AGNC Investment Corp. (AGNC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-825.0%

-$62.86

vs $8.67 price

Levered DCF

-$85.19

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-1.07

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.24×	9.9×	190.12×	-4.29×	12.33×	-23.64×	15.24×	83.52×
P/B	0.88×	0.74×	0.73×	0.71×	0.77×	0.78×	0.87×	0.78×
P/S	5.72×	1.48×	6.03×	1.68×	3.29×	25.23×	8.83×	4.03×
EV / EBITDA	23.91×	1.79×	2.3×	-83.54×	53.33×	47.35×	31.19×	5.34×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	97.4%
Operating margin	236.3%	79.6%	257.3%	-17.1%	34.1%	162.5%	262.2%	67.8%
Net margin	87.3%	17.7%	15.4%	-36.0%	31.0%	-78.0%	63.6%	6.7%
Current ratio	0.02×	0×	0×	0×	0×	0×	0×	0.23×
Debt / equity	8.21×	0.01×	0.01×	5.45×	5.56×	5.8×	8.96×	0.03×
Interest coverage	1.59×	1.32×	1.13×	-0.9×	10.99×	0.82×	1.32×	1.11×
Dividend yield	14.6%	17.2%	16.6%	15.6%	10.8%	11.3%	11.9%	12.6%
Payout ratio	95.9%	143.8%	648.4%	-73.0%	114.8%	-364.7%	165.6%	755.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	8.8%	1.9%	-15.1%	7.3%	-2.4%	6.2%	1.3%
Return on invested capital	3.9%	0.0%	0.0%	63.6%	-145.1%	-8.6%	-92.1%	10.3%
Return on assets	1.5%	1.0%	0.2%	-2.3%	1.1%	-0.3%	0.6%	0.1%
Free cash flow yield	6.0%	1.2%	-1.9%	18.2%	19.4%	20.3%	12.3%	14.4%
Earnings yield	15.3%	12.0%	2.6%	-21.4%	9.4%	-3.1%	7.2%	1.7%
Enterprise value	$112.3B	$6.8B	$5.6B	$46.1B	$63.6B	$70.6B	$107.2B	$7.1B
Net debt / EBITDA	21.59×	-0.12×	-0.18×	-73.47×	46.67×	41.57×	28.41×	-0.49×
Cash conversion cycle (days)	0	0	0	745	1,584	12,800	3,434	-3,688