NLY vs STWD: Annaly Capital Management and Starwood Property Trust compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Annaly Capital Management is the larger company, worth $12.9B, about 2.7 times Starwood Property Trust.
- On earnings, Annaly Capital Management is the cheaper stock (5.7x vs 13.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NLY | STWD |
|---|---|---|
| Market cap | $12.9B | $4.8B |
| Share price | $18.30 | $12.71 |
| Revenue (last fiscal year) | — | $1.8B |
| Free cash flow (last fiscal year) | — | $99M |
| Revenue growth, last year | — | +15.6% |
| Revenue growth per year, last 5 fiscal years | — | +12.0% |
| Operating margin | — | 1.5% |
| Net margin | — | 11.3% |
| Return on equity | 17.4% | 3.5% |
| P/E (trailing) | 5.67x | 13.2x |
| Price / free cash flow | — | 6.71x |
| EV / EBITDA | 16.3x | 66.2x |
| FCF growth the price implies | — | 16.4% |
| Dividend yield | 15.7% | 15.2% |
| Debt / equity | 7.49x | 8.29x |
| Fundamental grade | C | D |
| Superinvestors holding it | 2 | 1 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Annaly Capital Management
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | — | — | — |
| 2022 | — | — | — |
| 2023 | — | — | — |
| 2024 | — | — | — |
| 2025 | — | — | — |
Starwood Property Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.2B | — | 15.5% |
| 2022 | $1.5B | — | 13.1% |
| 2023 | $2.0B | $529M | -2.4% |
| 2024 | $1.9B | $647M | -1.8% |
| 2025 | $1.8B | $99M | 3.1% |
Where the revenue comes from
Annaly Capital Management
No segment breakdown reported.
Starwood Property Trust · by segments, 2025
Commercial and Residential Lending Segment$1.3B67%
Infrastructure Lending Segment$277M14%
Investing and Servicing Segment$244M12%
Property Segment$137M7%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NLY in InvestinglyQuestions
Which is bigger, Annaly Capital Management or Starwood Property Trust?
Annaly Capital Management (NLY), at $12.9B against $4.8B.
Is NLY or STWD cheaper?
By trailing P/E, Annaly Capital Management (5.67x) is cheaper than Starwood Property Trust (13.2x). A lower multiple can also mean the market expects less growth.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.