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Held by 743 of 5,944 reporting institutions (98th percentile) — extremely crowded.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/5 of the 9 checks — 4 couldn't be scored (see above), so the score is out of the 5 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $495M dividends + $0 buybacks = $495M returned.
1 consecutive years of dividend increases · 10%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
$11M of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2020-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-18
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Selling, General & Admin | $199.6M | $171.4M | $162.6M | $162.7M | $186.0M | $222.2M | $271.8M | $329.9M | $224.1M | $250.4M |
| Interest Expense | $4.82B | $4.59B | $3.84B | $1.31B | $249.2M | $899.1M | $2.78B | $1.90B | $1.01B | $657.8M |
| Other Income (Expense), net | $589.6M | $514.7M | -$1.65B | $243.8M | $796.4M | -$2.09B | $106.5M | $109.9M | — | — |
| Pretax Income | $2.04B | $1.03B | -$1.60B | $1.77B | $2.40B | -$918.2M | -$2.17B | $51.8M | $1.58B | $1.43B |
| Income Tax Expense | -$6.9M | $15.3M | $39.4M | $45.6M | $4.7M | -$28.4M | -$10.8M | -$2.4M | $7.0M | -$1.6M |
| Net Income | $2.05B | $1.01B | -$1.64B | $1.73B | $2.40B | -$891.2M | -$2.16B | $54.4M | $1.57B | $1.43B |
| Per Share | ||||||||||
| EPS (Basic) | $2.92 | $1.62 | $-3.61 | $3.93 | $6.40 | $-2.92 | $-1.60 | $-0.06 | $1.37 | $1.39 |
| EPS (Diluted) | $2.92 | $1.62 | $-3.61 | $3.92 | $6.39 | $-2.92 | $-1.60 | $-0.06 | $1.37 | $1.39 |
| Weighted Avg Shares (Basic) | 639.5M | 521.7M | 494.5M | 411.3M | 356.9M | 353.7M | 1.43B | 1.21B | 1.07B | 969.8M |
| Weighted Avg Shares (Diluted) | 641.0M | 522.7M | 494.5M | 411.6M | 357.1M | 353.7M | 1.43B | 1.21B | 1.07B | 970.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $159.4B | 164.7× | — | 14.7× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| PLD | $125.3B | 37.9× | — | 14.3× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| XHG | $124.6B | — | — | 2429.0× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| EQIX | $100.3B | 74.2× | 25.6× | 10.9× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $81.1B | 32.2× | 14.0× | 7.6× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $67.0B | 14.5× | — | 10.5× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $52.9B | 48.4× | — | 9.2× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $52.0B | 32.9× | — | 10.8× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| CBRE | $41.3B | 36.2× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| VTR | $41.2B | 160.5× | — | 7.1× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| IRM | $33.8B | 233.3× | 22.9× | 4.9× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $28.9B | 29.8× | 13.5× | 8.6× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| VICI | $25.4B | 9.1× | — | 6.3× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| SBAC | $18.9B | 18.2× | 21.4× | 6.7× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.9B | 135.7× | 38.6× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.4B | 26.0× | 11.5× | 9.2× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.4B | 28.0× | — | 6.0× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $15.8B | 20.5× | 11.8× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.3B | 47.2× | 16.4× | 2.2× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.2× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| HST | $15.0B | 19.9× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| LAMR | $14.9B | 25.4× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| NLY | $14.9B | 7.2× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
Peers = companies sharing NLY's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-18
No standout strengths flagged.
Nothing notable to watch.
No material risks flagged.
Where each multiple sits in its own 14-yr range · 60th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NLY: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.