A Business at a Glance
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ANNALY CAPITAL MANAGEMENT INC
NLY
$14.4B
Mkt Cap
$22.45
+0.63%
ANNALY CAPITAL MANAGEMENT INC (NLY) has a current P/E ratio of 7.7, compared to its historical median P/E of 3.4. The stock is currently considered Expensive based on its historical valuation range.
ANNALY CAPITAL MANAGEMENT INC (NLY) has a 5-year average return on invested capital (ROIC) of 22.7%. This indicates strong capital allocation and a potential competitive advantage.
ANNALY CAPITAL MANAGEMENT INC (NLY) has a market capitalization of $16.4B. It is classified as a large-cap stock.
Yes, ANNALY CAPITAL MANAGEMENT INC (NLY) pays a dividend with a trailing twelve-month yield of 3.56%.
Based on historical P/E analysis, ANNALY CAPITAL MANAGEMENT INC (NLY) appears expensive. The current P/E of 7.7 is 128% above its historical median of 3.4. The estimated fair value CAGR (P/E method) is 12.0%.
ANNALY CAPITAL MANAGEMENT INC (NLY) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
ANNALY CAPITAL MANAGEMENT INC (NLY) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Annaly Capital Management is a diversified capital manager and internally-managed REIT that invests primarily in residential mortgage finance through three investment groups: the Agency Group, which invests in Agency mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae; the Residential Credit Group, which invests in non-Agency residential whole loans and securitized products; and the Mortgage Servicing Rights Group, which invests in the right to service residential mortgage loans. The company earns returns through the spread between yields on its assets and the cost of borrowings and hedging activities, employing a shared capital model that allows rotation of investments based on relative value and market opportunities. Annaly's business model is supported by strategic relationships with mortgage loan originators, aggregators, and technology partners, including its wholly-owned subsidiary Onslow Bay Financial, which enhances originations and securitization capabilities. The company maintains a conservative financial posture with diversified financing sources, proprietary portfolio analytics and risk management tools, and operational efficiencies derived from its scale and internally-managed platform. Its customer base includes institutional investors in mortgage-backed securities and mortgage servicing rights, while its geographic footprint spans the U.S. residential mortgage market.
【Diversified housing finance resilience】 Management expects each of the three investment strategies to continue delivering strong risk-adjusted returns through 2026, supported by a constructive housing finance backdrop and improved market technicals. Agency spreads have tightened but remain compelling with low to mid-teen prospective returns anticipated, while the non-Agency market is expected to continue growing as a share of total originations, with Onslow Bay positioned to maintain healthy loan acquisition and securitization issuance volumes. The company plans to opportunistically grow its mortgage servicing rights portfolio through expanded flow acquisition channels and synergistic relationships with large originators and servicers, with the MSR portfolio distinguished by significantly out-of-the-money note rates and high credit quality borrowers. Management remains flexible with historically low leverage and significant liquidity, and expects to continue out-earning its dividend while maintaining a conservative rate posture.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.1B | - | - | 1.5B | 1.7B |
| Net Income | 2.0B | 1.9B | 847M | -1.8B | 1.6B | 2.3B |
| EPS | $2.90 | $2.92 | $1.62 | $-3.61 | $3.92 | $19.17 |
| Free Cash Flow | 0 | 693M | 3.3B | 2.4B | 5.4B | 3.1B |
