Latest Ratios: P/E Ratio 7.8x · EV/EBITDA 18.4x · ROE 14.1%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.6B | $14.3B | $9.6B | $9.6B | $8.7B | $11.2B | $12.0B | $13.5B | $11.9B | $12.7B | $9.7B |
| Enterprise Value | $126.4B | $124.2B | $98.9B | $86.8B | $76.8B | $72.9B | $82.6B | $22.2B | $18.2B | $19.1B | $16.0B |
| P/E Ratio → | 7.77 | 7.66 | 11.30 | — | 5.38 | 4.90 | — | — | — | 8.68 | 7.17 |
| P/S Ratio | 2.48 | 2.14 | 1.51 | 1.71 | 2.09 | 14.87 | 8.05 | 7.45 | 5.71 | 5.39 | 4.85 |
| P/B Ratio | 0.90 | 0.89 | 0.75 | 0.84 | 0.76 | 0.85 | 0.85 | 0.86 | 0.84 | 0.85 | 0.77 |
| P/FCF | — | — | 3.91 | 4.86 | 1.99 | 4.40 | 22.64 | — | 4.53 | 1.83 | 1.45 |
| P/OCF | 24.00 | 20.69 | 2.89 | 4.05 | 1.62 | 3.63 | 22.64 | — | 4.53 | 1.83 | 1.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 18.54 | 15.56 | 15.49 | 18.51 | 97.06 | 55.63 | 12.25 | 8.74 | 8.12 | 8.03 |
| EV / EBITDA | 18.40 | 18.07 | 17.50 | 38.28 | 24.45 | 24.69 | 22833.54 | 35.03 | 105.31 | 11.91 | 10.56 |
| EV / EBIT | 18.41 | 18.08 | 17.60 | 38.70 | 24.93 | 27.52 | — | 36.39 | 9.33 | 7.39 | 7.66 |
| EV / FCF | — | — | 40.40 | 44.07 | 17.63 | 28.73 | 156.43 | — | 6.94 | 2.76 | 2.39 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.9% | 99.9% | 99.0% | 99.1% | 99.0% | 93.4% | 96.9% | 97.4% | 98.3% | 97.7% | 96.5% |
| Operating Margin | 102.6% | 102.6% | 88.4% | 40.0% | 75.2% | 389.8% | -1.3% | 33.7% | 7.4% | 67.0% | 74.3% |
| Net Profit Margin | 30.3% | 30.3% | 15.8% | -29.3% | 41.6% | 318.1% | -60.0% | -119.2% | 2.6% | 66.8% | 72.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.1% | 14.1% | 8.3% | -14.5% | 14.0% | 17.6% | -6.0% | -14.5% | 0.4% | 11.4% | 11.7% |
| ROA | 1.7% | 1.7% | 1.0% | -1.9% | 2.2% | 2.9% | -0.8% | -1.8% | 0.1% | 1.7% | 1.8% |
| ROIC | 4.5% | 4.5% | 4.4% | 2.0% | 3.0% | 2.8% | -0.0% | 2.0% | 0.6% | 5.9% | 6.6% |
| ROCE | 16.3% | 16.3% | 19.3% | 10.0% | 15.3% | 11.1% | -0.0% | 0.5% | 0.2% | 1.7% | 1.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.92 | 6.92 | 7.06 | 6.83 | 6.01 | 4.69 | 5.13 | 0.67 | 0.57 | 0.48 | 0.63 |
| Debt / EBITDA | 16.28 | 16.28 | 15.86 | 34.18 | 21.74 | 20.95 | 19872.47 | 16.64 | 46.57 | 4.44 | 5.19 |
| Net Debt / Equity | — | 6.80 | 7.03 | 6.81 | 5.99 | 4.68 | 5.04 | 0.55 | 0.45 | 0.43 | 0.50 |
| Net Debt / EBITDA | 15.98 | 15.98 | 15.81 | 34.06 | 21.69 | 20.91 | 19528.62 | 13.73 | 36.52 | 4.00 | 4.18 |
| Debt / FCF | — | — | 36.49 | 39.21 | 15.64 | 24.33 | 133.79 | — | 2.41 | 0.93 | 0.95 |
| Interest Coverage | 1.42 | 1.42 | 1.22 | 0.58 | 2.35 | 10.63 | -0.02 | 0.22 | 1.03 | 2.56 | 3.18 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.03 | 0.03 | 0.05 | 0.10 | 0.04 | 0.01 | — | 2.45 | 0.37 | 0.70 | 0.93 |
| Quick Ratio | 0.03 | 0.03 | 0.05 | 0.10 | 0.04 | 0.01 | — | 2.45 | 0.54 | 1.39 | 258.45 |
| Cash Ratio | 0.02 | 0.02 | 0.03 | 0.07 | 0.00 | 0.00 | — | 1.97 | 1.50 | 1.53 | 4.43 |
| Asset Turnover | — | 0.05 | 0.06 | 0.06 | 0.05 | 0.01 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 12.9% | 13.1% | 15.6% | 15.8% | 17.5% | 12.2% | 12.3% | 12.5% | 13.0% | 10.7% | 12.6% |
| Payout Ratio | 92.8% | 92.8% | 149.1% | — | 88.1% | 56.9% | — | — | 2832.1% | 86.2% | 85.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.9% | 13.1% | 8.9% | — | 18.6% | 20.4% | — | — | — | 11.5% | 13.9% |
| FCF Yield | — | — | 25.6% | 20.6% | 50.2% | 22.7% | 4.4% | — | 22.1% | 54.6% | 69.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 5.6% | 1.7% | 3.5% | 1.5% | 1.1% |
| Total Shareholder Yield | 12.9% | 13.1% | 15.6% | 15.8% | 17.5% | 12.2% | 17.9% | 14.1% | 16.4% | 12.1% | 13.7% |
