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Annaly Capital Management Inc NLY

Real Estate — Reit Mortgage
Dividend Champion (3y)
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
6.99
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — 2 — — 4 — 1 1 — — 1 —
Insider Ownership
0.00%

Capital & Financial Ratios

Market Cap
15,940.00
Revenue
8,358.52
Net Income
2,979.30
Free Cash Flow
(127.55)
Net Debt
(2,945.13)
Current Ratio
0.13
Debt/Equity
0.00
P/E ratio
5.26
P/S ratio
1.86
P/B ratio
1.02
Past 5Y EPS Growth
(70.88%)
This Y EPS Growth
5.98%
Next Y EPS Growth
0.94%
Next 5Y EPS Growth
1.10%
in millions of $

Dividends

Payout Ratio
0.47
Annual Dividend Rate
2.60
Annual Dividend Yield
13.69%
total individual payouts
2028 ‡‡‡
2027 ‡‡‡‡‡
2026 2.94
—
—
—
2025 2.80
—
—
—
—
2024 2.60
—
—
—
—
2023 2.60
—
—
—
—
2022 3.52
—
—
—
—
2021 3.52
—
—
—
—
2020 3.64
—
—
—
—
2019 4.20
—
—
—
—
2018 4.80
—
—
—
—
—
2017 4.80
—
—
—
—
2016 4.80
—
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 1,412.15 1,488.03 2,072.23 2,945.13
Receivables — — — —
Inventory — — — —
Other — — — —
7,698.16 8,305.41 8,020.70 11,177.38
2023 2024 2025 Q'26
Payables 3,249.39 308.28 2,059.39 331.59
ST’ Debt — — — —
Other — — — —
65,738.87 66,265.52 84,305.80 87,648.23
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡ ‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 1,613.80 2,216.87 — —
—
’25 1,283.77 1,256.52 2,142.33 2,385.53
7,068.15
’24 1,603.74 1,171.76 1,336.08 1,679.05
5,790.62
’23 11.32 1,171.84 530.04 693.30
2,406.50
’22 2,171.13 1,093.25 160.13 (180.05)
3,244.46
’21 1,874.69 (175.14) 609.09 527.58
2,836.21
’20 (3,085.79) 1,109.09 1,184.98 994.83
203.11
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 (1,401.44) 1,619.45 — —
—
’25 (156.27) 180.74 24.09 644.34
692.91
’24 1,697.89 477.07 (1,672.78) 2,808.48
3,310.66
’23 (1,018.97) 1,136.64 1,871.01 378.52
2,367.20
’22 2,029.15 687.70 2,453.98 201.58
5,372.41
’21 1,064.55 506.49 644.24 861.56
3,076.84
’20 (2,023.26) 682.97 1,000.47 867.79
527.97
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (1,902.31) 1,563.20 — —
—
’25 (541.54) 141.92 417.82 (206.25)
(188.05)
’24 1,182.13 478.14 (1,607.58) 1,945.36
2,513.81
’23 (1,054.80) 923.29 1,871.01 (18.28)
1,970.40
’22 2,029.15 1,836.66 2,453.98 (798.68)
4,372.15
’21 1,068.82 560.40 644.24 878.63
3,147.82
’20 (2,023.26) 1,193.38 1,000.47 1,017.39
677.57
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.33 1.06 — —
—
’25 0.15 0.03 1.20 1.40
2.92
’24 0.85 (0.09) 0.05 0.78
1.62
’23 (1.79) 0.27 (1.21) (0.88)
(3.61)
’22 5.44 2.20 (0.70) (1.96)
3.92
’21 4.92 (0.92) 1.36 1.08
6.40
’20 (10.28) 2.32 2.80 2.40
(2.92)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

