Annaly Capital Management, Inc. (NLY) Key Metrics
NLY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $13.74B
- Enterprise value
- $140.34B
- P/E (TTM)
- 4.5 10-yr median 7.1
- Forward P/E
- 6.5
- PEG ratio
- 32.03
- Price / sales
- 4.2 10-yr median 5.4
- Price / book
- 1.0 10-yr median 0.8
- EV / EBITDA
- — 10-yr median 26.3
- Dividend yield
- 16.46% $3.00 a year
- Beta
- 1.28
NLY key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNLY valuation Price multiples at each fiscal year-end price.
NLY returns How much profit the business earns on the capital it uses.
NLY per-share figures Results divided by the shares outstanding at year-end.
NLY financial health Debt, liquidity and how easily interest is covered.
NLY efficiency & capital use Working capital cycle and where the cash goes.
NLY valuation history
NLY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NLY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NLY cash returned to shareholders
NLY price vs earnings per share
NLY key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $14.33B | $9.57B | $9.58B | $8.68B | $11.17B | $11.95B | $13.52B | $11.88B | $12.68B | $9.67B |
| Enterprise value | $124.16B | $96.82B | $82.63B | $16.15B | $17.84B | $77.04B | $116.19B | $92.13B | $90.59B | $75.20B |
| P/E ratio | 7.1 | 9.5 | — | 5.0 | 4.7 | — | — | 218.3 | 8.1 | 6.7 |
| Price / sales | 2.1 | 1.5 | — | 2.1 | 14.9 | 8.1 | 7.4 | 5.7 | 5.4 | 4.9 |
| Price / book | 0.9 | 0.8 | 0.9 | 0.8 | 0.8 | 0.9 | 0.9 | 0.8 | 0.9 | 0.8 |
| Price / free cash flow | — | 3.9 | 4.9 | 2.0 | 4.4 | — | — | 4.5 | 1.8 | 1.4 |
| Price / operating cash flow | 20.7 | 2.9 | 4.0 | 1.6 | 3.6 | 22.6 | — | 4.5 | 1.8 | 1.4 |
| EV / sales | 18.5 | 15.2 | — | 3.9 | 23.7 | 51.9 | 64.0 | 44.3 | 38.5 | 37.7 |
| EV / EBITDA | 18.0 | 17.1 | — | 5.2 | 6.7 | — | 180.8 | 45.6 | 34.7 | 35.4 |
| EV / free cash flow | — | 39.6 | 41.9 | 3.7 | 7.0 | — | — | 35.1 | 13.1 | 11.3 |
| Earnings yield | 14.1% | 10.5% | −17.2% | 19.9% | 21.4% | −7.5% | −16.0% | 0.5% | 12.4% | 14.8% |
| Free cash flow yield | −1.5% | 25.6% | 20.6% | 50.2% | 22.7% | −268.9% | −8.9% | 22.1% | 54.6% | 69.1% |
| Dividend yield | 13.1% | 15.6% | 15.8% | 17.5% | 12.2% | 12.3% | 12.5% | 13.0% | 10.7% | 12.6% |
| Shareholder yield (dividends + buybacks) | 13.2% | 15.7% | 15.9% | 17.5% | 52.5% | 17.9% | 15.9% | 16.4% | 12.1% | 13.7% |
| Share price at fiscal year-end | $22.36 | $18.30 | $19.37 | $21.08 | $31.28 | $33.80 | $37.68 | $39.28 | $47.56 | $39.88 |
| Per share | ||||||||||
| Revenue per share | $10.44 | $12.16 | $0.00 | $10.08 | $2.10 | $4.20 | $5.06 | $6.88 | $8.82 | $8.22 |
| Earnings per share | $3.16 | $1.92 | −$3.32 | $4.19 | $6.69 | −$2.52 | −$6.03 | $0.18 | $5.89 | $5.91 |
| Operating cash flow per share | $1.08 | $6.33 | $4.79 | $13.05 | $8.62 | $1.49 | −$3.34 | $8.67 | $26.00 | $28.27 |
| Free cash flow per share | −$0.35 | $4.68 | $3.98 | $10.59 | $7.11 | −$90.90 | −$3.34 | $8.67 | $25.96 | $27.55 |
| Cash per share | $3.18 | $4.49 | $9.08 | $3.83 | $3.76 | $3.52 | $5.16 | $5.74 | $2.65 | $6.35 |
| Book value per share | $25.10 | $24.12 | $22.76 | $27.62 | $36.95 | $39.65 | $44.03 | $46.69 | $55.78 | $51.85 |
| Tangible book value per share | $25.08 | $23.24 | $17.73 | $23.33 | $35.16 | $39.00 | $42.72 | $44.51 | $53.25 | $48.73 |
| Dividends per share | $2.94 | $2.86 | $3.07 | $3.69 | $3.81 | $4.17 | $4.71 | $5.10 | $5.08 | $5.03 |
| Capex per share | $1.43 | $1.65 | $0.80 | $2.46 | $1.51 | $92.39 | $0.07 | $0.00 | $0.04 | $0.72 |
| Debt per share | $174.50 | $171.41 | $156.79 | $21.97 | $22.43 | $187.55 | $291.38 | $271.11 | $294.89 | $276.55 |
| Shares outstanding | 641.0M | 522.7M | 494.5M | 411.6M | 357.1M | 353.7M | 358.7M | 302.4M | 266.6M | 242.5M |
