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Mortgage REIT that invests in mortgage-backed securities, earning income from the spread between borrowing costs and securities yields.
Mortgage REIT that invests in mortgage-backed securities, earning income from the spread between borrowing costs and securities yields.
Funds itself mostly by short-term borrowing against the bonds it holds, so a small spread is multiplied by leverage. The bonds are mostly guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae, US-government-linked mortgage agencies, so losses come from rate moves, not defaults. As a REIT, it pays out most of its taxable income.
Moat: none (scale). A leveraged fixed-income portfolio; returns depend on interest-rate spreads, not a durable competitive moat.
Headquarters: New York, New York, United States · Founded: 1997 · Employees: 212
Size Annaly Capital Management (NLY) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $14.8B, the 606th largest of 3,117 United States companies the cockpit tracks. Shares closed at $18.75 on 6 Nov 2026.
Performance Over six months the shares fell 17.1%, against +0.6% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 22.6% over the last twelve months (peer median +4.4%); the operating margin is 77.2% (peer median 30.6%).
Valuation It trades at 6.0× forward earnings against a peer median of 29.5× (cheapest of 21).
Short interest Short interest is 3.5% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.41B | $6.70B | $6.36B | $5.61B | $4.15B |
| Revenue growth | — | +5% | +13% | +35% | — |
| Gross profit | $8.41B | $6.69B | $6.32B | $5.58B | $4.13B |
| EBITDA | $6.50B | $6.87B | $5.65B | $2.27B | $3.12B |
| Net income | $1.12B | $2.03B | $1.00B | -$1.64B | $1.73B |
| Free cash flow | $3.72B | $693M | $3.31B | $2.37B | $5.37B |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $127B | $116B | $89.6B | $77.5B | $68.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Annaly Capital Management NLY | $14.8B | -17% | +23% | 77% | 6.0× | n/a |
| AGNC Investment AGNC | $11.2B | -19% | +152% | 35% | 6.1× | n/a |
| Two Harbors Investment TWO | n/a | -9% | n/a | n/a | n/a | n/a |
| Dynex Capital DX | $2.77B | -20% | +142% | 65% | 6.6× | n/a |
| ARMOUR Residential REIT ARR | $1.87B | -29% | -140% | n/a | 4.5× | n/a |
| Invesco Mortgage Capital IVR | $590M | -34% | -105% | n/a | 3.3× | n/a |
| Orchid Island Capital ORC | $953M | -30% | +83% | 64% | 4.9× | n/a |
| Rithm Capital RITM | $5.15B | -6% | +19% | 48% | 4.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NLY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.6% | +7.3% | 5th lowest of 21 |
| 6-month return | -17.1% | +0.6% | lowest of 21 |
| Distance from 52-week high | -23.5% | -9.6% | lowest of 21 |
| Revenue growth (TTM) | +22.6% | +4.4% | highest of 21 |
| Operating margin | 77.2% | 30.6% | highest of 21 |
| Forward P/E | 6.0× | 29.5× | cheapest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 77% | 6.0× | n/a | n/a |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 65% | 19.1× | n/a | n/a |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 61% | 24.3× | n/a | n/a |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 52% | 21.6× | n/a | n/a |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 6% | 86.1× | n/a | n/a |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 2% | 40.8× | n/a | n/a |
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 17% | 123.6× | n/a | n/a |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 25% | 35.2× | n/a | n/a |
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | 68% | 16.5× | n/a | n/a |
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 27% | 38.7× | n/a | n/a |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 32% | 25.0× | n/a | n/a |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 37% | 29.7× | n/a | n/a |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 18% | 119.0× | n/a | n/a |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 69% | 23.8× | n/a | n/a |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 67% | 14.6× | n/a | n/a |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 14% | 23.2× | n/a | n/a |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 35% | 29.3× | n/a | n/a |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 7% | 81.7× | n/a | n/a |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 30% | 43.9× | n/a | n/a |
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 34% | 29.2× | n/a | n/a |
| American Homes 4 Rent AMH | United States | $11.8B | +2% | +4% | 25% | 41.0× | n/a | n/a |