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DX

Dynex CapitalNYSE:DX Stock Report

Last Price

US$16.73

Market Cap

US$613.4m

7D

-1.8%

1Y

-9.4%

Updated

19 Jan, 2022

Data

Company Financials +
DX fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance2/6
Financial Health2/6
Dividends3/6

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

Annaly Capital Management

NYSE:NLY

US$11.3b

AGNC Investment

NasdaqGS:AGNC

US$7.9b

Starwood Property Trust

NYSE:STWD

US$7.6b

Blackstone Mortgage Trust

NYSE:BXMT

US$5.3b

Price History & Performance

Summary of all time highs, changes and price drops for Dynex Capital
Historical stock prices
Current Share PriceUS$16.73
52 Week HighUS$20.51
52 Week LowUS$15.32
Beta1.21
1 Month Change6.70%
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

Dec 03

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.

Apr 28

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

DXUS Mortgage REITsUS 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

Is DX's price volatile compared to industry and market?
DX volatility
DX Average Weekly Movement2.7%
Mortgage REITs Industry Average Movement3.6%
Market Average Movement6.6%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.4%

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

FoundedEmployeesCEOWebsite
198719Byron Bostonhttps://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

How do Dynex Capital's earnings and revenue compare to its market cap?
DX fundamental statistics
Market CapUS$613.42m
Earnings (TTM)US$116.00m
Revenue (TTM)US$154.46m

5.3x

P/E Ratio

4.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
DX income statement (TTM)
RevenueUS$154.46m
Cost of RevenueUS$0
Gross ProfitUS$154.46m
ExpensesUS$38.46m
EarningsUS$116.00m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)3.16
Gross Margin100.00%
Net Profit Margin75.10%
Debt/Equity Ratio328.3%

How did DX perform over the long term?

See historical performance and comparison

Dividends

9.3%

Current Dividend Yield

39%

Payout Ratio

Does DX pay a reliable dividends?

See DX dividend history and benchmarks
When do you need to buy DX by to receive an upcoming dividend?
Dynex Capital dividend dates
Ex Dividend DateJan 21 2022
Dividend Pay DateFeb 01 2022
Days until Ex dividend0 days
Days until Dividend pay date11 days

Does DX pay a reliable dividends?

See DX dividend history and benchmarks

Valuation

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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/19 23:34
End of Day Share Price2022/01/19 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


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.