NLY
Annaly Capital Management, Inc.
REIT - Mortgage
Market Cap$16.08B
5Y Perf.-9.1%
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Stock Comparison
NLY vs MFA vs AGNC vs TWO vs IVR
Revenue, margins, valuation, and 5-year total return — side by side.
MFA
MFA Financial, Inc.
REIT - Mortgage
Market Cap$995M
5Y Perf.+44.2%
AGNC
AGNC Investment Corp.
REIT - Mortgage
Market Cap$9.62B
5Y Perf.-17.2%
TWO
Two Harbors Investment Corp.
REIT - Mortgage
Market Cap$1.30B
5Y Perf.-31.5%
IVR
Invesco Mortgage Capital Inc.
REIT - Mortgage
Market Cap$577M
5Y Perf.-69.5%
NLY vs MFA vs AGNC vs TWO vs IVR — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | NLY | MFA | AGNC | TWO | IVR |
|---|---|---|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $16.08B | $995M | $9.62B | $1.30B | $577M |
| Revenue (TTM) | $6.70B | $650M | $3.46B | $765M | $335M |
| Net Income (TTM) | $2.03B | $135M | $838M | $-343M | $101M |
| Gross Margin | 99.2% | 59.3% | 100.0% | 88.0% | 50.5% |
| Operating Margin | 102.6% | 41.0% | 107.1% | 57.3% | 47.1% |
| Forward P/E | 7.5x | 7.1x | 6.9x | 12.0x | 3.7x |
| Total Debt | $111.86B | $10.99B | $64M | $8.56B | $5.62B |
| Cash & Equiv. | $2.04B | $213M | $505M | $842M | $56M |
NLY vs MFA vs AGNC vs TWO vs IVR — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
NLY
MFA
AGNC
TWO
IVR
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Annaly Capital Mana… (NLY) | 100 | 90.9 | -9.1% |
| MFA Financial, Inc. (MFA) | 100 | 144.2 | +44.2% |
| AGNC Investment Cor… (AGNC) | 100 | 82.8 | -17.2% |
| Two Harbors Investm… (TWO) | 100 | 68.5 | -31.5% |
| Invesco Mortgage Ca… (IVR) | 100 | 30.5 | -69.5% |
Price return only. Dividends and distributions are not included.
Quick Verdict: NLY vs MFA vs AGNC vs TWO vs IVR
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: NLY and AGNC are tied at the top with 2 categories each (5-stock set) — the right choice depends on your priorities. AGNC Investment Corp. is the stronger pick specifically for growth and revenue expansion and recent price momentum and sentiment. MFA, TWO, and IVR also each lead in at least one category. As sector peers, any of these can serve as alternatives in the same allocation.
NLY
Annaly Capital Management, Inc.
The Real Estate Income Play
NLY has the current edge in this matchup, primarily because of its strength in long-term compounding.
- 35.5% 10Y total return vs AGNC's 46.9%
- 30.3% margin vs TWO's -44.8%
- 1.7% ROA vs TWO's -3.0%, ROIC 6.4% vs 3.1%
Best for: long-term compounding
MFA
MFA Financial, Inc.
The Real Estate Income Play
MFA ranks third and is worth considering specifically for income & stability.
- Dividend streak 1 yrs, beta 0.77, yield 18.4%
- 18.4% yield, 1-year raise streak, vs IVR's 20.1%
Best for: income & stability
AGNC
AGNC Investment Corp.
The Real Estate Income Play
AGNC is the #2 pick in this set and the best alternative if growth exposure is your priority.
- Rev growth 384.7%, EPS growth 17.6%, 3Y rev CAGR 26.4%
- 384.7% FFO/revenue growth vs TWO's -28.4%
- +39.4% vs TWO's +18.8%
Best for: growth exposure
TWO
Two Harbors Investment Corp.
The Real Estate Income Play
TWO is the clearest fit if your priority is sleep-well-at-night and defensive.
- Lower volatility, beta 0.49, current ratio 0.13x
- Beta 0.49, yield 13.2%, current ratio 0.13x
- Beta 0.49 vs IVR's 0.78, lower leverage
Best for: sleep-well-at-night and defensive
IVR
Invesco Mortgage Capital Inc.
The Real Estate Income Play
IVR is the clearest fit if your priority is value.