1.6
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 15.11 14.52 17.67 16.60 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 32.72 24.43 21.11 23.38 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 161 187 191 212 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 20.15 12.87 30.32 33.34 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,244.46 2,406.50 5,790.62 7,068.15 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 59.63% (59.69%) 20.70% 31.75% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,771.99 (1,599.02) 1,027.03 2,044.82 ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 54.62% (66.45%) 17.74% 28.93% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,726.42 (1,638.46) 1,011.77 2,051.69 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 102.93 224.36 146.98 245.43 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.89 4.87 11.10 11.05 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡ 3.93 (3.61) 1.62 2.92 ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13.06 4.79 6.35 1.08 — — —
Cash Flow/Sh
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.43) (0.80) (1.53) (1.38) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.63 3.98 4.82 (0.29) — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 27.64 22.94 24.34 25.27 ‡‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 411.35 494.54 521.74 639.51 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ 4.27 0.00 11.51 8.01 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.72 3.96 1.65 2.02 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.90 0.97 0.86 1.00 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 22.96 35.96 12.99 11.22 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.62) 111.07 36.58 (610.72) — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5,372.41 2,367.20 3,310.66 692.91 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1,000.26) (396.81) (796.85) (880.96) — — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4,372.15 1,970.40 2,513.81 (188.05) ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (56,396.79) (58,040.71) (57,960.11) (76,285.10) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 67,261.16 13,733.09 2,470.63 — — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 65,684.45 12,320.94 982.60 (2,072.23) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11,369.43 11,345.09 12,696.95 16,159.91 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.04% (2.04%) 0.86% 1.56% ‡‡‡‡‡ — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.44% (4.22%) 4.69% 9.07% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 15.03% (18.17%) 8.08% 14.65% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Annaly Capital Management (NLY), a leading mREIT, has endured a decade of interest rate volatility, macroeconomic shocks, and leverage risks reminiscent of past crises, yet demonstrated remarkable resilience with a dramatic 2024 turnaround: revenue surged 141% to $5.79 billion, net income flipped to $1.01 billion from 2023 losses, and the balance sheet strengthened through aggressive deleveraging, slashing debt by 98% while building a cash surplus. This rebound, fueled by peaking short-term rates and stabilizing yields, has boosted gross margins from negative territory to positive, with analysts forecasting robust growth—2025 revenue at $7.07 billion and net income at $2.49 billion, implying EPS of $3.46 and ROE near 15% through 2027.

However, caution flags abound: shares outstanding have ballooned 115% since 2016, eroding book value per share by 53% to $24.34, while recent insider selling exceeding $5.3 million (including by CEO and CFO) signals limited conviction amid persistent book value pressure. Trading at ~0.9x book value in the middle of its historical range, NLY offers modest 8% upside per analyst targets, with free cash flow supporting its ~13% dividend yield but vulnerable to Fed path shifts or housing slowdowns.

This mid-cycle recovery evokes post-hike rallies like 2016-2017, potentially delivering 10-15% annualized returns if rate cuts widen margins without recession. Yet dilution and macro risks temper the bull case—read the full analysis for detailed trends, projections, and strategic insights.

Read full commentary →

Annaly Capital Management Inc (NLY) Latest News

News by impact score

Fine-tune

20 Sep

4 Simply Wall St., 5:11 PM
Annaly Capital Management confirmed a Q3 2026 cash dividend of $0.75 per share, payable Oct 30 to shareholders of record on Sep 30. Despite the payout, the stock has fallen, down about 9.1% over the past month and 8.08% year-to-date, with a price of $21.05. Longer-term returns remain solid (12.43% over 1 year; 58.52% over 3 years). A “12% undervalued” narrative flags a fair value near $24, suggesting potential upside. The bull case rests on a strategic shift to higher-coupon Agency MBS (6% and 6.5%), improved financing costs and leverage, and a $400 million accretive equity raise that could lift earnings available for distribution. Risks include interest-rate volatility, wider mortgage spreads, and non-agency competition. Valuation shows NLY at ~5.7x P/E vs. 8.3x sector (11.1x fair), implying possible mispricing if risks aren’t adequately priced in. Fresh dividend and a $400M equity raise tied to a higher-coupon Agency MBS tilt could materially alter earnings power and sentiment.

