Annaly Capital Management (NLY) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Annaly Capital Management

NYSE•Real Estate•REIT - Mortgage

$18.47+0.17(0.01%)Market open

Market Cap

$13.93B

P/E

12.5x

P/S

7.5x

P/B

0.9x

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.

How this company scores

WeakMetricSide Score: 67/100

Grade capped at D — Interest coverage below 1× (0.5x) — earnings cannot cover interest. Strongest: Growth (22/25); weakest: Balance Sheet & Red Flags (8/25).

Profitability18/25

Growth22/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality19/25

Strengths

Growing revenueRising free cash flowStrong marginsRising earnings

Grade capped at D

Interest coverage below 1× (0.5x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 12.5x5y range 2.5x – 89.1x

Currently near its 14-quarter median.

P/S · 7.5x5y range 4.4x – 1487.6x

Currently below its 17-quarter median.

P/B · 0.9x5y range 0.7x – 3.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 8.8% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.3x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $13.93B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.85B
Q. Revenue: $543.61M
TTM EBITDA: $2.28B
TTM Op. Income: $2.23B
Q. Op. Income: $646.41M
TTM Net Income: $1.12B
Q. Net Income: $-1.00B
EPS: $-1.36
Shares Out.: $764.36M

$1.85B in TTM revenue grew 93.6% YoY, reaching $543.61M last quarter. TTM EBITDA of $2.28B and TTM operating income of $2.23B show growth is flowing through to the bottom line. TTM net income of $1.12B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 120.5%
Op. Margin: 118.9%
Net Margin: -184.3%

Op. margin of 118.9% is down 8.6% YoY — costs are rising relative to revenue. Net margin at -184.3% Over the past year, operating margin is down 7% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 12.5x
P/S Ratio: 7.5x
P/B Ratio: 0.9x

At 12.5x P/E, the stock trades below typical market levels. P/S of 7.5x and P/B of 0.9x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 36% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $146.15B
Cash: $2.18B
Long-Term Debt: N/A
Book Value: $15.82B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $2.86B
TTM Free Cash Flow: $3.72B
FCF Margin: 200.8%
FCF / Net Income: 3.3

TTM FCF of $3.72B on $2.86B in operating cash flow. The FCF / Net Income ratio of 3.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.