AGNC Investment Corp.AGNC
NasdaqGS•Real Estate•REIT - Mortgage
AGNC Investment Corp. provides private capital to housing market in the United States. It invests in residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by the United States government-sponsored enterprise or by the United States government agency. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal or state 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 incorporated in 2008 and is headquartered in Bethesda, Maryland.
AGNC Investment Corp. (AGNC) reported trailing twelve months revenue of $835.00M as of March 2026, a 303.4% increase year-over-year. Quarterly revenue reached $319.00M, reflecting continued top-line momentum.
AGNC Investment Corp. generated $1.47B in TTM net income, with quarterly EBITDA of $251.00M. The operating margin expanded from 64.8% to 78.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (78.7%) and net margin (-46.4%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 31.4% a year ago, reflecting increased costs or interest expense.
AGNC trades at a P/E of 7.5x (below the broader market average) and a P/S of 13.2x. The price-to-book ratio of 0.9x suggests the stock trades below its book value.
The company generated $387.00M in free cash flow over the trailing twelve months, a 101.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $118.90B in total assets with no in long-term debt against $12.18B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~283.3% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 86.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF consistently trails net income (avg 0.1x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 51.7% — significant dilution, likely from stock compensation or capital raises.