Annaly Capital Management (NLY) Stock Overview
A diversified capital manager, engages in the residential mortgage finance business. More details
| Snowflake Score | |
|---|---|
| Valuation | 5/6 |
| Future Growth | 1/6 |
| Past Performance | 4/6 |
| Financial Health | 1/6 |
| Dividends | 2/6 |
Rewards
Risk Analysis
NLY Community Fair Values
Create NarrativeSee what 82 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Annaly Capital Management, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$23.42 |
| 52 Week High | US$24.52 |
| 52 Week Low | US$19.54 |
| Beta | 1.24 |
| 1 Month Change | 3.67% |
| 3 Month Change | 2.72% |
| 1 Year Change | 18.76% |
| 3 Year Change | 16.00% |
| 5 Year Change | -30.63% |
| Change since IPO | -53.62% |
Recent News & Updates
Seeking Alpha • 7h
Annaly: I Was Too Cautious On The Mix Shift, And Q2 Should Prove It
Summary I was too cautious in February: the Agency-to-credit/MSR rotation I called defensive is turning out additive, and Q1 numbers already show it working. The rebuilt book bends less: at 44% non-Agency, MSR gains as rates rise and offsets Agency drag, lowering rate beta into a higher-for-longer regime. Cheaper than it should be: Annaly trades at ~1.18x book, a discount to more Agency-heavy AGNC at ~1.28x, despite the better-aligned mix. Q2 is the catalyst: a covered $0.75 dividend and resilient book would validate the shift, with a ~12% yield paying you to wait. Read the full article on Seeking AlphaAnalysis Article • Jun 18
Annaly Capital Management (NLY) Stock Could Be 8% Undervalued After Dividend Raise
Dividend increase and shareholder vote set the tone Annaly Capital Management (NLY) has drawn fresh attention after raising its quarterly cash dividend to US$0.75 per share and reporting voting results from its recent annual general meeting. The higher payout, scheduled for July 31, 2026, and the decision not to adopt stockholder written consent together give investors new information on how the mortgage REIT is approaching capital returns and corporate governance. See our latest analysis for...Recent updates
Seeking Alpha • 7h
Annaly: I Was Too Cautious On The Mix Shift, And Q2 Should Prove It
Summary I was too cautious in February: the Agency-to-credit/MSR rotation I called defensive is turning out additive, and Q1 numbers already show it working. The rebuilt book bends less: at 44% non-Agency, MSR gains as rates rise and offsets Agency drag, lowering rate beta into a higher-for-longer regime. Cheaper than it should be: Annaly trades at ~1.18x book, a discount to more Agency-heavy AGNC at ~1.28x, despite the better-aligned mix. Q2 is the catalyst: a covered $0.75 dividend and resilient book would validate the shift, with a ~12% yield paying you to wait. Read the full article on Seeking AlphaAnalysis Article • Jun 18
Annaly Capital Management (NLY) Stock Could Be 8% Undervalued After Dividend Raise
Dividend increase and shareholder vote set the tone Annaly Capital Management (NLY) has drawn fresh attention after raising its quarterly cash dividend to US$0.75 per share and reporting voting results from its recent annual general meeting. The higher payout, scheduled for July 31, 2026, and the decision not to adopt stockholder written consent together give investors new information on how the mortgage REIT is approaching capital returns and corporate governance. See our latest analysis for...
