Annaly Capital Management (NLY) Financials

$20.66 -0.15 (-0.70%)

As of 10:41 AM Eastern

Annual Income Statements for Annaly Capital Management

This table shows Annaly Capital Management's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	395	1,351	1,460	-75	-2,299	-1,033	2,282	1,615	-1,785	847
Consolidated Net Income / (Loss)	466	1,433	1,569	54	-2,163	-890	2,396	1,726	-1,638	1,012
Net Income / (Loss) Continuing Operations	466	1,433	1,569	54	-2,163	-890	2,396	1,726	-1,638	1,012
Total Pre-Tax Income	464	1,431	1,576	52	-2,174	-918	2,401	1,772	-1,599	1,027
Total Revenue	678	1,637	1,684	1,961	-2,009	1,398	1,791	1,691	215	684
Net Interest Income / (Expense)	1,699	1,553	1,485	1,435	1,002	1,331	1,734	1,469	-111	248
Total Interest Income	2,171	2,211	2,493	3,333	3,787	2,230	1,983	2,779	3,732	4,840
Investment Securities Interest Income	2,171	2,211	2,493	3,333	3,787	2,230	1,983	2,779	3,732	4,840
Total Interest Expense	472	658	1,008	1,898	2,785	899	249	1,310	3,843	4,592
Long-Term Debt Interest Expense	472	658	1,008	1,898	2,785	899	249	1,310	3,843	4,592
Total Non-Interest Income	-1,021	84	199	526	-3,011	68	57	222	327	436
Service Charges on Deposit Accounts	-	-	-	-	-	-26	-	-	-38	-49
Other Service Charges	-	-	-	-	-	94	69	247	364	485
Net Realized & Unrealized Capital Gains on Investments	-1,021	84	199	526	-3,011	0.00	-	-	0.00	0.00
Total Non-Interest Expense	200	206	108	330	272	222	186	163	163	171
Salaries and Employee Benefits	150	152	164	180	171	132	118	113	120	130
Other Operating Expenses	50	99	60	150	101	91	68	50	43	41
Nonoperating Income / (Expense), net	-14	-	-	-1,579	107	-1,947	796	244	-1,652	515
Income Tax Expense	-1.95	-1.60	6.98	-2.38	-11	-28	4.68	46	39	15
Preferred Stock Dividends Declared	72	82	110	129	137	142	108	111	142	155
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.81	-0.97	-0.59	-0.26	-0.23	1.39	6.38	1.10	4.71	9.86
Basic Earnings per Share	$0.42	$1.39	$1.37	($0.06)	($1.60)	($2.92)	$6.40	$3.93	($3.61)	$1.62
Weighted Average Basic Shares Outstanding	947.06M	969.79M	1.07B	1.21B	1.43B	353.66M	356.86M	411.35M	494.54M	521.74M
Diluted Earnings per Share	$0.42	$1.39	$1.37	($0.06)	($1.60)	($2.92)	$6.39	$3.92	($3.61)	$1.62
Weighted Average Diluted Shares Outstanding	947.28M	970.10M	1.07B	1.21B	1.43B	353.66M	357.14M	411.62M	494.54M	522.75M
Weighted Average Basic & Diluted Shares Outstanding	939.50M	972.30M	1.07B	1.25B	1.43B	1.40B	1.46B	493.62M	500.08M	578.36M
Cash Dividends to Common per Share	$1.20	$0.30	$0.30	$0.30	$0.25	$0.22	$0.22	$0.88	$0.65	$0.65

This table shows Annaly Capital Management's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-302	-918	-876	131	-599	-441	426	-47	25	443	87
Consolidated Net Income / (Loss)	-274	-887	-839	161	-569	-391	465	-8.83	82	473	130
Net Income / (Loss) Continuing Operations	-274	-887	-839	161	-569	-391	465	-8.83	82	473	130
Total Pre-Tax Income	-278	-887	-828	175	-557	-390	464	3.10	76	483	139
Total Revenue	342	-185	96	218	-517	418	96	48	120	419	187
Net Interest Income / (Expense)	278	135	19	-32	-45	-54	-6.45	54	13	187	220
Total Interest Income	678	799	818	921	1,001	990	1,094	1,177	1,229	1,339	1,317
Investment Securities Interest Income	678	799	818	921	1,001	990	1,094	1,177	1,229	1,339	1,317
Total Interest Expense	400	664	799	953	1,047	1,044	1,101	1,124	1,216	1,152	1,097
Long-Term Debt Interest Expense	400	664	799	953	1,047	1,044	1,101	1,124	1,216	1,152	1,097
Total Non-Interest Income	64	-320	76	250	-471	471	103	-5.57	107	232	-33
Service Charges on Deposit Accounts	-7.78	-	-	75	88	-	-12	108	110	-255	126
Other Service Charges	74	143	84	9.11	26	245	115	25	27	318	7.40
Net Realized & Unrealized Capital Gains on Investments	-2.94	-	-	166	-586	-	-	-138	-30	-	-167
Total Non-Interest Expense	38	43	41	43	40	39	39	45	44	44	48
Salaries and Employee Benefits	28	30	29	31	30	30	29	33	34	34	37
Other Operating Expenses	10	13	11	12	9.85	9.40	9.85	12	9.47	10	11
Income Tax Expense	-4.31	-0.09	11	14	12	1.73	-0.94	12	-6.14	10	8.27
Preferred Stock Dividends Declared	27	30	32	36	37	37	37	37	42	39	37
Net Income / (Loss) Attributable to Noncontrolling Interest	1.29	1.55	4.93	-5.85	-6.88	13	2.28	0.65	16	-8.98	6.08
Basic Earnings per Share	($0.70)	($2.23)	($1.79)	$0.27	($1.21)	($0.89)	$0.85	($0.09)	$0.05	$0.81	$0.15
Weighted Average Basic Shares Outstanding	429.86M	411.35M	489.69M	494.17M	494.33M	494.54M	500.61M	500.95M	515.73M	521.74M	587.15M
Diluted Earnings per Share	($0.70)	($2.23)	($1.79)	$0.27	($1.21)	($0.89)	$0.85	($0.09)	$0.05	$0.81	$0.15
Weighted Average Diluted Shares Outstanding	429.86M	411.62M	489.69M	494.36M	494.33M	494.54M	501.18M	500.95M	516.83M	522.75M	588.42M
Weighted Average Basic & Diluted Shares Outstanding	467.87M	493.62M	493.88M	493.91M	500.09M	500.08M	500.44M	501.02M	560.55M	578.36M	605.09M
Cash Dividends to Common per Share	$0.88	$1.07	$0.65	$0.65	$0.65	$0.73	$0.65	$0.65	$0.65	-	$0.70

