Annaly Capital Management, Inc. (NLY) vs SBA Communications Corporation (SBAC)
A side-by-side comparison of Annaly Capital Management, Inc. and SBA Communications Corporation 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 — NLY vs SBAC
growth of $100 · dividends reinvested · last 10yNLY vs SBAC: by the numbers
- •SBAC is the larger company ($16.81B vs $13.94B market cap).
- •NLY converts more revenue to profit (40.52% vs 34.51% net margin).
- •NLY grew revenue faster over the past five years (22.35% vs 5.63% CAGR).
- •NLY pays the higher dividend yield (15.27% vs 3.08%).
Metrics side by side
Valuation
| Metric | NLY | SBAC |
|---|---|---|
| P/E ratio | 4.63 | 17.06 |
| Forward P/E | 5.98 | 20.58 |
| PEG ratio | N/A | 0.15 |
| P/S ratio | 1.91 | 5.86 |
| P/B ratio | 0.82 | N/A |
| EV / EBITDA | 16.67 | 17.04 |
| FCF yield | N/A | 6.25% |
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.
For REITs like SBA Communications Corporation, 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 | NLY | SBAC |
|---|---|---|
| Gross margin | 99.28% | 41.61% |
| Operating margin | 102.58% | 50.79% |
| Net margin | 40.52% | 34.51% |
| ROE | 17.44% | N/A |
| ROIC | 5.74% | 11.87% |
Dividends
| Metric | NLY | SBAC |
|---|---|---|
| Dividend yield | 15.27% | 3.08% |
| Payout ratio | 71.25% | 52.31% |
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.
SBA Communications Corporation'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 | NLY | SBAC |
|---|---|---|
| Revenue CAGR (5Y) | 22.35% | 5.63% |
| EPS CAGR (5Y) | N/A | 115.83% |
| FCF CAGR (5Y) | N/A | 1.35% |
| Total return CAGR (5Y) | 1.94% | -12.42% |
Frequently asked
- Which has grown faster, NLY or SBAC?
- Over the past five years, NLY grew revenue faster — NLY at a 22.35% CAGR versus SBAC at 5.63%.
- Does NLY or SBAC pay a bigger dividend?
- NLY yields 15.27% and SBAC yields 3.08% based on trailing dividends and the latest price.
- Is NLY or SBAC more profitable?
- NLY runs the higher net margin — NLY at 40.52% versus SBAC at 34.51%.
Go deeper
Dig into the metrics
Annaly Capital Management & SBA Communications 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.