Narrative Update • Apr 20
NLY: Mixed Street Views And Flat Buybacks Are Expected To Shape Balanced Returns
Analysts trimmed the average price target on Annaly Capital Management by about $0.20 to $24.00. This reflects small tweaks to discount rate, profit margin and forward P/E assumptions after a mix of recent target hikes and cuts across the Street.Narrative Update • Apr 06
NLY: Tighter Agency Spreads Are Expected To Support Future Balanced Returns
Analysts have made a small downward adjustment to the updated $24.18 fair value estimate for Annaly Capital Management from about $24.45, reflecting slightly lower long term P/E assumptions, even as recent Street research has included several price target increases across the sector. Analyst Commentary Street research around Annaly Capital Management has been active, with several firms updating price targets and broader views on the agency mortgage REIT space.Narrative Update • Mar 22
NLY: Supportive Credit Conditions Are Expected To Sustain Future Balanced Returns
Annaly Capital Management's updated analyst price target has increased by several dollars. Analysts attribute this change to modest adjustments in the discount rate, slightly revised revenue growth expectations, a lower assumed profit margin, and a higher forward P/E, which together are considered the main drivers of the new estimate.Narrative Update • Mar 08
NLY: Steady Earnings Assumptions And Supportive Credit Are Expected To Sustain Balanced Returns
Analysts have raised their average price target on Annaly Capital Management by several dollars into the mid $20s range, citing updated assumptions on discount rates, steady revenue growth, resilient profit margins and a slightly adjusted future P/E as the key factors behind their revised views. Analyst Commentary Recent research has been broadly constructive on Annaly Capital Management, with several firms lifting their price targets by between $1 and $3 into the mid $20s.Narrative Update • Feb 21
NLY: Lower Discount Rate And Stable Credit Are Expected To Support Balanced Returns
Annaly Capital Management's updated analyst price targets have moved higher by a few dollars. Analysts point to a lower required discount rate and steady profitability assumptions as key supports for the new valuation range.Narrative Update • Feb 07
NLY: Benign Credit And Policy Support Are Expected To Sustain Balanced Returns
Our analyst price target for Annaly Capital Management has been raised by about $1.11 to align with a higher fair value estimate of $24.45, reflecting updated assumptions on discount rate, revenue growth, profit margins, and future P/E that are consistent with the recent series of price target increases cited by multiple Street analysts. Analyst Commentary Recent Street research on Annaly Capital Management clusters around a series of higher price targets, with most reports framed around updated assumptions for earnings power, mortgage market conditions, and the valuation multiples investors may be willing to pay.Narrative Update • Jan 23
NLY: Benign Credit And 2026 Originations Are Expected To Support Balanced Returns
Analysts have lifted their price target on Annaly Capital Management to about $23.34 from $22.80, citing modestly higher fair value estimates, a slightly adjusted discount rate, stable revenue growth assumptions, stronger profit margin expectations, and a marginally higher future P/E multiple supported by recent target increases from major firms. Analyst Commentary Recent Street research on Annaly Capital Management shows a mix of optimism on valuation support and some caution around the broader mortgage and credit backdrop.Narrative Update • Jan 09
NLY: Benign Credit And 2026 Originations Are Expected To Support Returns
Analysts have lifted their price target on Annaly Capital Management to about $22.80 from $22.18, reflecting updated assumptions on valuation multiples alongside expectations for a more supportive credit backdrop and mortgage origination market. Analyst Commentary Recent research points to a more supportive backdrop for Annaly Capital Management, with the updated price target framed around expectations for a healthier credit environment and a firmer mortgage origination pipeline in 2026.Narrative Update • Dec 19
NLY: Easing Mortgage Costs Will Support Moderately Improved Future Returns
Annaly Capital Management's fair value estimate has inched higher to approximately $22.18 from $22.10, as analysts modestly raise price targets toward $22.50 in response to improving mortgage market dynamics, including lower 30 year rates and tightening agency spreads that are beginning to lift refinancing and application volumes. Analyst Commentary Bullish analysts see the recent price target increases as validation that Annaly's earnings power is improving alongside more constructive mortgage market conditions.Narrative Update • Dec 05
NLY: Easing Mortgage Rates And Tighter Spreads Will Support Balanced Future Returns
Analysts have nudged their price target on Annaly Capital Management higher, lifting it by $1.00 to $22.50. They cite improving mortgage market dynamics, including lower 30-year mortgage rates, tighter agency spreads, and rising refinancing activity.Narrative Update • Nov 20
NLY: Lower Mortgage Rates And Agency Spreads Will Support Performance Stability
Analysts have increased their price target for Annaly Capital Management from $21.50 to $22.50. They cite improving mortgage market dynamics and rising refinancing activity as key factors supporting the outlook.Narrative Update • Nov 06
NLY: Lower Mortgage Rates And Rising Refinancing Activity Will Shape Upcoming Performance
Analysts have recently increased their price target for Annaly Capital Management by $0.40 to $22.10, citing improving trends in the mortgage market and a positive outlook on refinancing activity as key factors driving the upward revision. Analyst Commentary Recent research reports indicate that sentiment around Annaly Capital Management has turned increasingly positive, with multiple analysts raising their price targets based on improvements in the mortgage market environment.Narrative Update • Oct 23
Analysts Grow More Optimistic as Annaly Capital Price Target Rises Amid Market Shifts
Annaly Capital Management's analyst price target has been raised by $0.25 to $21.73, as analysts cite improving mortgage market trends and increased refinancing activity, which support a more optimistic outlook. Analyst Commentary Recent updates from Street research firms reflect growing optimism in the outlook for Annaly Capital Management, though certain risks and uncertainties remain part of the broader discussion among analysts.Narrative Update • Oct 09
MSR Activity And Higher Coupon Segments Will Shape Our Future
Analysts have raised their price target for Annaly Capital Management from $21.50 to $22.50, citing improving mortgage market conditions and increased refinancing activity as key factors driving the positive outlook. Analyst Commentary Bullish Takeaways Bullish analysts highlight the recent decrease in 30-year mortgage rates, which have fallen to 6.3 percent from above 7 percent earlier in the year.Narrative Update • Sep 14
MSR Activity And Higher Coupon Segments Will Shape Our Future
A reduction in both Annaly Capital Management’s discount rate and future P/E ratio suggests a modestly improved risk profile and valuation outlook, supporting the slight increase in the consensus analyst price target from $21.02 to $21.20. What's in the News Annaly Capital Management did not repurchase any shares in the recent buyback tranche, with 0 shares bought back for $0 million.
