AGNC Investment vs Annaly Capital Management
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The short version
- Annaly Capital Management is the larger business, with $6.0B of revenue in fiscal 2025 against $3.5B for AGNC Investment, about 1.7 times as much.
- Annaly Capital Management grew revenue faster (23.1%, against 19.5%).
- Investors pay more for each dollar of AGNC Investmentβs earnings: a P/E of 4.6x against 4.5x for Annaly Capital Management.
| Latest fiscal year | AGNC Β· FY25 | NLY Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.3B | $13.6B |
| Revenue | $3.5B | $6.0B |
| Free cash flow | β | β |
| Net income | $1.7B | $2.0B |
| Growth | ||
| Revenue growth | 19.5% | 23.1% |
| 5-year growth | 18.3% | 21.7% |
| Share count change | 30.2% | 22.6% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 47.4% | 34.0% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | 15.1% | 14.1% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $1.6B | $495M |
| Valuation & quality | ||
| P/E | 4.6x | 4.5x |
| Piotroski F-score | β | β |
Revenue
FY16
AGNC $1.3B
NLY $2.2B
FY17
AGNC $1.3B
NLY $2.5B
FY18
AGNC $1.9B
NLY $3.3B
FY19
AGNC $2.8B
NLY $3.8B
FY20
AGNC $1.5B
NLY $2.2B
FY21
AGNC $1.4B
NLY $2.0B
FY22
AGNC $1.6B
NLY $2.8B
FY23
AGNC $2.0B
NLY $3.7B
FY24
AGNC $2.9B
NLY $4.8B
FY25
AGNC $3.5B
NLY $6.0B
AGNC
NLY
Operating margin
FY16
AGNC β
NLY β
FY17
AGNC β
NLY β
FY18
AGNC β
NLY β
FY19
AGNC β
NLY β
FY20
AGNC β
NLY β
FY21
AGNC β
NLY β
FY22
AGNC β
NLY β
FY23
AGNC β
NLY β
FY24
AGNC β
NLY β
FY25
AGNC β
NLY β
AGNC
NLY
Free cash flow
FY16
AGNC β
NLY β
FY17
AGNC β
NLY β
FY18
AGNC β
NLY β
FY19
AGNC β
NLY β
FY20
AGNC β
NLY β
FY21
AGNC β
NLY β
FY22
AGNC β
NLY β
FY23
AGNC β
NLY β
FY24
AGNC β
NLY β
FY25
AGNC β
NLY β
AGNC
NLY
Return on capital
FY16
AGNC β
NLY 19.1%
FY17
AGNC β
NLY 19.9%
FY18
AGNC β
NLY β
FY19
AGNC β
NLY β
FY20
AGNC β
NLY β0.1%
FY21
AGNC β
NLY β
FY22
AGNC β
NLY β
FY23
AGNC β
NLY β
FY24
AGNC β
NLY β
FY25
AGNC β
NLY β
AGNC
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.