Dynex Capital Inc
DX—
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Dynex Capital Inc AI Insights
Informational only. Not investment advice.Snapshot
- EPS growth 184% TTM vs industry median -0.7% - massive outperformance driven by 80% net margin on 230M revenue[EPS Growth 1Y]
- ROE 12.8% TTM is 2.8x industry median (4.6%), ROIC 11.9% is 7.3x median - superior capital deployment for mREIT[ROE TTM]
- Dividend yield 13.1% (1.92/share TTM) but exceeds EPS of 1.76 - payout ratio 109% unsustainable without book erosion[Dividends Paid Per Share TTM]
Watch Triggers
- Book Value Per Share: Decline below 12.50 (>7.5% erosion) — mREIT valuation anchored to book - erosion signals dividend cut and capital destruction
- Dividends Paid Per Share TTM: Any reduction from 1.92 quarterly rate — Income investors will exit rapidly; stock trades on yield, not growth
- Interest Expense TTM: Exceeds 400M (>9% increase) — Already 1.6x revenue - further increase compresses already negative spread
Bull Case
Trading at 1.08x P/B vs book value 13.51/share - near NAV with 12.8% ROE offers income investors rare value entry in mREIT space
P/B RatioBook Value Per ShareROE TTM
Zero reported debt-to-equity with 3.3B financing inflows TTM demonstrates access to capital markets for portfolio repositioning
Debt to EquityCash Flow from Financing Activities
Bear Case
Interest expense 367M exceeds revenue 230M by 60% - negative net interest margin structure requires capital gains to survive
Interest Expense TTMTotal Revenue TTM
5Y EPS CAGR -7.8% vs industry +6.2% median - structural earnings decline despite current year spike suggests mean reversion risk
EPS Growth 5YEPS TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
Dividend likely to compress 10-15% within 12 months as payout exceeds earnings capacity
3-12mhigh
- Payout ratio 109% - dividends exceed EPS by 0.16/share
- Interest expense 367M vs total revenue 230M - negative spread pressure
- FCF 122M insufficient to cover implied 200M+ annual dividend
EPS TTM 1.76 vs dividends 1.92/shareInterest expense 1.6x total revenueFCF margin 53% but absolute FCF trails dividend
Valuation Context
Caveats
Public Strategies Rankings
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DX Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.0B | — | ||
$1.47B | — | ||
5.1 | — | ||
$372.11M | +147.4% | — | |
$2.47 | +65.8% | — | |
0% | — | ||
85.7% | +10.0% | — | |
$120.82M | +739.5% | — | |
18.6% | +6.2% | — | |
Beta 5Y (Monthly) | unknown | — |
DX Dividend History
131 dividends
2026
$0.680003/23/26$0.1700
02/23/26$0.1700
01/21/26$0.1700
01/02/26$0.1700
2025
$1.980011/21/25$0.1700
10/23/25$0.1700
09/22/25$0.1700
08/22/25$0.1700
07/23/25$0.1700
06/23/25$0.1700
05/23/25$0.1700
04/23/25$0.1700
03/24/25$0.1700
02/24/25$0.1500
01/23/25$0.1500
01/02/25$0.1500
2024
$1.450011/22/24$0.1500
10/25/24$0.1300
09/23/24$0.1300
08/23/24$0.1300
07/23/24$0.1300
06/24/24$0.1300
05/22/24$0.1300
04/22/24$0.1300
03/21/24$0.1300
02/22/24$0.1300
01/22/24$0.1300
2023
$1.560012/21/23$0.1300
11/22/23$0.1300
10/25/23$0.1300
09/21/23$0.1300
08/22/23$0.1300
07/20/23$0.1300
06/22/23$0.1300
05/19/23$0.1300
04/20/23$0.1300
03/20/23$0.1300
02/17/23$0.1300
01/20/23$0.1300
2022
$1.560012/22/22$0.1300
11/18/22$0.1300
10/20/22$0.1300
09/22/22$0.1300
08/19/22$0.1300
07/21/22$0.1300
06/23/22$0.1300
05/20/22$0.1300
04/21/22$0.1300
03/21/22$0.1300
02/18/22$0.1300
01/21/22$0.1300
2021
$1.560012/17/21$0.1300
11/19/21$0.1300
10/21/21$0.1300
09/21/21$0.1300
08/20/21$0.1300
07/21/21$0.1300
06/18/21$0.1300
05/21/21$0.1300
04/21/21$0.1300
03/19/21$0.1300
02/19/21$0.1300
01/22/21$0.1300
2020
$1.660012/18/20$0.1300
11/19/20$0.1300
10/22/20$0.1300
09/23/20$0.1300
08/20/20$0.1300
07/22/20$0.1300
06/19/20$0.1300
05/21/20$0.1500
04/21/20$0.1500
03/20/20$0.1500
02/21/20$0.1500
01/23/20$0.1500
2019
$2.010012/20/19$0.1500
11/21/19$0.1500
10/18/19$0.1500
09/20/19$0.1500
08/21/19$0.1500
07/19/19$0.1800
06/25/19$0.1800
05/24/19$0.1800
04/18/19$0.1800
03/21/19$0.1800
02/13/19$0.1800
01/17/19$0.1800
2018
$2.160012/28/18$0.5400
10/02/18$0.5400
07/03/18$0.5400
04/02/18$0.5400
