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Dynex Capital, Inc.NYSE:DX Stock Report

Market Cap US$2.8b
Share Price
US$13.05
US$14.8
11.8% undervalued intrinsic discount
1Y6.9%
7D2.3%
1D
Portfolio Value
​
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Dynex Capital, Inc.

NYSE:DX Stock Report

Market Cap: US$2.8b

Dynex Capital (DX) Stock Overview

A mortgage real estate investment trust, invests in residential and commercial mortgage-backed securities (MBS) in the United States. More details

DX fundamental analysis
Snowflake Score
Valuation3/6
Future Growth5/6
Past Performance4/6
Financial Health1/6
Dividends2/6

Rewards

Trading at 20.8% below our estimate of its fair value

Earnings are forecast to grow 37.9% per year

Earnings grew by 266.4% over the past year

Risk Analysis

Debt is not well covered by operating cash flow

Dividend of 15.63% is not well covered by earnings or free cash flows

Shareholders have been substantially diluted in the past year


DX Community Fair Values

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See what 47 others think this stock is worth. Follow their fair value or set your own to get alerts.

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Dynex Capital, Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Dynex Capital
Historical stock prices
Current Share PriceUS$13.05
52 Week HighUS$14.93
52 Week LowUS$11.76
Beta0.93
1 Month Change0.46%
3 Month Change0.62%
1 Year Change6.88%
3 Year Change4.07%
5 Year Change-32.28%
Change since IPO-78.25%

Recent News & Updates

Seeking Alpha • Jun 09

Dynex Capital: Time To Sleep Well With This 16% Yield

Summary Dynex Capital is initiated at Buy, offering a nearly 16% yield and exposure to agency RMBS with manageable leverage. DX's Q1 negative economic return was driven by higher rates and wider mortgage spreads, but forward income prospects are strong if funding costs ease. DX trades at 1.02x book value, with an 8% price upside to 1.1x book and a compelling 24% total return potential over twelve months. Key risks include rate and spread volatility, high leverage at 8.6x, and the sustainability of the dividend if book value declines persist. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Jun 09

Dynex Capital: Time To Sleep Well With This 16% Yield

Summary Dynex Capital is initiated at Buy, offering a nearly 16% yield and exposure to agency RMBS with manageable leverage. DX's Q1 negative economic return was driven by higher rates and wider mortgage spreads, but forward income prospects are strong if funding costs ease. DX trades at 1.02x book value, with an 8% price upside to 1.1x book and a compelling 24% total return potential over twelve months. Key risks include rate and spread volatility, high leverage at 8.6x, and the sustainability of the dividend if book value declines persist. Read the full article on Seeking Alpha
Seeking Alpha • Apr 24

Dynex Capital: Current Headwinds And Performance Warrant Caution

Summary I recommend holding Dynex Capital, Inc. due to poor recent performance and susceptibility to adverse economic conditions, offering a high dividend but limited growth potential. DX's stock has shown minimal upside, fluctuating between $10.79 and $14.52, with weak financial performance and consistent earnings shortfalls signaling operational challenges. The company's leveraged investment strategy is highly sensitive to interest rate fluctuations, posing significant risks to its portfolio and dividend sustainability. Sensitivity analysis indicates greater downside risk with limited upside potential, supporting a cautious hold rating amid current economic uncertainty. Read the full article on Seeking Alpha
Seeking Alpha • Apr 17

Dynex Capital: Mortgage REIT With Strong Margins And High Yield For Long-Term Buy

Summary For my initial rating of Dynex Capital stock, it gets a buy rating. Upside factors include strong profit margins, low leverage risk, a high dividend yield and monthly payouts supported by cashflow, and portfolio growth. The mortgage REIT market has grown and serves an important need, providing added liquidity to the mortgage financing market. Key risks include interest rate risk and credit risk, though credit risk is mitigated somewhat by holding US agency-backed MBS securities, which is 98% of this firm's portfolio. Read the full article on Seeking Alpha
Seeking Alpha • Feb 12

Seeking +13% Yields: Dynex

Summary Income should pour into your account, not dribble in. We take a three-legged approach to mREIT investing for income. Today, we dive into the third leg. Read the full article on Seeking Alpha
Seeking Alpha • Feb 04

Dynex Capital: Staying Positive For Q1

Summary Dynex Capital, Inc. delivered strong Q4 results, beating revenue and EPS estimates, despite a slight decline in book value per share. Elevated interest rates and wide mortgage spreads are expected to persist, potentially benefiting Dynex's income and reducing refinancing risks. Dynex's portfolio strategy focuses on high coupon, government-insured agency products, likely providing an asymmetrical risk-return tradeoff. We think CPRs may be overstated, which might surprise the market later on. Dynex trades at a minor discount. However, we think its yield is stellar, especially compared to the yield on its preference shares. Read the full article on Seeking Alpha
Seeking Alpha • Jan 13