- Lower P/E (3.7x vs 12.0x)
Best for: value
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | AGNC | 384.7% FFO/revenue growth vs TWO's -28.4% |
| Value | IVR | Lower P/E (3.7x vs 12.0x) |
| Quality / Margins | NLY | 30.3% margin vs TWO's -44.8% |
| Stability / Safety | TWO | Beta 0.49 vs IVR's 0.78, lower leverage |
| Dividends | MFA | 18.4% yield, 1-year raise streak, vs IVR's 20.1% |
| Momentum (1Y) | AGNC | +39.4% vs TWO's +18.8% |
| Efficiency (ROA) | NLY | 1.7% ROA vs TWO's -3.0%, ROIC 6.4% vs 3.1% |
NLY vs MFA vs AGNC vs TWO vs IVR — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2021
Segment breakdown not available.
Segment breakdown not available.
Segment breakdown not available.
Segment breakdown not available.
NLY vs MFA vs AGNC vs TWO vs IVR — Financial Metrics
Side-by-side numbers across 5 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLAGNCLAGGINGIVR
Who Leads Where
AGNC leads in 2 of 6 categories
NLY leads 1 • MFA leads 0 • TWO leads 0 • IVR leads 0 • 3 tied
Explore the data ↓IVRInvesco Mortgage Capi…
0leads
TWOTwo Harbors Investmen…
0leads
MFAMFA Financial, Inc.
0leads
NLYAnnaly Capital Manage…
1leads
AGNCAGNC Investment Corp.
2leads
6 Total Categories
CATEGORYLEADERvs NLYvs MFAMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
AGNC3/6
Valuation MetricsMultiples, price ratios, and targets
Tied
—
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
AGNC5/9
Total Returns1Y, 3Y, 5Y total returns with dividends
NLY3/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
AGNC leads this category, winning 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
NLY is the larger business by revenue, generating $6.7B annually — 20.0x IVR's $335M. NLY is the more profitable business, keeping 30.3% of every revenue dollar as net income compared to TWO's -44.8%. On growth, AGNC holds the edge at +2.5% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NLYAnnaly Capital Ma… | MFAMFA Financial, In… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… | IVRInvesco Mortgage … |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $6.7B | $650M | $3.5B | $765M | $335M |
| EBITDAEarnings before interest/tax | $6.9B | $268M | $3.7B | $70M | $158M |
| Net IncomeAfter-tax profit | $2.0B | $135M | $838M | -$343M | $101M |
| Free Cash FlowCash after capex | -$222M | $91M | $604M | -$66M | $157M |
| Gross MarginGross profit ÷ Revenue | +99.2% | +59.3% | +100.0% | +88.0% | +50.5% |
| Operating MarginEBIT ÷ Revenue | +102.6% | +41.0% | +107.1% | +57.3% | +47.1% |
| Net MarginNet income ÷ Revenue | +30.3% | +20.7% | +24.2% | -44.8% | +30.2% |
| FCF MarginFCF ÷ Revenue | -3.3% | +14.0% | +17.5% | -8.7% | +46.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | -8.4% | +118.9% | +2.5% | +3.2% | -58.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +79.5% | -103.0% | +84.6% | +120.2% | +9.7% |
AGNC leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
Evenly matched — MFA and IVR each lead in 2 of 6 comparable metrics.
Valuation Metrics
At 5.2x trailing earnings, IVR trades at a 54% valuation discount to AGNC's 11.5x P/E. On an enterprise value basis, AGNC's 2.4x EV/EBITDA is more attractive than TWO's 198.1x.
| Metric | NLYAnnaly Capital Ma… | MFAMFA Financial, In… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… | IVRInvesco Mortgage … |
|---|---|---|---|---|---|
| Market CapShares × price | $16.1B | $995M | $9.6B | $1.3B | $577M |
| Enterprise ValueMkt cap + debt − cash | $125.9B | $11.8B | $9.2B | $9.0B | $6.1B |
| Trailing P/EPrice ÷ TTM EPS | 7.67x | 5.80x | 11.53x | -2.84x | 5.25x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.46x | 7.11x | 6.87x | 11.98x | 3.67x |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 18.32x | 17.07x | 2.42x | 198.07x | 19.12x |
| Price / SalesMarket cap ÷ Revenue | 2.40x | 1.14x | 1.97x | 2.15x | 1.70x |
| Price / BookPrice ÷ Book value/share | 0.89x | 0.56x | 0.86x | 0.72x | 0.67x |
| Price / FCFMarket cap ÷ FCF | — | 13.06x | 111.86x | 14.63x | 3.67x |
Evenly matched — MFA and IVR each lead in 2 of 6 comparable metrics.
Profitability & Efficiency
AGNC leads this category, winning 5 of 9 comparable metrics.
