Essex Property Trust, Inc. (ESS) vs Annaly Capital Management, Inc. (NLY)
A side-by-side comparison of Essex Property Trust, Inc. and Annaly Capital Management, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 3, 2026. Differences are shown without an overall score or investment verdict.
Total return — ESS vs NLY
growth of $100 · dividends reinvested · last 10yESS vs NLY: by the numbers
- •ESS is the larger company ($17.26B vs $13.94B market cap).
- •NLY converts more revenue to profit (40.52% vs 21.63% net margin).
- •NLY grew revenue faster over the past five years (22.35% vs 6.01% CAGR).
- •NLY pays the higher dividend yield (15.41% vs 3.84%).
Metrics side by side
Valuation
| Metric | ESS | NLY |
|---|---|---|
| P/E ratio | 41.78 | 4.63 |
| Forward P/E | 47.79 | 5.98 |
| PEG ratio | 11.29 | N/A |
| P/S ratio | 8.96 | 1.91 |
| P/B ratio | 3.24 | 0.82 |
| EV / EBITDA | 20.40 | N/A |
For REITs like Essex Property Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | ESS | NLY |
|---|---|---|
| Gross margin | 69.38% | N/A |
| Operating margin | 43.88% | 102.58% |
| Net margin | 21.63% | 40.52% |
| ROE | 7.83% | 17.44% |
| ROIC | 4.34% | N/A |
Annaly Capital Management, Inc.: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.
Dividends
| Metric | ESS | NLY |
|---|---|---|
| Dividend yield | 3.84% | 15.41% |
| Payout ratio | 160.50% | 71.25% |
Essex Property Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | ESS | NLY |
|---|---|---|
| Revenue CAGR (5Y) | 6.01% | 22.35% |
| EPS CAGR (5Y) | 3.68% | N/A |
| Total return CAGR (5Y) | -0.21% | 1.72% |
Frequently asked
- Which has grown faster, ESS or NLY?
- Over the past five years, NLY grew revenue faster — ESS at a 6.01% CAGR versus NLY at 22.35%.
- Does ESS or NLY pay a bigger dividend?
- ESS yields 3.84% and NLY yields 15.41% based on trailing dividends and the latest price.
- Is ESS or NLY more profitable?
- NLY runs the higher net margin — ESS at 21.63% versus NLY at 40.52%.
- How have ESS and NLY total returns compared?
- Over the past 10 years, ESS delivered 5.35% and NLY delivered 4.42% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Essex Property Trust & Annaly Capital Management appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 3, 2026.