.38 | 5.20 | — |
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% | 97.4% | 99.6% | 136.4% |
| Operating Margin | 236.3% | 236.3% | 79.6% | 257.3% | -17.1% | 34.1% | 162.5% | 262.2% | 67.8% | 81.4% | -8972.7% |
| Net Profit Margin | 87.3% | 87.3% | 17.7% | 15.4% | -36.0% | 31.0% | -78.0% | 63.6% | 6.7% | 48.5% | -5663.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.1% | 15.1% | 9.6% | 1.9% | -13.1% | 7.0% | -2.4% | 1.2% | 0.1% | 1.2% | 2.0% |
| ROA | 1.6% | 1.6% | 1.1% | 0.3% | -2.0% | 1.0% | -0.3% | 0.6% | 0.1% | 1.2% | 1.1% |
| ROIC | 33.8% | 33.8% | 34.0% | 6.9% | -0.7% | 0.9% | 1.0% | 3.7% | 1.1% | 1.6% | 2.2% |
| ROCE | 36.3% | 36.3% | 4.9% | 4.2% | -6.1% | 7.6% | 4.4% | 23.8% | 13.5% | 15.3% | 12.0% |
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 | 0.01 | 0.01 | 0.01 | 0.01 | 5.45 | 5.56 | 5.80 | 0.02 | 0.00 | 0.01 | 0.06 |
| Debt / EBITDA | 0.01 | 0.01 | 0.02 | 0.03 | — | 47.95 | 39.28 | 0.08 | 0.21 | 0.28 | 3.54 |
| Net Debt / Equity | — | -0.14 | -0.05 | -0.05 | 5.15 | 5.41 | 5.59 | -0.09 | -0.01 | -0.01 | 0.04 |
| Net Debt / EBITDA | -0.36 | -0.36 | -0.12 | -0.18 | — | 46.67 | 37.86 | -0.29 | -0.49 | -0.53 | 2.31 |
| Debt / FCF | — | -2.57 | -5.13 | — | 40.04 | 36.16 | 35.46 | -0.85 | -0.58 | -0.55 | — |
| Interest Coverage | 1.59 | 1.59 | 1.29 | 1.07 | -0.90 | 10.99 | 0.61 | 1.32 | 1.11 | 2.47 | 2.48 |
Net cash position: cash ($1.7B) exceeds total debt ($64M)
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 | — | — | — | — | — | — | — | — | 0.23 | 0.75 | 1.12 |
| Quick Ratio | — | — | — | — | — | — | — | — | 0.23 | 0.92 | 1.12 |
| Cash Ratio | 0.02 | 0.02 | — | — | 0.05 | 0.03 | 0.03 | 0.01 | 0.01 | 0.02 | 0.02 |
| Asset Turnover | — | 0.02 | 0.06 | 0.01 | 0.06 | 0.04 | 0.00 | 0.01 | 0.02 | 0.02 | -0.00 |
| 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 | 14.0% | 14.6% | 17.1% | 16.5% | 15.6% | 10.8% | 11.3% | 11.9% | 12.6% | 11.0% | 13.3% |
| Payout Ratio | 95.9% | 95.9% | 143.8% | 648.4% | — | 114.8% | — | 165.6% | 755.0% | 103.1% | 128.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.2% | 13.7% | 10.1% | 0.5% | — | 8.1% | — | 6.6% | 1.2% | 10.1% | 9.9% |
| FCF Yield | 5.1% | 6.0% | 1.2% | — | 18.2% | 19.3% | 20.3% | 12.3% | 14.4% | 17.4% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 3.5% | 4.4% | 2.9% | 0.0% | 2.4% | 1.9% |
| Total Shareholder Yield | 14.0% | 14.6% | 17.1% | 16.5% | 16.6% | 14.3% | 15.7% | 14.8% | 12.6% | 13.4% | 15.2% |
| Shares Outstanding | — | $1.0B | $786M | $620M | $537M | $530M | $552M | $541M | $441M | $359M | $332M |
Repo market liquidity sensitivity
Based on reported figures, AGNC trades at a P/B ratio of 0.90, which, when viewed alongside its 14.3% dividend yield, suggests that investors are pricing in significant uncertainty regarding the long-term sustainability of book value in a volatile interest rate environment.
The current P/B discount to par indicates that the market remains skeptical of the company's ability to preserve capital amidst ongoing quantitative tightening. Investors should monitor whether this valuation gap narrows as Treasury yield volatility stabilizes, or if it reflects a permanent impairment of the underlying Agency MBS portfolio value.
According to recent SEC filings, the FFO payout ratio fluctuated between 44.6% and 58.8% during the observed periods, suggesting that while the dividend appears covered on an FFO basis, the lack of consistent AFFO reporting obscures the true cash-based sustainability of these distributions.
The reliance on FFO as a primary metric for dividend coverage may be misleading given the significant non-cash adjustments inherent in the company's derivative hedging strategy. A more rigorous assessment of dividend safety requires clarity on the cost of carry and the impact of potential margin calls on distributable cash flow.
As reported in financial statements, the debt-to-equity ratio spiked to 8.59 in 2026Q1, a dramatic increase from the near-zero levels observed in late 2025, which highlights the company's heightened sensitivity to repo market financing costs and potential margin call triggers.
This rapid shift in leverage suggests a tactical, yet risky, approach to managing the balance sheet that leaves little room for error during periods of market dislocation. The low interest coverage ratio of 0.80 in 2026Q1 warrants further investigation into the firm's ability to service its massive short-term debt obligations.
Based on AGNC's reported figures, the P/E ratio of 7.42 is a fundamentally misapplied metric for this REIT, as it fails to account for the massive non-cash depreciation and derivative-driven mark-to-market volatility that define the company's earnings profile.
Using P/E obscures the true economic spread of the business by treating derivative gains and losses as core operating income. Analysts should instead prioritize Price-to-Tangible Book Value (P/TBV) and Net Spread income to better capture the intrinsic value and recurring earning power of the Agency MBS portfolio.
Includes 30+ ratios · 18 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AGNC stock.
AGNC Investment Corp.'s current P/E ratio is 7.6x. The historical average is 27.4x. This places it at the 40th percentile of its historical range.
AGNC Investment Corp.'s current EV/EBITDA is 2.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.9x.
AGNC Investment Corp.'s return on equity (ROE) is 15.1%. The historical average is 7.8%.
Based on historical data, AGNC Investment Corp. is trading at a P/E of 7.6x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AGNC Investment Corp.'s current dividend yield is 14.00% with a payout ratio of 95.9%.
AGNC Investment Corp. has 100.0% gross margin and 236.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AGNC Investment Corp.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.