This table details how cash moves in and out of Annaly Capital Management's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	28	-230	-833	1,029	115	-607	98	235	-165	76
Net Cash From Operating Activities	-3,643	1,581	1,632	2,622	-1,200	528	3,077	5,372	2,367	3,311
Net Cash From Continuing Operating Activities	-3,643	1,581	1,632	2,622	-1,200	528	3,077	5,372	2,367	3,311
Net Income / (Loss) Continuing Operations	466	1,433	1,569	54	-2,163	-890	2,396	1,726	-1,638	1,012
Consolidated Net Income / (Loss)	466	1,433	1,569	54	-2,163	-890	2,396	1,726	-1,638	1,012
Provision For Loan Losses	-	0.00	0.00	3.50	17	148	-145	-21	-0.22	0.00
Depreciation Expense	13	42	28	72	32	41	25	21	25	30
Amortization Expense	813	809	869	689	1,101	1,360	777	82	200	117
Non-Cash Adjustments to Reconcile Net Income	-4,942	-670	-861	1,594	2.57	-223	57	3,787	4,476	2,003
Changes in Operating Assets and Liabilities, net	7.33	-33	27	208	-189	92	-34	-223	-694	148
Net Cash From Investing Activities	12,145	-2,062	-14,666	-908	-20,642	40,352	4,899	-14,527	-8,416	-14,985
Net Cash From Continuing Investing Activities	12,145	-2,062	-14,666	-908	-20,642	40,352	4,899	-14,527	-8,416	-14,985
Purchase of Investment Securities	-23,538	-89,166	-110,103	-133,256	-165,321	-93,742	-47,335	-77,126	-175,552	-655,632
Sale and/or Maturity of Investments	35,683	87,099	95,424	132,322	144,676	134,080	51,115	62,599	167,136	640,622
Other Investing Activities, net	0.00	4.62	8.00	26	3.16	7.59	0.29	0.00	0.00	25
Net Cash From Financing Activities	-8,474	252	12,201	-684	21,956	-41,487	-7,878	9,389	5,884	11,750
Net Cash From Continuing Financing Activities	-8,474	252	12,201	-684	21,956	-41,487	-7,878	9,389	5,884	11,750
Issuance of Debt	2,575	1,382	0.00	920	3,444	2,424	5,565	7,382	6,488	14,465
Issuance of Common Equity	0.00	2.36	2,347	1,532	1,829	1.18	552	2,636	674	1,558
Repayment of Debt	-945	-367	-1,038	-1,385	-2,058	-1,300	-2,535	-1,243	-947	-6,450
Payment of Dividends	-1,208	-1,221	-1,353	-1,541	-1,689	-1,476	-1,360	-1,519	-1,518	-1,494
Other Financing Activities, Net	-8,783	558	12,430	201	20,884	-40,467	-10,100	2,134	1,187	3,670
Cash Interest Received	2,966	2,968	3,447	3,894	4,811	3,682	2,701	2,459	3,279	3,783
Cash Income Taxes Paid	1.93	0.93	-1.50	-0.30	2.28	1.52	-3.80	-0.49	1.10	-1.69

This table details how cash moves in and out of Annaly Capital Management's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	612	111	217	-557	4.25	171	253	-78	-27	-72	346
Net Cash From Operating Activities	2,454	202	-1,019	1,137	1,871	379	1,698	477	-1,673	2,808	-156
Net Cash From Continuing Operating Activities	2,454	202	-1,019	1,137	1,871	379	1,698	477	-1,673	2,808	-156
Net Income / (Loss) Continuing Operations	-274	-887	-839	161	-569	-391	465	-8.83	82	473	130
Consolidated Net Income / (Loss)	-274	-887	-839	161	-569	-391	465	-8.83	82	473	130
Depreciation Expense	4.73	4.63	5.05	6.98	7.32	5.46	6.88	9.25	7.05	7.18	9.22
Amortization Expense	25	43	69	42	31	56	30	15	57	14	69
Non-Cash Adjustments to Reconcile Net Income	1,890	2,186	210	1,002	2,543	721	775	488	-1,599	2,340	-553
Changes in Operating Assets and Liabilities, net	810	-1,152	-463	-76	-142	-13	421	-27	-220	-26	189
Net Cash From Investing Activities	-6,944	-5,534	-1,081	-3,166	-5,372	1,203	-167	-4,139	-4,429	-6,250	1,663
Net Cash From Continuing Investing Activities	-6,944	-5,534	-1,081	-3,166	-5,372	1,203	-167	-4,139	-4,429	-6,250	1,663
Purchase of Investment Securities	-28,495	-21,787	-25,754	-27,373	-27,479	-94,946	-161,028	-158,135	-156,337	-180,132	-180,838
Sale and/or Maturity of Investments	21,551	16,254	24,673	24,207	22,106	96,150	160,862	153,985	151,900	173,875	182,498
Other Investing Activities, net	-	-	-	-	-	-	-	-	8.08	6.14	3.40
Net Cash From Financing Activities	5,103	5,443	2,317	1,472	3,505	-1,411	-1,278	3,584	6,075	3,369	-1,161
Net Cash From Continuing Financing Activities	5,103	5,443	2,317	1,472	3,505	-1,411	-1,278	3,584	6,075	3,369	-1,161
Issuance of Debt	1,350	867	1,244	1,644	1,411	2,189	3,498	3,939	3,784	3,244	4,686
Issuance of Common Equity	1,671	8.92	563	-0.12	18	94	-0.05	11	1,149	398	496
Repayment of Debt	-550	1,623	-161	-239	-277	-270	-1,273	429	-634	-4,971	-824
Payment of Dividends	-381	-442	-444	-357	-358	-359	-362	-363	-367	-402	-413
Other Financing Activities, Net	3,012	3,385	1,116	424	2,711	-3,064	-3,141	-433	2,143	5,100	-5,106
Cash Interest Received	607	708	746	1,422	233	878	1,675	1,236	-123	995	1,025
Cash Income Taxes Paid	-0.51	1.68	-0.14	-0.52	1.94	-0.19	-0.24	-0.42	-0.47	-0.56	-0.24

