Overview Dividends

(NLY) Annaly Capital Management - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US0357108390

Agency MBS, Non-Agency Loans, CMBS, MSR, CRT

Mortgage REITs
Market Cap in USD: 15,867m

IPO / Inception: 1997-10-08
Return 12m vs S&P 500: 19.9%

EPS (Earnings per Share)

EPS CAGR: -10.79%
EPS Trend: -78.6%

Last SUE: 0.39
Qual. Beats: 0

Revenue

Rev. CAGR: 51.36%
Rev. Trend: 29.2%

Last SUE: 1.44
Qual. Beats: 2

Dividends

Dividend Yield	12.16%
Yield on Cost 5y	15.95%
Yield CAGR 5y	43.49%
Payout Consistency	89.3%
Payout Ratio	96.6%

Risk via 5d forecast
Volatility	19.3%
Value at Risk 5%th	32.7%
Relative Tail Risk	3.09%

Reward TTM
Sharpe Ratio	1.47
Alpha	27.62
CAGR/Max DD	0.48

Character TTM
Hurst Exponent	0.475
Beta	0.688
Beta Downside	0.815

Drawdowns 3y
Max DD	32.46%
Mean DD	7.74%
Median DD	6.01%

Description: NLY Annaly Capital Management October 31, 2025

Annaly Capital Management (NYSE: NLY) is a diversified REIT that focuses on mortgage-finance investments. Its portfolio spans agency mortgage-backed securities (MBS) backed by residential mortgages, non-agency whole-loan and securitized assets, mortgage servicing rights, agency CMBS, forward contracts, and credit-risk-transfer securities. By electing REIT status, the firm avoids federal income tax on earnings it distributes to shareholders.

Key metrics as of the latest filing show a dividend yield near 7-8 % and a weighted-average coupon of roughly 3.5 % on its agency MBS holdings, making the fund highly sensitive to Federal Reserve rate moves and prepayment dynamics. The company’s total assets under management exceed $100 billion, and its net interest margin (NIM) has trended lower in a rising-rate environment, underscoring the importance of spread management and hedging effectiveness as primary performance drivers.

For a deeper dive into NLY’s valuation metrics and scenario analysis, you might explore the ValueRay platform.

Piotroski VR‑10 (Strict, 0-10) 3.0

Net Income (1.50b TTM) > 0 and > 6% of Revenue (6% = 283.8m TTM)

FCFTA 0.02 (>2.0%) and ΔFCFTA 1.37pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -1595 % (prev -165.6%; Δ -1429 pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.02 (>3.0%) and CFO 2.86b > Net Income 1.50b (YES >=105%, WARN >=100%)

Net Debt (29.14b) to EBITDA (6.17b) ratio: 4.72 <= 3.0 (WARN <= 3.5)

Current Ratio 0.04 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (622.8m) change vs 12m ago 20.50% (target <= -2.0% for YES)

Gross Margin 98.93% (prev 89.09%; Δ 9.84pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 4.16% (prev 0.30%; Δ 3.86pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 1.33 (EBITDA TTM 6.17b / Interest Expense TTM 4.65b) >= 6 (WARN >= 3)

Altman Z'' -4.05

(A) -0.60 = (Total Current Assets 3.06b - Total Current Liabilities 78.49b) / Total Assets 125.86b

(B) -0.11 = Retained Earnings (Balance) -13.63b / Total Assets 125.86b

(D) -0.13 = Book Value of Equity -14.24b / Total Liabilities 110.86b

Total Rating: -4.05 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 67.76

1. Piotroski 3.0pt

2. FCF Yield 4.52%

3. FCF Margin 41.29%

4. Debt/Equity 1.98

5. Debt/Ebitda 4.72

6. ROIC - WACC (= 10.87)%

7. RoE 11.10%

8. Rev. Trend 29.20%

9. EPS Trend -78.55%

What is the price of NLY shares?

As of December 31, 2025, the stock is trading at USD 23.03 with a total of 8,065,017 shares traded.
Over the past week, the price has changed by +0.39%, over one month by +0.66%, over three months by +13.90% and over the past year by +41.67%.

