NLY (Annaly Capital Management) Scaled Net Operating Assets: 1.00 (As of Jun. 2026)

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NLY Annaly Capital Management Inc NLY
47 GF Score
Price $21.41
GF Value $17.70
Valuation Modestly Overvalued
! 8 Warning Signs
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What is Annaly Capital Management Scaled Net Operating Assets?

Annaly Capital Management NLY +1.70% 47 Scaled Net Operating Assets is 1.00 as of Jun. 2026. GuruFocus rates NLY with a GF Score™ of 47/100 and a GF Value™ of $17.70 (Modestly Overvalued). The stock has 8 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Annaly Capital Management's operating assets for the quarter that ended in Jun. 2026 was $140,829 Mil. Annaly Capital Management's operating liabilities for the quarter that ended in Jun. 2026 was $1,788 Mil. Annaly Capital Management's Total Assets for the quarter that ended in Mar. 2026 was $138,538 Mil. Therefore, Annaly Capital Management's scaled net operating assets (SNOA) for the quarter that ended in Jun. 2026 was 1.00.


Annaly Capital Management Scaled Net Operating Assets Historical Data

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The historical data trend for Annaly Capital Management's Scaled Net Operating Assets 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 Scaled Net Operating Assets Chart

Annaly Capital Management Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.83 1.02 1.07 1.08 1.26

Annaly Capital Management Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.02 1.07 1.04 0.99 1.00

NLY vs AGNC, STWD, RITM: Scaled Net Operating Assets Comparison

For the REIT - Mortgage subindustry, Annaly Capital Management's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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.


Annaly Capital Management Scaled Net Operating Assets vs REITs Industry

For the REITs industry and Real Estate sector, Annaly Capital Management's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Annaly Capital Management's Scaled Net Operating Assets falls into.


NLY
47GF Score
Annaly Capital Management Inc NLY
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Annaly Capital Management Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Annaly Capital Management's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(133572-3227.945)/103556.384
=1.26

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=135609.838 - 2037.838
=133572

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=119449.927 - 31959.274 - 84262.708
=3227.945

Annaly Capital Management's Scaled Net Operating Assets (SNOA) for the quarter that ended in Jun. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Jun. 2026 )
=(Operating Assets (Q: Jun. 2026 )-Operating Liabilities (Q: Jun. 2026 ))/Total Assets (Q: Mar. 2026 )
=(140829.09-1787.897)/138537.591
=1.00

where

Operating Assets(Q: Jun. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=143741.176 - 2912.086
=140829.09

Operating Liabilities(Q: Jun. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=126762.8 - 37453.898 - 87521.005
=1787.897

* 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.

What does a Scaled Net Operating Assets of 1.00 mean?
Annaly Capital Management (NLY) has a Scaled Net Operating Assets of 1.00 as of Jun. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Annaly Capital Management and its competitors.
Is Annaly Capital Management's Scaled Net Operating Assets too high?
Annaly Capital Management's current Scaled Net Operating Assets is 1.00. Overall, Annaly Capital Management has a GF Score™ of 47/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Annaly Capital Management's Scaled Net Operating Assets compare to AGNC and STWD?
Annaly Capital Management's Scaled Net Operating Assets of 1.00 can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a REITs company?
A good Scaled Net Operating Assets depends on the REITs industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Annaly Capital Management and its competitors. Annaly Capital Management's current Scaled Net Operating Assets is 1.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Annaly Capital Management stock overvalued right now?
Based on GuruFocus' analysis, Annaly Capital Management (NLY) is currently considered Modestly Overvalued. The stock's GF Value™ is $17.70, compared to a current price of $21.41 — trading 20.9% above its estimated fair value. The current Scaled Net Operating Assets is 1.00. Annaly Capital Management's overall GF Score™ is 47/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Annaly Capital Management (NLY), the current Scaled Net Operating Assets is 1.00 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Annaly Capital Management (NLY) Overvalued in 2026?

Based on GuruFocus' analysis, Annaly Capital Management stock appears to be overvalued. The current stock price of $21.41 is trading 20.9% above its estimated GF Value™ of $17.70. GuruFocus considers Annaly Capital Management to be Modestly Overvalued.

Key valuation signals for NLY:

  • Scaled Net Operating Assets: 1.00
  • GF Value™: $17.70 vs. price of $21.41 (20.9% above fair value)
  • GF Score™: 47/100 with 8 warning signs

No single metric tells the full story. See the NLY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Annaly Capital Management Business Description

Industry Real EstateREITs
Address 1211 Avenue of the Americas, New York, NY, USA, 10036
Annaly Capital Management Inc is an American mortgage real estate investment trust. Its business objective is to generate net income for distribution to its stockholders and optimize its returns through prudent management of its diversified investment strategies. The company's reportable operating segments are: the Agency segment, which invests in Agency mortgage-backed securities collateralized by residential mortgages; the Residential Credit segment, which invests in non-Agency residential whole loans and securitized products within the residential and commercial markets; the Mortgage Servicing Rights segment; and Corporate & Other. Maximum revenue for the company is generated from its Agency segment.
47GF Score

Get the complete analysis for NLY

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$21.41
Price
$17.70
GF Value