Dynex Capital, Inc. Financial Ratios — DX Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	1.88	2.16	1.6	0.7	0.45	1.22	1.01	0.2	-3.3	4.19	3.04	3.95	-0.12	1.57	2.5
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	55.5	-1.27	9.51	20.91	15.92	2.64	2.58	5.2	-1.23	1	1.81	1.33	8.65	1.24	0.56
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	67.98	86.14	83.64	65.34	49.34	75.85	68.01	29.64	111.68	88.91	80.09	80.88	-22.92	75.73	85.74
Profit Margin (%)	67.98	86.14	83.64	65.34	49.34	75.85	68.01	29.64	111.68	88.91	80.09	80.88	-22.92	75.73	85.74
Net Income to Common Margin (%)	67.98	83.77	73.93	43.77	21.97	59.68	46.35	-20.16	121.16	82.1	73.56	76.53	-51.68	70.62	83.01
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	102.67	79.19	102.1	299	703.58	125.95	159.05	-857.87	-33.25	23.69	53.83	47.74	-617.38	103.72	76.54
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	71	31	13	11	528	6	6	3	3	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	71	31	13	11	528	6	6	3	3	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	2.18	-27.93	1.67	1.21	99	4.29	4.29	2.81	1.62	0.06	- -	- -	- -	- -	- -
Net Debt/EBITDA	0.68	23.17	-7.29	-3.73	92.64	-45.06	-27.46	-25.28	-35.54	-148.56	-158.59	-141.05	-51.68	-201.98	-253.12
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-10.07	-5.85	-5.96	-7.8	-9	-9.94	-10.63	-10.26	-11.39	-15.86	-12.39	-10.61	-7.58	-6.02	-2.54
Long-Term Debt/Equity (%)	19.09	4.95	2.2	1.78	107.4	1.38	0.99	0.66	0.47	0.02	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	-37.47	-18.54	-10.02	-6.45	171.64	-2.91	-2.7	-1.37	-0.61	-0.04	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	2.75	0.71	0.31	0.29	14.4	0.19	0.17	0.09	0.05	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	19.09	4.95	2.2	1.78	107.4	1.38	0.99	0.66	0.47	0.02	- -	- -	- -	- -	- -
Total Debt/Capital (%)	-37.47	-18.54	-10.02	-6.45	171.64	-2.91	-2.7	-1.37	-0.61	-0.04	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	2.75	0.71	0.31	0.29	14.4	0.19	0.17	0.09	0.05	- -	- -	- -	- -	- -	- -
Net Debt to Equity	5.96	-4.1	-9.63	-5.46	100.5	-14.49	-6.35	-5.91	-10.27	-46.65	-47.46	-36.84	-13.74	-31.82	-21.57
Net Debt/Capital (%)	-9.3	11.49	28.45	15.71	180.52	22.92	14.4	10.85	11.76	48.3	51.61	54.71	24.18	49.48	61.51
EBITDA	33	-1	8	9	5	2	1	1	2	2	2	2	2	2	2
EBITDA-CapEx	33	-1	8	9	5	2	1	1	2	2	2	2	2	2	2
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-10.07	-5.85	-5.96	-7.8	-9	-9.94	-10.63	-10.26	-11.39	-15.86	-12.39	-10.61	-7.58	-6.02	-2.54
Long-Term Debt/Equity (%)	19.09	4.95	2.2	1.78	107.4	1.38	0.99	0.66	0.47	0.02	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	-37.47	-18.54	-10.02	-6.45	171.64	-2.91	-2.7	-1.37	-0.61	-0.04	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	2.75	0.71	0.31	0.29	14.4	0.19	0.17	0.09	0.05	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	19.09	4.95	2.2	1.78	107.4	1.38	0.99	0.66	0.47	0.02	- -	- -	- -	- -	- -
Total Debt/Capital (%)	-37.47	-18.54	-10.02	-6.45	171.64	-2.91	-2.7	-1.37	-0.61	-0.04	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	2.75	0.71	0.31	0.29	14.4	0.19	0.17	0.09	0.05	- -	- -	- -	- -	- -	- -
CFO/Total Liabilities	3.2	4.08	5.75	6.96	6.83	7.18	7.44	5.38	3.66	7.07	5.12	4.67	1.13	0.21	0.81
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.02	0.02	0.01	-0.01	-0.05	-0.05	-0.06	-0.08	-0.13	-0.06	-0.02	0.02	-0.03	0.01	0.06

Working Capital (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.26	4.82	3.64	1.99	1.53	2.63	2.48	1.16	-5.79	9.84	8.94	12.02	1.22	4.89	7.38
Days Sales Outstanding	58.32	75.76	100.41	183.79	239.04	138.62	147.26	314.54	-63.05	37.11	40.84	30.36	300.11	74.71	49.43
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	352	502	437	451	336	335	353	330	400	411	545	540	686	895	1,739
- Cash & Cash Equivalents	49	56	69	44	34	74	41	35	63	296	366	332	120	377	531
+ Preferred Equity and Hybrid Capital	- -	55	110	110	110	110	141	143	163	175	108	108	108	108	108
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	71	31	13	11	528	6	6	3	3	- -	- -	- -	- -	- -	- -
Enterprise Value	373	532	490	528	940	377	459	442	503	290	286	316	674	626	1,316
Total Capital	-189	-165	-129	-167	308	-221	-205	-252	-446	-316	-343	-275	-375	-385	-332
Total Debt/Capital (%)	-37.47	-18.54	-10.02	-6.45	171.64	-2.91	-2.7	-1.37	-0.61	-0.04	- -	- -	- -	- -	- -
Total Debt / EV	0.19	0.06	0.03	0.02	0.56	0.02	0.01	0.01	0.01	- -	- -	- -	- -	- -	- -
EV/Sales	6.37	6.19	6.03	12.4	28.02	6.64	9.22	18.65	- -	1.45	2.24	1.79	25.21	4.16	3.54
EV/EBITDA	11.49	- -	63.34	59.3	176.05	251.19	356.93	358.62	298.74	145.98	124.13	134.36	291.32	335.26	627.19
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	5.28	3.56	2.35	2.46	4.33	1.79	2.25	2.45	2.87	1.67	1.95	2.5	10.84	43.49	10.89
EV/Free Cash Flow to Firm	5.28	3.56	2.35	2.46	4.33	1.79	2.25	2.45	2.87	1.67	1.95	2.5	10.84	43.49	10.89
Diluted Market Cap	352	502	437	451	336	335	353	330	400	411	547	544	686	901	1,752
Diluted Enterprise Value	374	532	490	528	940	377	459	442	503	290	289	319	674	632	1,329
EV per Share	29.03	30.02	26.92	28.95	53.35	23.05	27.33	22.97	21.3	12.57	8.79	7.44	12.3	8.85	10.6
TTM Sales	59	86	81	43	34	57	50	24	-137	200	128	177	27	150	372
TTM EBITDA	33	-1	8	9	5	2	1	1	2	2	2	2	2	2	2
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	71	149	209	214	217	211	204	181	175	174	147	126	62	14	121
TTM Free Cash Flow to Firm	71	149	209	214	217	211	204	181	175	174	147	126	62	14	121

Multiples (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	4.99	3.36	2.09	2.1	1.55	1.59	1.73	1.83	2.28	2.36	3.72	4.3	11.03	62.64	14.5