Dynex Capital: Re-Rating Catalyst In 2025

Summary Dynex Capital is poised to benefit from anticipated interest rate cuts in 2025, despite the Fed's recent hawkish stance and inflation uptick. The stock is currently selling at a 4% discount to book value, offering substantial value for passive income investors with a stable 13% dividend yield. Lower interest rates should improve DX's negative net interest spread, enhancing profitability and potentially leading to a higher valuation. The biggest risk is the Fed maintaining high rates if inflation persists, which could hinder Dynex Capital's re-rating and growth prospects. Read the full article on Seeking Alpha
Seeking Alpha • Nov 19

Dynex Capital: A Tactical Play In Motion

Summary Dynex Capital Inc.'s forward dividend yield and a changing U.S. inflation outlook make a strong case for a tactical opportunity. Shifting to specified pools to secure certainty might de-risk the vehicle. Additionally, a more desirable short-term liquidity market fuels an upbeat argument. Dynex's common stock trades below book value, and its preferred stock doesn't seem overly demanding, reducing the risk of Dynex's common shares being 'toxic waste.' This seems like a great deal to those seeking to capture dividends or wanting to bet on short-term upside. Read the full article on Seeking Alpha
Seeking Alpha • Oct 22

Dynex Capital Now Offers A Consistent High Yield Dividend Paid Monthly From Real Estate Mortgage Assets

Summary As a retired income investor, I focus on high-yield distributions, particularly from REITs, which offer diversification and inflation hedging but are sensitive to interest rates. Despite the real estate sector's poor performance over the past three years, Dynex Capital is now a compelling buy due to its strong Q3 earnings, increased dividend, and strategic positioning. Dynex's Q3 results show improved performance, with increased book value, reduced leverage, and higher comprehensive income, driven by strategic capital management and favorable market conditions. I recommend buying DX stock at its current price of $12.60 for a 14% dividend yield, supported by a well-covered, consistent monthly income stream. Read the full article on Seeking Alpha
Seeking Alpha • Aug 01

Dynex Capital: I Am Getting A 13% Yield On My Last Buy

Summary Mortgage REITs like Dynex Capital are becoming more attractive for passive income investors in a lower-rate environment. Dynex Capital focuses on Agency residential mortgage-backed securities, poised to benefit from falling interest rates. With a 12.8% dividend yield and potential for increased valuations, Dynex Capital is recommended for passive income investors in the current market. Read the full article on Seeking Alpha

Shareholder Returns

DXUS Mortgage REITsUS Market
7D2.3%0.6%2.0%
1Y6.9%-1.3%23.3%

Return vs Industry: DX exceeded the US Mortgage REITs industry which returned -1.3% over the past year.

Return vs Market: DX underperformed the US Market which returned 23.3% over the past year.

Price Volatility

Is DX's price volatile compared to industry and market?
DX volatility
DX Average Weekly Movement3.1%
Mortgage REITs Industry Average Movement3.8%
Market Average Movement7.2%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.1%

Stable Share Price: DX has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: DX's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
198728Byron Bostonwww.dynexcapital.com

Dynex Capital, Inc., a mortgage real estate investment trust, invests in residential and commercial mortgage-backed securities (MBS) in the United States. 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 do not have a guaranty of principal or interest payments.

Dynex Capital, Inc. Fundamentals Summary

How do Dynex Capital's earnings and revenue compare to its market cap?
DX fundamental statistics
Market capUS$2.84b
Earnings (TTM)US$230.85m
Revenue (TTM)US$303.96m
12.2x
P/E Ratio
9.2x
P/S Ratio

Is DX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
DX income statement (TTM)
RevenueUS$303.96m
Cost of RevenueUS$0
Gross ProfitUS$303.96m
Other ExpensesUS$73.11m
EarningsUS$230.85m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)1.07
Gross Margin100.00%
Net Profit Margin75.95%
Debt/Equity Ratio773.9%

How did DX perform over the long term?

See historical performance and comparison

Dividends

15.6%
Current Dividend Yield
134%
Payout Ratio

Does DX pay a reliable dividends?

See DX dividend history and benchmarks
When do you need to buy DX by to receive an upcoming dividend?
Dynex Capital dividend dates
Ex Dividend DateJun 22 2026
Dividend Pay DateJul 01 2026
Days until Ex dividend4 days
Days until Dividend pay date13 days

Does DX pay a reliable dividends?

See DX dividend history and benchmarks

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/17 08:17
End of Day Share Price 2026/06/17 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Dynex Capital, Inc. is covered by 17 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kenneth BruceBofA Global Research
Douglas HarterBTIG
Eric HagenBTIG