DX (Dynex Capital) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


DX Dynex Capital Inc DX
67 GF Score
Price $13.01
GF Value $19.66
Valuation Significantly Undervalued
! 4 Warning Signs
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What is Dynex Capital Beneish M-Score?

Dynex Capital DX +0.70% 67 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates DX with a GF Score™ of 67/100 and a GF Value™ of $19.66 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 765 REITs companies, Dynex Capital ranks worse than 130718.82% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Dynex Capital's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Dynex Capital was 13.21. The lowest was -3.11. And the median was -2.38.

DX
67GF Score
Dynex Capital Inc DX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Dynex Capital Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Dynex Capital for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $100.9 Mil.
Revenue was -59.109 + 201.998 + 162.386 + -1.313 = $304.0 Mil.
Gross Profit was -59.109 + 201.998 + 162.386 + -1.313 = $304.0 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $24,343.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.1 Mil.
Selling, General, & Admin. Expense(SGA) was $60.2 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was -80.362 + 185.359 + 150.388 + -13.606 = $241.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 69.849 + 14.304 + 68.275 + 31.879 = $184.3 Mil.
 Total Receivables was $39.3 Mil.
Revenue was 9.042 + 60.332 + 39.704 + -1.061 = $108.0 Mil.
Gross Profit was 9.042 + 60.332 + 39.704 + -1.061 = $108.0 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $9,044.8 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.9 Mil.
Selling, General, & Admin. Expense(SGA) was $35.5 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(100.888 / 303.962) / (39.331 / 108.017)
=0.33191 / 0.364119
=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(108.017 / 108.017) / (303.962 / 303.962)
=1 / 1
=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 0) / 24343.352) / (1 - (0 + 0) / 9044.836)
=1 / 1
=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=303.962 / 108.017
=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1.862 / (1.862 + 0)) / (2.147 / (2.147 + 0))
=1 / 1
=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(60.223 / 303.962) / (35.477 / 108.017)
=0.198127 / 0.328439
=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((0 + 0) / 24343.352) / ((0 + 0) / 9044.836)
=0 / 0
=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(241.779 - 0 - 184.307) / 24343.352
=0.002361

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Dynex Capital (DX) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dynex Capital and its competitors. According to the industry distribution chart, Dynex Capital ranks #999999 out of 765 companies in the REITs industry.
Is Dynex Capital's Beneish M-Score too high?
Dynex Capital's current Beneish M-Score is 0.00. Based on the distribution chart, Dynex Capital ranks #999999 out of 765 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Dynex Capital has a GF Score™ of 67/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Dynex Capital's Beneish M-Score compare to BXMT and ARR?
According to the REITs industry distribution chart, Dynex Capital ranks #999999 out of 765 companies for Beneish M-Score. This places Dynex Capital in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a REITs company?
A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dynex Capital and its competitors. Dynex Capital's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dynex Capital stock overvalued right now?
Based on GuruFocus' analysis, Dynex Capital (DX) is currently considered Significantly Undervalued. The stock's GF Value™ is $19.66, compared to a current price of $13.01 — trading 33.8% below its estimated fair value. The current Beneish M-Score is 0.00. Dynex Capital's overall GF Score™ is 67/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Dynex Capital (DX), the current Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Dynex Capital (DX) Overvalued in 2026?

Based on GuruFocus' analysis, Dynex Capital stock appears to be undervalued. The current stock price of $13.01 is trading 33.8% below its estimated GF Value™ of $19.66. GuruFocus considers Dynex Capital to be Significantly Undervalued.

Key valuation signals for DX:

  • Beneish M-Score: 0.00
  • GF Value™: $19.66 vs. price of $13.01 (33.8% below fair value)
  • GF Score™: 67/100 with 4 warning signs

No single metric tells the full story. See the DX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Dynex Capital Business Description

Industry Real EstateREITs
Other Exchanges DXpC.PFD:USADYT1:Germany
Address 140 East Shore Drive, Suite 100, Glen Allen, Richmond, VA, USA, 23059-5755
Dynex Capital Inc is a real estate investment trust (REIT) focused on delivering dividends supported by long term returns from investments in mortgage assets backed by U.S. housing and commercial real estate. The Company is internally managed and mainly invests in residential and commercial mortgage-backed securities (RMBS and CMBS), which are Agency securities guaranteed by U.S. government-sponsored enterprises (GSEs). It manages interest rate, prepayment, spread, liquidity, and counterparty risks and operates through one reportable segment investing in MBS funded with repurchase agreements and equity.
67GF Score

Get the complete analysis for DX

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$13.01
Price
$19.66
GF Value