# Dynex Capital, Inc. (DX)

> Source: Nexqual · https://nexqual.com/DX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Dynex Capital, Inc. (DX), nexqual.com/DX" · informational, not investment advice.

**Price:** USD 11.05 (+1.56% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 10.88 · day 10.89–11.25 · 52w 10.31–14.93 · market cap $2.74B · NYQ

## Key facts
- Valuation: P/E 6.3x (avg 6.7x at the last 2 fiscal year-ends).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $295K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (6 analysts), mean target USD 12.6 (range 11.5–14.5).
- Total return with dividends: 1Y -2.3% vs S&P 500 +14.9%; 5Y +20.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-19, EPS estimate USD 0.37, revenue estimate $105M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $102M | $143M | -$6.1M | $114M | $319M | $436M |
| EPS (diluted) | $2.78 | $3.17 | -$0.25 | $1.49 | $2.47 | — |
| Cash + short-term investments | $366M | $332M | $120M | $377M | $531M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 6.3x · P/B 0.9x · Earnings yield 15.91% · Dividend yield (paid, TTM) 13.29%
P/E at fiscal year-ends: Dec 2025 5.5x, Dec 2024 7.9x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $295K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-10-20 | Boston Byron L | Co-CEO & Chairman of the Board | 9,180 | $100K | 10.89 | Too little history (no open-market trades in 2023–2025) |
| 2026-10-20 | Popenoe Smriti Laxman | Co-CEO and President | 12,000 | $157K | 13.05 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-20 | Sartori Michael Andrew | Chief Financial Officer | 1,000 | $11K | 10.7 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-25 | Connelly Terrence John Jr | Chief Investment Officer | 2,500 | $28K | 11.18 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 6 analysts; mean target USD 12.6 (low 11.5, high 14.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Jones Trading | Target lowered | Buy | $14.75 → $12.5 |
| 2026-10-07 | BTIG | Target lowered | Buy | $14.5 → $12 |
| 2026-07-21 | Jones Trading | Maintained | Buy | $14.75 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.3% | +20.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.3% | +3.9% |
| Volatility (annualized) | 18.9% | 24.3% |
| Max drawdown | -20.4% (Jan 2026→Oct 2026) | -33.3% (Jul 2022→Oct 2023) |

## Peers (REIT - Mortgage)
ARR (ARMOUR Residential REIT, Inc.) USD 12.69 -0.94% · BXMT (Blackstone Mortgage Trust, Inc.) USD 10.58 +3.73% · STWD (STARWOOD PROPERTY TRUST, INC. S) USD 12.58 +3.71% · RITM (Rithm Capital Corp.) USD 8.68 +1.52% · EFC (Ellington Financial Inc.) USD 11.63 +1.84% · LADR (Ladder Capital Corp) USD 9.32 +4.02%

## More
Full page: https://nexqual.com/DX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.37 | $0.38 | -1.5% | $105.4M | 5 |
| Next quarter (ends 2027-03-31) | $0.39 | $0.37 | +4.4% | $120.6M | 5 |
| Current fiscal year (ends 2026-12-31) | $1.41 | $1.45 | -2.3% | $375.0M | 5 |
| Next fiscal year (ends 2027-12-31) | $1.63 | $1.58 | +3.1% | $476.6M | 5 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 25.4% | ±10.9% |
| 2026-12-18 | 56 | 29.2% | ±11.8% |
| 2027-03-19 | 147 | 23.8% | ±13.1% |