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Annaly Capital Management, Inc. (NLY) 10-Year Financial Performance & Capital Metrics

NLY • • REIT / Real Estate
Real EstateMortgage REITsHybrid Mortgage REITsMulti-Asset Mortgage Investors
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 $1.25B +189.2%
  • FFO $1.03B +163.8%
  • FFO/Share 1.97 +160.3%
  • FFO Payout 144.7% +254.3%
  • FFO per Share 1.97 +160.3%
  • NOI Margin 96.04% -6.5%
  • FFO Margin 82.72% -28.5%
  • ROE 8.33% +157.6%
  • ROA 1.02% +154.2%
  • Debt/Assets 20.71% +46.2%
  • Net Debt/EBITDA 20.60
  • Book Value/Share 24.29 +5.9%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓FFO growing 938.3% TTM
  • ✓High NOI margin of 96.0%
  • ✓Trading near 52-week high
  • ✓Trading at only 1.0x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.6%
  • ✗Dividend exceeds FFO - may not be sustainable
  • ✗Dividend payout exceeds 100% of earnings

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

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.83%
5Y-
3Y-24.31%
TTM1456.77%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-25.16%
TTM1188.27%

EPS CAGR

10Y-
5Y-
3Y-36.71%
TTM2879.38%

ROCE

10Y Avg1.2%
5Y Avg1.19%
3Y Avg0.5%
Latest1.04%

Peer Comparison

Multi-Asset Mortgage Investors
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Size & Scale
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Per Share
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
RWTNRedwood Trust, Inc. 9.125% Seni3.36B25.3479.1952.9%-0.62%-0.29%14.10
MITNAG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029754.34M25.4520.695.49%18.45%8.87%7.4%11.65
EFC-PCEllington Financial Inc.2.49B25.4218.97-13.66%46.15%8.39%
RWTRedwood Trust, Inc.734.76M5.8018.1352.9%-41.59%-8.86%13.80
EFC-PDEllington Financial Inc.2.37B24.1817.6512.07%49.64%8.39%
STWDStarwood Property Trust, Inc.6.8B18.3516.38-0.53%19.99%4.84%9.1%1.25
NLYAnnaly Capital Management, Inc.16.28B23.8314.71189.21%31.62%9.97%15.04%1.69
IVRInvesco Mortgage Capital Inc.659.79M9.3014.3117.98%36.99%6.93%27.76%6.70

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+1.39B1.99B2.35B2.08B-1.99B-548.42M2.88B2B-1.4B1.25B
Revenue Growth %0.47%0.44%0.18%-0.12%-1.96%0.72%6.25%-0.3%-1.7%1.89%
Property Operating Expenses19.97M34.76M26.55M18.1M0012.2M25.14M37.65M49.47M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+0000-1.99B-548.42M180.44M162.73M162.55M171.36M
G&A Expenses0000271.77M222.19M180.44M162.73M162.55M171.36M
EBITDA+978.33M1.51B1.6B172.67M002.69B1.81B-1.6B1.03B
EBITDA Margin %----------
Depreciation & Amortization+19.97M34.76M26.55M18.1M31.56M41.36M0000
D&A / Revenue %----------
Operating Income+958.36M1.48B1.58B154.57M002.69B1.81B-1.6B1.03B
Operating Margin %----------
Interest Expense+471.6M657.75M1.01B1.9B2.78B899.11M249.24M1.31B3.84B4.59B
Interest Coverage2.03x2.25x1.56x0.08x--10.77x1.38x-0.42x0.22x
Non-Operating Income000031.56M41.36M2.69B1.81B-1.6B1.03B
Pretax Income+463.79M1.43B1.58B51.77M-2.17B-918.2M2.4B1.77B-1.6B1.03B
Pretax Margin %----------
Income Tax+-1.95M-1.59M6.98M-2.38M-10.84M-28.42M4.67M45.57M39.43M15.26M
Effective Tax Rate %----------
Net Income+466.56M1.43B1.57B54.41M-2.16B-891.16M2.39B1.73B-1.64B1B
Net Margin %----------
Net Income Growth %1.55%2.07%0.09%-0.97%-40.75%0.59%3.68%-0.28%-1.95%1.61%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %1.58%2.02%0.09%-0.95%-30.39%0.6%3.84%-0.28%-1.93%1.64%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+1.685.565.48-0.25-6.41-2.926.393.92-3.611.62
EPS Growth %1.44%2.31%-0.01%-1.05%-24.88%0.54%3.19%-0.39%-1.92%1.45%
EPS (Basic)1.685.565.48-0.25-6.41-2.926.403.93-3.611.62
Diluted Shares Outstanding236.82M242.53M266.59M302.4M358.73M353.66M357.14M411.62M494.54M522.75M

