| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 0/6 |
| Past Performance | 2/6 |
| Financial Health | 2/6 |
| Dividends | 3/6 |
DX Stock Overview
Dynex Capital, Inc., a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States.
Dynex Capital Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$16.73 |
| 52 Week High | US$20.51 |
| 52 Week Low | US$15.32 |
| Beta | 1.21 |
| 1 Month Change | 6.70% |
| 3 Month Change | -6.28% |
| 1 Year Change | -9.37% |
| 3 Year Change | -10.05% |
| 5 Year Change | -17.26% |
| Change since IPO | -7.06% |
Recent News & Updates
Dynex Capital: Growth Investors Can Find It Attractive
Dynex Capital is slowly shifting to only agency mortgage-backed securities making the business model more stable and secure. With the rise of house prices and the economic recovery, DX had a good 2021 which is likely to continue in 2022. DX is a dividend nightmare with numerous cuts and no increases in the previous years.
Dynex Capital reports Q1 results
Dynex Capital (DX): Q1 GAAP EPS of $4.20.Net interest income of $12.23M (-15.2% Y/Y)Press Release
Shareholder Returns
| DX | US Mortgage REITs | US Market | |
|---|---|---|---|
| 7D | -1.8% | -3.5% | -4.6% |
| 1Y | -9.4% | 3.9% | 7.7% |
Return vs Industry: DX underperformed the US Mortgage REITs industry which returned 6.1% over the past year.
Return vs Market: DX underperformed the US Market which returned 10.2% over the past year.
Price Volatility
| DX volatility | |
|---|---|
| DX Average Weekly Movement | 2.7% |
| Mortgage REITs Industry Average Movement | 3.6% |
| Market Average Movement | 6.6% |
| 10% most volatile stocks in US Market | 15.7% |
| 10% least volatile stocks in US Market | 2.4% |
Stable Share Price: DX is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: DX's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1987 | 19 | Byron Boston | https://www.dynexcapital.com |
Dynex Capital, Inc., a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non-agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest-only securities. Agency MBS have a guaranty of principal payment by an agency of the U.S. government or a U.S. government-sponsored entity, such as Fannie Mae and Freddie Mac.
Dynex Capital Fundamentals Summary
| DX fundamental statistics | |
|---|---|
| Market Cap | US$613.42m |
| Earnings (TTM) | US$116.00m |
| Revenue (TTM) | US$154.46m |
5.3x
P/E Ratio4.0x
P/S RatioIs DX overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| DX income statement (TTM) | |
|---|---|
| Revenue | US$154.46m |
| Cost of Revenue | US$0 |
| Gross Profit | US$154.46m |
| Expenses | US$38.46m |
| Earnings | US$116.00m |
Last Reported Earnings
Sep 30, 2021
Next Earnings Date
n/a
| Earnings per share (EPS) | 3.16 |
| Gross Margin | 100.00% |
| Net Profit Margin | 75.10% |
| Debt/Equity Ratio | 328.3% |
How did DX perform over the long term?
See historical performance and comparisonDividends
9.3%
Current Dividend Yield39%
Payout RatioDoes DX pay a reliable dividends?
See DX dividend history and benchmarks| Dynex Capital dividend dates | |
|---|---|
| Ex Dividend Date | Jan 21 2022 |
| Dividend Pay Date | Feb 01 2022 |
| Days until Ex dividend | 0 days |
| Days until Dividend pay date | 11 days |
Does DX pay a reliable dividends?
See DX dividend history and benchmarksValuation
Is Dynex Capital undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: DX ($16.73) is trading below our estimate of fair value ($38.98)
Significantly Below Fair Value: DX is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: DX is good value based on its PE Ratio (5.3x) compared to the US Mortgage REITs industry average (10.1x).
PE vs Market: DX is good value based on its PE Ratio (5.3x) compared to the US market (17x).
Price to Earnings Growth Ratio
PEG Ratio: DX's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: DX's PB Ratio (0.9x) is in line with the US Mortgage REITs industry average.
