Dynex Capital Inc (DX) stock analysis
Close on Nov 11, 2026Market cap $2.71BP/E 49.6Yield 19.19%
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed9 of 30 checks passed
Dynex Capital passes 9 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 0/6
- Past performance
- 1/6
- Financial health
- 4/6
- Dividend
- 4/6
What stands out
No debt
Dynex Capital has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 12.4% a year on average over the last five fiscal years.
Interest well covered
No meaningful interest expense to cover.
Debt covered by cash flow
There is no debt to cover.
What to watch
Margin of safety under 20%
The price is 163% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $10.42 is above our fair value estimate of $3.96.
EPS growing under 10% a year
Diluted EPS grew -8.0% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -127% over the last twelve months, against a 5-year average of 12.4% a year.
Valuation0/6
P/E above its 5-year median
Dynex Capital's P/E of 49.6 is above its own 5-year median of 9.5.
P/E above the industry
Dynex Capital's P/E of 49.6 is above the Miscellaneous Investing median of 26.3.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Trading above fair value
The share price of $10.42 is above our fair value estimate of $3.96.
Margin of safety under 20%
The price is 163% above fair value, so there is no margin of safety.
Growth0/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growing under 10% a year
Diluted EPS grew -8.0% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -127% over the last twelve months, against a 5-year average of 12.4% a year.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance1/6
Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings grew over 5 years
Net income grew 12.4% a year on average over the last five fiscal years.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health4/6
No debt
Dynex Capital has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is 0.01; above 3 is the safe zone and below 1.8 the distress zone.
Dividend4/6
Pays a dividend
Dynex Capital paid dividends worth 17.9% of the share price over the last twelve months.
Yield above Treasuries
The 17.9% yield is above the 4.4% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.8% or more; Dynex Capital yields 17.9%.
Dividend not cut
The dividend per share has not fallen by more than 10% in any of the last 5 fiscal years.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itOur estimate per share
$3.96
The share price is 163% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 20.8× | 9.5× | 26.3× | $4.37 | 73% |
| Earnings power | 8.9% cost of equity | – | – | $2.86 | 27% |
| Fair value | $3.96 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 9.5
- Miscellaneous Investing median 26.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $77.66M
- Value traded per 1% price move
- $67.75M
Downside
Low risk
- Typical loss in a bad month
- 14.1%
- Volatility (annualized)
- 20%
- Sharpe ratio, 1 year
- -1.41
- Beta to the S&P 500 (5Y)
- 0.79
Typical bad-month loss, week by week
Margins need revenue and profit figures
This company does not report the lines needed to calculate margins.
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Net income | +180.1% | +30.6% | +12.4% | +34.4% | |
| EPS, diluted | +65.8% | -8.0% | -18.6% | +19.4% | |
| Dividend per share | +25.0% | +8.6% | +3.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on assets | 1.2% | 4.2% | 2.5% | |
| Diluted shares | 16M | 23M | 125M |
Cash use needs five years of cash flow figures
Dynex Capital does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$319.07M
- Cash generatingOperating cash flow above zero$120.82M
- Return on assets improvedROA up on the prior year1.8% → 3.9%
- Earnings backed by cashOperating cash flow above net income$120.82M vs $319.07M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise71M → 125M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose– → –
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