Detailed financial statements for Annaly Capital Management, Inc. (NLY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Annaly Capital Management, Inc. (NLY) operates as a multifaceted financial firm, specializing in managing capital across various sectors. Its core business encompasses mortgage-related investments and lending to middle-market corporations.
Analysis Summary
Annaly Capital Management, Inc. reported revenue of $6.70B in the most recent fiscal year, growing at a 5-year CAGR of 35.2%.
Trailing-twelve-month margins: gross margin 99.3%, operating margin 111.8%, net margin 40.5%.
At the current price of $18.27, NLY trades at a P/E of 4.61 and an ROE of 18.39%. Market capitalisation stands at $13.8B, placing it among large-cap names.
Balance sheet quality for NLY: current ratio of 0.0, net debt of $109.82B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$222.2M represents -11% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.99B | $2.35B | $2.08B | $1.81B | $1.48B | $751.4M | $4.15B | $5.61B | $6.36B | $6.70B |
| Cost of Revenue | $69.5M | $53.1M | $36.2M | $47.4M | $45.4M | $49.3M | $41.0M | $49.6M | $60.7M | $5.4M |
| Gross Profit | $1.92B | $2.30B | $2.04B | $1.77B | $1.44B | $702.1M | $4.11B | $5.56B | $6.29B | $6.69B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $443.0M | $721.9M | $1.89B | $1.16B | $1.46B | -$2.23B | $987.0M | $3.31B | $675.3M | -$178.4M |
| Operating Income | $1.48B | $1.58B | $154.6M | $610.9M | -$19.1M | $2.93B | $3.12B | $2.24B | $5.62B | $6.87B |
| EBITDA | $2.12B | $2.61B | $1.97B | $634.6M | $3.6M | $2.67B | $3.10B | $2.27B | $5.65B | $6.87B |
| Interest Expense | $657.8M | $1.01B | $1.90B | $2.78B | $899.1M | $249.2M | $1.31B | $3.84B | $4.59B | $4.82B |
| Pre-tax Income | $1.43B | $1.58B | $51.8M | -$2.17B | -$918.2M | $2.40B | $1.77B | -$1.60B | $1.03B | $2.04B |
| Income Tax | -$1.6M | $7.0M | -$2.4M | -$10.8M | -$28.4M | $4.7M | $45.6M | $39.4M | $15.3M | -$6.9M |
| Net Income | $1.43B | $1.57B | $54.4M | -$2.16B | -$891.2M | $2.39B | $1.73B | -$1.64B | $1.00B | $2.03B |
| EPS | $5.56 | $5.48 | $0.18 | $-6.41 | $-2.92 | $6.40 | $3.93 | $-3.61 | $1.62 | $2.92 |
| EPS (Diluted) | $5.56 | $5.48 | $0.18 | $-6.41 | $-2.92 | $6.39 | $3.92 | $-3.61 | $1.62 | $2.92 |
| Shares Outstanding (Diluted) | $242.5M | $266.6M | $302.4M | $358.7M | $353.7M | $357.1M | $411.6M | $494.5M | $522.7M | $641.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.63B | $1.79B | $1.63B | $2.23B |
| Gross Profit | $1.61B | $1.79B | $1.61B | $2.22B |
| Operating Income | $2.09B | $2.33B | $1.56B | $2.16B |
| EBITDA | $2.10B | $2.33B | $1.56B | $2.16B |
| Net Income | $832.4M | $1.01B | $282.7M | $822.7M |
| EPS | $1.21 | $1.40 | $0.33 | $1.07 |
| EPS (Diluted) | $1.20 | $1.40 | $0.33 | $1.07 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.54B | $706.6M | $1.74B | $1.85B | $1.24B | $119.6M | $152.6M | $275.9M | $285.1M | $2.04B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.21B | $2.06B | 0 |
| Receivables | $321.9M | $324.8M | $426.1M | $454.7M | $284.0M | $235.0M | $637.3M | $1.22B | $1.07B | $927.7M |
