Annaly Capital Management is executing an aggressive debt-funded portfolio expansion, with total assets growing 37% year-over-year to $143.7B in Q2 2026, yet this growth is accompanied by rising leverage (debt-to-equity at 7.36x) and highly variable FFO per sh...
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue volatility masks underlying stability, with Q2 2026 revenue up 24.9% year-over-year to $2.2B and NOI margins consistently above 98.8%, yet FFO per share swung from -$0.00 to $1.46, highlighting earnings quality concerns.
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 9/24/2026, 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) |
|---|---|---|
Q3 2026Latest 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 |
Q4 2025 Oct 22, 2025 | $0.73+1.4% vs $0.72 | $2.2B+288.8% vs $555M |
Annaly Capital is a well-respected mortgage REIT, offering investors an over 13% dividend yield. The mREIT's dividend history presents a cautionary tale about what investors should expect on the dividend front.
In the latest trading session, Annaly Capital Management (NLY) closed at $21.05, marking a -1.22% move from the previous day.
The top ten SML Russell MHFS dogs are forecasted to deliver average net gains of 40.06% by September 2027, with yields up to 22.18%. All top-ten yielders are ideally priced, with annual dividends from $1K invested exceeding single share prices, meeting the 'dividend dog' standard. Fifteen of fifty-one SML Russell MHFS stocks show negative free cash flow margins, making their dividends less secure and riskier for income-focused investors.
When a balance sheet contracts, net investment income drops, forcing distribution cuts and lower market prices. When a portfolio re-expands sustainably, earnings growth pulls valuations back to a premium. NLY expanded its total portfolio from $73 billion in 2023 back to $107 billion in 2026, directly driving its dividend hike from $0.65 to $0.75 per quarter. Rebuilding its asset base and demonstrating sustainable dividend coverage allowed $NLY to transition from a 10–15% discount up to a 10–15% premium to book value.
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 |
|---|---|---|---|---|---|---|---|
| $21.04 | $15.79B | 7.21 | 5.35% | 30.28% | 14.05% | 13.96% | |
| $9.91 | $11.38B | 6.74 | -60.79% | 43.6% | 12.7% | — | |
| $12.18 | $1.28B | -2.79 | -28.4% | -2.53% | -1.23% | — | |
| $8.32 | $849.42M | 4.95 | 213.02% | 19.71% | 8.23% | — | |
| $9.42 | $5.26B | 9.06 | 19.99% | 8.35% | 5.09% | — | |
| $6.46 | $665.02M | 4.89 | 3.17% | 38.68% | 13.99% | — |
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)
Aug 19, 2026·SEC
Jul 21, 2026·SEC
Jul 21, 2026·SEC
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Annaly Capital Management, Inc. (NLY) stock FAQ — growth, dividends, profitability & financials explained
Annaly Capital Management, Inc. (NLY) reported $7.28B in revenue for fiscal year 2025. This represents a 127681% 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 $2.95B in net income for fiscal year 2025 (30.3% net margin).
Yes, Annaly Capital Management, Inc. (NLY) pays a dividend with a yield of 13.96%. 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.
Annaly Capital Management, Inc. (NLY) generated Funds From Operations (FFO) of $2.96B in the trailing twelve months. FFO is the primary profitability metric for REITs.
Annaly Capital Management, Inc. (NLY) offers a 13.96% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.