| ROIC | 0.0% | 26.7% | 30.0% | 14.2% | 23.7% | 18.6% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.27 | 0.91 | 0.82 | 0.40 | 0.49 | 0.28 |
| Dividends/Share | $0.80 | $0.77 | $0.72 | $0.66 | $1.00 | $2.70 |
| Operating Income | 0 | 6.7B | 5.5B | 2.1B | 3.0B | 2.5B |
| Operating Margin | 0.0% | - | - | - | - | - |
| ROE | 12.4% | 13.0% | 7.1% | -15.8% | 13.2% | 16.8% |
| Shares Outstanding | 730M | 640M | 523M | 494M | 412M | 119M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.1B | 1.7B | 1.6B | 1.5B | 1.4B | N/A | 1.3B | 1.7B | 1.5B | N/A | N/A | 1.1B | 1.4B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 209M | 200M | 250M | 224M | 330M | 272M | 222M | 186M | 163M | 163M | 171M | 200M | 204M |
| EBIT | -396M | 864M | 2.0B | 2.5B | 1.8B | 475M | -163M | 2.5B | 3.0B | 2.1B | 5.5B | 6.7B | 0 |
| Op. Margin | -18.7% | 50.9% | N/A | N/A | N/A | N/A | -12.2% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Net Income | -914M | 395M | 1.4B | 1.5B | -75M | -2.3B | -1.0B | 2.3B | 1.6B | -1.8B | 847M | 1.9B | 2.0B |
| Net Margin | -43.1% | 23.2% | 87.0% | 98.3% | -5.2% | N/A | -77.7% | 131.6% | 109.9% | N/A | N/A | 164.6% | 147.9% |
| Non-Recurring | 94M | 86M | 33M | -3.9M | -1.1B | 0 | 0 | -279M | -40M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -7.1% | 7.8% | 17.6% | 18.0% | 12.6% | 3.2% | -1.1% | 18.6% | 23.7% | 14.2% | 30.0% | 26.7% | 0.0% |
| ROE | -7.1% | 3.1% | 11.0% | 10.6% | -0.5% | -15.4% | -6.9% | 16.8% | 13.2% | -15.8% | 7.1% | 13.0% | 12.4% |
| ROA | -1.1% | 0.5% | 1.7% | 1.5% | -0.1% | -1.9% | -0.9% | 2.8% | 2.0% | -2.0% | 0.9% | 1.6% | 1.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 6.1B | 3.6B | 1.6B | 1.6B | 2.6B | -1.2B | 528M | 3.1B | 5.4B | 2.4B | 3.3B | 693M | -552M |
| Free Cash Flow | 6.1B | 3.6B | 1.6B | 1.6B | 2.6B | -1.2B | 528M | 3.1B | 5.4B | 2.4B | 3.3B | 693M | 0 |
| Owner Earnings | 6.1B | 3.6B | 1.5B | 1.6B | 2.6B | -1.2B | 514M | 3.1B | 5.3B | 2.3B | 3.3B | 662M | -588M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 4.6M | 20M | 35M | 27M | 8.7M | 7.6M | 10M | 7.2M | 3.4M | 2.9M | 2.7M | 2.7M | 2.7M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 4.6M | 20M | 35M | 27M | 8.7M | 7.6M | 10M | 7.2M | 3.4M | 2.9M | 2.7M | 2.7M | 2.7M |
| CapEx/OCF | 3.1% | N/A | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.2B | 281M | 306M | 348M | 394M | 358M | 308M | 321M | 412M | 325M | 376M | 495M | 584M |
| Dividend Yield | 35.0% | 8.2% | 7.5% | 6.2% | 6.0% | 4.7% | 4.6% | 14.5% | 6.6% | 4.8% | 4.6% | 4.1% | 3.6% |
| Share Buybacks | 0 | 114M | 103M | 0 | 0 | 224M | 209M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 4.4% | 3.2% | N/A | N/A | 3.6% | 3.4% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.1M | 1.2M | 7.0M | 1.4M | N/A | 0 | 3.7M | 9.8M | 19M | 17M | 23M | 28M | 33M |
| Debt Repayment | 0 | 858M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -1.6B | -1.4B | -158M | -93.0B | -93.4B | -113.2B | -74.5B | -61.3B | 3.9B | 3.1B | 8.8B | 12.6B | 2.6B |
| Cash & Equiv. | 1.7B | 1.8B | 1.5B | 707M | 1.7B | 1.9B | 1.2B | 1.3B | 1.6B | 1.4B | 1.5B | 2.0B | 1.9B |
| Long-Term Debt | 127M | 338M | 315M | 313M | 517M | 491M | 430M | -2.2M | 0 | 0 | N/A | N/A | 4.5B |
| Debt/Equity | 0.01 | 0.03 | 0.11 | 0.02 | 0.07 | 0.22 | 0.17 | 0.28 | 0.49 | 0.40 | 0.82 | 0.91 | 0.27 |
| Interest Coverage | -0.8 | 1.8 | 3.1 | 2.5 | 1.0 | 0.2 | -0.2 | 10.2 | 2.3 | 0.5 | 1.2 | 1.4 | 1.4 |
| Equity | 13.3B | 11.9B | 12.6B | 14.9B | 14.1B | 15.8B | 14.0B | 13.2B | 11.3B | 11.3B | 12.6B | 16.1B | 16.3B |
| Total Assets | 88.4B | 75.2B | 87.9B | 101.8B | 105.8B | 130.3B | 88.5B | 76.8B | 81.9B | 93.2B | 103.6B | 135.6B | 138.5B |
| Total Liabilities | 75.0B | 63.3B | 75.3B | 86.9B | 91.7B | 114.5B | 74.4B | 63.6B | 70.5B | 81.9B | 90.9B | 119.4B | 122.2B |
| Intangibles | 38M | 39M | 34M | 23M | 29M | 21M | 56M | 24M | 17M | 12M | 9.4M | 6.7M | 6.1M |