Future Growth
How is Dynex Capital forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
-34.2%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: DX's earnings are forecast to decline over the next 3 years (-34.2% per year).
Earnings vs Market: DX's earnings are forecast to decline over the next 3 years (-34.2% per year).
High Growth Earnings: DX's earnings are forecast to decline over the next 3 years.
Revenue vs Market: DX's revenue is expected to decline over the next 3 years (-39.9% per year).
High Growth Revenue: DX's revenue is forecast to decline over the next 3 years (-39.9% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: DX's Return on Equity is forecast to be low in 3 years time (8.2%).
Past Performance
How has Dynex Capital performed over the past 5 years?
13.7%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: DX has high quality earnings.
Growing Profit Margin: DX's current net profit margins (75.1%) are lower than last year (82.6%).
Past Earnings Growth Analysis
Earnings Trend: DX has become profitable over the past 5 years, growing earnings by 13.7% per year.
Accelerating Growth: DX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: DX had negative earnings growth (-33.6%) over the past year, making it difficult to compare to the Mortgage REITs industry average (46.7%).
Return on Equity
High ROE: DX's Return on Equity (16.6%) is considered low.
Financial Health
How is Dynex Capital's financial position?
Financial Position Analysis
Short Term Liabilities: DX's short term assets ($488.8M) do not cover its short term liabilities ($2.6B).
Long Term Liabilities: DX's short term assets ($488.8M) exceed its long term liabilities ($11.3M).
Debt to Equity History and Analysis
Debt Level: DX's net debt to equity ratio (269.8%) is considered high.
Reducing Debt: DX's debt to equity ratio has reduced from 572.8% to 328.3% over the past 5 years.
Debt Coverage: DX's debt is not well covered by operating cash flow (6%).
Interest Coverage: Insufficient data to determine if DX's interest payments on its debt are well covered by EBIT.
Balance Sheet
Dividend
What is Dynex Capital current dividend yield, its reliability and sustainability?
9.32%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: DX's dividend (9.32%) is higher than the bottom 25% of dividend payers in the US market (1.35%).
High Dividend: DX's dividend (9.32%) is in the top 25% of dividend payers in the US market (3.48%)
Stability and Growth of Payments
Stable Dividend: DX's dividend payments have been volatile in the past 10 years.
Growing Dividend: DX's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (39.3%), DX's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: DX's dividends in 3 years are not forecast to be well covered by earnings (101.1% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
8.0yrs
Average management tenure
CEO
Byron Boston (62 yo)
8yrs
Tenure
US$3,875,179
Compensation
Mr. Byron L. Boston has been the Chief Executive Officer and Co-Chief Investment Officer of Dynex Capital, Inc. since January 01, 2014. Mr. Boston served as the President of Dynex Capital, Inc. since March...
CEO Compensation Analysis
Compensation vs Market: Byron's total compensation ($USD3.88M) is above average for companies of similar size in the US market ($USD2.39M).
Compensation vs Earnings: Byron's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
Leadership Team
Experienced Management: DX's management team is seasoned and experienced (8 years average tenure).
Board Members
Experienced Board: DX's board of directors are considered experienced (5.5 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 58.4%.
Top Shareholders
Company Information
Dynex Capital, Inc.'s employee growth, exchange listings and data sources
Key Information
- Name: Dynex Capital, Inc.
- Ticker: DX
- Exchange: NYSE
- Founded: 1987
- Industry: Mortgage REITs
- Sector: Diversified Financials
- Implied Market Cap: US$613.419m
- Shares outstanding: 36.67m
- Website: https://www.dynexcapital.com
Number of Employees
Location
- Dynex Capital, Inc.
- 4991 Lake Brook Drive
- Suite 100
- Glen Allen
- Virginia
- 23060-9245
- United States
Listings
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/01/19 23:34 |
| End of Day Share Price | 2022/01/19 00:00 |
| Earnings | 2021/09/30 |
| Annual Earnings | 2020/12/31 |
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.