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Annaly Capital Management

NLY NYSE Mortgage REITs Financials FY2016–FY2025

Annaly Capital Management's revenue rose 23.1% to $6.0 billion in fiscal 2025. Its net margin was 34.0%, up from 20.7% a year earlier. It paid out $495 million in dividends and buybacks. The diluted share count rose 22.6%.

Last close · Oct 23, 2026

$18.35

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$6.0B
23.1% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$2.0B
102.3%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$13.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
4.5x
On $4.07 EPS (TTM)

About these figures. Annaly is a mortgage REIT and reports no revenue line, so revenue is its interest income on mortgage securities, before the interest it pays on its borrowings. Share counts and per-share figures for earlier years are restated for a stock split (1-for-4), so every year is on today's share basis.

What Annaly Capital Management does

No business description yet.

Legal name
ANNALY CAPITAL MANAGEMENT INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001043219-26-000013
0001043219

Revenue and margins

Annaly Capital Management had $6.0B of revenue in fiscal 2025, up 23.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −6.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Annaly Capital Management returned $495M to shareholders in fiscal 2025. The diluted share count rose 22.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Annaly Capital Management yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 641.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 4.5x · peers 15.8x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Annaly Capital Management can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.3B$1.6B$1.4B$1.5B$2.0B
Interest coverage 10.6x2.4x0.6x1.2x1.4x
Total assets $76.8B$81.9B$93.2B$103.6B$135.6B
Total liabilities $63.6B$70.5B$81.9B$90.9B$119.4B
Shareholders' equity $13.2B$11.3B$11.3B$12.6B$16.1B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.0M

4 insiders

Of sales under plans

100%

$7.0M

DateInsiderTradeSharesPriceValueFiling
Aug 3, 2026 David L FinkelsteinCEO and Co-CIO, Director Sold plan 50,000 $22.89 $1.1M Form 4
May 4, 2026 Serena WolfeChief Financial Officer Sold plan 16,537 $22.48 $0.4M Form 4
Apr 27, 2026 David L FinkelsteinCEO and Co-CIO, Director Sold plan 50,000 $22.88 $1.1M Form 4
Feb 25, 2026 Steven Francis CampbellPresident and COO Sold plan 26,491 $22.83 $0.6M Form 4
Feb 18, 2026 David L FinkelsteinCEO and Co-CIO, Director Sold plan 50,000 $23.13 $1.2M Form 4
Feb 18, 2026 Serena WolfeChief Financial Officer Sold plan 16,536 $23.14 $0.4M Form 4
Feb 18, 2026 Steven Francis CampbellPresident and COO Sold plan 28,225 $23.12 $0.7M Form 4
Nov 3, 2025 Anthony C GreenChief Corporate Officer, CLO Sold plan 22,499 $21.15 $0.5M Form 4
Nov 3, 2025 David L FinkelsteinCEO and Co-CIO, Director Sold plan 50,000 $21.16 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −4.6%−2.4%1.1%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Annaly Capital Management NLY $13.6B 23.1% — — — 4.5x —
AGNC Investment AGNC $10.3B 19.5% — — — 4.6x — Compare →
Starwood Property Trust STWD $4.6B −5.3% — 5.4% — 21.3x — Compare →
Globe Life GL $12.2B 3.7% — 20.9% 16.0% 10.3x — Compare →
Brown & Brown BRO $24.4B 22.8% — 23.4% 9.1% 23.0x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.2B $2.5B $3.3B $3.8B $2.2B $2.0B $2.8B $3.7B $4.8B $6.0B
Interest expense $658M $1.0B $1.9B $2.8B $899M $249M $1.3B $3.8B $4.6B $4.8B
Pretax income $1.4B $1.6B $51.8M −$2.2B −$918M $2.4B $1.8B −$1.6B $1.0B $2.0B
Income tax −$1.6M $7.0M −$2.4M −$10.8M −$28.4M $4.7M $45.6M $39.4M $15.3M −$6.9M
Net income $1.4B $1.6B $54.4M −$2.2B −$891M $2.4B $1.7B −$1.6B $1.0B $2.0B
Diluted EPS $5.56 $5.48 −$0.24 −$6.40 −$2.92 $6.39 $3.92 −$3.61 $1.62 $2.92
Diluted shares 0.24B 0.27B 0.30B 0.36B 0.35B 0.36B 0.41B 0.49B 0.52B 0.64B
Cash flow
Cash from operations $1.6B $1.6B $2.6B −$1.2B $528M $3.1B $5.4B $2.4B $3.3B $693M
Depreciation and amortization $34.8M $26.5M — — — — — — — —
Acquisitions $41.7M $0.0M $258M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $103M $0.0M $0.0M $224M $209M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $306M $348M $394M $358M $308M $321M $412M $325M $376M $495M
Dividends and buybacks $408M $348M $394M $581M $517M $321M $412M $325M $376M $495M
Balance sheet
Cash and short-term investments $1.5B $707M $1.7B $1.9B $1.2B $1.3B $1.6B $1.4B $1.5B $2.0B
Total debt $315M $313M — $491M $430M — — — — —
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $87.9B $101.8B $105.8B $130.3B $88.5B $76.8B $81.9B $93.2B $103.6B $135.6B
Total liabilities $75.3B $86.9B $91.7B $114.5B $74.4B $63.6B $70.5B $81.9B $90.9B $119.4B
Shareholders' equity $12.6B $14.9B $14.1B $15.8B $14.0B $13.2B $11.3B $11.3B $12.6B $16.1B
Margins
EBITDA margin 96.1% 104.7% — — — — — — — —
Net margin 64.9% 63.0% 1.6% −57.1% −40.0% 120.5% 62.1% −44.0% 20.7% 34.0%
Returns
Return on capital 19.1% 19.9% — — −0.1% — — — — —
Return on equity 11.7% 11.4% 0.4% −14.5% −6.0% 17.6% 14.1% −14.6% 8.4% 14.1%
Return on assets 1.8% 1.7% 0.1% −1.8% −0.8% 2.9% 2.2% −1.9% 1.0% 1.7%
Growth
Revenue growth 1.9% 12.8% 33.7% 13.7% −41.1% −11.1% 40.1% 34.3% 29.7% 23.1%
Net income growth 207.3% 9.5% −96.5% −4,075.3% — — −27.8% −195.2% — 102.3%
EPS growth 231.0% −1.4% −104.4% — — — −38.7% −192.1% — 80.3%
Share count change 2.4% 9.9% 13.4% 18.6% −1.4% 1.0% 15.3% 20.1% 5.7% 22.6%
Financial health
Net debt / EBITDA −0.6x −0.2x — — — — — — — —
Debt / equity 0.0x 0.0x — 0.0x 0.0x — — — — —
Interest coverage 3.2x 2.6x 1.0x 0.2x −0.0x 10.6x 2.4x 0.6x 1.2x 1.4x
Quality scores
Accruals ratio −0.2% −0.1% −2.5% −0.8% −1.3% −0.8% −4.6% −4.6% −2.4% 1.1%

Source: SEC EDGAR XBRL filings (CIK 0001043219). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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