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DXDynex Capital, Inc.
$13.24$2.0B
Overview & Verdict
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DX logoDynex Capital, Inc.(DX)Earnings, Financials & Key Ratios

DX•NYSE•REIT / Real Estate
$13.24
5.4× P/E·Price updated Jul 6, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryAgency mortgage securities REITs
AboutDynex Capital, Inc., a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non-agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest-only securities. Agency MBS have a guaranty of principal payment by an agency of the U.S. government or a U.S. government-sponsored entity, such as Fannie Mae and Freddie Mac. Non-Agency MBS have no such guaranty of payment. The company has qualified as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 1987 and is headquartered in Glen Allen, Virginia.Show more
  • Revenue$534M+67.8%
  • FFO$321M+177.4%
  • FFO/Share2.57+58.1%
  • FFO Payout76.78%-24.6%
  • FFO per Share2.57+58.1%
  • NOI Margin100%
  • FFO Margin60.2%+65.4%
  • ROE17.5%+57.9%
  • ROA2.5%+59.7%

DX Price & Volume

Dynex Capital, Inc. (DX) stock price & volume — 10-year historical chart

Loading chart...

Extreme Earnings Volatility Masks Structural Leverage Risks

Investment Thesis • Updated 2026Q1

VerdictNegative: The company's inability to generate positive FFO in 2026Q1
Growth:Mixed
Profitability:Strained
Financial:Vulnerable
Cash Flow:Deteriorating
Primary Risk:Repo market funding volatility

Key Thesis Takeaways

  • Dynex Capital faces significant operational instability as evidenced by a 2026Q1 FFO deficit of $73.9 million despite a 170.8% surge in reported revenue.
  • The company's reliance on volatile mark-to-market accounting and aggressive leverage, currently at a 7.73 debt-to-equity ratio, creates substantial uncertainty regarding long-term dividend sustainability.
  • Investors should monitor the firm's ability to stabilize core interest income, as current performance metrics suggest that portfolio reallocations have introduced risks that existing hedging strategies may fail to mitigate.

Verdict Logic

combined with a negative return on equity of -3.1%, suggests that the current 15.0% dividend yield may be unsustainable.

DX Growth Metrics

Dynex Capital, Inc. (DX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years25.25%
5 Years18.1%
3 Years-
TTM103.73%

Profit CAGR

10 Years34.44%
5 Years12.44%
3 Years30.62%
TTM241.96%

EPS CAGR

10 Years19.38%
5 Years-18.64%
3 Years-7.98%
TTM112.63%

Return on Capital

10 Years9.03%
5 Years17.24%
3 Years25.95%
Last Year5.78%

DX Recent Earnings

Dynex Capital, Inc. (DX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 2/12 qtrs (17%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 20, 2026
Metric
Actual
Est
EPS
$0.31-1.0%
$0.31
Rev
$79M-11.1%
$89M
Q1 2026
Jan 26, 2026
Metric
Actual
Est
EPS
$0.22-42.0%
$0.38
Rev
$43M-30.0%
$62M
Q4 2025
Oct 20, 2025
Metric
Actual
Est
EPS
$0.25-43.2%
$0.44
Rev
$139M+390.1%
$28M
Q3 2025
Jul 21, 2025
Metric
Actual
Est
EPS
$0.22-55.1%
$0.49
Rev
$1M-106.2%
$21M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 20, 2026
$0.31vs $0.31-1.0%
$79Mvs $89M-11.1%
Q1 2026Jan 26, 2026
$0.22vs $0.38-42.0%
$43Mvs $62M-30.0%
Q4 2025Oct 20, 2025
$0.25vs $0.44-43.2%
$139Mvs $28M+390.1%
Q3 2025Jul 21, 2025
$0.22vs $0.49-55.1%
$1Mvs $21M-106.2%
Based on last 12 quarters of dataView full earnings history →

Latest DX News

Recent stock market news and headlines for Dynex Capital, Inc. (DX)

Business Wire·1 day ago
Dynex Capital, Inc. Schedules Second Quarter 2026 Earnings Release and Conference Call

GLEN ALLEN, Va.--(BUSINESS WIRE)--Dynex Capital, Inc. (NYSE: DX; “Dynex” or the “Company”), a REIT with a long track record of generating dividends from high-quality mortgage assets, announced today that it will release its financial results for the second quarter of 2026 before market open on Monday, July 20, 2026. In addition, Dynex's management team will host a conference call and live audio webcast to discuss its second quarter 2026 financial results that same morning at 10:00 a.m. ET. Webc.

GuruFocus·Jun 25, 2026
Atlassian (DX) Named a Leader in the 2026 Gartner® Magic Quadrant™ for Developer Productivity Insight Platforms

Atlassian Corporation (Nasdaq: TEAM), a leading provider of team collaboration and productivity software, has been named a Leader in the inaugural Gartner Ma

Business Wire·Jun 25, 2026
Atlassian (DX) Named a Leader in the 2026 Gartner® Magic Quadrant™ for Developer Productivity Insight Platforms

SAN FRANCISCO--(BUSINESS WIRE)--Atlassian Corporation (Nasdaq: TEAM), a leading provider of team collaboration and productivity software, has been named a Leader in the inaugural Gartner® Magic Quadrant™ for Developer Productivity Insight Platforms (DPIP). Notably, Atlassian (DX) was recognized for its Ability to Execute and Completeness of Vision among 12 evaluated vendors. According to the report, the "primary catalyst for the market's recent acceleration is the widespread adoption of AI codi.

Seeking Alpha·Jun 19, 2026
Dynex: Bullish On The Basis Of Short-Run Macro Variables, Long-Run Risks Remain

Dynex Capital remains attractive as a short-term macro play, leveraging current rate conditions and mortgage spread opportunities. DX's recent performance saw an 18% total return since my last coverage, primarily from distributions, despite a 5.42% YTD market value decline. Unrealized Q1 losses of $251.8M, partially offset by hedging, highlight exposure to systemic shocks like the U.S.-Iran war.

Business Wire·Jun 16, 2026
Dynex Capital Appoints Douglas Neal to Its Board of Directors

GLEN ALLEN, Va.--(BUSINESS WIRE)--Dynex Capital, Inc. (NYSE: DX) (“Dynex” or the “Company”), a real estate investment trust focused on generating attractive risk-adjusted returns from high-quality mortgage assets, today announced that Douglas Neal has been appointed as an independent director to its Board of Directors (the “Board”), effective June 15, 2026. “We are pleased to welcome Doug to the Board as an independent director,” said Byron Boston and Smriti Popenoe, Co-Chief Executive Officers.

Peers Comparison

Key metrics vs top competitors for Dynex Capital, Inc. (DX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
DX logoDXDynex Capital, Inc.Current
$13.24$2.01B5.3667.76%59.8%17.5%14.89%
AGNC logoAGNCAGNC Investment Corp.
$11.17$12.82B7.60-60.79%43.6%12.7%—
NLY logoNLYAnnaly Capital Management, Inc.
$22.99$16.85B7.875.35%31.96%14.34%—
TWO logoTWOTwo Harbors Investment Corp.
$12.09$1.27B-2.77-28.4%-44.82%-19.11%—
MFA logoMFAMFA Financial, Inc.
$9.33$952.54M5.55213.02%20.7%7.43%—
ARR logoARRARMOUR Residential REIT, Inc.
$17.18$2.13B5.21444.08%24.22%11.47%—

Compare DX vs Peers

Dynex Capital, Inc. (DX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AGNC

Most directly comparable listed peer for DX.

Scale Benchmark

vs JPM

Larger-name benchmark to compare DX against a more recognizable public peer.

Peer Set

Compare Top 5

vs AGNC, NLY, TWO, MFA

DX SEC Filings & Documents

Dynex Capital, Inc. (DX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jun 16, 2026·SEC

Material company update

May 22, 2026·SEC

Material company update

Apr 28, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 27, 2026·SEC

FY 2025

Oct 27, 2025·SEC

FY 2025

Jul 28, 2025·SEC

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DX Frequently Asked Questions

Dynex Capital, Inc. (DX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Dynex Capital, Inc.'s revenue?

Dynex Capital, Inc. (DX) reported $695.9M in revenue for fiscal year 2025. This represents a 642% increase from $93.8M in 1996.

How fast is Dynex Capital, Inc. growing?

Dynex Capital, Inc. (DX) grew revenue by 67.8% over the past year. This is strong growth.

Is DX profitable?

Yes, Dynex Capital, Inc. (DX) is profitable, generating $241.8M in net income for fiscal year 2025 (59.8% net margin).

Dividend & Returns
Does DX pay dividends?

Yes, Dynex Capital, Inc. (DX) pays a dividend with a yield of 14.89%. This makes it attractive for income-focused investors.

What is DX's return on equity?

Dynex Capital, Inc. (DX) has a return on equity (ROE) of 17.5%. This is reasonable for most industries.

Industry Metrics
What is Dynex Capital, Inc.'s FFO?

Dynex Capital, Inc. (DX) generated Funds From Operations (FFO) of $249.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is DX a good dividend stock?

Dynex Capital, Inc. (DX) offers a 14.89% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in DX back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →