What is Dynex Cap Inc's earnings per share (EPS)?

Dynex Cap Inc (DX) reported diluted earnings per share of $2.47 for fiscal year 2025. This represents a 65.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Dynex Cap Inc Financials

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Dynex Cap Inc (DX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Rhea AI DX FY2025 2026-04-27

Balance-sheet expansion, funded largely with external capital, mattered more than reported earnings in shaping Dynex’s recent economics.

Across the recent annual periods, total assets expanded from $6.4B to $17.3B, yet retained earnings stayed negative, so the bigger platform was not built by keeping profits inside the business. That reading matches the earnings-versus-cash split: in the most recent year, net income was only $319K while operating cash flow was $120.8M, showing cash generation and accounting profit were moving on different tracks.

The company became more interest-sensitive as it scaled: debt-to-equity rose from 3.0x to 6.0x over three years. In the same span, interest expense increased from $43.6M to $419.2M, which helps explain why a much larger asset base did not translate into stronger returns.

Dividend cash outflows were not covered by operating cash flow in the two latest years, with payouts of $117.8M and $246.6M exceeding internally generated cash. That matters because equity growth still continued while cash stayed a small slice of assets, reinforcing a model that depends on continual balance-sheet funding rather than retained cash.

Financial Health Signals

Financial Profile 3/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Dynex Cap Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Dynex Cap Inc has elevated debt relative to equity (D/E of 6.04), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Returns

Dynex Cap Inc generates a 0.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 17/100. This is down from 9.6% the prior year.

Piotroski F-Score Weak

3/9

Dynex Cap Inc passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed

378.67x

For every $1 of reported earnings, Dynex Cap Inc generates $378.67 in operating cash flow ($120.8M OCF vs $319K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$319K

YoY-99.7%

5Y CAGR-71.8%

10Y CAGR-32.6%

Dynex Cap Inc reported $319K in net income in fiscal year 2025. This represents a decrease of 99.7% from the prior year.

EPS (Diluted)

$2.47

YoY+65.8%

5Y CAGR-18.6%

Dynex Cap Inc earned $2.47 per diluted share (EPS) in fiscal year 2025. This represents an increase of 65.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$531.0M

YoY+40.8%

5Y CAGR+12.4%

10Y CAGR+31.7%

Dynex Cap Inc held $531.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.00

YoY+25.0%

5Y CAGR+3.8%

Dynex Cap Inc paid $2.00 per share in dividends in fiscal year 2025. This represents an increase of 25.0% from the prior year.

Shares Outstanding

175M

YoY+106.9%

5Y CAGR+49.1%

10Y CAGR+13.6%

Dynex Cap Inc had 175M shares outstanding in fiscal year 2025. This represents an increase of 106.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

0.0%

YoY-9.6pp

5Y CAGR-28.0pp

10Y CAGR-3.3pp

Dynex Cap Inc's ROE was 0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

DX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$35.1M+71.3%	$20.5M+21.1%	$16.9M+0.7%	$16.8M+31.8%	$12.8M+8.6%	$11.7M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$419.2M+33.6%	$313.7M+45.6%	$215.4M+394.0%	$43.6M+669.0%	$5.7M-82.6%	$32.6M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$319K-99.7%	$113.9M+1958.0%	-$6.1M-104.3%	$143.2M+40.0%	$102.3M-42.4%	$177.5M
EPS (Diluted)	$2.47+65.8%	$1.49+696.0%	$-0.25-107.9%	$3.17+14.0%	$2.78-59.9%	$6.93

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$15.3M	N/A	$7.3M-8.6%	$8.0M+1.2%	$7.9M	N/A	$4.5M+38.1%	$3.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$178.1M	N/A	$119.1M+34.4%	$88.6M+13.7%	$77.9M	N/A	$82.6M+10.4%	$74.8M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$80.4M	N/A	$150.4M+1205.3%	-$13.6M-342.3%	-$3.1M	N/A	$31.0M+473.3%	-$8.3M
EPS (Diluted)	$-0.41	N/A	$1.08+871.4%	$-0.14-133.3%	$-0.06	N/A	$0.38+353.3%	$-0.15

