Latest Ratios: P/E Ratio 12.6x · EV/EBITDA 24.3x · ROE 14.1%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.1B | $14.3B | $9.6B | $9.6B | $8.7B | $11.2B | $12.0B | $13.5B | $11.9B | $12.7B | $9.7B |
| Enterprise Value | $123.9B | $124.2B | $98.9B | $86.8B | $76.8B | $72.9B | $82.6B | $22.2B | $18.2B | $19.1B | $16.0B |
| P/E Ratio → | 12.64 | 7.66 | 11.30 | — | 5.38 | 4.90 | — | — | 218.22 | 8.68 | 7.17 |
| P/S Ratio | 1.80 | 2.14 | 1.51 | 1.71 | 2.09 | 14.87 | 8.05 | 7.45 | 5.71 | 5.39 | 4.85 |
| P/B Ratio | 0.74 | 0.89 | 0.75 | 0.84 | 0.76 | 0.85 | 0.85 | 0.86 | 0.84 | 0.85 | 0.77 |
| P/FCF | 5.29 | — | 3.91 | 4.86 | 1.99 | 4.40 | 22.64 | — | 4.53 | 1.83 | 1.45 |
| P/OCF | 20.31 | 20.69 | 2.89 | 4.05 | 1.62 | 3.63 | 22.64 | — | 4.53 | 1.83 | 1.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 15.56 | 15.49 | 18.51 | 97.06 | 55.63 | 12.25 | 8.74 | 8.12 | 8.03 |
| EV / EBITDA | 24.30 | 17.99 | 17.50 | 38.28 | 24.45 | 24.69 | 3707.86 | 34.60 | 80.13 | 11.91 | 10.56 |
| EV / EBIT | 18.04 | 18.08 | 17.60 | 38.70 | 24.93 | 27.52 | — | 36.39 | 9.33 | 7.39 | 7.66 |
| EV / FCF | — | — | 40.40 | 44.07 | 17.63 | 28.73 | 156.43 | — | 6.94 | 2.76 | 2.39 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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 | 4.5% | 4.5% | 4.4% | 2.0% | 3.0% | 2.8% | -0.0% | 2.0% | 0.6% | 5.9% | 6.6% |
| ROCE | 16.3% | 16.3% | 19.3% | 10.0% | 15.3% | 11.1% | -0.0% | 0.5% | 0.2% | 1.7% | 1.8% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 7.06 | 6.83 | 6.01 | 4.69 | 5.13 | 0.67 | 0.57 | 0.48 | 0.63 |
| Debt / EBITDA | 16.21 | 16.21 | 15.86 | 34.18 | 21.74 | 20.95 | 3227.02 | 16.44 | 35.43 | 4.44 | 5.19 |
| Net Debt / Equity | — | 6.80 | 7.03 | 6.81 | 5.99 | 4.68 | 5.04 | 0.55 | 0.45 | 0.43 | 0.50 |
| Net Debt / EBITDA | 15.91 | 15.91 | 15.81 | 34.06 | 21.69 | 20.91 | 3171.19 | 13.56 | 27.79 | 4.00 | 4.18 |
| Debt / FCF | — | — | 36.49 | 39.21 | 15.64 | 24.33 | 133.79 | — | 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | 0.05 | 0.10 | 0.04 | 0.01 | — | 2.45 | 0.37 | 0.70 | 0.93 |
| Quick Ratio | 0.03 | 0.03 | 0.05 | 0.10 | 0.04 | 0.01 | — | 2.45 | 0.54 | 1.39 | 258.45 |
| Cash Ratio | 0.02 | 0.02 | 0.03 | 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 15.7% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 13.1% | 8.9% | — | 18.6% | 20.4% | — | — | 0.5% | 11.5% | 13.9% |
| FCF Yield | 18.9% | — | 25.6% | 20.6% | 50.2% | 22.7% | 4.4% | — | 22.1% | 54.6% | 69.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 5.6% | 1.7% | 3.5% | 1.5% | 1.1% |
| Total Shareholder Yield | 15.7% | 13.1% | 15.6% | 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 |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying NLY stock.
Annaly Capital Management, Inc.'s current P/E ratio is 12.6x. The historical average is 11.9x. This places it at the 74th percentile of its historical range.
Annaly Capital Management, Inc.'s current EV/EBITDA is 24.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
Annaly Capital Management, Inc.'s return on equity (ROE) is 14.1%. The historical average is 9.1%.
Based on historical data, Annaly Capital Management, Inc. is trading at a P/E of 12.6x. This is at the 74th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Annaly Capital Management, Inc.'s current dividend yield is 15.66% with a payout ratio of 92.8%.
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.
Annaly Capital Management, Inc.'s Debt/EBITDA ratio is 16.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage amplifies spread sensitivity
Metrics are mathematically derived from official filings.
Book Value Discount Masks Earnings Volatility
Based on reported figures, NLY trades at 0.74x book value and a 12.64 trailing P/E, while P/FFO is unavailable, leaving price-to-book as the most reliable valuation anchor for a mortgage REIT whose earnings swing with mark-to-market results.
The discount to book suggests the market is pricing in either further book value erosion or doubts about the durability of spread income, which is consistent with the negative Q3 2026 ROE of -6.0% and the 6.92x to 8.00x leverage band. The trailing P/E of 12.64 appears inflated by non-recurring hedge and valuation items rather than representing a clean earnings multiple, so investors should weight price-to-book and distributable earnings more heavily. An implied valuation based on EV/EBITDA of 24.30 is largely distorted by financing structure and should not be read as an operating multiple.
Near-Total Margins Reflect Accounting Structure
According to reported financial statements, NLY's NOI margin sits near 99% in most quarters, but this reflects mREIT accounting where funding costs sit below the revenue line, so the figure says little about true spread profitability.
The consistency of the 98.8% to 99.9% range across most quarters indicates that interest income is recorded as revenue while repo funding costs are classified further down, making the margin an artifact rather than an economic measure. The sharp swing in Q3 2026 net margin, which turned negative as ROE fell to -6.0%, suggests that realized spread income is being overwhelmed by mark-to-market losses. Investors should focus on distributable earnings and the net interest spread rather than headline margin.
FFO Payout Swings Test Dividend Coverage
Based on NLY's reported FFO and AFFO per share, the payout ratio ranged from 3% to 183% over recent quarters, with the Q1 2026 AFFO turning negative at -0.29 per share against a 15.7% headline yield.
Payout coverage has been highly uneven, with quarters such as Q2 2025 and Q1 2025 showing payout ratios near single digits while Q1 2026 exceeded 180%, which suggests dividend sustainability depends heavily on the timing of hedge and valuation gains. The 15.7% dividend yield appears to price in a meaningful probability of cut or reset, and the absence of forward guidance limits visibility into whether recent AFFO recovery is repeatable. Investors should monitor whether AFFO coverage stabilizes above the distribution level over the next several quarters before treating the current payout as secure.
Elevated Debt Ratio Constrains Flexibility
As reported in financial statements, NLY's debt-to-equity ratio climbed from 6.77 to 8.00 across the period, with interest coverage falling to -0.69 in Q3 2026, indicating limited cushion against funding cost or spread shocks.
A debt-to-equity ratio above 7x combined with negative interest coverage in the latest quarter suggests the portfolio's income may not be adequately covering funding costs during periods of valuation stress. Repo dependence means refinancing and margin requirements can change quickly, which may force asset sales at unfavorable prices if mortgage basis widens further. The trend appears to warrant close monitoring of funding maturities and hedge coverage ratios.
Debt-to-Equity Misleads on Gross Asset Leverage
The most commonly misapplied ratio for NLY is book-value-based debt-to-equity, which can understate true economic exposure because the 6.92x to 8.00x range ignores hedge notionals and the relationship between gross assets and the equity base.
Standard debt-to-equity treats repo borrowings as the only leverage, yet NLY's hedge book and derivative exposure add interest rate sensitivity not captured in the balance sheet ratio. A more informative approach is to pair debt-to-equity with economic leverage and duration-adjusted exposure, since the same book-value ratio can represent very different risk depending on hedge coverage. Analysts should treat the reported leverage figure as a starting point rather than a complete measure of risk.