NLY's earnings profile appears highly dependent on net interest spread and mark-to-market valuations rather than steady operating growth, with FFO per share swinging from $0.14 in Q3 2024 to $1.47 in Q4 2025 before settling at $1.14 in Q2 2026.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue has been volatile, ranging from $1.2B to $2.2B across recent quarters with year-over-year swings between -27.7% and +34.5%, and the near-99% NOI margin largely reflects mREIT accounting rather than operating efficiency, while diluted EPS moved from $1.07 in Q2 2026 to -$1.36 in Q3 2026 as mark-to-market changes dominated results.
NLY has a well-diversified business model with a portfolio strategy that allows it to pivot between attractive investment opportunities, including agency mortgage-backed securities (MBS), mortgage servicing rights (MSRs), and residential credit investments. This diversification provides resilience and the ability to adapt to changing market conditions.
NLY offers a high dividend yield, often cited around 12.3%, making it a compelling option for income-seeking investors. The company has a history of consistent dividend payments.
Analysts suggest that NLY's earnings and dividends are poised to rise as interest rate spreads widen, driven by anticipated Federal Reserve rate cuts and improved macro predictability. Some analysts project a significant increase in the dividend and a corresponding rise in the stock price.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 20, 2026 | $0.80+3.6% vs $0.77 | $931M-246.1% vs $637M |
Q3 2026 Jul 21, 2026 | $0.79+5.2% vs $0.75 | $893M+39.6% vs $640M |
Q2 2026 Apr 21, 2026 | $0.76+2.0% vs $0.74 | $342M-42.6% vs $595M |
Q1 2026 Jan 28, 2026 | $0.74+2.8% vs $0.72 | $1.1B+52.2% vs $697M |
Office Properties Income Trust shareholders watched a double-digit yield turn into a bankruptcy, and five dividend payers right now share the same warning signs that preceded that collapse.
Dividend-paying stocks, especially 'LoPrice/HiYield Dividend Dogs,' are positioned for strong total returns as market sentiment shifts from growth to income. Top ten LoPrice/HiYield Dogs are projected to deliver average net gains of 51.9% by October 2027, with some individual names like BXMT estimated at 76.17%. Twenty-nine of forty-two featured stocks show 'safer' dividends, supported by positive free cash flow, but thirteen rely on borrowed funds for payouts.
Agency mortgage-backed securities provide high yields with zero credit default risk backed by government-sponsored enterprises. A sharp spike in Treasury rates pushed agency mREIT book values back to October 2023 lows. Annaly Capital Management outperformed pure-play peers as mortgage servicing rights appreciated alongside rising mortgage rates.
Annaly Capital Management (NLY) preferred NLY-G offers an 8.75% stripped yield and carries the lowest risk rating of 1. NLY-G trades above the buy range at $24.96, making it a hold rather than a buy despite its low risk profile. NLY-G's low floating spread (4.172%) limits income upside and reduces call risk, while alternatives like NLY-F and AGNCN offer higher yields with more risk.
Benchmark NLY against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Annaly Capital Management, Inc. (NLY)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $18.75 | $14.07B | 12.64 | 5.35% | 14.55% | 6.94% | 15.66% | |
| $8.78 | $10.08B | 178.82 | -60.79% | 1.68% | 0.48% | 17.81% | |
| $6.21 | $634M | -50.45 | 213.02% | -2% | -0.66% | 28.82% | |
| $9.23 | $5.15B | 10.49 | 19.99% | 8.29% | 5.34% | 12.34% | |
| $5.41 | $562.35M | -19.38 | 3.17% | — | -3.25% | 29.8% | |
| $10.68 | $1.62B | -54.08 | 67.76% | -4.65% | -1.74% | 18.46% |
Annaly Capital Management, Inc. (NLY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Annaly Capital Management, Inc. (NLY) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 20, 2026·SEC
Oct 20, 2026·SEC
Oct 20, 2026·SEC
Get notified when NLY posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
Annaly Capital Management, Inc. (NLY) stock FAQ — growth, dividends, profitability & financials explained
Annaly Capital Management, Inc. (NLY) reported $7.80B in revenue over the trailing twelve months. Revenue was $6.70B in fiscal year 2025. That is 117365% more than the $5.7M of fiscal year 1997.
Annaly Capital Management, Inc. (NLY) grew revenue by 13.7% over the trailing twelve months, compared with the twelve months before.
Yes. Annaly Capital Management, Inc. (NLY) earned $1.13B in net income over the trailing twelve months (a 14.5% net margin).
Yes. Annaly Capital Management, Inc. (NLY) pays a dividend that yields 15.66% at the current price, a high yield.
Annaly Capital Management, Inc. (NLY) had a return on equity (ROE) of 6.9% over the trailing twelve months. That is below the market's typical 10-15%.
Annaly Capital Management, Inc. (NLY) offers a 15.66% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.
