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General information

Country: UNITED STATES

Sector: REIT — Mortgage

AGNC Investment Corp. operates as a real estate investment trust (REIT) in the United States. The company invests in residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by government-sponsored enterprise or by the United States government agency. It funds its investments primarily through borrowings structured as repurchase agreements. The company has elected to be taxed as a REIT under the Internal Revenue Code of 1986 and would not be subject to federal 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 founded in 2008 and is headquartered in Bethesda, Maryland.
Website: agnc.com



Growth: Bad revenue growth rate -65.7%, there is slowdown compared to average historical growth rates -13.2%. The revenue growth dynamics is unstable

Profitability: LTM EBITDA margin is positive, +13.7%. On average the margin is decreasing unsteadily. Gross margin is low, 0.0%.

Cash Flow Generation: Dividend yield for the last twelve months 7.9%. Free cash flow yield 15.5% (LTM)

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 16.5% higher than minimum and 2.5% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, EBITDA margin, industries and geography on average are valued 0.7x by EV / Sales multiple , the company can be 85.8% overvalued

Key Financials (Download financials)

Ticker: AGNCN
Share price, USD:  (+0.7%)25.83
year average price 25.48  


year start price 25.51 2023-07-24

min close price 23.81 2023-10-30

max close price 26.00 2024-05-31

current price 25.83 2024-07-22
Common stocks: 343 450 999

Dividend Yield:  7.9%
FCF Yield LTM: 15.5%
EV / LTM EBITDA: 35.5x
EV / EBITDA annualized: 8.8x
EV / Sales: 4.9x
Margin (EBITDA LTM / Revenue): 13.7%
Fundamental value created in LTM:
Market Cap ($m): 8 871
Net Debt ($m): -847
EV (Enterprise Value): 8 024
Price to Book: 1.0x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

News


2023-05-14Seeking Alpha

Inflation Cools, But Nobody Believes It
More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol AGNCN AGNCN AGNCN AGNCN AGNCN AGNCN AGNCN
reportedCurrency USD USD USD USD USD USD USD
cik 1M 1M 1M 1M 1M 1M 1M
fillingDate 2024-05-07 2024-02-22 2023-11-06 2023-08-03 2023-05-08 2023-02-27 2022-11-07
acceptedDate 2024-05-07 16:03:22 2024-02-22 17:09:50 2023-11-06 16:31:27 2023-08-03 17:03:50 2023-05-08 16:02:43 2023-02-24 18:07:39 2022-11-07 16:05:15
calendarYear 2024 2023 2023 2023 2023 2022 2022
period Q1 Q4 Q3 Q2 Q1 Q4 Q3
revenue 1 645M 440M -369M 309M -129M 575M -647M
costOfRevenue 24M -447M 392M 0 22M 38M 11M
grossProfit 1 621M 887M -761M 309M -151M 537M -658M
grossProfitRatio 0.985 2.016 2.062 1 1.171 0.934 1.017
researchAndDevelopmentExpenses 0 0 0 0 0 0 0
generalAndAdministrativeExpenses 16M 20M 14M 14M 14M 5M 11M
sellingAndMarketingExpenses 0 0 0 0 0 0 0
sellingGeneralAndAdministrativeExpenses 16M 20M 14M 14M 14M 5M 11M
otherExpenses -495M 599M -37M -37M 22M 50M 19M
operatingExpenses 495M 641M -23M -23M 22M 14M 19M
costAndExpenses 495M 194M -23M -23M 44M 52M 30M
interestIncome 642M 640M 593M 457M 351M 347M 373M
interestExpense 672M 666M 646M 526M 449M 322M 196M
depreciationAndAmortization -443M 917M 392M 0 -917M 42M -42M
ebitda 1 150M 1 872M -392M 286M -619M 883M -538M
ebitdaratio 0.699 4.255 1.062 0.926 4.798 1.536 0.831
operatingIncome 1 150M 499M -392M 286M 298M 841M -496M
operatingIncomeRatio 0.699 1.134 1.062 0.926 -2.31 1.463 0.767
totalOtherIncomeExpensesNet -707M -210M -1 635M 0 -449M -280M -170M
incomeBeforeTax 443M 412M -392M 286M -151M 561M -666M
incomeBeforeTaxRatio 0.269 0.936 1.062 0.926 1.171 0.976 1.029
incomeTaxExpense -703M 886M -2 027M 31M -917M -303M 196M
netIncome 443M 412M -392M 255M 766M 864M -862M
netIncomeRatio 0.269 0.936 1.062 0.825 -5.938 1.503 1.332
eps 0.59 0.57 -0.63 0.43 1.32 1.63 -1.63
epsdiluted 0.59 0.57 -0.63 0.43 1.32 1.63 -1.63
weightedAverageShsOut 702M 672M 622M 600M 579M 529M 529M
weightedAverageShsOutDil 704M 674M 622M 600M 579M 529M 529M
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Balance Sheet Statement

