Annaly Capital Management, Inc. Financial Ratios — NLY-PF

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	0.36	1.43	3.46	-0.99	0.57	1.76	1.66	0.05	-1.83	-0.81	2.89	2.18	-1.88	1.02	1.7
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	0.36	0.19	0.07	-0.75	2.72	2.67	1.66	26.29	-1.58	-7.54	0.91	1.05	-1.73	2.53	1.52
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	62.91	81.68	93.52	136.06	63.17	91.46	93.57	18.81	109.13	167.43	88.26	90.67	111.3	85.7	91.11
Profit Margin (%)	53.86	80.03	93.31	136.9	63.55	91.62	93.19	19.77	108.57	162.5	87.85	88.28	114.37	83.6	90.32
Net Income to Common Margin (%)	51.22	78.2	91.51	148.6	53.74	86.37	86.68	-27.22	115.43	188.4	83.9	82.62	124.23	70.71	83.29
Effective Tax Rate (%)	14.68	2.03	0.22	- -	- -	- -	0.44	- -	- -	- -	0.19	2.57	- -	1.49	- -
Dvd Payout Ratio (%)	618.01	124.4	42.89	-124.34	289.41	84.37	85.24	-1,871.52	-67.5	-129.42	54.56	87.12	-77.51	154.44	89.89
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	540	826	859	1,266	4,734	7,865	7,119	8,041	10,564	7,036	7,108	8,795	13,204	21,445	31,926
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	903	250	500	750	1,075
LT Debt	540	826	859	1,266	4,734	7,865	7,119	8,041	10,564	7,036	6,205	8,545	12,704	20,695	30,851
Total Debt/EBITDA	234.74	202.34	328.48	275.57	237.04	188.12	254.65	111.12	334.72	170.14	288.52	428.9	532.3	706.47	938.02
Net Debt/EBITDA	-197.52	51.41	259.38	241.5	227.8	185.46	250.09	109	328.32	167.58	283.66	421.46	521.18	697.07	927.6
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-2.28	-2.09	-0.64	-2.92	-4.41	-3.56	-2.9	-4.24	-6.37	-12.04	-12.57	-11.65	-13.53	-12.72	-9.7
Long-Term Debt/Equity (%)	3.43	5.18	6.92	9.5	39.76	62.54	47.87	56.96	66.87	50.18	47.02	75.16	111.98	163	190.91
Long-Term Debt/Capital (%)	-30.38	-79.07	68.86	-323.54	202.17	132.24	120.76	150.45	248.28	-340.4	-633.19	957.95	574.26	208.99	149.42
Long-Term Debt/Total Assets (%)	0.49	0.62	1.05	1.43	6.3	8.95	7	7.6	8.11	7.95	8.08	10.44	13.63	19.98	22.75
Total Debt/Equity (%)	3.43	5.18	6.92	9.5	39.76	62.54	47.87	56.96	66.87	50.18	53.87	77.36	116.39	168.9	197.57
Total Debt/Capital (%)	-30.38	-79.07	68.86	-323.54	202.17	132.24	120.76	150.45	248.28	-340.4	-725.37	985.98	596.86	216.57	154.62
Total Debt/Total Assets (%)	0.49	0.62	1.05	1.43	6.3	8.95	7	7.6	8.11	7.95	9.26	10.75	14.16	20.71	23.54
Net Debt to Equity	-2.88	1.32	5.47	8.32	38.21	61.66	47.01	55.87	65.59	49.43	52.96	76.01	113.96	166.66	195.37
Net Debt/Capital (%)	16.39	-12.64	63.59	-202.53	210.91	132.85	121.22	151.95	255.67	-318.94	-635.6	1,168.76	667.64	220.02	155.58
EBITDA	2	4	3	5	20	42	28	72	32	41	25	21	25	30	34
EBITDA-CapEx	-1	4	3	5	20	-132	16	72	32	41	-514	-994	-372	-833	-881
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-2.28	-2.09	-0.64	-2.92	-4.41	-3.56	-2.9	-4.24	-6.37	-12.04	-12.57	-11.65	-13.53	-12.72	-9.7
Long-Term Debt/Equity (%)	3.43	5.18	6.92	9.5	39.76	62.54	47.87	56.96	66.87	50.18	47.02	75.16	111.98	163	190.91
Long-Term Debt/Capital (%)	-30.38	-79.07	68.86	-323.54	202.17	132.24	120.76	150.45	248.28	-340.4	-633.19	957.95	574.26	208.99	149.42
Long-Term Debt/Total Assets (%)	0.49	0.62	1.05	1.43	6.3	8.95	7	7.6	8.11	7.95	8.08	10.44	13.63	19.98	22.75
Total Debt/Equity (%)	3.43	5.18	6.92	9.5	39.76	62.54	47.87	56.96	66.87	50.18	53.87	77.36	116.39	168.9	197.57
Total Debt/Capital (%)	-30.38	-79.07	68.86	-323.54	202.17	132.24	120.76	150.45	248.28	-340.4	-725.37	985.98	596.86	216.57	154.62
Total Debt/Total Assets (%)	0.49	0.62	1.05	1.43	6.3	8.95	7	7.6	8.11	7.95	9.26	10.75	14.16	20.71	23.54
CFO/Total Liabilities	2.58	6.5	-18.55	8.17	-5.76	2.1	1.88	2.86	-1.05	0.71	4.84	7.62	2.89	3.64	0.58
CFO/CapEx	680.75	- -	- -	- -	- -	9.08	142.02	6,881.94	- -	- -	5.72	5.3	5.97	3.84	0.76
Altman's Z-Score	-0.03	-0.01	0.04	-0.05	-0.05	-0.03	-0.02	-0.06	-0.1	-0.18	-0.14	-0.14	-0.21	-0.17	-0.12