Is NLY a buy, sell or hold?

Annaly Capital Management has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy NLY.

Strong Buy: 5
Buy: 4
Hold: 5
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the NLY price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	22.3	-3.3%
Analysts Target Price	22.3	-3.3%
ValueRay Target Price	28.8	25.1%

NLY Fundamental Data Overview December 27, 2025

Market Cap USD = 15.87b (15.87b USD * 1.0 USD.USD)
P/E Trailing = 10.2788
P/E Forward = 7.8989
P/S = 9.0762
P/B = 1.2104
P/EG = -3.61
Beta = 1.311
Revenue TTM = 4.73b USD
EBIT TTM = 6.17b USD
EBITDA TTM = 6.17b USD
Long Term Debt = 28.43b USD (from longTermDebt, last quarter)
Short Term Debt = 1.02b USD (from shortTermDebt, last quarter)
Debt = 29.46b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 29.14b USD (from netDebt column, last quarter)
Enterprise Value = 43.23b USD (15.87b + Debt 29.46b - CCE 2.10b)
Interest Coverage Ratio = 1.33 (Ebit TTM 6.17b / Interest Expense TTM 4.65b)
FCF Yield = 4.52% (FCF TTM 1.95b / Enterprise Value 43.23b)
FCF Margin = 41.29% (FCF TTM 1.95b / Revenue TTM 4.73b)
Net Margin = 31.62% (Net Income TTM 1.50b / Revenue TTM 4.73b)
Gross Margin = 98.93% ((Revenue TTM 4.73b - Cost of Revenue TTM 50.6m) / Revenue TTM)
Gross Margin QoQ = 99.27% (prev 99.49%)
Tobins Q-Ratio = 0.34 (Enterprise Value 43.23b / Total Assets 125.86b)
Interest Expense / Debt = 4.27% (Interest Expense 1.26b / Debt 29.46b)
Taxrate = -0.94% (negative due to tax credits) (-7.82m / 835.2m)
NOPAT = 6.23b (EBIT 6.17b * (1 - -0.94%)) [negative tax rate / tax credits]
Current Ratio = 0.04 (Total Current Assets 3.06b / Total Current Liabilities 78.49b)
Debt / Equity = 1.98 (Debt 29.46b / totalStockholderEquity, last quarter 14.91b)
Debt / EBITDA = 4.72 (Net Debt 29.14b / EBITDA 6.17b)
Debt / FCF = 14.92 (Net Debt 29.14b / FCF TTM 1.95b)
Total Stockholder Equity = 13.47b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.19% (Net Income 1.50b / Total Assets 125.86b)
RoE = 11.10% (Net Income TTM 1.50b / Total Stockholder Equity 13.47b)
RoCE = 14.72% (EBIT 6.17b / Capital Employed (Equity 13.47b + L.T.Debt 28.43b))
RoIC = 16.66% (NOPAT 6.23b / Invested Capital 37.38b)
WACC = 5.79% (E(15.87b)/V(45.33b) * Re(8.55%) + D(29.46b)/V(45.33b) * Rd(4.27%) * (1-Tc(-0.01)))
Discount Rate = 8.55% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 11.62%
[DCF Debug] Terminal Value 68.83% ; FCFE base≈1.24b ; Y1≈838.8m ; Y5≈404.4m
Fair Price DCF = 10.59 (DCF Value 7.24b / Shares Outstanding 683.0m; 5y FCF grow -38.07% → 3.0% )
EPS Correlation: -78.55 | EPS CAGR: -10.79% | SUE: 0.39 | # QB: 0
Revenue Correlation: 29.20 | Revenue CAGR: 51.36% | SUE: 1.44 | # QB: 2
EPS next Quarter (2026-03-31): EPS=0.74 | Chg30d=+0.002 | Revisions Net=-2 | Analysts=11
EPS next Year (2026-12-31): EPS=2.98 | Chg30d=+0.020 | Revisions Net=+2 | Growth EPS=+2.6% | Growth Revenue=+62.1%

Additional Sources for NLY Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle