Annaly Capital Management
NLY on NYSE. Annaly Capital Management buys mortgage loans and mortgage-backed securities, paying shareholders the income. Market value $13.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$18.42 a share, at its 1-year low
Over the past year the price has ranged from $18.16 to $24.52.
Dividend: 3.6% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.47bn | 0.50bn | 0.56bn | 0.68bn | 0.75bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 61% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $823 million, up 1341% on a year ago.
- 19% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $66m |
| December 2024 | $482m |
| March 2025 | $124m |
| June 2025 | $57m |
| September 2025 | $832m |
| December 2025 | $1.0bn |
| March 2026 | $283m |
| June 2026 | $823m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
2 long-term investors we follow own it, down from 3 last quarter. 784 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $69m
- Share of fund
- 0.1%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $704,385
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $69m | 0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $704,385 | <0.1% |
Sold out this quarter
- GMOJeremy GranthamSold out
Largest holders overall
- BlackRock$2.0bnAdded
- Vanguard Capital Management$736mAdded
- Vanguard Portfolio Management$699m
- State Street$679mAdded
- Geode Capital Management$465mAdded
- FMR$319m
- Allspring Global Investments Holdings$256mCut
- Norges Bank$201mNew
- Northern Trust$173mAdded
- Invesco$173mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- T. Rowe Price Associates, Inc.Passive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
T. Rowe Price Associates, Inc. Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $7m, $7m of it under preset trading plans.
- Finkelstein David LCEO and Co-CIO, DirectorSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 50,000
- Price
- $22.89
- Value
- $1m
- Wolfe SerenaChief Financial OfficerSoldunder a preset trading plan
- Date
- 4 May 2026
- Shares
- 16,537
- Price
- $22.48
- Value
- $371,752
- Finkelstein David LCEO and Co-CIO, DirectorSoldunder a preset trading plan
- Date
- 27 April 2026
- Shares
- 50,000
- Price
- $22.88
- Value
- $1m
- Campbell Steven FrancisPresident and COOSoldunder a preset trading plan
- Date
- 25 February 2026
- Shares
- 26,491
- Price
- $22.83
- Value
- $604,790
- Wolfe SerenaChief Financial OfficerSoldunder a preset trading plan
- Date
- 18 February 2026
- Shares
- 16,536
- Price
- $23.14
- Value
- $382,643
- Finkelstein David LCEO and Co-CIO, DirectorSoldunder a preset trading plan
- Date
- 18 February 2026
- Shares
- 50,000
- Price
- $23.13
- Value
- $1m
- Campbell Steven FrancisPresident and COOSoldunder a preset trading plan
- Date
- 18 February 2026
- Shares
- 28,225
- Price
- $23.12
- Value
- $652,562
- Green Anthony CChief Corporate Officer, CLOSoldunder a preset trading plan
- Date
- 3 November 2025
- Shares
- 22,499
- Price
- $21.15
- Value
- $475,854
- Finkelstein David LCEO and Co-CIO, DirectorSoldunder a preset trading plan
- Date
- 3 November 2025
- Shares
- 50,000
- Price
- $21.16
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 August 2026 | Finkelstein David L CEO and Co-CIO, Director | Sold under a preset trading plan | 50,000 | $22.89 | $1m |
| 4 May 2026 | Wolfe Serena Chief Financial Officer | Sold under a preset trading plan | 16,537 | $22.48 | $371,752 |
| 27 April 2026 | Finkelstein David L CEO and Co-CIO, Director | Sold under a preset trading plan | 50,000 | $22.88 | $1m |
| 25 February 2026 | Campbell Steven Francis President and COO | Sold under a preset trading plan | 26,491 | $22.83 | $604,790 |
| 18 February 2026 | Wolfe Serena Chief Financial Officer | Sold under a preset trading plan | 16,536 | $23.14 | $382,643 |
| 18 February 2026 | Finkelstein David L CEO and Co-CIO, Director | Sold under a preset trading plan | 50,000 | $23.13 | $1m |
| 18 February 2026 | Campbell Steven Francis President and COO | Sold under a preset trading plan | 28,225 | $23.12 | $652,562 |
| 3 November 2025 | Green Anthony C Chief Corporate Officer, CLO | Sold under a preset trading plan | 22,499 | $21.15 | $475,854 |
| 3 November 2025 | Finkelstein David L CEO and Co-CIO, Director | Sold under a preset trading plan | 50,000 | $21.16 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.