Annaly Capital Management, Inc. (NLY) Financial Ratios
29 years of historical data (1997–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↑
18.30
↑+103% vs avg
5yr avg: 9.02
30Y Low2.3·High38.9
P/FCF
↓
N/A
—
5yr avg: 3.79
30Y Low0.2·High22.3
P/B Ratio
↑
0.88
+8% vs avg
5yr avg: 0.82
30Y Low0.7·High1.5
ROE
↓
14.1%
↓+78% vs avg
5yr avg: 7.9%
30Y Low-14%·High26%
Debt/EBITDA
↑
16.28
↑+162% vs avg
5yr avg: 6.22
30Y Low0.0·High46.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NLY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Annaly Capital Management, Inc. trades at 7.6x earnings, roughly in line with its 5-year average of 7.3x, sitting at the 39th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 68%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.0B | $14.3B | $9.6B | $9.6B | $8.7B | $11.2B | $12.0B | $13.5B | $11.9B | $12.7B | $9.7B |
| Enterprise Value | $125.8B | $124.2B | $30.7B | $22.5B | $17.3B | $18.2B | $82.6B | $22.2B | $18.2B | $19.1B | $16.0B |
| P/E Ratio → | 7.61 | 7.66 | 11.30 | — | 5.38 | 4.90 | — | — | — | 8.68 | 7.17 |
| P/S Ratio | 2.38 | 2.14 | 1.51 | 1.71 | 2.09 | 14.87 | 8.05 | 7.45 | 5.71 | 5.39 | 4.85 |
| P/B Ratio | 0.88 | 0.89 | 0.75 | 0.84 | 0.76 | 0.85 | 0.85 | 0.86 | 0.84 | 0.85 | 0.77 |
| P/FCF | — | — | 3.91 | 4.86 | 1.99 | 4.40 | 22.32 | — | 4.53 | 1.83 | 1.45 |
| P/OCF | 23.03 | 20.69 | 2.89 | 4.05 | 1.62 | 3.63 | 22.32 | — | 4.53 | 1.83 | 1.41 |
P/E links to full P/E history page with 30-year chart
NLY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Annaly Capital Management, Inc.'s enterprise value stands at 18.3x EBITDA, 103% above its 5-year average of 9.0x. The Real Estate sector median is 17.0x, placing the stock at a 8% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 18.54 | 4.83 | 4.01 | 4.17 | 24.17 | 55.63 | 12.25 | 8.74 | 8.12 | 8.03 |
| EV / EBITDA | 18.30 | 18.07 | 5.44 | 9.92 | 5.51 | 6.15 | 22833.54 | 35.03 | 105.31 | 11.91 | 10.56 |
| EV / EBIT | 18.31 | 18.08 | 5.47 | 10.03 | 5.62 | 6.85 | — | 36.39 | 9.33 | 7.39 | 7.66 |
| EV / FCF | — | — | 12.55 | 11.42 | 3.97 | 7.15 | 154.21 | — | 6.94 | 2.76 | 2.39 |
NLY Profitability
Margins and return-on-capital ratios measuring operating efficiency
Annaly Capital Management, Inc. earns an operating margin of 102.6%, significantly above the Real Estate sector average of 24.8%. Operating margins have expanded from 40.0% to 102.6% over the past 3 years, signaling improving operational efficiency. ROE of 14.1% is modest. ROIC of 6.4% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.9% | 99.9% | 99.0% | 99.1% | 99.0% | 93.4% | 96.9% | 97.4% | 98.3% | 97.7% | 96.5% |
| Operating Margin | 102.6% | 102.6% | 88.4% | 40.0% | 75.2% | 389.8% | -1.3% | 33.7% | 7.4% | 67.0% | 74.3% |
| Net Profit Margin | 30.3% | 30.3% | 15.8% | -29.3% | 41.6% | 318.1% | -60.0% | -119.2% | 2.6% | 66.8% | 72.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.1% | 14.1% | 8.3% | -14.5% | 14.0% | 17.6% | -6.0% | -14.5% | 0.4% | 11.4% | 11.7% |
| ROA | 1.7% | 1.7% | 1.0% | -1.9% | 2.2% | 2.9% | -0.8% | -1.8% | 0.1% | 1.7% | 1.8% |
| ROIC | 6.4% | 6.4% | 14.5% | 7.6% | 11.7% | 4.2% | -0.0% | 2.0% | 0.6% | 5.9% | 6.6% |
| ROCE | 19.7% | 19.7% | 5.7% | 10.0% | 14.8% | 10.5% | -0.0% | 0.5% | 0.2% | 1.7% | 1.8% |
NLY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Annaly Capital Management, Inc. carries a Debt/EBITDA ratio of 16.3x, which is highly leveraged (106% above the sector average of 7.9x). Net debt stands at $109.8B ($111.9B total debt minus $2.0B cash). Interest coverage of just 1.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.92 | 6.92 | 1.69 | 1.16 | 0.77 | 0.54 | 5.13 | 0.67 | 0.57 | 0.48 | 0.63 |
| Debt / EBITDA | 16.28 | 16.28 | 3.80 | 5.82 | 2.80 | 2.41 | 19872.47 | 16.64 | 46.57 | 4.44 | 5.19 |
| Net Debt / Equity | — | 6.80 | 1.67 | 1.14 | 0.76 | 0.53 | 5.04 | 0.55 | 0.45 | 0.43 | 0.50 |
| Net Debt / EBITDA | 15.98 | 15.98 | 3.75 | 5.70 | 2.75 | 2.37 | 19528.62 | 13.73 | 36.52 | 4.00 | 4.18 |
| Debt / FCF | — | — | 8.65 | 6.56 | 1.98 | 2.75 | 131.89 | — | 2.41 | 0.93 | 0.95 |