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	1.69	5.22	11.55	-2.23	2.88	6.24	5.67	0.81	-4.94	-1.53	10.82	4.48	-1.54	1.05	2.25
Days Sales Outstanding	216.16	69.96	31.61	-163.64	126.73	58.52	64.36	451.51	-73.95	-238.93	33.75	81.46	-236.27	349.01	162.27
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	994	616	181	157	185	111	127	154	202	106	120	153	276	285	355
+ Preferred Equity and Hybrid Capital	177	913	913	913	913	1,201	1,720	1,778	1,982	1,537	1,537	1,537	1,537	1,537	1,802
+ Minority/Non Controlling Interest	- -	- -	- -	5	10	8	6	6	4	13	25	99	89	88	69
+ Total Debt	540	826	859	1,266	4,734	7,865	7,119	8,041	10,564	7,036	7,108	8,795	13,204	21,445	31,926
Enterprise Value	-277	1,123	1,591	2,028	5,472	8,962	8,718	9,671	12,348	8,480	8,550	10,278	10,341	20,720	24,965
Total Capital	-1,777	-1,044	1,247	-391	2,342	5,948	5,895	5,345	4,255	-2,067	-980	892	2,212	9,902	20,648
Total Debt/Capital (%)	-30.38	-79.07	68.86	-323.54	202.17	132.24	120.76	150.45	248.28	-340.4	-725.37	985.98	596.86	216.57	154.62
Total Debt / EV	-1.95	0.74	0.54	0.62	0.87	0.88	0.82	0.83	0.86	0.83	0.83	0.86	1.28	1.04	1.28
EV/Sales	- -	0.52	0.4	- -	7.45	5.73	5.18	35.14	- -	- -	3.14	5.26	- -	17.29	11.12
EV/EBITDA	- -	275.2	608.67	441.36	274.02	214.36	311.85	133.65	391.26	205.06	347.07	501.22	416.87	682.57	733.5
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	0.15	- -	0.33	- -	5.67	5.34	3.69	- -	16.06	2.78	1.91	4.37	6.26	36.03
EV/Free Cash Flow to Firm	- -	0.15	- -	0.33	- -	5.11	5.3	3.69	- -	16.06	2.37	1.61	3.74	4.96	15.53
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	-277	1,123	1,591	2,028	5,472	8,962	8,718	9,671	12,348	8,480	8,550	10,278	14,554	22,785	33,443
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	640	2,169	3,997	-615	734	1,565	1,684	275	-1,992	-548	2,720	1,954	-1,437	1,198	2,244
TTM EBITDA	2	4	3	5	20	42	28	72	32	41	25	21	25	30	34
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	2,420	7,640	-12,893	6,128	-3,643	1,581	1,632	2,622	-1,200	528	3,077	5,372	2,367	3,311	693
TTM Free Cash Flow to Firm	2,424	7,640	-12,893	6,128	-3,643	1,755	1,644	2,622	-1,200	528	3,615	6,387	2,764	4,174	1,608

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-277	1,123	1,591	2,028	5,472	8,962	8,718	9,671	12,348	8,480	8,550	10,278	10,341	20,720	24,965
Low Price	- -	- -	- -	- -	- -	- -	24.55	24.08	24.61	8.53	24.46	21.67	23.5	25	21.75
EV/Sales	- -	0.52	0.4	- -	7.45	5.73	5.18	35.14	- -	- -	3.14	5.26	- -	17.29	11.12
EV/EBITDA	- -	275.2	608.67	441.36	274.02	214.36	311.85	133.65	391.26	205.06	347.07	501.22	416.87	682.57	733.5
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	- -	0.52	0.4	- -	7.45	5.73	5.18	35.14	- -	- -	3.14	5.26	- -	19.01	14.9
EV/Sales High	- -	0.52	0.4	- -	7.45	5.73	5.18	35.14	- -	- -	3.14	5.26	- -	19.01	14.9
EV/Sales Low	- -	0.52	0.4	- -	7.45	5.73	5.18	35.14	- -	- -	3.14	5.26	- -	19.01	14.9
EV/EBITDA Average	-120.52	275.2	608.67	441.36	274.02	214.36	311.85	133.65	391.26	205.06	347.07	501.22	586.72	750.58	982.58
EV/EBITDA High	-120.52	275.2	608.67	441.36	274.02	214.36	311.85	133.65	391.26	205.06	347.07	501.22	586.72	750.58	982.58
EV/EBITDA Low	-120.52	275.2	608.67	441.36	274.02	214.36	311.85	133.65	391.26	205.06	347.07	501.22	586.72	750.58	982.58
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	- -	14.78	15.18	16.96	17.82	19.33	19.88	22.7	25.73	25.46
High Price	- -	- -	- -	- -	- -	- -	26.59	26.14	26.28	26.41	26.59	25.59	25.84	26.12	26.34
Enterprise Value Average	-277	1,123	1,591	2,028	5,472	8,962	8,718	9,671	12,348	8,480	8,550	10,278	14,554	22,785	33,443
Enterprise Value High	-277	1,123	1,591	2,028	5,472	8,962	8,718	9,671	12,348	8,480	8,550	10,278	14,554	22,785	33,443
Enterprise Value Low	-277	1,123	1,591	2,028	5,472	8,962	8,718	9,671	12,348	8,480	8,550	10,278	14,554	22,785	33,443

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	243	237	237	237	234	255	290	328	358	350	365	468	500	578	707
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Annaly Capital Management, Inc.

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