Annaly Capital Management, Inc. Financial Ratios — NLY Stock

Profitability	2009 Y	2010 Y	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
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	3.09	1.66	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
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 (%)	0.11	0.11	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
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	93.8	88.32	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
Profit Margin (%)	92.17	86.11	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
Net Income to Common Margin (%)	91.3	84.89	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
Effective Tax Rate (%)	1.72	2.73	14.68	2.03	0.22	- -	- -	- -	0.44	- -	- -	- -	0.19	2.57	- -
Dvd Payout Ratio (%)	64.38	126.58	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
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit	2009 Y	2010 Y	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
Total Debt	562	600	540	826	859	1,266	4,734	7,865	7,119	8,041	10,564	7,036	7,108	8,795	13,204
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	903	250	500
LT Debt	562	600	540	826	859	1,266	4,734	7,865	7,119	8,041	10,564	7,036	6,205	8,545	12,704
Total Debt/EBITDA	242.84	375	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
Net Debt/EBITDA	-406.8	198.36	-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
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.48	-0.79	-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
Long-Term Debt/Equity (%)	5.89	6.08	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
Long-Term Debt/Capital (%)	137.82	479.95	-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
Long-Term Debt/Total Assets (%)	0.81	0.72	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
Total Debt/Equity (%)	5.89	6.08	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
Total Debt/Capital (%)	137.82	479.95	-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
Total Debt/Total Assets (%)	0.81	0.72	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
Net Debt to Equity	-9.86	3.22	-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
Net Debt/Capital (%)	85.92	-201.36	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
EBITDA	2	2	2	4	3	5	20	42	28	72	32	41	25	21	25
EBITDA-CapEx	2	2	-1	4	3	5	20	-132	16	72	32	41	-514	-994	-372
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity	2009 Y	2010 Y	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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.48	-0.79	-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
Long-Term Debt/Equity (%)	5.89	6.08	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
Long-Term Debt/Capital (%)	137.82	479.95	-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
Long-Term Debt/Total Assets (%)	0.81	0.72	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
Total Debt/Equity (%)	5.89	6.08	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
Total Debt/Capital (%)	137.82	479.95	-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
Total Debt/Total Assets (%)	0.81	0.72	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
CFO/Total Liabilities	18.08	14.85	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
CFO/CapEx	- -	- -	680.75	- -	- -	- -	- -	9.08	142.02	6,881.94	- -	- -	5.72	5.3	5.97
Altman's Z-Score	0.04	0.02	-0.01	- -	0.06	-0.02	-0.02	- -	0.01	-0.02	-0.07	-0.12	-0.07	-0.08	-0.14

Working Capital	2009 Y	2010 Y	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
Accounts Receivable Turnover	7.08	4.43	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
Days Sales Outstanding	51.58	82.37	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
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	2009 Y	2010 Y	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
Market Capitalization	1,477	1,903	2,898	3,223	2,510	3,030	2,962	3,615	5,242	5,519	7,020	7,087	7,326	6,639	8,373
- Cash & Cash Equivalents	1,505	283	994	616	181	157	185	111	127	154	202	106	120	153	276
+ Preferred Equity and Hybrid Capital	177	177	177	913	913	913	913	1,201	1,720	1,778	1,982	1,537	1,537	1,537	1,537
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	5	10	8	6	6	4	13	25	99	89
+ Total Debt	562	600	540	826	859	1,266	4,734	7,865	7,119	8,041	10,564	7,036	7,108	8,795	13,204
Enterprise Value	712	2,397	2,621	4,346	4,102	5,058	8,434	12,577	13,960	15,190	19,368	15,568	15,877	16,917	22,927
Total Capital	408	125	-1,777	-1,044	1,247	-391	2,342	5,948	5,895	5,345	4,255	-2,067	-980	892	2,212
Total Debt/Capital (%)	137.82	479.95	-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
Total Debt / EV	0.79	0.25	0.21	0.19	0.21	0.25	0.56	0.63	0.51	0.53	0.55	0.45	0.45	0.52	0.58
EV/Sales	0.33	1.63	4.1	2	1.03	- -	11.49	8.04	8.29	55.19	- -	- -	5.84	8.66	- -
EV/EBITDA	307.33	1,498.29	1,139.49	1,065.09	1,569.06	1,100.72	422.34	300.83	499.35	209.91	613.71	376.43	644.45	824.99	924.24
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	0.07	0.22	1.08	0.57	- -	0.83	- -	7.96	8.55	5.79	- -	29.49	5.16	3.15	9.69
EV/Free Cash Flow to Firm	0.07	0.22	1.08	0.57	- -	0.83	- -	7.17	8.49	5.79	- -	29.49	4.39	2.65	8.29
Diluted Market Cap	1,493	2,023	2,899	3,332	2,638	3,030	2,963	3,616	5,244	5,519	7,020	7,087	7,332	6,644	8,373
Diluted Enterprise Value	728	2,517	2,622	4,454	4,229	5,058	8,435	12,578	13,962	15,190	19,368	15,568	15,883	16,922	22,927
EV per Share	5.21	16.3	11.99	17.87	17.32	21.35	35.62	51.88	52.39	50.23	53.99	44.02	44.49	41.13	46.36
TTM Sales	2,128	1,472	640	2,169	3,997	-615	734	1,565	1,684	275	-1,992	-548	2,720	1,954	-1,437
TTM EBITDA	2	2	2	4	3	5	20	42	28	72	32	41	25	21	25
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	10,818	10,863	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
TTM Free Cash Flow to Firm	10,818	10,863	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

Multiples	2009 Y	2010 Y	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
Price/Earnings	0.76	1.52	8.85	1.9	0.69	- -	7.51	2.67	3.59	- -	- -	- -	3.21	4.11	- -
Price/Earnings Average	0.64	1.37	8.86	2.04	0.83	-3.24	7.51	2.6	3.31	-72.59	-2.86	-5.63	3.33	4.41	-4.36
Price/Earnings High	5.56	8.83	50.14	10.18	4.19	-12.39	26.62	8.1	9.29	-192.49	-6.56	-14.38

Annaly Capital Management, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples