Annaly Capital Management Inc

NLY Real Estate Reit Mortgage

Annaly Capital Management Inc’s revenue for fiscal 2025 (year ended December 2025) was $7.1 billion, up 22.1% from fiscal 2024.

Revenue
−76.9%
EPS
−212.4%
Free cash flow
+741.7%

Quarter to September 2026, against a year earlier

18.91 0.06 +0.32%
Market cap
$14.9B
P/E
13.2×
Fwd P/E
18.4×
Dividend yield
15.4%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a

Insider Decisions last twelve months

Sold, $m 6.35
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 4 — 1 1 — — 1 — — 1
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 14,850.00
Revenue ttm 6,711.85
Net income ttm 1,135.54
Free cash flow ttm 2,971.49
Net debt Q (2,213.32)
Valuation
P/E 13.20
Forward P/E 18.40
Price / sales 2.15
Forward P/S Powerpack
Price / FCF 4.76
Price / book 1.02
Financial health
Current ratio Q 0.12
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q −76.86% (below 0%: shrinking)
Operating income growth Q −217.85% (below 0%: shrinking)
EPS, this year +7.25%
EPS, next year A −0.24% (below 0%: weak)
Revenue, next year A −70.80% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +1.75%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 79.34%
10-year low 10-year high
P/S against its own 10 years 17.14%
10-year low 10-year high
P/B against its own 10 years 77.34%
10-year low 10-year high
EV/Sales against its own 10 years 11.01%
10-year low 10-year high
EV/FCF against its own 10 years 34.59%
10-year low 10-year high

Dividends

Yield
15.4%
Annual rate
2.90
Payout ratio
202.8%
Growth, 2017–25
−6.52%/yr
  1. 4.80 ’17
  2. 4.80 ’18 +0
  3. 4.20 ’19 −12
  4. 3.64 ’20 −13
  5. 3.52 ’21 −3
  6. 3.52 ’22 +0
  7. 2.60 ’23 −26
  8. 2.60 ’24 +0
  9. 2.80 ’25 +8
  10. 2.95 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,412 1,488 2,072 2,213
Receivables — — — —
Inventory — — — —
Other — — — —
7,698 8,305 8,021 10,671
2023 2024 2025 Q'26
Payables 3,249 308 2,059 1,108
ST’ Debt — — — —
Other — — — —
65,739 66,266 84,306 86,953

Compound Annual Growth %

10y 5y 3y
Sales 20.06% 103.38% 29.63%
Cash Flow 0.00% 5.59% (49.48%)
Earnings 16.83% 0.00% 5.00%
Book Value 3.10% 2.88% 12.43%

Earnings Trends EPS, adjusted, against the consensus

EPS $

Mar Jun Sep Dec Year
’26 0.33 1.06 (1.36) — —
’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)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,614 2,217 496 — —
’25 1,284 1,257 2,142 2,386 7,068
’24 1,604 1,172 1,336 1,679 5,791
’23 11 1,172 530 693 2,406
’22 2,171 1,093 160 (180) 3,244
’21 1,875 (175) 609 528 2,836
’20 (3,086) 1,109 1,185 995 203
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,401) 1,619 2,856 — —
’25 (156) 181 24 644 693
’24 1,698 477 (1,673) 2,808 3,311
’23 (1,019) 1,137 1,871 379 2,367
’22 2,029 688 2,454 202 5,372
’21 1,065 506 644 862 3,077
’20 (2,023) 683 1,000 868 528
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,902) 1,563 3,517 — —
’25 (542) 142 418 (206) (188)
’24 1,182 478 (1,608) 1,945 2,514
’23 (1,055) 923 1,871 (18) 1,970
’22 2,029 1,837 2,454 (799) 4,372
’21 1,069 560 644 879 3,148
’20 (2,023) 1,193 1,000 1,017 678
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing −0.2% a year for ten years. It grew 23.0% a year over the last ten.

