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NLY logoAnnaly Capital Management, Inc.(NLY)Earnings, Financials & Key Ratios

NLY•NYSE•REIT / Real Estate
$22.38
$16.08B mkt cap·7.7× P/E·Price updated May 6, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryDiversified mortgage and specialty finance REITs
AboutAnnaly Capital Management, Inc., a diversified capital manager, engages in mortgage finance and corporate middle market lending. The company invests in agency mortgage-backed securities, mortgage servicing rights, Agency commercial mortgage-backed securities, non-Agency residential mortgage assets, residential mortgage loans, credit risk transfer securities, corporate debts, and other commercial real estate investments. It has elected to be taxed as a real estate investment trust (REIT). As a REIT, it is not subject to federal income tax to the extent that it distributes its taxable income to its shareholders. The company was founded in 1996 and is based in New York, New York.Show more
  • Revenue$6.7B+5.4%
  • FFO$2.03B+96.7%
  • FFO/Share3.17+60.4%
  • FFO Payout92.72%-35.9%
  • FFO per Share3.17+60.4%
  • NOI Margin99.92%+0.9%
  • FFO Margin30.32%+86.7%
  • ROE14.05%+68.6%
  • ROA1.7%+66.5%
  • Debt/Assets82.49%+298.3%
  • Net Debt/EBITDA15.98+326.7%
  • Book Value/Share25.21+3.8%
Analysis→Technical→

NLY Key Insights

Annaly Capital Management, Inc. (NLY) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FFO growing 100.2% TTM
  • ✓High NOI margin of 99.9%
  • ✓Trading at only 0.9x book value

✗Weaknesses

  • ✗High debt to equity ratio of 6.9x
  • ✗Weak 3Y average ROE of 2.6%
  • ✗Shares diluted 22.6% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

NLY Price & Volume

Annaly Capital Management, Inc. (NLY) stock price & volume — 10-year historical chart

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NLY Growth Metrics

Annaly Capital Management, Inc. (NLY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years17.05%
5 Years35.16%
3 Years17.29%
TTM5.35%

Profit CAGR

10 Years15.82%
5 Years-
3 Years5.52%
TTM102.34%

EPS CAGR

10 Years5.68%
5 Years-
3 Years-9.35%
TTM75.53%

Return on Capital

10 Years6.5%
5 Years12.16%
3 Years11.83%
Last Year19.75%

NLY Recent Earnings

Annaly Capital Management, Inc. (NLY) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 5/12 qtrs (45%)
Q2 2026Latest
Apr 21, 2026
EPS
$0.33
Est $0.74
-55.4%
Revenue
$1.6B
Est $595M
+173.9%
Q1 2026
Jan 28, 2026
EPS
$0.74
Est $0.72
+2.8%
Revenue
$1.1B
Est $697M
+52.2%
Q4 2025
Oct 22, 2025
EPS
$0.73
Est $0.72
+1.4%
Revenue
$2.2B
Est $555M
+288.8%
Q3 2025
Jul 23, 2025
EPS
$0.73
Est $0.72
+1.4%
Revenue
$1.8B
Est $494M
+262.5%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 21, 2026
$0.33vs $0.74-55.4%
$1.6Bvs $595M+173.9%
Q1 2026Jan 28, 2026
$0.74vs $0.72+2.8%
$1.1Bvs $697M+52.2%
Q4 2025Oct 22, 2025
$0.73vs $0.72+1.4%
$2.2Bvs $555M+288.8%
Q3 2025Jul 23, 2025
$0.73vs $0.72+1.4%
$1.8Bvs $494M+262.5%
Based on last 12 quarters of dataView full earnings history →

