Detailed financial statements for Dynex Capital, Inc. (DX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Dynex Capital, Inc. operates as a mortgage real estate investment trust (mREIT), primarily engaging in the leveraged acquisition of various mortgage-backed securities (MBS) within the United States. Its investment portfolio includes both agency and non-agency MBS. Agency MBS are distinguished by a principal payment guarantee from a U.S. government entity or a government-sponsored enterprise (GSE), such as Fannie Mae or Freddie Mac.
Analysis Summary
Dynex Capital, Inc. reported revenue of $533.5M in the most recent fiscal year, growing at a 5-year CAGR of 18.1%. Net income reached $319.1M, with a 12.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 58.9%, operating margin 67.5%, net margin -4.7%. Free cash flow grew at -7.0% CAGR over 5 years.
At $10.83 (closing price, October 28, 2026), DX trades at a P/E of 51.57 and an ROE of -1.74%. Market capitalisation stands at $2.7B.
Balance sheet quality for DX: current ratio of 0.0, net debt of $12.98B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $120.8M represents 38% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $82.1M | $86.0M | $83.2M | $164.4M | $232.3M | $66.8M | -$2.4M | $132.6M | $318.0M | $533.5M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | $82.1M | $86.0M | $83.2M | $164.4M | $232.3M | $66.8M | -$2.4M | $132.6M | $318.0M | $533.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $14.7M | $15.8M | $15.1M | $16.0M | $21.1M | $24.1M | $32.4M | $30.7M | $34.6M | 0 |
| Operating Expenses | $40.0M | $52.0M | $76.2M | $317.1M | $22.1M | -$41.2M | -$189.1M | -$76.7M | -$109.5M | -$204.7M |
| Operating Income | $42.1M | $34.0M | $7.0M | -$152.7M | $210.1M | $107.9M | $186.8M | $209.3M | $427.6M | $738.2M |
| EBITDA | $69.6M | $71.4M | $67.8M | -$36.9M | $212.1M | $110.2M | $189.1M | $211.6M | $429.4M | $740.3M |
| Interest Expense | $25.2M | $36.2M | $59.6M | $114.1M | $32.6M | $5.7M | $43.6M | $215.4M | $313.7M | $419.2M |
| Pre-tax Income | $43.1M | $33.9M | $7.0M | -$152.7M | $177.5M | $102.3M | $143.2M | -$6.1M | $113.9M | $319.1M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $43.1M | $33.9M | $7.0M | -$152.7M | $177.5M | $102.3M | $143.2M | -$6.1M | $113.9M | $319.1M |
| EPS | $2.07 | $1.38 | $-0.25 | $-7.01 | $6.93 | $2.78 | $3.19 | $-0.25 | $1.50 | $2.49 |
| EPS (Diluted) | $2.07 | $1.38 | $-0.25 | $-7.01 | $6.93 | $2.78 | $3.17 | $-0.25 | $1.49 | $2.47 |
| Shares Outstanding (Diluted) | 16.4 M | 16.8 M | 19.2 M | 23.6 M | 23.1 M | 32.8 M | 42.7 M | 54.8 M | 71.3 M | 125.1 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $177.0M | $257.4M | $302.8M | $332.5M |
| Gross Profit | $177.0M | $257.4M | $93.8M | $101.6M |
| Operating Income | $318.9M | $236.9M | $77.6M | $89.0M |
| EBITDA | $319.5M | $104.3M | $78.2M | $89.0M |
| Net Income | $185.4M | -$80.4M | $180.8M | -$335.5M |
| EPS | $1.17 | $-0.41 | $0.80 | $-1.34 |
| EPS (Diluted) | $1.16 | $-0.41 | $0.80 | $-1.34 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $74.1M | $40.9M | $34.6M | $62.6M | $295.6M | $366.0M | $332.0M | $119.6M | $377.1M | $930.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $32.4M | $19.8M | $21.0M | $26.2M | $164.8M | $17.0M | $25.6M | $30.0M | $1.1M | $85.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $106.5M | $60.7M | $55.6M | $88.8M | $460.4M | 0 | 0 | 0 | $666.1M | $1.03B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $3.40B | $3.31B | $3.89B | $5.37B | $3.09B | $3.64B | $3.61B | $6.37B | $8.18B | $17.34B |
| Accounts Payable | $3.2M | $3.7M | $10.3M | $15.6M | $1.4M | $1.4M | $16.4M | $53.2M | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $6.59B | $13.91B |
| Total Current Liabilities | $15.4M | $173.2M | $83.0M | $28.0M | $7.2M | 0 | 0 | 0 | $6.65B | 0 |
| Long-term Debt | $6.4M | $5.5M | $3.5M | $2.7M | $111,000 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2.93B | $2.75B | $3.36B | $4.79B | $2.45B | $2.87B | $2.70B | $5.50B | $7.00B | $14.88B |
| Retained Earnings | -$338.1M | -$352.0M | -$399.0M | -$612.2M | -$491.1M | -$451.5M | -$383.2M | -$483.6M | -$493.7M | -$441.9M |
| Total Equity | $467.2M | $557.1M | $527.2M | $583.0M | $633.5M | $771.3M | $901.3M | $870.7M | $1.18B | $2.46B |