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	373	532	490	528	940	377	459	442	503	290	286	316	674	626	1,316
Low Price	21.75	25.98	23.13	23.25	18.3	15.66	19.74	16.69	13.84	7.04	15.32	10.6	9.57	11.36	10.79
EV/Sales	6.37	6.19	6.03	12.4	28.02	6.64	9.22	18.65	- -	1.45	2.24	1.79	25.21	4.16	3.54
EV/EBITDA	11.49	- -	63.34	59.3	176.05	251.19	356.93	358.62	298.74	145.98	124.13	134.36	291.32	335.26	627.19
Price/Earnings	8.85	6.97	7.27	24.22	45.55	9.88	15.3	- -	- -	2.51	5.8	3.99	- -	8.43	5.63
Price/Earnings Average	9.23	7.19	8.64	24.83	53.58	9.79	15.27	-76.66	-2.41	2.19	6.34	4.71	-48.75	8.2	5.18
Price/Earnings High	10.64	8.1	10.05	26.84	61.4	11.02	16.18	-84.9	-2.7	2.87	7.12	5.39	-59.47	8.75	5.84
Price/Earnings Low	7.03	6.39	7	22.76	43.75	7.56	14.36	-67.19	-1.97	0.99	5.32	3.32	-37.94	7.57	4.34
Price/Book Value	-1.35	-2	-1.74	-1.57	-1.02	-0.99	-1.01	-0.83	-0.65	-0.84	-1.21	-1.41	-1.42	-1.82	-3.95
Price/Book Value Average	-1.41	-2.07	-2.07	-1.61	-1.2	-0.98	-1	-0.92	-0.65	-0.73	-1.32	-1.67	-1.4	-1.77	-3.63
Price/Book Value High	-1.63	-2.33	-2.4	-1.74	-1.37	-1.11	-1.06	-1.02	-0.73	-0.96	-1.48	-1.91	-1.7	-1.89	-4.09
Price/Book Value Low	-1.08	-1.84	-1.68	-1.47	-0.98	-0.76	-0.94	-0.8	-0.53	-0.33	-1.11	-1.18	-1.09	-1.63	-3.04
Price/Tangible Book Value	0.95	0.89	0.92	0.91	0.88	0.94	0.85	0.86	0.95	0.9	0.82	0.68	0.9	0.83	0.74
Price/Tangible Book Value Average	0.99	0.92	1.09	0.93	1.03	0.93	0.85	0.95	0.95	0.78	0.9	0.8	0.88	0.81	0.68
Price/Tangible Book Value High	1.14	1.04	1.27	1	1.18	1.05	0.9	1.06	1.07	1.02	1.01	0.92	1.08	0.86	0.77
Price/Tangible Book Value Low	0.75	0.82	0.88	0.85	0.84	0.72	0.8	0.84	0.78	0.35	0.75	0.57	0.69	0.75	0.57
Price/Sales	6.01	5.84	5.37	10.6	10.01	5.89	7.09	13.93	-2.93	2.06	4.27	3.05	25.65	5.95	4.67
Price/Sales Average	6.28	6.03	6.38	10.87	11.77	5.84	7.08	15.46	-2.92	1.8	4.66	3.6	25.19	5.79	4.3
Price/Sales High	7.23	6.79	7.43	11.75	13.49	6.58	7.5	17.12	-3.27	2.35	5.24	4.12	30.74	6.18	4.84
Price/Sales Low	4.78	5.35	5.18	9.96	9.61	4.51	6.66	13.55	-2.39	0.81	3.91	2.54	19.61	5.35	3.6
Price/Cash Flow	4.99	3.36	2.09	2.1	1.55	1.59	1.73	1.83	2.28	2.36	3.71	4.28	11.03	62.2	14.39
Price/Cash Flow Average	5.2	3.47	2.49	2.16	1.82	1.58	1.73	2.03	2.28	2.07	4.05	5.05	10.83	60.51	13.24
Price/Cash Flow High	6	3.91	2.9	2.33	2.09	1.78	1.83	2.25	2.55	2.7	4.55	5.77	13.22	64.56	14.92
Price/Cash Flow Low	3.96	3.08	2.02	1.98	1.49	1.22	1.62	1.78	1.86	0.94	3.4	3.56	8.43	55.86	11.09
Price/Free Cash Flow Average	5.2	3.47	2.49	2.16	1.82	1.58	1.73	2.03	2.28	2.07	4.07	5.08	10.83	60.93	13.34
Price/Free Cash Flow High	6	3.91	2.9	2.33	2.09	1.78	1.83	2.25	2.55	2.7	4.57	5.81	13.22	65.01	15.03
Price/Free Cash Flow Low	3.96	3.08	2.02	1.98	1.49	1.22	1.62	1.78	1.86	0.94	3.41	3.59	8.43	56.25	11.17
EV/Sales Average	6.65	6.38	7.04	12.67	29.79	6.59	9.2	20.17	- -	1.2	2.64	2.34	24.75	4	3.16
EV/Sales High	7.61	7.14	8.08	13.55	31.51	7.32	9.63	21.84	- -	1.75	3.21	2.86	30.29	4.39	3.71
EV/Sales Low	5.15	5.7	5.83	11.76	27.63	5.26	8.78	18.26	- -	0.21	1.89	1.28	19.17	3.55	2.46
EV/EBITDA Average	11.99	-501.96	73.98	60.57	187.13	249.21	356.35	388.02	298.11	120.01	146.02	175.58	285.99	322.2	560.66
EV/EBITDA High	13.71	-561.95	84.93	64.77	197.93	277.02	372.73	419.97	326.93	175.49	177.8	214.69	350.04	353.46	657.36
EV/EBITDA Low	9.29	-449.03	61.29	56.23	173.57	198.87	340.09	351.28	255.26	20.99	104.5	96.1	221.48	286.37	436.68
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	27.39	28.32	24	24.75	19.05	20.46	21.03	17.16	16.94	17.8	16.71	12.72	12.52	12.65	14.01
High Price	32.94	32.94	33.18	27.42	25.68	22.83	22.24	21.09	18.95	20.34	20.51	17.17	15	13.13	14.52
Enterprise Value Average	390	548	573	539	999	374	459	478	502	239	337	413	662	602	1,176
Enterprise Value High	446	614	658	576	1,057	416	480	517	551	349	410	505	810	660	1,379
Enterprise Value Low	302	490	475	500	927	299	438	433	430	42	241	226	513	535	916

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	13	18	18	18	16	16	19	21	23	24	37	54	57	84	175
Diluted Weighted Avg Shares	13	18	18	18	18	16	17	19	24	23	33	43	55	71	125
Basic Weighted Avg Shares	13	18	18	18	18	16	17	19	24	23	33	42	55	71	124
Revenue per Share	4.55	4.85	4.47	2.33	1.9	3.47	2.97	1.23	-5.79	8.64	3.92	4.17	0.49	2.13	3
EBITDA per Share	2.53	-0.06	0.43	0.49	0.3	0.09	0.08	0.06	0.07	0.09	0.07	0.06	0.04	0.03	0.02
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	3.1	4.06	3.3	1.02	0.42	2.07	1.37	-0.25	-7.01	7.09	2.88	3.19	-0.25	1.5	2.49
Basic EPS from Cont Ops	3.1	4.18	3.74	1.52	0.94	2.63	2.02	0.37	-6.46	7.68	3.14	3.37	-0.11	1.61	2.57
Diluted EPS, GAAP	3.1	4.06	3.3	1.02	0.42	2.07	1.37	-0.25	-7.01	7.09	2.87	3.17	-0.25	1.49	2.47
Diluted EPS from Cont Ops	3.1	4.18	3.74	1.52	0.94	2.63	2.02	0.37	-6.46	7.68	3.12	3.35	-0.11	1.6	2.55
Dividend per Share	3.18	3.33	3.81	3.56	3.46	3.17	2.83	2.74	2.88	2.27	1.81	1.7	1.7	1.67	1.99
Cash Flow per Share	5.49	8.43	11.46	11.76	12.32	12.86	12.17	9.39	7.42	7.53	4.51	2.97	1.13	0.2	0.97
Free Cash Flow per Basic Share	5.49	8.43	11.46	11.76	12.32	12.86	12.17	9.39	7.42	7.53	4.51	2.97	1.13	0.2	0.97
Cash & Equivalents per Share	3.87	3.15	3.81	2.41	1.93	4.53	2.43	1.8	2.65	12.79	11.23	7.81	2.18	5.33	4.28
Book Value per Share	-20.22	-14.14	-13.81	-15.77	-18.75	-20.62	-20.91	-20.73	-25.91	-21.24	-13.84	-9.01	-8.81	-6.97	-3.55
Tangible Book Value per Share	28.88	31.68	26.14	27.29	21.71	21.82	24.74	19.98	17.79	19.86	20.35	18.67	13.92	15.22	18.97

Dynex Capital, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)