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+75.19B87.91B101.76B105.79B130.3B88.46B76.76B81.85B93.23B103.56B
Asset Growth %-0.15%0.17%0.16%0.04%0.23%-0.32%-0.13%0.07%0.14%0.11%
Real Estate & Other Assets+69.72B80.3B95.21B-96.02B-119.71B-241.4M-8.21B-6.21B-4.57B-2.52B
PP&E (Net)0652.22M580.86M-105.79B15.79M13.17M0000
Investment Securities1000K1000K1000K1000K1000K01000K1000K1000K1000K
Total Current Assets+352.96M321.86M324.76M426.14M2.31B00000
Cash & Equivalents1.77B1.54B706.59M1.74B1.85B1.24B119.58M152.55M275.85M285.15M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets00000-1.53B-357.22M-1.36B-8.42B-5.62B
Intangible Assets38.54M686.4M604.08M557.81M378.08M0638.12M1.08B353.02M458.3M
Total Liabilities63.28B75.33B86.89B91.67B114.5B74.43B63.57B70.48B81.88B90.86B
Total Debt+4.73B7.87B7.12B8.04B10.56B71.88B7.11B8.8B13.2B21.45B
Net Debt2.96B6.33B6.41B6.31B8.71B70.64B6.99B8.64B12.93B21.16B
Long-Term Debt60.96B73.08B84.82B89.14B10.56B7B6.2B8.55B12.7B20.7B
Short-Term Borrowings000001000K1000K1000K1000K1000K
Capital Lease Obligations01.2B1.72B1.78B16.64M13.27M0000
Total Current Liabilities+204.93M347.33M460.84M1.15B939.72M00000
Accounts Payable204.93M238.16M253.07M583.04M463.39M091.18M325.28M287.94M268.32M
Deferred Revenue-49.1B-88.03B-94.49B-100.21B-102.3B00000
Other Liabilities-60.96B-73.08B-84.82B-89.14B-10.56B-7.01B-6.2B-8.55B-12.7B-20.7B
Total Equity+11.91B12.58B14.87B14.12B15.8B14.02B13.2B11.37B11.35B12.7B
Equity Growth %-0.11%0.06%0.18%-0.05%0.12%-0.11%-0.06%-0.14%-0%0.12%
Shareholders Equity11.9B12.57B14.87B14.11B15.79B14.01B13.17B11.27B11.26B12.61B
Minority Interest9.95M7.79M6.1M5.69M4.33M13.48M25.5M98.98M89.3M87.71M
Common Stock9.36M10.19M11.6M13.14M14.3M13.98M3.65M4.68M5M5.78M
Additional Paid-in Capital14.68B15.58B17.22B18.79B19.97B19.75B20.32B22.98B23.67B25.26B
Retained Earnings-3.32B-3.14B-2.96B-4.49B-8.31B-10.67B-9.65B-9.54B-12.62B-13.17B
Preferred Stock913.06M1.2B1.72B1.78B1.98B1.54B1.54B1.54B1.54B1.54B
Return on Assets (ROA)0.01%0.02%0.02%0%-0.02%-0.01%0.03%0.02%-0.02%0.01%
Return on Equity (ROE)0.04%0.12%0.11%0%-0.14%-0.06%0.18%0.14%-0.14%0.08%
Debt / Assets0.06%0.09%0.07%0.08%0.08%0.81%0.09%0.11%0.14%0.21%
Debt / Equity0.40x0.63x0.48x0.57x0.67x5.13x0.54x0.77x1.16x1.69x
Net Debt / EBITDA3.03x4.18x4.00x36.52x--2.60x4.77x-20.60x
Book Value per Share50.2751.8555.7846.6944.0339.6536.9527.6222.9424.29

