Dynex Capital (DX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 27, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DX SEC filings page.
This page shows Dynex Capital, Inc. (DX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Dynex operates with a heavily liability-funded balance sheet, while earnings improved faster than cash conversion in FY2025.
The cash conversion picture improved but still lagged accounting earnings: operating cash flow represented12.6% of net income in FY2024 and37.9% in FY2025. That widening conversion gap matters because the balance sheet expanded rapidly while liabilities remained85.8% of assets, making reported profit less informative than cash produced relative to financing scale.
FY2025 assets reached
Net income rose to
Financial Health Signals
Dynex Capital, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Dynex Capital, Inc. passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Dynex Capital, Inc. generates $0.38 in operating cash flow ($120.8M OCF vs $319.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Dynex Capital, Inc. reported $180.8M in net income in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Dynex Capital, Inc. earned $0.80 per diluted share (EPS) in Q2 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Dynex Capital, Inc. held $607.6M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Dynex Capital, Inc. paid $0.51 per share in dividends in Q2 2026. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Margins & Returns
Dynex Capital, Inc.'s quarterly ROE was 5.7% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 6.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.6 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
DX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Interest Expense | $209.0M+135.8% | $178.1M+128.6% | N/A | $119.1M+44.2% | $88.6M+18.5% | $77.9M+4.3% | N/A | $82.6M+26.0% |
| Net Income | $180.8Mn/m | -$80.4Mn/m | N/A | $150.4M+385.2% | -$13.6Mn/m | -$3.1M-107.7% | N/A | $31.0Mn/m |
| EPS (Basic) | $0.80 | -$0.41 | $1.38 | $1.09 | -$0.14 | -$0.06-109.2% | $0.65+54.8% | $0.38 |
| EPS (Diluted) | $0.80 | -$0.41 | $1.36 | $1.08 | -$0.14 | -$0.06-109.4% | $0.65+54.8% | $0.38 |
| Diluted Shares (Avg) | 224M | 200M | N/A | 137M | 113M | 90M+51.5% | N/A | 76M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Income Tax.
DX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $26.4B+133.6% | $24.3B+169.1% | $17.3B+111.9% | $14.2B+81.1% | $11.3B+69.2% | $9.0B+43.5% | $8.2B+28.5% | $7.8B+29.4% |
| Cash & Equivalents | $607.6M+56.8% | $773.1M+136.1% | $531.0M+40.8% | $491.0M+83.0% | $387.5M+35.4% | $327.4M+10.7% | $377.1M+215.2% | $268.3M-1.1% |
| Total Liabilities | $23.2B+139.6% | $21.6B+182.7% | $14.9B+112.6% | $12.2B+82.8% | $9.7B+72.1% | $7.6B+43.1% | $7.0B+27.3% | $6.7B+27.4% |
| Total Equity | $3.2B+97.2% | $2.7B+94.9% | $2.5B+107.8% | $2.0B+71.3% | $1.6B+54.0% | $1.4B+45.6% | $1.2B+36.1% | $1.1B+42.0% |
| Retained Earnings | -$567.2Mn/m | -$629.6Mn/m | -$441.9Mn/m | -$542.0Mn/m | -$618.2Mn/m | -$542.6Mn/m | -$493.7Mn/m | -$507.2Mn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
DX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $84.1M+164.0% | $69.8M+997.7% | $14.3M-5.5% | $68.3Mn/m | $31.9M+71.3% | $6.4Mn/m | $15.1M-8.6% | -$2.3M-121.7% |
| Stock-Based Compensation | $3.0M0.0% | $7.7M+277.8% | N/A | $3.0M+200.0% | $3.0M+200.0% | $2.0M-52.5% | N/A | $1.0M-33.3% |
| Investing Cash Flow | -$2.1Bn/m | -$7.2Bn/m | -$2.4B-7537.7% | -$3.3Bn/m | -$1.5Bn/m | -$908.4M-490.5% | $31.9Mn/m | -$955.2Mn/m |
| Financing Cash Flow | $1.9B+17.9% | $7.5B+761.1% | $2.5B+1359.5% | $3.3B+249.9% | $1.6B+417.2% | $868.5Mn/m | $168.9M-53.2% | $953.8M+18.1% |
| Dividends Paid | $113.4M+100.5% | $102.5M+146.4% | $78.8M+126.9% | $69.6M+122.9% | $56.6M+109.8% | $41.6M+67.0% | $34.8M+44.8% | $31.2M+35.4% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Share Buybacks.
DX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 5.7%+6.5pp | -2.9%-2.7pp | N/A | 7.7%+5.0pp | -0.9%-0.1pp | -0.2%-4.4pp | N/A | 2.7%+8.1pp |
| Return on Assets | 0.7%+0.8pp | -0.3%-0.3pp | N/A | 1.1%+0.7pp | -0.1%0.0pp | 0.0%-0.7pp | N/A | 0.4%+1.1pp |
| Liabilities-to-Equity | 7.32+1.3x | 7.95+2.5x | 6.04+0.1x | 6.23+0.4x | 6.03+0.6x | 5.48-0.1x | 5.91-0.4x | 5.84-0.7x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Debt-to-Equity, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Dynex Capital, Inc. DX | FY2025 | N/A | $319.1M | N/A | $2.7B | — |
| ARMOUR Residential REIT, Inc. ARR | FY2025 | N/A | $322.7M | N/A | $1.8B | — |
| LADDER CAPITAL CORP LADR | FY2025 | $266.9M | N/A | N/A | $1.2B | 59/100 |
| Apollo Commercial Real Estate Finance, Inc. ARI | FY2025 | $271.6M | $126.7M | 46.7% | $848.4M | 49/100 |
| Ellington Financial Inc. EFC | FY2025 | $336.4M | $118.7M | 35.3% | $1.5B | 59/100 |
| MFA Financial, Inc. MFA | FY2025 | $745.1M | $176.8M | 23.7% | $671.2M | — |
Where Dynex Capital, Inc. Ranks
Frequently Asked Questions
Is Dynex Capital, Inc. profitable?
Yes, Dynex Capital, Inc. (DX) reported a net income of $319.1M in fiscal year 2025.
Does Dynex Capital, Inc. pay dividends?
Yes, Dynex Capital, Inc. (DX) paid $2.00 per share in dividends during fiscal year 2025.
What is Dynex Capital, Inc.'s return on equity (ROE)?
Dynex Capital, Inc. (DX) has a return on equity of 13.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Dynex Capital, Inc.'s operating cash flow?
Dynex Capital, Inc. (DX) generated $120.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Dynex Capital, Inc.'s total assets?
Dynex Capital, Inc. (DX) had $17.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Dynex Capital, Inc.'s liabilities-to-equity ratio?
Dynex Capital, Inc. (DX) had a liabilities-to-equity ratio of 6.04 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Dynex Capital, Inc.'s return on assets (ROA)?
Dynex Capital, Inc. (DX) had a return on assets of 1.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Dynex Capital, Inc.'s P/E ratio?
Dynex Capital, Inc. (DX) trades at 8.5x earnings, its market capitalization divided by $319.1M net income, FY2025. The market capitalization is $2.7B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Dynex Capital, Inc.'s price-to-sales ratio?
Dynex Capital, Inc. (DX) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $2.7B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Dynex Capital, Inc.'s Piotroski F-Score?
Dynex Capital, Inc. (DX) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Dynex Capital, Inc.'s earnings high quality?
Dynex Capital, Inc. (DX) has an earnings quality ratio of 0.38x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.