Dynex Capital, Inc.

DXNYSEReal Estate● Active

$12.73

$-0.14(-1.09%)

Market Cap$1.9B

P/E Ratio—

52W High$14.93

52W Low$11.76

Avg Volume5.6M

Open$12.96

Beta0.93

Free Cash Flow Financials Revenue

Dynex Capital, Inc. (DX) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

DX · free cash flow · updated Jun 8, 2026

Core FCF metrics

DX · FCF · TTM · margin & CAGR

Free cash flow was $120.8M for FY2025 (fiscal year ending 2025-12-31), up 739.5% year-over-year The FCF margin was 22.6%. Five-year CAGR stands at -7.0%.

FY2025 Free Cash Flow$120.8M▲ +739.5% YoY

Trailing 12M (TTM)$184.3Mtrailing 4 quarters sum

FCF Margin22.6%$120.8M ÷ revenue

3-Year CAGR-1.5%FY2022 → FY2025

5-Year CAGR-7.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

DX · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$120.8M(0M)$120.8M▲ +739.5%22.6%

FY2024$14.4M(0M)$14.4M▼ 76.9%4.5%

FY2023$62.2M(0M)$62.2M▼ 50.8%46.9%

FY2022$126.4M(0M)$126.4M▼ 14.0%—

FY2021$147.0M(0M)$147.0M▼ 15.5%220.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

DX · P/FCF · FCF yield · FCF per share

Dynex Capital, Inc. (DX) trades at a FCF yield of 9.54% and a price-to-free-cash-flow ratio of 8.6x. FCF per share stands at $1.48, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

9.54%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.48

TTM FCF ÷ Shares Outstanding

Price / FCF

x8.6

Share Price ÷ FCF per Share

EV / FCF (TTM)

x120.5

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

DX · cash flow statement · operating / investing / financing

For FY2025, Dynex Capital, Inc. generated $120.8M in operating cash flow and spent 0M in capital expenditures, yielding $120.8M in free cash flow.

Operating Activities

+$120.8M

Cash from core business operations

2025-12-31

Investing Activities

−$8.07B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$8.26B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($120.8M) − |CapEx| (0M) = FCF ($120.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

DX vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Dynex Capital, Inc.YOU

$120.8M+739.5%22.6%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Dynex Capital, Inc. (DX) reported free cash flow of $120.8M for FY2025 (fiscal year ending 2025-12-31), up 739.5% year-over-year. The FCF margin was 22.6%.

Based on available data, Dynex Capital, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $217.0M in FY2015. The 5-year CAGR stands at -7.0%.

Dynex Capital, Inc.'s FCF yield is 9.54% and price-to-FCF ratio is 8.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

DX free cash flow · 8 questions

Dynex Capital, Inc. free cash flow was $120.8M for FY2025, up 739.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $184.3M.

DX free cash flowDX FCFDX FCF 2025DX free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Dynex Capital, Inc. · Dynex Capital, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026