This table presents Annaly Capital Management's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	75,191	92,691	101,760	105,788	15,079	88,455	76,764	81,851	93,227	103,556
Cash and Due from Banks	1,769	1,586	707	1,736	1,918	1,244	1,342	1,577	1,412	1,488
Trading Account Securities	67,844	154,896	92,879	93,543	118	75,839	63,829	66,707	72,486	72,183
Loans and Leases, Net of Allowance	279	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	231	280	324	357	-	268	235	-	1,223	1,069
Intangible Assets	39	34	95	101	93	127	24	17	12	9.42
Other Assets	4,958	12,295	4,757	10,050	12,950	10,977	11,334	13,550	18,094	28,807
Total Liabilities & Shareholders' Equity	75,191	87,905	101,760	105,788	130,295	88,455	76,764	81,851	93,227	103,556
Total Liabilities	63,285	79,008	86,888	91,670	114,499	74,433	63,569	70,481	81,882	90,859
Short-Term Debt	56,231	192,615	77,696	82,006	102,545	65,859	55,651	-	302	60
Accrued Interest Payable	152	167	253	571	476	191	91	325	288	268
Other Short-Term Payables	-	306	-	394	358	308	321	-	325	376
Long-Term Debt	4,734	7,656	7,119	8,041	10,564	7,036	7,108	8,795	13,204	21,445
Other Long-Term Liabilities	2,016	1,794	1,820	658	557	1,040	397	61,361	67,763	68,710
Total Equity & Noncontrolling Interests	11,906	13,777	14,872	14,118	15,796	14,022	13,195	11,369	11,345	12,697
Total Preferred & Common Equity	11,896	12,568	14,865	14,112	15,792	14,008	13,170	11,270	11,256	12,609
Preferred Stock	913	1,201	1,720	1,778	1,982	1,537	1,537	1,537	1,537	1,537
Total Common Equity	10,983	11,368	13,145	12,334	13,810	12,472	11,633	9,734	9,719	11,073
Common Stock	14,685	15,590	17,233	18,807	19,981	19,765	20,328	22,986	23,677	25,264
Retained Earnings	-3,325	-3,136	-2,962	-4,494	-8,309	-10,667	-9,654	-9,543	-12,623	-13,173
Accumulated Other Comprehensive Income / (Loss)	-378	-1,086	-1,126	-1,980	2,138	3,374	958	-3,709	-1,335	-1,018
Noncontrolling Interest	9.95	7.79	6.10	5.69	4.33	13	25	99	89	88

This table presents Annaly Capital Management's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	85,407	86,832	89,330	89,648	91,484	93,669	101,516	105,115
Cash and Due from Banks	1,466	1,794	1,237	1,241	1,665	1,587	1,560	1,834
Trading Account Securities	70,943	70,317	72,447	71,458	67,646	67,553	72,526	70,431
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	263	774	945	-	867	917	1,061	837
Intangible Assets	17	16	15	13	11	11	10	8.74
Other Assets	12,718	13,931	14,687	16,936	21,294	23,600	26,359	32,005
Total Liabilities & Shareholders' Equity	85,407	86,832	89,330	89,648	91,484	93,669	101,516	105,115
Total Liabilities	74,455	74,923	77,443	78,971	79,987	82,406	88,976	92,031
Short-Term Debt	54,925	61,467	61,794	64,694	103	101	103	181
Accrued Interest Payable	30	118	141	198	350	369	276	286
Other Short-Term Payables	412	321	321	-	325	326	363	422
Long-Term Debt	8,840	9,729	10,782	11,272	15,452	17,577	19,776	24,450
Other Long-Term Liabilities	10,248	3,288	4,406	2,807	63,756	64,033	68,458	66,692
Total Equity & Noncontrolling Interests	10,952	11,909	11,887	10,677	11,496	11,263	12,540	13,085
Total Preferred & Common Equity	10,866	11,792	11,776	10,564	11,410	11,181	12,443	12,995
Preferred Stock	1,537	1,537	1,537	1,537	1,537	1,537	1,537	1,537
Total Common Equity	9,330	10,256	10,240	9,028	9,873	9,645	10,907	11,458
Common Stock	22,972	23,548	23,555	23,578	23,679	23,700	24,857	25,755
Retained Earnings	-8,211	-10,742	-10,933	-11,855	-12,524	-12,898	-13,238	-13,510
Accumulated Other Comprehensive Income / (Loss)	-5,431	-2,551	-2,383	-2,695	-1,282	-1,157	-712	-787
Noncontrolling Interest	85	117	111	113	87	82	97	90

