Blackstone Mortgage Trust, Inc. (BXMT) vs Annaly Capital Management Inc (NLY)

Blackstone Mortgage Trust, Inc. and Annaly Capital Management Inc are both Reit Mortgage companies. Annaly Capital Management Inc is the larger, with a market value of $14.9B against $1.9B — 7.8× the size. Blackstone Mortgage Trust, Inc. has negative trailing earnings, so its P/E is not meaningful; Annaly Capital Management Inc trades at 13.2×. Annaly Capital Management Inc grew revenue faster over the last twelve months: 5.50% against −1.80%. Annaly Capital Management Inc has the higher net margin (14.2% vs −24.7%) and the higher return on invested capital (5.25% vs 4.09%). Both pay a dividend; Blackstone Mortgage Trust, Inc. yields more (16.5% vs 15.4%). Across the 21 metrics below, Annaly Capital Management Inc leads on 15 and Blackstone Mortgage Trust, Inc. on 6.

Valuation

Metric BXMT NLY Reit Mortgage median
P/E n/m 13.20 14.55
P/S 1.26 2.15 1.72
P/B 0.68 1.02 0.52
Price to free cash flow 6.10 4.76 4.35
EV/EBITDA 13.69 n/m 28.27
EV/Sales 10.25 2.18 15.73
Earnings yield (19.53%) 7.58% 0.23%
Free cash flow yield 16.40% 21.01% 13.86%

Profitability

Metric BXMT NLY Reit Mortgage median
Gross margin 78.72% 20.33% 100.00%
Operating margin 71.10% 0.00% 31.94%
Net margin (24.71%) 14.18% (1.81%)
Free cash flow margin 20.73% 44.27% 27.05%
Return on equity (11.65%) 6.98% (0.49%)
Return on assets (2.02%) 0.70% (0.06%)
Return on invested capital 4.09% 5.25% 0.79%

Growth

Metric BXMT NLY Reit Mortgage median
Revenue growth (TTM) (1.80%) 5.50% 1.39%
EPS growth (last fiscal year) 154.70% 80.25% 45.25%
Revenue growth, 5-year CAGR 14.60% 103.38% 14.60%
Net income growth, 5-year CAGR (4.46%) 0.00% 0.00%

Health

Metric BXMT NLY Reit Mortgage median
Debt to equity 4.98 0.00 2.91
Current ratio 0.00 0.12 0.82
Net debt to EBITDA 12.49 0.00 18.31

Dividend

Metric BXMT NLY Reit Mortgage median
Dividend yield 16.46% 15.37% 17.37%
Payout ratio 20.89 2.03 1.87

Size

Metric BXMT NLY Reit Mortgage median
Market cap 1.90b 14.85b 409.49m

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