Property 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol AGNCN AGNCN AGNCN AGNCN AGNCN AGNCN AGNCN
reportedCurrency USD USD USD USD USD USD USD
cik 1M 1M 1M 1M 1M 1M 1M
fillingDate 2024-05-07 2024-02-22 2023-11-06 2023-08-03 2023-05-08 2023-02-27 2022-11-07
acceptedDate 2024-05-07 16:03:22 2024-02-22 17:09:50 2023-11-06 16:31:27 2023-08-03 17:03:50 2023-05-08 16:02:43 2023-02-24 18:07:39 2022-11-07 16:05:15
calendarYear 2024 2023 2023 2023 2023 2022 2022
period Q1 Q4 Q3 Q2 Q1 Q4 Q3
cashAndCashEquivalents 1 873M 518M 493M 716M 975M 1 018M 976M
shortTermInvestments 12 424M -4 032M 311M 148M 346M 0 1 169M
cashAndShortTermInvestments 1 873M 518M 493M 716M 1 321M 1 018M 2 145M
netReceivables 12 429M 11 618M 311M 148M 346M 120M 1 169M
inventory 0 1 771M 11 093M 0 0 0 0
otherCurrentAssets -14 302M -13 389M -11 093M 0 0 0 0
totalCurrentAssets 14 386M 518M 804M 864M 1 321M 1 138M 2 145M
propertyPlantEquipmentNet 0 0 0 0 0 0 0
goodwill 526M 526M 526M 526M 526M 526M 526M
intangibleAssets 0 0 0 0 0 0 0
goodwillAndIntangibleAssets 526M 526M 526M 526M 526M 526M 526M
longTermInvestments 56 755M 4 242M 57 213M 49 290M 53 006M 41 282M 44 831M
taxAssets 0 0 0 0 0 0 0
otherNonCurrentAssets 209M -4 032M -57 739M -49 816M -53 006M -41 808M -44 831M
totalNonCurrentAssets 57 490M 736M 57 739M 49 816M 526M 41 808M 526M
otherAssets 0 70 342M 11 448M 9 838M 64 264M 8 802M 55 853M
totalAssets 71 876M 71 596M 69 991M 60 518M 66 111M 51 748M 58 524M
accountPayables 953M 210M 442M 433M 547M 486M 837M
shortTermDebt 62 086M 61 320M 61 129M 0 0 0 0
taxPayables 0 0 0 0 0 0 0
deferredRevenue -12 050M 61 110M -60 687M 0 0 0 0
otherCurrentLiabilities 12 233M -61 320M -442M -433M -547M -486M -837M
totalCurrentLiabilities 63 222M 61 320M 442M 433M 547M 486M 837M
longTermDebt 76M 80M 80M 87M 92M 95M 98M
deferredRevenueNonCurrent 0 0 0 0 0 0 0
deferredTaxLiabilitiesNonCurrent 0 0 0 0 0 0 0
otherNonCurrentLiabilities 0 -80M -80M -87M 455M 391M -837M
totalNonCurrentLiabilities 76M 80M 80M 87M 547M 486M 837M
otherLiabilities 0 -61 320M 62 019M 52 120M 57 225M 42 906M 49 628M
capitalLeaseObligations 0 0 0 0 0 0 0
totalLiabilities 63 298M 80M 62 541M 52 640M 58 319M 43 878M 51 302M
preferredStock 1 634M 1 634M 1 634M 1 634M 1 634M 1 634M 1 634M
commonStock 7M 7M 6M 6M 6M 6M 6M
retainedEarnings -7 990M -8 148M -8 283M -7 633M -7 674M -7 284M -7 610M
accumulatedOtherComprehensiveIncomeLoss -594M -517M -808M -595M -530M -672M -807M
othertotalStockholdersEquity 15 521M 15 281M 14 901M 14 466M 14 356M 14 186M 13 999M
totalStockholdersEquity 8 578M 8 257M 7 450M 7 878M 7 792M 7 870M 7 222M
totalEquity 8 578M 8 257M 7 450M 7 878M 7 792M 7 870M 7 222M
totalLiabilitiesAndStockholdersEquity 71 876M 71 596M 69 991M 60 518M 66 111M 51 748M 58 524M
minorityInterest 0 0 0 0 0 0 0
totalLiabilitiesAndTotalEquity 71 876M 71 596M 69 991M 60 518M 66 111M 51 748M 58 524M
totalInvestments 56 755M 210M 57 213M 49 290M 53 352M 41 282M 46 000M
totalDebt 62 162M 80M 80M 87M 92M 95M 98M
netDebt 60 289M -438M -413M -629M -883M -923M -878M
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Cash Flow Statement

Property 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol AGNCN AGNCN AGNCN AGNCN AGNCN AGNCN AGNCN
reportedCurrency USD USD USD USD USD USD USD
cik 1M 1M 1M 1M 1M 1M 1M
fillingDate 2024-05-07 2024-02-22 2023-11-06 2023-08-03 2023-05-08 2023-02-27 2022-11-07
acceptedDate 2024-05-07 16:03:22 2024-02-22 17:09:50 2023-11-06 16:31:27 2023-08-03 17:03:50 2023-05-08 16:02:43 2023-02-24 18:07:39 2022-11-07 16:05:15
calendarYear 2024 2023 2023 2023 2023 2022 2022
period Q1 Q4 Q3 Q2 Q1 Q4 Q3
netIncome 443M 412M -392M 286M -151M 561M -666M
depreciationAndAmortization 37M 81M 0 0 120M 55M -42M
deferredIncomeTax 0 -12M 0 0 0 0 0
stockBasedCompensation 0 5M 3M 4M -1 000 000 0 4M
changeInWorkingCapital 38M 2M 1 000 000 -18M 27M 28M 28M
accountsReceivables 0 0 0 0 0 0 0
inventory 0 0 0 0 0 0 0
accountsPayables 0 0 40M 0 0 0 0
otherWorkingCapital 38M 2M -39M 0 0 0 0
otherNonCashItems -461M -519M 336M -333M 31M -550M 902M
netCashProvidedByOperatingActivities 20M -31M -52M -61M 26M 94M 226M
investmentsInPropertyPlantAndEquipment 0 0 0 0 0 0 0
acquisitionsNet 0 0 0 0 0 0 0
purchasesOfInvestments -10 452M -10 854M -22 127M -13 989M -16 145M -15 584M -12 098M
salesMaturitiesOfInvestments 10 645M 14 926M 12 966M 18 286M 6 775M 17 717M 14 516M
otherInvestingActivites 389M -2 572M -782M 1 045M -2 201M 1 035M 911M
netCashUsedForInvestingActivites 582M 1 500M -9 943M 5 342M -11 571M 3 168M 3 329M
debtRepayment -459M -3M -4M -5M -5M -5M -5M
commonStockIssued 241M 376M 432M 106M 171M 187M 289M
commonStockRepurchased 0 -10 047M 10 047M 0 0 0 -51M
dividendsPaid -282M -272M -252M -243M -238M -228M -214M
otherFinancingActivites -459M -1 305M 31M -6 355M 12 122M -4 044M -2 651M
netCashUsedProvidedByFinancingActivities -500M -1 580M 10 254M -6 497M 12 050M -4 090M -2 632M
effectOfForexChangesOnCash 0 -838M -343M 1 181M 0 0 0
netChangeInCash 102M -111M 259M -1 216M 505M -828M 923M
cashAtEndOfPeriod 1 873M 1 771M 1 882M 1 623M 2 839M 2 334M 3 162M
cashAtBeginningOfPeriod 1 771M 1 882M 1 623M 2 839M 2 334M 3 162M 2 239M
operatingCashFlow 20M -31M -52M -61M 26M 94M 226M
capitalExpenditure 0 0 0 0 0 0 0
freeCashFlow 20M -31M -52M -61M 26M 94M 226M
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Earning call transcript

2024 q1
2024-04-23 ET (fiscal 2024 q1)
2023 q4
2024-01-23 ET (fiscal 2023 q4)
2023 q3
2023-10-31 ET (fiscal 2023 q3)
2023 q2
2023-07-25 ET (fiscal 2023 q2)
2023 q1
2023-04-25 ET (fiscal 2023 q1)

Press-releases

Show financial reports only

2024-03-13 20:01 ET
AGNC Investment Corp. Declares First Quarter Dividends on Preferred Stock
2023-12-13 21:01 ET
AGNC Investment Corp. Declares Fourth Quarter Dividends on Preferred Stock
2023-10-02 20:01 ET
AGNC Investment Corp. Announces Corrections to Previously Announced Dividends on Series C Preferred Stock
2023-09-13 20:01 ET
AGNC Investment Corp. Declares Third Quarter Dividends on Preferred Stock
2023-06-12 20:01 ET
AGNC Investment Corp. Declares Second Quarter Dividends on Preferred Stock
2023-03-10 21:01 ET
AGNC Investment Corp. Declares First Quarter Dividends on Preferred Stock
2022-12-09 21:01 ET
AGNC Investment Corp. Declares Fourth Quarter Dividends on Preferred Stock
2022-09-14 20:01 ET
AGNC Investment Corp. Declares Third Quarter Dividends on Preferred Stock
2022-06-09 20:01 ET
AGNC Investment Corp. Declares Second Quarter Dividends on Preferred Stock
2022-03-10 21:01 ET
AGNC Investment Corp. Declares First Quarter Dividends on Preferred Stock
2021-12-10 21:01 ET
AGNC Investment Corp. Declares Fourth Quarter Dividends on Preferred Stock
2021-09-13 20:01 ET
AGNC Investment Corp. Declares Third Quarter Dividends on Preferred Stock
2021-06-10 20:01 ET
AGNC Investment Corp. Declares Second Quarter Dividends on Preferred Stock
2021-03-11 21:01 ET
AGNC Investment Corp. Declares First Quarter Dividends on Preferred Stock
2020-12-10 21:30 ET
AGNC Investment Corp. Declares Fourth Quarter Dividends on Preferred Stock
2020-09-11 20:01 ET
AGNC Investment Corp. Declares Third Quarter Dividends on Preferred Stock
2019-09-11 20:04 ET
AGNC Investment Corp. Declares Third Quarter Dividends on Preferred Stock
2019-06-12 20:01 ET
AGNC Investment Corp. Declares Second Quarter Dividends on Preferred Stock