YouTube · Q3 2026 · 2026-10-21
AGNC · NasdaqGS
AGNC Investment Corp.
REIT - Mortgage · United States
USD 8.48-3.0% daily changeQuote 2026-11-11 · USD
- Market cap (USD)
- US$10.80B
- Trailing P/E
- 424.00x
- Forward P/E
- 5.86x
- Quarterly revenue growth
- —
- Trailing net margin
- 43.6%
- Indicated dividend yield
- 17.0%
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2027-01-25 (provider estimate; issuer confirmation unavailable here).
Company background
AGNC Investment Corp. provides private capital to housing market in the United States. It invests in residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by the United States government-sponsored enterprise or by the United States government agency. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal or state corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as American Capital Agency Corp. and changed its name to AGNC Investment Corp. in September 2016. AGNC Investment Corp. was incorporated in 2008 and is headquartered in Bethesda, Maryland.
Company websiteQ3 2026
Go beyond the headline.
AGNC Stock: The Dividend Held — Why Did Capital Shrink? | Q3 2026
Published 2026-10-20
Q3 2026 REPORT HIGHLIGHTS
What’s changed for AGNC
The dividend remained covered by the carry measure, but a sharp tangible-book decline leaves a thin cushion for leveraged mortgage risk.
The dividend did not offset the capital loss.
Tangible book fell $1.45 per common share while quarterly dividends were $0.36.
Carry coverage is narrow.
Non-GAAP spread EPS of $0.37 covers the $0.36 payout, but does not include all capital movements.
Financing costs squeezed the spread.
Economic funding costs rose faster than asset yields; net spread fell to 1.86%.
Issuance helped capital but did not prevent erosion.
The ATM raised $992 million at a premium to book, while per-share book still declined.
Our valuation requires a cushion.
The $7.50 base and $7.40 weighted value sit below the $8.44 reference; Street targets are not yet verified post-print revisions.
Comparable businesses
AGNC peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | AGNCAGNC Investment Corp.Snapshot 2026-11-11Financial period: 2026-09-30 | NLYAnnaly Capital Management, Inc.Snapshot 2026-11-11Financial period: 2026-09-30 | LADRLadder Capital CorpSnapshot 2026-11-11Financial period: 2026-09-30 |
|---|---|---|---|
| Market capMarket value, converted to USD | US$10.80B | US$14.44B | US$1.09B |
| Forward P/EProvider forward earnings estimate | 5.86x | 5.89x | 8.11x |
| EV / EBITDAEnterprise value / trailing EBITDA | — | — | — |
| Revenue growthLatest quarter vs prior-year quarter | — | — | 96.4% |
| Operating marginLatest reported quarter | 43.6% | 79.7% | 37.5% |
| Free cash flow yieldTrailing cash flow / market cap | — | — | — |
| Net debt / EBITDANet debt / trailing EBITDA | — | — | — |
| Debt / equityTotal debt / positive book equity | 8.42x | 8.03x | 2.98x |
| Trailing P/ETrailing twelve-month earnings | 424.00x | 12.73x | 11.00x |
| Price / bookPrice / positive book equity per share | 1.12x | 1.03x | 0.75x |
| EV / salesEnterprise value / trailing revenue | 361.53x | 102.43x | 19.88x |
| Earnings growthLatest quarter vs prior-year quarter | — | — | 253.3% |
| Gross marginTrailing twelve months | 100.0% | 95.1% | 74.0% |
| Net marginTrailing twelve months | 43.6% | 80.3% | 36.2% |
| Return on equityProvider trailing return; positive equity only | 0.9% | 7.4% | 6.7% |
| Free cash flow marginTrailing free cash flow / revenue | — | — | — |
| Dividend yieldIndicated annual dividend / price | 17.0% | 16.4% | 10.6% |
| Earnings payoutProvider trailing dividend payout | 7,200.0% | 201.4% | 116.5% |
| Current ratioCurrent assets / current liabilities | 0.22x | 0.62x | 3.08x |
| BetaProvider historical market sensitivity | 1.38 | 1.31 | 1.00 |
YouTube · Q3 2026 · 2026-10-21
YouTube · Q3 FY2026 · 2026-10-16
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for AGNC
Q3 20262026-10-20
FREE RESEARCH PACKET · Q3 2026
AGNC: The Dividend Held, but Capital Took the Hit
The dividend remained covered by the carry measure, but a sharp tangible-book decline leaves a thin cushion for leveraged mortgage risk.
Research published October 19, 2026 · Download original report
Read Research PacketAGNC Stock: The Dividend Held — Why Did Capital Shrink? | Q3 2026
Presentation · 2026-10-20 · YouTube
Q1 20262026-04-20
AGNC Stock: EPS Beats by 14% — Q1 2026 Earnings Analysis
Presentation · 2026-04-20 · YouTube