2017
$2.160012/28/17$0.5400
10/02/17$0.5400
07/03/17$0.5400
04/03/17$0.5400
2016
$2.520012/28/16$0.6300
10/03/16$0.6300
07/01/16$0.6300
03/30/16$0.6300
2015
$2.880012/29/15$0.7200
10/02/15$0.7200
07/01/15$0.7200
04/01/15$0.7200
2014
$3.000012/29/14$0.7500
10/01/14$0.7500
07/01/14$0.7500
04/02/14$0.7500
2013
$3.360012/27/13$0.8100
10/03/13$0.8100
06/26/13$0.8700
03/27/13$0.8700
2012
$3.450012/27/12$0.8700
10/03/12$0.8700
07/03/12$0.8700
04/03/12$0.8400
2011
$3.270012/28/11$0.8400
09/28/11$0.8100
06/28/11$0.8100
03/29/11$0.8100
2010
$2.940012/29/10$0.8100
09/28/10$0.7500
06/28/10$0.6900
03/29/10$0.6900
2009
$2.760012/29/09$0.6900
09/28/09$0.6900
06/26/09$0.6900
03/27/09$0.6900
2008
$2.130012/18/08$0.6900
08/27/08$0.6900
05/20/08$0.4500
02/13/08$0.3000
DX Stock Splits
1 stock split
06/21/193:1 split
DX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/25/26 | 12/31/25 | Unknown | |
10/27/25 | 09/30/25 | 10-Q | |
07/28/25 | 06/30/25 | 10-Q | |
04/30/25 | 03/31/25 | 10-Q | |
02/28/25 | 12/31/24 | 10-K | |
10/28/24 | 09/30/24 | 10-Q | |
07/26/24 | 06/30/24 | 10-Q | |
04/26/24 | 03/31/24 | 10-Q | |
02/26/24 | 12/31/23 | 10-K | |
11/06/23 | 09/30/23 | 10-Q | |
07/28/23 | 06/30/23 | 10-Q | |
04/28/23 | 03/31/23 | 10-Q | |
02/27/23 | 12/31/22 | 10-K | |
10/31/22 | 09/30/22 | 10-Q | |
08/01/22 | 06/30/22 | 10-Q | |
05/02/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
11/02/21 | 09/30/21 | 10-Q | |
08/02/21 | 06/30/21 | 10-Q | |
05/03/21 | 03/31/21 | 10-Q | |
03/01/21 | 12/31/20 | 10-K | |
11/03/20 | 09/30/20 | 10-Q | |
08/03/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
02/25/20 | 12/31/19 | 10-K | |
11/05/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/03/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/07/18 | 06/30/18 | 10-Q | |
05/08/18 | 03/31/18 | 10-Q | |
03/05/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/10/17 | 03/31/17 | 10-Q | |
03/15/17 | 12/31/16 | 10-K | |
11/07/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/09/16 | 03/31/16 | 10-Q | |
03/08/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/10/15 | 06/30/15 | 10-Q | |
05/11/15 | 03/31/15 | 10-Q | |
03/12/15 | 12/31/14 | 10-K | |
11/10/14 | 09/30/14 | 10-Q | |
08/11/14 | 06/30/14 | 10-Q | |
05/12/14 | 03/31/14 | 10-Q | |
03/04/14 | 12/31/13 | 10-K | |
11/12/13 | 09/30/13 | 10-Q | |
08/09/13 | 06/30/13 | 10-Q | |
08/20/14 | 03/31/13 | 10-Q/A | |
05/10/13 | 03/31/13 | 10-Q | |
03/08/13 | 12/31/12 | 10-K | |
11/08/12 | 09/30/12 | 10-Q | |
08/08/12 | 06/30/12 | 10-Q | |
05/10/12 | 03/31/12 | 10-Q | |
03/02/12 | 12/31/11 | 10-K | |
11/09/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/10/11 | 03/31/11 | 10-Q | |
03/16/11 | 12/31/10 | 10-K | |
11/09/10 | 09/30/10 | 10-Q | |
08/09/10 | 06/30/10 | 10-Q | |
05/10/10 | 03/31/10 | 10-Q | |
03/08/10 | 12/31/09 | 10-K | |
11/09/09 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/30/09 | 10-Q | |
12/31/08 | 12/31/08 | 10-K/A | |
11/10/08 | 09/30/08 | 10-Q | |
08/11/08 | 06/30/08 | 10-Q | |
05/12/08 | 03/30/08 | Unknown | -- |
02/27/08 | 12/31/07 | 8-K | |
11/14/07 | 09/30/07 | 10-Q | |
08/14/07 | 06/30/07 | 10-Q | |
05/15/07 | 03/30/07 | Unknown | -- |
04/02/07 | 12/31/06 | 10-K | |
11/14/06 | 09/30/06 | 10-Q | |
08/14/06 | 06/30/06 | 10-Q | |
05/15/06 | 03/30/06 | Unknown | -- |
03/31/06 | 12/31/05 | 10-K | |
11/21/05 | 09/30/05 | NT 10-Q | |
08/22/05 | 06/30/05 | NT 10-Q | |
05/20/05 | 03/30/05 | Unknown | -- |
04/14/05 | 12/31/04 | 8-K | |
11/15/04 | 09/30/04 | 8-K | |
08/16/04 | 06/30/04 | 10-Q | |
05/20/04 | 03/30/04 | Unknown | -- |
03/25/04 | 12/31/03 | 8-K | |
11/25/03 | 09/30/03 | 8-K | |
08/14/03 | 06/30/03 | 8-K | |
05/14/03 | 03/30/03 | Unknown | -- |
03/31/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/20/02 | 06/30/02 | NT 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
03/28/02 | 12/31/01 | 10-K | |
09/30/01 | 09/30/01 | Unknown | -- |
08/13/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
04/06/01 | 12/31/00 | NT 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/15/00 | 06/30/00 | 10-Q | |
05/19/00 | 03/30/00 | Unknown | -- |