NLY Peer Comparison

Annaly Capital Management, Inc. (NLY) competitors in Diversified mortgage and specialty finance REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AGNC logoAGNCAGNC Investment Corp.Direct Competitor9.62B10.7211.53384.69%24.23%7.32%0.89%0.01
TWO logoTWOTwo Harbors Investment Corp.Direct Competitor1.29B12.26-2.81-28.4%-44.82%-19.11%6.9%4.79
MFA logoMFAMFA Financial, Inc.Direct Competitor975M9.555.68213.02%39.14%7.42%7.82%6.01
RITM logoRITMRithm Capital Corp.Direct Competitor5.42B9.709.3319.99%12.27%7.87%4.28
IVR logoIVRInvesco Mortgage Capital Inc.Direct Competitor576.83M8.035.25-24.6%30.19%13.34%27.23%7.05
DX logoDXDynex Capital, Inc.Direct Competitor2.66B13.345.40179.55%75.8%12.96%5.65
ARR logoARRARMOUR Residential REIT, Inc.Direct Competitor2.15B17.305.24444.08%24.22%11.47%5.79%7.94
PMT logoPMTPennyMac Mortgage Investment TrustProduct Competitor1.06B12.1312.25245.81%12.44%7.06%13.48%10.12

Compare NLY vs Peers

Annaly Capital Management, Inc. (NLY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AGNC

Most directly comparable listed peer for NLY.

Scale Benchmark

vs O

Larger-name benchmark to compare NLY against a more recognizable public peer.

Peer Set

Compare Top 5

vs AGNC, TWO, MFA, RITM

NLY Income Statement

Annaly Capital Management, Inc. (NLY) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue2.35B2.08B1.81B1.48B751.4M4.15B5.61B6.36B6.7B
Revenue Growth %17.99%-11.55%-12.75%-18.19%-49.38%452.3%35.13%13.33%5.35%
Property Operating Expenses53.1M36.2M47.4M45.4M49.27M41.01M49.61M60.71M5.38M
Net Operating Income (NOI)
2.3B▲ 0%
2.04B▼ 11.1%
1.77B▼ 13.5%
1.44B▼ 18.6%
702.13M▼ 51.2%
4.11B▲ 485.2%
5.56B▲ 35.3%
6.29B▲ 13.2%
6.69B▲ 6.3%
NOI Margin %97.74%98.26%97.39%96.94%93.44%99.01%99.12%99.04%99.92%
Operating Expenses721.94M1.89B1.16B1.46B-2.23B986.97M3.31B675.3M-178.38M
G&A Expenses000000000
EBITDA1.6B172.67M634.65M3.62M2.95B3.14B2.27B5.65B6.87B
EBITDA Margin %68.16%8.3%34.98%0.24%393.05%75.72%40.46%88.9%102.62%
Depreciation & Amortization26.55M18.1M23.7M22.7M24.64M20.51M24.81M30.36M2.69M
D&A / Revenue %1.13%0.87%1.31%1.53%3.28%0.49%0.44%0.48%0.04%
Operating Income
1.58B▲ 0%
154.57M▼ 90.2%
610.95M▲ 295.2%
-19.08M▼ 103.1%
2.93B▲ 15447.5%
3.12B▲ 6.6%
2.24B▼ 28.1%
5.62B▲ 150.4%
6.87B▲ 22.2%
Operating Margin %67.03%7.43%33.67%-1.29%389.77%75.23%40.01%88.42%102.58%
Interest Expense1.01B1.9B2.78B899.11M249.24M1.31B3.84B4.59B4.82B
Interest Coverage2.56x1.03x0.22x-0.02x10.63x2.35x0.58x1.22x1.42x
Non-Operating Income-1.01B-1.8B00278.56M40.26M000
Pretax Income
1.58B▲ 0%
51.77M▼ 96.7%
-2.17B▼ 4299.0%
-918.2M▲ 57.8%
2.4B▲ 361.5%
1.77B▼ 26.2%
-1.6B▼ 190.2%
1.03B▲ 164.2%
2.04B▲ 99.1%
Pretax Margin %67.03%2.49%-119.81%-61.85%319.53%42.7%-28.51%16.16%30.54%
Income Tax6.98M-2.38M-10.84M-28.42M4.67M45.57M39.43M15.26M-6.87M
Effective Tax Rate %0.44%-4.59%0.5%3.1%0.19%2.57%-2.47%1.49%-0.34%
Net Income
1.57B▲ 0%
54.41M▼ 96.5%
-2.16B▼ 4075.3%
-891.16M▲ 58.8%
2.39B▲ 368.2%
1.73B▼ 27.8%
-1.64B▼ 195.2%
1B▲ 161.0%
2.03B▲ 102.3%
Net Margin %66.76%2.62%-119.2%-60.03%318.06%41.57%-29.3%15.76%30.28%
Net Income Growth %9.47%-96.53%-4075.27%58.8%368.18%-27.81%-195.24%160.97%102.34%
Funds From Operations (FFO)
1.6B▲ 0%
72.51M▼ 95.5%
-2.14B▼ 3050.2%
-868.46M▲ 59.4%
2.41B▲ 378.0%
1.75B▼ 27.7%
-1.62B▼ 192.7%
1.03B▲ 163.8%
2.03B▲ 96.7%
FFO Margin %67.89%3.49%-117.89%-58.5%321.34%42.07%-28.86%16.24%30.32%
FFO Growth %8.69%-95.46%-3050.25%59.4%378.02%-27.69%-192.7%163.78%96.65%
FFO per Share5.990.24-5.96-2.466.764.24-3.271.973.17
FFO Payout Ratio %84.78%2125.13%-78.96%0%56.31%87.02%-93.78%144.7%92.72%
EPS (Diluted)
5.48▲ 0%
-0.25▼ 104.5%
-6.41▼ 2487.8%
-2.92▲ 54.4%
6.39▲ 318.8%
3.92▼ 38.7%
-3.61▼ 192.1%
1.62▲ 144.9%
2.92▲ 80.2%
EPS Growth %-1.44%-104.52%-2487.81%54.45%318.84%-38.65%-192.09%144.88%80.25%
EPS (Basic)5.48-0.25-6.41-2.926.403.93-3.611.622.92
Diluted Shares Outstanding266.59M302.4M358.73M353.66M357.14M411.62M494.54M522.75M641.04M

NLY Balance Sheet

Annaly Capital Management, Inc. (NLY) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets101.76B105.79B130.3B88.46B76.76B81.85B93.23B103.56B135.61B
Asset Growth %15.76%3.96%23.17%-32.11%-13.22%6.63%13.9%11.08%30.95%
Real Estate & Other Assets95.21B-96.02B-119.71B-241.4M66.98B-6.21B-4.57B-2.52B-128.49B
PP&E (Net)580.86M-105.79B15.79M13.17M00000
Investment Securities1000K1000K1000K01000K1000K1000K1000K1000K
Total Current Assets324.76M426.14M2.31B01.58B0002.96B
Cash & Equivalents706.59M1.74B1.85B1.24B119.58M152.55M275.85M285.15M2.04B
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets000-1.53B1.22B-1.36B-8.42B-5.62B-1.03M
Intangible Assets604.08M557.81M378.08M0638.12M1.08B353.02M458.3M0
Total Liabilities86.89B91.67B114.5B74.43B63.57B70.48B81.88B90.86B119.45B
Total Debt7.12B8.04B10.56B71.88B7.11B8.8B13.2B21.45B111.86B
Net Debt6.41B6.31B8.71B70.64B6.99B8.64B12.93B21.16B109.82B
Long-Term Debt84.82B89.14B10.56B7B6.2B8.55B12.7B20.7B29.99B
Short-Term Borrowings00064.87B903.25M250M500M750M81.87B
Capital Lease Obligations00013.27M9.85M7.2M3.4M25.49M32.87M
Total Current Liabilities460.84M1.15B939.72M054.77B61.66B68.7B084.8B
Accounts Payable253.07M583.04M463.39M091.18M325.28M287.94M268.32M2.06B
Deferred Revenue-94.49B-100.21B-102.3B000000
Other Liabilities-84.82B-89.14B-10.56B-7.01B1.13B278.44M481.3M301.86M4.66B
Total Equity
14.87B▲ 0%
14.12B▼ 5.1%
15.8B▲ 11.9%
14.02B▼ 11.2%
13.2B▼ 5.9%
11.37B▼ 13.8%
11.35B▼ 0.2%
12.7B▲ 11.9%
16.16B▲ 27.3%
Equity Growth %18.25%-5.07%11.89%-11.23%-5.89%-13.84%-0.21%11.92%27.27%
Shareholders Equity14.87B14.11B15.79B14.01B13.17B11.27B11.26B12.61B16.09B
Minority Interest6.1M5.69M4.33M13.48M25.5M98.98M89.3M87.71M69.14M
Common Stock11.6M13.14M14.3M13.98M3.65M4.68M5M5.78M7.07M
Additional Paid-in Capital17.22B18.79B19.97B19.75B20.32B22.98B23.67B25.26B27.93B
Retained Earnings-2.96B-4.49B-8.31B-10.67B-9.65B-9.54B-12.62B-13.17B-13.16B
Preferred Stock1.72B1.78B1.98B1.54B1.54B1.54B1.54B1.54B1.8B
Return on Assets (ROA)1.66%0.05%-1.83%-0.81%2.89%2.18%-1.88%1.02%1.7%
Return on Equity (ROE)11.44%0.38%-14.46%-5.98%17.56%14.05%-14.47%8.33%14.05%
Debt / Assets7%7.6%8.11%81.26%9.26%10.75%14.16%20.71%82.49%
Debt / Equity0.48x0.57x0.67x5.13x0.54x0.77x1.16x1.69x6.92x
