Stocks · Real Estate · REIT - Mortgage
Dynex Capital, Inc. DX
$11.02 -0.54% Close, Oct 2, 2026 · NYSE · Market cap $2.73B
Strong growth
Next earnings report: Oct 26, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Revenue over the last four quarters was $886.9M, up 134.1% from a year earlier, accelerating from 103.7% a quarter earlier.
- Diluted EPS over the last four quarters was $2.63, up 226.8% year over year.
- The diluted share count rose 97.6% in a year.
PromtFinance scores
Each score is a percentile within the Real Estate sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 4%
- EPS growth (TTM, YoY)Top 9%
- FCF growth (TTM, YoY)Top 2%
- Revenue growth accelerationTop 3%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 44%
- Gross marginTop 19%
- Operating marginTop 2%
- Cash conversion (OCF / net income)Bottom 18%
- Accruals (lower is better)Bottom 14%
- Net debt / EBITDA (lower is better)Bottom 10%
- Interest coverTop 44%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 3%
- Free-cash-flow yieldTop 29%
- EBITDA / enterprise valueBottom 18%
- Sales / enterprise valueBottom 6%
- P/E vs own 5-year history (lower is better)Top 44%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 47%
- 6-month returnBottom 25%
- 1-year return vs S&P 500Bottom 41%
- Distance from 52-week highBottom 35%
- Trend checklist (0–4)Bottom 22%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 26%
- Consecutive EPS beatsBottom 18%
- Share of analysts rating BuyBottom 43%
- Upside to consensus price targetTop 34%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 18%
- Maximum drawdown, 3 yearsTop 19%
- Beta vs S&P 500 (lower is better)Top 41%
- Net debt / EBITDA (lower is better)Bottom 10%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 103.7% | 134.1% | ↑ |
| EPS growth (YoY) | 112.6% | 226.8% | ↑ |
| Gross margin | 100.0% | 76.4% | ↓ |
| Operating margin | 104.6% | 101.8% | ↓ |
| FCF margin | 13.5% | 26.7% | ↑ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 134.1% | 103.7% | ↑ | Top 4% |
| EPS growth (TTM, YoY) | 226.8% | 112.6% | ↑ | Top 9% |
| Gross margin | 76.4% | 100.0% | ↓ | Top 19% |
| Operating margin | 101.8% | 104.6% | ↓ | Top 2% |
| Net margin | 49.2% | 17.3% | ↑ | — |
| Free-cash-flow margin | 26.7% | 13.5% | ↑ | — |
| Return on invested capital | 3.5% | — | Bottom 44% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 0.54×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- 0.8%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 2.0%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -46.8 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 28.57×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 1.4×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 13.36%
- Net buyback yield (TTM)
- -54.30%
- Shareholder yield
- -40.93%
- Share count change, 1 year
- +97.6%
- Share count change, 3-year CAGR
- +60.0%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Jul 27, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 0
- Beats in the last 8 reports
- 1 of 8
- Average EPS surprise, last 4
- -21.9%
- Average 2-day reaction, last 8
- -0.2%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $14.50
- Target vs current price
- +31.6%
- Analysts with a rating
- 14
- Share rating Buy or Strong Buy
- 43%
- Consensus rating
- Hold
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 20, 2026 | -1.3% | -1.6% | -5.5% | -2.0% | — |
| Apr 20, 2026 | -1.0% | +0.8% | +1.1% | -4.7% | -2.1% |
| Jan 26, 2026 | -42.0% | -0.1% | -5.1% | -4.4% | -5.9% |
| Oct 20, 2025 | -43.2% | +0.4% | +0.1% | +1.6% | +5.1% |
| Jul 21, 2025 | -55.1% | +0.1% | +1.8% | +0.4% | +5.0% |
| Apr 21, 2025 | +42.9% | -1.8% | +4.8% | +8.1% | +8.4% |
| Jan 27, 2025 | -73.7% | +1.2% | +5.1% | +10.2% | -6.5% |
| Oct 21, 2024 | -134.5% | -0.6% | -1.7% | -1.7% | +0.0% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 20, 2026 | $0.36 | $0.36 | -1.3% | $93.8M |
| Apr 20, 2026 | $0.31 | $0.31 | -1.0% | $79.3M |
| Jan 26, 2026 | $0.22 | $0.38 | -42.0% | $43.5M |
| Oct 20, 2025 | $0.25 | $0.44 | -43.2% | $139.0M |
| Jul 21, 2025 | $0.22 | $0.49 | -55.1% | -$1.3M |
| Apr 21, 2025 | $0.20 | $0.14 | +42.9% | $9.0M |
| Jan 27, 2025 | $0.10 | $0.38 | -73.7% | $60.3M |
| Oct 21, 2024 | -$0.10 | $0.29 | -134.5% | $39.7M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 4.2× | 7.6× | 28th | Top 3% |
| P/E (forward) | 7.4× | — | — | — |
| EV / EBITDA | 32.1× | — | — | Bottom 18% |
| EV / Sales | 27.92× | — | — | Bottom 6% |
| Free-cash-flow yield | 8.68% | — | — | Top 29% |
| Earnings yield | 23.87% | — | — | Top 3% |
P/E over the past five years
Range 2.9× – 111.0× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- -11.7%
- Earnings per share growth (TTM)
- +226.8%
- Change in P/E multiple
- -69.4%
Most of the move came from a change in the valuation multiple.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✗ Price above 200-day average
- ✗ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 0
- 50-day average slope (20 days)
- -3.5%
- 200-day average slope (20 days)
- -1.3%
- Distance from 50-day average
- -12.1%
- Distance from 200-day average
- -16.6%
- RSI (14)
- 16.3
- Relative volume
- 1.34×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 17.7%
- Volatility vs own 5-year history
- 33th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.51
- Correlation with S&P 500
- 0.39
- Current drawdown from 1-year high
- -25.2%
- Maximum drawdown, 3 years
- -25.2%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jun 9, 2021 | Oct 27, 2023 | -52.9% | 601 days | Not yet recovered |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $2.73B
- P/E (TTM)
- 4.2
- EPS, diluted (TTM)
- $2.63
- Revenue (TTM)
- $886.9M
- Dividend yield
- 18.51%
- 52-week range
- $10.88 – $14.93
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $66.8M | -$2.4M | $132.6M | $318.0M | $533.5M |
| Gross profit | $66.8M | -$2.4M | $132.6M | $318.0M | $533.5M |
| Operating income | $107.9M | $186.8M | $209.3M | $427.6M | $738.2M |
| Net income | $102.3M | $143.2M | -$6.1M | $113.9M | $319.1M |
| EPS (diluted) | $2.78 | $3.17 | -$0.25 | $1.49 | $2.47 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $83.5M | $88.5M | $95.1M | $111.7M | $149.7M | $177.0M | $257.4M | $302.8M |
| Net income | $31.0M | $51.1M | -$3.1M | -$13.6M | $150.4M | $185.4M | -$80.4M | $180.8M |
| EPS (diluted) | $0.38 | $0.62 | -$0.06 | -$0.14 | $1.08 | $1.16 | -$0.41 | $0.80 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $147.0M | $126.4M | $62.2M | $14.4M | $120.8M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Free cash flow | $147.0M | $126.4M | $62.2M | $14.4M | $120.8M |
| Dividends paid | -$58.9M | -$72.4M | -$93.0M | -$117.8M | -$246.6M |
| Net share buybacks | $237.1M | $246.9M | $42.6M | $332.3M | $1.17B |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $607.6M
- Total assets
- $26.42B
- Total liabilities
- $23.24B
- Total debt
- $22.64B
- Net debt
- $22.04B
- Shareholders’ equity
- $3.18B
As of Jun 30, 2026 (filed Jul 27, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Sep 21, 2026 | $0.17 | Oct 1, 2026 |
| Aug 21, 2026 | $0.17 | Sep 1, 2026 |
| Jul 23, 2026 | $0.17 | Aug 3, 2026 |
| Jun 22, 2026 | $0.17 | Jul 1, 2026 |
| May 21, 2026 | $0.17 | Jun 1, 2026 |
| Apr 23, 2026 | $0.17 | May 1, 2026 |
| Mar 23, 2026 | $0.17 | Apr 1, 2026 |
| Feb 23, 2026 | $0.17 | Mar 2, 2026 |
Short interest
- Shares sold short
- 16,552,683
- Days to cover
- 3.21
- Change vs previous report
- +27.1%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Jun 21, 2019
- 1-for-3
- Aug 2, 1999
- 1-for-4
- May 27, 1997
- 2-for-1