AGNC Investment Past Earnings Performance
Past criteria checks 5/6
AGNC Investment has been growing earnings at an average annual rate of 3.3%, while the Mortgage REITs industry saw earnings declining at 1.7% annually. Revenues have been growing at an average rate of 4.2% per year. AGNC Investment's return on equity is 12.1%, and it has net margins of 81.1%.
Key information
3.31%
Earnings growth rate
-7.79%
EPS growth rate
| Mortgage REITs Industry Growth | 4.45% |
| Revenue growth rate | 4.22% |
| Return on equity | 12.08% |
| Net Margin | 81.12% |
| Next Earnings Update | 20 Jul 2026 |
Recent past performance updates
Recent updates
Seeking Alpha • Jun 24
Buy AGNC Investment, But Not For The Dividend Alone
Summary AGNC Investment Corp. is rated Buy, driven by improved Agency MBS spreads, better funding costs, and constructive capital issuance above book value. Despite a ~14% yield, AGNC's dividend is not risk-free; book value volatility and spread sensitivity remain central to the investment thesis. Q1 saw net spread and dollar-roll income rise to $0.42/share, comfortably covering the dividend, but book value declined, highlighting ongoing risk. AGNC’s premium to book enables accretive equity issuance, but the Buy case depends on stable or tightening Agency MBS spreads and disciplined portfolio management. Read the full article on Seeking AlphaAnalysis Article • Jun 16
AGNC Investment (AGNC) Stock Valuation Check After Intrinsic Discount And Income Track Record
AGNC Investment (AGNC) has drawn fresh attention after recent trading left the stock with a value score of 5 and an intrinsic discount of about 41%, prompting investors to reassess its income focused mortgage REIT profile. See our latest analysis for AGNC Investment. At a share price of US$10.46, AGNC’s recent 1 day share price return of 1.45% and 7 day share price return of 3.46% sit against a year to date share price decline of 4.30%. Its 1 year total shareholder return of 28.99% and 3 year...
Narrative Update • Oct 29
Fed's Accommodative Policy Will Improve Predictability Of Agency MBS Returns
Analysts have raised their price target for AGNC Investment from $5.29 to $9.83, citing improving mortgage market trends, tighter agency spreads, and a substantial increase in mortgage applications as key drivers behind their more optimistic outlook. Analyst Commentary Recent research notes reflect heightened optimism around AGNC Investment, with multiple analysts increasing their price targets amid signs of an improving mortgage market environment.Seeking Alpha • Apr 29
AGNC Investment: Why I Am Greedy For This 16% Yield
Summary AGNC Investment reported decent Q1 results, with significant growth in net interest income and a positive net interest spread. The REIT's yield has surged to 16% amid the recent market sell-off, and it is well-positioned to benefit from potential Federal Reserve rate cuts in 2025. AGNC is trading at book value, presenting a compelling value proposition amid market uncertainty and potential rate cuts. Risks include potential interest rate volatility; however, the current environment suggests a favorable outlook for AGNC Investment. Read the full article on Seeking AlphaSeeking Alpha • Apr 22
AGNC: Volatility May Rock This Portfolio
Summary AGNC Investment Corp. offers a high dividend yield of over 17%, driven by a recent major dip in stock price. AGNC is a cyclical investment influenced by interest rate movements and management's portfolio positioning, rather than a stable income play. The company primarily invests in Agency securities and enhances the yield with short-term financing. With recent volatility subjecting such financing to margin call risks, recent price declines for AGNC only make it fairly valued. Read the full article on Seeking AlphaSeeking Alpha • Apr 16
Tariff-Free Income With 17% Yield: AGNC
Summary Sometimes, you need to take a break, but you should never turn off your income stream. Dive into a foxhole of income security while the bombshells of the news go off around you. AGNC buys up no-risk assets and leverages them for income production. Read the full article on Seeking AlphaSeeking Alpha • Mar 17
AGNC Investment: Yield Curve Inverted, Time To Sell
Summary Since my last buy rating on AGNC Investment Corp. stock, a few new developments have turned its risk/return curve unfavorable. The top development is that the yield curve has become inverted in the past month. Mortgage delinquency rates have also continued to increase in the meantime. Finally, AGNC is currently trading at a sizable valuation premium thanks to the recent price appreciation. Read the full article on Seeking AlphaSeeking Alpha • Feb 19
AGNC Investment: Attractive Investment Setup
Summary AGNC Investment offers a nearly 14% yield, backed by agency mortgage-backed securities, providing steady monthly income. The REIT's portfolio, mainly 30-year fixed mortgages, generated $2.9B in interest income in FY 2024, showing favorable net interest income trends. Falling federal fund rates are expected to improve AGNC's net interest spreads and re-pricing potential, despite recent inflation concerns. AGNC's valuation at a 1.15X price-to-book ratio indicates a premium, but the REIT is poised for fundamental improvements as interest rates are set to decline. Read the full article on Seeking Alpha
