Dynex Capital, Inc. (DX) 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

-733.7%

-$67.30

vs $10.62 price

Levered DCF

-$91.02

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.9

Distress zone

Rating

C+

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	5.63×	8.43×	-50.08×	3.99×	6.01×	2.57×	-2.42×	-68.64×
P/B	0.71×	0.76×	0.79×	0.6×	0.71×	0.65×	0.69×	0.63×
P/S	3.26×	2.81×	5.18×	-227.86×	8.2×	1.77×	2.43×	3.97×
EV / EBITDA	19.88×	16.54×	2.68×	1.1×	1.65×	0.55×	-9.23×	4.41×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	138.4%	134.4%	157.9%	-7874.1%	161.7%	90.5%	-92.9%	8.4%
Net margin	59.8%	35.8%	-4.6%	-6035.5%	153.2%	76.4%	-92.9%	8.4%
Current ratio	0×	0.1×	0×	0×	0×	63.74×	3.17×	0.67×
Debt / equity	5.65×	5.56×	0×	0×	0×	0×	0×	0.01×
Interest coverage	1.76×	1.36×	0.97×	4.28×	19.03×	6.44×	-1.34×	0.12×
Dividend yield	14.2%	13.2%	13.6%	13.4%	10.8%	12.7%	17.0%	16.0%
Payout ratio	77.3%	103.5%	-1517.8%	50.5%	57.6%	29.5%	-44.6%	751.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	9.6%	-0.7%	15.9%	13.3%	28.0%	-26.2%	1.3%
Return on invested capital	2.4%	5.3%	0.0%	0.0%	0.0%	6.9%	-1.5%	0.2%
Return on assets	1.8%	1.4%	-0.1%	4.0%	2.8%	5.7%	-2.8%	0.2%
Free cash flow yield	6.9%	1.6%	9.1%	23.4%	26.8%	42.3%	43.8%	54.7%
Earnings yield	18.3%	12.7%	-0.9%	26.5%	18.7%	43.2%	-38.2%	2.1%
Enterprise value	$14.7B	$7.1B	$566.6M	$208.5M	$181.4M	$115.8M	$340.3M	$298.9M
Net debt / EBITDA	17.54×	14.46×	-0.57×	-1.76×	-3.32×	-1.39×	1.62×	-0.46×
Cash conversion cycle (days)	58	1	83	-3,941	93	259	58	92