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Annaly Capital Management

NYSE:NLY
Snowflake Description

High growth potential unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NLY
NYSE
$15B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Annaly Capital Management, Inc., a diversified capital manager, invests in and finances residential and commercial assets. The last earnings update was 67 days ago. More info.


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NLY Share Price and Events
7 Day Returns
0.7%
NYSE:NLY
0.2%
US Mortgage REITs
-0.1%
US Market
1 Year Returns
-2.1%
NYSE:NLY
1.3%
US Mortgage REITs
7.6%
US Market
NLY Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Annaly Capital Management (NLY) 0.7% -1.7% -2.2% -2.1% -2.2% -11.2%
US Mortgage REITs 0.2% 0.2% 1.6% 1.3% 10.9% -7.2%
US Market -0.1% 3.7% 10.2% 7.6% 38.1% 46.4%
1 Year Return vs Industry and Market
  • NLY underperformed the Mortgage REITs industry which returned 1.3% over the past year.
  • NLY underperformed the Market in United States of America which returned 7.6% over the past year.
Price Volatility
NLY
Industry
5yr Volatility vs Market

NLY Value

 Is Annaly Capital Management undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Annaly Capital Management to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Annaly Capital Management.

NYSE:NLY Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= $9.89 * 12.8%
$1.27
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. $9.89
Discount Rate (Cost of Equity) See below 11.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:NLY
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Mortgage REITs Unlevered Beta Simply Wall St/ S&P Global 0.29
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.287 (1 + (1- 21%) (619.09%))
1.465
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.46
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.465 * 5.96%)
11.46%

Discounted Cash Flow Calculation for NYSE:NLY using Excess Returns Model Model

The calculations below outline how an intrinsic value for Annaly Capital Management is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:NLY Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.8% – 11.46%) * $9.89)
$0.14
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.14 / (11.46% - 2.73%)
$1.56
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $9.89 + $1.56
$11.45
NYSE:NLY Discount to Share Price
Calculation Result
Value per share (USD) From above. $11.45
Current discount Discount to share price of $10.08
= -1 x ($10.08 - $11.45) / $11.45
12%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Annaly Capital Management is available for.
Intrinsic value
12%
Share price is $10.08 vs Future cash flow value of $11.45
Current Discount Checks
For Annaly Capital Management to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Annaly Capital Management's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Annaly Capital Management's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Annaly Capital Management's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Annaly Capital Management's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:NLY PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $-0.06
NYSE:NLY Share Price ** NYSE (2019-04-23) in USD $10.08
United States of America Mortgage REITs Industry PE Ratio Median Figure of 22 Publicly-Listed Mortgage REITs Companies 11.43x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 18.03x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Annaly Capital Management.

NYSE:NLY PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:NLY Share Price ÷ EPS (both in USD)

= 10.08 ÷ -0.06

-162.78x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Annaly Capital Management is loss making, we can't compare its value to the US Mortgage REITs industry average.
  • Annaly Capital Management is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Annaly Capital Management's expected growth come at a high price?
Raw Data
NYSE:NLY PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -162.78x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
47.9%per year
United States of America Mortgage REITs Industry PEG Ratio Median Figure of 19 Publicly-Listed Mortgage REITs Companies 1.03x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.55x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Annaly Capital Management, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Annaly Capital Management's assets?
Raw Data
NYSE:NLY PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $9.39
NYSE:NLY Share Price * NYSE (2019-04-23) in USD $10.08
United States of America Mortgage REITs Industry PB Ratio Median Figure of 36 Publicly-Listed Mortgage REITs Companies 0.99x
United States of America Market PB Ratio Median Figure of 5,185 Publicly-Listed Companies 1.92x
NYSE:NLY PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:NLY Share Price ÷ Book Value per Share (both in USD)

= 10.08 ÷ 9.39

1.07x

* Primary Listing of Annaly Capital Management.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Annaly Capital Management is overvalued based on assets compared to the US Mortgage REITs industry average.
X
Value checks
We assess Annaly Capital Management's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Mortgage REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Mortgage REITs industry average (and greater than 0)? (1 check)
  5. Annaly Capital Management has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