| Change in shares outstanding | +22.6% | +5.7% | +20.1% | +15.3% | +1.0% | −1.4% | +18.6% | +13.4% | +9.9% | +2.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 14.1% | 8.4% | −14.5% | 14.0% | 17.6% | −6.0% | −14.5% | 0.4% | 11.4% | 11.7% |
| Return on invested capital (ROIC) | 6.1% | 6.0% | −2.4% | 15.7% | 5.9% | −0.0% | 0.5% | 0.2% | 1.8% | 2.0% |
| Return on assets (ROA) | 1.7% | 1.0% | −1.9% | 2.2% | 2.9% | −0.8% | −1.8% | 0.1% | 1.7% | 1.8% |
| Return on tangible assets | 1.5% | 1.0% | −1.8% | 2.2% | 3.1% | −1.0% | −1.7% | 0.1% | 1.6% | 1.6% |
| Free cash flow margin | −3.3% | 38.5% | — | 105.0% | 337.9% | — | −66.1% | 126.1% | 294.4% | 335.3% |
| Income quality (OCF / net income) | 0.34 | 3.30 | — | 3.11 | 1.29 | — | — | 48.19 | 4.42 | 4.78 |
| Financial health | ||||||||||
| Total debt | $111.86B | $89.61B | $77.54B | $9.05B | $8.01B | $66.33B | $104.53B | $81.98B | $78.61B | $67.07B |
| Cash & short-term investments | $2.04B | $2.35B | $4.49B | $1.58B | $1.34B | $1.24B | $1.85B | $1.74B | $706.6M | $1.54B |
| Net debt | $109.82B | $87.26B | $73.05B | $7.47B | $6.67B | $65.09B | $102.68B | $80.25B | $77.91B | $65.53B |
| Debt / equity | 6.95 | 7.11 | 6.89 | 0.80 | 0.61 | 4.73 | 6.62 | 5.81 | 5.29 | 5.33 |
| Debt / assets | 0.82 | 0.87 | 0.83 | 0.11 | 0.10 | 0.75 | 0.80 | 0.77 | 0.77 | 0.76 |
| Net debt / EBITDA | 15.91 | 15.44 | — | 2.41 | 2.49 | — | 159.80 | 39.69 | 29.84 | 30.86 |
| Current ratio | 0.03 | 0.05 | 0.10 | 1.88 | 1.38 | 1.42 | 2.45 | 0.37 | 0.70 | 0.93 |
| Quick ratio | 0.03 | 0.05 | 0.10 | 2.11 | 1.53 | 1.58 | 2.57 | 0.54 | 1.39 | 0.60 |
| Interest coverage | 1.4 | 1.2 | -0.4 | 2.4 | 11.8 | -0.0 | 0.2 | 0.1 | 1.6 | 2.3 |
| Working capital | −$81.84B | −$66.44B | −$61.85B | $1.31B | $437.4M | $452.5M | $1.37B | −$727.8M | −$136.1M | −$25.5M |
| Invested capital | $125.91B | $99.86B | $84.31B | $18.84B | $19.86B | $79.11B | $118.47B | $94.36B | $92.78B | $78.11B |
| Tangible asset value | $16.15B | $12.24B | $8.86B | $9.60B | $12.56B | $13.79B | $15.33B | $13.46B | $14.20B | $11.82B |
| Net current asset value | −$116.49B | −$87.44B | −$75.03B | −$67.69B | −$61.99B | −$72.91B | −$112.19B | −$91.24B | −$86.56B | −$75.01B |
| Graham number | $42.26 | $32.25 | — | $51.04 | $74.58 | — | — | $13.75 | $85.97 | $83.05 |
| Graham net-net per share | −$182.07 | −$167.78 | −$154.80 | −$165.60 | −$173.97 | −$206.59 | −$313.23 | −$296.67 | −$322.95 | −$303.02 |
| Capital allocation | ||||||||||
| Dividends paid | $1.88B | $1.49B | $1.52B | $1.52B | $1.36B | $1.48B | $1.69B | $1.54B | $1.35B | $1.22B |
| Share buybacks (net) | $14.2M | $6.2M | $6.7M | $0 | $4.51B | $669.4M | $453.6M | $412.5M | $185.3M | $102.7M |
| Dividend payout ratio | 92.8% | 149.1% | — | 88.1% | 56.9% | — | — | — | 86.2% | 85.2% |
| Dividends + buybacks / free cash flow | — | 61.3% | 77.4% | 34.9% | 231.1% | — | — | 74.5% | 22.2% | 19.8% |
| Capex / revenue | 13.7% | 13.6% | — | 24.4% | 71.6% | 2,201.2% | 1.4% | 0.0% | 0.5% | 8.7% |
| Capex / operating cash flow | 132.1% | 26.1% | 16.8% | 18.9% | 17.5% | 6,189.2% | — | 0.0% | 0.2% | 2.5% |
| Capex / depreciation | 26.89 | 28.43 | 16.00 | 49.46 | 21.84 | 790.12 | 0.79 | 0.01 | 0.43 | 5.01 |
| Stock-based compensation / revenue | — | — | — | 0.5% | — | — | — | — | 0.1% | 0.4% |
| R&D / revenue | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 0.7% | 2.7% | — | 3.9% | 8.2% | 15.0% | 15.0% | 15.9% | 9.5% | 12.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 54.4 | 65.8 | — | 63.8 | 126.7 | 90.8 | 88.6 | 65.9 | 50.2 | 61.8 |
| Days of inventory on hand | — | — | -3,712.5 | -2,280.3 | -1,264.9 | -1,144.4 | -1,209.2 | -2,593.3 | -685.5 | 1,031.7 |
