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Earnings transcript
Read the complete earnings call transcript.
DX
Dynex Capital, Inc.
$12.86
-0.02
(-0.15%)
| Exchange: | NYSE |
| Market Cap: | 3.182B |
| Shares Outstanding: | 2.408M |
Delayed data
About The Company
| Sector: | Real Estate | |||||
| Industry: | REIT – Mortgage | |||||
| CEO: | Byron L. Boston | |||||
| Full Time Employees: | 28 | |||||
| Address: |
| |||||
| Website: | https://www.dynexcapital.com |
Dynex Capital, Inc. operates as a mortgage real estate investment trust (mREIT), primarily engaging in the leveraged acquisition of various mortgage-backed securities (MBS) within the United States. Its investment portfolio includes both agency and non-agency MBS. Agency MBS are distinguished by a principal payment guarantee from a U.S. government entity or a government-sponsored enterprise (GSE), such as Fannie Mae or Freddie Mac. In contrast, non-agency MBS do not possess this governmental backing. Dynex’s holdings specifically encompass residential MBS, commercial MBS (CMBS), and certain CMBS interest-only instruments. For federal income tax purposes, the company holds the designation of a real estate investment trust. This status typically exempts Dynex Capital from federal corporate income tax liabilities, provided it distributes a minimum of 90% of its taxable earnings to its shareholders. Established in 1987, the firm maintains its corporate headquarters in Glen Allen, Virginia.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 132,601 | 318,028 | 533,520.999 |
| Gross Profit | 132,601 | 318,028 | 533,520.999 |
| EBITDA | 211,633 | 429,422 | 740,329 |
| Operating Income | 209,318 | 427,555 | 738,231 |
| Net Income | -6,130 | 113,898 | 319,066 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 6,369,750 | 8,184,579 | 17,342,178 |
| Total Liabilities | 5,499,015 | 6,999,643 | 14,880,034 |
| Total Stockholders Equity | 870,735 | 1,184,936 | 2,462,144 |
| Total Debt | 5,381,104 | 6,585,934 | 13,909,061 |
| Cash and Cash Equivalents | 119,639 | 377,099 | 531,043 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 62,200 | 14,392 | 0 |
| Capital Expenditure | 0 | 0 | 0 |
| Free Cash Flow | 62,200 | 14,392 | 0 |
| Net Income | -6,130 | 113,898 | 319,066 |
| Net Change in Cash | -212,013 | 383,675 | -621,539 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 616,032.130 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 616,032.130 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 616,032.130 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 369,619.278 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 369,619.278 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 369,619.278 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 209,595.253 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 209,595.253 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 209,595.253 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | -1,594,075.161 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | -1,594,075.161 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | -1,594,075.161 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 1.680 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 1.680 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 1.680 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 1 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 1 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Revenue Performance: DX has demonstrated strong revenue figures in recent quarters, as reported in the income statements, reflecting a solid business model and consistent demand for its products or services within the [industryName] sector. This performance aligns with positive industry trends, as evidenced by industry performance metrics (industry_perf1y, industry_perf5y).
- Healthy Cash Flow Metrics: The cash flow statements indicate a strong free cash flow (freeCashFlowYieldTTM and freeCashFlow from cash flow statements), providing DX with financial flexibility for reinvestment, debt management, or shareholder returns. This is further supported by positive net cash provided by operating activities.
- Favorable Valuation Metrics: DX's current price-to-earnings ratio (priceToEarningsRatioTTM) and forward P/E ratios (forward_pe_avg) suggest the stock is reasonably valued compared to industry averages (industry_avg_priceToEarningsRatioTTM), indicating investor confidence in future earnings potential.
- Operational Efficiency: Key metrics such as gross profit margin (grossProfitMarginTTM) and return on invested capital (roicTTM) highlight DX's ability to generate profits efficiently, positioning it well against competitors in the [sectorName] sector.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates DX intrinsic value between $2.97 – $6.90 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about DX valuation
Is Dynex Capital, Inc. (DX) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Dynex Capital, Inc. (DX) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is DX a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether DX trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is DX’s P/E ratio?
You can see DX’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for DX?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is DX a good long-term investment?
Whether DX fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
DX
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Daily snapshot
-0.15
Trading Metrics:
| Open: | 12.84 | Previous Close: | 12.88 | |
| Day Low: | 12.83 | Day High: | 12.91 | |
| Year Low: | 11.83 | Year High: | 14.93 | |
| Price Avg 50: | 13.01 | Price Avg 200: | 13.41 | |
| Volume: | 978365 | Average Volume: | 5.232M |
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Login — it's freeDX full analysis
Welcome to MARKETSNAP’s SWOT analysis for Dynex Capital! Today, we’re diving deep into this real estate investment trust, commonly known by its ticker DX, to break down its strengths, weaknesses, opportunities, and threats. Whether you’re a seasoned investor or just looking to grow your portfolio for the long haul, stick with me as we unpack what makes Dynex Capital tick and whether it’s got the potential to be a solid addition to your investment strategy. Quick Overview of Dynex Capital…