NLY Future Performance

 How is Annaly Capital Management expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
47.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Annaly Capital Management expected to grow at an attractive rate?
  • Annaly Capital Management's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Annaly Capital Management's earnings growth is expected to exceed the United States of America market average.
  • Annaly Capital Management's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:NLY Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:NLY Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 47.9%
NYSE:NLY Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 36.7%
United States of America Mortgage REITs Industry Earnings Growth Rate Market Cap Weighted Average 26.6%
United States of America Mortgage REITs Industry Revenue Growth Rate Market Cap Weighted Average 18.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.5%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:NLY Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:NLY Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31
2021-12-31 2,445 1,979 1
2020-12-31 1,908 1,637 3
2019-12-31 1,835 1,543 3
NYSE:NLY Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 443 2,622 -75
2018-09-30 3,588 9,226 2,927
2018-06-30 3,465 9,110 2,910
2018-03-31 2,870 8,488 2,337
2017-12-31 1,976 1,632 1,460
2017-09-30 2,966 6,752 2,570
2017-06-30 3,294 5,103 2,942
2017-03-31 3,063 6,767 2,654
2016-12-31 1,723 1,581 1,351
2016-09-30 506 833 178
2016-06-30 -827 2,808 -1,175
2016-03-31 301 1,265 3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Annaly Capital Management's earnings are expected to grow significantly at over 20% yearly.
  • Annaly Capital Management's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:NLY Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Annaly Capital Management Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NLY Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.41 1.41 1.41 1.00
2021-12-31 1.31 1.36 1.26 2.00
2020-12-31 1.17 1.30 1.02 5.00
2019-12-31 1.12 1.23 1.02 5.00
NYSE:NLY Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 -0.06
2018-09-30 2.50
2018-06-30 2.56
2018-03-31 2.12
2017-12-31 1.37
2017-09-30 2.49
2017-06-30 2.89
2017-03-31 2.67
2016-12-31 1.39
2016-09-30 0.19
2016-06-30 -1.26
2016-03-31 0.00

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Annaly Capital Management is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Annaly Capital Management's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Annaly Capital Management has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

NLY Past Performance

  How has Annaly Capital Management performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Annaly Capital Management's growth in the last year to its industry (Mortgage REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Annaly Capital Management does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Annaly Capital Management's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Annaly Capital Management's 1-year growth to the US Mortgage REITs industry average as it is not currently profitable.
Earnings and Revenue History
Annaly Capital Management's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Annaly Capital Management Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NLY Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 442.86 -74.90 264.46
2018-09-30 3,588.46 2,927.07 250.46
2018-06-30 3,465.04 2,910.36 242.56
2018-03-31 2,870.49 2,336.97 232.81
2017-12-31 1,976.06 1,459.97 224.12
2017-09-30 2,966.08 2,570.48 220.32
2017-06-30 3,294.16 2,941.70 214.32
2017-03-31 3,063.50 2,654.44 207.35
2016-12-31 1,722.91 1,351.50 201.47
2016-09-30 505.71 178.45 193.85
2016-06-30 -827.38 -1,175.25 192.30
2016-03-31 301.47 3.08 197.25
2015-12-31 913.46 394.59 200.24
2015-09-30 -402.05 -933.53 210.86
2015-06-30 605.59 48.62 212.72
2015-03-31 124.35 -1,187.11 212.90
2014-12-31 175.50 -914.05 209.34
2014-09-30 1,887.74 772.77 207.18
2014-06-30 1,739.60 610.38 207.31
2014-03-31 3,006.47 2,584.10 220.25
2013-12-31 4,095.84 3,657.73 232.08
2013-09-30 3,793.79 3,327.75 208.57
2013-06-30 3,898.60 3,368.68 220.13
2013-03-31 2,127.77 1,650.79 219.56
2012-12-31 2,172.10 1,696.37 235.56
2012-09-30 1,888.59 1,457.01 258.57
2012-06-30 658.37 315.63 260.76

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Annaly Capital Management has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • It is difficult to establish if Annaly Capital Management has efficiently used its assets last year compared to the US Mortgage REITs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Annaly Capital Management improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Annaly Capital Management's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Mortgage REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Annaly Capital Management has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

NLY Health

 How is Annaly Capital Management's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Annaly Capital Management's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Annaly Capital Management's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Annaly Capital Management's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Annaly Capital Management's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Annaly Capital Management Company Filings, last reported 3 months ago.

