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Annaly Capital Management, Inc. logo

Annaly Capital Management, Inc.

NLY

NYSEReal EstateREIT - Mortgage

Open in GoAI

Regular session

$23.2201

+$0.0601 · +0.26%

Aug 24, 11:19 AM ET

NLY company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

97

Deep Value

Momentum

48

Neutral

Sentiment

56

Mixed

Risk resilience

76

Moderate Risk

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Thesis, catalysts, evidence, and risk analysis.

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AI-generated, informational only, and not investment advice.

Company profile

Company website

Annaly Capital Management, Inc. (NLY) operates as a multifaceted financial firm, specializing in managing capital across various sectors. Its core business encompasses mortgage-related investments and lending to middle-market corporations. NLY strategically deploys capital across a diverse range of assets, including government-sponsored (Agency) and privately-issued (non-Agency) mortgage-backed securities, residential and commercial mortgage loans, mortgage servicing rights, credit risk transfer instruments, corporate debt, and other commercial real estate investments. Operating as a Real Estate Investment Trust (REIT), Annaly benefits from a particular tax structure. This designation exempts it from federal corporate income tax, provided it distributes the majority of its taxable earnings to its investors. Established in 1996, the firm's corporate headquarters are located in New York City.

Industry
REIT - Mortgage
Sector
Real Estate
Headquarters
US
CEO
David L. Finkelstein
Listed since
Oct 8, 1997
Employees
212

Market position

Day range

Current $23.2201

52-week range

Current $23.2201

Open
$23.24
Previous close
$23.16
Volume
1.2M
0.17× average
Average volume
7.08M
Average daily volume
Market cap
17.5B USD
Beta
1.24
Market reference 1
50-day average
$22.771
+1.97% above average
200-day average
$22.4931
+3.23% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
124.12B USD
P/E (TTM)
5.79×
P/B (TTM)
1×
P/S (TTM)
2.4×
EV / EBITDA
18.06×
Earnings yield
14.18%
Free cash flow yield
-1.55%
Dividend yield
12.27%

Profitability & efficiency

Gross margin
99.28%
Operating margin
111.84%
Net margin
40.52%
Return on equity
12.60%
Return on assets
1.49%
Return on invested capital
18802.42%

Financial health

Debt / equity
7.38×
Current ratio
0.03×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends432%264%96%-71%Gross margin, FY2021: 93.44%Gross margin, FY2022: 99.01%Gross margin, FY2023: 99.12%Gross margin, FY2024: 99.04%Gross margin, FY2025: 99.92%Operating margin, FY2021: 389.77%Operating margin, FY2022: 75.23%Operating margin, FY2023: 40.01%Operating margin, FY2024: 88.42%Operating margin, FY2025: 102.58%Net margin, FY2021: 318.06%Net margin, FY2022: 41.57%Net margin, FY2023: -29.30%Net margin, FY2024: 15.76%Net margin, FY2025: 30.28%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 93.44%. Gross margin FY2022 99.01%. Gross margin FY2023 99.12%. Gross margin FY2024 99.04%. Gross margin FY2025 99.92%. Operating margin FY2021 389.77%. Operating margin FY2022 75.23%. Operating margin FY2023 40.01%. Operating margin FY2024 88.42%. Operating margin FY2025 102.58%. Net margin FY2021 318.06%. Net margin FY2022 41.57%. Net margin FY2023 -29.30%. Net margin FY2024 15.76%. Net margin FY2025 30.28%.

Income trends

Revenue

6.7B USD+5.35%

Operating income

6.87B USD+22.23%

Net income

2.03B USD+102.34%
Income trends across reported periods7.72B USD4.32B USD910.34M USD−2.49B USDRevenue, FY2021: 751.4M USDRevenue, FY2022: 4.15B USDRevenue, FY2023: 5.61B USDRevenue, FY2024: 6.36B USDRevenue, FY2025: 6.7B USDOperating income, FY2021: 2.93B USDOperating income, FY2022: 3.12B USDOperating income, FY2023: 2.24B USDOperating income, FY2024: 5.62B USDOperating income, FY2025: 6.87B USDNet income, FY2021: 2.39B USDNet income, FY2022: 1.73B USDNet income, FY2023: −1.64B USDNet income, FY2024: 1B USDNet income, FY2025: 2.03B USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 751.4M USD. Revenue FY2022 4.15B USD. Revenue FY2023 5.61B USD. Revenue FY2024 6.36B USD. Revenue FY2025 6.7B USD. Operating income FY2021 2.93B USD. Operating income FY2022 3.12B USD. Operating income FY2023 2.24B USD. Operating income FY2024 5.62B USD. Operating income FY2025 6.87B USD. Net income FY2021 2.39B USD. Net income FY2022 1.73B USD. Net income FY2023 −1.64B USD. Net income FY2024 1B USD. Net income FY2025 2.03B USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue6.7B USD6.36B USD5.61B USD4.15B USD751.4M USD
Cost of goods sold5.38M USD60.71M USD49.61M USD41.01M USD49.27M USD
Gross profit6.69B USD6.29B USD5.56B USD4.11B USD702.13M USD
Operating expenses−178.38M USD675.3M USD3.31B USD986.97M USD−2.23B USD
Interest income5.96B USD4.84B USD3.73B USD2.78B USD1.98B USD
Interest expense4.82B USD4.59B USD3.84B USD1.31B USD249.24M USD
Depreciation and amortization2.69M USD30.36M USD24.81M USD20.51M USD24.64M USD
Operating income6.87B USD5.62B USD2.24B USD3.12B USD2.93B USD
Net income2.03B USD1B USD−1.64B USD1.73B USD2.39B USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
82%
9 beats, 1 miss, 1 met estimate
Average EPS surprise
+2.67%
11 comparable reports
Latest EPS result
0.79
Estimate 0.75 · Beat by 5.19%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.830.760.70.63Q1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 29, 2025: actual 0.72, estimate 0.67, surprise +7.46%, Beat. Q2 2025, reported Apr 30, 2025: actual 0.72, estimate 0.71, surprise +1.41%, Beat. Q3 2025, reported Jul 23, 2025: actual 0.73, estimate 0.72, surprise +1.39%, Beat. Q4 2025, reported Oct 22, 2025: actual 0.73, estimate 0.72, surprise +1.39%, Beat. Q1 2026, reported Jan 28, 2026: actual 0.74, estimate 0.72, surprise +2.78%, Beat. Q2 2026, reported Apr 21, 2026: actual 0.76, estimate 0.745, surprise +2.01%, Beat. Q3 2026, reported Jul 21, 2026: actual 0.79, estimate 0.751, surprise +5.19%, Beat. Q4 2026, reported Oct 28, 2026: actual —, estimate 0.78, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates2.31B1.61B908.73M207.86MQ1 '25BeatQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 29, 2025: actual 539.11M USD, estimate 422.47M USD, surprise +27.61%, Beat. Q2 2025, reported Apr 30, 2025: actual 244.54M USD, estimate 418.52M USD, surprise -41.57%, Miss. Q3 2025, reported Jul 23, 2025: actual 1.79B USD, estimate 493.55M USD, surprise +262.49%, Beat. Q4 2025, reported Oct 22, 2025: actual 2.16B USD, estimate 554.93M USD, surprise +288.78%, Beat. Q1 2026, reported Jan 28, 2026: actual 1.06B USD, estimate 697.21M USD, surprise +52.24%, Beat. Q2 2026, reported Apr 21, 2026: actual 341.56M USD, estimate 595.27M USD, surprise -42.62%, Miss. Q3 2026, reported Jul 21, 2026: actual 892.86M USD, estimate 639.8M USD, surprise +39.55%, Beat. Q4 2026, reported Oct 28, 2026: actual —, estimate 631.6M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$23.50

