DYNEX CAPITAL INC DX
Dynex Capital, Inc. is a real estate investment trust ("REIT") structured to deliver dividends to shareholders supported by long term returns from investments in mortgage assets backed by U.S. housing and commercial real estate. Our common and preferred stocks trade on the New York Stock Exchange ("NYSE") under the ticker symbols "DX" and "DXPRC", respectively.
We are internally managed and invest primarily in residential and commercial mortgage-backed securities ("RMBS" and "CMBS", respectively), which are backed by residential and commercial mortgage loans, and which are Agency securities guaranteed by U.S. government-sponsored enterprises ("GSEs"). We may invest opportunistically in other mortgage-related assets consistent with our objectives. We actively manage interest rate, prepayment, spread, liquidity, and counterparty risks. The Dynex approach emphasizes risk management and disciplined capital allocation designed to preserve book value and support dividends across market cycles.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total operating expenses | $53.0M | $36.5M | $32.9M | $33.8M | $25.4M | $22.1M | — | — | — | — |
| Interest expense | $114.4M | $5.9M | $7.9M | $43.1M | $5.7M | $32.6M | $114.1M | $59.6M | $36.2M | $25.2M |
| Net income | $319.1K | $113.9M | -$6.1M | $143.2M | $102.3M | $177.5M | -$152.7M | $7.0M | $33.9M | $43.1M |
| EPS, basic | 2.49 | 1.50 | -0.25 | 3.19 | 2.79 | 6.93 | -7.01 | — | — | — |
| EPS, diluted | 2.47 | 1.49 | -0.25 | 3.17 | 2.78 | 6.93 | -7.01 | -0.25 | 1.37 | 0.69 |
| Shares, diluted (wtd. avg.) | $125.1M | $71.3M | $54.8M | $42.7M | $32.8M | $23.1M | $23.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $531.0M | $377.1M | $237.9M | $449.9M | $421.3M | $309.7M | $136.2M | $92.4M | $87.2M | $98.9M |
| Total assets | $17.34B | $8.18B | $6.37B | $3.61B | $3.64B | $3.09B | $5.37B | $3.89B | $3.31B | $3.40B |
| Long-term debt | — | — | — | — | — | — | — | — | — | $6.4M |
| Total liabilities | $14.88B | $7.00B | $5.50B | $2.70B | $2.87B | $2.46B | $4.79B | $3.36B | $2.75B | $2.93B |
| Retained earnings | -$441.9M | -$493.7M | -$483.6M | -$383.2M | -$451.5M | -$491.1M | -$612.2M | -$399.0M | -$352.0M | -$338.1M |
| Total equity | $2.46B | $1.18B | $870.7M | $901.3M | $771.3M | $633.5M | $583.0M | $527.2M | $557.1M | $467.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $120.8M | $14.4M | $62.2M | $126.4M | $147.0M | $174.0M | $175.3M | $180.6M | $204.4M | $210.5M |
| Stock-based compensation | $12.6M | $7.2M | $4.8M | $4.4M | $2.5M | $1.8M | $1.2M | $1.2M | $2.0M | $2.7M |
| Investing cash flow | -$8.07B | -$1.03B | -$2.96B | -$65.4M | -$555.4M | $2.35B | -$1.61B | -$869.3M | $87.4M | $68.0M |
| Financing cash flow | $8.26B | $1.40B | $2.69B | -$32.3M | $520.0M | -$2.35B | $1.47B | $690.3M | -$303.6M | -$264.7M |
| Dividends paid | $246.6M | $117.8M | $93.0M | $72.4M | $58.9M | $52.4M | $68.0M | $52.8M | $47.5M | $51.9M |
| Buybacks | — | — | — | $0 | $0 | $372.0K | $25.0M | $0 | $0 | $310.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040189.
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