NYSE:NLY Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 14,117.80 90,047.05 1,004.52
2018-09-30 14,955.86 87,872.50 1,797.40
2018-06-30 13,773.86 83,053.75 564.56
2018-03-31 13,942.94 85,641.11 530.37
2017-12-31 14,871.57 85,423.18 441.26
2017-09-30 14,155.22 77,495.83 457.05
2017-06-30 12,609.43 70,747.40 275.09
2017-03-31 12,647.35 71,021.68 478.59
2016-12-31 12,575.97 74,611.03 350.73
2016-09-30 13,261.80 72,635.23 311.51
2016-06-30 11,561.87 64,908.73 440.47
2016-03-31 11,658.01 65,039.23 363.89
2015-12-31 11,905.92 62,692.15 226.28
2015-09-30 12,284.33 61,816.79 265.32
2015-06-30 12,594.81 61,802.84 441.35
2015-03-31 13,124.59 64,965.73 340.56
2014-12-31 13,333.78 74,244.48 337.27
2014-09-30 13,110.95 71,622.12 384.53
2014-06-30 13,448.92 72,443.60 344.10
2014-03-31 12,564.71 67,457.59 2,263.07
2013-12-31 12,405.06 66,364.67 3,569.31
2013-09-30 12,945.72 74,998.15 5,039.30
2013-06-30 13,263.30 85,728.67 3,452.02
2013-03-31 15,306.37 105,741.89 9,484.50
2012-12-31 15,924.44 108,004.46 4,597.66
2012-09-30 17,090.66 106,208.32 5,480.49
2012-06-30 16,284.59 101,942.08 4,418.89
  • Annaly Capital Management's level of debt (637.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (535% vs 637.8% today).
  • Debt is not well covered by operating cash flow (2.9%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Annaly Capital Management's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Annaly Capital Management's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Annaly Capital Management has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

NLY Dividends

 What is Annaly Capital Management's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
11.9%
Current annual income from Annaly Capital Management dividends. Estimated to be 11.9% next year.
If you bought $2,000 of Annaly Capital Management shares you are expected to receive $238 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Annaly Capital Management's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • Annaly Capital Management's dividend is above the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:NLY Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America Mortgage REITs Industry Average Dividend Yield Market Cap Weighted Average of 36 Stocks 10.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:NLY Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 1.20 2.00
2020-12-31 1.20 5.00
2019-12-31 1.20 5.00
NYSE:NLY Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-14 1.200 11.858
2018-12-13 1.200 11.821
2018-11-02 1.200 12.005
2018-10-31 1.200 12.225
2018-06-14 1.200 11.575
2018-03-15 1.200 11.527
2017-12-14 1.200 11.027
2017-11-03 1.200 10.282
2017-11-01 1.200 10.577
2017-06-15 1.200 9.832
2017-03-16 1.200 10.373
2016-12-15 1.200 11.478
2016-09-15 1.200 11.711
2016-06-16 1.200 11.057
2016-03-14 1.200 11.378
2015-12-17 1.200 12.450
2015-09-17 1.200 12.200
2015-06-18 1.200 12.120
2015-03-17 1.200 11.706
2014-12-18 1.200 11.218
2014-09-18 1.200 10.622
2014-06-19 1.200 10.454
2014-03-20 1.200 10.464
2013-12-19 1.200 11.283
2013-09-19 1.400 12.709
2013-06-19 1.600 13.505
2013-03-20 1.800 12.084
2013-02-26 2.050 13.305
2013-02-06 2.050 13.672
2012-09-19 2.000 13.169
2012-06-19 2.200 12.850
2012-03-20 2.200 13.503
2012-02-28 2.440 14.923
2012-02-07 2.440 14.679
2011-12-19 2.280 13.810
2011-09-20 2.400 14.703
2011-06-20 2.600 14.530
2011-03-21 2.480 13.886
2011-02-25 2.650 14.853
2011-02-03 2.650 14.943
2010-12-15 2.560 14.351
2010-09-22 2.720 15.145
2010-06-17 2.720 15.446
2010-03-22 2.600 15.377
2010-02-24 2.540 13.852
2010-02-02 2.540 14.400
2009-12-17 3.000 17.040
2009-09-21 2.760 15.402
2009-06-18 2.400 14.494
2009-04-24 2.000 13.865

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Annaly Capital Management's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Annaly Capital Management's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Annaly Capital Management afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Annaly Capital Management has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

NLY Management

 What is the CEO of Annaly Capital Management's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kevin Keyes
COMPENSATION $0
AGE 50
TENURE AS CEO 3.6 years
CEO Bio

Mr. Kevin G. Keyes has been the Chief Executive Officer of Annaly Capital Management, Inc. since September 2015 and as its Chairman since January 1, 2018 and President since October 2012. Previously, Mr. Keyes served as Chief Strategy Officer and Head of Capital Markets of Annaly from September 2010 until October 2012. Prior to joining Annaly as a Managing Director in 2009, Mr. Keyes worked for 20 years in senior Investment Banking and Capital Markets roles. From 2005-2009, Mr. Keyes served in senior management and business origination roles in the Global Capital Markets and Banking Group at Bank of America Merrill Lynch. Prior to that, he worked at Credit Suisse First Boston from 1997 until 2005 in various Capital Markets Origination roles and Morgan Stanley Dean Witter from 1990 until 1997 in the Mergers and Acquisitions Group and Real Estate Investment Banking Group. Mr. Keyes is a member of the University of Notre Dame’s Campaign Cabinet, the President’s Circle, the Student-Athlete Advisory Council and the Jesse Harper Council, as part of the Rockne Athletics Fund. He is a member of the Wall Street Journal’s CEO Council and serves on the Board of Directors of the Rock and Roll Forever Foundation. Mr. Keyes holds a B.A. in Economics and a B.S. in Business Administration (ALPA Program) from the University of Notre Dame.

CEO Compensation
  • Insufficient data for Kevin to compare compensation growth.
  • Insufficient data for Kevin to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Annaly Capital Management management team in years:

3.3
Average Tenure
52
Average Age
  • The tenure for the Annaly Capital Management management team is about average.
Management Team

Wellington Denahan-Norris

TITLE
Co-Founder & Director
COMPENSATION
$251K
AGE
54
TENURE
23.3 yrs

Wellington Denahan-Norris

TITLE
Co-Founder & Director
AGE
54
TENURE
23.3 yrs

Kevin Keyes

TITLE
Chairman
AGE
50
TENURE
3.6 yrs

Glenn Votek

TITLE
Chief Financial Officer
AGE
60
TENURE
5.7 yrs

David Finkelstein

TITLE
Chief Investment Officer
AGE
45
TENURE
2.4 yrs

Helen Crossen

TITLE
Chief Administrative Officer
TENURE
3.3 yrs

Jessica Scala

TITLE
Head of Investor Relations

Anthony Green

TITLE
Chief Corporate Officer
AGE
43
TENURE
2.1 yrs

Miki Kamijyo

TITLE
Chief Compliance Officer
TENURE
0.2 yrs

Brooke Carillo

TITLE
Head of Corporate Development & Strategy
TENURE
1.7 yrs
Board of Directors Tenure

Average tenure and age of the Annaly Capital Management board of directors in years:

8.6
Average Tenure
61
Average Age
  • The tenure for the Annaly Capital Management board of directors is about average.
Board of Directors

Wellington Denahan-Norris

TITLE
Co-Founder & Director
COMPENSATION
$251K
AGE
54
TENURE
23.3 yrs

Wellington Denahan-Norris

TITLE
Co-Founder & Director
AGE
54
TENURE
6.4 yrs

Kevin Keyes

TITLE
Chairman
AGE
50
TENURE
1.3 yrs

Donnell Segalas

TITLE
Director
COMPENSATION
$277K
AGE
60
TENURE
22.3 yrs

Kevin Brady

TITLE
Director
COMPENSATION
$279K
AGE
62
TENURE
22.3 yrs

Jonathan Green

TITLE
Lead Independent Director
COMPENSATION
$317K
AGE
71
TENURE
4.3 yrs

John Schaefer

TITLE
Director
COMPENSATION
$269K
AGE
66
TENURE
5.9 yrs

Fran Bovich

TITLE
Director
COMPENSATION
$261K
AGE
66
TENURE
4.9 yrs

Edgar Nordberg

TITLE
Director
COMPENSATION
$267K
AGE
79
TENURE
14.9 yrs

Mike Haylon

TITLE
Director
COMPENSATION
$259K
AGE
59
TENURE
10.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Annaly Capital Management's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Annaly Capital Management has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

NLY News

Simply Wall St News

Did You Manage To Avoid Annaly Capital Management's 10% Share Price Drop?