This table displays calculated financial ratios and metrics derived from Annaly Capital Management's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	256.27%	141.59%	2.86%	16.42%	-202.45%	169.61%	28.06%	-5.57%	-87.28%	217.84%
EBITDA Growth	1,790.97%	75.12%	8.35%	-3.24%	-147.96%	311.72%	-0.94%	-32.23%	-83.02%	138.10%
EBIT Growth	174.26%	199.72%	10.12%	3.48%	-239.83%	145.10%	56.01%	-4.76%	-96.56%	874.69%
NOPAT Growth	206.53%	198.79%	9.51%	8.71%	-193.59%	145.10%	122.44%	-7.03%	-97.52%	1,266.04%
Net Income Growth	152.55%	207.63%	9.51%	-96.55%	-4,094.78%	58.87%	369.31%	-27.95%	-194.90%	161.75%
EPS Growth	143.75%	230.95%	-1.44%	-104.38%	-2,566.67%	58.87%	369.31%	-38.65%	-192.09%	144.88%
Operating Cash Flow Growth	-159.45%	143.39%	3.25%	60.64%	-145.75%	144.01%	482.77%	74.61%	-55.94%	39.86%
Free Cash Flow Firm Growth	256.56%	-1,166.39%	182.95%	-102.39%	3,306.04%	-181.58%	117.33%	355.91%	-108.12%	-90.22%
Invested Capital Growth	-14.76%	193.61%	-53.41%	4.49%	-86.86%	534.96%	-12.61%	-73.45%	23.24%	37.63%
Revenue Q/Q Growth	206.43%	573.86%	-44.33%	-47.28%	52.44%	460.87%	-59.51%	-25.50%	155.49%	0.22%
EBITDA Q/Q Growth	9,042.82%	120.56%	-30.60%	-44.33%	66.03%	257.37%	-52.48%	-31.88%	180.38%	-6.30%
EBIT Q/Q Growth	155.39%	9,618.14%	-45.23%	-54.09%	49.95%	258.61%	-62.17%	-27.55%	109.48%	-0.69%
NOPAT Q/Q Growth	174.91%	464.16%	-41.25%	-44.18%	59.54%	279.12%	-61.09%	-50.89%	102.52%	242.31%
Net Income Q/Q Growth	169.40%	464.16%	-41.25%	-98.23%	61.56%	-59.27%	-16.11%	-43.05%	23.22%	586.13%
EPS Q/Q Growth	142.86%	1,163.64%	-48.88%	-102.34%	59.60%	-59.27%	-16.11%	-42.35%	21.18%	2,414.29%
Operating Cash Flow Q/Q Growth	-57.49%	89.85%	10.49%	-33.21%	57.11%	-38.32%	-0.20%	-10.94%	8.08%	275.91%
Free Cash Flow Firm Q/Q Growth	14.79%	-1,190.32%	2,247.61%	68.51%	408.57%	-281.61%	-25.98%	1,935.58%	65.28%	-116.27%
Invested Capital Q/Q Growth	1.45%	158.07%	9.58%	1.30%	-89.28%	-0.50%	1.95%	-73.01%	-71.32%	5.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	192.29%	139.38%	146.81%	122.03%	0.00%	173.75%	134.41%	96.46%	128.73%	96.43%
EBIT Margin	70.46%	87.41%	93.57%	83.18%	0.00%	73.55%	89.61%	90.38%	24.44%	74.94%
Profit (Net Income) Margin	68.72%	87.50%	93.16%	2.76%	0.00%	-63.63%	133.82%	102.10%	-761.64%	147.98%
Tax Burden Percent	100.42%	100.11%	99.56%	104.59%	99.50%	96.90%	99.81%	97.43%	102.47%	98.51%
Interest Burden Percent	97.13%	100.00%	100.00%	3.17%	95.33%	-89.28%	149.63%	115.95%	-3,041.82%	200.44%
Effective Tax Rate	-0.42%	-0.11%	0.44%	-4.59%	0.00%	0.00%	0.19%	2.57%	0.00%	1.49%
Return on Invested Capital (ROIC)	0.61%	1.00%	1.00%	1.67%	0.00%	1.43%	1.97%	3.10%	0.16%	1.71%
ROIC Less NNEP Spread (ROIC-NNEP)	0.58%	1.00%	1.00%	-0.22%	0.00%	-3.12%	3.14%	3.76%	-14.86%	4.61%
Return on Net Nonoperating Assets (RNNOA)	3.09%	10.16%	9.95%	-1.30%	0.00%	-7.40%	15.64%	10.96%	-14.59%	6.71%
Return on Equity (ROE)	3.69%	11.16%	10.95%	0.37%	-14.46%	-5.97%	17.61%	14.06%	-14.43%	8.42%
Cash Return on Invested Capital (CROIC)	16.54%	-97.38%	73.87%	-2.72%	150.83%	-144.14%	15.43%	119.18%	-20.66%	-29.96%
Operating Return on Assets (OROA)	0.59%	1.71%	1.62%	1.57%	0.00%	1.99%	1.94%	1.93%	0.06%	0.52%
Return on Assets (ROA)	0.57%	1.71%	1.61%	0.05%	0.00%	-1.72%	2.90%	2.18%	-1.87%	1.03%
Return on Common Equity (ROCE)	3.42%	9.71%	9.37%	0.33%	-12.64%	-5.26%	15.60%	12.23%	-12.36%	7.28%
Return on Equity Simple (ROE_SIMPLE)	3.92%	11.40%	10.55%	0.38%	-13.70%	-6.35%	18.20%	15.32%	-14.56%	8.02%
Net Operating Profit after Tax (NOPAT)	480	1,433	1,569	1,706	-1,596	720	1,601	1,489	37	505
NOPAT Margin	70.75%	87.50%	93.16%	86.99%	0.00%	51.49%	89.44%	88.05%	17.18%	73.82%
Net Nonoperating Expense Percent (NNEP)	0.02%	0.00%	0.00%	1.89%	1.29%	4.55%	-1.17%	-0.66%	15.03%	-2.90%
SG&A Expenses to Revenue	22.17%	9.26%	9.76%	9.17%	0.00%	9.42%	6.62%	6.67%	55.59%	19.07%
Operating Expenses to Revenue	29.54%	12.59%	6.43%	16.82%	0.00%	15.89%	10.39%	9.62%	75.56%	25.06%
Earnings before Interest and Taxes (EBIT)	478	1,431	1,576	1,631	-2,280	1,028	1,605	1,528	53	512
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,303	2,282	2,473	2,393	-1,147	2,429	2,407	1,631	277	659
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.29	0.36	0.46	0.52	0.54	0.60	0.68	0.78	0.87	0.93
Price to Tangible Book Value (P/TBV)	0.29	0.36	0.47	0.52	0.55	0.61	0.69	0.78	0.87	0.93
Price to Revenue (P/Rev)	4.68	2.48	3.62	3.27	0.00	5.36	4.45	4.46	39.37	15.00
Price to Earnings (P/E)	8.04	3.01	4.18	0.00	0.00	0.00	3.49	4.68	0.00	12.11
Dividend Yield	35.87%	30.09%	22.81%	24.59%	20.07%	16.99%	16.03%	21.81%	15.35%	14.21%
Earnings Yield	12.44%	33.26%	23.93%	0.00%	0.00%	0.00%	28.66%	21.39%	0.00%	8.26%
Enterprise Value to Invested Capital (EV/IC)	0.87	0.95	0.92	0.93	8.81	0.93	0.93	0.81	0.89	0.93
Enterprise Value to Revenue (EV/Rev)	93.38	124.56	54.58	49.22	0.00	57.71	39.62	9.70	103.14	46.65
Enterprise Value to EBITDA (EV/EBITDA)	48.56	89.37	37.18	40.34	0.00	33.21	29.48	10.06	80.12	48.38
Enterprise Value to EBIT (EV/EBIT)	132.54	142.51	58.33	59.18	0.00	78.46	44.21	10.73	422.09	62.26
Enterprise Value to NOPAT (EV/NOPAT)	131.98	142.35	58.59	56.58	0.00	112.08	44.30	11.02	600.49	63.20
