Stock Analysis Report

Executive Summary

AGNC Investment Corp. operates as a real estate investment trust (REIT) in the United States.


Trading at 52% below its fair value

Earnings are forecast to grow 94.52% per year

Risk Analysis

Makes less than USD$1m in revenue ($-910M)

Dividend of 11% is not well covered by earnings

Shareholders have been diluted in the past year

Snowflake Analysis

High growth potential second-rate dividend payer.

Similar Companies

Share Price & News

How has AGNC Investment's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: AGNC.B has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Mortgage REITs


US Market

1 Year Return




US Mortgage REITs


US Market

Return vs Industry: AGNC.B underperformed the US Mortgage REITs industry which returned 4.4% over the past year.

Return vs Market: AGNC.B underperformed the US Market which returned 24.7% over the past year.

Shareholder returns

7 Day0.06%1.5%2.0%
30 Day0.2%1.2%3.9%
90 Day-1.3%5.8%12.0%
1 Year6.8%-1.0%16.3%4.8%26.2%23.6%
3 Year25.7%0.3%44.0%4.2%53.2%43.3%
5 Year49.1%1.8%68.5%-3.2%75.7%56.3%

Price Volatility Vs. Market

How volatile is AGNC Investment's share price compared to the market and industry in the last 5 years?

Simply Wall St News

No news available


Is AGNC Investment undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: AGNC.B ($25.21) is trading below our estimate of fair value ($52.46)

Significantly Below Fair Value: AGNC.B is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: AGNC.B is unprofitable, so we can't compare its PE Ratio to the Mortgage REITs industry average.

PE vs Market: AGNC.B is unprofitable, so we can't compare its PE Ratio to the US market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate AGNC.B's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: AGNC.B is overvalued based on its PB Ratio (1x) compared to the US Mortgage REITs industry average (1x).

Next Steps

Future Growth

How is AGNC Investment forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AGNC.B is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2.7%).

Earnings vs Market: AGNC.B is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: AGNC.B's is expected to become profitable in the next 3 years.

Revenue vs Market: AGNC.B's revenue (64.6% per year) is forecast to grow faster than the US market (7.5% per year).

High Growth Revenue: AGNC.B's revenue (64.6% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AGNC.B's Return on Equity is forecast to be low in 3 years time (12.5%).

Next Steps

Past Performance

How has AGNC Investment performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AGNC.B is currently unprofitable.

Growing Profit Margin: AGNC.B is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: AGNC.B is unprofitable, but has reduced losses over the past 5 years at a rate of 14.5% per year.

Accelerating Growth: Unable to compare AGNC.B's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: AGNC.B is unprofitable, making it difficult to compare its past year earnings growth to the Mortgage REITs industry (0.1%).

Return on Equity

High ROE: AGNC.B has a negative Return on Equity (-9.66%), as it is currently unprofitable.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is AGNC Investment's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: AGNC.B has a low level of unsold assets or inventory.

Debt Coverage by Assets: AGNC.B's debt is not covered by short term assets (assets are 0.1x debt).

Financial Institutions Analysis

Asset Level: AGNC.B's level of assets compared to its equity is moderate.

Allowance for Bad Loans: Insufficient data to determine if AGNC.B has a sufficient allowance for bad loans.

Low Risk Liabilities: AGNC.B reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if AGNC.B has an acceptable proportion of non-loan assets held.

Low Risk Deposits: AGNC.B has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if AGNC.B has an appropriate level of bad loans.

Next Steps


What is AGNC Investment's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: AGNC.B's dividend (11%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: AGNC.B's dividend (11%) is in the top 25% of dividend payers in the US market (3.66%)

Stability and Growth of Payments

Stable Dividend: AGNC.B's dividend payments have been volatile in the past 10 years.

Growing Dividend: AGNC.B's dividend payments have fallen over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: AGNC.B is paying a dividend but the company is unprofitable.

Future Payout to Shareholders

Future Dividend Coverage: AGNC.B's dividends in 3 years are forecast to be covered by earnings (87.5% payout ratio).

Next Steps


What is the CEO of AGNC Investment's salary, the management and board of directors tenure and is there insider trading?


Average management tenure


Gary Kain (54yo)





Mr. Gary D. Kain served as the Chief Executive Officer and Director of MTGE Investment Corp. since March 17, 2016 until May 2, 2018 and its Chief Investment Officer since March 2011 until May 2, 2018. Mr.  ...