While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. … Over five years Annaly Capital Management's earnings per share dropped significantly, falling to a loss, with the share price also lower. … Since the company has fallen to a loss making position, it's hard to compare the change in EPS with the share price change.

Simply Wall St -

Looking At Annaly Capital Management Inc (NYSE:NLY) From All Angles

Attractive stocks have exceptional fundamentals. … In the case of Annaly Capital Management Inc (NYSE:NLY), there's.

Simply Wall St -

Should Annaly Capital Management Inc (NYSE:NLY) Be Part Of Your Dividend Portfolio?

A large part of investment returns can be generated by dividend-paying stock given their role in compounding returns over time. … Annaly Capital Management Inc (NYSE:NLY) has returned to shareholders over the past 10 years, an average dividend yield of 13.00% annually. … Let's take a look at Annaly Capital Management in more detail.

Simply Wall St -

Why Annaly Capital Management Inc (NYSE:NLY) Could Be A Buy

Let’s take a look at Annaly Capital Management’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … Annaly Capital Management’s share price also seems relatively stable compared to the rest of the market, as indicated by its low beta. … Though in the case of Annaly Capital Management, it is expected to deliver a highly negative earnings growth in the next few years, which doesn’t help build up its investment thesis.

Simply Wall St -

What Should Investors Know About Annaly Capital Management Inc's (NYSE:NLY) Long Term Outlook?

Annaly Capital Management Inc's (NYSE:NLY) announced its latest earnings update in December 2017, which showed that the company benefited from a small tailwind, leading to a single-digit earnings growth of 8.03%. … Below is my commentary, albeit very simple and high-level, on how market analysts predict Annaly Capital Management's earnings growth trajectory over the next couple of years and whether the future looks even brighter than the past. … This means, we can anticipate Annaly Capital Management will grow its earnings by 1.92% every year for the next couple of years.

Simply Wall St -

Did Annaly Capital Management Inc (NYSE:NLY) Create Value For Shareholders?

View our latest analysis for Annaly Capital Management Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) weighs Annaly Capital Management’s profit against the level of its shareholders’ equity. … Annaly Capital Management’s cost of equity is 8.49%. … Annaly Capital Management’s ROE is impressive relative to the industry average and also covers its cost of equity.

Simply Wall St -

Annaly Capital Management Inc’s (NLY) Insiders Recently Ramped Up Their Holdings - Should You?

I will be analysing whether these buying activities are supported by favourable future outlook and recent share price volatility. … View our latest analysis for Annaly Capital Management Who Are The Insiders? … In the past three months, Annaly Capital Management’s share price reached a high of $12.54 and a low of $11.04.

Simply Wall St -

NLY Company Info

Description

Annaly Capital Management, Inc., a diversified capital manager, invests in and finances residential and commercial assets. The company invests in various types of agency mortgage-backed securities, non-agency residential mortgage assets, and residential mortgage loans; and originates and invests in commercial mortgage loans, securities, and other commercial real estate investments. It also provides financing to private equity-backed middle market businesses; and operates as a broker-dealer. The company 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 founded in 1996 and is based in New York, New York.

Details
Name: Annaly Capital Management, Inc.
NLY
Exchange: NYSE
Founded: 1996
$14,545,154,524
1,442,971,679
Website: http://www.annaly.com
Address: Annaly Capital Management, Inc.
1211 Avenue of the Americas,
New York,
New York, 10036,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE NLY Common Stock New York Stock Exchange US USD 08. Oct 1997
DB AAY Common Stock Deutsche Boerse AG DE EUR 08. Oct 1997
NYSE NLY.PRD PFD SER D % New York Stock Exchange US USD 10. Sep 2012
NYSE NLY.PRF 6.95% PFD SER F New York Stock Exchange US USD 26. Jul 2017
NYSE NLY.PRH 8.125 PFD CM H New York Stock Exchange US USD 07. Sep 2018
NYSE NLY.PRC PFD STK C 7.625% New York Stock Exchange US USD 11. May 2012
NYSE NLY.PRG PFD SER G New York Stock Exchange US USD 09. Jan 2018
Number of employees
Current staff
Staff numbers
8
Annaly Capital Management employees.
Industry
Mortgage REITs
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 23:32
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/04/23
Last earnings filing: 2019/02/15
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.