Net Debt / EBITDA4.00x36.52x13.73x19528.62x2.37x2.75x5.70x3.75x15.98x
Book Value per Share55.7846.6944.0339.6536.9527.6222.9424.2925.21

NLY Cash Flow Statement

Annaly Capital Management, Inc. (NLY) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations6.93B2.62B-1.2B535.56M3.08B5.37B2.37B3.31B692.91M
Operating CF Growth %1.11%-62.18%-145.75%144.65%474.51%74.61%-55.94%39.86%-79.07%
Operating CF / Revenue %294.86%126.08%-66.11%36.08%409.48%129.46%42.21%52.09%10.35%
Net Income1.57B54.15M-2.16B-891.16M2.4B1.73B-1.64B1.01B2.03B
Depreciation & Amortization26.55M72.36M31.56M22.7M24.64M20.51M24.81M30.36M280.68M
Stock-Based Compensation1.41M00000000
Other Non-Cash Items5.17B2.31B1.12B1.31B689.82M3.85B4.68B2.12B-1.73B
Working Capital Changes27.49M188.9M-188.59M92.01M-33.9M-223.07M-694.48M148.43M112.4M
Cash from Investing-14.67B-908.42M-20.64B40.35B4.9B-14.53B-8.42B-14.98B-27.36B
Acquisitions (Net)5.45M-258.33M06.26M1.12B0000
Purchase of Investments-102.35M-45.44B-64.09B-91.48B-22.34B-45.47B-41.04B-32.21B-40.75B
Sale of Investments226.59M33.41B25.71B131.24B30.42B34.6B37.41B27.94B17.17B
Other Investing-14.78B11.38B17.75B589.21M-3.76B-2.64B-4.4B-9.85B-3.79B
Cash from Financing12.2B-684.44M21.96B-41.49B-7.88B9.39B5.88B11.75B27.22B
Dividends Paid-1.35B-1.54B-1.69B-1.48B-1.36B-1.52B-1.52B-1.49B-1.88B
Common Dividends-1.35B-1.54B-1.69B0-1.36B-1.52B-1.52B-1.49B-1.88B
Debt Issuance (Net)1000K-1000K1000K-1000K1000K1000K1000K1000K1000K
Share Repurchases-185.31M-412.5M-223.57M-669.42M000-6.16M-14.18M
Other Financing-3.16M1.32B20.88B39.92M-10.08B4.16B2.91B3.72B2.85B
Net Change in Cash
-833.16M▲ 0%
1.03B▲ 223.5%
114.98M▼ 88.8%
-607.03M▼ 627.9%
98.39M▲ 116.2%
234.62M▲ 138.5%
-164.57M▼ 170.1%
75.88M▲ 146.1%
549.81M▲ 624.6%
Exchange Rate Effect000000000
Cash at Beginning1.54B706.59M1.74B1.85B1.24B1.34B1.58B1.41B1.49B
Cash at End706.59M1.74B1.85B1.24B1.34B1.58B1.41B1.49B2.04B
Free Cash Flow
6.92B▲ 0%
2.62B▼ 62.1%
-1.2B▼ 145.8%
535.56M▲ 144.6%
2.54B▲ 374.0%
4.36B▲ 71.7%
1.97B▼ 54.8%
2.45B▲ 24.2%
-222.16M▼ 109.1%
FCF Growth %3.58%-62.12%-145.76%144.65%374.03%71.67%-54.79%24.22%-109.08%
FCF / Revenue %294.37%126.06%-66.11%36.08%337.86%105.02%35.14%38.51%-3.32%

