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AGNC Investment

AGNC
49
REIT - Mortgage · Real Estate
Also trades as: 0H6E.L GBP 0.09 (-2.12%)
Price
$8.84
-0.05 (-0.56%)
Market Cap
$10.48B
Exchange
NASDAQ
Winston Score
49
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 24, 2026 · filings through Sep 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Mixed
7/20
Cash Flow
Exceptional
10/10
Stability
Weak
1/10
Valuation
Good
5/10
Ownership
Weak
2/15
Dividends
Good
3/5

49 of 100 counted points = Winston Score 49.

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Share count rising — dilution

+93.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 530.0M (2021) → 1.02B (2025)

§Winston Score History

The full picture

AGNC Investment Corp. is a real estate investment trust (REIT) that does not own physical buildings. Instead, it buys mortgage-backed securities (MBS) — basically bundles of home loans packaged into investments. Almost all of its holdings are agency MBS, meaning they are backed by the US government or government-sponsored entities like Fannie Mae and Freddie Mac, which reduces the risk of borrowers defaulting.

AGNC makes money by borrowing at short-term interest rates and using that money to buy higher-yielding mortgage securities, pocketing the difference — a strategy called a "carry trade." It operates entirely in the US and is one of the largest publicly traded agency mortgage REITs, with a portfolio worth tens of billions of dollars. Because it is required by law to pay out at least 90% of taxable income as dividends, it attracts income-focused investors, but its biggest risk is rising or volatile interest rates, which can squeeze the spread between its borrowing costs and investment returns.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+53.5% YoY

YoY Growth Rate

Strong revenue growth

Reported EPS Growth

-262.5% YoY

Quarterly reporting periods ended:

30 Sept 2025: $0.72

30 Sept 2026: $-1.17

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$106.4B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

AGNC Investment is growing revenue at 54% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Profit after running costs
Operating Margin
97.7%
Excellent — 97.7% operating margin
Return on the money invested
ROCE
2.9%
Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+125.2%
Fast-growing sales (+125.2% YoY)
Profit growth
EPS YoY
-89.4%
Earnings shrinking (-89.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
1502%
Turns 1502% of profit into real cash
Spare cash per sale
FCF Margin
25.3%
Converts sales into free cash efficiently (25.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
8.37
Heavy debt load (8.37)
Covers its interest
Interest Cover
1.04x
Dangerous — barely covers interest (1.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
126.3x
Expensive — P/E 126.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+120.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (126.3 → 5.5)

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Dividends

Dividend
Dividend Yield
16.51%
Healthy income — 16.51% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+0.0%
Dividend flat

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