NLY EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
NLY's ev/ebitda is lower than 95% of the last 10 years.
EV/EBITDA History
NLY EV/EBITDA by year
Yearly range of NLY’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 1.9 to 23,001.1, averaging 635.4.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 1.9 | 16.1 | 18.4 | 2.0 |
| 2025 | 17.7 | 19.1 | 20.3 | 18.2 |
| 2024 | 6.2 | 17.8 | 38.1 | 17.7 |
| 2023 | 13.1 | 19.1 | 25.2 | 14.8 |
| 2022 | 3.5 | 5.2 | 7.0 | 4.4 |
| 2021 | 3.0 | 5,433.2 | 23,001.1 | 6.9 |
| 2020 | 18.3 | 207.1 | 22,799.8 | 22,799.8 |
| 2019 | 9.7 | 140.4 | 279.9 | 35.0 |
| 2018 | 4.3 | 6.7 | 12.4 | 9.8 |
| 2017 | 5.6 | 6.2 | 7.3 | 7.1 |
| 2016 | 16.1 | 16.4 | 16.7 | 16.2 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is NLY EV/EBITDA High or Low Right Now?
Annaly Capital Management, Inc.'s EV/EBITDA is currently 2.0, which is near historic low relative to its 10-year historical range. The 10-year median EV/EBITDA for NLY is approximately 11.8. See all NLY valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.