| Interest Coverage | 1.42 | 1.42 | 1.22 | 0.58 | 2.35 | 10.63 | -0.02 | 0.22 | 1.03 | 2.56 | 3.18 |
NLY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.03x is below 1.0, meaning current liabilities exceed current assets — though the company's $2.0B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.03 | 0.03 | — | — | — | 0.03 | — | 2.45 | 0.37 | 0.70 | 0.93 |
| Quick Ratio | 0.03 | 0.03 | — | — | — | 0.03 | — | 2.45 | 0.54 | 1.39 | 258.45 |
| Cash Ratio | 0.02 | 0.02 | — | 0.07 | 0.00 | 0.00 | — | 1.97 | 1.50 | 1.53 | 4.43 |
| Asset Turnover | — | 0.05 | 0.06 | 0.06 | 0.05 | 0.01 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NLY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Annaly Capital Management, Inc. returns 13.3% to shareholders annually — split between a 13.2% dividend yield and 0.1% buyback yield. The payout ratio of 92.8% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 13.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 13.2% | 13.1% | 15.6% | 15.8% | 17.5% | 12.2% | 12.3% | 12.5% | 13.0% | 10.7% | 12.6% |
| Payout Ratio | 92.8% | 92.8% | 149.1% | — | 88.1% | 56.9% | — | — | 2832.1% | 86.2% | 85.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.1% | 13.1% | 8.9% | — | 18.6% | 20.4% | — | — | — | 11.5% | 13.9% |
| FCF Yield | — | — | 25.6% | 20.6% | 50.2% | 22.7% | 4.5% | — | 22.1% | 54.6% | 69.1% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 5.6% | 1.7% | 3.5% | 1.5% | 1.1% |
| Total Shareholder Yield | 13.3% | 13.2% | 15.7% | 15.8% | 17.5% | 12.2% | 17.9% | 14.1% | 16.4% | 12.1% | 13.7% |
| Shares Outstanding | — | $641M | $523M | $495M | $412M | $357M | $354M | $359M | $302M | $267M | $243M |
Peer Comparison
Compare NLY with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NLYYou | $16B | 7.6 | 18.3 | — | 99.9% | 102.6% | 14.1% | 6.4% | 16.3 |
 AGNC | $12B | 7.1 | 2.1 | 17.9 | 100.0% | 236.3% | 15.1% | 33.8% | 0.0 |
 TWO | $1B | -2.8 | 197.9 | 14.6 | 97.9% | 68.7% | -23.2% | 3.1% | 188.0 |
 MFA | $973M | 5.7 | 17.0 | 12.8 | 96.2% | 78.8% | 9.6% | 4.4% | 15.9 |
 RITM | $5B | 8.8 | 16.2 | — | 90.5% | 44.6% | 8.0% | 4.4% | 15.0 |
 IVR | $575M | 5.2 | 19.1 | 3.7 | 96.7% | 94.5% | 13.3% | 4.0% | 17.5 |
 DX | $2B | 5.3 | 20.3 | 16.4 | 100.0% | 138.4% | 17.5% | 4.8% | 18.8 |
 ARR | $2B | 5.1 | 20.7 | 16.7 | 97.0% | 73.9% | 17.8% | 6.8% | 18.6 |
 PMT | $892M | 10.4 | 210.1 | — | 15.4% | 9.1% | 6.7% | 0.4% | 203.5 |
 CIM | $1B | 4.8 | 18.0 | — | 94.9% | 93.2% | 9.0% | 4.1% | 16.9 |
 EFC | $1B | 11.3 | 39.4 | 2.6 | 84.3% | 61.6% | 8.5% | 3.1% | 37.0 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 29 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into NLY consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
NLY — Frequently Asked Questions
Quick answers to the most common questions about buying NLY stock.
What is Annaly Capital Management, Inc.'s P/E ratio?
Annaly Capital Management, Inc.'s current P/E ratio is 7.6x. The historical average is 11.9x. This places it at the 39th percentile of its historical range.
What is Annaly Capital Management, Inc.'s EV/EBITDA?
Annaly Capital Management, Inc.'s current EV/EBITDA is 18.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.0x.
What is Annaly Capital Management, Inc.'s ROE?
Annaly Capital Management, Inc.'s return on equity (ROE) is 14.1%. The historical average is 9.1%.
Is NLY stock overvalued?
Based on historical data, Annaly Capital Management, Inc. is trading at a P/E of 7.6x. This is at the 39th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Annaly Capital Management, Inc.'s dividend yield?
Annaly Capital Management, Inc.'s current dividend yield is 13.22% with a payout ratio of 92.8%.
What are Annaly Capital Management, Inc.'s profit margins?
Annaly Capital Management, Inc. has 99.9% gross margin and 102.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Annaly Capital Management, Inc. have?
Annaly Capital Management, Inc.'s Debt/EBITDA ratio is 16.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.