NLY - NYSE

Annaly Capital Management, Inc.

Annaly Capital Management, Inc.

NLYยทNYSE

$21.17

-0.61%
Real EstateREIT - Mortgage

Annaly Capital Management, Inc., a diversified capital manager, engages in mortgage finance and corporate middle market lending. The company invests in agency mortgage-backed securities, mortgage servicing rights, Agency commercial mortgage-backed securities, non-Agency residential mortgage assets, residential mortgage loans, credit risk transfer securities, corporate debts, and other commercial real estate investments. 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. The company was founded in 1996 and is based in New York, New York.

StatementsValue Model

At a Glance

Live Snapshot
Market Cap$15.51B
EPS2.9200
P/E Ratio7.25
Earnings Date07/22/2026
Annaly Capital Management, Inc.

Annaly Capital Management, Inc. Fair Value Envelope

NLY ยท NYSE

Our analysis suggests that NLY has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $21.17, this represents a potential HIDDEN relative to our calculated worth for Annaly Capital Management, Inc..

HIDDEN
Intrinsic Value
Current Price: $21.17

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

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Projection Settings

Forecast period and terminal assumptions

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DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value$443.3M
+ Cash & Equivalents$2.0B
Firm Value$2.5B
- Debt$111.9B
Equity Value-$109.4B
/ Shares Outstanding608,483,798B
DCF Value-$180
OVERVALUED BY 949%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
$346.5M
$173.2M
$86.6M
$43.3M
$21.7M
$10.8M
$5.4M
$2.7M
$1.4M
$676.7K
Maintenance CapEx
-$91.5M
-$45.8M
-$22.9M
-$11.4M
-$5.7M
-$2.9M
-$1.4M
-$714.9K
-$357.5K
-$178.7K
Owner Earnings
$254.9M
$127.5M
$63.7M
$31.9M
$15.9M
$8.0M
$4.0M
$2.0M
$995.9K
$497.9K
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
$236.1M
$109.3M
$50.6M
$23.4M
$10.8M
$5.0M
$2.3M
$1.1M
$498.2K
$230.6K
Terminal Value represents 0.9% of Enterprise Value

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