19 Sep

3 www.fool.com, 2:35 PM
Annaly Capital's 13% dividend faces scrutiny over sustainability across a full interest rate cycle. Dividend sustainability questions in shifting rate environments may affect short-term investor sentiment and stock valuation.

17 Sep

3 www.tikr.com, 9:48 AM
Annaly Capital Management Inc raised its dividend to $0.75 after nine quarters of EAD coverage. Dividend hike after sustained EAD coverage signals improved payout capacity with direct effects on investor sentiment and near-term stock performance.

29 Jul

3 , 12:00 PM
Annaly Capital Management Inc (NLY) received an upgrade to Buy rating from analysts based on positive factors affecting its performance. Buy rating upgrade can lift short-term investor sentiment and NLY share price without altering long-term fundamentals.

23 Jul

3 www.fool.com, 11:29 AM
Annaly Capital Management's EAD exceeded its dividend for the ninth straight quarter, reinforcing support for its 12.5%+ yielding payout. Repeated EAD outperformance confirms dividend coverage stability without shifting core business trajectory.

3 , 10:00 AM
Annaly Capital Management Inc highlighted its housing finance strategy during the Q2 earnings call. Q2 earnings call housing finance strategy update moderately influences operations and investor sentiment.

22 Jul

4 transcript , 5:00 PM
Annaly Capital Management Inc posted strong economic returns in Q2 2026 earnings call. Strong Q2 2026 economic returns indicate major positive shift in financial performance and investor outlook.

4 transcript app.moby.co, 8:30 AM
Annaly Capital Management Inc held its Q2 2026 earnings call covering financial results, portfolio performance, and management commentary on operations and outlook. Q2 earnings data and forward guidance directly shape investor views on NLY valuation and dividend sustainability.

3 transcript www.marketbeat.com, 12:06 PM
Annaly Capital Management Inc held its Q2 earnings call, covering financial results, portfolio performance, and forward strategy for the mortgage REIT. Q2 earnings details can influence near-term stock performance and investor sentiment for Annaly Capital.

3 , 10:58 AM
Annaly Capital Management beat Q2 earnings estimates with year-over-year net interest income growth. Q2 earnings beat and net interest income growth point to stronger financial results that can moderately shift near-term investor views.

21 Jul

3 , 4:15 PM
Annaly Capital Management Inc reported its second quarter 2026 financial results. Quarterly earnings updates can moderately shift views on financial performance and near-term stock movement.

20 Jul

3 , 1:06 PM
Higher net interest income and servicing income are projected to support Annaly Capital Management Inc's Q2 earnings. Earnings outlook tied to core income drivers can moderately shift near-term investor sentiment and share price.

15 Jul

3 www.fool.com, 2:35 PM
Annaly Capital Management Inc's dividend yield reaches 13%, with payout sustainability requiring specific conditions to remain in place. Dividend sustainability focus for Annaly may sway investor sentiment and short-term valuation without altering core operations.

7 Jul

3 247wallst.com, 8:50 AM
JP Morgan adds Annaly Capital Management Inc (NLY) to its July US Equity Analyst Focus List as one of its favorite dividend stocks. JP Morgan focus list addition provides positive analyst visibility that can lift short-term NLY investor sentiment and trading activity.

27 Jun

3 , 11:10 PM
Annaly Capital Management Inc (NLY) anticipates EPS gains that may alter its income strategy approach. Expected EPS gains may moderately influence Annaly Capital Management's financial performance and investor perceptions.

24 Jun

3 www.marketbeat.com, 11:15 AM
Annaly Capital Management Inc raises dividends resulting in yields above 10% and dividend growth over 10%. Dividend increases directly affect shareholder returns and market perception of the company's financial health.

18 Jun

3 247wallst.com, 12:37 PM
Three Federal Reserve rate cuts have lowered risks for mortgage REITs, improving net interest margins and making dividends from Annaly Capital Management Inc safer and more sustainable. Fed cuts stabilize borrowing costs and margins for mortgage REITs including NLY, supporting dividend reliability and investor sentiment.

16 Jun

3 , 12:17 PM
Questions persist over Annaly Capital Management Inc's ability to sustain capital returns amid prevailing interest rate and portfolio pressures. Capital return capacity directly shapes dividend sustainability and valuation for mortgage REITs.

12 Jun

3 www.fool.com, 9:35 AM
Annaly Capital Management Inc raises its dividend by 7.1% to deliver a 12.5% yield. Dividend hike affects near-term investor sentiment and share price but does not shift Annaly's core operations or competitive position.

10 Jun

3 Business Wire, 4:15 PM
Annaly Capital Management Inc raises its second quarter 2026 common stock dividend to $0.75 per share. Dividend hike signals stable cash flow and can lift near-term investor sentiment for NLY.

31 May

4 www.fool.com, 5:35 PM
Annaly Capital Management's hedging strategy is positioned to determine company performance and market results over the next 12 months. Hedging approach is framed as a central driver that can materially alter Annaly Capital's trajectory and investor views.

6 May

4 247wallst.com, 10:04 AM
REM’s mortgage REIT portfolio rallied 19% as Federal Reserve easing enhances income safety for these investments. Fed easing drives 19% rally in mortgage REIT ETF, significantly lifting NLY's sector positioning and performance outlook.

25 Apr

4 Simply Wall St., 11:06 AM
Investors react positively to Annaly Capital Management (NLY) earnings beat and strategic shift in housing finance, signaling improved performance amid market changes. Earnings beat drives immediate positive sentiment while housing finance shift represents a major strategic pivot altering NLY's trajectory.

24 Apr

4 www.marketbeat.com, 2:07 AM
Annaly Capital Management Inc (NLY) released Q1 earnings call highlights covering financial performance, portfolio updates, and outlook amid interest rate environment. Q1 earnings highlights disclose core financial metrics, dividend sustainability, and hedging strategies directly influencing NLY's valuation and investor confidence.

23 Apr

4 GuruFocus.com, 3:03 AM
Annaly Capital Management Inc (NLY) Q1 2026 earnings call highlights navigating market challenges, covering financial performance, strategic adjustments, and outlook amid volatility. Q1 2026 earnings highlights detail market navigation strategies poised to significantly influence NLY's financial trajectory and investor sentiment.

22 Apr

4 transcript www.fool.com, 3:17 PM
Annaly Capital Management (NLY) Q3 2024 earnings call transcript details financial results, portfolio performance, net interest margins, dividend policy, and management's outlook amid interest rate environment. Q3 earnings results, book value updates, and forward guidance significantly shape investor expectations and NLY's stock trajectory.

4 transcript www.fool.com, 11:20 AM
Annaly Capital Management (NLY) Q1 2026 earnings call transcript details quarterly financial results, management discussions, strategic updates, and forward guidance. Quarterly earnings results, book value changes, dividend announcements, and outlook guidance directly shape NLY's valuation, investor sentiment, and market trajectory.

4 Zacks, 10:36 AM
Annaly Capital Management Inc (NLY) Q1 earnings beat estimates, with net interest margin improving year-over-year. Earnings beat and NIM improvement indicate stronger profitability, significantly enhancing investor sentiment and future performance outlook.

4 app.moby.co, 8:30 AM
Annaly Capital Management Inc (NLY) Q1 2026 earnings call summary covers financial results, portfolio updates, dividend policy, and management's outlook amid interest rate environment. Quarterly earnings call summaries reveal financial performance and guidance that significantly influence investor sentiment and stock trajectory.

21 Apr

4 Zacks, 5:35 PM
Annaly Capital Management Inc (NLY) beat Q1 earnings estimates. Beating Q1 earnings estimates signals robust financial performance, likely boosting investor sentiment and stock price trajectory.
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