Annaly Capital Management, Inc. (NLY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+3009.2%

$573.02

vs $18.43 price

Levered DCF

$326.33

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.61

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.66×	11.3×	-5.37×	5.36×	4.89×	-11.58×	-5.88×	218.22×
P/B	0.89×	0.76×	0.85×	0.77×	0.85×	0.85×	0.86×	0.84×
P/S	2.14×	1.5×	1.71×	2.09×	14.86×	8.05×	7.45×	5.71×
EV / EBITDA	17.98×	17.5×	38.28×	24.76×	27.26×	3,707.86×	34.6×	8.99×
Gross margin	99.9%	99.0%	99.1%	99.0%	93.4%	96.9%	97.4%	98.3%
Operating margin	102.6%	88.4%	40.0%	75.2%	389.8%	-1.3%	33.7%	7.4%
Net margin	30.3%	15.8%	-29.3%	41.6%	318.1%	-60.0%	-119.2%	2.6%
Current ratio	0.03×	0.05×	0.1×	0.04×	0.01×	0×	2.45×	0.37×
Debt / equity	6.95×	7.11×	6.89×	6.06×	4.7×	5.13×	0.67×	0.57×
Interest coverage	1.42×	1.22×	0.58×	2.38×	11.75×	-0.02×	0.22×	0.08×
Dividend yield	13.2%	15.6%	15.8%	17.5%	12.2%	12.3%	12.5%	13.0%
Payout ratio	92.8%	149.1%	-92.4%	88.1%	56.9%	-165.6%	-78.1%	2832.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.6%	7.9%	-14.6%	15.3%	18.1%	-6.4%	-13.7%	0.4%
Return on invested capital	18802.4%	5.4%	2.5%	3.8%	3.8%	-0.0%	0.5%	0.1%
Return on assets	1.5%	1.0%	-1.8%	2.1%	3.1%	-1.0%	-1.7%	0.1%
Free cash flow yield	-1.6%	25.6%	20.6%	50.3%	22.7%	4.4%	-8.9%	22.1%
Earnings yield	14.2%	10.5%	-17.2%	19.9%	21.4%	-7.5%	-16.0%	0.5%
Enterprise value	$124.1B	$98.9B	$86.8B	$76.8B	$72.9B	$82.6B	$22.2B	$18.2B
Net debt / EBITDA	15.91×	15.81×	34.06×	21.97×	23.09×	3,171.19×	13.56×	3.12×
Cash conversion cycle (days)	-139,666	-1,552	-2,039	-2,839	-561	70	-3,477	-7,826