| Inventory | -$89.44B | -$313.9M | -$200.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $321.9M | $324.8M | $426.1M | $2.31B | 0 | $354.6M | $2.21B | $6.85B | $3.42B | $2.96B |
| Property, Plant & Equipment | $652.2M | $580.9M | -$105.79B | $15.8M | $13.2M | 0 | 0 | 0 | 0 | 0 |
| Goodwill | $71.8M | $71.8M | $100.9M | $92.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $686.4M | $604.1M | $557.8M | $378.1M | 0 | $638.1M | $1.08B | $353.0M | $458.3M | $6.7M |
| Total Assets | $87.91B | $101.76B | $105.79B | $130.30B | $88.46B | $76.76B | $81.85B | $93.23B | $103.56B | $135.61B |
| Accounts Payable | $238.2M | $253.1M | $583.0M | $463.4M | 0 | $91.2M | $325.3M | $287.9M | $268.3M | $2.06B |
| Short-term Debt | 0 | 0 | 0 | 0 | $64.87B | $55.67B | $59.76B | $64.83B | $68.91B | $81.87B |
| Total Current Liabilities | $347.3M | $460.8M | $1.15B | $939.7M | 0 | $56.23B | $61.66B | $68.70B | $69.86B | $84.80B |
| Long-term Debt | $73.08B | $84.82B | $89.14B | $10.56B | $7.00B | $6.20B | $8.55B | $12.70B | $20.70B | $29.99B |
| Total Liabilities | $75.33B | $86.89B | $91.67B | $114.50B | $74.43B | $63.57B | $70.48B | $81.88B | $90.86B | $119.45B |
| Retained Earnings | -$3.14B | -$2.96B | -$4.49B | -$8.31B | -$10.67B | -$9.65B | -$9.54B | -$12.62B | -$13.17B | -$13.16B |
| Total Equity | $12.57B | $14.87B | $14.11B | $15.79B | $14.01B | $13.17B | $11.27B | $11.26B | $12.61B | $16.09B |
| Total Debt | $7.87B | $7.12B | $8.04B | $10.56B | $71.88B | $61.88B | $68.31B | $77.54B | $89.61B | $111.86B |
| Net Debt | $6.33B | $6.41B | $6.31B | $8.71B | $70.64B | $61.76B | $68.16B | $73.05B | $87.26B | $109.82B |
| Working Capital | -$25.5M | -$136.1M | -$727.8M | $1.37B | 0 | -$55.88B | -$59.44B | -$61.85B | -$66.44B | -$81.84B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $320.3M | $2.04B | $1.91B | $2.91B |
| Total Assets | $125.86B | $135.61B | $138.54B | $143.74B |
| Total Liabilities | $110.86B | $119.45B | $122.21B | $126.76B |
| Total Equity | $14.91B | $16.09B | $16.27B | $16.93B |
| Total Debt | $107.02B | $111.86B | $116.91B | $124.94B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.43B | $1.57B | $54.1M | -$2.16B | -$889.8M | $2.40B | $1.73B | -$1.64B | $1.01B | $2.05B |
| Depreciation & Amortization | $34.8M | $26.6M | $72.4M | $31.6M | $41.4M | $24.6M | $20.5M | $24.8M | $30.4M | $34.0M |
| Stock-based Compensation | $7.0M | $1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$33.4M | $27.5M | $188.9M | -$188.6M | $92.0M | -$33.9M | -$223.1M | -$694.5M | $148.4M | $224.8M |
| Operating Cash Flow | $6.86B | $6.93B | $2.62B | -$1.20B | $528.0M | $3.08B | $5.37B | $2.37B | $3.31B | $692.9M |
| Capital Expenditure | -$174.2M | -$11.5M | -$381,000 | 0 | 0 | -$538.1M | -$1.01B | -$396.8M | -$863.1M | -$915.1M |
| Acquisitions | $41.7M | $5.5M | -$258.3M | 0 | 0 | $1.12B | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$102.7M | -$185.3M | -$412.5M | -$223.6M | -$669.4M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$1.22B | -$1.35B | -$1.54B | -$1.69B | -$1.48B | -$1.36B | -$1.52B | -$1.52B | -$1.49B | -$1.88B |
