Annaly Capital Management

NLY · NYSE · Financials · Financials, fiscal 2016 to 2025

NLY · Last close · October 26, 2026

$18.26

Value Annaly Capital Management yourself

Annaly Capital Management's revenue rose 23.1% to $6.0 billion in fiscal 2025. Its net margin was 34.0%, up from 20.7% a year earlier. It paid out $495 million in dividends and buybacks. The diluted share count rose 22.6%.

ANNALY CAPITAL MANAGEMENT INC Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001043219-26-000013 Updated October 18, 2026

Revenue

$6.0B

23.1%

Net margin

34.0%

13.3 pts

Net income

$2.0B

102.3%

Free cash flow

—

Return on equity

14.1%

5.7 pts

Market cap

$13.5B

Oct 26 close

P/E

4.5x

On $4.07 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 6.9% a year and net income grew 3.9% a year, as new shares raised the share count by 164% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Annaly Capital Management's filings doesn't give both for any year, so free cash flow is left out.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Annaly Capital Management yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Annaly Capital Management's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Annaly Capital Management's free cash flow isn't available in its filings' structured data (the notes above say why), and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Annaly Capital Management's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $18.26
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. Annaly Capital Management's P/E today, 4.5×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from Annaly Capital Management's earnings per share of $4.07 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Annaly Capital Management's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: AGNC Investment, Starwood Property Trust, Globe Life, Brown & Brown.

Earnings growth in the years ahead (% a year) Starts at Annaly Capital Management's revenue growth over the last 3 years, 29.0% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $18.26
Value at this multiple, against the last close: —
Annaly Capital Management's P/E at the last close: 4.5×

Company	Last close	Earnings per share	P/E today
Brown & BrownBRO	$71.08	$3.16	22.5×
Starwood Property TrustSTWD	$12.53	$0.59	21.2×
Globe LifeGL	$156.82	$15.07	10.4×
AGNC InvestmentAGNC	$8.78	$1.94	4.5×
Annaly Capital ManagementNLY	$18.26	$4.07	4.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,342	1,577	1,412	1,488	2,038
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	10.6x	2.4x	0.6x	1.2x	1.4x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Annaly Capital Management shares on the open market, and 4 insiders sold $7.0 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 3, 2026	David L FinkelsteinCEO and Co-CIO, Director	Sold plan	50,000	$22.89	$1.1 million	Form 4
May 4, 2026	Serena WolfeChief Financial Officer	Sold plan	16,537	$22.48	$371,752	Form 4
Apr 27, 2026	David L FinkelsteinCEO and Co-CIO, Director	Sold plan	50,000	$22.88	$1.1 million	Form 4
Feb 25, 2026	Steven Francis CampbellPresident and COO	Sold plan	26,491	$22.83	$604,790	Form 4
Feb 18, 2026	David L FinkelsteinCEO and Co-CIO, Director	Sold plan	50,000	$23.13	$1.2 million	Form 4
Feb 18, 2026	Steven Francis CampbellPresident and COO	Sold plan	28,225	$23.12	$652,562	Form 4
Feb 18, 2026	Serena WolfeChief Financial Officer	Sold plan	16,536	$23.14	$382,643	Form 4
Nov 3, 2025	David L FinkelsteinCEO and Co-CIO, Director	Sold plan	50,000	$21.16	$1.1 million	Form 4
Nov 3, 2025	Anthony C GreenChief Corporate Officer, CLO	Sold plan	22,499	$21.15	$475,854	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−4.6%	−2.4%	1.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Annaly Capital Management side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Annaly Capital Management	FY25	23.1%	—	—	—	—	—
AGNC Investment	FY25	19.5%	—	—	—	—	—	Compare
Starwood Property Trust	FY25	−5.3%	—	5.4%	—	—	—	Compare
Globe Life	FY25	3.7%	—	20.9%	16.0%	1.4x	—	Compare
Brown & Brown	FY25	22.8%	—	23.4%	9.1%	3.8x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,211	2,493	3,333	3,787	2,230	1,983	2,779	3,732	4,840	5,959
Revenue growth	1.9%	12.8%	33.7%	13.7%	−41.1%	−11.1%	40.1%	34.3%	29.7%	23.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	1,434	1,570	54	−2,163	−891	2,390	1,725	−1,643	1,002	2,027
Diluted EPS (US$)	5.56	5.48	−0.24	−6.40	−2.92	6.39	3.92	−3.61	1.62	2.92
Diluted shares (millions)	242	267	302	359	354	357	412	494	523	641
Cash flow
Cash from operations	1,581	1,632	2,622	−1,200	528	3,077	5,372	2,367	3,311	693
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	306	348	394	358	308	321	412	325	376	495
Share buybacks	103	0	0	224	209	0	0	0	0	0
Acquisitions	42	0	258	0	0	0	0	0	0	0
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	1,540	707	1,736	1,851	1,244	1,342	1,577	1,412	1,488	2,038
Debt incl. finance leases	315	312	—	491	430	—	—	—	—	—
Total assets	87,905	101,760	105,788	130,295	88,455	76,764	81,851	93,227	103,556	135,610
Total liabilities	75,329	86,888	91,670	114,499	74,433	63,569	70,481	81,882	90,859	119,450
Shareholders' equity	12,568	14,866	14,112	15,792	14,008	13,170	11,270	11,256	12,609	16,091
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	64.8%	63.0%	1.6%	−57.1%	−40.0%	120.5%	62.1%	−44.0%	20.7%	34.0%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Return on capital	19.1%	19.9%	—	—	−0.1%	—	—	—	—	—
Return on equity	11.7%	11.4%	0.4%	−14.5%	−6.0%	17.6%	14.1%	−14.6%	8.4%	14.1%
Return on assets	1.8%	1.7%	0.1%	−1.8%	−0.8%	2.9%	2.2%	−1.9%	1.0%	1.7%
Net debt to EBITDA	−0.6x	−0.1x	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Annaly Capital Management's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Annaly Capital Management.