1.21% upside
Past 12 months12-month forecast

Price history unavailable

High $24.00Average $23.50Low $23.00

Rating distribution

28 ratings
Strong buy00%
Buy1657%
Hold1036%
Sell27%
Strong sell00%

NLY news

seekingalpha.com

Mortgage REITs Yield Up To 18%: Buy Rithm Capital And Annaly Capital, Avoid Dynex Capital And Armour Residential

Rithm Capital offers the best combination of strong dividend coverage (2.4x) and a substantial discount to book value (~0.82x). Annaly Capital earns a Buy rating for its consistent dividend coverage and improving…

Read source
zacks.com

5 High ROE Stocks to Buy as Markets Sway on Intense Volatility

ALL, ANET, NLY, IT and AME stand out as high-ROE, cash-rich stocks as market volatility intensifies amid bond yield swings.

Read source
zacks.com

Why Is Annaly (NLY) Up 5.9% Since Last Earnings Report?

Annaly (NLY) reported earnings 30 days ago. What's next for the stock?

Read source
247wallst.com

The Fed Held Rates Flat for 231 Days, Your Mortgage Rates Went Up Anyway

The Federal Reserve has not touched interest rates in over seven months, yet mortgage rates just climbed to their highest level in years. Understanding why exposes a flaw in how most borrowers think about the connection…

Read source
businesswire.com

Annaly Capital Management, Inc. Announces Redemption of all 17,700,000 Outstanding Shares of 6.750% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock

NEW YORK--(BUSINESS WIRE)--Annaly Capital Management Announces Redemption of all Outstanding Shares of Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.

Read source
247wallst.com

5 of JP Morgan’s Top Stock Picks Pay Big Dividends and One Yields Over 12%

J.P. Morgan updates its Analyst Focus List every month, and the August edition quietly signals where the firm's top analysts are placing their highest-conviction bets, including a handful of dividend payers that could…

Read source

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ETFs holding NLY

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Core S&P Mid-Cap ETF logoiShares Core S&P Mid-Cap ETFIJH
Market value
592.36M
Weight
0.46%
AUM
125.92B USD
Expense ratio
0.05%
Price / 1D
$76.0923-0.88%
Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
528.72M
Weight
0.02%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$376.78-0.39%
Vanguard Morningstar Small-Cap ETF logoVanguard Morningstar Small-Cap ETFVB
Market value
382.69M
Weight
0.21%
AUM
183.4B USD
Expense ratio
0.03%
Price / 1D
$302.81-0.64%
Vanguard Morningstar Small-Cap Value ETF logoVanguard Morningstar Small-Cap Value ETFVBR
Market value
243.1M
Weight
0.35%
AUM
68.3B USD
Expense ratio
0.05%
Price / 1D
$248.44-0.30%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
191.75M
Weight
0.20%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$243.58-0.79%
iShares Mortgage Real Estate ETF logoiShares Mortgage Real Estate ETFREM
Market value
140.54M
Weight
25.86%
AUM
544.56M USD
Expense ratio
0.48%
Price / 1D
$22.020.00%
Fidelity High Dividend ETF logoFidelity High Dividend ETFFDVV
Market value
128.11M
Weight
1.23%
AUM
10.16B USD
Expense ratio
0.15%
Price / 1D
$63.145+0.02%
State Street SPDR S&P MIDCAP 400 ETF Trust logoState Street SPDR S&P MIDCAP 400 ETF TrustMDY
Market value
124.99M
Weight
0.47%
AUM
26.72B USD
Expense ratio
0.23%
Price / 1D
$693.58-0.86%

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