NLY NYSE Mortgage REITs Financials FY2016βFY2025
Annaly Capital Management had $6.0B of revenue in fiscal 2025, up 23.1% on the year before. Over five years, revenue changed +21.7% a year on average.
Hi! I read Annaly Capital Managementβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+23.1%
Yes. Sales grew 23.1% last year.
Does it make a profit?
34.0%
Yes. It keeps 34.0% of every sale as profit.
How is the share priced?
4.5x
One share costs 4.5 times its yearly profit per share. Typical for its sector: 13.7x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Annaly Capital Management did it, and the next one. Share prices often move a lot on those days.
Next results
January 27, 2027
Wednesday Β· in 93 days
Estimated from the same quarter last year. It will be replaced by the announced date once there is one.
See who else reports that week β| Date | Results for | Time | Source |
|---|---|---|---|
| Oct 20, 2026 | Period ended Sep 30, 2026 | After the market closes | 8-K β |
| Jul 21, 2026 | Q2 '26 | After the market closes | 8-K β |
| Apr 21, 2026 | Q1 '26 | After the market closes | 8-K β |
| Jan 28, 2026 | Q4 '25 | After the market closes | 8-K β |
| Oct 22, 2025 | Q3 '25 | After the market closes | 8-K β |
| Jul 23, 2025 | Q2 '25 | After the market closes | 8-K β |
| Apr 30, 2025 | Q1 '25 | After the market closes | 8-K β |
| Jan 29, 2025 | Q4 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Annaly Capital Management had $6.0B of revenue in fiscal 2025, up 23.1% on the year before. Over five years, revenue changed +21.7% a year on average.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Annaly Capital Management made $2.0B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew β6.9% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Annaly Capital Management returned $495M to shareholders in fiscal 2025. The diluted share count rose 22.6%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $7.0M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$7.0M
4 insiders
Of sales under plans
100%
$7.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Annaly Capital Management can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $1.6B | $1.4B | $1.5B | $2.0B |
| Interest coverage | 10.6x | 2.4x | 0.6x | 1.2x | 1.4x |
| 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 (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | β / 9 | β / 9 |
| Accruals ratio | β4.6% | β2.4% | 1.1% |
| Altman Z'' | β | β | β |
What does the share cost, and how does it compare?
KIRA Β· At $18.35 a share, the company is worth $13.6B: 4.5 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β and divides by 641.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 4.5x Β· peers 15.8x Β· sector 13.7x.
KIRA Β· Annaly Capital Management grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 0 of 4.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Annaly Capital Management NLY | $13.6B | 23.1% | β | β | β | 4.5x | β | |
| AGNC Investment AGNC | $10.3B | 19.5% | β | β | β | 4.6x | β | Compare β |
| Starwood Property Trust STWD | $4.6B | β5.3% | β | 5.4% | β | 21.3x | β | Compare β |
| Globe Life GL | $12.2B | 3.7% | β | 20.9% | 16.0% | 10.3x | β | Compare β |
| Brown & Brown BRO | $24.4B | 22.8% | β | 23.4% | 9.1% | 23.0x | 4 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$2.2B | β$918M | $2.4B | $1.8B | β$1.6B | $1.0B | $2.0B |
| Income tax | β$1.6M | $7.0M | β$2.4M | β$10.8M | β$28.4M | $4.7M | $45.6M | $39.4M | $15.3M | β$6.9M |
| Net income | $1.4B | $1.6B | $54.4M | β$2.2B | β$891M | $2.4B | $1.7B | β$1.6B | $1.0B | $2.0B |
| Diluted EPS | $5.56 | $5.48 | β$0.24 | β$6.40 | β$2.92 | $6.39 | $3.92 | β$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 | β$1.2B | $528M | $3.1B | $5.4B | $2.4B | $3.3B | $693M |
| Depreciation and amortization | $34.8M | $26.5M | β | β | β | β | β | β | β | β |
| 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 | β | $491M | $430M | β | β | β | β | β |
| 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% | β | β | β | β | β | β | β | β |
| Net margin | 64.9% | 63.0% | 1.6% | β57.1% | β40.0% | 120.5% | 62.1% | β44.0% | 20.7% | 34.0% |
| Returns | ||||||||||
| Return on capital | 19.1% | 19.9% | β | β | β0.1% | β | β | β | β | β |
| Return on equity | 11.7% | 11.4% | 0.4% | β14.5% | β6.0% | 17.6% | 14.1% | β14.6% | 8.4% | 14.1% |
| Return on assets | 1.8% | 1.7% | 0.1% | β1.8% | β0.8% | 2.9% | 2.2% | β1.9% | 1.0% | 1.7% |
| Growth | ||||||||||
| Revenue growth | 1.9% | 12.8% | 33.7% | 13.7% | β41.1% | β11.1% | 40.1% | 34.3% | 29.7% | 23.1% |
| Net income growth | 207.3% | 9.5% | β96.5% | β4,075.3% | β | β | β27.8% | β195.2% | β | 102.3% |
| EPS growth | 231.0% | β1.4% | β104.4% | β | β | β | β38.7% | β192.1% | β | 80.3% |
| Share count change | 2.4% | 9.9% | 13.4% | 18.6% | β1.4% | 1.0% | 15.3% | 20.1% | 5.7% | 22.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | β0.6x | β0.2x | β | β | β | β | β | β | β | β |
| Debt / equity | 0.0x | 0.0x | β | 0.0x | 0.0x | β | β | β | β | β |
| Interest coverage | 3.2x | 2.6x | 1.0x | 0.2x | β0.0x | 10.6x | 2.4x | 0.6x | 1.2x | 1.4x |
| Quality scores | ||||||||||
| Accruals ratio | β0.2% | β0.1% | β2.5% | β0.8% | β1.3% | β0.8% | β4.6% | β4.6% | β2.4% | 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 β not investment advice. Check the original filings before relying on any figure.
