Annaly Capital Management Inc (NLY)

Annaly Capital Management, Inc., a diversified capital manager, engages in the residential mortgage finance business. The company invests in agency mortgage-backed securities collateralized by residential mortgages; non-agency residential whole loans and securitized products within the residential and commercial markets; mortgage servicing rights; agency commercial mortgage-backed securities; to-be-announced forward contracts; residential mortgage-backed securities; residential mortgage loans; and agency or private label credit risk transfer securities. It has elected to be taxed as a real estate investment trust (REIT). As a REIT, it is not subject to federal income tax to the extent that it distributes its taxable income to its shareholders. Annaly Capital Management, Inc. was incorporated in 1996 and is based in New York, New York.

Ticker: NLY
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Mortgage
Market cap: $14.71B
52-week range: $17.70 - $24.52

Valuation

Share price: $18.75 (close of Nov 6, 2026)
P/E (TTM): 13.19x
Price to book: 0.93x
Price to free cash flow: 3.96x
Enterprise value: $54.24B
Book value per share: $20.26

Price performance

Period	Change
1 day	-0.53%
5 days	+2.85%
1 month	+1.79%
3 months	-17.26%
6 months	-16.81%
Year to date	-16.14%
1 year	-13.23%
3 years	+9.91%
5 years	-46.12%
10 years	-54.49%
All time	-62.87%

Short interest

As of: Oct 15, 2026
Short % of float: 3.31%
Shares short: 26.01M
Days to cover: 1.76
Change since prior report: +7.95%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 12.55%
Return on assets: 1.49%
Net income growth: 102.34%
Free cash flow growth: -79.07%

Cash flow and balance sheet

Free cash flow yield (TTM): 25.27%
Net debt to EBITDA: 6.10x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Net income: $2.03B
Earnings per share: $2.92
Interest expense: $4.82B
Shares outstanding: 639.51M

Income statement by year

Period end	Net income	EPS
2025-12-31	$2.03B	$2.92
2024-12-31	$1.00B	$1.62
2023-12-31	-$1.64B	-$3.61
2022-12-31	$1.73B	$3.93
2021-12-31	$2.39B	$6.40
2020-12-31	-$891.16M	-$2.92
2019-12-31	-$2.16B	-$6.40
2018-12-31	$54.41M	-$0.24
2017-12-31	$1.57B	$5.48
2016-12-31	$1.43B	$5.56

Margins and returns by year

Period end	Return on equity
2025-12-31	12.55%
2024-12-31	7.89%
2023-12-31	-14.48%
2022-12-31	15.18%
2021-12-31	18.11%
2020-12-31	-6.36%
2019-12-31	-13.69%
2018-12-31	0.39%
2017-12-31	10.55%
2016-12-31	11.40%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$2.04B	-
2024-12-31	$1.49B	-
2023-12-31	$1.41B	-
2022-12-31	$1.58B	-
2021-12-31	$1.34B	-
2020-12-31	$1.24B	$429.65M
2019-12-31	$1.85B	$490.63M
2018-12-31	$1.74B	-
2017-12-31	$706.59M	$312.50M
2016-12-31	$1.54B	$314.87M

Free cash flow by year

Period end	Free cash flow
2025-12-31	$692.91M
2024-12-31	$3.31B
2023-12-31	$2.37B
2022-12-31	$5.37B
2021-12-31	$3.08B
2020-12-31	$527.97M
2019-12-31	-$1.20B
2018-12-31	$2.62B
2017-12-31	$1.63B
2016-12-31	$1.58B

Dividend history

Most recent payment: Sep 30, 2026
Paid in the last twelve months: $2.90

Payment date	Dividend per share
2026-09-30	$0.75
2026-06-30	$0.75
2026-03-31	$0.70
2025-12-31	$0.70
2025-09-30	$0.70
2025-06-30	$0.70
2025-03-31	$0.70
2024-12-31	$0.65

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-20	Sep 2026	$0.77
2026-07-21	Jun 2026	$0.75
2026-04-21	Mar 2026	$0.74
2026-01-28	Dec 2025	$0.72
2025-10-22	Sep 2025	$0.72
2025-07-23	Jun 2025	$0.72
2025-04-30	Mar 2025	$0.71
2025-01-29	Dec 2024	$0.67

Filings and sources

Company website: annaly.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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