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AGNCN

AGNC Investment Corp.

AGNCN

AGNC Investment Corp. • NASDAQ
$25.31 ▲ 0.00% (+0.00)
Market Cap $8.69 B
52w High $26.59
52w Low $23.63
Dividend Yield 2.47%
P/E -13.61
Volume 36.03K
Outstanding Shares 343.45M

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 AGNC’s earnings pattern is typical for a leveraged mortgage REIT: very up‑and‑down. Over the past several years it has swung between solid profitability and meaningful losses as interest rates and mortgage spreads moved around. The most recent period shows a return to healthier profits after a difficult year earlier in the period. This suggests management has been able to benefit when markets move in its favor, but reported earnings are highly sensitive to interest rate changes and mark‑to‑market movements, so headline profit figures can be noisy and should be read with that volatility in mind.

Balance Sheet

Balance Sheet The balance sheet is large and predominantly made up of mortgage‑backed securities, with equity representing only a modest slice of total assets, which is normal for this type of REIT. Asset levels dipped earlier in the five‑year window and have since climbed back, while equity has gradually rebuilt after prior pressure but remains below earlier highs. Reported traditional debt is low, but the business still relies heavily on short‑term secured funding structures, meaning the true economic leverage is high. Overall, the balance sheet looks consistent with a sizeable mortgage REIT that must manage leverage and interest rate risk very carefully.

Cash Flow

Cash Flow Cash generation has generally been positive over time, but not in a straight line. Most years show solid operating cash inflows, with one notable year of cash outflow when markets were less favorable. Because the business is financial in nature, it does not spend meaningfully on physical investments, so free cash flow largely mirrors operating cash flow. This pattern underscores that AGNC can produce cash when conditions are supportive, but cash flows can swing along with funding costs, hedging activity, and portfolio repositioning.

Competitive Edge

Competitive Edge AGNC is one of the larger and more established players in the agency mortgage REIT space, which gives it advantages in funding, trading, and hedging. Its focus on government‑backed mortgage securities keeps credit risk relatively low compared with non‑agency peers, shifting the main challenge to managing interest rate and prepayment risk. The company’s scale, long experience in this niche, and ownership of a broker‑dealer support efficient execution and access to liquidity. However, competition among mortgage REITs is intense, and performance is tightly tied to macro conditions, so its edge rests heavily on execution quality and risk management discipline rather than on a unique product.

Innovation and R&D

Innovation and R&D While AGNC is not a technology or product‑development company, it has been investing in analytical and risk‑management capabilities. The creation of a dedicated research and strategy leadership role and emphasis on advanced data analytics indicate a push to refine models for interest rate, prepayment, and valuation risk. These efforts are aimed at making portfolio and hedging decisions more precise, not at launching new consumer products. The innovation here is primarily in how the firm uses data, technology, and internal research to navigate complex fixed‑income markets more effectively than smaller or less sophisticated rivals.

Summary

AGNCN represents preferred stock in AGNC Investment Corp., a large, agency mortgage‑focused REIT with earnings, cash flow, and equity levels that have been quite sensitive to rate cycles but have recently improved. The business operates with high economic leverage and depends on active risk management to protect book value and income in shifting interest‑rate environments. Its advantages come from scale, specialized expertise, and relatively low credit risk exposure, complemented by growing use of advanced analytics. At the same time, the underlying model remains exposed to market volatility and funding conditions, so results can vary meaningfully from year to year.