NLY Key Ratios

Annaly Capital Management, Inc. (NLY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
FFO per Share6.065.990.24-5.96-2.466.764.24-3.271.973.17
FFO Payout Ratio83.14%84.78%2125.13%-78.96%0%56.31%87.02%-93.78%144.7%92.72%
NOI Margin96.51%97.74%98.26%97.39%96.94%93.44%99.01%99.12%99.04%99.92%
Net Debt / EBITDA4.18x4.00x36.52x13.73x19528.62x2.37x2.75x5.70x3.75x15.98x
Debt / Assets8.95%7%7.6%8.11%81.26%9.26%10.75%14.16%20.71%82.49%
Interest Coverage3.18x2.56x1.03x0.22x-0.02x10.63x2.35x0.58x1.22x1.42x
Book Value / Share51.8555.7846.6944.0339.6536.9527.6222.9424.2925.21
Revenue Growth43.7%17.99%-11.55%-12.75%-18.19%-49.38%452.3%35.13%13.33%5.35%

NLY SEC Filings & Documents

Annaly Capital Management, Inc. (NLY) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 21, 2026·SEC

Material company update

Apr 21, 2026·SEC

Material company update

Apr 21, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 12, 2026·SEC

FY 2025

Feb 13, 2025·SEC

FY 2024

Feb 15, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 30, 2025·SEC

FY 2025

May 8, 2025·SEC

NLY Frequently Asked Questions

Annaly Capital Management, Inc. (NLY) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Annaly Capital Management, Inc. (NLY) reported $6.70B in revenue for fiscal year 2025. This represents a 117363% increase from $5.7M in 1997.

Annaly Capital Management, Inc. (NLY) grew revenue by 5.4% over the past year. This is steady growth.

Yes, Annaly Capital Management, Inc. (NLY) is profitable, generating $2.03B in net income for fiscal year 2025 (30.3% net margin).

Dividend & Returns

Yes, Annaly Capital Management, Inc. (NLY) pays a dividend with a yield of 13.12%. This makes it attractive for income-focused investors.

Annaly Capital Management, Inc. (NLY) has a return on equity (ROE) of 14.1%. This is reasonable for most industries.

Industry Metrics

Annaly Capital Management, Inc. (NLY) generated Funds From Operations (FFO) of $2.05B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Annaly Capital Management, Inc. (NLY) offers a 13.12% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More NLY

Annaly Capital Management, Inc. (NLY) financial analysis — history, returns, DCA and operating performance tools

Full NLY Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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