DX Real EstateBeta data

Dynex Capital, Inc.

$10.40-1.70%

Price as of close on Nov 3, 2026 · Financials updated Nov 3, 2026

Basics

Sector: Real Estate
Industry: REIT - Mortgage
Country: United States
Market cap: 2.7B USD
Enterprise value: 26.2B USD
Full-time employees: 28

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.98 vs a peer median of 0.75), though less than the overall market, less short-term liquidity (current ratio 0.08 vs a peer median of 1.20) and more debt relative to equity (7.96× vs a peer median of 0.80×)higher risk: bigger price swings (beta 0.98 vs peers 0.75), less liquidity (current ratio 0.08 vs peers 1.20) and more debt vs equity (7.96× vs peers 0.80×)
About average: valuation

Ranks #480 of 632 real estate companies (bottom 25%)

See how it ranks against its peers

Worth knowing

Profit growing, cash flow isn't. Profit +123% since 2022, operating cash flow −4.4%.
Dynex Capital's reported profit rose 123% since 2022, but the cash its operations generate changed −4.4%. When profit and cash diverge like this, it's worth understanding why (for example, customers paying more slowly or gains that aren't cash).Dynex Capital's reported profit rose 123% since 2022, but the cash its operations generate changed −4.4%. When profit and cash diverge like this, it's worth understanding why.
Shareholders being diluted. Shares outstanding up 361% from December 2022 to July 2026.
Dynex Capital had 361% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Dynex Capital had 361% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 8.0× equity vs a peer median of 0.8×.Debt is 8.0× equity vs peers 0.8×.
Debt is 8.0× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 8.0× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.
Cash flow well above reported profit. Free cash flow is 3.4× reported profit.
Free cash flow is 3.4× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

StockQuotient Score

39/ 100▼ 12 since Oct 27 close

Oct 5 52 → Nov 4 39 (-13)

Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

44/100

Moderate▼ 44 since Oct 27 close

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

Share count up 15.0% (existing holders diluted)

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 88 → 44

Peer companies moved-44

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.7%

Yahoo Finance · trailing 12 monthsReported value30% base weight · Z-score -0.55Sector median: 0.0535 · MAD: 0.0484

EBITDA yieldUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0536 · MAD: 0.0204

Free cash flow yield9.2%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score 0.62Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield105.2%

Yahoo FinanceReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

95/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue
▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth65.8%

Yahoo Finance · fiscal year to Dec 2025Reported value33% base weight · Z-score 1.76Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth28.1%

Yahoo Finance · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score 3.27Sector median: 0.0378 · MAD: 0.0744

Revenue growth147.4%

Yahoo Finance · fiscal year to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 5.81Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

17/100

Weak▼ 4 since Oct 27 close

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

Turned profitable over the last 12 months

Why it changed since the Oct 27, 2026 close: Score 21 → 17

Peer companies moved-4

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating marginUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.2683 · MAD: 0.2257

Return on assets0.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.24Sector median: 0.0211 · MAD: 0.0134

Return on invested capital0.1%

Yahoo Finance · trailing 12 monthsReported value33% base weight · Z-score -1.70Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin100.0%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity-2.0%

Yahoo Finance · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.98

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.72Sector median: 0.7490 · MAD: 0.3270

Current ratio0.08×

Yahoo FinanceOutlier capped at sector 5th/95th percentile33% base weight · Z-score -1.46Sector median: 1.1950 · MAD: 0.7210

Debt / equity7.96×

Yahoo FinanceOutlier capped at sector 5th/95th percentile33% base weight · Z-score -10.12Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Dynex Capital

Is Dynex Capital getting weaker?: Its latest SEC filing (Jul 27, 2026) was mixed: some things better, some worse: turned profitable over the last 12 months; share count up 15.0%. Its overall score is 39/100, down 12 since Oct 28, 2026.
How is Dynex Capital valued vs its peers?: Priced about in line with its peers. Valuation scores 44/100 against 762 real estate peers. Free cash flow yield 9.2% vs a peer median of 6.5% (stronger than 66% of peers).Free cash flow yield 9.2% vs peers 6.5% (stronger than 66% of peers). Earnings yield 2.7% vs a peer median of 5.3% (weaker than 66% of peers).Earnings yield 2.7% vs peers 5.3% (weaker than 66% of peers).
Is Dynex Capital growing?: Yes, faster than most of its peers. Growth scores 95/100 against 762 real estate peers. Revenue growth 147.4% vs a peer median of 3.0% (stronger than 95% of peers).Revenue growth 147.4% vs peers 3.0% (stronger than 95% of peers).
How profitable is Dynex Capital?: Less profitable than most of its peers. Profitability scores 17/100 against 762 real estate peers. Return on invested capital 0.1% vs a peer median of 3.4% (weaker than 85% of peers).Return on invested capital 0.1% vs peers 3.4% (weaker than 85% of peers).
How risky is Dynex Capital?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.08× vs a peer median of 1.20× (weaker than 100% of peers).Current ratio 0.08× vs peers 1.20× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 27, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

Turned profitable over the last 12 months
Share count up 15.0% (existing holders diluted)

Worth watching: Dynex Capital is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Net income (12 months)	−77.0M USD	117.4M USD	turned positive
Cash	773.1M USD	607.6M USD	−21.4%
Shares outstanding	215.2M	247.4M	+15.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Mortgage companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Return on assets (ROA)	2.8%	4.0%	-0.1%	1.4%	1.8%	▲ 0.4 pts
Return on equity (ROE)	13.3%	15.9%	-0.7%	9.6%	13.0%	▲ 3.3 pts

DX price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

Dear Life Co.,Ltd.3245.T95/ 100

Sakura Development Co.,Ltd2539.TW94/ 100

Millrose Properties, Inc.MRP94/ 100

Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.98 vs a peer median of 0.75), though less than the overall market, less short-term liquidity (current ratio 0.08 vs a peer median of 1.20) and more debt relative to equity (7.96× vs a peer median of 0.80×)higher risk: bigger price swings (beta 0.98 vs peers 0.75), less liquidity (current ratio 0.08 vs peers 1.20) and more debt vs equity (7.96× vs peers 0.80×)

About average: valuation

Ranks #480 of 632 real estate companies (bottom 25%)

See how it ranks against its peers

Worth knowing

Profit growing, cash flow isn't. Profit +123% since 2022, operating cash flow −4.4%.

Dynex Capital's reported profit rose 123% since 2022, but the cash its operations generate changed −4.4%. When profit and cash diverge like this, it's worth understanding why (for example, customers paying more slowly or gains that aren't cash).Dynex Capital's reported profit rose 123% since 2022, but the cash its operations generate changed −4.4%. When profit and cash diverge like this, it's worth understanding why.

Shareholders being diluted. Shares outstanding up 361% from December 2022 to July 2026.

Dynex Capital had 361% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Dynex Capital had 361% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 8.0× equity vs a peer median of 0.8×.Debt is 8.0× equity vs peers 0.8×.

Debt is 8.0× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 8.0× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

Cash flow well above reported profit. Free cash flow is 3.4× reported profit.

Free cash flow is 3.4× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Questions investors ask about Dynex Capital

Is Dynex Capital getting weaker?

Its latest SEC filing (Jul 27, 2026) was mixed: some things better, some worse: turned profitable over the last 12 months; share count up 15.0%. Its overall score is 39/100, down 12 since Oct 28, 2026.

How is Dynex Capital valued vs its peers?

Priced about in line with its peers. Valuation scores 44/100 against 762 real estate peers. Free cash flow yield 9.2% vs a peer median of 6.5% (stronger than 66% of peers).Free cash flow yield 9.2% vs peers 6.5% (stronger than 66% of peers). Earnings yield 2.7% vs a peer median of 5.3% (weaker than 66% of peers).Earnings yield 2.7% vs peers 5.3% (weaker than 66% of peers).

Is Dynex Capital growing?

Yes, faster than most of its peers. Growth scores 95/100 against 762 real estate peers. Revenue growth 147.4% vs a peer median of 3.0% (stronger than 95% of peers).Revenue growth 147.4% vs peers 3.0% (stronger than 95% of peers).

How profitable is Dynex Capital?

Less profitable than most of its peers. Profitability scores 17/100 against 762 real estate peers. Return on invested capital 0.1% vs a peer median of 3.4% (weaker than 85% of peers).Return on invested capital 0.1% vs peers 3.4% (weaker than 85% of peers).

How risky is Dynex Capital?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.08× vs a peer median of 1.20× (weaker than 100% of peers).Current ratio 0.08× vs peers 1.20× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Net income (12 months)

−77.0M USD

117.4M USD

turned positive

Cash

773.1M USD

607.6M USD

−21.4%

Shares outstanding

215.2M

247.4M

+15.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

2.8%

4.0%

-0.1%

1.4%

1.8%

▲ 0.4 pts

Return on equity (ROE)

13.3%

15.9%

-0.7%

9.6%

13.0%

▲ 3.3 pts