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	129.02	56.32	36.81	0.00	152.84	23.06	3.05	9.37	9.64
Enterprise Value to Free Cash Flow (EV/FCFF)	4.83	0.00	0.79	0.00	1.36	0.00	5.65	0.29	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.12	14.54	5.70	6.38	7.16	5.20	4.76	0.77	1.19	1.69
Long-Term Debt to Equity	0.40	0.56	0.48	0.57	0.67	0.50	0.54	0.77	1.16	1.69
Financial Leverage	5.27	10.17	9.95	6.03	2.94	2.37	4.98	2.91	0.98	1.46
Leverage Ratio	6.46	6.54	6.79	7.16	4.04	3.47	6.07	6.46	7.71	8.19
Compound Leverage Factor	6.28	6.54	6.79	0.23	3.85	-3.10	9.08	7.49	-234.46	16.41
Debt to Total Capital	83.66%	93.56%	85.08%	86.45%	87.75%	83.87%	82.63%	43.62%	54.35%	62.88%
Short-Term Debt to Total Capital	77.17%	89.99%	77.94%	78.73%	79.55%	75.77%	73.27%	0.00%	1.22%	0.17%
Long-Term Debt to Total Capital	6.50%	3.58%	7.14%	7.72%	8.19%	8.10%	9.36%	43.62%	53.13%	62.70%
Preferred Equity to Total Capital	1.25%	0.56%	1.73%	1.71%	1.54%	1.77%	2.02%	7.62%	6.18%	4.49%
Noncontrolling Interests to Total Capital	0.01%	0.00%	0.01%	0.01%	0.00%	0.02%	0.03%	0.49%	0.36%	0.26%
Common Equity to Total Capital	15.07%	5.31%	13.19%	11.84%	10.71%	14.35%	15.32%	48.27%	39.11%	32.37%
Debt to EBITDA	46.78	87.75	34.30	37.64	-98.57	30.00	26.08	5.39	48.77	32.62
Net Debt to EBITDA	45.42	87.06	34.01	36.91	-96.90	29.49	25.52	4.43	43.67	30.36
Long-Term Debt to EBITDA	3.63	3.35	2.88	3.36	-9.21	2.90	2.95	5.39	47.68	32.53
Debt to NOPAT	127.14	139.78	54.06	52.79	-70.86	101.25	39.19	5.91	365.52	42.60
Net Debt to NOPAT	123.45	138.67	53.61	51.77	-69.65	99.52	38.35	4.85	327.31	39.66
Long-Term Debt to NOPAT	9.87	5.34	4.54	4.71	-6.62	9.77	4.44	5.91	357.34	42.49
Noncontrolling Interest Sharing Ratio	7.30%	12.97%	14.44%	12.11%	12.60%	11.86%	11.43%	13.02%	14.36%	13.52%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13,096	-139,651	115,836	-2,772	88,880	-72,508	12,564	57,279	-4,650	-8,846
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	27.77	-212.32	114.88	-1.46	31.92	-80.64	50.41	43.73	-1.21	-1.93
Operating Cash Flow to Interest Expense	-7.73	2.40	1.62	1.38	-0.43	0.59	12.34	4.10	0.62	0.72
Operating Cash Flow Less CapEx to Interest Expense	-7.73	2.40	1.62	1.38	-0.43	0.59	12.34	4.10	0.62	0.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.01	0.02	0.02	0.02	0.00	0.03	0.02	0.02	0.00	0.01
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	72,871	213,954	99,687	104,165	13,688	86,917	75,954	20,164	24,852	34,202
Invested Capital Turnover	0.01	0.01	0.01	0.02	0.00	0.03	0.02	0.04	0.01	0.02
Increase / (Decrease) in Invested Capital	-12,616	141,084	-114,267	4,478	-90,476	73,228	-10,962	-55,790	4,687	9,350
Enterprise Value (EV)	63,289	203,957	91,935	96,507	120,660	80,692	70,941	16,404	22,189	31,899
Market Capitalization	3,171	4,063	6,100	6,412	7,484	7,491	7,962	7,550	8,468	10,258
Book Value per Share	$11.59	$11.16	$11.34	$9.39	$9.66	$8.92	$8.02	$20.80	$19.43	$19.75
Tangible Book Value per Share	$11.47	$11.05	$11.25	$9.31	$9.59	$8.83	$8.01	$20.77	$19.41	$19.74
Total Capital	72,871	214,048	99,687	104,165	128,904	86,917	75,954	20,164	24,852	34,202
Total Debt	60,965	200,271	84,815	90,047	113,108	72,895	62,759	8,795	13,506	21,505
Total Long-Term Debt	4,734	7,656	7,119	8,041	10,564	7,036	7,108	8,795	13,204	21,445
Net Debt	59,195	198,685	84,109	88,311	111,190	71,651	61,417	7,218	12,094	20,017
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	14	0.00	0.00	1,652	567	1,610	-795	-238	1,675	-507
Net Nonoperating Obligations (NNO)	60,965	200,178	84,815	90,047	-2,108	72,895	62,759	8,795	13,506	21,505
Total Depreciation and Amortization (D&A)	826	851	897	762	1,133	1,401	802	103	224	147
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.68	$5.56	$5.48	($0.24)	($6.40)	($2.92)	$6.40	$3.93	($3.61)	$1.62
Adjusted Weighted Average Basic Shares Outstanding	236.77M	242.45M	266.48M	302.40M	358.73M	353.66M	356.86M	411.35M	494.54M	521.74M
Adjusted Diluted Earnings per Share	$1.68	$5.56	$5.48	($0.24)	($6.40)	($2.92)	$6.40	$3.92	($3.61)	$1.62
Adjusted Weighted Average Diluted Shares Outstanding	236.82M	242.53M	266.59M	302.40M	358.73M	353.66M	357.14M	411.62M	494.54M	522.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($6.40)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	231.21M	254.74M	289.91M	350.02M	357.58M	349.63M	365.09M	493.62M	500.08M	578.36M
Normalized Net Operating Profit after Tax (NOPAT)	334	971	1,454	1,142	-1,596	720	1,601	1,489	37	505
Normalized NOPAT Margin	49.32%	59.30%	86.31%	58.22%	0.00%	51.49%	89.44%	88.05%	17.18%	73.82%
Pre Tax Income Margin	68.43%	87.41%	93.57%	2.64%	0.00%	-65.67%	134.09%	104.79%	-743.31%	150.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.01	2.18	1.56	0.86	-0.82	1.14	6.44	1.17	0.01	0.11
NOPAT to Interest Expense	1.02	2.18	1.56	0.90	-0.57	0.80	6.43	1.14	0.01	0.11
EBIT Less CapEx to Interest Expense	1.01	2.18	1.56	0.86	-0.82	1.14	6.44	1.17	0.01	0.11
NOPAT Less CapEx to Interest Expense	1.02	2.18	1.56	0.90	-0.57	0.80	6.43	1.14	0.01	0.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	259.29%	85.21%	86.24%	2,845.69%	-78.08%	-165.85%	56.74%	88.00%	-92.63%	147.63%
Augmented Payout Ratio	283.83%	92.38%	86.24%	2,845.69%	-88.42%	-189.38%	56.74%	88.00%	-92.63%	147.63%

This table displays calculated financial ratios and metrics derived from Annaly Capital Management's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.97%	-147.04%	-84.33%	-76.33%	-251.21%	325.60%	0.59%	-78.02%	123.25%	0.36%	93.57%
EBITDA Growth	-41.67%	-131.07%	-76.70%	-75.63%	-255.36%	343.44%	-26.56%	-87.79%	127.15%	-10.06%	127.52%
EBIT Growth	-6.71%	-164.65%	-90.27%	-80.21%	-283.22%	266.02%	5.12%	-98.23%	113.69%	-0.94%	139.55%
NOPAT Growth	-35.20%	-278.07%	-93.09%	-81.33%	-282.25%	56.08%	50.48%	-105.48%	121.13%	273.51%	124.80%
Net Income Growth	-152.53%	-311.92%	-141.47%	-81.33%	-107.71%	55.88%	155.42%	-105.48%	114.47%	220.92%	-71.99%
EPS Growth	-151.47%	-304.59%	-132.78%	-87.73%	-72.86%	60.09%	147.49%	-133.33%	104.13%	191.01%	-82.35%
Operating Cash Flow Growth	280.91%	-76.60%	-150.22%	65.28%	-23.76%	87.78%	266.63%	-58.03%	-189.40%	641.96%	-109.20%
Free Cash Flow Firm Growth	-100.03%	387.75%	-228.37%	-258.50%	-308,612.67%	-108.99%	676.54%	506.75%	540.95%	-78.99%	-118.77%
Invested Capital Growth	0.29%	-73.45%	13.32%	19.55%	15.96%	23.24%	-67.45%	-65.74%	-62.58%	37.63%	39.42%
Revenue Q/Q Growth	-62.96%	-154.17%	151.77%	127.82%	-336.65%	180.82%	168.01%	-50.23%	150.34%	248.93%	-55.48%
EBITDA Q/Q Growth	-63.88%	-154.27%	171.54%	73.76%	-330.27%	185.04%	179.93%	-71.12%	412.13%	181.72%	-45.40%
EBIT Q/Q Growth	-65.73%	-175.09%	124.12%	218.86%	-417.27%	168.04%	132.02%	-94.64%	2,360.17%	392.31%	-63.07%
NOPAT Q/Q Growth	-75.23%	-390.35%	106.20%	318.45%	-341.76%	30.03%	121.26%	-115.24%	1,032.31%	474.46%	-72.46%
Net Income Q/Q Growth	-131.74%	-223.68%	5.35%	119.20%	-453.06%	31.25%	218.90%	-101.90%	1,032.31%	474.46%	-72.46%
EPS Q/Q Growth	-131.82%	-218.57%	19.73%	115.08%	-548.15%	26.45%	195.51%	-110.59%	155.56%	1,520.00%	-81.48%
Operating Cash Flow Q/Q Growth	256.84%	-91.79%	-605.49%	211.55%	64.61%	-79.77%	348.56%	-71.90%	-450.63%	267.89%	-105.56%
Free Cash Flow Firm Q/Q Growth	-100.05%	1,382,994.52%	-117.64%	-40.23%	9.76%	59.73%	1,231.33%	-1.07%	-2.17%	-116.35%	-18.66%
Invested Capital Q/Q Growth	5.75%	-73.01%	312.14%	1.63%	2.58%	-71.32%	8.85%	6.98%	12.02%	5.50%	10.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	97.55%	0.00%	135.05%	103.01%	0.00%	105.47%	98.61%	57.22%	117.06%	94.51%	115.90%
EBIT Margin	88.90%	0.00%	57.41%	80.35%	0.00%	90.69%	60.00%	6.46%	63.44%	89.51%	74.25%
Profit (Net Income) Margin	-80.16%	0.00%	-875.61%	73.81%	0.00%	-93.67%	482.46%	-18.41%	68.55%	112.85%	69.82%
Tax Burden Percent	98.45%	99.99%	101.33%	91.86%	102.23%	100.44%	100.20%	-285.12%	108.05%	97.85%	94.03%
Interest Burden Percent	-91.59%	388.74%	-1,505.22%	100.00%	100.00%	-102.83%	802.52%	100.00%	100.00%	128.85%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	8.14%	0.00%	0.00%	-0.20%	385.12%	-8.05%	2.15%	5.97%
Return on Invested Capital (ROIC)	1.90%	0.00%	0.60%	0.45%	0.00%	-0.62%	0.24%	-0.01%	0.79%	2.61%	1.67%
ROIC Less NNEP Spread (ROIC-NNEP)	1.12%	0.00%	-0.72%	0.45%	0.00%	-1.69%	1.17%	-0.01%	0.79%	2.61%	1.67%
Return on Net Nonoperating Assets (RNNOA)	5.65%	0.00%	-4.07%	2.58%	0.00%	-1.66%	4.35%	-0.06%	3.24%	3.81%	2.73%
Return on Equity (ROE)	7.56%	0.00%	-3.47%	3.03%	-19.73%	-2.28%	4.59%	-0.07%	4.03%	6.42%	4.40%
Cash Return on Invested Capital (CROIC)	3.77%	119.18%	-11.58%	-19.45%	-16.60%	-20.66%	101.84%	97.33%	91.33%	-29.96%	-30.84%
Operating Return on Assets (OROA)	2.49%	0.00%	0.83%	0.46%	0.00%	0.22%	0.15%	0.00%	0.45%	0.62%	0.58%
Return on Assets (ROA)	-2.25%	0.00%	-12.63%	0.43%	0.00%	-0.23%	1.17%	-0.01%	0.49%	0.78%	0.55%
Return on Common Equity (ROCE)	6.58%	0.00%	-2.99%	2.60%	-16.75%	-1.95%	3.95%	-0.06%	3.46%	5.55%	3.82%
Return on Equity Simple (ROE_SIMPLE)	27.90%	0.00%	-9.64%	-15.62%	-20.20%	0.00%	-2.93%	-4.51%	1.19%	0.00%	5.21%
Net Operating Profit after Tax (NOPAT)	214	-621	39	161	-390	-273	58	-8.83	82	473	130
NOPAT Margin	62.56%	0.00%	40.18%	73.81%	0.00%	-65.28%	60.12%	-18.41%	68.55%	112.85%	69.82%
Net Nonoperating Expense Percent (NNEP)	0.78%	0.74%	1.32%	0.00%	0.26%	1.06%	-0.94%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	8.12%	0.00%	30.66%	14.03%	0.00%	7.06%	29.79%	69.34%	28.68%	8.10%	19.98%
Operating Expenses to Revenue	11.10%	0.00%	42.59%	19.65%	0.00%	9.31%	40.00%	93.54%	36.56%	10.49%	25.75%
Earnings before Interest and Taxes (EBIT)	304	-228	55	175	-557	379	58	3.10	76	375	139
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	333	-181	129	225	-518	440	95	27	141	396	216
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.59	0.78	0.78	0.84	0.90	0.87	0.96	0.99	0.92	0.93	1.03
Price to Tangible Book Value (P/TBV)	0.59	0.78	0.78	0.85	0.90	0.87	0.97	0.99	0.92	0.93	1.03
Price to Revenue (P/Rev)	2.41	4.46	6.80	18.36	0.00	39.37	44.15	210.60	14.74	15.00	15.18
Price to Earnings (P/E)	1.87	4.68	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.11	23.10
Dividend Yield	26.10%	21.81%	20.32%	17.48%	17.15%	15.35%	13.66%	13.64%	12.95%	14.21%	13.05%
Earnings Yield	53.35%	21.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.26%	4.33%
Enterprise Value to Invested Capital (EV/IC)	0.93	0.81	0.95	0.97	0.98	0.89	0.93	0.94	0.93	0.93	0.96
Enterprise Value to Revenue (EV/Rev)	30.58	9.70	67.26	173.37	0.00	103.14	116.07	601.59	43.99	46.65	46.74
Enterprise Value to EBITDA (EV/EBITDA)	28.98	10.06	65.61	161.06	0.00	80.12	103.22	604.66	42.64	48.38	46.34
Enterprise Value to EBIT (EV/EBIT)	32.90	10.73	77.69	266.61	0.00	422.09	452.00	0.00	58.16	62.26	60.99
Enterprise Value to NOPAT (EV/NOPAT)	22.89	11.02	110.92	0.00	0.00	600.49	643.17	0.00	203.49	63.20	53.44
