The business behind the dividend
| Measure | DX | Median | Formula |
|---|---|---|---|
| Return on equity | 13.0% | 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 | 0.38x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 1.1% | -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 | 13.0% | 9.6% | -0.7% | 15.9% | 13.3% | 28.0% | -26.2% | 1.3% | 6.1% | 9.2% | 9.2% |
| Debt to equity | — | — | — | — | — | — | — | — | 0.01x | 0.01x | 0.01x |
| Cash conversion | 0.38x | 0.13x | — | 0.88x | 1.44x | 0.98x | — | 25.71x | 6.03x | 4.88x | 1.44x |
How it compares in real estate
Among the 20 real estate companies here measured on operating cash flow, Dynex Capital pays out less than 5 of them. The median for that group is 152.3%, against this company’s 204.1%.
Closest on operating cash flow
- Ares Commercial Real Estate (ACRE) 182.7%
- TWO Harbors Investment (TWO-PC) 192.2%
- MFA Financial (MFA) 194.4%
- Armour Residential REIT (ARR) 218.5%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →