Annual Income Statements for Two Harbors Investments
This table shows Two Harbors Investments' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Two Harbors Investments
This table shows Two Harbors Investments' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
| Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Net Income / (Loss) Attributable to Common Shareholders |
|
-262 |
-189 |
188 |
294 |
-445 |
192 |
45 |
-250 |
265 |
-92 |
-272 |
| Consolidated Net Income / (Loss) |
|
-270 |
-177 |
197 |
306 |
-433 |
204 |
56 |
-238 |
277 |
-79 |
-259 |
| Net Income / (Loss) Continuing Operations |
|
-270 |
-177 |
197 |
306 |
-433 |
204 |
56 |
-238 |
277 |
-79 |
-259 |
| Total Pre-Tax Income |
|
-262 |
-181 |
217 |
343 |
-462 |
216 |
71 |
-249 |
308 |
-79 |
-257 |
| Total Revenue |
|
-214 |
-128 |
261 |
394 |
-405 |
270 |
114 |
-207 |
352 |
-29 |
-13 |
| Net Interest Income / (Expense) |
|
-16 |
-26 |
-42 |
-49 |
-46 |
-42 |
-38 |
-42 |
-35 |
-20 |
-20 |
| Total Interest Income |
|
99 |
117 |
118 |
124 |
122 |
118 |
116 |
113 |
104 |
111 |
117 |
| Total Interest Expense |
|
116 |
142 |
160 |
173 |
168 |
160 |
154 |
155 |
139 |
132 |
137 |
| Long-Term Debt Interest Expense |
|
231 |
- |
- |
173 |
- |
160 |
154 |
155 |
- |
132 |
137 |
| Total Non-Interest Income |
|
-197 |
-102 |
303 |
444 |
-359 |
312 |
152 |
-164 |
387 |
-8.76 |
6.30 |
| Other Service Charges |
|
161 |
153 |
175 |
179 |
179 |
166 |
176 |
172 |
168 |
157 |
158 |
| Net Realized & Unrealized Capital Gains on Investments |
|
-358 |
-255 |
128 |
265 |
-538 |
146 |
-24 |
-336 |
220 |
-166 |
-152 |
| Total Non-Interest Expense |
|
48 |
53 |
46 |
55 |
57 |
55 |
43 |
42 |
45 |
50 |
245 |
| Salaries and Employee Benefits |
|
7.41 |
14 |
8.87 |
8.62 |
21 |
27 |
21 |
20 |
22 |
27 |
21 |
| Other Operating Expenses |
|
41 |
39 |
37 |
46 |
36 |
28 |
22 |
22 |
24 |
24 |
224 |
| Nonoperating Income / (Expense), net |
|
0.10 |
0.00 |
2.20 |
2.90 |
- |
0.00 |
0.23 |
0.12 |
0.85 |
0.76 |
1.04 |
| Income Tax Expense |
|
8.48 |
-3.91 |
20 |
36 |
-29 |
12 |
14 |
-10 |
31 |
0.43 |
1.66 |
| Preferred Stock Dividends Declared |
|
-7.78 |
12 |
9.66 |
12 |
11 |
11 |
12 |
12 |
12 |
13 |
13 |
| Basic Earnings per Share |
|
($1.36) |
($2.05) |
$1.94 |
$3.04 |
($2.15) |
$1.85 |
$0.43 |
($2.42) |
$2.55 |
($0.89) |
($2.62) |
| Weighted Average Basic Shares Outstanding |
|
193.23M |
92.58M |
96.39M |
192.38M |
206.85M |
206.99M |
207.25M |
103.65M |
104.02M |
104.03M |
104.13M |
| Diluted Earnings per Share |
|
($1.36) |
($2.05) |
$1.80 |
$2.81 |
($2.15) |
$1.73 |
$0.43 |
($2.42) |
$2.55 |
($0.89) |
($2.62) |
| Weighted Average Diluted Shares Outstanding |
|
193.23M |
92.58M |
106.06M |
192.38M |
206.85M |
206.99M |
207.25M |
103.65M |
104.02M |
104.03M |
104.13M |
| Weighted Average Basic & Diluted Shares Outstanding |
|
193.23M |
193.33M |
192.33M |
192.38M |
206.85M |
206.99M |
207.25M |
103.65M |
104.02M |
104.03M |
104.13M |
Annual Cash Flow Statements for Two Harbors Investments
This table details how cash moves in and out of Two Harbors Investments' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
| Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Net Change in Cash & Equivalents |
|
-20 |
-342 |
-185 |
240 |
-667 |
519 |
1,030 |
-558 |
-962 |
-332 |
23 |
| Net Cash From Operating Activities |
|
-667 |
-1,937 |
240 |
607 |
703 |
1,057 |
632 |
424 |
623 |
344 |
201 |
| Net Cash From Continuing Operating Activities |
|
-667 |
-1,932 |
220 |
575 |
703 |
1,057 |
632 |
424 |
623 |
344 |
201 |
| Net Income / (Loss) Continuing Operations |
|
167 |
492 |
318 |
308 |
-44 |
324 |
-1,630 |
187 |
220 |
-106 |
298 |
| Consolidated Net Income / (Loss) |
|
167 |
492 |
318 |
308 |
-44 |
324 |
-1,630 |
187 |
220 |
-106 |
298 |
| Provision For Loan Losses |
|
- |
- |
- |
- |
- |
0.00 |
58 |
9.76 |
2.73 |
-0.55 |
0.26 |
| Amortization Expense |
|
13 |
39 |
43 |
68 |
95 |
169 |
241 |
231 |
82 |
28 |
18 |
| Non-Cash Adjustments to Reconcile Net Income |
|
-736 |
-2,472 |
116 |
167 |
561 |
603 |
2,115 |
-38 |
167 |
365 |
-37 |
| Changes in Operating Assets and Liabilities, net |
|
-113 |
7.74 |
-257 |
31 |
91 |
-40 |
-152 |
33 |
151 |
57 |
-78 |
| Net Cash From Investing Activities |
|
-2,795 |
7,914 |
-5,670 |
-9,484 |
4,790 |
-6,078 |
14,904 |
6,314 |
-2,751 |
-196 |
895 |
| Net Cash From Continuing Investing Activities |
|
-2,795 |
8,574 |
-4,917 |
-8,671 |
4,080 |
-6,078 |
14,904 |
6,314 |
-2,751 |
-196 |
895 |
| Purchase of Investment Securities |
|
-8,509 |
-2,059 |
-21,658 |
-18,820 |
-17,781 |
-28,119 |
-11,123 |
-4,362 |
-14,408 |
-6,896 |
-5,715 |
| Sale and/or Maturity of Investments |
|
5,854 |
10,704 |
16,706 |
10,764 |
22,121 |
22,076 |
25,978 |
10,585 |
11,468 |
6,741 |
6,578 |
| Other Investing Activities, net |
|
-140 |
-71 |
35 |
-615 |
449 |
-35 |
49 |
90 |
189 |
-41 |
32 |
| Net Cash From Financing Activities |
|
3,443 |
-6,319 |
5,245 |
9,117 |
-5,450 |
5,540 |
-14,506 |
-7,295 |
1,166 |
-479 |
-1,073 |
| Net Cash From Continuing Financing Activities |
|
3,443 |
-6,378 |
4,854 |
7,971 |
-5,450 |
5,540 |
-14,506 |
-7,295 |
1,166 |
-479 |
-1,073 |
| Issuance of Debt |
|
5,525 |
49,856 |
113,668 |
139,964 |
397 |
1,004 |
737 |
576 |
720 |
404 |
179 |
| Issuance of Common Equity |
|
0.59 |
0.54 |
0.50 |
0.45 |
0.22 |
336 |
0.37 |
451 |
6.61 |
276 |
0.24 |
| Repayment of Debt |
|
-214,889 |
-55,738 |
-108,422 |
-132,260 |
-157,407 |
-231,333 |
-98,447 |
-37,725 |
-35,147 |
-37,936 |
-47,467 |
| Repurchase of Preferred Equity |
|
- |
- |
- |
- |
-0.04 |
0.00 |
0.00 |
-275 |
-51 |
-15 |
-11 |
| Repurchase of Common Equity |
