GoAI
Get started
Annaly Capital Management, Inc. logo

Annaly Capital Management, Inc.

NLY-PF

NYSEReal EstateREIT - Mortgage

Open in GoAI

Regular session

$25.6735

+$0.0235 · +0.09%

Aug 24, 9:50 AM ET

NLY-PF 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

40

Weakening

Sentiment

48

Mixed

Risk resilience

83

Low Risk

Full GoAI research

Thesis, catalysts, evidence, and risk analysis.

View full GoAI research

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

Company profile

Company website

Annaly Capital Management, Inc. functions as a multifaceted investment management firm, concentrating its efforts on mortgage financing and lending to the corporate middle market. Its varied investment holdings include agency and non-Agency residential and commercial mortgage-backed securities, along with mortgage servicing rights, residential mortgage loans, credit risk transfer securities, corporate debt instruments, and various other commercial real estate ventures. The company operates under the tax classification of a Real Estate Investment Trust (REIT), which allows it to avoid federal corporate income tax, provided it distributes its taxable profits to its shareholders. Annaly Capital Management was established in 1996 and maintains its principal offices in New York City.

Industry
REIT - Mortgage
Sector
Real Estate
Headquarters
US
CEO
David L. Finkelstein
Listed since
Jul 27, 2017
Employees
212

Market position

Day range

Current $25.6735

52-week range

Current $25.6735

Open
$25.75
Previous close
$25.65
Volume
3.49K
0.09× average
Average volume
40.68K
Average daily volume
Market cap
13.39B USD
Beta
1.24
Market reference 1
50-day average
$25.6991
-0.10% below average
200-day average
$25.664
+0.04% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
124.12B USD
P/E (TTM)
5.81×
P/B (TTM)
1.01×
P/S (TTM)
2.41×
EV / EBITDA
18.06×
Earnings yield
14.18%
Free cash flow yield
-1.55%
Dividend yield
12.24%

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×
Altman Z-score
0.18
Piotroski F-score
4 of 9

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, 2 misses, 0 met estimates
Average EPS surprise
+2.87%
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 estimates0.830.760.690.63Q1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 29, 2025: actual 0.72, estimate 0.667, surprise +7.95%, Beat. Q2 2025, reported Apr 30, 2025: actual 0.72, estimate 0.697, surprise +3.30%, Beat. Q3 2025, reported Jul 23, 2025: actual 0.73, estimate 0.713, surprise +2.38%, Beat. Q4 2025, reported Oct 22, 2025: actual 0.73, estimate 0.721, surprise +1.25%, Beat. Q1 2026, reported Jan 28, 2026: actual 0.74, estimate 0.73, surprise +1.37%, 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 0.778, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates1.14B789.7M441.95M94.2MQ1 '25MissQ2 '25MissQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 29, 2025: actual 527.46M USD, estimate 705.94M USD, surprise -25.28%, Miss. Q2 2025, reported Apr 30, 2025: actual 186.64M USD, estimate 440.08M USD, surprise -57.59%, Miss. Q3 2025, reported Jul 23, 2025: actual 110.83M USD, estimate 502.99M USD, surprise -77.97%, Miss. Q4 2025, reported Oct 22, 2025: actual 885.58M USD, estimate 546.62M USD, surprise +62.01%, 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 665.68M USD, surprise -48.69%, 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

$20.75

19.18% downside
Past 12 months12-month forecastHigh $22.50Average $20.75Low $19.00

Recent analyst actions

1 institution
UBSupgradeNeutralBuy

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

$2.3715

2025 complete year+36.5% since 2021

2026 partial: $1.1176

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Sep 1, 2026

$0.5617

Quarterly

Record Sep 1, 2026 · Payment Sep 30, 2026

Dividend

Ex-dividend Jun 1, 2026

$0.5596

Quarterly

Record Jun 1, 2026 · Payment Jun 30, 2026

Dividend

Ex-dividend Mar 2, 2026

$0.5579

Quarterly

Record Mar 2, 2026 · Payment Mar 31, 2026

Dividend

Ex-dividend Dec 1, 2025

$0.5785

Quarterly

Record Dec 1, 2025 · Payment Dec 31, 2025

Dividend

Ex-dividend Sep 2, 2025

$0.5969

Quarterly

Record Sep 2, 2025 · Payment Sep 30, 2025

Dividend

Ex-dividend Jun 2, 2025

$0.5971

Quarterly

Record Jun 2, 2025 · Payment Jun 30, 2025

NLY-PF peers

Welltower Inc. logo

WELL

Welltower Inc.

$241.43

—

Prologis, Inc. logo

PLD

Prologis, Inc.

$143.2

—

American Tower Corporation logo

AMT

American Tower Corporation

$177.15

—

Simon Property Group, Inc. logo

SPG

Simon Property Group, Inc.

$221.22

—

Digital Realty Trust, Inc. logo

DLR

Digital Realty Trust, Inc.

$186.19

—

Public Storage logo

PSA

Public Storage

$323.94

—

ETFs holding NLY-PF

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

iShares Preferred and Income Securities ETF logoiShares Preferred and Income Securities ETFPFF
Market value
45.6M
Weight
0.35%
AUM
13.06B USD
Expense ratio
0.45%
Price / 1D
$30.425-0.11%
Fidelity Real Estate Income ETF logoFidelity Real Estate Income ETFFREI
Market value
23.98M
Weight
0.54%
AUM
21.08M USD
Expense ratio
0.59%
Price / 1D
$24.905-0.06%
VanEck Preferred Securities ex Financials ETF logoVanEck Preferred Securities ex Financials ETFPFXF
Market value
18.32M
Weight
0.77%
AUM
2.4B USD
Expense ratio
0.40%
Price / 1D
$17.87-0.56%
First Trust Preferred Securities and Income ETF logoFirst Trust Preferred Securities and Income ETFFPE
Market value
13.26M
Weight
0.21%
AUM
6.28B USD
Expense ratio
0.83%
Price / 1D
$17.6701+0.03%
Invesco Variable Rate Preferred ETF logoInvesco Variable Rate Preferred ETFVRP
Market value
7.75M
Weight
0.26%
AUM
3.02B USD
Expense ratio
0.50%
Price / 1D
$24.075-0.39%
Multi-Asset Diversified Income Index Fund logoMulti-Asset Diversified Income Index FundMDIV
Market value
3.72M
Weight
0.86%
AUM
431.44M USD
Expense ratio
0.83%
Price / 1D
$16.82+0.12%
AAM Low Duration Preferred and Income Securities ETF logoAAM Low Duration Preferred and Income Securities ETFPFLD
Market value
1.41M
Weight
0.35%
AUM
487.73M USD
Expense ratio
0.45%
Price / 1D
$19.550.00%
iShares Morningstar Multi-Asset Income ETF logoiShares Morningstar Multi-Asset Income ETFIYLD
Market value
64.93K
Weight
0.05%
AUM
125.77M USD
Expense ratio
0.50%
Price / 1D
$22.22-0.31%

Continue in GoAI

Research NLY-PF

research.disclaimer