Reading the tape
NYSE: NLY
Annaly Capital Management, Inc.
Real Estate · REIT - Mortgage
Market Cap
$16.57B
52w High
$24.52
52w Low
$18.43
P/E
7.48
Volume
4.40M
Outstanding Shares
732.78M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
1Y Price: 17.27%Revenue (TTM): 7.97%FCF (TTM): -318.98%P/E: 64th pct
What changed
The stock rose 17.27% over the last year. Revenue grew 7.97% over the trailing twelve months. Operating margin moved from 83.53% to 105.21%. Free cash flow declined 318.98% over the trailing twelve months.
What the market seems to be pricing
The stock has moved higher against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 105.21%. A decisive move in revenue — currently up 7.97% — would be the clearest signal to resolve the ambiguity.
Company profile
Annaly Capital Management, Inc., a diversified capital manager, engages in mortgage finance and corporate middle market lending.
CEODavid L. Finkelstein
SectorReal Estate
IndustryREIT - Mortgage
Employees191
IPO dateOct 8, 1997
Valuation
Forward P/E—
EV/EBITDA18.06
Enterprise value$124.12B
Price / Book1.03
Stock splits
Sep 26, 2022↓ Reverse
Every 4 shares became 1
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth9.58%
Gross margin99.22%▲0.88%vs FY2024
Operating margin105.21%▲16.02%vs FY2024
ROE12.6%▲58.56%vs FY2024
Analyst consensus
RatingBuy
Target price$24.50▲8.36%
16
Buy
10
Hold
2
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 22, 2026
Q3 FY26 · EPS est $0.74 · Revenue est $578.29M
View
Dividends
$2.80/shareQuarterlyAt RiskNLY pays a dividend with a 12.38% dividend yield, covered -0.1× by free cash flow.
Dividend Yield
12.38%
Annual Div / Share
$2.80
5yr CAGR
-5.11%
Dividend has been cut
FCF Coverage
-0.1×
At Risk
Dividend Growth Rate
3yr CAGR
-7.34%
5yr CAGR
-5.11%
10yr CAGR
-5.25%
Dividend Safety
0/10At Risk
Dividend History
Annual dividends paid per share
YearAnnual DivYoY
2025$2.80+7.7%
2024$2.60+0.0%
2023$2.60-26.1%
2022$3.52+0.0%
2021$3.52-3.3%
2020$3.64-13.3%
2019$4.20-12.5%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$124/yr
$10/mo
In 5 yrs
$124/yr
$10/mo
In 10 yrs
$124/yr
$10/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$124/yr $10/mo | $124/yr $10/mo | $124/yr $10/mo |
Analysis
Dividend Strengths
No strong strength signal stands out from the latest period pair.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only -0.12× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.
Dividend has been reduced
The 5-year dividend CAGR of -5.11% is negative, indicating the payout has been cut over this period.