AGNC Investment

AGNC · Nasdaq · Financials · Financials, fiscal 2016 to 2025

AGNC · Last close · October 26, 2026

$8.78

AGNC Investment's revenue rose 19.5% to $3.5 billion in fiscal 2025. Its net margin was 47.4%, up from 29.3% a year earlier. It paid out $1.6 billion in dividends and buybacks. The diluted share count rose 30.2%.

AGNC INVESTMENT CORP. Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0001423689-26-000043 Updated October 18, 2026

Revenue

$3.5B

19.5%

Net margin

47.4%

18.1 pts

Net income

$1.7B

93.5%

Free cash flow

—

Return on equity

15.1%

5.5 pts

Market cap

$10.2B

Oct 26 close

P/E

4.5x

On $1.94 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. AGNC is a mortgage REIT and reports no revenue line, so revenue is its interest income on mortgage securities, before the interest it pays on its borrowings. Before 2022 its filings tag that income under a different label.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 2.2% a year and net income grew 11.6% a year, as new shares raised the share count by 208% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for AGNC Investment's filings doesn't give both for any year, so free cash flow is left out.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value AGNC Investment yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from AGNC Investment's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. AGNC Investment's free cash flow isn't available in its filings' structured data (the notes above say why), and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to AGNC Investment's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $8.78
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. AGNC Investment's P/E today, 4.5×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from AGNC Investment's earnings per share of $1.94 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of AGNC Investment's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Annaly Capital Management, Starwood Property Trust, Virtu Financial, FirstCash.

Earnings growth in the years ahead (% a year) Starts at AGNC Investment's revenue growth over the last 3 years, 30.4% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $8.78
Value at this multiple, against the last close: —
AGNC Investment's P/E at the last close: 4.5×

Company	Last close	Earnings per share	P/E today
Starwood Property TrustSTWD	$12.53	$0.59	21.2×
FirstCashFCFS	$175.27	$9.23	19.0×
Virtu FinancialVIRT	$55.90	$6.02	9.3×
AGNC InvestmentAGNC	$8.78	$1.94	4.5×
Annaly Capital ManagementNLY	$18.26	$4.07	4.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	998	1,018	518	505	450
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought AGNC Investment shares on the open market, and 6 insiders sold $13.7 million, $3.1 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 19, 2026	Bernice BellEVP, CFO	Sold	15,000	$11.07	$166,000	Form 4
Jul 28, 2026	Bernice BellEVP, CFO	Sold	5,000	$11.00	$55,000	Form 4
May 12, 2026	Bernice BellEVP, CFO	Sold	10,000	$10.79	$107,900	Form 4
May 6, 2026	Donna BlankDirector	Sold	22,000	$10.78	$237,160	Form 4
May 4, 2026	Paul E MullingsDirector	Sold	6,800	$10.74	$73,032	Form 4
Apr 28, 2026	Peter J FedericoDirector, President, CEO, CIO, Director	Sold plan	64,412	$11.08	$713,685	Form 4
Apr 27, 2026	Peter J FedericoDirector, President, CEO, CIO, Director	Sold plan	64,411	$11.03	$710,453	Form 4
Apr 24, 2026	Peter J FedericoDirector, President, CEO, CIO, Director	Sold plan	64,411	$10.91	$702,724	Form 4
Feb 19, 2026	Bernice BellEVP, CFO	Sold	15,000	$11.36	$170,400	Form 4
Feb 17, 2026	Bernice BellEVP, CFO	Sold	35,397	$11.29	$399,636	Form 4
Jan 29, 2026	Gary D KainDirector, Executive Chair, Director	Sold	700,000	$11.91	$8.3 million	Form 4
Jan 28, 2026	Kenneth L. PollackEVP and General Counsel	Sold	50,000	$12.11	$605,500	Form 4

The latest 12 of 17 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Fail	Fail	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—
Accruals ratio	0.4%	1.0%	1.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put AGNC Investment side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
AGNC Investment	FY25	19.5%	—	—	—	—	—
Annaly Capital Management	FY25	23.1%	—	—	—	—	—	Compare
Starwood Property Trust	FY25	−5.3%	—	5.4%	—	—	—	Compare
Virtu Financial	FY25	26.2%	—	13.6%	37.9%	0.8x	—	Compare
FirstCash	FY25	8.0%	—	14.5%	10.7%	3.3x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,321	1,293	1,949	2,842	1,519	1,361	1,590	2,041	2,949	3,523
Revenue growth	−9.9%	−2.1%	50.7%	45.8%	−46.5%	−10.4%	16.8%	28.4%	44.5%	19.5%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	623	771	129	688	−266	749	−1,190	155	863	1,670
Diluted EPS (US$)	1.79	2.04	0.21	1.16	−0.66	1.22	−2.41	0.05	0.93	1.47
Diluted shares (millions)	332	359	441	541	552	530	537	620	786	1,024
Cash flow
Cash from operations	1,352	1,260	1,113	1,180	1,747	1,540	1,013	−118	86	653
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	799	795	974	1,139	970	860	869	1,005	1,241	1,601
Share buybacks	116	0	0	103	378	281	51	0	0	0
Acquisitions	555	0	0	0	0	0	0	0	0	0
Stock-based compensation	1	4	6	13	18	19	2	11	18	26
Balance sheet at fiscal year end
Cash and short-term investments	1,208	1,046	921	831	1,017	998	1,018	518	505	450
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	56,880	70,376	109,241	113,082	81,817	68,149	51,748	71,596	88,015	115,077
Total liabilities	49,524	61,622	99,335	102,041	70,738	57,858	43,878	63,339	78,253	102,684
Shareholders' equity	7,356	8,754	9,906	11,041	11,079	10,291	7,870	8,257	9,762	12,393
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	47.2%	59.6%	6.6%	24.2%	−17.5%	55.0%	−74.8%	7.6%	29.3%	47.4%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	8.1%	9.6%	1.4%	6.6%	−2.4%	7.0%	−13.1%	1.9%	9.6%	15.1%
Return on assets	1.1%	1.2%	0.1%	0.6%	−0.3%	1.0%	−2.0%	0.2%	1.1%	1.6%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: AGNC Investment's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with AGNC Investment.