Two Harbors Investment Corp.TWONYSE

Revenue (LTM)

$606M

-28.4% YoY

Net Income (LTM)

$-454M

-252.4% YoY

Free Cash Flow

$89M

Revenue CAGR (5Y)

—

Marginsimproving

FCF$0.1B

Now unprofitable

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	-143	13↑108.8%	640↑4980.8%	846↑32.1%	606↓28.4%
Gross Profit	-229	-82↑64.4%	566↑794.8%	884↑56.1%	593↓33.0%
Operating Income	281	583↑107.7%	560↓3.9%	951↑69.9%	416↓56.3%
Net Income	187	220↑17.6%	-106↓148.3%	298↑380.3%	-454↓252.4%
EBITDA	281	583↑107.7%	560↓3.9%	953↑70.2%	46↓95.2%
EPS Diluted	1.72	2.13↑23.8%	-1.60↓175.1%	2.37↑248.1%	-4.36↓284.0%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	1,154	683↓40.8%	730↑6.8%	505↓30.8%	842↑66.9%
Total Current Assets	8,510	8,752↑2.8%	1,088↓87.6%	505↓53.6%	1,470↑191.2%
Total Assets	12,114	13,466↑11.2%	13,139↓2.4%	12,204↓7.1%	10,859↓11.0%
Total Current Liabilities	439	1,213↑176.2%	1,471↑21.3%	8,600↑484.7%	7,602↓11.6%
Total Liabilities	9,370	11,283↑20.4%	10,935↓3.1%	10,082↓7.8%	9,071↓10.0%
Total Equity	2,744	2,184↓20.4%	2,203↑0.9%	2,123↓3.7%	1,788↓15.8%
Total Debt	1,242	1,799↑44.8%	1,893↑5.2%	1,282↓32.3%	8,561↑567.6%
Net Debt	89	1,116↑1160.7%	1,163↑4.3%	778↓33.1%	7,719↑892.4%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	424	623↑47.2%	344↓44.9%	201↓41.5%	89↓55.8%
Capital Expenditure	-742	-630↑15.1%	-313↑50.4%	-114↑63.5%	-104↑8.9%
Free Cash Flow	-319	-6↑98.0%	31↑581.8%	87↑181.4%	89↑2.3%
Stock-Based Comp	11	12↑1.3%	11↓5.6%	11↓0.3%	0
Net Change in Cash	-558	-962↓72.5%	-332↑65.5%	23↑106.9%	244↑971.2%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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