| Free Cash Flow | $6.68B | $6.92B | $2.62B | -$1.20B | $528.0M | $2.54B | $4.36B | $1.97B | $2.45B | -$222.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $24.1M | $644.3M | -$1.40B | $1.62B |
| Capital Expenditure | -$316.3M | -$172.8M | -$500.9M | -$210.9M |
| Free Cash Flow | -$292.2M | $471.5M | -$1.90B | $1.41B |
| Dividends Paid | -$487.1M | -$523.0M | -$535.7M | -$552.4M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +18.0% | -11.5% | -12.7% | -18.2% | -49.4% | +452.3% | +35.1% | +13.3% | +5.4% | |
| Net Income Growth (YoY) | +9.5% | -96.5% | -4,075.3% | +58.8% | +368.2% | -27.8% | -195.2% | +161.0% | +102.3% | |
| EPS Growth (YoY) | -1.4% | -96.7% | -3,661.1% | +54.4% | +319.2% | -38.6% | -191.9% | +144.9% | +80.2% | |
| Shares Change (YoY) | +9.9% | +13.4% | +18.6% | -1.4% | +1.0% | +15.3% | +20.1% | +5.7% | +22.6% | |
| FCF Growth (YoY) | +3.6% | -62.1% | -145.8% | +144.0% | +380.8% | +71.7% | -54.8% | +24.2% | -109.1% | |
| Gross Margin | 96.5% | 97.7% | 98.3% | 97.4% | 96.9% | 93.4% | 99.0% | 99.1% | 99.0% | 99.9% |
| Operating Margin | 74.3% | 67.0% | 7.4% | 33.7% | -1.3% | 389.8% | 75.2% | 40.0% | 88.4% | 102.6% |
| EBITDA Margin | 106.6% | 111.1% | 94.6% | 35.0% | 0.2% | 356.0% | 74.8% | 40.5% | 88.9% | 102.6% |
| Net Margin | 72.0% | 66.8% | 2.6% | -119.2% | -60.0% | 318.1% | 41.6% | -29.3% | 15.8% | 30.3% |
| FCF Margin | 335.3% | 294.4% | 126.1% | -66.1% | 35.6% | 337.9% | 105.0% | 35.1% | 38.5% | -3.3% |
| Effective Tax Rate | -0.1% | 0.4% | -4.6% | 0.5% | 3.1% | 0.2% | 2.6% | -2.5% | 1.5% | -0.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $27.55 | $25.96 | $8.67 | $-3.34 | $1.49 | $7.11 | $10.59 | $3.98 | $4.68 | $-0.35 |
| Dividends Per Share | $5.03 | $5.08 | $5.10 | $4.71 | $4.17 | $3.81 | $3.69 | $3.07 | $2.86 | $2.94 |
| Shares Outstanding (Basic) | $242.4M | $266.5M | $302.4M | $358.7M | $353.7M | $356.9M | $411.3M | $494.5M | $521.7M | $639.5M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 18.39% |
| Return on Invested Capital | 5.74% |
| Return on Assets | 2.05% |
| Gross Margin | 99.28% |
| Operating Margin | 111.84% |
| Net Margin | 40.52% |
Financial Health
| Debt / Equity | 7.38 |
| Current Ratio | 0.04 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.57 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 7.17 | 8.68 | 218.22 | -5.88 | -11.58 | 4.89 | 5.36 | -5.37 | 11.30 | 7.66 |
| P/B | 0.77 | 0.85 | 0.84 | 0.86 | 0.85 | 0.85 | 0.77 | 0.85 | 0.76 | 0.89 |
| P/S | 4.85 | 5.39 | 5.71 | 7.45 | 8.05 | 14.86 | 2.09 | 1.71 | 1.50 | 2.14 |
| Gross Margin | 96.5% | 97.7% | 98.3% | 97.4% | 96.9% | 93.4% | 99.0% | 99.1% | 99.0% | 99.9% |
| Operating Margin | 74.3% | 67.0% | 7.4% | 33.7% | -1.3% | 389.8% | 75.2% | 40.0% | 88.4% | 102.6% |
| Net Margin | 72.0% | 66.8% | 2.6% | -119.2% | -60.0% | 318.1% | 41.6% | -29.3% | 15.8% | 30.3% |
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Explore sector: Real Estate · REIT - Mortgage
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