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Dynex Capital (NYSE:DX) Net Cash per Share Explanation
Ben Graham invested in situations where the company's stock price was lower than its net-cash. He assigned some value to the company's other current asset. The value is called Net Current Asset Value (NCAV). One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
You can find companies that are traded below their Net Current Asset Value (NCAV) with our Net-Net screener.
Dynex Capital Net Cash per Share Related Terms
Dynex Capital Net Cash per Share Historical Data
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The historical data trend for Dynex Capital's Net Cash per Share can be seen below:
* 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.
DX vs BXMT, ARR, EFC: Net Cash per Share Comparison
For the REIT - Mortgage subindustry, Dynex Capital's Price-to-Net-Cash, along with its competitors' market caps and Price-to-Net-Cash data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Dynex Capital Price-to-Net-Cash vs REITs Industry
For the REITs industry and Real Estate sector, Dynex Capital's Price-to-Net-Cash distribution charts can be found below:
* The bar in red indicates where Dynex Capital's Price-to-Net-Cash falls into.
In the calculation of a company's Net Cash per Share, assets other than cash and short term investments are considered to be worth nothing. But the company has to pay its debt and other liabilities in full. This is an extremely conservative way of valuation. Most companies have negative Net Cash per Share. But sometimes a company's price may be lower than its net-cash.
Dynex Capital's Net Cash per Share for the fiscal year that ended in Dec. 2025 is calculated as
* 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.
Dynex Capital (DX) has a Net Cash per Share of $-95.35 as of Jun. 2026. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on Dynex Capital and its competitors. Over the past decade, Dynex Capital's Net Cash per Share has ranged from 1.05 to 1.05. According to the industry distribution chart, Dynex Capital ranks #999999 out of 101 companies in the REITs industry.
Is Dynex Capital's Net Cash per Share too high?
Dynex Capital's current Net Cash per Share is $-95.35. Over the past 10 years, this metric has ranged from a low of 1.05 to a high of 1.05. Based on the distribution chart, Dynex Capital ranks #999999 out of 101 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Dynex Capital has a GF Score™ of 54/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Dynex Capital's Net Cash per Share compare to BXMT and ARR?
According to the REITs industry distribution chart, Dynex Capital ranks #999999 out of 101 companies for Net Cash per Share. This places Dynex Capital in the lower half of its industry. The industry median Net Cash per Share is 20.56. Historically, Dynex Capital's own Net Cash per Share has ranged from 1.05 to 1.05 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Cash per Share for a REITs company?
The median Net Cash per Share among REITs companies is 20.56, based on 101 companies in the industry. Companies in the top quartile (top 25%) have a Net Cash per Share significantly above this median, while those in the bottom quartile fall well below. However, Net Cash per Share 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 Net Cash per Share mean?
A high Net Cash per Share can signal that a stock is expensive relative to its fundamentals. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on Dynex Capital and its competitors. For the REITs industry, the median Net Cash per Share is 20.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Dynex Capital's current Net Cash per Share is $-95.35. 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 Possible Value Trap. The stock's GF Value™ is $26.61, compared to a current price of $12.95 — trading 51.3% below its estimated fair value. The current Net Cash per Share is $-95.35. Dynex Capital's overall GF Score™ is 54/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Cash per Share calculated?
Net Cash per Share is calculated from a company's financial statements. For Dynex Capital (DX), the current Net Cash per Share is $-95.35 as of Jun. 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 $12.95 is trading 51.3% below its estimated GF Value™ of $26.61.
GuruFocus considers Dynex Capital to be Possible Value Trap.
Key valuation signals for DX:
Net Cash per Share: $-95.35
GF Value™: $26.61 vs. price of $12.95 (51.3% below fair value)
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 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.
54GF Score
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