| Shares Outstanding | — | $641M | $523M | $495M | $412M | $357M | $354M | $359M | $302M | $267M | $243M |
Mortgage basis spread volatility
According to recent market data, Annaly trades at a price-to-book ratio of 0.91, which, when compared to peers like Rithm Capital at 0.57, suggests that investors are assigning a liquidity premium to the firm's massive scale within the Agency MBS market despite ongoing earnings volatility.
The lack of a stable P/FFO multiple due to erratic earnings makes book value the primary anchor for valuation, though this metric remains sensitive to interest rate-driven mark-to-market adjustments. Investors should monitor whether this premium holds if the mortgage basis continues to widen, as the current valuation may be pricing in a recovery that remains contingent on Fed policy shifts.
Based on the company's reported figures, the FFO payout ratio reached an unsustainable 189.1% in 2026Q1, highlighting a significant disconnect between the dividend policy and the actual cash-generating capacity of the underlying mortgage portfolio during periods of market stress.
The frequent reliance on capital recycling to fund distributions suggests that the dividend is not currently supported by recurring earnings. This trend warrants further investigation into whether management will be forced to adjust the payout to align with more normalized, lower-spread environments.
As reported in financial statements, Annaly’s debt-to-equity ratio has remained consistently elevated, peaking at 7.16x in 2026Q1, which indicates an aggressive reliance on repo financing to maintain net interest spreads in a volatile interest rate environment.
This level of leverage leaves the firm highly vulnerable to margin calls if mortgage spreads widen unexpectedly. The interest coverage ratio, which hovered near 1.23x in the most recent quarter, suggests that the margin for error in servicing this debt is razor-thin.
The most commonly misapplied metric for Annaly is the standard P/E ratio, which obscures the firm's true economic performance by including non-cash mark-to-market valuation swings on interest rate hedges and MBS holdings that do not reflect actual cash flow.
Investors should instead focus on Earnings Available for Distribution (EAD) to assess the core profitability of the portfolio. Relying on GAAP P/E in this context is misleading, as it fails to account for the unique accounting treatment of mortgage REITs where interest income is the primary revenue driver.
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Quick answers to the most common questions about buying NLY stock.
Annaly Capital Management, Inc.'s current P/E ratio is 7.8x. The historical average is 11.9x. This places it at the 43th percentile of its historical range.
Annaly Capital Management, Inc.'s current EV/EBITDA is 18.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.0x.
Annaly Capital Management, Inc.'s return on equity (ROE) is 14.1%. The historical average is 9.1%.
Based on historical data, Annaly Capital Management, Inc. is trading at a P/E of 7.8x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Annaly Capital Management, Inc.'s current dividend yield is 12.94% with a payout ratio of 92.8%.
Annaly Capital Management, Inc. has 99.9% gross margin and 102.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Annaly Capital Management, Inc.'s Debt/EBITDA ratio is 16.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.