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AGNCM

AGNC Investment Corp.

AGNCM

AGNC Investment Corp. • NASDAQ
$24.43 ▼ -0.08% (-0.02)
Market Cap $8.69 B
52w High $25.60
52w Low $23.01
Dividend Yield 2.28%
P/E -13.14
Volume 5.05K
Outstanding Shares 355.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $786M ▲ $816M ▲ $806M ▲ 102.545% ▼ $0.78 ▲ $1.687B ▲
Q2-2025 $-112M ▼ $28M ▼ $-140M ▼ 125% ▲ $-0.17 ▼ $528M ▲
Q1-2025 $78M ▼ $78M ▼ $50M ▼ 64.103% ▼ $0.016 ▼ $0
Q4-2024 $154M ▼ $154M ▲ $122M ▼ 79.221% ▼ $0.097 ▼ $0 ▼
Q3-2024 $376M $30M $346M 92.021% $0.39 $1.178B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $450M ▼ $108.969B ▲ $97.525B ▲ $11.444B ▲
Q2-2025 $656M ▲ $102.021B ▲ $91.674B ▲ $10.347B ▲
Q1-2025 $455M ▼ $95.889B ▲ $85.847B ▲ $10.042B ▲
Q4-2024 $505M ▼ $88.015B ▼ $78.253B ▼ $9.762B ▲
Q3-2024 $507M $89.59B $79.934B $9.656B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $806M ▲ $153M ▼ $-5.337B ▼ $5.223B ▲ $39M ▼ $153M ▼
Q2-2025 $-140M ▼ $180M ▼ $-3.444B ▲ $3.418B ▼ $154M ▲ $180M ▼
Q1-2025 $50M ▼ $192M ▲ $-5.727B ▼ $5.482B ▲ $-53M ▼ $192M ▲
Q4-2024 $122M ▼ $79M ▲ $4.926B ▲ $-5.02B ▼ $-15M ▲ $79M ▲
Q3-2024 $346M $7M $-9.616B $9.489B $-120M $7M

Five-Year Company Overview

Income Statement

Income Statement Earnings have been quite volatile, which is common for mortgage REITs that mark their portfolios to market. The company swung from a sizable loss a few years ago to solid profitability more recently, with net income and earnings per share recovering well. Recent years show that core operations are contributing meaningfully to results, but headline revenue can look strange or even negative at times due to accounting for interest rates and securities prices rather than simple rent or service income. Overall, the trend points to better profitability lately, but with a business model that is structurally exposed to interest rate swings and market movements.

Balance Sheet

Balance Sheet The balance sheet reflects a large, securities‑heavy portfolio funded with relatively modest stated corporate debt but significant economic leverage typical for mortgage REITs. Total assets have grown again after a mid‑period dip, and equity has stabilized and started to climb, suggesting partial rebuilding of capital after earlier mark‑to‑market hits. Cash on hand is small relative to the portfolio, which is normal for this structure but means the company depends heavily on access to wholesale funding markets. The key risk remains sensitivity of book value to interest rate changes and spreads in the agency MBS market.

Cash Flow

Cash Flow Cash generation has moved around over the last five years, with some very strong years, one clearly weak year, and a recent return to positive operating cash flow. Because the business owns financial assets rather than physical property, there is essentially no capital spending, so free cash flow mostly mirrors operating cash flow. This means that when markets and hedges are aligned, cash generation can be very strong, but in tougher rate environments the company can see cash usage instead. Stability of funding and the quality of risk management are more important here than traditional cash‑flow metrics you’d use for an industrial company.

Competitive Edge

Competitive Edge AGNCM, through AGNC Investment Corp., operates as a specialist in agency mortgage‑backed securities, which gives it a clear niche rather than a broad real estate footprint. Its scale in this market, combined with an internally managed structure, helps keep costs relatively efficient. A major competitive edge is its captive broker‑dealer, which can lower financing costs and improve market access compared with many peers. The focus on agency‑backed assets limits credit risk but heightens exposure to interest rate and prepayment dynamics. Within this specialized corner of the REIT world, the firm is positioned as a leading, sophisticated player, but its fortunes are closely tied to the broader rate environment and liquidity in mortgage markets.

Innovation and R&D

Innovation and R&D The company is not a traditional R&D story, but it invests heavily in financial innovation and analytics rather than physical products. Its main “research and development” is in proprietary models for interest rate behavior, mortgage prepayments, and hedging strategies. The new initiative around financial technology and data analysis, including potential use of machine learning and artificial intelligence, aims to sharpen its decision‑making and risk control over time. This is more about better tools, faster insight, and operational efficiency than about launching new products, but in a leveraged, rate‑sensitive business, incremental improvements in analytics can meaningfully affect long‑term performance and resilience.

Summary

AGNCM represents exposure to a large, sophisticated mortgage REIT whose results are driven far more by interest rates and securities pricing than by traditional real estate fundamentals. Financial performance has improved after a period of stress, with profitability and equity levels recovering, but the business remains inherently volatile and market‑sensitive. The balance sheet and cash flows look typical for a leveraged agency MBS platform: large asset base, modest visible corporate debt but high economic leverage, low physical investment needs, and cash generation that swings with market conditions. The company’s main strengths are its scale, narrow focus on government‑backed mortgages, in‑house broker‑dealer, and ongoing investment in advanced analytics and fintech‑style tools. The main risks are continued exposure to interest rate shocks, funding market conditions, and the challenge of consistently executing complex hedging strategies in a changing macro environment.