Latest Ratios: P/E Ratio 5.4x · EV/EBITDA 20.2x · 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 | $2.0B | $1.8B | $901M | $686M | $544M | $547M | $411M | $400M | $330M | $353M | $335M |
| Enterprise Value | $15.0B | $14.7B | $7.1B | $567M | $212M | $181M | $116M | $340M | $299M | $318M | $267M |
| P/E Ratio → | 5.36 | 5.67 | 8.49 | — | 4.01 | 6.01 | 2.57 | — | — | 15.24 | 9.88 |
| P/S Ratio | 3.76 | 3.28 | 2.83 | 5.18 | — | 8.20 | 1.77 | 2.43 | 3.97 | 4.11 | 4.08 |
| P/B Ratio | 0.67 | 0.71 | 0.76 | 0.79 | 0.60 | 0.71 | 0.65 | 0.69 | 0.63 | 0.63 | 0.72 |
| P/FCF | 16.60 | 14.50 | 62.64 | 11.03 | 4.30 | 3.72 | 2.36 | 2.28 | 1.83 | 1.73 | 1.59 |
| P/OCF | 16.60 | 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 | 20.25 | 19.90 | 16.56 | 2.68 | 1.12 | 1.65 | 0.55 | — | 36.21 | 9.01 | 6.13 |
| EV / EBIT | 20.30 | 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 | 14.9% | 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 | 18.7% | 17.6% | 11.8% | — | 24.9% | 16.6% | 38.9% | — | — | 6.6% | 10.1% |
| FCF Yield | 6.0% | 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 | 14.9% | 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 |
Repo market funding volatility
As reported in financial statements, Dynex Capital trades at a P/B ratio of 0.67, which, when combined with the absence of a stable P/FFO multiple due to earnings volatility, suggests that the market is pricing in significant risk regarding the preservation of tangible book value.
The persistent discount to book value indicates that investors remain skeptical of the company's ability to generate consistent returns on equity in the current interest rate environment. This valuation gap warrants further investigation into whether the market is correctly discounting the potential for future equity dilution or if the current price represents a mispriced opportunity for total return.
Based on reported figures, the company maintains a consistent 100% NOI margin, yet this metric appears to be an accounting artifact that fails to account for the substantial interest expenses associated with repo financing, thereby obscuring the true economic profitability of the mortgage-backed securities portfolio.
The reliance on derivative gains to bolster headline income suggests that organic profitability is currently strained by the inverted yield curve. Investors should monitor the net interest spread closely, as the current margin structure appears highly sensitive to short-term funding costs rather than sustainable interest income.
According to recent SEC filings, the FFO payout ratio has exhibited extreme instability, swinging from 42.4% in 2025Q4 to non-calculable levels in 2026Q1, which indicates that dividend distributions are increasingly disconnected from the company's ability to generate core earnings from its underlying asset base.
The volatility in FFO per share suggests that the dividend is currently supported by non-cash mark-to-market adjustments rather than recurring cash flow. This lack of consistency implies that the dividend may be at risk if the company cannot stabilize its core income in the coming quarters.
As indicated by quarterly data, the reported debt-to-equity ratio of 7.73 in 2026Q1 highlights a rapid increase in leverage, which warrants further investigation given the potential exclusion of significant repurchase agreement liabilities from standard balance sheet calculations used to determine the firm's risk profile.
The rising leverage ratio, coupled with a declining interest coverage ratio of 0.55, suggests that the company's ability to service its debt is under mounting pressure. This trend appears to indicate a heightened sensitivity to repo market dislocations, which could lead to forced asset liquidations if funding costs continue to escalate.
As reported in financial statements, the market's reliance on a 5.32 P/E ratio for Dynex Capital is deeply misleading, as it fails to account for the non-cash mark-to-market volatility inherent in mREIT accounting, which frequently distorts net income and obscures the company's actual economic performance.
Analysts should instead prioritize Tangible Book Value (TBV) and Core Earnings as the primary metrics for assessing value. Using standard P/E ratios in this context ignores the impact of premium amortization and derivative hedging, leading to a fundamental misunderstanding of the company's true earnings power.
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 5.4x. 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 20.2x. 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 5.4x. 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 14.89% 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.