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TWO HARBORS INVESTMENT CORP.

TWO Clue Score35
United States Fiscal year ends December CIK 0001465740
$12.18 +0.00% Close, 25 Aug 2026
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Price $12.18 +84.83% Close, 25 Aug 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
Net income
Fiscal year 2016Net income0.35EPS, diluted2.03Fiscal year 2017Net income0.35 −1.3%EPS, diluted1.81Fiscal year 2018Net income−0.04 −112.7%EPS, diluted−0.53Fiscal year 2019Net income0.32EPS, diluted0.93Fiscal year 2020Net income−1.63 −603.2%EPS, diluted−24.94Fiscal year 2021Net income0.19EPS, diluted1.72Fiscal year 2022Net income0.22 +17.6%EPS, diluted2.13Fiscal year 2023Net income−0.11 −148.3%EPS, diluted−1.60Fiscal year 2024Net income0.30EPS, diluted2.37Fiscal year 2025Net income−0.45 −252.4%EPS, diluted−4.88
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income 0.35 0.35 −0.04 0.32 −1.63 0.19 0.22 −0.11 0.30 −0.45
Growth −1.3% −112.7% −603.2% +17.6% −148.3% −252.4%
EPS, diluted 2.03 1.81 −0.53 0.93 −24.94 1.72 2.13 −1.60 2.37 −4.88

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow0.24Buybacks−0.06Dividends paid−0.33Fiscal year 2017Operating cash flow0.61Buybacks0.00Dividends paid−0.42Fiscal year 2018Operating cash flow0.70Buybacks0.00Dividends paid−0.27Fiscal year 2019Operating cash flow1.06Buybacks−0.00Dividends paid−0.46Fiscal year 2020Operating cash flow0.63Buybacks−0.00Dividends paid−0.20Fiscal year 2021Operating cash flow0.42Buybacks0.00Dividends paid−0.19Fiscal year 2022Operating cash flow0.62Buybacks0.00Dividends paid−0.24Fiscal year 2023Operating cash flow0.34Buybacks−0.01Dividends paid−0.20Fiscal year 2024Operating cash flow0.20Buybacks0.00Dividends paid−0.19Fiscal year 2025Operating cash flow0.09Buybacks0.00Dividends paid−0.17
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.24 0.61 0.70 1.06 0.63 0.42 0.62 0.34 0.20 0.09
Buybacks −0.06 0.00 0.00 −0.00 −0.00 0.00 0.00 −0.01 0.00 0.00
Dividends paid −0.33 −0.42 −0.27 −0.46 −0.20 −0.19 −0.24 −0.20 −0.19 −0.17

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.35Shareholders’ equity3.40Fiscal year 2017Cash0.42Shareholders’ equity3.57Fiscal year 2018Cash0.41Shareholders’ equity4.25Fiscal year 2019Cash0.56Shareholders’ equity4.97Fiscal year 2020Cash1.38Shareholders’ equity3.09Fiscal year 2021Cash1.15Shareholders’ equity2.74Fiscal year 2022Cash0.68Shareholders’ equity2.18Fiscal year 2023Cash0.73Shareholders’ equity2.20Fiscal year 2024Cash0.50Shareholders’ equity2.12Fiscal year 2025Cash0.84Total debt8.56Net cash (debt)−7.71Shareholders’ equity1.79Debt to equity4.79
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.35 0.42 0.41 0.56 1.38 1.15 0.68 0.73 0.50 0.84
Total debt n/a n/a n/a n/a n/a n/a n/a n/a n/a 8.56
Net cash (debt) n/a n/a n/a n/a n/a n/a n/a n/a n/a −7.71
Shareholders’ equity 3.40 3.57 4.25 4.97 3.09 2.74 2.18 2.20 2.12 1.79
Debt to equity n/a n/a n/a n/a n/a n/a n/a n/a n/a 4.79

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Spending
3.7% −3.5% n/a −4.4% n/a 2.2% 32.1% n/a 13.5% n/a
Returns
10.4% 9.8% −1.0% 6.5% −52.8% 6.8% 10.1% −4.8% 14.0% −25.4%
1.8% 1.4% −0.1% 0.9% −8.4% 1.5% 1.6% −0.8% 2.4% −4.2%
Balance and payout
n/a n/a n/a n/a n/a n/a n/a n/a n/a 4.79
83.1% 85.6% 85.9% 86.2% 84.2% 77.3% 83.8% 83.2% 82.6% 83.5%
93.9% 121.3% n/a 143.0% n/a 103.3% 106.9% n/a 62.9% n/a