Invitation Homes Inc. (INVH) vs Annaly Capital Management, Inc. (NLY)
A side-by-side comparison of Invitation Homes Inc. and Annaly Capital Management, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 2, 2026. Differences are shown without an overall score or investment verdict.
Total return — INVH vs NLY
growth of $100 · dividends reinvested · last 10yINVH vs NLY: by the numbers
- •INVH is the larger company ($15.45B vs $13.97B market cap).
- •NLY converts more revenue to profit (40.52% vs 23.14% net margin).
- •NLY grew revenue faster over the past five years (22.35% vs 8.60% CAGR).
- •NLY pays the higher dividend yield (15.27% vs 4.51%).
Metrics side by side
Valuation
| Metric | INVH | NLY |
|---|---|---|
| P/E ratio | 23.86 | 4.63 |
| Forward P/E | 25.85 | 5.99 |
| PEG ratio | 1.07 | N/A |
| P/S ratio | 5.41 | 1.92 |
| P/B ratio | 1.71 | 0.83 |
| EV / EBITDA | 14.70 | 16.67 |
For REITs like Invitation Homes 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.
For REITs like Annaly Capital Management, 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 | INVH | NLY |
|---|---|---|
| Gross margin | 3.69% | 99.28% |
| Operating margin | 30.16% | 102.58% |
| Net margin | 23.14% | 40.52% |
| ROE | 7.30% | 17.44% |
| ROIC | 4.67% | 5.74% |
Dividends
| Metric | INVH | NLY |
|---|---|---|
| Dividend yield | 4.51% | 15.27% |
| Payout ratio | 109.17% | 71.25% |
Invitation Homes 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.
Annaly Capital Management, 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 | INVH | NLY |
|---|---|---|
| Revenue CAGR (5Y) | 8.60% | 22.35% |
| EPS CAGR (5Y) | 22.36% | N/A |
| Total return CAGR (5Y) | -4.17% | 1.94% |
Frequently asked
- Which has grown faster, INVH or NLY?
- Over the past five years, NLY grew revenue faster — INVH at a 8.60% CAGR versus NLY at 22.35%.
- Does INVH or NLY pay a bigger dividend?
- INVH yields 4.51% and NLY yields 15.27% based on trailing dividends and the latest price.
- Is INVH or NLY more profitable?
- NLY runs the higher net margin — INVH at 23.14% versus NLY at 40.52%.
- How have INVH and NLY total returns compared?
- Over the past 5 years, INVH delivered -4.17% and NLY delivered 1.94% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Invitation Homes & 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 2, 2026.