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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Annaly Capital Management's Net-Net Working Capital for the quarter that ended in Mar. 2024 was $-159.77.
The industry rank for Annaly Capital Management's Net-Net Working Capital or its related term are showing as below:
The historical data trend for Annaly Capital Management's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Annaly Capital Management Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Net-Net Working Capital | Get a 7-Day Free Trial | -319.68 | -213.20 | -174.31 | -151.73 | -160.54 |
Annaly Capital Management Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Net-Net Working Capital | Get a 7-Day Free Trial | -152.53 | -157.15 | -158.83 | -160.54 | -159.77 |
For the REIT - Mortgage subindustry, Annaly Capital Management's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the REITs industry and Real Estate sector, Annaly Capital Management's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Annaly Capital Management's Price-to-Net-Net-Working-Capital falls into.
Annaly Capital Management's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2023 is calculated as
Net-Net Working Capital | (A: Dec. 2023 ) | ||||||||
= | (Balance Sheet Cash And Cash Equivalents | + | Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||||
= | (275.85 | + | 0 | + | 0.75 * 3932.929 | + | 0.5 * 0 | - | 81882.145 |
- | 1536.569 | - | 89.298) | / | 500.08 | ||||
= | -160.54 |
Annaly Capital Management's Net-Net Working Capital (NNWC) per share for the quarter that ended in Mar. 2024 is calculated as
Net-Net Working Capital | (Q: Mar. 2024 ) | ||||||||
= | (Balance Sheet Cash And Cash Equivalents | + | Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||||
= | (298.313 | + | 0 | + | 0.75 * 1808.714 | + | 0.5 * 0 | - | 79987.433 |
- | 1536.569 | - | 86.58) | / | 500.44 | ||||
= | -159.77 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
Annaly Capital Management (NYSE:NLY) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Thank you for viewing the detailed overview of Annaly Capital Management's Net-Net Working Capital provided by GuruFocus.com. Please click on the following links to see related term pages.
David L Finkelstein | officer: Chief Investment Officer | ANNALY CAPITAL MANAGEMENT, INC., 1211 AVE. OF THE AMERICAS, NEW YORK NY 10036 |
Scott Wede | director | ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Manon Laroche | director | ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Martin Laguerre | director | C/O BGC PARTNERS, INC., 499 PARK AVENUE, NEW YORK NY 10022 |
Eric A. Reeves | director | ANNALY CAPITAL MANAGEMENT, INC., 1211 AVE. OF THE AMERICAS, NEW YORK NY 10036 |
Ilker Ertas | officer: Head of Securitized Products | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Steven Francis Campbell | officer: Chief Operating Officer | C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Thomas Edward Hamilton | director | 211 STUYVESANT AVE, RYE NY 10580 |
Anthony C Green | officer: Chief Legal Officer | ANNALY CAPITAL MANAGEMENT, INC., 1211 AVE. OF THE AMERICAS, NEW YORK NY 10036 |
Timothy P Coffey | officer: Chief Credit Officer | ANNALY CAPITAL MANAGEMENT, INC., 1211 AVE. OF THE AMERICAS, NEW YORK NY 10036 |
Serena Wolfe | officer: Chief Financial Officer | ANNALY CAPITAL MANAGEMENT, INC., 1211 AVE. OF THE AMERICAS, NEW YORK NY 10036 |
Glenn Votek | director, officer: Interim CEO and President | 1211 AVENUE OF THE AMERICAS, SUITE 2902, NEW YORK NY 10036 |
John H Schaefer | director | 1211 AVE. OF THE AMERICAS, NEW YORK NY 10036 |
Katherine Beirne Fallon | director | C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Kevin Keyes | officer: Managing Director | 1211 AVENUE OF THE AMERICAS, SUITE 2902, NEW YORK NY 10036 |
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