Annaly Capital Management, Inc. (NLY) Financial Ratios
29 years of historical data (1997–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↑
18.32
↑+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
↑
0.89
+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 7.7x earnings, roughly in line with its 5-year average of 7.3x, sitting at the 43rd 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 | $16.1B | $14.3B | $9.6B | $9.6B | $8.7B | $11.2B | $12.0B | $13.5B | $11.9B | $12.7B | $9.7B |
| Enterprise Value | $125.9B | $124.2B | $30.7B | $22.5B | $17.3B | $18.2B | $82.6B | $22.2B | $18.2B | $19.1B | $16.0B |
| P/E Ratio → | 7.66 | 7.66 | 11.30 | — | 5.38 | 4.90 | — | — | — | 8.68 | 7.17 |
| P/S Ratio | 2.40 | 2.14 | 1.51 | 1.71 | 2.09 | 14.87 | 8.05 | 7.45 | 5.71 | 5.39 | 4.85 |
| P/B Ratio | 0.89 | 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 | 23.20 | 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 16.7x, placing the stock at a 10% 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 | 18.32 | 18.07 | 5.44 | 9.92 | 5.51 | 6.15 | 22833.54 | 35.03 | 105.31 | 11.91 | 10.56 |
| EV / EBIT | 18.33 | 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 26.0%. 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 (107% 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 13.2% to shareholders annually — split between a 13.1% 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 13.0% (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 | 13.1% | 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 | 13.0% | 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 | 13.2% | 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 | 7.7 | 18.3 | — | 99.9% | 102.6% | 14.1% | 6.4% | 16.3 |
 AGNC | $10B | 11.5 | 2.4 | 111.9 | 100.0% | 79.6% | 9.6% | 34.0% | 0.0 |
 TWO | $1B | -2.8 | 197.8 | 14.5 | 97.9% | 68.7% | -23.2% | 3.1% | 188.0 |
 MFA | $975M | 5.7 | 17.0 | 12.8 | 96.2% | 78.8% | 9.6% | 4.4% | 15.9 |
 RITM | $5B | 9.3 | 16.3 | — | 90.5% | 44.6% | 8.0% | 4.4% | 15.0 |
 IVR | $577M | 5.2 | 19.1 | 3.7 | 96.7% | 94.5% | 13.3% | 4.0% | 17.5 |
 DX | $3B | 5.4 | 21.2 | — | 100.0% | 175.6% | 17.5% | 4.8% | 18.8 |
 ARR | $2B | 5.2 | 20.8 | 17.3 | 97.0% | 73.9% | 17.8% | 6.8% | 18.6 |
 PMT | $1B | 12.3 | 20.6 | 7.4 | 91.6% | 79.0% | 6.7% | 6.0% | 19.8 |
 CIM | $1B | 5.0 | 18.0 | — | 94.9% | 93.2% | 9.0% | 4.1% | 16.9 |
 EFC | $1B | 11.0 | 39.3 | 2.6 | 84.3% | 61.6% | 8.5% | 3.1% | 37.0 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 29 years · Updated daily
Full NLY Stock Analysis
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Start ComparisonNLY — 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 7.7x. The historical average is 11.9x. This places it at the 43th 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 7.7x. This is at the 43th 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 13.12% 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.