CoverageForm 410-K10-Q8-K13D13G13F

TWO · Two Harbors Investment Corp. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · TWO

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue------
Cost of Revenue------
Gross Profit------
R&D------
SG&A------
Total Operating Expenses$560.49M$165.99M$115.18M$176.85M$150.05M$198.06M
D&A------
Operating Income($445.43M)$344.75M($83.39M)$324.45M$191.42M($1.67B)
Interest Expense-$607.81M$643.23M$258.39M$89.17M$281.25M
Income Tax$8.87M$46.59M$22.98M$104.21M$4.19M($35.69M)
Net Income($454.30M)$298.17M($106.37M)$220.24M$187.23M($1.63B)
EPS - Basic($4.88)$2.41($1.60)$2.15$1.72($24.96)
EPS - Diluted($4.88)$2.37($1.60)$2.13$1.72($24.96)

Balance Sheet

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash & Equivalents$842.32M$504.61M$729.73M$683.48M$1.15B$1.38B
Accounts Receivable------
Inventory------
Accounts Payable------
Current Assets------
Total Assets$10.86B$12.20B$13.14B$13.47B$12.11B$19.52B
Current Liabilities------
Long-term Debt$8.56B-----
Total Liabilities$9.07B$10.08B$10.94B$11.28B$9.37B$16.43B
Stockholders' Equity$1.79B$2.12B$2.20B$2.18B$2.74B$3.09B
Retained Earnings------

Cash Flow

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Operating Cash Flow$88.92M$201.00M$343.51M$623.40M$423.51M$631.60M
Investing Cash Flow$911.61M$895.28M($195.78M)($2.75B)$6.31B$14.90B
Financing Cash Flow($756.22M)($1.07B)($479.40M)$1.17B($7.30B)($14.51B)
CapEx------
Free Cash Flow------

Ratios

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin------
Operating margin------
EBITDA margin------
Net margin------
Free cash flow margin------
FCF / Net income------
R&D / Revenue------
SG&A / Revenue------
Effective tax rate-13.5%-32.1%2.2%-
Return on assets-4.2%2.4%-0.8%1.6%1.5%-8.4%
Return on equity-25.4%14.0%-4.8%10.1%6.8%-52.8%
Return on invested capital-3.4%-----
Liquidity
Current ratio------
Quick ratio------
Cash ratio------
Leverage
Debt / Equity4.79-----
Debt / Assets0.79-----
Debt / EBITDA------
Interest coverage-0.6x-0.1x1.3x2.1x-5.9x
Equity multiplier6.075.755.966.174.416.32
Liabilities / Assets0.840.830.830.840.770.84
Efficiency
Asset turnover------
Inventory turnover------
Days sales outstanding------
Days inventory outstanding------
Days payable outstanding------
Cash conversion cycle------
Valuation
P / E-5.0x-7.4x13.4x-
P / B0.6x0.6x0.6x0.7x2.5x2.3x
P / S------
EV / EBITDA------
Growth
Revenue growth (YoY)------
Revenue CAGR (3y)------
Revenue CAGR (5y)------
Gross profit growth (YoY)------
Operating income growth (YoY)---69.5%--
Net income growth (YoY)---17.6%--
EPS growth (YoY)---23.8%--
EPS CAGR (3y)-11.3%-31.8%--
EPS CAGR (5y)-20.6%-1.0%--
FCF growth (YoY)------
FCF CAGR (5y)------
Book value growth (YoY)-15.8%-3.7%0.9%-20.4%-11.2%-37.9%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

3/9
Weak
  • Net income positive
  • Operating cash flow positive
  • ROA improved YoY
  • Cash flow > net income
  • -Long-term debt decreased
  • -Current ratio improved
  • No share dilution
  • -Gross margin improved
  • -Asset turnover improved

Peer comparison

Same SIC group: Real Estate Investment Trusts

CompanyRevenue (last FY)Net marginROE
UMH$261.75M2.3%0.7%
ARE---9.2%
VTR$5.83B4.3%2.0%
SPG$6.36B72.7%88.8%
NYSE: KRC$1.11B0.0%0.0%

Comparing TWO HARBORS INVESTMENT CORP. against the 5 most active filers in the same SIC group.

Dividends

$1.41/share trailing 12 months · -21.7% YoY

Ex-datePer share
Apr 2, 2026$0.3400
Jan 5, 2026$0.3400
Oct 3, 2025$0.3400
Jul 3, 2025$0.3900
Apr 4, 2025$0.4500
Jan 3, 2025$0.4500
Oct 1, 2024$0.4500
Jul 5, 2024$0.4500
Apr 3, 2024$0.4500
Jan 11, 2024$0.4500
Oct 2, 2023$0.4500
Jul 3, 2023$0.4500
Apr 3, 2023$0.6000
Jan 4, 2023$0.6000
Sep 30, 2022$0.6800
Jul 1, 2022$0.6800
Apr 1, 2022$0.6800
Dec 28, 2021$0.6800
Sep 30, 2021$0.6800
Jun 28, 2021$0.6800
Mar 26, 2021$0.6800
Dec 29, 2020$0.6800
Sep 30, 2020$0.5600
Jun 29, 2020$0.5600