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Annaly Capital Management, Inc.

NLY

Annaly Capital Management, Inc. • NYSE
$22.80 ▲ 0.57% (+0.13)
Market Cap $13.87 B
52w High $22.85
52w Low $16.60
Dividend Yield 2.75%
P/E 10.09
Volume 4.23M
Outstanding Shares 608.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.157B ▲ $61.933M ▲ $832.445M ▲ 38.585% ▲ $1.27 ▲ $2.074B ▲
Q2-2025 $1.789B ▲ $50.018M ▲ $57.099M ▼ 3.192% ▼ $0.032 ▼ $1.216B ▲
Q1-2025 $244.538M ▼ $48.064M ▲ $124.224M ▼ 50.799% ▼ $0.148 ▼ $0
Q4-2024 $539.105M ▲ $43.974M ▲ $482.052M ▲ 89.417% ▲ $0.779 ▲ $0
Q3-2024 $133.125M $43.921M $66.445M 49.912% $0.048 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $320.347M ▲ $125.862B ▲ $110.865B ▲ $14.911B ▲
Q2-2025 $267.077M ▼ $112.142B ▲ $98.668B ▲ $13.381B ▲
Q1-2025 $296.938M ▼ $105.115B ▲ $92.031B ▲ $12.995B ▲
Q4-2024 $2.35B ▲ $103.556B ▲ $90.859B ▲ $12.609B ▲
Q3-2024 $324.217M $101.516B $88.976B $12.443B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $843.063M ▲ $24.094M ▼ $-11.82B ▼ $11.834B ▲ $37.851M ▼ $-292.198M ▼
Q2-2025 $60.371M ▼ $180.74M ▲ $-7.313B ▼ $7.357B ▲ $225.317M ▼ $141.919M ▲
Q1-2025 $130.305M ▼ $-156.266M ▼ $1.663B ▲ $-1.161B ▼ $345.501M ▲ $-543.413M ▼
Q4-2024 $473.076M ▲ $2.808B ▲ $-6.25B ▼ $3.369B ▼ $-72.132M ▼ $2.647B ▲
Q3-2024 $82.351M $-1.673B $-4.429B $6.075B $-26.949M $-1.738B

Revenue by Products

Product Q1-2021Q2-2021Q3-2021Q4-2021
Bank Servicing
Bank Servicing
 $10.00M ▲$10.00M ▲$10.00M ▲$30.00M ▲
Interests In Mortgage Servicing Rights
Interests In Mortgage Servicing Rights
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Annaly’s earnings profile is very tied to interest rate conditions, which shows up as large swings in profit from year to year. Revenue has been quite volatile, but operating results have generally stayed positive, helped by active portfolio management and fair‑value gains in certain years. The company has moved from loss to profit and back again over this five‑year period, which is common for mortgage REITs given how sensitive they are to rate moves and mortgage spreads. Recent results show a return to profitability after a weak year, but at lower revenue levels, suggesting a focus on margin management and risk positioning rather than pure growth.

Balance Sheet

Balance Sheet The balance sheet is built around a large pool of mortgage‑related assets funded mostly with debt, which is typical for this type of business. Asset levels have steadily grown, while shareholder equity has stayed relatively stable, implying rising leverage over time. The most recent year shows a very sharp jump in reported debt, reflecting heavy use of borrowing to fund the portfolio and magnify returns. Cash on hand is small relative to total assets, so the company depends on its ability to roll short‑term financing and maintain market confidence. Overall, this is a highly levered but fairly consistent capital structure for a mortgage REIT, with limited cushion if conditions turn sharply negative.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been positive in most years and reasonably steady, even when accounting profits moved around. Free cash flow has also been positive in recent years after a difficult period early on, indicating better alignment between reported earnings and actual cash coming in the door. Investment spending is modest and mainly reflects portfolio and technology investments rather than heavy physical assets. The pattern suggests a business that can throw off cash in normal conditions but remains exposed to sudden changes in funding costs or asset values, which could quickly alter cash needs.

Competitive Edge

Competitive Edge Annaly holds a leading position in the mortgage REIT space, helped by its large scale, long operating history, and diversified mix of mortgage assets. Its focus on agency mortgage‑backed securities provides liquidity and perceived safety, while residential credit and mortgage servicing rights add higher‑return and more rate‑sensitive components. Scale gives Annaly cost advantages, better access to financing, and flexibility to shift capital among strategies as markets change. At the same time, the business is structurally exposed to interest rate risk, spread risk, and regulatory shifts, so its advantage lies more in execution, diversification, and cost of capital than in being insulated from industry cycles.

Innovation and R&D

Innovation and R&D Annaly is not an R&D‑heavy company in the traditional sense, but it has invested meaningfully in data and technology to improve decision‑making. Proprietary analytics, risk models, and a centralized data management platform are aimed at tightening risk controls and sharpening trade selection in a complex mortgage market. Partnerships with real estate technology investors and with Rocket Mortgage for servicing give it access to external innovation without having to build everything in‑house. Future progress will likely come from deeper use of advanced analytics and selective tech‑focused partnerships rather than headline‑grabbing new products.

Summary

Annaly is a large, specialized mortgage investor whose results are heavily shaped by interest rate cycles and funding conditions. Financial performance over the past five years has been bumpy, with swings in profit and leverage that reflect the inherent volatility of its niche. The balance sheet is intentionally high‑leverage, using borrowed money to amplify relatively small underlying spreads, which can work well in stable markets but leaves limited room for error. Cash flows have been more stable than accounting earnings, showing decent underlying cash‑generating ability when markets cooperate. Competitively, Annaly benefits from scale, diversification across different types of mortgage exposure, and growing use of data‑driven tools, but it remains exposed to macro and policy shocks. The overall story is of a mature, sophisticated mortgage REIT that leans on risk management, diversification, and analytics to navigate an inherently cyclical and leveraged business model.

NEWS

November 6, 2025 · 4:15 PM UTC

Annaly Capital Management, Inc. Announces Preferred Dividends

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October 22, 2025 · 4:15 PM UTC

Annaly Capital Management, Inc. Reports 3rd Quarter 2025 Results

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October 2, 2025 · 4:15 PM UTC

Annaly Capital Management, Inc. Announces Dates of Third Quarter 2025 Financial Results and Conference Call

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October 1, 2025 · 4:15 PM UTC

Annaly Capital Management, Inc. and PennyMac Financial Services, Inc. Enter Into Strategic Subservicing Relationship and Agreement to Purchase Mortgage Servicing Rights

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September 10, 2025 · 4:15 PM UTC

Annaly Capital Management, Inc. Announces 3rd Quarter 2025 Common Stock Dividend of $0.70 per Share

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