DX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$17.3B+111.9%	$8.2B+28.5%	$6.4B+76.7%	$3.6B-0.9%	$3.6B+17.6%	$3.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$531.0M+40.8%	$377.1M+215.2%	$119.6M-64.0%	$332.0M-9.3%	$366.0M+23.8%	$295.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$14.9B+112.6%	$7.0B+27.3%	$5.5B+103.4%	$2.7B-5.7%	$2.9B+16.5%	$2.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.5B+107.8%	$1.2B+36.1%	$870.7M-3.4%	$901.3M+16.9%	$771.3M+21.8%	$633.5M
Retained Earnings	-$441.9M+10.5%	-$493.7M-2.1%	-$483.6M-26.2%	-$383.2M+15.1%	-$451.5M+8.1%	-$491.1M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$24.3B+40.4%	$17.3B+22.5%	$14.2B+25.2%	$11.3B+25.1%	$9.0B+10.5%	$8.2B+4.7%	$7.8B+16.9%	$6.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$773.1M+45.6%	$531.0M+8.2%	$491.0M+26.7%	$387.5M+18.3%	$327.4M-13.2%	$377.1M+40.6%	$268.3M-6.2%	$286.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$21.6B+45.3%	$14.9B+22.0%	$12.2B+25.8%	$9.7B+26.8%	$7.6B+9.3%	$7.0B+4.9%	$6.7B+18.4%	$5.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.7B+10.5%	$2.5B+25.8%	$2.0B+21.6%	$1.6B+15.3%	$1.4B+17.8%	$1.2B+3.7%	$1.1B+9.3%	$1.0B
Retained Earnings	-$629.6M-42.5%	-$441.9M+18.5%	-$542.0M+12.3%	-$618.2M-13.9%	-$542.6M-9.9%	-$493.7M+2.7%	-$507.2M-0.2%	-$506.1M

DX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$120.8M+739.5%	$14.4M-76.9%	$62.2M-50.8%	$126.4M-14.0%	$147.0M-15.5%	$174.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$8.1B-686.9%	-$1.0B+65.3%	-$3.0B-4423.3%	-$65.4M+88.2%	-$555.4M-123.6%	$2.4B
Financing Cash Flow	$8.3B+492.1%	$1.4B-48.0%	$2.7B+8404.5%	-$32.3M-106.2%	$520.0M+122.1%	-$2.4B
Dividends Paid	$246.6M+109.3%	$117.8M+26.7%	$93.0M+28.6%	$72.4M+22.9%	$58.9M+12.3%	$52.4M
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$372K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$69.8M+388.3%	$14.3M-79.0%	$68.3M+114.2%	$31.9M+401.0%	$6.4M-58.0%	$15.1M+771.5%	-$2.3M-112.1%	$18.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$7.2B-202.9%	-$2.4B+27.8%	-$3.3B-118.4%	-$1.5B-65.7%	-$908.4M-2947.2%	$31.9M+103.3%	-$955.2M-184.9%	-$335.3M
Financing Cash Flow	$7.5B+203.3%	$2.5B-26.1%	$3.3B+109.8%	$1.6B+83.2%	$868.5M+414.2%	$168.9M-82.3%	$953.8M+210.1%	$307.6M
Dividends Paid	$102.5M+30.1%	$78.8M+13.3%	$69.6M+23.0%	$56.6M+35.9%	$41.6M+19.7%	$34.8M+11.3%	$31.2M+15.8%	$27.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	0.0%-9.6pp	9.6%+10.3pp	-0.7%-16.6pp	15.9%+2.6pp	13.3%-14.8pp	28.0%
Return on Assets	0.0%-1.4pp	1.4%+1.5pp	-0.1%-4.1pp	4.0%+1.2pp	2.8%-2.9pp	5.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.04+0.1	5.91-0.4	6.32+3.3	3.00-0.7	3.72-0.2	3.89
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-2.9%	N/A	7.7%+8.5pp	-0.9%-0.6pp	-0.2%	N/A	2.7%+3.5pp	-0.8%
Return on Assets	-0.3%	N/A	1.1%+1.2pp	-0.1%-0.1pp	-0.0%	N/A	0.4%+0.5pp	-0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.95+1.9	6.04-0.2	6.23+0.2	6.03+0.5	5.48-0.4	5.91+0.1	5.84+0.4	5.39
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Dynex Cap Inc profitable?

Yes, Dynex Cap Inc (DX) reported a net income of $319K in fiscal year 2025.

Does Dynex Cap Inc pay dividends?

Yes, Dynex Cap Inc (DX) paid $2.00 per share in dividends during fiscal year 2025.

What is Dynex Cap Inc's return on equity (ROE)?

Dynex Cap Inc (DX) has a return on equity of 0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Dynex Cap Inc's operating cash flow?

Dynex Cap Inc (DX) generated $120.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Dynex Cap Inc's total assets?

Dynex Cap Inc (DX) had $17.3B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Dynex Cap Inc have outstanding?

Dynex Cap Inc (DX) had 175M shares outstanding as of fiscal year 2025.

What is Dynex Cap Inc's debt-to-equity ratio?

Dynex Cap Inc (DX) had a debt-to-equity ratio of 6.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Dynex Cap Inc's return on assets (ROA)?

Dynex Cap Inc (DX) had a return on assets of 0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Dynex Cap Inc's Piotroski F-Score?

Dynex Cap Inc (DX) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 Cap Inc's earnings high quality?

Dynex Cap Inc (DX) has an earnings quality ratio of 378.67x, considered cash-backed (high quality). 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.

How financially healthy is Dynex Cap Inc?

Dynex Cap Inc (DX) scores 3 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.