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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and DYNEX CAPITAL INC (DX). Click either name above to swap in a different company.
Armada Hoffler Properties, Inc. is the larger business by last-quarter revenue ($75.6M vs $43.5M, roughly 1.7× DYNEX CAPITAL INC). On growth, DYNEX CAPITAL INC posted the faster year-over-year revenue change (531.3% vs 0.8%). Over the past eight quarters, DYNEX CAPITAL INC's revenue compounded faster (75.8% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Dynex Capital Inc. is a publicly traded real estate investment trust headquartered in the United States. It specializes in investing in and managing a diversified portfolio of mortgage-backed securities, residential and commercial mortgage loans, and other mortgage-related assets. It delivers consistent returns to shareholders via regular dividends and long-term capital growth.
AHH vs DX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $43.5M |
| Net Profit | $2.4M | — |
| Gross Margin | — | — |
| Operating Margin | 31.0% | — |
| Net Margin | 3.1% | — |
| Revenue YoY | 0.8% | 531.3% |
| Net Profit YoY | -89.8% | — |
| EPS (diluted) | $0.00 | $1.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $43.5M | ||
| Q3 25 | $72.7M | $30.6M | ||
| Q2 25 | $69.1M | $23.1M | ||
| Q1 25 | $67.8M | $17.1M | ||
| Q4 24 | $75.0M | — | ||
| Q3 24 | $114.4M | — | ||
| Q2 24 | $116.8M | — | ||
| Q1 24 | $127.0M | $-3.2M |
| Q4 25 | $2.4M | — | ||
| Q3 25 | $80.0K | $150.4M | ||
| Q2 25 | $5.9M | $-13.6M | ||
| Q1 25 | $-2.8M | $-3.1M | ||
| Q4 24 | $23.4M | — | ||
| Q3 24 | $-5.0M | — | ||
| Q2 24 | $3.2M | — | ||
| Q1 24 | $14.1M | $40.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — | ||
| Q1 24 | 37.9% | — |
| Q4 25 | 31.0% | — | ||
| Q3 25 | 29.2% | — | ||
| Q2 25 | 29.6% | — | ||
| Q1 25 | 23.2% | — | ||
| Q4 24 | 50.1% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 11.9% | — | ||
| Q1 24 | 15.1% | — |
| Q4 25 | 3.1% | — | ||
| Q3 25 | 0.1% | 491.3% | ||
| Q2 25 | 8.6% | -58.8% | ||
| Q1 25 | -4.1% | -18.0% | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | -4.4% | — | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | 11.1% | -1256.8% |
| Q4 25 | $0.00 | $1.59 | ||
| Q3 25 | $-0.04 | $1.08 | ||
| Q2 25 | $0.04 | $-0.14 | ||
| Q1 25 | $-0.07 | $-0.06 | ||
| Q4 24 | $0.28 | — | ||
| Q3 24 | $-0.11 | — | ||
| Q2 24 | $0.00 | — | ||
| Q1 24 | $0.17 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $531.0M |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $627.8M | $2.5B |
| Total Assets | $2.6B | $17.3B |
| Debt / EquityLower = less leverage | 2.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $531.0M | ||
| Q3 25 | $46.5M | $491.0M | ||
| Q2 25 | $52.1M | $387.5M | ||
| Q1 25 | $45.7M | $327.4M | ||
| Q4 24 | $31.9M | — | ||
| Q3 24 | $43.9M | — | ||
| Q2 24 | $20.3M | — | ||
| Q1 24 | $41.9M | $295.7M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $627.8M | $2.5B | ||
| Q3 25 | $638.8M | $2.0B | ||
| Q2 25 | $652.0M | $1.6B | ||
| Q1 25 | $657.4M | $1.4B | ||
| Q4 24 | $670.6M | — | ||
| Q3 24 | $663.9M | — | ||
| Q2 24 | $562.7M | — | ||
| Q1 24 | $571.4M | $958.5M |
| Q4 25 | $2.6B | $17.3B | ||
| Q3 25 | $2.6B | $14.2B | ||
| Q2 25 | $2.6B | $11.3B | ||
| Q1 25 | $2.5B | $9.0B | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $2.6B | $6.3B |
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 1.93× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.50× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.2M | $120.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 26.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $120.8M | ||
| Q3 25 | $26.3M | $68.3M | ||
| Q2 25 | $11.1M | $31.9M | ||
| Q1 25 | $107.0K | $6.4M | ||
| Q4 24 | $112.0M | — | ||
| Q3 24 | $27.3M | — | ||
| Q2 24 | $17.4M | — | ||
| Q1 24 | $46.5M | $-17.1M |
| Q4 25 | 26.99× | — | ||
| Q3 25 | 328.63× | 0.45× | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.78× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.48× | — | ||
| Q1 24 | 3.30× | -0.43× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
DX
Segment breakdown not available.