Implied
−0.2%
10 years, reported
23.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,339 2,808 2,280 883 203 2,836 3,244 2,406 5,791 7,068 6,712 +13.1% 2,064 2,290 2,414 (30.1%)
Gross margin, % 71.88 64.10 16.74 (215.49) (342.67) 91.21 59.63 (59.69) 20.70 31.75 20.33 (40.1) pt
EBT 1,431 1,576 52 (2,174) (918) 2,401 1,772 (1,599) 1,027 2,045 1,150 +4.0%
EBT margin, % 61.18 56.12 2.27 (246.28) (452.06) 84.65 54.62 (66.45) 17.74 28.93 17.13 (32.2) pt
Net income 1,433 1,569 54 (2,163) (890) 2,396 1,726 (1,638) 1,012 2,052 1,136 +4.1%
Per share, $
Per share, $ Revenue 9.65 10.54 7.54 2.46 0.57 7.95 7.89 4.87 11.10 11.05 8.78 +1.5%
Earnings 5.56 5.48 (0.24) (6.40) (2.92) 6.40 3.93 (3.61) 1.62 2.92 1.43 (6.9%)
Cash flow 6.52 6.13 8.67 (3.34) 1.49 8.62 13.06 4.79 6.35 1.08 4.86 (18.1%)
Capex 0.00 0.00 0.00 0.07 0.42 0.20 (2.43) (0.80) (1.53) (1.38) (0.98) n/m
Free cash flow 6.52 6.13 8.67 (3.27) 1.92 8.82 10.63 3.98 4.82 (0.29) 3.89 n/m
Book value 51.87 55.81 46.69 44.03 39.65 36.98 27.64 22.94 24.34 25.27 20.79 (7.7%)
Shares, m 242 266 302 359 354 357 411 495 522 640 716 +11.4%
Valuation, ×
Valuation, × P/E 8.33 8.77 61.38 0.00 0.00 4.86 4.27 0.00 11.51 8.01 13.20 10.7
P/S 4.18 4.43 5.21 15.31 58.85 3.94 2.72 3.96 1.65 2.02 2.15 10.2
P/B 0.86 0.95 0.96 0.98 0.96 0.96 0.90 0.97 0.86 1.00 1.02 0.9
EV/Sales 5.08 5.24 5.63 19.59 80.56 24.59 4.62 9.08 1.82 2.07 2.18 15.8
EV/FCF 7.52 9.01 4.90 (0.33) (0.32) (1.44) (0.33) 28.04 5.12 (112.60) 4.82 (6.0)
Cash, $m
Cash, $m Operating cash flow 1,581 1,632 2,622 (1,200) 528 3,077 5,372 2,367 3,311 693 3,718 (8.8%)
Capex (174) (11) 0 25 150 71 (1,000) (397) (797) (881) (746) +19.7%
Free cash flow 1,581 1,632 2,622 (1,175) 678 3,148 4,372 1,970 2,514 (188) 2,971 n/m
Balance, $m
Balance, $m Working capital (63,245) (73,919) (74,289) (94,728) (60,405) 5,731 (56,397) (58,041) (57,960) (76,285) (76,282) +2.1%
Net debt 2,116 2,265 961 3,772 4,409 58,583 (1,577) (1,412) 983 (2,072) (2,213) n/m
Shareholders’ equity 12,576 14,872 14,118 15,796 14,022 13,195 11,369 11,345 12,697 16,160 15,894 +2.8%
Returns, %
Returns, % ROA 1.66 1.54 (0.07) (1.95) (0.94) 2.76 2.04 (2.04) 0.86 1.56 0.70 (0.1) pt
ROIC 6.09 5.75 0.21 (6.94) (3.11) 2.09 11.31 (10.06) 4.69 9.07 5.25 +3.0 pt
ROE 12.08 11.91 (0.59) (17.58) (7.86) 18.91 15.03 (18.17) 8.08 14.65 6.98 +2.6 pt
People
People Employees 189 152 170 175 180 171 161 187 191 212 — +1.3%
Revenue/emp, $m 12.38 18.48 13.41 5.04 1.13 16.59 20.15 12.87 30.32 33.34 — +11.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Annaly Capital Management Inc vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NLY Annaly Capital Management Inc $14.9B 13.2× 18.4× −76.86% (below 0%: shrinking) n/m +741.71% (above 0%: growing) (187.86%) 0.00%
AGNC AGNC Investment Corp. $11.2B 441× — (loss-making) +32.45% (above 0%: growing) n/m +164.05% (above 0%: growing) 33.61% (113.46%) Compare
RITM Rithm Capital Corp. $5.3B 14.6× 10.1× +55.62% (above 0%: growing) +8.33% (above 0%: growing) +34.64% (above 0%: growing) 100.00% 83.59% Compare
STWD STARWOOD PROPERTY TRUST, INC. $4.8B 21.8× 17.1× +15.62% (above 0%: growing) n/m +72.68% (above 0%: growing) 27.80% (2.16%) Compare
DX Dynex Capital, Inc. $2.8B 47.2× — (loss-making) +122.14% (above 0%: growing) n/m +19.26% (above 0%: growing) 100.00% 96.21% Compare
BXMT Blackstone Mortgage Trust, Inc. $1.9B — (loss-making) — (loss-making) −5.69% (below 0%: shrinking) n/m −68.73% (below 0%: shrinking) 77.32% 69.63% Compare
ARR ARMOUR Residential REIT, Inc. $1.9B — (loss-making) — (loss-making) +30.53% (above 0%: growing) n/m +361.70% (above 0%: growing) 100.00% 93.98% Compare
EFC Ellington Financial Inc. $1.5B 7.0× 5.6× +47.95% (above 0%: growing) −4.44% (below 0%: shrinking) +108.89% (above 0%: growing) 95.69% 125.46% Compare
LADR Ladder Capital Corp $1.2B 11.4× 12.9× −15.61% (below 0%: shrinking) +253.93% (above 0%: growing) +579.74% (above 0%: growing) 100.00% 54.14% Compare
Median of peers $2.3B 18.2× 11.5× +31.49% +8.33% +90.79% 97.85% 76.61%

All 37 Reit Mortgage stocks →

From the latest earnings call

Updated

  • CEO David Finkelstein said rising rates and wider mortgage-backed securities spreads hurt Annaly’s quarterly return, while hedges offset some of the pressure on book value.
  • Finkelstein said Annaly expects earnings available for distribution to exceed its dividend in the fourth quarter and remains comfortable with the dividend.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 58.13%
Held by the ten largest 35.27%
Holder Shares Stake Change
BlackRock 87.22m 11.62% +5.49m
Vanguard 69.78m 9.30% +1.54m
State Street 29.43m 3.92% +1.27m
Geode Capital Management 20.82m 2.77% +873.72k
Fidelity (FMR) 14.29m 1.90% +41.44k
Allspring Global Investments Holdings, LLC 11.54m 1.54% −1.95m
Norges Bank 8.99m 1.20% +8.99m
Northern Trust 7.76m 1.03% +319.48k
Invesco 7.72m 1.03% +969.59k
T. Rowe Price 7.18m 0.96% −11.28m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.27m 29.35m 127.93
2024 17.83m 21.38m 91.46
2023 15.33m 16.79m 84.73
2022 14.32m 11.09m 80.79
2021 9.14m 9.51m 102.51

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 7.80%
The Vanguard Group, Inc. 6.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Annaly Capital Management Inc (NLY) Latest News

25 Oct

21 Oct

Impact 4 · · Moby transcript
Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool transcript

19 Oct

8 Oct

19 Sep

NLY metrics, ten years each

stockrow.com/NLY · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com