|
0.00 |
-115 |
-61 |
0.00 |
0.00 |
-0.02 |
-1.06 |
0.00 |
0.00 |
-7.06 |
0.00 |
| Payment of Dividends |
|
-286 |
-382 |
-332 |
-436 |
-329 |
-539 |
-275 |
-257 |
-290 |
-247 |
-235 |
| Other Financing Activities, Net |
|
213,092 |
- |
- |
- |
151,888 |
236,072 |
83,481 |
29,934 |
35,927 |
37,046 |
46,460 |
| Cash Interest Paid |
|
79 |
92 |
116 |
228 |
420 |
720 |
404 |
81 |
153 |
566 |
619 |
| Cash Income Taxes Paid |
|
5.91 |
2.74 |
-5.15 |
-0.86 |
0.40 |
28 |
9.57 |
-23 |
-1.58 |
7.38 |
9.26 |
Quarterly Cash Flow Statements for Two Harbors Investments
This table details how cash moves in and out of Two Harbors Investments' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
| Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Net Change in Cash & Equivalents |
|
-449 |
-301 |
196 |
23 |
-250 |
-56 |
48 |
-175 |
206 |
-120 |
101 |
| Net Cash From Operating Activities |
|
236 |
0.12 |
111 |
122 |
110 |
-8.67 |
144 |
87 |
-21 |
112 |
99 |
| Net Cash From Continuing Operating Activities |
|
236 |
0.12 |
111 |
122 |
110 |
-8.67 |
144 |
87 |
-21 |
112 |
99 |
| Net Income / (Loss) Continuing Operations |
|
-270 |
-177 |
197 |
306 |
-433 |
204 |
56 |
-238 |
277 |
-79 |
-259 |
| Consolidated Net Income / (Loss) |
|
-270 |
-177 |
197 |
306 |
-433 |
204 |
56 |
-238 |
277 |
-79 |
-259 |
| Provision For Loan Losses |
|
-0.32 |
-0.14 |
0.02 |
-0.10 |
-0.33 |
0.08 |
0.17 |
-0.28 |
0.28 |
0.09 |
-0.12 |
| Amortization Expense |
|
10 |
8.64 |
8.50 |
6.49 |
4.37 |
4.18 |
3.81 |
5.05 |
4.79 |
4.49 |
5.65 |
| Non-Cash Adjustments to Reconcile Net Income |
|
479 |
177 |
-162 |
-205 |
556 |
-154 |
71 |
326 |
-280 |
176 |
318 |
| Changes in Operating Assets and Liabilities, net |
|
17 |
-8.30 |
67 |
15 |
-17 |
-63 |
12 |
-4.82 |
-23 |
9.98 |
34 |
| Net Cash From Investing Activities |
|
882 |
-1,070 |
40 |
57 |
777 |
-348 |
274 |
-255 |
1,224 |
-2,028 |
829 |
| Net Cash From Continuing Investing Activities |
|
882 |
-1,070 |
40 |
57 |
777 |
-348 |
274 |
-255 |
1,224 |
-2,028 |
829 |
| Purchase of Investment Securities |
|
-2,283 |
-3,638 |
-1,103 |
-881 |
-1,274 |
-1,383 |
-1,531 |
-1,636 |
-1,143 |
-4,208 |
-4,280 |
| Sale and/or Maturity of Investments |
|
3,081 |
2,827 |
1,154 |
963 |
1,797 |
1,501 |
1,633 |
1,252 |
2,192 |
3,073 |
4,375 |
| Other Investing Activities, net |
|
84 |
-259 |
-11 |
-25 |
255 |
-466 |
173 |
130 |
174 |
-893 |
734 |
| Net Cash From Financing Activities |
|
-1,567 |
769 |
45 |
-156 |
-1,137 |
300 |
-369 |
-7.26 |
-997 |
1,796 |
-828 |
| Net Cash From Continuing Financing Activities |
|
-1,567 |
769 |
45 |
-156 |
-1,137 |
300 |
-369 |
-7.26 |
-997 |
1,796 |
-828 |
| Issuance of Debt |
|
- |
174 |
175 |
- |
55 |
59 |
- |
7.73 |
113 |
99 |
303 |
| Issuance of Common Equity |
|
0.85 |
178 |
0.15 |
0.05 |
98 |
0.05 |
0.05 |
0.06 |
0.08 |
0.08 |
0.07 |
| Repayment of Debt |
|
-8,133 |
-10,839 |
-8,491 |
-11,102 |
-7,504 |
-11,965 |
-12,565 |
-11,398 |
-11,540 |
-11,214 |
-13,495 |
| Payment of Dividends |
|
-73 |
-65 |
-71 |
-56 |
-56 |
-59 |
-59 |
-59 |
-59 |
-59 |
-60 |
| Other Financing Activities, Net |
|
6,689 |
11,321 |
8,448 |
11,001 |
6,275 |
12,277 |
12,254 |
11,441 |
10,488 |
12,970 |
12,424 |
| Cash Interest Paid |
|
61 |
153 |
106 |
196 |
110 |
215 |
142 |
149 |
112 |
126 |
113 |
| Cash Income Taxes Paid |
|
-1.11 |
0.04 |
2.69 |
3.09 |
1.55 |
0.10 |
3.50 |
0.04 |
5.61 |
3.70 |
5.64 |
Annual Balance Sheets for Two Harbors Investments
This table presents Two Harbors Investments' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
| Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Total Assets |
|
21,084 |
14,576 |
20,112 |
24,789 |
30,132 |
35,922 |
19,516 |
12,114 |
13,466 |
13,139 |
12,204 |
| Cash and Due from Banks |
|
1,006 |
738 |
351 |
419 |
410 |
558 |
1,385 |
1,154 |
683 |
730 |
505 |
| Restricted Cash |
|
337 |
263 |
408 |
636 |
688 |
1,059 |
1,262 |
935 |
443 |
65 |
313 |
| Trading Account Securities |
|
16,874 |
8,637 |
13,480 |
21,531 |
26,634 |
31,814 |
14,838 |
7,377 |
8,872 |
8,697 |
7,738 |
| Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Loans Held for Sale |
|
0.00 |
- |
- |
- |
- |
- |
- |
- |
- |
0.33 |
2.33 |
| Customer and Other Receivables |
|
36 |
17 |
60 |
842 |
155 |
319 |
146 |
168 |
253 |
323 |
386 |
| Other Assets |
|
2,832 |
4,921 |
5,813 |
1,361 |
2,246 |
2,171 |
1,885 |
2,481 |
3,214 |
3,324 |
3,260 |
| Total Liabilities & Shareholders' Equity |
|
21,084 |
14,576 |
20,112 |
24,789 |
30,132 |
35,922 |
19,516 |
12,114 |
13,466 |
13,139 |
12,204 |
| Total Liabilities |
|
17,016 |
10,999 |
16,711 |
21,218 |
25,878 |
30,951 |
16,427 |
9,370 |
11,283 |
10,935 |
10,082 |
| Short-Term Debt |
|
12,932 |
- |
13 |
- |
821 |
6.74 |
11 |
54 |
34 |
22 |
25 |
| Accrued Interest Payable |
|
- |
- |
- |
88 |
160 |
150 |
22 |
18 |
94 |
142 |
86 |
| Other Short-Term Payables |
|
- |
92 |
83 |
- |
136 |
128 |
65 |
72 |
65 |
59 |
59 |
| Long-Term Debt |
|
3,710 |
10,793 |
15,972 |
20,969 |
24,592 |
30,337 |
16,110 |
8,899 |
10,402 |
9,913 |
9,085 |
| Other Long-Term Liabilities |
|
374 |
114 |
643 |
161 |
169 |
330 |
219 |
327 |
688 |
800 |
825 |
| Commitments & Contingencies |
|
- |
- |
- |
- |
- |
- |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Total Equity & Noncontrolling Interests |
|
4,068 |
3,577 |
3,401 |
3,571 |
4,254 |
4,970 |
3,089 |
2,744 |
2,184 |
2,203 |
2,123 |
| Total Preferred & Common Equity |
|
4,068 |
3,577 |
3,401 |
3,571 |
4,254 |
4,970 |
3,089 |
2,744 |
2,184 |
2,203 |
2,123 |
| Preferred Stock |
|
0.00 |
0.00 |
- |
703 |
978 |
978 |
978 |
703 |
631 |
613 |
601 |
| Total Common Equity |
|
4,068 |
3,577 |
3,401 |
2,869 |
3,277 |
3,993 |
2,111 |
2,041 |
1,553 |
1,590 |
1,521 |
| Common Stock |
|
3,815 |
3,709 |
3,663 |
3,674 |
4,812 |
5,157 |
5,167 |
5,629 |
5,647 |
5,926 |
5,938 |
| Retained Earnings |
|
-602 |
-492 |
-462 |
-1,140 |
-1,646 |
-1,854 |
-3,697 |
-3,774 |
-3,816 |
-4,160 |
-4,096 |
| Accumulated Other Comprehensive Income / (Loss) |
|
856 |
359 |
199 |
335 |
111 |
689 |
642 |
186 |
-279 |
-176 |
-321 |
Quarterly Balance Sheets for Two Harbors Investments
This table presents Two Harbors Investments' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
| Metric |
|
Q2 2022 |
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q1 2025 |
Q2 2025 |
| Total Assets |
|
13,737 |
14,696 |
13,940 |
14,010 |
13,917 |
13,162 |
12,850 |
12,888 |
13,683 |
12,959 |
| Cash and Due from Banks |
|
512 |
732 |
708 |
699 |
644 |
666 |
624 |
523 |
574 |
658 |
| Restricted Cash |
|
628 |
843 |
117 |
323 |
401 |
72 |
163 |
89 |
124 |
140 |
| Trading Account Securities |
|
8,978 |
9,699 |
9,511 |
9,269 |
9,134 |
8,559 |
8,393 |
8,878 |
8,862 |
8,638 |
| Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Loans Held for Sale |
|
- |
- |
- |
- |
- |
- |
- |
3.34 |
8.41 |
9.89 |
| Customer and Other Receivables |
|
186 |
215 |
318 |
249 |
315 |
545 |
372 |
298 |
920 |
286 |
| Other Assets |
|
3,434 |
3,206 |
3,286 |
3,471 |
3,422 |
3,319 |
3,298 |
3,097 |
3,195 |
3,227 |
| Total Liabilities & Shareholders' Equity |
|
13,737 |
14,696 |
13,940 |
14,010 |
13,917 |
13,162 |
12,850 |
12,888 |
13,683 |
12,959 |
| Total Liabilities |
|
11,254 |
12,551 |
11,695 |
11,794 |
11,800 |
10,922 |
10,654 |
10,718 |
11,537 |
11,073 |
| Accrued Interest Payable |
|
22 |
49 |
75 |
121 |
91 |
80 |
86 |
77 |
75 |
80 |
| Long-Term Debt |
|
9,463 |
11,845 |
11,059 |
11,190 |
11,087 |
10,284 |
9,974 |
10,022 |
10,935 |
10,176 |
| Other Long-Term Liabilities |
|
1,586 |
477 |
489 |
413 |
542 |
496 |
522 |
541 |
455 |
817 |
| Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Total Equity & Noncontrolling Interests |
|
2,484 |
2,144 |
2,246 |
2,216 |
2,117 |
2,240 |
2,195 |
2,169 |
2,147 |
1,886 |
| Total Preferred & Common Equity |
|
2,484 |
2,144 |
2,246 |
2,216 |
2,117 |
2,240 |
2,195 |
2,169 |
2,147 |
1,886 |
| Preferred Stock |
|
703 |
703 |
631 |
619 |
619 |
601 |
601 |
601 |
601 |
601 |
| Total Common Equity |
|
1,781 |
1,442 |
1,615 |
1,597 |
1,499 |
1,639 |
1,594 |
1,568 |
1,545 |
1,285 |
| Common Stock |
|
5,637 |
5,644 |
5,831 |
5,825 |
5,827 |
5,933 |
5,934 |
5,936 |
5,944 |
5,946 |
| Retained Earnings |
|
-3,706 |
-3,501 |
-4,063 |
-3,919 |
-3,668 |
-4,014 |
-4,017 |
-4,314 |
-4,236 |
-4,549 |
| Accumulated Other Comprehensive Income / (Loss) |
|
-150 |
-701 |
-153 |
-309 |
-660 |
-280 |
-324 |
-54 |
-163 |
-113 |
Annual Metrics And Ratios for Two Harbors Investments
This table displays calculated financial ratios and metrics derived from Two Harbors Investments' official financial filings.
| Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Revenue Growth |
|
-71.24% |
204.27% |
-28.57% |
-13.09% |
-38.67% |
105.81% |
-392.77% |
123.50% |
45.18% |
-75.63% |
333.51% |
| EBITDA Growth |
|
-86.68% |
507.70% |
-32.46% |
-7.49% |
-73.40% |
435.89% |
-397.82% |
129.91% |
-4.61% |
-114.87% |
697.31% |
| EBIT Growth |
|
-88.39% |
564.53% |
-35.62% |
-16.45% |
-102.06% |
5,733.45% |
-637.71% |
111.71% |
66.17% |
-127.27% |
488.22% |
| NOPAT Growth |
|
-76.18% |
284.29% |
-40.11% |
-10.15% |
-101.39% |
8,499.35% |
-460.64% |
116.36% |
15.32% |
-128.13% |
579.65% |
| Net Income Growth |
|
-71.14% |
194.49% |
-28.23% |
-0.25% |
-112.57% |
831.46% |
-603.19% |
111.49% |
17.63% |
-148.30% |
380.31% |
| EPS Growth |
|
-72.12% |
194.49% |
-28.23% |
-10.84% |
-129.28% |
275.47% |
-603.19% |
111.49% |
23.84% |
-175.12% |
248.13% |
| Operating Cash Flow Growth |
|
-46.32% |
-190.24% |
112.38% |
153.16% |
15.84% |
50.33% |
-40.23% |
-32.95% |
47.20% |
-44.90% |
-41.49% |
| Free Cash Flow Firm Growth |
|
-3,453.94% |
278.93% |
-168.68% |
-3.61% |
-5.19% |
-3.75% |
380.62% |
-48.42% |
-109.13% |
159.70% |
186.39% |
| Invested Capital Growth |
|
23.68% |
-30.61% |
34.91% |
26.59% |
20.89% |
19.03% |
-45.60% |
-39.11% |
7.90% |
-3.82% |
-7.46% |
| Revenue Q/Q Growth |
|
-58.39% |
83.61% |
28.71% |
-28.96% |
-74.05% |
372.85% |
4.71% |
-39.27% |
-33.03% |
-61.06% |
332.53% |
| EBITDA Q/Q Growth |
|
-76.95% |
120.62% |
45.93% |
-32.40% |
-88.87% |
308.66% |
6.89% |
-36.41% |
-41.92% |
-141.44% |
188.52% |
| EBIT Q/Q Growth |
|
-79.92% |
142.34% |
51.30% |
-38.85% |
-100.78% |
183.70% |
4.70% |
-52.47% |
-44.56% |
-178.94% |
180.71% |
| NOPAT Q/Q Growth |
|
-69.74% |
110.52% |
34.23% |
-34.27% |
-100.58% |
224.79% |
4.70% |
-52.82% |
-54.84% |
-214.53% |
199.72% |
| Net Income Q/Q Growth |
|
-62.32% |
101.28% |
58.72% |
-33.11% |
-106.54% |
188.68% |
4.48% |
-53.16% |
-54.98% |
-287.91% |
172.41% |
| EPS Q/Q Growth |
|
-61.98% |
101.28% |
58.72% |
-38.23% |
-119.27% |
157.41% |
4.48% |
-53.16% |
-57.65% |
-1,100.00% |
153.62% |
| Operating Cash Flow Q/Q Growth |
|
-172.98% |
3.82% |
124.62% |
-54.53% |
-0.92% |
2.33% |
8.16% |
-33.12% |
44.68% |
-26.87% |
-39.42% |
| Free Cash Flow Firm Q/Q Growth |
|
-111.13% |
323.26% |
-22.74% |
12.96% |
-102.75% |
-361.51% |
48.60% |
-19.56% |
71.01% |
-54.51% |
66.67% |
| Invested Capital Q/Q Growth |
|
9.98% |
-17.68% |
-9.92% |
-10.91% |
-3.49% |
11.64% |
-5.63% |
4.59% |
-10.48% |
-8.24% |
-7.99% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBITDA Margin |
|
42.05% |
83.98% |
79.40% |
84.52% |
36.65% |
95.42% |
0.00% |
123.54% |
81.17% |
-49.52% |