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-3.17B6.86B6.93B2.62B-1.2B535.56M3.08B5.37B2.37B3.31B
Operating CF Growth %-1.52%3.16%0.01%-0.62%-1.46%1.45%4.75%0.75%-0.56%0.4%
Operating CF / Revenue %----------
Net Income465.75M1.43B1.57B54.15M-2.16B-891.16M2.4B1.73B-1.64B1.01B
Depreciation & Amortization19.97M34.76M26.55M72.36M31.56M22.7M24.64M20.51M24.81M30.36M
Stock-Based Compensation1.16M7.05M1.41M0000000
Other Non-Cash Items-4.64B5.31B5.17B2.31B1.12B1.31B689.82M3.85B4.68B2.12B
Working Capital Changes7.33M-33.36M27.49M188.9M-188.59M92.01M-33.9M-223.07M-694.48M148.43M
Cash from Investing+11.67B-2.06B-14.67B-908.42M-20.64B40.35B4.9B-14.53B-8.42B-14.98B
Acquisitions (Net)041.7M5.45M-258.33M06.26M1.12B000
Purchase of Investments-583.61M-243.57M-102.35M-45.44B-64.09B-91.48B-22.34B-45.47B-41.04B-32.21B
Sale of Investments1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Investing12.05B-1.78B-14.78B11.38B17.75B589.21M-3.76B-2.64B-4.4B-9.85B
Cash from Financing+-8.47B-5.02B12.2B-684.44M21.96B-41.49B-7.88B9.39B5.88B11.75B
Dividends Paid-1.21B-1.22B-1.35B-1.54B-1.69B-1.48B-1.36B-1.52B-1.52B-1.49B
Common Dividends-1.21B-1.22B-1.35B-1.54B-1.69B0-1.36B-1.52B-1.52B-1.49B
Debt Issuance (Net)-1000K1000K1000K-1000K1000K-1000K1000K1000K1000K1000K
Share Repurchases-114.26M-102.71M-185.31M-412.5M-223.57M-669.42M000-6.16M
Other Financing5.11M-1.9M-3.16M1.32B20.88B39.92M-10.08B4.16B2.91B3.72B
Net Change in Cash+28.01M-229.51M-833.16M1.03B114.98M-607.03M98.39M234.62M-164.57M75.88M
Exchange Rate Effect0000000000
Cash at Beginning1.74B1.77B1.54B706.59M1.74B1.85B1.24B1.34B1.58B1.41B
Cash at End1.77B1.54B706.59M1.74B1.85B1.24B1.34B1.58B1.41B1.49B
Free Cash Flow+-3.17B6.68B6.92B2.62B-1.2B535.56M2.54B4.36B1.97B2.45B
FCF Growth %-1.52%3.11%0.04%-0.62%-1.46%1.45%3.74%0.72%-0.55%0.24%
FCF / Revenue %----------

Key Ratios

Metric2015201620172018201920202021202220232024
FFO per Share2.056.065.990.24-5.94-2.46.764.24-3.271.97
FFO Payout Ratio248.55%83.14%84.78%2125.13%-79.25%0%56.31%87.02%-93.78%144.7%
NOI Margin98.56%98.26%98.87%99.13%100%100%99.58%98.74%102.69%96.04%
Net Debt / EBITDA3.03x4.18x4.00x36.52x--2.60x4.77x-20.60x
Debt / Assets6.3%8.95%7%7.6%8.11%81.26%9.26%10.75%14.16%20.71%
Interest Coverage2.03x2.25x1.56x0.08x--10.77x1.38x-0.42x0.22x
Book Value / Share50.2751.8555.7846.6944.0339.6536.9527.6222.9424.29
Revenue Growth46.93%43.7%17.99%-11.55%-195.79%72.47%624.73%-30.5%-169.94%189.21%

Revenue by Segment

201920202021
Bank Servicing108M66.6M56.8M
Bank Servicing Growth--38.33%-14.71%
Interests In Mortgage Servicing Rights--7.6M
Interests In Mortgage Servicing Rights Growth---

Frequently Asked Questions

Valuation & Price

Annaly Capital Management, Inc. (NLY) has a price-to-earnings (P/E) ratio of 14.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Annaly Capital Management, Inc. (NLY) reported $4.73B in revenue for fiscal year 2024. This represents a 56% increase from $3.04B in 2011.

Annaly Capital Management, Inc. (NLY) grew revenue by 189.2% over the past year. This is strong growth.

Yes, Annaly Capital Management, Inc. (NLY) is profitable, generating $1.50B in net income for fiscal year 2024 (80.3% net margin).

Dividend & Returns

Yes, Annaly Capital Management, Inc. (NLY) pays a dividend with a yield of 11.99%. This makes it attractive for income-focused investors.

Annaly Capital Management, Inc. (NLY) has a return on equity (ROE) of 8.3%. This is below average, suggesting room for improvement.

Industry Metrics

Annaly Capital Management, Inc. (NLY) generated Funds From Operations (FFO) of $1.50B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Annaly Capital Management, Inc. (NLY) offers a 11.99% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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