| Days payables outstanding | 78,960.2 | 1,672.1 | 13,029.9 | 7,663.7 | 4,868.0 | 8,099.6 | 8,061.1 | 8,140.9 | 2,777.6 | 1,449.7 |
| Cash conversion cycle (days) | -78,905.8 | -1,606.3 | — | -9,880.2 | -6,006.2 | -9,153.2 | -9,181.7 | -10,668.3 | -3,412.9 | -356.2 |
| Receivables turnover | 6.71 | 5.55 | 0.00 | 5.72 | 2.88 | 4.02 | 4.12 | 5.54 | 7.27 | 5.91 |
| Payables turnover | 0.00 | 0.22 | 0.03 | 0.05 | 0.07 | 0.05 | 0.05 | 0.04 | 0.13 | 0.25 |
| Inventory turnover | — | — | — | — | — | — | — | — | — | 0.35 |
| Asset turnover | 0.06 | 0.06 | 0.00 | 0.05 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 |
| Average receivables | $998.4M | $1.15B | $1.22B | $725.0M | $260.8M | $369.3M | $440.4M | $375.5M | $323.3M | $337.4M |
| Average payables | $1.16B | $278.1M | $885.5M | $861.1M | $657.1M | $1.01B | $1.05B | $807.4M | $404.1M | $276.1M |
| Average inventory | — | — | −$252.3M | −$256.2M | −$170.8M | −$142.3M | −$157.0M | −$257.2M | −$99.7M | $196.5M |
| Intangibles / total assets | 0.0% | 0.4% | 2.7% | 2.2% | 0.8% | 0.3% | 0.4% | 0.6% | 0.7% | 0.9% |
Computed from NLY's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NLY valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Annaly Capital Management traded at 7.1 times earnings, against a 10-year median of 7.1. Based on the latest twelve months, the trailing P/E is 4.5 and the forward P/E is 6.5. Annaly Capital Management earned a return on equity of 14.1% and a return on invested capital of 6.1% in fiscal 2025. It ended the year with $111.9 billion of debt and $2.0 billion in cash and short-term investments, net debt of $109.8 billion. It returned $1.9 billion to shareholders: $1.9 billion in dividends and $14.2 million in share buybacks. The share count rose 164.3% from 242.5M to 641.0M over 9 years.
See the NLY income statement, the NLY chart for price history, or the NLY stock overview for the latest quote and news.
NLY key metrics FAQ
What is Annaly Capital Management's P/E ratio?
Annaly Capital Management's trailing P/E ratio is 4.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 6.5. At the end of fiscal 2025 it was 7.1, compared with a 10-year median of 7.1.
What is Annaly Capital Management's EV/EBITDA?
Annaly Capital Management's enterprise value was 18.0 times EBITDA at the end of fiscal 2025 (enterprise value $124.2 billion, EBITDA $6.9 billion).
What is Annaly Capital Management's return on equity?
Annaly Capital Management's return on equity (ROE) was 14.1% in fiscal 2025: net income of $2.0 billion on average shareholders' equity of $14.4 billion.
What is Annaly Capital Management's ROIC?
Annaly Capital Management's return on invested capital was 6.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Annaly Capital Management have?
Annaly Capital Management had total debt of $111.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 6.95 and $109.8 billion of net debt (15.91 times EBITDA).
What is Annaly Capital Management's dividend yield?
Annaly Capital Management's forward dividend yield is 16.46%. Annaly Capital Management paid $1.9 billion in dividends in fiscal 2025 ($2.94 per share), a payout ratio of 92.8%.
Does Annaly Capital Management buy back its shares?
Yes. Annaly Capital Management spent $14.2 million on net share repurchases in fiscal 2025 Shares outstanding changed +22.6% over the year, to 641.0M..
What is Annaly Capital Management's free cash flow yield?
Annaly Capital Management generated -$222.2 million of free cash flow in fiscal 2025, a free cash flow yield of −1.5% on its market value at year-end ($14.3 billion).
What is Annaly Capital Management's current ratio?
Annaly Capital Management's current ratio was 0.03 at the end of fiscal 2025: current assets were 0.03 times current liabilities.