68.23% |
| EBIT Margin |
|
35.57% |
77.69% |
70.02% |
67.32% |
-2.26% |
61.79% |
0.00% |
56.55% |
64.72% |
-72.44% |
64.87% |
| Profit (Net Income) Margin |
|
79.42% |
76.86% |
77.23% |
88.64% |
-18.16% |
64.56% |
0.00% |
54.22% |
43.93% |
-87.07% |
56.30% |
| Tax Burden Percent |
|
178.95% |
103.51% |
106.98% |
118.35% |
1,795.30% |
104.37% |
97.86% |
97.81% |
67.88% |
127.55% |
86.49% |
| Interest Burden Percent |
|
124.76% |
95.58% |
103.10% |
111.26% |
44.82% |
100.11% |
99.91% |
98.03% |
100.00% |
94.23% |
100.35% |
| Effective Tax Rate |
|
-78.95% |
-3.48% |
3.73% |
-3.52% |
0.00% |
-4.37% |
0.00% |
2.19% |
32.12% |
0.00% |
13.51% |
| Return on Invested Capital (ROIC) |
|
0.72% |
2.94% |
1.83% |
1.26% |
-0.01% |
1.00% |
0.00% |
1.24% |
1.81% |
-0.50% |
2.54% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.94% |
2.77% |
2.16% |
1.67% |
-0.19% |
1.00% |
0.00% |
1.21% |
1.81% |
-0.94% |
2.55% |
| Return on Net Nonoperating Assets (RNNOA) |
|
3.50% |
9.94% |
8.30% |
8.85% |
-1.12% |
6.03% |
0.00% |
5.18% |
7.13% |
-4.35% |
11.24% |
| Return on Equity (ROE) |
|
4.22% |
12.88% |
10.13% |
10.11% |
-1.13% |
7.02% |
-40.45% |
6.42% |
8.94% |
-4.85% |
13.79% |
| Cash Return on Invested Capital (CROIC) |
|
-20.46% |
39.08% |
-27.89% |
-22.21% |
-18.93% |
-16.38% |
54.79% |
49.86% |
-5.78% |
3.39% |
10.29% |
| Operating Return on Assets (OROA) |
|
0.39% |
2.79% |
1.85% |
1.19% |
-0.02% |
0.94% |
0.00% |
1.23% |
2.54% |
-0.67% |
2.71% |
| Return on Assets (ROA) |
|
0.87% |
2.76% |
2.04% |
1.57% |
-0.16% |
0.98% |
0.00% |
1.18% |
1.72% |
-0.80% |
2.35% |
| Return on Common Equity (ROCE) |
|
4.22% |
12.88% |
10.13% |
9.09% |
-0.89% |
5.54% |
-30.64% |
4.57% |
6.52% |
-3.47% |
9.91% |
| Return on Equity Simple (ROE_SIMPLE) |
|
4.11% |
13.76% |
10.39% |
9.87% |
-1.04% |
6.52% |
-52.77% |
6.82% |
10.09% |
-4.83% |
14.05% |
| Net Operating Profit after Tax (NOPAT) |
|
134 |
515 |
308 |
277 |
-3.85 |
324 |
-1,167 |
191 |
220 |
-62 |
297 |
| NOPAT Margin |
|
63.65% |
80.39% |
67.41% |
69.69% |
-1.58% |
64.49% |
0.00% |
55.31% |
43.93% |
-50.71% |
56.10% |
| Net Nonoperating Expense Percent (NNEP) |
|
-0.22% |
0.16% |
-0.34% |
-0.41% |
0.17% |
0.00% |
1.99% |
0.03% |
0.00% |
0.44% |
-0.01% |
| SG&A Expenses to Revenue |
|
0.00% |
0.00% |
0.00% |
0.00% |
14.56% |
6.62% |
0.00% |
10.15% |
8.12% |
43.27% |
16.95% |
| Operating Expenses to Revenue |
|
64.43% |
22.31% |
29.98% |
32.68% |
102.26% |
38.21% |
0.00% |
43.45% |
35.28% |
172.44% |
35.13% |
| Earnings before Interest and Taxes (EBIT) |
|
75 |
497 |
320 |
268 |
-5.50 |
310 |
-1,667 |
195 |
324 |
-88 |
344 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
88 |
538 |
363 |
336 |
89 |
479 |
-1,426 |
427 |
407 |
-61 |
361 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
0.24 |
0.24 |
0.29 |
0.44 |
0.49 |
0.57 |
0.52 |
0.67 |
0.64 |
0.71 |
0.78 |
| Price to Tangible Book Value (P/TBV) |
|
0.24 |
0.24 |
0.29 |
0.44 |
0.49 |
0.57 |
0.52 |
0.67 |
0.64 |
0.71 |
0.78 |
| Price to Revenue (P/Rev) |
|
4.61 |
1.36 |
2.18 |
3.18 |
6.61 |
4.55 |
0.00 |
3.99 |
1.97 |
9.22 |
2.23 |
| Price to Earnings (P/E) |
|
5.81 |
1.77 |
2.82 |
3.91 |
0.00 |
9.20 |
0.00 |
10.69 |
5.29 |
0.00 |
4.69 |
| Dividend Yield |
|
39.24% |
43.56% |
32.41% |
27.73% |
28.92% |
19.96% |
12.50% |
16.99% |
0.00% |
17.94% |
19.76% |
| Earnings Yield |
|
17.23% |
56.63% |
35.41% |
25.57% |
0.00% |
10.87% |
0.00% |
9.36% |
18.90% |
0.00% |
21.33% |
| Enterprise Value to Invested Capital (EV/IC) |
|
0.79 |
0.74 |
0.84 |
0.89 |
0.91 |
0.91 |
0.81 |
0.76 |
0.87 |
0.90 |
0.90 |
| Enterprise Value to Revenue (EV/Rev) |
|
77.31 |
16.65 |
35.47 |
55.04 |
110.35 |
63.74 |
0.00 |
25.90 |
21.80 |
89.05 |
19.02 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
183.86 |
19.83 |
44.67 |
65.13 |
301.11 |
66.80 |
0.00 |
20.96 |
26.86 |
0.00 |
27.88 |
| Enterprise Value to EBIT (EV/EBIT) |
|
217.33 |
21.43 |
50.65 |
81.76 |
0.00 |
103.17 |
0.00 |
45.80 |
33.68 |
0.00 |
29.32 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
121.45 |
20.71 |
52.62 |
78.98 |
0.00 |
98.85 |
0.00 |
46.82 |
49.62 |
0.00 |
33.91 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
0.00 |
67.69 |
36.06 |
38.28 |
30.27 |
24.61 |
21.12 |
17.53 |
31.67 |
50.12 |
| Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
1.56 |
0.00 |
0.00 |
0.00 |
0.00 |
1.04 |
1.16 |
0.00 |
25.91 |
8.38 |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Debt to Equity |
|
4.09 |
3.02 |
4.70 |
5.87 |
5.97 |
6.10 |
5.22 |
3.26 |
4.78 |
4.51 |
4.29 |
| Long-Term Debt to Equity |
|
0.91 |
3.02 |
4.70 |
5.87 |
5.78 |
6.10 |
5.22 |
3.24 |
4.76 |
4.50 |
4.28 |
| Financial Leverage |
|
3.73 |
3.59 |
3.84 |
5.30 |
5.93 |
6.04 |
5.77 |
4.30 |
3.93 |
4.64 |
4.40 |
| Leverage Ratio |
|
4.83 |
4.66 |
4.97 |
6.44 |
7.02 |
7.16 |
6.88 |
5.42 |
5.19 |
6.06 |
5.86 |
| Compound Leverage Factor |
|
6.02 |
4.46 |
5.13 |
7.17 |
3.15 |
7.17 |
6.87 |
5.32 |
5.19 |
5.71 |
5.88 |
| Debt to Total Capital |
|
80.36% |
75.11% |
82.46% |
85.45% |
85.66% |
85.93% |
83.92% |
76.54% |
82.70% |
81.85% |
81.10% |
| Short-Term Debt to Total Capital |
|
62.45% |
0.00% |
0.06% |
0.00% |
2.77% |
0.02% |
0.06% |
0.46% |
0.27% |
0.18% |
0.22% |
| Long-Term Debt to Total Capital |
|
17.91% |
75.11% |
82.39% |
85.45% |
82.89% |
85.91% |
83.86% |
76.08% |
82.43% |
81.67% |
80.88% |
| Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
2.86% |
3.29% |
2.77% |
5.09% |
6.01% |
5.00% |
5.05% |
5.35% |
| Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Common Equity to Total Capital |
|
19.64% |
24.89% |
17.54% |
11.69% |
11.05% |
11.31% |
10.99% |
17.45% |
12.30% |
13.10% |
13.54% |
| Debt to EBITDA |
|
188.07 |
20.07 |
44.01 |
62.41 |
284.40 |
63.37 |
-11.30 |
20.99 |
25.65 |
-164.21 |
25.21 |
| Net Debt to EBITDA |
|
172.90 |
18.21 |
41.92 |
59.27 |
272.12 |
59.99 |
-9.45 |
16.09 |
22.88 |
-151.07 |
22.95 |
| Long-Term Debt to EBITDA |
|
41.92 |
20.07 |
43.98 |
62.41 |
275.22 |
63.35 |
-11.30 |
20.86 |
25.56 |
-163.85 |
25.14 |
| Debt to NOPAT |
|
124.23 |
20.97 |
51.84 |
75.69 |
-6,595.97 |
93.77 |
-13.81 |
46.87 |
47.38 |
-160.37 |
30.66 |
| Net Debt to NOPAT |
|
114.21 |
19.02 |
49.38 |
71.88 |
-6,311.04 |
88.77 |
-11.55 |
35.94 |
42.27 |
-147.54 |
27.91 |
| Long-Term Debt to NOPAT |
|
27.69 |
20.97 |
51.80 |
75.69 |
-6,382.98 |
93.75 |
-13.80 |
46.59 |
47.23 |
-160.03 |
30.58 |
| Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
10.08% |
21.47% |
21.19% |
24.26% |
28.80% |
27.06% |
28.36% |
28.08% |
| Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Free Cash Flow to Firm (FCFF) |
|
-3,831 |
6,855 |
-4,708 |
-4,877 |
-5,131 |
-5,323 |
14,938 |
7,704 |
-703 |
420 |
1,202 |
| Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Free Cash Flow to Firm to Interest Expense |
|
-35.65 |
48.35 |
-22.07 |
-13.93 |
-9.87 |
-7.45 |
53.11 |
86.39 |
-2.72 |
0.65 |
1.98 |
| Operating Cash Flow to Interest Expense |
|
-6.21 |
-13.66 |
1.12 |
1.73 |
1.35 |
1.48 |
2.25 |
4.75 |
2.41 |
0.53 |
0.33 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
-6.21 |
-13.66 |
1.12 |
1.73 |
1.35 |
1.48 |
2.25 |
4.75 |
2.41 |
0.53 |
0.33 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.01 |
0.04 |
0.03 |
0.02 |
0.01 |
0.02 |
0.00 |
0.02 |
0.04 |
0.01 |
0.04 |
| Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Invested Capital |
|
20,710 |
14,370 |
19,386 |
24,540 |
29,667 |
35,314 |
19,210 |
11,696 |
12,620 |
12,138 |
11,233 |
| Invested Capital Turnover |
|
0.01 |
0.04 |
0.03 |
0.02 |
0.01 |
0.02 |
0.00 |
0.02 |
0.04 |
0.01 |
0.05 |
| Increase / (Decrease) in Invested Capital |
|
3,965 |
-6,340 |
5,016 |
5,154 |
5,127 |
5,647 |
-16,105 |
-7,513 |
924 |
-482 |
-905 |
| Enterprise Value (EV) |
|
16,270 |
10,662 |
16,224 |
21,881 |
26,905 |
31,988 |
15,547 |
8,943 |
10,929 |
10,879 |
10,074 |
| Market Capitalization |
|
970 |
869 |
998 |
1,265 |
1,613 |
2,284 |
1,095 |
1,376 |
988 |
1,126 |
1,180 |
| Book Value per Share |
|
$11.11 |
$9.82 |
$9.78 |
$16.44 |
$13.21 |
$14.63 |
$7.71 |
$5.94 |
$17.97 |
$16.53 |
$14.67 |
| Tangible Book Value per Share |
|
$11.11 |
$9.82 |
$9.78 |
$16.44 |
$13.21 |
$14.63 |
$7.71 |
$5.94 |
$17.97 |
$16.53 |
$14.67 |
| Total Capital |
|
20,710 |
14,370 |
19,386 |
24,540 |
29,667 |
35,314 |
19,210 |
11,696 |
12,620 |
12,138 |
11,233 |
| Total Debt |
|
16,642 |
10,793 |
15,985 |
20,969 |
25,413 |
30,344 |
16,121 |
8,952 |
10,436 |
9,935 |
9,110 |
| Total Long-Term Debt |
|
3,710 |
10,793 |
15,972 |
20,969 |
24,592 |
30,337 |
16,110 |
8,899 |
10,402 |
9,913 |
9,085 |
| Net Debt |
|
15,300 |
9,793 |
15,226 |
19,914 |
24,315 |
28,727 |
13,474 |
6,864 |
9,310 |
9,140 |
8,293 |
| Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Expense (NNE) |
|
-33 |
23 |
-45 |
-75 |
40 |
-0.35 |
463 |
3.76 |
0.01 |
44 |
-1.04 |
| Net Nonoperating Obligations (NNO) |
|
16,642 |
10,793 |
15,985 |
20,969 |
25,413 |
30,344 |
16,121 |
8,952 |
10,436 |
9,935 |
9,110 |
| Total Depreciation and Amortization (D&A) |
|
14 |
40 |
43 |
68 |
95 |
169 |
241 |
231 |
82 |
28 |
18 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$3.68 |
$10.80 |
$8.08 |
$7.40 |
($2.12) |
$3.72 |
($24.96) |
$1.72 |
$2.15 |
($1.60) |
$2.41 |
| Adjusted Weighted Average Basic Shares Outstanding |
|
45.75M |
45.66M |
43.61M |
43.61M |
51.51M |
66.96M |
68.40M |
74.44M |
86.18M |
95.67M |
104.02M |
| Adjusted Diluted Earnings per Share |
|
$3.68 |
$10.80 |
$8.08 |
$7.24 |
($2.12) |
$3.72 |
($24.96) |
$1.72 |
$2.13 |
($1.60) |
$2.37 |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
45.75M |
45.66M |
43.61M |
47.03M |
51.51M |
66.96M |
68.40M |
74.51M |
96.08M |
95.67M |
104.02M |
| Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$8.08 |
$0.00 |
$0.00 |
$3.72 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
45.83M |
43.45M |
43.51M |
43.86M |
62.77M |
68.41M |
136.86M |
171.96M |
193.23M |
206.85M |
104.02M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
52 |
348 |
311 |
187 |
63 |
217 |
-1,163 |
191 |
220 |
-62 |
297 |
| Normalized NOPAT Margin |
|
24.90% |
54.38% |
68.04% |
47.12% |
25.68% |
43.25% |
0.00% |
55.31% |
43.93% |
-50.71% |
56.10% |
| Pre Tax Income Margin |
|
44.38% |
74.26% |
72.20% |
74.90% |
-1.01% |
61.85% |
0.00% |
55.43% |
64.72% |
-68.26% |
65.09% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
0.70 |
3.51 |
1.50 |
0.76 |
-0.01 |
0.43 |
-5.93 |
2.19 |
1.26 |
-0.14 |
0.57 |
| NOPAT to Interest Expense |
|
1.25 |
3.63 |
1.45 |
0.79 |
-0.01 |
0.45 |
-4.15 |
2.14 |
0.85 |
-0.10 |
0.49 |
| EBIT Less CapEx to Interest Expense |
|
0.70 |
3.51 |
1.50 |
0.76 |
-0.01 |
0.43 |
-5.93 |
2.19 |
1.26 |
-0.14 |
0.57 |
| NOPAT Less CapEx to Interest Expense |
|
1.25 |
3.63 |
1.45 |
0.79 |
-0.01 |
0.45 |
-4.15 |
2.14 |
0.85 |
-0.10 |
0.49 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
170.85% |
77.53% |
93.94% |
123.74% |
-742.88% |
166.36% |
-16.89% |
137.35% |
131.84% |
-231.83% |
78.83% |
| Augmented Payout Ratio |
|
170.85% |
100.92% |
111.29% |
123.74% |
-742.88% |
166.37% |
-16.95% |
137.35% |
131.84% |
-238.46% |
78.83% |
Quarterly Metrics And Ratios for Two Harbors Investments
This table displays calculated financial ratios and metrics derived from Two Harbors Investments' official financial filings.
| Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Revenue Growth |
|
-736.16% |
-133.84% |
8,073.39% |
15.73% |
-89.67% |
311.50% |
-56.42% |
-152.41% |
186.93% |
-110.77% |
-111.71% |
| EBITDA Growth |
|
-696.95% |
-146.85% |
1,070.35% |
10.13% |
-82.08% |
227.70% |
-66.84% |
-170.50% |
168.01% |
-134.09% |
-441.01% |
| EBIT Growth |
|
-24,933.08% |
-154.09% |
563.07% |
13.74% |
-76.61% |
219.28% |
-67.30% |
-173.33% |
166.33% |
-136.83% |
-467.54% |
| NOPAT Growth |
|
-11,068.90% |
-144.34% |
701.29% |
9.36% |
-76.61% |
260.94% |
-71.27% |
-157.43% |
185.25% |
-127.30% |
-422.13% |
| Net Income Growth |
|
-20,782.77% |
-161.98% |
372.64% |
10.29% |
-60.31% |
215.15% |
-71.47% |
-177.89% |
163.88% |
-138.83% |
-559.81% |
| EPS Growth |
|
-580.00% |
-171.68% |
280.00% |
1.08% |
-58.09% |
184.39% |
-76.11% |
-186.12% |
218.60% |
-151.45% |
-709.30% |
| Operating Cash Flow Growth |
|
442.95% |
100.22% |
60.08% |
-66.87% |
-53.50% |
-7,639.13% |
29.04% |
-28.82% |
-119.19% |
1,390.81% |
-31.01% |
| Free Cash Flow Firm Growth |
|
-114.73% |
-138.06% |
-1,139.52% |
144.48% |
114.28% |
163.25% |
210.78% |
-27.93% |
647.26% |
-162.39% |
-104.59% |
| Invested Capital Growth |
|
7.90% |
12.02% |
11.31% |
-6.16% |
-3.82% |
-5.86% |
-9.22% |
-7.71% |
-7.46% |
4.45% |
-1.00% |
| Revenue Q/Q Growth |
|
-162.72% |
40.19% |
304.23% |
51.04% |
-202.79% |
166.70% |
-57.92% |
-281.64% |
270.49% |
-108.26% |
54.21% |
| EBITDA Q/Q Growth |
|
-180.05% |
31.61% |
229.89% |
54.86% |
-232.34% |
147.97% |
-66.27% |
-429.20% |
227.67% |
-124.04% |
-237.48% |
| EBIT Q/Q Growth |
|
-187.68% |
30.99% |
218.99% |
57.96% |
-236.16% |
146.61% |
-67.38% |
-454.23% |
223.16% |
-125.88% |
-225.53% |
| NOPAT Q/Q Growth |
|
-166.02% |
30.99% |
254.50% |
55.34% |
-206.63% |
162.89% |
-72.42% |
-410.47% |
258.28% |
-120.14% |
-225.53% |
| Net Income Q/Q Growth |
|
-197.34% |
34.57% |
211.67% |
55.08% |
-241.48% |
147.00% |
-72.33% |
-523.33% |
216.04% |
-128.57% |
-227.67% |
| EPS Q/Q Growth |
|
-148.92% |
32.79% |
187.80% |
56.11% |
-176.51% |
180.47% |
-75.14% |
-662.79% |
205.37% |
-134.90% |
-194.38% |
| Operating Cash Flow Q/Q Growth |
|
-36.09% |
-99.95% |
96,700.00% |
9.89% |
-10.30% |
-107.90% |
1,756.89% |
-39.38% |
-124.18% |
631.43% |
-11.44% |
| Free Cash Flow Firm Q/Q Growth |
|
58.02% |
-40.39% |
24.85% |
200.41% |
-86.52% |
521.73% |
31.63% |
-34.68% |
39.78% |
-151.91% |
90.32% |
| Invested Capital Q/Q Growth |
|
-10.48% |
5.44% |
0.86% |
-1.44% |
-8.24% |
3.20% |
-2.74% |
0.21% |
-7.99% |
16.48% |
-7.82% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBITDA Margin |
|
0.00% |
0.00% |
85.65% |
87.82% |
0.00% |
81.31% |
65.18% |
0.00% |
88.45% |
0.00% |
0.00% |
| EBIT Margin |
|
0.00% |
0.00% |
82.39% |
86.17% |
0.00% |
79.76% |
61.82% |
0.00% |
87.09% |
0.00% |
0.00% |
| Profit (Net Income) Margin |
|
0.00% |
0.00% |
75.66% |
77.68% |
0.00% |
75.33% |
49.54% |
0.00% |
78.57% |
0.00% |
0.00% |
| Tax Burden Percent |
|
103.24% |
97.84% |
90.89% |
89.38% |
93.67% |
94.45% |
79.87% |
95.80% |
89.96% |
100.55% |
100.65% |
| Interest Burden Percent |
|
99.96% |
100.00% |
101.02% |
100.85% |
100.00% |
100.00% |
100.32% |
99.95% |
100.28% |
99.04% |
99.60% |
| Effective Tax Rate |
|
0.00% |
0.00% |
9.11% |
10.62% |
0.00% |
5.55% |
20.13% |
0.00% |
10.04% |
0.00% |
0.00% |
| Return on Invested Capital (ROIC) |
|
0.00% |
0.00% |
1.53% |
1.77% |
0.00% |
3.03% |
1.44% |
0.00% |
3.55% |
0.00% |
0.00% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.00% |
0.00% |
1.55% |
1.79% |
0.00% |
3.03% |
1.44% |
0.00% |
3.56% |
0.00% |
0.00% |
| Return on Net Nonoperating Assets (RNNOA) |
|
0.00% |
0.00% |
6.85% |
9.69% |
0.00% |
14.44% |
6.92% |
0.00% |
15.67% |
0.00% |
0.00% |
| Return on Equity (ROE) |
|
0.00% |
-9.92% |
8.38% |
11.46% |
0.00% |
17.47% |
8.36% |
-19.21% |
19.22% |
0.00% |
0.00% |
| Cash Return on Invested Capital (CROIC) |
|
-5.78% |
-12.39% |
-10.49% |
6.76% |
3.39% |
8.12% |
10.69% |
5.67% |
10.29% |
-4.24% |
-0.61% |
| Operating Return on Assets (OROA) |
|
0.00% |
0.00% |
1.54% |
1.89% |
0.00% |
3.06% |
1.72% |
0.00% |
3.64% |
0.00% |
0.00% |
| Return on Assets (ROA) |
|
0.00% |
0.00% |
1.42% |
1.70% |
0.00% |
2.89% |
1.38% |
0.00% |
3.28% |
0.00% |
0.00% |
| Return on Common Equity (ROCE) |
|
0.00% |
-7.21% |
6.02% |
7.91% |
0.00% |
12.67% |
6.05% |
-13.74% |
13.82% |
0.00% |
0.00% |
| Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
-10.77% |
1.26% |
2.67% |
0.00% |
12.23% |
6.05% |
-18.98% |
0.00% |
0.72% |
-15.90% |
| Net Operating Profit after Tax (NOPAT) |
|
-183 |
-127 |
195 |
304 |
-324 |
204 |
56 |
-174 |
276 |
-56 |
-181 |
| NOPAT Margin |
|
0.00% |
0.00% |
74.89% |
77.02% |
0.00% |
75.33% |
49.38% |
0.00% |
78.35% |
0.00% |
0.00% |
| Net Nonoperating Expense Percent (NNEP) |
|
0.90% |
0.50% |
-0.02% |
-0.02% |
1.07% |
0.00% |
0.00% |
0.61% |
-0.01% |
0.22% |
0.78% |
| SG&A Expenses to Revenue |
|
0.00% |
0.00% |
3.40% |
2.19% |
0.00% |
9.82% |
18.68% |
0.00% |
6.19% |
0.00% |
0.00% |
| Operating Expenses to Revenue |
|
0.00% |
0.00% |
17.61% |
13.83% |
0.00% |
20.24% |
38.18% |
0.00% |
12.91% |
0.00% |
0.00% |
| Earnings before Interest and Taxes (EBIT) |
|
-262 |
-181 |
215 |
340 |
-462 |
216 |
70 |
-249 |
307 |
-79 |
-258 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
-252 |
-172 |
224 |
346 |
-458 |
220 |
74 |
-244 |
312 |
-75 |
-253 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
0.64 |
0.71 |
0.71 |
0.72 |
0.71 |
0.65 |
0.83 |
0.89 |
0.78 |
0.87 |
0.84 |
| Price to Tangible Book Value (P/TBV) |
|
0.64 |
0.71 |
0.71 |
0.72 |
0.71 |
0.65 |
0.83 |
0.89 |
0.78 |
0.87 |
0.84 |
| Price to Revenue (P/Rev) |
|
1.97 |
0.00 |
4.35 |