| Retained Earnings | -2.6B | -3.3B | -3.1B | -3.0B | -4.5B | -8.3B | -10.7B | -9.7B | -9.5B | -12.6B | -13.2B | -13.2B | -13.4B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | -2.88 | 1.26 | 4.17 | 4.11 | -0.18 | -4.80 | -2.22 | 19.17 | 3.92 | -3.61 | 1.62 | 2.92 | 2.90 |
| Owner EPS | 19.29 | 11.57 | 4.75 | 4.52 | 6.28 | -2.52 | 1.10 | 25.70 | 12.99 | 4.75 | 6.28 | 1.03 | -0.81 |
| Book Value | 42.00 | 37.99 | 38.78 | 41.85 | 33.91 | 32.97 | 30.06 | 110.62 | 27.36 | 22.77 | 24.11 | 25.13 | 22.28 |
| Cash Flow/Share | 19.31 | 11.63 | 4.88 | 4.59 | 6.30 | -2.50 | 1.13 | 25.84 | 13.04 | 4.79 | 6.33 | 1.08 | 2.78 |
| Dividends/Share | 3.60 | 0.90 | 0.94 | 0.98 | 0.95 | 0.75 | 0.66 | 2.70 | 1.00 | 0.66 | 0.72 | 0.77 | 0.80 |
| Shares Out. | 317.4M | 313.2M | 324.1M | 355.2M | 416.1M | 479.1M | 466.1M | 119.1M | 411.9M | 494.4M | 523.1M | 640.2M | 730.3M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 6.5 | 2.3 | 3.2 | N/A | N/A | N/A | 2.9 | 3.6 | N/A | 9.8 | 7.7 | 7.7 |
| P/FCF | 0.6 | 0.9 | 2.7 | 3.8 | 2.5 | N/A | 15.2 | 0.7 | 1.1 | 3.2 | 2.5 | 20.7 | N/A |
| EV/EBIT | N/A | N/A | 1.0 | 28.5 | N/A | N/A | 4.6 | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.7 | 0.7 | 0.9 | 1.0 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | 7.7 | 3.8 | 4.2 | N/A | N/A | 10.7 | 12.0 |
| FCF Yield | 225.8% | 141.0% | 50.0% | 35.3% | 52.5% | -19.4% | 8.6% | 46.9% | 93.1% | 31.6% | 39.7% | 4.8% | N/A |
| Market Cap | 2.7B | 2.6B | 3.2B | 4.6B | 5.0B | 6.2B | 6.1B | 6.6B | 5.8B | 7.5B | 8.3B | 14.4B | 16.4B |
| Avg. Price | 10.89 | 10.93 | 12.62 | 15.80 | 15.70 | 16.01 | 14.34 | 18.57 | 15.16 | 13.74 | 15.73 | 18.89 | 22.45 |
| Year-End Price | 11.40 | 11.00 | 13.00 | 17.36 | 16.01 | 17.22 | 17.25 | 18.38 | 14.01 | 15.17 | 15.96 | 22.44 | 22.45 |
ANNALY CAPITAL MANAGEMENT INC passes 3 of 9 quality checks, indicating weak fundamentals.
ANNALY CAPITAL MANAGEMENT INC trades at 7.7x trailing earnings, compared to its 15-year median P/E of 3.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 20.7x vs a median of 2.7x. The company's 5-year average ROIC is 22.7%. Total shareholder yield (dividends) is 3.6%. At current prices, the estimated annualized return to fair value is +10.7%.
ANNALY CAPITAL MANAGEMENT INC (NLY) has a net profit margin of 164.6%. This is a strong margin indicating high profitability.
ANNALY CAPITAL MANAGEMENT INC (NLY) generated $693 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ANNALY CAPITAL MANAGEMENT INC (NLY) has a debt-to-equity ratio of 0.91. This indicates moderate leverage.
ANNALY CAPITAL MANAGEMENT INC (NLY) reported earnings per share (EPS) of $2.92 in its most recent fiscal year.
ANNALY CAPITAL MANAGEMENT INC (NLY) has a return on equity (ROE) of 13.0%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for ANNALY CAPITAL MANAGEMENT INC (NLY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ANNALY CAPITAL MANAGEMENT INC (NLY) has a book value per share of $25.13, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects each of the three investment strategies to continue delivering strong risk-adjusted returns through 2026, supported by a constructive housing finance backdrop and improved market technicals. Agency spreads have tightened but remain compelling with low to mid-teen prospective returns anticipated, while the non-Agency market is expected to continue growing as a share of total originations, with Onslow Bay positioned to maintain healthy loan acquisition and securitization issuance volumes. The company plans to opportunistically grow its mortgage servicing rights portfolio through expanded flow acquisition channels and synergistic relationships with large originators and servicers, with the MSR portfolio distinguished by significantly out-of-the-money note rates and high credit quality borrowers. Management remains flexible with historically low leverage and significant liquidity, and expects to continue out-earning its dividend while maintaining a conservative rate posture.