Globe Life vs Annaly Capital Management
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The short version
- Globe Life is the larger business, with $6.0B of revenue in fiscal 2025 against $6.0B for Annaly Capital Management.
- Annaly Capital Management grew revenue faster (23.1%, against 3.7%).
- Investors pay more for each dollar of Globe Life’s earnings: a P/E of 10.3x against 4.5x for Annaly Capital Management.
| Latest fiscal year | GL · FY25 | NLY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.2B | $13.6B |
| Revenue | $6.0B | $6.0B |
| Free cash flow | $1.3B | — |
| Net income | $1.2B | $2.0B |
| Growth | ||
| Revenue growth | 3.7% | 23.1% |
| 5-year growth | 4.8% | 21.7% |
| Share count change | −8.0% | 22.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 19.4% | 34.0% |
| FCF margin | 20.9% | — |
| Return on capital | 16.0% | — |
| Return on equity | 20.6% | 14.1% |
| Balance sheet | ||
| Net debt | $2.2B | — |
| Net debt / EBITDA | 1.4x | — |
| Dividends and buybacks | $967M | $495M |
| Valuation & quality | ||
| P/E | 10.3x | 4.5x |
| Piotroski F-score | — | — |
Revenue
FY16
GL $3.9B
NLY $2.2B
FY17
GL $4.2B
NLY $2.5B
FY18
GL $4.3B
NLY $3.3B
FY19
GL $4.5B
NLY $3.8B
FY20
GL $4.7B
NLY $2.2B
FY21
GL $5.1B
NLY $2.0B
FY22
GL $5.2B
NLY $2.8B
FY23
GL $5.4B
NLY $3.7B
FY24
GL $5.8B
NLY $4.8B
FY25
GL $6.0B
NLY $6.0B
GL
NLY
Operating margin
FY16
GL 20.0%
NLY —
FY17
GL 19.8%
NLY —
FY18
GL 20.2%
NLY —
FY19
GL 20.3%
NLY —
FY20
GL 19.1%
NLY —
FY21
GL 24.0%
NLY —
FY22
GL 22.7%
NLY —
FY23
GL 23.2%
NLY —
FY24
GL —
NLY —
FY25
GL —
NLY —
GL
NLY
Free cash flow
FY16
GL $1.4B
NLY —
FY17
GL $1.4B
NLY —
FY18
GL $1.2B
NLY —
FY19
GL $1.3B
NLY —
FY20
GL $1.4B
NLY —
FY21
GL $1.4B
NLY —
FY22
GL $1.4B
NLY —
FY23
GL $1.4B
NLY —
FY24
GL $1.3B
NLY —
FY25
GL $1.3B
NLY —
GL
NLY
Return on capital
FY16
GL 10.0%
NLY 19.1%
FY17
GL 12.4%
NLY 19.9%
FY18
GL 9.9%
NLY —
FY19
GL 9.6%
NLY —
FY20
GL 7.7%
NLY −0.1%
FY21
GL 13.7%
NLY —
FY22
GL 19.3%
NLY —
FY23
GL 16.6%
NLY —
FY24
GL 16.5%
NLY —
FY25
GL 16.0%
NLY —
GL
NLY
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.