3.42 |
9.22 |
2.05 |
3.54 |
0.00 |
2.23 |
5.82 |
10.47 |
| Price to Earnings (P/E) |
|
5.29 |
0.00 |
30,583.31 |
35.50 |
0.00 |
4.65 |
15.28 |
0.00 |
4.69 |
0.00 |
0.00 |
| Dividend Yield |
|
0.00% |
22.18% |
21.87% |
20.87% |
17.94% |
17.58% |
14.11% |
16.75% |
19.76% |
17.45% |
17.33% |
| Earnings Yield |
|
18.90% |
0.00% |
0.00% |
2.82% |
0.00% |
21.52% |
6.54% |
0.00% |
21.33% |
0.00% |
0.00% |
| Enterprise Value to Invested Capital (EV/IC) |
|
0.87 |
0.90 |
0.89 |
0.89 |
0.90 |
0.90 |
0.91 |
0.94 |
0.90 |
0.93 |
0.92 |
| Enterprise Value to Revenue (EV/Rev) |
|
21.80 |
0.00 |
45.87 |
37.48 |
89.05 |
21.56 |
29.82 |
0.00 |
19.02 |
52.91 |
107.15 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
26.86 |
0.00 |
104.55 |
80.54 |
0.00 |
33.86 |
61.14 |
0.00 |
27.88 |
182.53 |
0.00 |
| Enterprise Value to EBIT (EV/EBIT) |
|
33.68 |
0.00 |
167.86 |
104.88 |
0.00 |
36.44 |
68.21 |
0.00 |
29.32 |
250.61 |
0.00 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
49.62 |
0.00 |
439.64 |
217.38 |
0.00 |
41.61 |
85.29 |
0.00 |
33.91 |
816.35 |
0.00 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
17.53 |
17.80 |
16.65 |
25.03 |
31.67 |
33.51 |
30.30 |
34.42 |
50.12 |
37.88 |
39.92 |
| Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
12.74 |
25.91 |
10.70 |
8.13 |
15.83 |
8.38 |
0.00 |
0.00 |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Debt to Equity |
|
4.78 |
4.93 |
5.06 |
5.25 |
4.51 |
4.59 |
4.55 |
4.63 |
4.29 |
5.09 |
5.40 |
| Long-Term Debt to Equity |
|
4.76 |
4.92 |
5.05 |
5.24 |
4.50 |
4.59 |
4.54 |
4.62 |
4.28 |
5.09 |
5.40 |
| Financial Leverage |
|
3.93 |
4.17 |
4.42 |
5.41 |
4.64 |
4.76 |
4.80 |
4.93 |
4.40 |
4.84 |
4.94 |
| Leverage Ratio |
|
5.19 |
5.38 |
5.90 |
6.71 |
6.06 |
6.04 |
6.09 |
6.25 |
5.86 |
6.12 |
6.32 |
| Compound Leverage Factor |
|
5.19 |
5.38 |
5.96 |
6.77 |
6.06 |
6.04 |
6.11 |
6.25 |
5.87 |
6.06 |
6.30 |
| Debt to Total Capital |
|
82.70% |
83.12% |
83.49% |
83.99% |
81.85% |
82.12% |
81.98% |
82.23% |
81.10% |
83.59% |
84.36% |
| Short-Term Debt to Total Capital |
|
0.27% |
0.01% |
0.11% |
0.18% |
0.18% |
0.02% |
0.12% |
0.14% |
0.22% |
0.02% |
0.00% |
| Long-Term Debt to Total Capital |
|
82.43% |
83.11% |
83.38% |
83.82% |
81.67% |
82.09% |
81.86% |
82.09% |
80.88% |
83.57% |
84.36% |
| Preferred Equity to Total Capital |
|
5.00% |
4.74% |
4.61% |
4.68% |
5.05% |
4.80% |
4.94% |
4.93% |
5.35% |
4.60% |
4.99% |
| Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Common Equity to Total Capital |
|
12.30% |
12.13% |
11.90% |
11.33% |
13.10% |
13.08% |
13.08% |
12.84% |
13.54% |
11.81% |
10.65% |
| Debt to EBITDA |
|
25.65 |
-83.53 |
98.16 |
76.11 |
-164.21 |
31.05 |
54.90 |
-24.59 |
25.21 |
163.88 |
-39.11 |
| Net Debt to EBITDA |
|
22.88 |
-77.29 |
89.21 |
68.95 |
-151.07 |
28.82 |
50.58 |
-23.09 |
22.95 |
153.42 |
-36.05 |
| Long-Term Debt to EBITDA |
|
25.56 |
-83.52 |
98.03 |
75.95 |
-163.85 |
31.04 |
54.82 |
-24.55 |
25.14 |
163.83 |
-39.11 |
| Debt to NOPAT |
|
47.38 |
-83.00 |
412.80 |
205.41 |
-160.37 |
38.16 |
76.58 |
-33.69 |
30.66 |
732.93 |
-51.89 |
| Net Debt to NOPAT |
|
42.27 |
-76.80 |
375.16 |
186.09 |
-147.54 |
35.42 |
70.55 |
-31.64 |
27.91 |
686.17 |
-47.82 |
| Long-Term Debt to NOPAT |
|
47.23 |
-82.99 |
412.25 |
204.98 |
-160.03 |
38.15 |
76.48 |
-33.64 |
30.58 |
732.72 |
-51.89 |
| Noncontrolling Interest Sharing Ratio |
|
0.00% |
27.35% |
28.11% |
31.00% |
0.00% |
27.48% |
27.66% |
28.46% |
28.08% |
0.00% |
0.00% |
| Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Free Cash Flow to Firm (FCFF) |
|
-1,107 |
-1,554 |
-1,168 |
1,173 |
158 |
983 |
1,294 |
845 |
1,181 |
-613 |
-59 |
| Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Free Cash Flow to Firm to Interest Expense |
|
-9.57 |
-10.91 |
-7.32 |
6.77 |
0.94 |
6.14 |
8.39 |
5.45 |
8.52 |
-4.66 |
-0.43 |
| Operating Cash Flow to Interest Expense |
|
2.04 |
0.00 |
0.70 |
0.71 |
0.65 |
-0.05 |
0.93 |
0.56 |
-0.15 |
0.85 |
0.73 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
2.04 |
0.00 |
0.70 |
0.71 |
0.65 |
-0.05 |
0.93 |
0.56 |
-0.15 |
0.85 |
0.73 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.04 |
0.00 |
0.02 |
0.02 |
0.01 |
0.04 |
0.03 |
0.00 |
0.04 |
0.02 |
0.01 |
| Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Invested Capital |
|
12,620 |
13,306 |
13,421 |
13,228 |
12,138 |
12,527 |
12,183 |
12,209 |
11,233 |
13,084 |
12,062 |
| Invested Capital Turnover |
|
0.04 |
0.00 |
0.02 |
0.02 |
0.01 |
0.04 |
0.03 |
0.00 |
0.05 |
0.02 |
0.01 |
| Increase / (Decrease) in Invested Capital |
|
924 |
1,427 |
1,363 |
-869 |
-482 |
-779 |
-1,238 |
-1,019 |
-905 |
558 |
-122 |
| Enterprise Value (EV) |
|
10,929 |
12,016 |
11,933 |
11,758 |
10,879 |
11,217 |
11,123 |
11,421 |
10,074 |
12,183 |
11,059 |
| Market Capitalization |
|
988 |
1,150 |
1,132 |
1,074 |
1,126 |
1,067 |
1,320 |
1,392 |
1,180 |
1,341 |
1,081 |
| Book Value per Share |
|
$17.97 |
$16.71 |
$16.53 |
$15.58 |
$16.53 |
$7.92 |
$15.40 |
$15.13 |
$14.67 |
$14.86 |
$12.35 |
| Tangible Book Value per Share |
|
$17.97 |
$16.71 |
$16.53 |
$15.58 |
$16.53 |
$7.92 |
$15.40 |
$15.13 |
$14.67 |
$14.86 |
$12.35 |
| Total Capital |
|
12,620 |
13,306 |
13,421 |
13,228 |
12,138 |
12,527 |
12,183 |
12,209 |
11,233 |
13,084 |
12,062 |
| Total Debt |
|
10,436 |
11,060 |
11,205 |
11,111 |
9,935 |
10,287 |
9,988 |
10,039 |
9,110 |
10,938 |
10,176 |
| Total Long-Term Debt |
|
10,402 |
11,059 |
11,190 |
11,087 |
9,913 |
10,284 |
9,974 |
10,022 |
9,085 |
10,935 |
10,176 |
| Net Debt |
|
9,310 |
10,235 |
10,183 |
10,066 |
9,140 |
9,548 |
9,201 |
9,427 |
8,293 |
10,240 |
9,377 |
| Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Expense (NNE) |
|
87 |
50 |
-2.00 |
