The business behind the dividend
| Measure | AGNC | Median | Formula |
|---|---|---|---|
| Return on equity | 13.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.39x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 0.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Debt to equity, Free cash flow, Interest cover, Net margin, Operating margin, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 13.5% | 8.8% | 1.9% | -15.1% | 7.3% | -2.4% | 6.2% | 1.3% | 8.8% | 8.5% | 6.2% |
| Cash conversion | 0.39x | 0.10x | -0.76x | — | 2.06x | — | 1.72x | 8.63x | 1.63x | 2.17x | 1.72x |
How it compares in real estate
Among the 20 real estate companies here measured on operating cash flow, AGNC Investment pays out less than 2 of them. The median for that group is 152.3%, against this company’s 245.2%.
Closest on operating cash flow
- Dynex Capital (DX) 204.1%
- Armour Residential REIT (ARR) 218.5%
- Ellington Credit (EARN) 243.8%
- Net Lease Office Properties (NLOP) 284.2%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →