Annaly Capital Management, Inc. (NLY) Stock

Annaly Capital Management, Inc. (NLY) is a Real Estate stock trading at $23.17 (as of 2026-08-21), with a market capitalization of $17.46B and a trailing P/E of 5.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Annaly Capital Management, Inc. is a diversified capital manager that invests in mortgage- and real-estate-related assets, including agency mortgage-backed securities and mortgage servicing rights, along with related non-agency and commercial real estate investments. It also makes corporate middle market loans and invests in corporate debts, operating with REIT taxation status.

Understand Annaly Capital Management, Inc.: how it makes money

Annaly Capital Management invests in mortgage-related assets and makes corporate middle market loans, earning returns from its mortgage finance and lending activities while operating as a REIT that seeks to avoid federal income tax by distributing taxable income.

Its profit engine is the return it earns on a mortgage-focused investment portfolio (agency and non-agency mortgage assets, mortgage servicing rights, and related securities), with its REIT tax status shaped by how much taxable income it distributes.

Business quality (Mixed): Clear business focus (mortgage finance and lending) and REIT structure, but the provided data does not include segment KPIs or operating metrics, limiting how precisely an investor can track drivers beyond overall results.

Valuation: At 7× earnings, NLY trades 78% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Diversified mortgage and lending portfolio: Annaly invests across multiple mortgage-related categories, including agency mortgage-backed securities, mortgage servicing rights, agency CMBS, non-Agency residential mortgage assets, residential mortgage loans, credit risk transfer securities, and other commercial real estate investments, plus corporate debts and lending.
REIT tax structure: It has elected to be taxed as a REIT, and as a REIT it is not subject to federal income tax to the extent it distributes taxable income to shareholders.

Bear case

Dependence on mortgage-asset performance: Because its investments include agency and non-Agency mortgage assets and mortgage servicing rights, changes in mortgage asset valuations or cash flow performance can affect results.
Market and credit conditions can impact lending and securities: The company holds residential and commercial mortgage-related securities and also has corporate middle market lending exposure, so adverse market or credit conditions could pressure investment outcomes.

Valuation — source: SEC EDGAR (first-party)
Price	$23.17
Market Cap	$17.46B
P/E Ratio	5.9
EV / EBITDA	4.9
Price / Book	1.03
Price / Sales	2.58
DCF Value (model)	$37.69
DCF Upside vs Price	62.7%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$5.96B
Net Margin	34.0%
Revenue Growth (YoY)	27.7%
EPS Growth (YoY)	3433.3%

Valuation vs Sector & Industry
Stock P/E	5.9
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	-78.2%
vs Industry	-83.2%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($1.73B)
Institutional Holders Tracked	10
Congressional Trades (recent)	3

Company
Sector	Real Estate
Industry	Trading
CEO	David L. Finkelstein
Employees	191
Country	US
IPO Date	1997-10-08

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.