New Narrative • Apr 23
MSR Activity And Higher Coupon Segments Will Shape Our Future
Strategic positioning in MSR and Agency MBS portfolios enhances revenue and net margins through attractive spreads and hedging strategies.Seeking Alpha • Mar 08
Annaly Capital Has Broken Out (Technical Analysis)
Summary Since my last writing, long-term treasury rates have declined enough to cause a negative yield spread, a potential headwind for NLY. However, the narrowing of the yield spread is more than offset by other positive developments. The top two on my list are the bullish technical trading patterns and also the outlook of future interest cuts in the next ~3 months. As such, I reiterate my buy rating. Read the full article on Seeking AlphaSeeking Alpha • Feb 11
My Income Never Stops, 12% Yield: Annaly Capital
Summary Building your retirement portfolio is similar to building a new home. You have an abundance of choices which will all have big impacts. I demand income rain in from the market and fill my coffers to the brim. Read the full article on Seeking AlphaSeeking Alpha • Feb 05
Annaly Capital: Ultra-High Yield Plus Upside Potential
Summary Annaly's improved investment spreads and earnings beat in Q4, coupled with potential Fed rate cuts in 2025, make it a promising investment. Annaly's Q4 net interest income surged to $187.3M, with a positive net interest spread of 0.40%, the highest in the past year. Annaly's valuation at a price-to-book ratio of 1.06X suggests revaluation potential, contingent on the Federal Reserve lowering rates going forward. Annaly's shares currently pay a 13% yield and I see up to 9% upside revaluation potential in FY 2025. Read the full article on Seeking AlphaSeeking Alpha • Jan 30
Annaly Capital: I've Completely Changed My Mind (Rating Upgrade)
Summary In past articles, I rated Annaly Capital a hold on the grounds that it was leveraged and had a poor dividend track record. The mortgage REIT does have some leverage, but not really a crippling amount. Treasury yields recently spiked. The Fed has said it will hold the line on rates, though, so yields look likely to come down. Annaly's fixed rate portfolio will gain if interest rates do come down. I see such a scenario as likely to play out, so I'm upgrading my Annaly Capital rating to buy. Read the full article on Seeking AlphaSeeking Alpha • Dec 27
When The Dow Breaks, Annaly Will Fall
Summary Annaly Capital Management has struggled to deliver returns. NLY's historical performance has been poor, with negative total returns over 5 years and barely beating risk-free rates over 10 years. We go over the major risks for 2025 and tell you why the current era is different from Annaly's golden period of 1999-2010. Read the full article on Seeking AlphaSeeking Alpha • Dec 18
Annaly Capital: Improved 2025 Outlook As MBS Spread Compression Raises NAV
Summary Mortgage REITs like Annaly have faced significant losses due to rising long-term interest rates, but high dividends have cushioned the impact. Annaly's book value has been volatile due to duration risk and refinancing risk, but recent mortgage spread compression offers potential for appreciation. Since NLY hedges long-term Treasury rates but not Mortgage rates, the recent spike in Treasury rates may raise its book value without increasing prepayment risks. A sharp decline in mortgage rates may harm Annaly due to high refinancing risk in 5-6% coupon MBS assets. Annaly appears to be in a rare goldilocks position going into 2025. Still, due to its leverage and potential economic and housing market volatility, it remains a high-risk, high-reward investment. Read the full article on Seeking AlphaSeeking Alpha • Dec 10
Annaly: 13% Dividend Yield Is Not Enough
Summary Annaly's Q3 earnings missed consensus estimates and serve as a reflection of pressure from the unfavorable yield curve. On the positive side, Annaly maintained its $0.65/share quarterly dividend, signaling management's confidence and resulting in a forward yield of 13%+. A 13% yield is certainly attractive in absolute terms. But investors need to bear in mind that it is not as attractive as on the surface when compared to its historical average and/or risk-free rates. Read the full article on Seeking AlphaSeeking Alpha • Nov 14
Annaly Capital: A 13% Yield You Don't Want To Miss
Summary Annaly is set to benefit from falling Federal Fund rates, improving its net interest spread, and potentially resulting in higher earnings and a safer dividend. NLY is seeing strong interest income and valuation growth with regard to its mortgage-backed securities portfolio. Annaly's shares are attractively priced at a 13% dividend yield and a price-to-book ratio in-line with historical averages. The main risk is the pace of Federal Fund rate cuts; slow reductions could delay Annaly's full benefit from lower interest costs. Read the full article on Seeking AlphaSeeking Alpha • Nov 07
A Fat 13% Yield That Can't Be Ignored: Annaly Capital
Summary I enjoy my home, and I enjoy strong income from the homes of others. Don't neglect helping others achieve their goals while achieving your own. The beauty of the market is that your success doesn't have to depend on the failure of others. Read the full article on Seeking AlphaSeeking Alpha • Oct 16
Unlocking Massive 13% Yields By Busting Market Myths: Annaly Capital
Summary The myths in the market create opportunities for those who recognize them as such. I look deeper and routinely discover widely accepted falsehoods. Generate income from sources that are deeply misunderstood. Read the full article on Seeking AlphaSeeking Alpha • Oct 05
Annaly: Discounted From Graham P/E, But Overall Picture Remains Mixed
Summary NLY stock faces mixed prospects, as reflected in its recent earnings report. Positives include higher net interest income, higher servicing income, and attractive P/E when benchmarked against the Graham P/E. However, I anticipate the inverted yield curve to persist and keep pressuring its profit. NLY's balance sheet also needs to be monitored closely. The balance sheet shows significant liabilities, especially in repurchase agreements, with a debt-to-equity ratio hovering around a multi-year peak. Read the full article on Seeking AlphaSeeking Alpha • Sep 23
Rate Cuts? Time For Income Acceleration With 12.5% Yield: Annaly
Summary The QT situation faced by the economy with interest rates has come to an end. You need to generate income in good and bad times - your portfolio must do this always. The goal is simple: income and capital gains over the long term. Read the full article on Seeking AlphaSeeking Alpha • Aug 23
Annaly Capital: 3 Things That Have To Go Right For You To Make Money
Summary Annaly Capital Management, Inc. investors have not made money in the past three years and have experienced a dividend cut. The “rate cut ergo buy” is likely to be a poor argument. We go over the three things that actually need to go right for Annaly to print cash. Read the full article on Seeking AlphaSeeking Alpha • Aug 16
Annaly: The Big Money Has Not Yet Been Made (Rating Upgrade)
Summary Annaly's second-quarter earnings showed an improving net interest spread. Inflation continued to decline in July, making a rate cut in September a near certainty, in my opinion. With inflation moderating and the Fed expected to cut rates, Annaly's dividend looks sustainable, and I am upgrading shares to strong buy. Read the full article on Seeking AlphaSeeking Alpha • Aug 04
Annaly Capital Management: High-Yield Income Plus A Catalyst
Summary Annaly Capital Management covered its dividend with distributable earnings in Q2, showing a 96% payout ratio and a sustainable 13% yield. The mortgage trust's net interest margin turned positive in Q2 and could further improve with expected rate cuts, potentially leading to a higher margin of safety for dividends. Despite a slight decline in book value, Annaly Capital Management's stock is selling at a 4% premium to book value and could reach an intrinsic value of $21.40. Read the full article on Seeking AlphaSeeking Alpha • Jul 20
Annaly Capital: Solid Dividend Yield Which Trumps Valuation Concerns
Summary Annaly Capital Management, Inc. is a real estate investment trust that invests in mortgage-backed securities through agency, non-agency, and mortgage servicing rights. Despite concerns about lower mortgage rates, I'm optimistic about Annaly's prospects. A bullish steepening of the yield curve might reduce Annaly's funding costs and raise its collateral value. Moreover, the steeper curve might benefit long-end investment opportunities. A softer economy could keep credit spreads high and prepayment risk low. Although I think the mREIT is fairly valued, I believe its total return has runway via sustainable dividends. Read the full article on Seeking AlphaSeeking Alpha • May 14
Annaly Capital Management: Get In Before Rates Come Down
Summary Annaly Capital Management could benefit from the central bank's anticipated rate cuts in 2024. The mortgage real estate investment trust's net interest margin has improved, and short-term inflation expectations suggest a cooling of core inflation. NLY's mortgage-backed security portfolio is expected to see prolonged book value growth due to the Fed's shift. Read the full article on Seeking AlphaSeeking Alpha • Apr 27
Annaly: Improved Value Proposition (Rating Upgrade)
