Dynex Capital
Market Cap
US$502.2m
Last Updated
2021/02/25 00:57 UTC
Data Sources
Company Financials +
Executive Summary
Dynex Capital, Inc., a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. More Details
Rewards
Risk Analysis
Earnings are forecast to decline by an average of 57% per year for the next 3 years
Snowflake Analysis
Average dividend payer with acceptable track record.
Similar Companies
Share Price & News
How has Dynex Capital's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: DX is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: DX's weekly volatility has decreased from 10% to 2% over the past year.
Market Performance
7 Day Return
1.0%
DX
4.4%
US Mortgage REITs
-1.4%
US Market
1 Year Return
2.6%
DX
-22.8%
US Mortgage REITs
37.1%
US Market
Return vs Industry: DX exceeded the US Mortgage REITs industry which returned -25.7% over the past year.
Return vs Market: DX underperformed the US Market which returned 34.1% over the past year.
Shareholder returns
| DX | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.0% | 4.4% | -1.4% |
| 30 Day | 2.8% | 6.3% | 1.6% |
| 90 Day | 6.8% | 10.6% | 7.3% |
| 1 Year | 14.2%2.6% | -14.2%-22.8% | 40.2%37.1% |
| 3 Year | 50.1%5.1% | 14.5%-16.3% | 62.5%52.1% |
| 5 Year | 75.8%-1.4% | 61.4%-6.2% | 133.9%108.0% |
Long-Term Price Volatility Vs. Market
How volatile is Dynex Capital's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
How Much Of Dynex Capital, Inc. (NYSE:DX) Do Insiders Own?4 months ago | Simply Wall St
What Type Of Shareholders Make Up Dynex Capital, Inc.'s (NYSE:DX) Share Registry?8 months ago | Simply Wall St
Did Dynex Capital, Inc. (NYSE:DX) Insiders Buy Up More Shares?Valuation
Is Dynex Capital undervalued compared to its fair value and its price relative to the market?
2.74x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: DX ($18.99) is trading above our estimate of fair value ($7.47)
Significantly Below Fair Value: DX is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: DX is good value based on its PE Ratio (2.7x) compared to the US Mortgage REITs industry average (19.3x).
PE vs Market: DX is good value based on its PE Ratio (2.7x) compared to the US market (21.5x).
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 (1x) is in line with the US Mortgage REITs industry average.
Next Steps
Future Growth
How is Dynex Capital forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
-57.0%
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 (-57% per year).
Earnings vs Market: DX's earnings are forecast to decline over the next 3 years (-57% 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 (-70.8% per year).
High Growth Revenue: DX's revenue is forecast to decline over the next 3 years (-70.8% 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 (9.3%).
Next Steps
Past Performance
How has Dynex Capital performed over the past 5 years?
-9.9%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: DX has high quality earnings.
Growing Profit Margin: DX became profitable in the past.
Past Earnings Growth Analysis
Earnings Trend: DX has become profitable over the past 5 years, growing earnings by -9.9% per year.
Accelerating Growth: DX has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: DX has become profitable in the last year, making it difficult to compare its past year earnings growth to the Mortgage REITs industry (-40.1%).
Return on Equity
High ROE: Whilst DX's Return on Equity (28.03%) is high, this metric is skewed due to their high level of debt.
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Financial Health
How is Dynex Capital's financial position?
Financial Position Analysis
Short Term Liabilities: DX's short term assets ($485.1M) do not cover its short term liabilities ($2.4B).
Long Term Liabilities: DX's short term assets ($485.1M) exceed its long term liabilities ($8.3M).
Debt to Equity History and Analysis
Debt Level: DX's debt to equity ratio (385%) is considered high.
Reducing Debt: DX's debt to equity ratio has reduced from 642% to 385% over the past 5 years.
Debt Coverage: DX's debt is not well covered by operating cash flow (7.5%).
Interest Coverage: Insufficient data to determine if DX's interest payments on its debt are well covered by EBIT.
Balance Sheet
Next Steps
Dividend
What is Dynex Capital current dividend yield, its reliability and sustainability?
8.21%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: DX's dividend (8.21%) is higher than the bottom 25% of dividend payers in the US market (1.34%).
High Dividend: DX's dividend (8.21%) is in the top 25% of dividend payers in the US market (3.75%)
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 low payout ratio (24%), DX's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: DX's dividends in 3 years are forecast to be covered by earnings (87.4% payout ratio).
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Management
How experienced are the management team and are they aligned to shareholders interests?
7.1yrs
Average management tenure
CEO
Byron Boston (61 yo)
7.08yrs
Tenure
US$2,190,606
Compensation
Mr. Byron L. Boston has been the Chief Executive Officer and Co-Chief Investment Officer of Dynex Capital, Inc. since January 01, 2014. Mr. Boston served as the President of Dynex Capital, Inc. since March...
CEO Compensation Analysis
Compensation vs Market: Byron's total compensation ($USD2.19M) is above average for companies of similar size in the US market ($USD1.53M).
Compensation vs Earnings: Byron's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, Co-Chief Investment Officer & Director | 7.08yrs | US$2.19m | 1.32% $ 6.6m | |
| President & Co-Chief Investment Officer | 0.17yr | US$1.12m | 0.42% $ 2.1m | |
| Executive VP | 12.75yrs | US$1.12m | 0.69% $ 3.5m | |
| Vice President of Investor Relations | no data | no data | no data | |
| Senior Vice President of Portfolio | no data | no data | no data | |
| VP & Controller | no data | no data | 0.033% $ 166.3k |
7.1yrs
Average Tenure
57yo
Average Age
Experienced Management: DX's management team is seasoned and experienced (7.1 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, Co-Chief Investment Officer & Director | 7.08yrs | US$2.19m | 1.32% $ 6.6m | |
| Independent Director | 2.08yrs | US$123.92k | 0.039% $ 193.6k | |
| Independent Chairman of the Board | 3.75yrs | US$152.80k | 0.25% $ 1.3m | |
| Independent Director | 0.33yr | no data | no data | |
| Independent Director | 7.17yrs | US$132.80k | 0.14% $ 693.5k | |
| Independent Director | 0.33yr | no data | no data |
2.9yrs
Average Tenure
61yo
Average Age
Experienced Board: DX's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: DX 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 diluted in the past year, with total shares outstanding growing by 15.3%.
Top Shareholders
Company Information
Dynex Capital, Inc.'s company bio, 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
- Market Cap: US$502.247m
- Shares outstanding: 26.45m
- 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
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| DX | NYSE (New York Stock Exchange) | Yes | Common Stock | US | USD | Feb 1988 |
| DYT1 | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Feb 1988 |
| DX.PRC | NYSE (New York Stock Exchange) | 6.9% SER C PFD | US | USD | Feb 2020 |
Biography
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 re...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/02/25 00:57 |
| End of Day Share Price | 2021/02/24 00:00 |
| Earnings | 2020/12/31 |
| 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.