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Friday 6 November 2026 Export NLY’s income statement to Excel — free account

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

18.77 0.08 −0.42%
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
Overview Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Annaly Capital Management Inc (NLY) valuation and DCF model

What the price implies · reverse DCF

At $18.77 the price implies FFO a share growing −0.3% a year for ten years.

FFO a share grew 23.0% a year over the last ten years. The price asks for 23.3 points a year less than its ten-year rate. The industry’s median company is priced for 3.2%.

In December 2017 the price assumed 4.9% a year; Annaly Capital Management Inc went on to grow FFO a share 10.0% a year to FY2025.

FFO a share is worked out from Annaly Capital Management Inc’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

The last twelve months include the quarter to December 2025, when FFO a share was $1.41 against a median of $0.16 in its other recent quarters; the headline reads the price through all four.

Price implies
−0.3%
Last 10 years, reported
23.0%
Industry median implies
3.2%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−0.3% a year for ten years
$18.77
today’s price
Its base case
20.0% a year for five years, then 12.0%
$65.69
250.1% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Annaly Capital Management Inc’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing −0.3% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Annaly Capital Management Inc’s own cost of capital: risk-free 4.3% + beta 1.31 × equity premium 4.5% = 10.2% cost of equity; weighted, 10.2%.

Use 10.2%
Base case value per share $65.69 ten years discounted, and what follows
Current price $18.77 market price per share
Above today’s price 250.1% upside at the base case’s assumptions

How we got there$22.79 10 years of FFO+$42.91 terminal value=$65.69 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Mortgage).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 13.20× 8.37× 15.04× 12% below 14.55× 9% below
P/FCF 4.76× 6.76× 6.66× 29% below 4.35× 9% above
P/B 1.02× 0.95× 0.95× 7% above 0.52× 95% above
EV/Sales 2.18× 3.95× 15.54× 86% below 15.73× 86% below
P/FFO 12.77× 11.07× 28.96× 56% below — —
P/E P/FCF P/B EV/Sales P/FFO
14.07×39.98×65.88×91.79×10Y avg 28.96×201520162017201820212022202420252026

NLY trades at 12.77× P/FFO, against a 10-year average of 28.96× (range 5.31×–99.76×). That is cheaper than 63% of the last 8 year-end readings; re-rating to the average implies $42.53 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.