Summary Annaly reported mixed Q1 earnings, showing book value growth, but missing on earnings available for distribution. Annaly experienced some share price weakness following higher than expected inflation in early April, causing shares to be priced below the longer term P/B average ratio. The dividend remained covered on an LTM-basis and I see no reason for a dividend cut in FY 2024. Annaly's improving spread profile, Q/Q book value gain and discount valuation improve the risk profile for investors. Read the full article on Seeking AlphaSeeking Alpha • Apr 10
Annaly: 2022 Replay
Summary I see Annaly facing similar pressures as it did in 2022. I see good odds for the yield spread between long-term and short-term rates to become more negative and pressure its profit. NLY's leverage risks are also a concern, with its debt-to-equity ratio and asset-to-tangible book value ratio higher than historical averages. Read the full article on Seeking AlphaSeeking Alpha • Mar 18
Annaly Capital: Don't Chase This High Yield mREIT Off The Cliff
Summary Annaly Capital Management investors who ignored market pessimism in late 2023 have outperformed the S&P 500. NLY is still valued at an attractive forward dividend yield, supporting buying sentiments from income investors. The sustainability of Annaly's dividend payouts and the impact of interest rate fluctuations on its earnings are vital factors to consider. I explain why my bullish thesis on NLY has run its course and a welcomed pullback is anticipated. Bullish investors are urged to consider pausing on NLY's buying opportunities and not chasing it off the cliff. Read the full article on Seeking AlphaSeeking Alpha • Feb 14
Annaly Capital: Don't Run After This 14% Yield (Rating Downgrade)
Summary Annaly Capital is a leading mortgage REIT with significant investments in mortgage-backed securities. Annaly's fourth quarter earnings showed continual pressure on its net interest spread. The Federal Reserve's announcement of lower interest rates in 2024 should benefit Annaly's net interest spread, however. Annaly's shares have revalued to about book value, implying a deteriorating risk profile. Read the full article on Seeking AlphaShareholder Returns
| NLY | US Mortgage REITs | US Market | |
|---|---|---|---|
| 7D | 3.0% | 1.8% | -0.9% |
| 1Y | 18.8% | 0.6% | 19.1% |
Return vs Industry: NLY exceeded the US Mortgage REITs industry which returned 0.6% over the past year.
Return vs Market: NLY matched the US Market which returned 19.1% over the past year.
Price Volatility
| NLY volatility | |
|---|---|
| NLY Average Weekly Movement | 2.9% |
| Mortgage REITs Industry Average Movement | 3.7% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.6% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: NLY has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: NLY's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1996 | 212 | David Finkelstein | www.annaly.com |
Annaly Capital Management, Inc., a diversified capital manager, engages in the residential mortgage finance business. The company invests in agency mortgage-backed securities collateralized by residential mortgages; non-agency residential whole loans and securitized products within the residential and commercial markets; mortgage servicing rights; agency commercial mortgage-backed securities; to-be-announced forward contracts; residential mortgage-backed securities; residential mortgage loans; and agency or private label credit risk transfer securities. It has elected to be taxed as a real estate investment trust (REIT).
Annaly Capital Management, Inc. Fundamentals Summary
| NLY fundamental statistics | |
|---|---|
| Market cap | US$16.97b |
| Earnings (TTM) | US$2.02b |
| Revenue (TTM) | US$2.50b |
8.5x
P/E Ratio6.9x
P/S RatioIs NLY overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| NLY income statement (TTM) | |
|---|---|
| Revenue | US$2.50b |
| Cost of Revenue | US$62.74m |
| Gross Profit | US$2.44b |
| Other Expenses | US$414.05m |
| Earnings | US$2.02b |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
Jul 21, 2026
| Earnings per share (EPS) | 2.76 |
| Gross Margin | 97.49% |
| Net Profit Margin | 80.94% |
| Debt/Equity Ratio | 732.6% |
How did NLY perform over the long term?
See historical performance and comparisonDividends
12.0%
Current Dividend Yield93%
Payout RatioDoes NLY pay a reliable dividends?
See NLY dividend history and benchmarks| Annaly Capital Management dividend dates | |
|---|---|
| Ex Dividend Date | Jun 30 2026 |
| Dividend Pay Date | Jul 31 2026 |
| Days until Ex dividend | 18 days |
| Days until Dividend pay date | 13 days |
Does NLY pay a reliable dividends?
See NLY dividend history and benchmarksCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/16 13:15 |
| End of Day Share Price | 2026/07/16 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Annaly Capital Management, Inc. is covered by 29 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Terry Ma | Barclays |
| Bruce Harting | Barclays |
| Derek Hewett | BofA Global Research |