Enterprise Value to Operating Cash Flow (EV/OCF)	11.50	3.05	34.01	29.44	38.59	9.37	4.92	6.16	34.07	9.64	24.83
Enterprise Value to Free Cash Flow (EV/FCFF)	24.66	0.29	0.00	0.00	0.00	0.00	0.45	0.49	0.55	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.82	0.77	5.98	6.11	7.11	1.19	1.35	1.57	1.59	1.69	1.88
Long-Term Debt to Equity	0.81	0.77	0.82	0.91	1.06	1.16	1.34	1.56	1.58	1.69	1.87
Financial Leverage	5.05	2.91	5.69	5.75	6.46	0.98	3.71	3.90	4.13	1.46	1.63
Leverage Ratio	6.57	6.46	6.97	7.09	8.09	7.71	7.62	7.90	8.23	8.19	8.00
Compound Leverage Factor	-6.02	25.10	-104.92	7.09	8.09	-7.93	61.14	7.90	8.23	10.55	8.00
Debt to Total Capital	85.34%	43.62%	85.67%	85.93%	87.68%	54.35%	57.50%	61.08%	61.32%	62.88%	65.31%
Short-Term Debt to Total Capital	73.51%	0.00%	73.96%	73.16%	74.67%	1.22%	0.38%	0.35%	0.32%	0.17%	0.48%
Long-Term Debt to Total Capital	11.83%	43.62%	11.71%	12.76%	13.01%	53.13%	57.12%	60.73%	61.00%	62.70%	64.83%
Preferred Equity to Total Capital	2.06%	7.62%	1.85%	1.82%	1.77%	6.18%	5.68%	5.31%	4.74%	4.49%	4.07%
Noncontrolling Interests to Total Capital	0.11%	0.49%	0.14%	0.13%	0.13%	0.36%	0.32%	0.28%	0.30%	0.26%	0.24%
Common Equity to Total Capital	12.49%	48.27%	12.34%	12.12%	10.42%	39.11%	36.50%	33.33%	33.64%	32.37%	30.38%
Debt to EBITDA	26.63	5.39	59.09	143.19	-220.50	48.77	64.13	392.29	28.25	32.62	31.55
Net Debt to EBITDA	26.02	4.43	57.60	140.75	-216.90	43.67	57.27	357.07	26.03	30.36	29.21
Long-Term Debt to EBITDA	3.69	5.39	8.07	21.27	-32.72	47.68	63.71	390.06	28.10	32.53	31.32
Debt to NOPAT	21.03	5.91	99.90	-57.03	-51.77	365.52	399.63	-52.74	134.81	42.60	36.39
Net Debt to NOPAT	20.55	4.85	97.39	-56.06	-50.92	327.31	356.85	-48.00	124.23	39.66	33.68
Long-Term Debt to NOPAT	2.92	5.91	13.65	-8.47	-7.68	357.34	396.98	-52.44	134.11	42.49	36.12
Noncontrolling Interest Sharing Ratio	12.88%	0.00%	13.86%	14.13%	15.12%	14.36%	14.00%	14.11%	14.14%	13.52%	13.22%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.99	55,169	-9,733	-13,648	-12,316	-4,960	56,111	55,513	54,307	-8,877	-10,534
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-0.01	83.11	-12.18	-14.31	-11.77	-4.75	50.97	49.40	44.66	-7.71	-9.60
Operating Cash Flow to Interest Expense	6.13	0.30	-1.28	1.19	1.79	0.36	1.54	0.42	-1.38	2.44	-0.14
Operating Cash Flow Less CapEx to Interest Expense	6.13	0.30	-1.28	1.19	1.79	0.36	1.54	0.42	-1.38	2.44	-0.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.01	0.01	0.01
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	74,717	20,164	83,105	84,463	86,643	24,852	27,052	28,940	32,419	34,202	37,716
Invested Capital Turnover	0.03	0.04	0.02	0.01	0.00	0.01	0.00	0.00	0.01	0.02	0.02
Increase / (Decrease) in Invested Capital	218	-55,790	9,771	13,809	11,926	4,687	-56,053	-55,522	-54,224	9,350	10,664
Enterprise Value (EV)	69,397	16,404	79,048	81,632	84,522	22,189	25,035	27,247	30,007	31,899	36,171
Market Capitalization	5,476	7,550	7,993	8,646	8,148	8,468	9,522	9,538	10,055	10,258	11,746
Book Value per Share	$5.74	$20.80	$20.78	$20.73	$18.28	$19.43	$19.72	$19.27	$21.77	$19.75	$19.81
Tangible Book Value per Share	$5.73	$20.77	$20.74	$20.70	$18.25	$19.41	$19.70	$19.25	$21.75	$19.74	$19.80
Total Capital	74,717	20,164	83,105	84,463	86,643	24,852	27,052	28,940	32,419	34,202	37,716
Total Debt	63,766	8,795	71,196	72,575	75,966	13,506	15,555	17,678	19,879	21,505	24,632
Total Long-Term Debt	8,840	8,795	9,729	10,782	11,272	13,204	15,452	17,577	19,776	21,445	24,450
Net Debt	62,299	7,218	69,402	71,338	74,725	12,094	13,890	16,090	18,319	20,017	22,798
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	488	266	878	0.00	179	119	-407	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	63,766	8,795	71,196	72,575	75,966	13,506	15,555	17,678	19,879	21,505	24,632
Total Depreciation and Amortization (D&A)	30	47	74	49	39	62	37	24	64	21	78
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.70)	($2.23)	($1.79)	$0.27	($1.21)	($0.89)	$0.85	($0.09)	$0.05	$0.81	$0.15
Adjusted Weighted Average Basic Shares Outstanding	429.86M	411.35M	489.69M	494.17M	494.33M	494.54M	500.61M	500.95M	515.73M	521.74M	587.15M
Adjusted Diluted Earnings per Share	($0.70)	($2.23)	($1.79)	$0.27	($1.21)	($0.89)	$0.85	($0.09)	$0.05	$0.81	$0.15
Adjusted Weighted Average Diluted Shares Outstanding	429.86M	411.62M	489.69M	494.36M	494.33M	494.54M	501.18M	500.95M	516.83M	522.75M	588.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	($2.23)	$0.00	$0.00	$0.00	($0.89)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	467.87M	493.62M	493.88M	493.91M	500.09M	500.08M	500.44M	501.02M	560.55M	578.36M	605.09M
Normalized Net Operating Profit after Tax (NOPAT)	214	-621	39	161	-390	-273	40	2.17	53	473	130
Normalized NOPAT Margin	62.56%	0.00%	40.18%	73.81%	0.00%	-65.28%	42.00%	4.52%	44.41%	112.85%	69.82%
Pre Tax Income Margin	-81.43%	0.00%	-864.10%	80.35%	0.00%	-93.26%	481.48%	6.46%	63.44%	115.34%	74.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.76	-0.34	0.07	0.18	-0.53	0.36	0.05	0.00	0.06	0.33	0.13
NOPAT to Interest Expense	0.53	-0.94	0.05	0.17	-0.37	-0.26	0.05	-0.01	0.07	0.41	0.12
EBIT Less CapEx to Interest Expense	0.76	-0.34	0.07	0.18	-0.53	0.36	0.05	0.00	0.06	0.33	0.13
NOPAT Less CapEx to Interest Expense	0.53	-0.94	0.05	0.17	-0.37	-0.26	0.05	-0.01	0.07	0.41	0.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.95%	88.00%	-142.09%	-88.30%	-75.01%	-92.63%	-429.96%	-286.04%	984.01%	147.63%	228.20%
Augmented Payout Ratio	46.95%	88.00%	-142.09%	-88.30%	-75.01%	-92.63%	-429.96%	-286.04%	984.01%	147.63%	228.20%

Financials Breakdown Chart

Key Financial Trends

Annaly Capital Management (NYSE: NLY) has demonstrated significant volatility in its financial performance over the past several quarters, reflecting the challenging macroeconomic environment and sector-specific risks faced by mortgage REITs.

Positive Trends:

The company's total assets have grown steadily from about $85 billion in Q3 2022 to over $105 billion in Q1 2025, indicating expansion in its investment base.
Trading account securities, a core asset, increased from approximately $70.9 billion in Q3 2022 to $70.4 billion in Q1 2025, showing sustained investment volume.
Net interest income turned positive in recent quarters, rising from a large negative value in 2023 to $219.97 million in Q1 2025, suggesting better management or favorable interest rate spreads.
Q1 2025 showed a net income attributable to common shareholders of $87.1 million, a significant recovery from negative earnings in much of 2023.
The company continued to generate operating cash flow intermittently, with positive operating cash flow of $1.7 billion in Q1 2024 and still active investing and financing activities.
Issuance of common equity was robust in recent quarters, reflecting investor willingness to buy shares: e.g., $495 million in Q1 2025 and $397 million in Q4 2024.
Despite volatility, Annaly maintained reasonable non-interest expense levels, generally around $40-50 million per quarter, indicating controlled operating costs.

Neutral Factors:

Preferred stock equity remained steady around $1.54 billion throughout the periods, indicating no significant changes in preferred financing.
Dividends paid remain relatively consistent on a per-share basis, though payout ratio changes with earnings volatility; Q1 2025 cash dividends per common share were $0.70, up slightly from $0.65-$0.65 range during 2024.
Short-term debt showed some fluctuations but remained under $200 million as of Q1 2025, emphasizing a stable short-term liability position.

Negative Trends & Risks:

Annaly’s earnings have been highly volatile with several quarters of significant net losses, including a severe loss of $839 million in Q1 2023 and large losses continuing through late 2023.
Net realized and unrealized capital losses on investments heavily impacted total non-interest income, with a recurring negative pattern especially notable in the years 2023 and early 2024.
Long-term debt increased from $8.8 billion in Q3 2022 to over $24.4 billion in Q1 2025, potentially increasing financial leverage and associated risk.
Accumulated other comprehensive income has remained negative and worsened to nearly -$787 million by Q1 2025, reflecting unrealized losses likely from interest rate or market valuation changes.
Operating cash flows remain inconsistent with several quarters showing significant negative net cash from operating activities (e.g., -$156 million in Q1 2025), raising concerns about cash generation sustainability.
High volatility in earnings per share from positive $0.85 in early 2024 down to deeply negative -$1.79 in Q1 2023 and fluctuated thereafter highlights substantial investor uncertainty.

In summary, Annaly appears to be recovering from significant losses experienced in 2023, with improving net interest income and positive Q1 2025 earnings indicating some stabilization. However, it continues to face risks related to capital losses on investments and leverage expansion. Retail investors should weigh the recent recovery against historical volatility and be cautious of macroeconomic factors affecting the mortgage REIT sector.

10/14/25 10:19 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Annaly Capital Management's Financials

When does Annaly Capital Management's financial year end?

According to the most recent income statement we have on file, Annaly Capital Management's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Annaly Capital Management's net income changed over the last 9 years?

Annaly Capital Management's net income appears to be on a downward trend, with a most recent value of $1.01 billion in 2024, rising from $465.75 million in 2015. The previous period was -$1.64 billion in 2023. See where experts think Annaly Capital Management is headed by visiting Annaly Capital Management's forecast page.

How has Annaly Capital Management's revenue changed over the last 9 years?

Over the last 9 years, Annaly Capital Management's total revenue changed from $677.75 million in 2015 to $683.73 million in 2024, a change of 0.9%.

How much debt does Annaly Capital Management have?

Annaly Capital Management's total liabilities were at $90.86 billion at the end of 2024, a 11.0% increase from 2023, and a 43.6% increase since 2015.

How much cash does Annaly Capital Management have?

In the past 9 years, Annaly Capital Management's cash and equivalents has ranged from $706.59 million in 2017 to $1.92 billion in 2019, and is currently $1.49 billion as of their latest financial filing in 2024.

How has Annaly Capital Management's book value per share changed over the last 9 years?

Over the last 9 years, Annaly Capital Management's book value per share changed from 11.59 in 2015 to 19.75 in 2024, a change of 70.5%.

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This page (NYSE:NLY) was last updated on 10/14/2025 by MarketBeat.com Staff

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Annaly Capital Management (NLY) Financials

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Annaly Capital Management (NLY) Financials

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