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STOCK COMPARISON

Dynex Capital vs Annaly Capital Management: Fair Value & Quality

Both stocks run through our valuation models. Here is how Dynex Capital (DX) and Annaly Capital Management (NLY) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Annaly Capital Management as the less overvalued of the two: Dynex Capital trades at $12.83 versus a fair value of $5.65 (-56%), while Annaly Capital Management trades at $22.83 versus $19.41 (-15%).
Dynex Capital
DX · USD · Financials
-56%
upside to fair value
overvalued
Price$12.83
Fair Value$5.65
Quality39/100
Annaly Capital Management
NLY · USD · Financials
-15%
upside to fair value
overvalued
Price$22.83
Fair Value$19.41
Quality24/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Dynex CapitalAnnaly Capital Management
Valuation
4.2×P/E (TTM)7.4×
6.45×P/S (TTM)6.51×
1.32×P/B1.01×
3.1×EV/EBITDA6.7×
0.71×PEG32.03×
−55.9%Fair value upside−15.0%
15.9%Dividend yield12.3%
$2.04Dividend per share$2.80
Profitability
92%Operating margin81%
1.53×EBIT margin trend (5Y)—
18%Return on equity15%
2%Return on assets2%
Growth
235%Revenue growth (YoY)49%
—Avg. growth/yr (3Y)17.3%
18.1%Avg. growth/yr (5Y)35.2%
−16.0%Value creation/yr−3.9%
Balance & size
1.8×Interest coverage (EBIT/interest)1.4×
0.00×Debt / equity1.98×
$3BMarket cap$16B
mixedGrowth qualitymixed

Dynex Capital leads: 8 to 4 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Dynex Capitalof which business quality 38 · market factors 61 Annaly Capital Managementof which business quality 22 · market factors 60
ProfitabilityMargins and returns on capital today
37
38
Quality GrowthAre margins and returns improving?
68
59
CashflowEarnings quality: real cash, not paper profit
68
12
Fin. StrengthBalance sheet, leverage, solvency risk
18
5
InvestmentDisciplined investing over empire-building
33
27
Low VolatilityCalm price path (market factor)
81
66
MomentumPrice trend over the last 3–12 months (market factor)
48
51
52W MomentumDistance to the 52-week high (market factor)
62
70
Net IssuanceBuybacks instead of dilution
0
0

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyDynex CapitalPrice $12.83Annaly Capital ManagementPrice $22.83
DCF Models-23%below the price$9.87n/a
Dividend Discountn/a+98%above the price$45.20
Multiples+8%close to the price$13.89+84%above the price$42.08
Asset-Based-48%below the price$6.65-36%below the price$14.71
Growth DCF-28%below the price$9.20n/a
Economic Profit-13%close to the price$11.14+7%close to the price$24.39
Minimum-48%below the price$6.65-36%below the price$14.71
Maximum+8%close to the price$13.89+98%above the price$45.20
Median-23%below the price$9.87+46%above the price$33.23
Geometric mean-23%below the price$9.87+26%above the price$28.74

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Dynex Capital: 9 of 14 models see the stock below the current price.

Annaly Capital Management: 1 of 8 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Dynex Capital
Bear $4.22Fair Value $5.65Bull $8.43
$12.83 = current price (white tick)
Annaly Capital Management
Bear $14.56Fair Value $19.41Bull $24.27
$22.83 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Dynex Capital · Financials

Quality score39 · bottom 25%
Fair value upside-56% · bottom 25%

Annaly Capital Management · Financials

Quality score24 · bottom 25%
Fair value upside-15% · below median

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Annaly Capital Management as the less overvalued of the two: Dynex Capital trades at $12.83 versus a fair value of $5.65 (-56%), while Annaly Capital Management trades at $22.83 versus $19.41 (-15%).

Dynex Capital has the higher quality score (39/100).

See the full analysis →
Dynex Capital · Annaly Capital Management

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.