CEO Compensation Analysis

Compensation vs Market: Gary's total compensation ($USD14.65M) is above average for companies of similar size in the US market ($USD6.46M).

Compensation vs Earnings: Gary's compensation has been consistent with company performance over the past year.

Management Age and Tenure


Average Tenure


Average Age

Experienced Management: AGNC.B's management team is considered experienced (3.3 years average tenure).

Board Age and Tenure


Average Tenure


Average Age

Experienced Board: AGNC.B's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.

Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 28.7%.

Management Team

  • Peter Federico (53yo)

    President & COO

    • Tenure: 1.7yrs
    • Compensation: US$4.57m
  • Sean Reid

    Senior Vice President of Strategy & Corporate Development

    • Tenure: 3.3yrs
  • Jason Campbell

    Head of Asset & Liability Management and Senior Vice President

    • Tenure: 3.3yrs
  • Gary Kain (54yo)

    CEO, Chief Investment Officer & Director

    • Tenure: 3.7yrs
    • Compensation: US$14.65m
  • Christopher Kuehl (45yo)

    Executive Vice President of Agency Portfolio Investments

    • Tenure: 7.7yrs
    • Compensation: US$3.95m
  • Bernie Bell (47yo)

    Senior VP & CFO

    • Tenure: 1.7yrs
    • Compensation: US$1.16m
  • Aaron Pas (38yo)

    Senior Vice President of Non-Agency Portfolio Investments

    • Compensation: US$1.91m
  • Kenneth Pollack (51yo)

    Senior VP

    • Tenure: 3.3yrs
    • Compensation: US$1.36m
  • Katie Wisecarver

    Vice President of Investor Relations

    • Tenure: 3.3yrs
  • Chris Erhorn

    Senior VP & CTO

    • Tenure: 2.6yrs

Board Members

  • John Fisk (62yo)

    Independent Director

    • Tenure: 0.2yrs
  • Donna Blank (58yo)

    Independent Director

    • Tenure: 0.9yrs
    • Compensation: US$8.33k
  • Frances Spark (60yo)

    Independent Director

    • Tenure: 0.2yrs
  • Paul Mullings (68yo)

    Independent Director

    • Tenure: 2.9yrs
    • Compensation: US$225.00k
  • Morris Davis (47yo)

    Independent Director

    • Tenure: 11.8yrs
    • Compensation: US$250.00k
  • Gary Kain (54yo)

    CEO, Chief Investment Officer & Director

    • Tenure: 3.7yrs
    • Compensation: US$14.65m
  • Prue Larocca (67yo)

    Chairman & Lead Independent Director

    • Tenure: 3.5yrs
    • Compensation: US$275.00k

Company Information

AGNC Investment Corp.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: AGNC Investment Corp.
  • Ticker: AGNC.B
  • Exchange: NasdaqGS
  • Founded: 2008
  • Industry: Mortgage REITs
  • Sector: Diversified Financials
  • Market Cap: US$9.444b
  • Shares outstanding: 540.92m
  • Website:

Number of Employees


  • AGNC Investment Corp.
  • 2 Bethesda Metro Center
  • 12th Floor
  • Bethesda
  • Maryland
  • 20814
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AGNCNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDMay 2008
4OQ1DB (Deutsche Boerse AG)YesCommon StockDEEURMay 2008
AGNC *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNMay 2008
0H6ELSE (London Stock Exchange)YesCommon StockGBUSDMay 2008
AGNC.BNasdaqGS (Nasdaq Global Select)DEP SHS 1/1000USUSDMay 2014
AGNC.NNasdaqGS (Nasdaq Global Select)CUM 1/1000 7% CUSUSDAug 2017
AGNC.MNasdaqGS (Nasdaq Global Select)6.875 DEP REP DUSUSDFeb 2019
AGNC.ONasdaqGS (Nasdaq Global Select)6.5% DPRP PFD EUSUSDSep 2019


AGNC Investment Corp. operates as a real estate investment trust (REIT) in the United States. The company invests in residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by government-sponsored enterprise or by the United States government agency. It funds its investments primarily through short-term borrowings structured as repurchase agreements. The company has elected to be taxed as a REIT under the Internal Revenue Code of 1986 and would not be subject to federal corporate income taxes, if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as American Capital Agency Corp. and changed its name to AGNC Investment Corp. in September 2016. AGNC Investment Corp. was founded in 2008 and is headquartered in Bethesda, Maryland. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/27 00:31
End of Day Share Price2019/11/25 00:00
Annual Earnings2018/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.