Profitability & Efficiency
NLY delivers a 14.1% return on equity — every $100 of shareholder capital generates $14 in annual profit, vs $-19 for TWO. AGNC carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to IVR's 7.05x. On the Piotroski fundamental quality scale (0–9), NLY scores 5/9 vs TWO's 3/9, reflecting solid financial health.
| Metric | NLYAnnaly Capital Ma… | MFAMFA Financial, In… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… | IVRInvesco Mortgage … |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +14.1% | +7.4% | +7.3% | -19.1% | +13.3% |
| ROA (TTM)Return on assets | +1.7% | +1.1% | +0.8% | -3.0% | +1.7% |
| ROICReturn on invested capital | +6.4% | +4.4% | +34.0% | +3.1% | +4.0% |
| ROCEReturn on capital employed | +19.7% | +5.8% | +4.9% | +16.9% | +40.4% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 | 5 | 3 | 5 |
| Debt / EquityFinancial leverage | 6.92x | 6.01x | 0.01x | 4.79x | 7.05x |
| Net DebtTotal debt minus cash | $109.8B | $10.8B | -$441M | $7.7B | $5.6B |
| Cash & Equiv.Liquid assets | $2.0B | $213M | $505M | $842M | $56M |
| Total DebtShort + long-term debt | $111.9B | $11.0B | $64M | $8.6B | $5.6B |
| Interest CoverageEBIT ÷ Interest expense | 1.42x | 1.34x | 1.32x | 0.09x | 1.46x |
AGNC leads this category, winning 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
NLY leads this category, winning 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in NLY five years ago would be worth $10,144 today (with dividends reinvested), compared to $5,499 for IVR. Over the past 12 months, AGNC leads with a +39.4% total return vs TWO's +18.8%. The 3-year compound annual growth rate (CAGR) favors NLY at 17.0% vs IVR's 9.4% — a key indicator of consistent wealth creation.
| Metric | NLYAnnaly Capital Ma… | MFAMFA Financial, In… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… | IVRInvesco Mortgage … |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +0.8% | +6.1% | +2.5% | +23.4% | +0.4% |
| 1-Year ReturnPast 12 months | +31.7% | +19.2% | +39.4% | +18.8% | +29.9% |
| 3-Year ReturnCumulative with dividends | +60.1% | +34.1% | +58.3% | +46.8% | +30.8% |
| 5-Year ReturnCumulative with dividends | +1.4% | -0.6% | -2.2% | -20.4% | -45.0% |
| 10-Year ReturnCumulative with dividends | +35.5% | +7.8% | +46.9% | -6.6% | -31.0% |
| CAGR (3Y)Annualised 3-year return | +17.0% | +10.3% | +16.5% | +13.6% | +9.4% |
NLY leads this category, winning 3 of 6 comparable metrics.
Risk & Volatility
Evenly matched — MFA and TWO each lead in 1 of 2 comparable metrics.
Risk & Volatility
TWO is the less volatile stock with a 0.49 beta — it tends to amplify market swings less than IVR's 0.78 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MFA currently trades 92.2% from its 52-week high vs IVR's 84.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NLYAnnaly Capital Ma… | MFAMFA Financial, In… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… | IVRInvesco Mortgage … |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.64x | 0.77x | 0.74x | 0.49x | 0.78x |
| 52-Week HighHighest price in past year | $24.52 | $10.57 | $12.19 | $14.17 | $9.50 |
| 52-Week LowLowest price in past year | $18.43 | $8.78 | $8.65 | $8.78 | $7.10 |
| % of 52W HighCurrent price vs 52-week peak | +91.3% | +92.2% | +87.9% | +87.4% | +84.5% |
| RSI (14)Momentum oscillator 0–100 | 52.7 | 43.8 | 52.1 | 70.7 | 43.2 |
| Avg Volume (50D)Average daily shares traded | 7.0M | 1.4M | 18.2M | 3.5M | 2.2M |
Evenly matched — MFA and TWO each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — NLY and MFA and IVR each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: NLY as "Buy", MFA as "Hold", AGNC as "Hold", TWO as "Hold", IVR as "Hold". Consensus price targets imply 13.1% upside for TWO (target: $14) vs 3.8% for AGNC (target: $11). For income investors, IVR offers the higher dividend yield at 20.08% vs NLY's 13.11%.
| Metric | NLYAnnaly Capital Ma… | MFAMFA Financial, In… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… | IVRInvesco Mortgage … |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Hold | Hold | Hold |
| Price TargetConsensus 12-month target | $24.50 | $10.25 | $11.13 | $14.00 | $9.00 |
| # AnalystsCovering analysts | 28 | 22 | 35 | 22 | 20 |
| Dividend YieldAnnual dividend ÷ price | +13.1% | +18.4% | +14.7% | +13.2% | +20.1% |
| Dividend StreakConsecutive years of raises | 1 | 1 | 0 | 0 | 0 |
| Dividend / ShareAnnual DPS | $2.94 | $1.79 | $1.58 | $1.64 | $1.61 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.1% | +1.5% | 0.0% | +0.1% | +1.5% |
Evenly matched — NLY and MFA and IVR each lead in 1 of 2 comparable metrics.
