Annaly Capital Management, Inc.NLY
NYSE•Real Estate•REIT - Mortgage
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.
Annaly Capital Management Inc. (NLY) reported trailing twelve months revenue of $1.37B as of March 2026, a 188.5% increase year-over-year. Quarterly revenue reached $452.69M, reflecting continued top-line momentum.
Annaly Capital Management Inc. generated $2.19B in TTM net income, with quarterly EBITDA of $552.30M. The operating margin contracted from 135.6% to 119.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (119.9%) and net margin (62.4%) indicates significant non-operating expenses or interest burden. Net margin has improved from 56.5% a year ago, signaling stronger bottom-line efficiency.
NLY trades at a P/E of 7.0x (below the broader market average) and a P/S of 11.2x. The price-to-book ratio of 0.9x suggests the stock trades below its book value.
The company reported negative free cash flow of $-1.40B, indicating cash consumption over the period. The balance sheet shows $138.54B in total assets with no in long-term debt against $16.27B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~197.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 53.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF consistently trails net income (avg -9.0x) — earnings may be inflated by non-cash items or aggressive accounting.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 44.3% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation