Annaly Capital Management. Inc.

Real Estate Investment Trusts

NLYStrained7 of 11 basics passed

$18.34

+0.38%

Market cap $13.8B

$18.34

+0.38%

Market cap $13.8B

Annaly Capital Management Inc is an American mortgage real estate investment trust. Its business objective is to generate net income for distribution to its stockholders and optimize its returns through prudent management of its diversified investment strategies.

It is a $13.8B real estate company. Revenue grew 128.2% over the last year, and it keeps 186¢ of every dollar of sales as profit. It trades at 4.7× earnings — around the middle of its own history.

Website: annaly.com
Location: New York, NY
Employees: 212
Sector: Real Estate
Founded: 1997

Share price · 3 years

$17.98 → $18.34+2.0%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.58B
Profit: keeps 186¢ of every $1 sold; $2.95B
Free cash flow: cash left after running the business; $886M
P/E: years of profit in the price; 4.7
EPS: earnings per share, TTM; $4.60
Dividend: pays out 71% of profit; 15.21%
Shares: up 140% since 2017 — dilution; 641.0M
Volatility: beta vs the market — under 1 swings less; 1.33

Revenue, last 9 years

52-week range

Low $17.93$18.34High $24.40

Today's price is 6% of the way from the year's low to its high.

P/E vs its history5y

4.8×median 5.9×

Higher than 40% of past days — around the middle of its own history.

Valuation vs own history

P/E

4.8×

60%

P/S

7.2×

61%

EV/EBITDA

46.6×

97%

P/B

0.8×

76%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$1.14Mnet selling

Purchases$0

Sales$1.14M

Insiders trading, last 14d0 buy · 0 sell

Standing in Real Estate

Size$13.8Btop 47%
Revenue growth+30%top 4%
Net margin35%top 22%
Return on equity18%top 20%
P/E4.7×top 2%
Dividend yield15.21%top 2%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability; Growth, Health, Quality and Moat lag behind.

Valuation57

P/E vs own history40th pct · 12/25
FCF yield6.4% · 20/25
P/S1.6x · 25/25
EV/EBITDA45.2x · 0/25

Growth0

Revenue CAGR-10.0% · 0/25
Net income CAGR-4.0% · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth-32.3% · 0/25

Profitability82

ROIC14.4% · 12/25
ROE18.4% · 20/25
Net margin186.4% · 25/25
Operating margin35.2% · 25/25

Health25

Altman Zn/a · 0/25
Current ratio0.04 · 0/25
Interest coverageno interest expense · 25/25
Net cash / debtn/a · 0/25

Quality10

Piotroski F4/9 · 10/25
Beneish M0.86 · 0/25
FCF conversionn/a · 0/25
Margin stabilityσ 1501.6% · 0/25

Moat0

ROIC >12% years2/9 yrs · 0/25
Median gross marginn/a · 0/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst -215.8% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
Best year on record
$2.39B net income
FY2020Financial
Positive free cash flow every year since
6-year streak
FY2017Financial
Revenue crossed $1B
$1.48B for the year
FY2016Financial
First recorded profitable year
$1.43B net income
2016Acquisition
The company acquired Hatteras Financial for $1.5 billion in cash and stock
2013Acquisition
The company acquired CreXus Investment for $996 million
2004Acquisition
The company acquired Fixed Income Discount Advisory, an investment adviser, for $40.5 million in stock
1997Founded
Annaly Capital Management was founded in 1997 by Michael A.J

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$5 152 today — price return only

$1.1B revenue in FY2025

Revenue up 128.2% year over year

Positive free cash flow 6 years in a row

212 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strongly profitable — 186.4% net margin
Revenue growing 128.2% year over year
Strong cash conversion — FCF is 56.0% of revenue

Watch-outs

Loss-making in 3 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 11 checks passed

Revenue growing — the company sells more than a year ago+128.2% YoY
Profitable — makes more than it spends$2.95B TTM
Profit growing — earnings are higher than last year-9.0% YoY
Generates cash — cash left after running and investing$886M TTM
Debt under control — could handle its obligationscurrent ratio 0.04
Established company — not a micro-cap — lower blow-up risk$13.8B market cap
Not printing shares — share count not ballooning — you keep your slice+81.3% shares over ~5y
Proven track record — years of profitability behind it7/10 profitable years
Financially stable — balance sheet not near distresshealth score 25/100
Pays a dividend — returns cash to shareholdersyield 15.21%
Valuation not extreme — price not wildly above earningsP/E 4.7

Peer comparisonAnnaly Capital Management. Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
NLY this company	$13.8B	4.7	+128.2%	186.4%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: NLY vs WELL · NLY vs PLD · NLY vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 8Hold 5

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.58B · net income $2.95B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$1.58B

YoY 128.2%

Net income (TTM)

$2.95B

Margin 186.4%

Gross margin

37.8%

Operating margin

35.2%

P/E ratio

4.7

Dividend yield

15.21%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.3	1.7	1.5	-0.1	0.2	1.1
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	-0.9	2.4	1.8	-1.6	1.0	2.0
Net income	-0.9	2.4	1.7	-1.6	1.0	2.0
EPS (diluted)	-2.52	6.69	4.19	-3.32	1.92	3.16

Cash flowFree cash flow $886M · operating cash flow $886M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$886M

Margin 56.0%

Operating cash flow (TTM)

$886M

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.5	3.1	5.4	2.4	3.3	0.7
Capital expenditure	—	—	—	—	—	—
Free cash flow	0.5	3.1	5.4	2.4	3.3	0.7
FCF margin	39.7%	177.5%	365.7%	—	1336.0%	61.0%

Balance sheetAssets $136B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $136B of assets is financed

88%

Liabilities $119B — borrowed moneyEquity $16.1B — owners' stake

ROE

18.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.2	1.3	1.6	1.4	1.5	2.0
Total assets	88.5	76.8	81.9	93.2	103.6	135.6
Total liabilities	74.4	63.6	70.5	81.9	90.9	119.4
Total debt	—	—	—	—	—	—
Equity	14.0	13.2	11.3	11.3	12.6	16.1
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of NLY on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $18.34 · market cap $13.8B.