YouTube · Q3 2026 · 2026-10-20
NLY · NYSE
Annaly Capital Management
REIT - Mortgage · United States
USD 18.33-2.1% daily changeQuote 2026-11-11 · USD
- Market cap (USD)
- US$14.44B
- Trailing P/E
- 12.73x
- Forward P/E
- 5.89x
- Quarterly revenue growth
- —
- Trailing net margin
- 80.3%
- Indicated dividend yield
- 16.4%
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2027-01-27 (provider estimate; issuer confirmation unavailable here).
Company background
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). As a REIT, it is not subject to federal income tax to the extent that it distributes its taxable income to its shareholders. Annaly Capital Management, Inc. was incorporated in 1996 and is based in New York, New York.
Company websiteQ3 2026
Go beyond the headline.
NLY Stock: The Dividend Is Covered — What Protects the Capital? | Q3 2026
Published 2026-10-21
Q3 2026 REPORT HIGHLIGHTS
What’s changed for NLY
Annaly earned more than its quarterly dividend, yet book value fell sharply. We separate carry, marks, funding and common-equity value.
Coverage improved, but capital fell.
EAD of $0.80 exceeded the $0.75 dividend. Book value fell from $20.15 to $17.86 and economic return was negative 7.6%.
Reported margin and underlying spread moved differently.
GAAP net interest margin increased to 1.54%, but economic margin excluding the premium-amortization adjustment fell to 1.69%.
Growth in total earnings is not the same as growth per owner.
Common EAD rose 27.0% year over year; per-share EAD rose 9.6% and ending shares rose 15.2%.
Mortgage investments are not factory capex.
Vendor capital expenditure includes MSR purchases. We use actual cash-flow labels and common-equity valuation rather than a misleading industrial free-cash-flow model.
The quote predates the print.
$18.29 is the October 20 regular close, not a post-earnings return. The release was after the close; its exact minute is unconfirmed.
Comparable businesses
NLY peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | NLYAnnaly Capital Management, Inc.Snapshot 2026-11-11Financial period: 2026-09-30 | AGNCAGNC Investment Corp.Snapshot 2026-11-11Financial period: 2026-09-30 | LADRLadder Capital CorpSnapshot 2026-11-11Financial period: 2026-09-30 |
|---|---|---|---|
| Market capMarket value, converted to USD | US$14.44B | US$10.80B | US$1.09B |
| Forward P/EProvider forward earnings estimate | 5.89x | 5.86x | 8.11x |
| EV / EBITDAEnterprise value / trailing EBITDA | — | — | — |
| Revenue growthLatest quarter vs prior-year quarter | — | — | 96.4% |
| Operating marginLatest reported quarter | 79.7% | 43.6% | 37.5% |
| Free cash flow yieldTrailing cash flow / market cap | — | — | — |
| Net debt / EBITDANet debt / trailing EBITDA | — | — | — |
| Debt / equityTotal debt / positive book equity | 8.03x | 8.42x | 2.98x |
| Trailing P/ETrailing twelve-month earnings | 12.73x | 424.00x | 11.00x |
| Price / bookPrice / positive book equity per share | 1.03x | 1.12x | 0.75x |
| EV / salesEnterprise value / trailing revenue | 102.43x | 361.53x | 19.88x |
| Earnings growthLatest quarter vs prior-year quarter | — | — | 253.3% |
| Gross marginTrailing twelve months | 95.1% | 100.0% | 74.0% |
| Net marginTrailing twelve months | 80.3% | 43.6% | 36.2% |
| Return on equityProvider trailing return; positive equity only | 7.4% | 0.9% | 6.7% |
| Free cash flow marginTrailing free cash flow / revenue | — | — | — |
| Dividend yieldIndicated annual dividend / price | 16.4% | 17.0% | 10.6% |
| Earnings payoutProvider trailing dividend payout | 201.4% | 7,200.0% | 116.5% |
| Current ratioCurrent assets / current liabilities | 0.62x | 0.22x | 3.08x |
| BetaProvider historical market sensitivity | 1.31 | 1.38 | 1.00 |
YouTube · Q3 2026 · 2026-10-20
YouTube · Q3 FY2026 · 2026-10-16
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for NLY
Q3 20262026-10-21
FREE RESEARCH PACKET · Q3 2026
NLY: The Dividend Is Covered. What Protects the Capital?
Annaly earned more than its quarterly dividend, yet book value fell sharply. We separate carry, marks, funding and common-equity value.
Research published October 20, 2026 · Download original report
Read Research PacketNLY Stock: The Dividend Is Covered — What Protects the Capital? | Q3 2026
Presentation · 2026-10-21 · YouTube
Q1 20262026-04-22
NLY Stock: Revenue Up 7% — Q1 2026 Earnings Analysis
Presentation · 2026-04-22 · YouTube