New Narrative • Feb 02
Fed's Accommodative Policy Will Improve Predictability Of Agency MBS Returns
Stable interest rates and balanced supply-demand outlook for Agency MBS could enhance AGNC's revenue and earnings by improving return predictability and maintaining attractive yields.Seeking Alpha • Jan 31
AGNC's Financial Performance Remains Stable
Summary AGNC'stock price increase signals better times ahead, despite a $0.41 loss in tangible net book value. AGNC sold $511 million in common stock, boosting book value, with leverage at 7.2 and $6.1 billion in cash for asset purchases. Stable or lower interest rates and a balanced supply demand outlook for agency MBS create attractive return opportunities, despite volatile markets and potential risks. Management's focus on mortgage spreads, stable interest rate volatility, and strategic leverage increase suggest higher earnings and dividends in the future. Read the full article on Seeking AlphaSeeking Alpha • Jan 11
AGNC Investment: Now Is The Time To Be Greedy (Rating Upgrade)
Summary Lately, I have been cautioning investors about AGNC’s payout sustainability and high P/TBV ratio amidst bullish Wall Street sentiment. New developments since my last writing have either reduced or removed my concerns. The valuation has largely reverted to the mean in terms of its P/TBV ratio. The long-short yield spread has turned positive, and I see good odds for it to remain so in the near future. Read the full article on Seeking AlphaSeeking Alpha • Dec 05
Deck The Halls With Dividends: AGNC
Summary It's easy to pronounce "cash" – it's also easy to collect massive yields that others misunderstand. Stop listening to people who misunderstand the basics of mREIT returns. Start collecting the income you so desperately need for your retirement! Read the full article on Seeking AlphaSeeking Alpha • Nov 15
AGNC Investment Corp.: A Top 15% Yielder To Buy For 2025 (Rating Upgrade)
Summary The Federal Reserve's 25 basis point rate cut is set to benefit AGNC Investment, enhancing profitability and potentially increasing its valuation multiplier due to lower interest costs. AGNC Investment's interest income grew 28% Y/Y in Q3, while interest expenses rose 27%. Lower financing costs imply improving spread potential. AGNC's book value, previously hit by rising rates, could normalize and reprice upwards, making it a promising investment as the Fed cuts rates. Risks include potential Fed reluctance to lower rates due to inflation or stronger-than-expected economic growth, but AGNC's 15% yield and low price-to-book ratio remain attractive. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How AGNC Investment makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 1,605 | 1,302 | 92 | 0 |
| 31 Dec 25 | 1,797 | 1,509 | 88 | 0 |
| 30 Sep 25 | 956 | 687 | 80 | 0 |
| 30 Jun 25 | 496 | 236 | 81 | 0 |
| 31 Mar 25 | 584 | 334 | 78 | 0 |
| 31 Dec 24 | 973 | 731 | 75 | 0 |
| 30 Sep 24 | 1,259 | 1,026 | 73 | 0 |
| 30 Jun 24 | 514 | 290 | 66 | 0 |
| 31 Mar 24 | 847 | 625 | 65 | 0 |
| 31 Dec 23 | 251 | 32 | 63 | 0 |
| 30 Sep 23 | 386 | 183 | 48 | 0 |
| 30 Jun 23 | 108 | -86 | 45 | 0 |
| 31 Mar 23 | -615 | -800 | 43 | 0 |
| 31 Dec 22 | -1,116 | -1,295 | 42 | 0 |
| 30 Sep 22 | -1,698 | -1,879 | 49 | 0 |
| 30 Jun 22 | -817 | -1,000 | 52 | 0 |
| 31 Mar 22 | -792 | -977 | 52 | 0 |
| 31 Dec 21 | 837 | 649 | 55 | 0 |
| 30 Sep 21 | 1,644 | 1,451 | 60 | 0 |
| 30 Jun 21 | 2,093 | 1,901 | 59 | 0 |
| 31 Mar 21 | 3,370 | 3,030 | 60 | 0 |
| 31 Dec 20 | -173 | -362 | 57 | 0 |
| 30 Sep 20 | 69 | -265 | 56 | 0 |
| 30 Jun 20 | -599 | -919 | 53 | 0 |
| 31 Mar 20 | -1,911 | -2,069 | 51 | 0 |
| 31 Dec 19 | 771 | 628 | 48 | 0 |
| 30 Sep 19 | -910 | -1,032 | 43 | 0 |
| 30 Jun 19 | -664 | -808 | 47 | 0 |
| 31 Mar 19 | 71 | -67 | 46 | 0 |
| 31 Dec 18 | 229 | 93 | 46 | 0 |
| 30 Sep 18 | 1,420 | 1,282 | 47 | 0 |
| 30 Jun 18 | 1,463 | 1,346 | 43 | 0 |
| 31 Mar 18 | 1,192 | 1,079 | 43 | 0 |
| 31 Dec 17 | 844 | 733 | 43 | 0 |
| 30 Sep 17 | 1,474 | 1,369 | 41 | 0 |
| 30 Jun 17 | 1,696 | 1,602 | 40 | 0 |
| 31 Mar 17 | 1,561 | 1,443 | 30 | 0 |
| 31 Dec 16 | 728 | 595 | 20 | 0 |
| 30 Sep 16 | 313 | 164 | 10 | 0 |
| 30 Jun 16 | -812 | -980 | -12 | 0 |
| 31 Mar 16 | -169 | -333 | -5 | 0 |
| 31 Dec 15 | 354 | 187 | 1 | 0 |
| 30 Sep 15 | -456 | -723 | 35 | 0 |
Quality Earnings: AGNC has high quality earnings.
Growing Profit Margin: AGNC's current net profit margins (81.1%) are higher than last year (57.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: AGNC's earnings have grown by 3.3% per year over the past 5 years.
Accelerating Growth: AGNC's earnings growth over the past year (289.8%) exceeds its 5-year average (3.3% per year).
Earnings vs Industry: AGNC earnings growth over the past year (289.8%) exceeded the Mortgage REITs industry 4.1%.
Return on Equity
High ROE: AGNC's Return on Equity (12.1%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/30 04:18 |
| End of Day Share Price | 2026/06/30 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* 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
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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
AGNC Investment Corp. is covered by 29 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Mark DeVries | Barclays |
| Terry Ma | Barclays |
| Derek Hewett | BofA Global Research |