Key Takeaway
AGNC leads in 2 of 6 categories (Income & Cash Flow, Profitability & Efficiency). NLY leads in 1 (Total Returns). 3 tied.
Best OverallAGNC Investment Corp. (AGNC)Leads 2 of 6 categories
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NLY vs MFA vs AGNC vs TWO vs IVR: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is NLY or MFA or AGNC or TWO or IVR a better buy right now?
For growth investors, AGNC Investment Corp.
(AGNC) is the stronger pick with 384. 7% revenue growth year-over-year, versus -28. 4% for Two Harbors Investment Corp. (TWO). Invesco Mortgage Capital Inc. (IVR) offers the better valuation at 5. 2x trailing P/E (3. 7x forward), making it the more compelling value choice. Analysts rate Annaly Capital Management, Inc. (NLY) a "Buy" — based on 28 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — NLY or MFA or AGNC or TWO or IVR?
On trailing P/E, Invesco Mortgage Capital Inc.
(IVR) is the cheapest at 5. 2x versus AGNC Investment Corp. at 11. 5x. On forward P/E, Invesco Mortgage Capital Inc. is actually cheaper at 3. 7x.
03Which is the better long-term investment — NLY or MFA or AGNC or TWO or IVR?
Over the past 5 years, Annaly Capital Management, Inc.
(NLY) delivered a total return of +1. 4%, compared to -45. 0% for Invesco Mortgage Capital Inc. (IVR). Over 10 years, the gap is even starker: AGNC returned +46. 9% versus IVR's -31. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NLY or MFA or AGNC or TWO or IVR?
By beta (market sensitivity over 5 years), Two Harbors Investment Corp.
(TWO) is the lower-risk stock at 0. 49β versus Invesco Mortgage Capital Inc. 's 0. 78β — meaning IVR is approximately 58% more volatile than TWO relative to the S&P 500. On balance sheet safety, AGNC Investment Corp. (AGNC) carries a lower debt/equity ratio of 1% versus 7% for Invesco Mortgage Capital Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — NLY or MFA or AGNC or TWO or IVR?
By revenue growth (latest reported year), AGNC Investment Corp.
(AGNC) is pulling ahead at 384. 7% versus -28. 4% for Two Harbors Investment Corp. (TWO). On earnings-per-share growth, the picture is similar: AGNC Investment Corp. grew EPS 1760% year-over-year, compared to -284. 0% for Two Harbors Investment Corp.. Over a 3-year CAGR, TWO leads at 263. 5% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — NLY or MFA or AGNC or TWO or IVR?
Annaly Capital Management, Inc.
(NLY) is the more profitable company, earning 30. 3% net margin versus -75. 0% for Two Harbors Investment Corp. — meaning it keeps 30. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NLY leads at 102. 6% versus 68. 7% for TWO. At the gross margin level — before operating expenses — AGNC leads at 100. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is NLY or MFA or AGNC or TWO or IVR more undervalued right now?
On forward earnings alone, Invesco Mortgage Capital Inc.
(IVR) trades at 3. 7x forward P/E versus 12. 0x for Two Harbors Investment Corp. — 8. 3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for TWO: 13. 1% to $14. 00.
08Which pays a better dividend — NLY or MFA or AGNC or TWO or IVR?
All stocks in this comparison pay dividends.
Invesco Mortgage Capital Inc. (IVR) offers the highest yield at 20. 1%, versus 13. 1% for Annaly Capital Management, Inc. (NLY).
09Is NLY or MFA or AGNC or TWO or IVR better for a retirement portfolio?
For long-horizon retirement investors, Two Harbors Investment Corp.
(TWO) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 49), 13. 2% yield). Both have compounded well over 10 years (TWO: -6. 6%, IVR: -31. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between NLY and MFA and AGNC and TWO and IVR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: NLY is a mid-cap deep-value stock; MFA is a small-cap high-growth stock; AGNC is a small-cap high-growth stock; TWO is a small-cap income-oriented stock; IVR is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(NLY: -8.4% · MFA: 118.9%)Net Margin>
%
(NLY: 30.3% · MFA: 20.7%)P/E Ratio<
x
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