-2.59 |
109 |
0.00 |
-0.18 |
64 |
-0.77 |
23 |
78 |
| Net Nonoperating Obligations (NNO) |
|
10,436 |
11,060 |
11,205 |
11,111 |
9,935 |
10,287 |
9,988 |
10,039 |
9,110 |
10,938 |
10,176 |
| Total Depreciation and Amortization (D&A) |
|
10 |
8.64 |
8.50 |
6.49 |
4.37 |
4.18 |
3.81 |
5.05 |
4.79 |
4.49 |
5.65 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
($1.36) |
($2.05) |
$1.94 |
$3.04 |
($2.15) |
$1.85 |
$0.43 |
($2.42) |
$2.55 |
($0.89) |
($2.62) |
| Adjusted Weighted Average Basic Shares Outstanding |
|
193.23M |
92.58M |
96.39M |
96.18M |
206.85M |
103.40M |
103.56M |
103.65M |
104.02M |
104.03M |
104.13M |
| Adjusted Diluted Earnings per Share |
|
($1.36) |
($2.05) |
$1.80 |
$2.81 |
($2.15) |
$1.73 |
$0.43 |
($2.42) |
$2.55 |
($0.89) |
($2.62) |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
193.23M |
92.58M |
106.06M |
105.63M |
206.85M |
112.97M |
103.91M |
103.65M |
104.02M |
104.03M |
104.13M |
| Adjusted Basic & Diluted Earnings per Share |
|
($1.36) |
$0.00 |
$0.00 |
$0.00 |
($2.15) |
$0.00 |
$0.00 |
$0.00 |
$2.55 |
$0.00 |
$0.00 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
193.23M |
193.33M |
192.33M |
192.38M |
206.85M |
206.99M |
207.25M |
103.65M |
104.02M |
104.03M |
104.13M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
-183 |
-127 |
195 |
304 |
-324 |
204 |
56 |
-174 |
276 |
-56 |
-181 |
| Normalized NOPAT Margin |
|
0.00% |
0.00% |
74.89% |
77.02% |
0.00% |
75.33% |
49.38% |
0.00% |
78.35% |
0.00% |
0.00% |
| Pre Tax Income Margin |
|
0.00% |
0.00% |
83.24% |
86.91% |
0.00% |
79.76% |
62.02% |
0.00% |
87.34% |
0.00% |
0.00% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
-2.26 |
-1.27 |
1.35 |
1.96 |
-2.75 |
1.35 |
0.46 |
-1.61 |
2.21 |
-0.60 |
-1.89 |
| NOPAT to Interest Expense |
|
-1.59 |
-0.89 |
1.22 |
1.75 |
-1.93 |
1.27 |
0.36 |
-1.13 |
1.99 |
-0.42 |
-1.32 |
| EBIT Less CapEx to Interest Expense |
|
-2.26 |
-1.27 |
1.35 |
1.96 |
-2.75 |
1.35 |
0.46 |
-1.61 |
2.21 |
-0.60 |
-1.89 |
| NOPAT Less CapEx to Interest Expense |
|
-1.59 |
-0.89 |
1.22 |
1.75 |
-1.93 |
1.27 |
0.36 |
-1.13 |
1.99 |
-0.42 |
-1.32 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
131.84% |
-116.79% |
1,001.35% |
465.90% |
-231.83% |
87.95% |
172.25% |
-56.34% |
78.83% |
1,513.06% |
-78.91% |
| Augmented Payout Ratio |
|
131.84% |
-116.79% |
1,026.53% |
478.36% |
-238.46% |
87.95% |
172.25% |
-56.34% |
78.83% |
1,513.06% |
-78.91% |
Key Financial Trends
Two Harbors Investment Corp. (TWO) Financial Overview (Q2 2022 to Q2 2025)
Two Harbors Investments has experienced significant fluctuations in its financial metrics over the past four years being analyzed. Key highlights from the most recent quarterly data point towards operational challenges and evolving debt management strategies, balanced by stable equity levels and active investing activities.
- The company's total assets remained relatively stable around $12.9 to $14.0 billion over recent quarters, indicating strong asset base management.
- Despite recent losses, Two Harbors has generated significant positive net cash from continuing operating activities in each quarter, with $99.1 million in Q2 2025, showing ongoing operational cash flow generation.
- Net cash from investing activities was positive in Q2 2025 ($829 million), reflecting effective management of investment security purchases and sales.
- Preferred and common equity combined stood at approximately $1.89 billion in Q2 2025, providing a solid equity cushion despite retaining earnings deficits.
- Amortization and non-cash adjustments have shown increasing scale, which adjust net income to better reflect cash-based earnings (e.g., $318 million in non-cash adjustments in Q2 2025).
- The company maintains a significant level of long-term debt (~$10.1 billion in Q2 2025), which requires continuous refinancing and impacts interest expenses.
- Common stock shares outstanding have remained stable at about 104 million shares in 2025 after previous dilution, signaling consistency in shareholder base size.
- Two Harbors has experienced consistent net losses in the recent four quarters with a steep consolidated net loss of $259 million in Q2 2025, down from earnings in 2024 and earlier periods, illustrating recent earnings pressure.
- Net interest expense has outpaced interest income in recent quarters, contributing to negative net interest income (e.g., -$19.6 million in Q2 2025), driven by high interest rates on debt.
- Total non-interest expenses are elevated and rising, with $245 million recorded in Q2 2025 (including salaries and other operating costs), weighing on profitability.
- There have been large repayments of debt in Q2 2025 ($13.5 billion), significantly exceeding debt issuances, which may strain liquidity and operational flexibility.
- Retained earnings remain deeply negative (e.g., -$4.55 billion in Q2 2025) showing accumulated losses affecting book value and shareholders' equity quality.
- Net realized and unrealized capital losses on investments have significantly impacted revenues in some quarters (e.g., -$152 million in Q2 2025), adding to volatility in earnings results.
Summary: Two Harbors Investments has a strong asset base with prudent cash flow from operations and investing activities; however, the company faces challenges in maintaining profitability due to rising interest expenses, capital losses, and substantial operational costs. The significant net losses in recent quarters and heavy debt repayments signal a need for cautious monitoring by investors, as the company navigates market volatility and financial restructuring efforts.
10/24/25 12:04 PM ETAI Generated. May Contain Errors.