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

$22.81-0.02(<0.01%)Pre-market

Market Cap

$15.55B

P/E

5.3x

P/S

9.8x

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: 62/100

Grade capped at D — Interest coverage below 1× (0.4x) — earnings cannot cover interest. Strongest: Profitability (25/25); weakest: Cash & Earnings Quality (7/25).

Profitability25/25

Growth22/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality7/25

Strengths

Growing revenueStrong marginsHigh ROERising earnings

Grade capped at D

Interest coverage below 1× (0.4x) — 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 · 5.3x5y range 2.5x – 89.1x

Currently below its 14-quarter median.

P/S · 9.8x5y 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

Red Flag

Operating margins dropped 50.4% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -2.5x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $15.55B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $1.58B
Q. Revenue: $488.19M
TTM EBITDA: $1.99B
TTM Op. Income: $1.94B
Q. Op. Income: $587.23M
TTM Net Income: $2.95B
Q. Net Income: $822.67M
EPS: $1.06
Shares Out.: $738.93M

$1.58B in TTM revenue grew 128.2% YoY, reaching $488.19M last quarter. TTM EBITDA of $1.99B and TTM operating income of $1.94B show growth is flowing through to the bottom line. TTM net income of $2.95B 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: 122.4%
Op. Margin: 120.3%
Net Margin: 168.5%

Op. margin of 120.3% is down 7.9% YoY — costs are rising relative to revenue. Net margin at 168.5% Over the past year, operating margin is down 6% — an improving trend.

Price Ratios

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

P/E Ratio: 5.3x
P/S Ratio: 9.8x
P/B Ratio: 0.9x

At 5.3x P/E, the stock trades below typical market levels. P/S of 9.8x and P/B of 0.9x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has fallen for 5 consecutive quarters — an improving trend.

Assets & Liabilities

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

Total Assets: $143.74B
Cash: $2.91B
Long-Term Debt: N/A
Book Value: $16.93B
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: $1.62B
TTM Free Cash Flow: $886.45M
FCF Margin: 56.0%
FCF / Net Income: 0.3

TTM FCF of $886.45M on $1.62B in operating cash flow. The FCF / Net Income ratio of 0.3x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 24% — an improving trend.