| Total Debt | $6.4M | $5.5M | $3.5M | $2.7M | $111,000 | 0 | 0 | 0 | $6.59B | $13.91B |
| Net Debt | -$67.7M | -$35.3M | -$31.1M | -$59.8M | -$295.5M | -$366.0M | -$332.0M | -$119.6M | $6.21B | $12.98B |
| Working Capital | $91.1M | -$112.5M | -$27.4M | $60.7M | $453.2M | 0 | 0 | 0 | -$5.98B | $1.03B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $930.4M | $773.1M | $607.6M | $993.0M |
| Total Assets | $17.34B | $24.34B | $26.42B | $27.93B |
| Total Liabilities | $14.88B | $21.62B | $23.24B | $24.87B |
| Total Equity | $2.46B | $2.72B | $3.18B | $3.05B |
| Total Debt | $13.91B | $21.05B | $22.64B | $24.19B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $43.1M | $33.9M | $7.0M | -$152.7M | $177.5M | $102.3M | $143.2M | -$6.1M | $113.9M | $319.1M |
| Depreciation & Amortization | $1.5M | $1.3M | $1.2M | $1.7M | $2.0M | $2.3M | $2.4M | $2.3M | $1.9M | $2.1M |
| Stock-based Compensation | $2.7M | $2.0M | $1.2M | $1.2M | $1.8M | $2.5M | $4.4M | $4.8M | $7.2M | $12.6M |
| Change in Working Capital | $2.7M | $1.2M | $1.3M | -$1.3M | $2.0M | -$5.0M | $12.3M | $21.2M | -$11.8M | $18.9M |
| Operating Cash Flow | $210.5M | $204.4M | $180.6M | $175.3M | $174.0M | $147.0M | $126.4M | $62.2M | $14.4M | $120.8M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$310,000 | 0 | 0 | -$25.0M | -$617,000 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$51.9M | -$47.5M | -$52.8M | -$68.0M | -$52.4M | -$58.9M | -$72.4M | -$93.0M | -$117.8M | -$246.6M |
| Free Cash Flow | $210.5M | $204.4M | $180.6M | $175.3M | $174.0M | $147.0M | $126.4M | $62.2M | $14.4M | $120.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $68.3M | $14.3M | $69.8M | $84.1M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $68.3M | $14.3M | $69.8M | $84.1M |
| Dividends Paid | -$69.6M | -$78.8M | -$102.5M | -$113.4M |
| Stock-based Compensation | $2.8M | $4.2M | $7.7M | $2.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.8% | -3.3% | +97.6% | +41.3% | -71.3% | -103.6% | +5,690.3% | +139.8% | +67.8% | |
| Net Income Growth (YoY) | -21.4% | -79.3% | -2,273.8% | +216.3% | -42.4% | +40.0% | -104.3% | +1,958.0% | +180.1% | |
| EPS Growth (YoY) | -33.3% | -118.1% | -2,704.0% | +198.9% | -59.9% | +14.7% | -107.8% | +700.0% | +66.0% | |
| Shares Change (YoY) | +2.7% | +14.5% | +22.8% | -2.2% | +41.8% | +30.5% | +28.2% | +30.0% | +75.5% | |
| FCF Growth (YoY) | -2.9% | -11.7% | -2.9% | -0.8% | -15.5% | -14.0% | -50.8% | -76.9% | +739.5% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 51.3% | 39.5% | 8.4% | -92.9% | 90.5% | 161.7% | -7,874.1% | 157.9% | 134.4% | 138.4% |
| EBITDA Margin | 84.8% | 83.0% | 81.5% | -22.4% | 91.3% | 165.1% | -7,973.3% | 159.6% | 135.0% | 138.8% |
| Net Margin | 52.5% | 39.4% | 8.4% | -92.9% | 76.4% | 153.2% | -6,035.5% | -4.6% | 35.8% | 59.8% |
| FCF Margin | 256.6% | 237.7% | 217.0% | 106.6% | 74.9% | 220.2% | -5,326.8% | 46.9% | 4.5% | 22.6% |
| Effective Tax Rate | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $12.86 | $12.17 | $9.39 | $7.42 | $7.53 | $4.49 | $2.96 | $1.13 | $0.20 | $0.97 |
| Dividends Per Share | $3.17 | $2.83 | $2.74 | $2.88 | $2.27 | $1.80 | $1.69 | $1.70 | $1.65 | $1.97 |
| Shares Outstanding (Basic) | 16.4 M | 16.8 M | 19.2 M | 23.6 M | 23.1 M | 32.8 M | 42.5 M | 54.8 M | 70.8 M | 124.1 M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | -1.74% |
| Return on Invested Capital | 2.65% |
| Return on Assets | -0.18% |
| Gross Margin | 58.88% |
| Operating Margin | 67.53% |
| Net Margin | -4.65% |
Financial Health
| Debt / Equity | 7.93 |
| Current Ratio | 0.04 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.28 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.88 | 15.24 | -68.64 | -2.42 | 2.57 | 6.01 | 3.99 | -50.08 | 8.43 | 5.63 |
| P/B | 0.72 | 0.63 | 0.63 | 0.69 | 0.65 | 0.71 | 0.60 | 0.79 | 0.76 | 0.71 |
| P/S | 4.08 | 4.11 | 3.97 | 2.43 | 1.77 | 8.20 | -227.86 | 5.18 | 2.81 | 3.26 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 51.3% | 39.5% | 8.4% | -92.9% | 90.5% | 161.7% | -7,874.1% | 157.9% | 134.4% | 138.4% |
| Net Margin | 52.5% | 39.4% | 8.4% | -92.9% | 76.4% | 153.2% | -6,035.5% | -4.6% | 35.8% | 59.8% |
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Explore sector: Real Estate · REIT - Mortgage
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