DX (Dynex Capital) Scaled Net Operating Assets: 0.11 (As of Mar. 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 Scaled Net Operating Assets?

Dynex Capital DX +0.70% 67 Scaled Net Operating Assets is 0.11 as of Mar. 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.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Dynex Capital's operating assets for the quarter that ended in Mar. 2026 was $23,570.2 Mil. Dynex Capital's operating liabilities for the quarter that ended in Mar. 2026 was $21,622.1 Mil. Dynex Capital's Total Assets for the quarter that ended in Dec. 2025 was $17,342.2 Mil. Therefore, Dynex Capital's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.11.

DX
67GF Score
Dynex Capital Inc DX
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Dynex Capital Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Dynex Capital's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(16811.135-14880.034)/8184.579
=0.24

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=17342.178 - 531.043
=16811.135

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=14880.034 - 0 - 0
=14880.034

Dynex Capital's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(23570.214-21622.082)/17342.178
=0.11

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=24343.352 - 773.138
=23570.214

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=21622.082 - 0 - 0
=21622.082

* 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.

What does a Scaled Net Operating Assets of 0.11 mean?
Dynex Capital (DX) has a Scaled Net Operating Assets of 0.11 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Dynex Capital and its competitors.
Is Dynex Capital's Scaled Net Operating Assets too high?
Dynex Capital's current Scaled Net Operating Assets is 0.11. 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 Scaled Net Operating Assets compare to BXMT and ARR?
Dynex Capital's Scaled Net Operating Assets of 0.11 can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a REITs company?
A good Scaled Net Operating Assets depends on the REITs industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Dynex Capital and its competitors. Dynex Capital's current Scaled Net Operating Assets is 0.11. 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 Scaled Net Operating Assets is 0.11. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Dynex Capital (DX), the current Scaled Net Operating Assets is 0.11 as of Mar. 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:

  • Scaled Net Operating Assets: 0.11
  • 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

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$13.01
Price
$19.66
GF Value