AGNC Investment Corp. Depositary Shares Each Representing a 1/1000th Interest in a Share of 7.00% Series C Fixed-To-Floating Rate Cumulative Redeemable Preferred Stock (AGNCN)

FairStock Score: 60/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for durable businesses bought at a fair price. AGNC is not a conventional operating company; it is a leveraged agency mortgage REIT with only 54 employees. Its business depends on borrowing short and investing in government-guaranteed residential mortgage securities, so the moat is thin and the real risks are spreads, hedging, and leverage. The supplied D/E of 7.17 is very high, and ROCE of 2.02% shows how little operating return sits atop that leverage, even though FairStock's ROE calculation is 19.80%. Earnings are inconsistent: fiscal FY2023 net income was $155.0M and diluted EPS $0.05; fiscal FY2024 was $863.0M and $0.93; fiscal FY2025 was $1.7B and $1.47. Quarterly results still swing—fiscal Q2 2025 lost $140.0M ($0.17 per diluted share), fiscal Q3 2025 earned $806.0M ($0.72), fiscal Q1 2026 lost $148.0M ($0.17), and fiscal Q2 2026 earned $654.0M ($0.52). That is why FairStock labels it a TURNAROUND. The common-based P/E is negative at -13.69 and P/B is 2.81, so I see no margin of safety in the equity. For the 7.00% Series C preferred, I would want asset coverage and dividend coverage, but CET1, NIM, and combined ratio are not in the data. At $25.47, near the 52-week high of $25.99, the preferred offers a fixed coupon but little cushion if spread volatility returns. FairStock score 60/100.

In plain English: AGNC invests in U.S. housing mortgage securities using a lot of borrowed money. Its profits have swung between losses and gains, so the business looks uneven rather than steady. The preferred shares pay a 7.00% coupon and trade near $25.47; the price looks full relative to the uneven numbers, though preferred holders rank ahead of common shareholders.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer