Financial health
- Total debt ($8.6B) exceeds cash ($842M); net debt is $7.7B.
Shareholder returns
- Dividends have been paid for 13 consecutive years.
- The dividend has declined 3.1% per year over the past 5 years.
TWO Financials Two Harbors Investment Corp.
14 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | — | -$454M | — | — | — | $8.6B | $842M |
| 2024 | — | $298M | — | — | — | — | $505M |
| 2023 | — | -$106M | — | — | — | — | $730M |
| 2022 | — | $220M | — | — | — | — | $683M |
| 2021 | — | $187M | — | — | — | — | $1.2B |
| 2020 | — | -$1.6B | — | — | — | — | $1.4B |
| 2019 | — | $324M | — | — | — | — | $558M |
| 2018 | — | -$44M | — | — | — | — | $410M |
| 2017 | — | $349M | — | — | — | — | $419M |
| 2016 | — | $353M | — | — | — | — | $351M |
| 2015 | — | $492M | — | — | — | — | $1.0B |
| 2011 | — | $127M | — | — | — | — | $360M |
| 2010 | — | $36M | — | — | — | — | $164M |
| 2009 | — | -$9M | — | — | — | — | $26M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | $32M | — | — | — | $8.3B | $476M |
| Sep '25 | — | -$128M | — | — | — | $8.4B | $771M |
| Jun '25 | — | -$259M | — | — | — | $10.2B | $658M |
| Mar '25 | — | -$79M | — | — | — | — | $574M |
| Sep '24 | — | -$238M | — | — | — | — | $523M |
| Jun '24 | — | $56M | — | — | — | — | $624M |
| Mar '24 | — | $204M | — | — | — | — | $666M |
| Sep '23 | — | $306M | — | — | — | — | $644M |
| Jun '23 | — | $197M | — | — | — | — | $699M |
| Mar '23 | — | -$177M | — | — | — | — | $708M |
| Sep '22 | — | $278M | — | — | — | — | $732M |
| Jun '22 | — | -$72M | — | — | — | — | $512M |
| Mar '22 | — | $285M | — | — | — | — | $620M |
| Sep '21 | — | $66M | — | — | — | — | $1.1B |
| Jun '21 | — | -$118M | — | — | — | — | $1.3B |
| Mar '21 | — | $240M | — | — | — | — | $1.2B |
| Sep '20 | — | $202M | — | — | — | — | $1.6B |
| Jun '20 | — | -$174M | — | — | — | — | $1.6B |
| Mar '20 | — | -$1.9B | — | — | — | — | $1.2B |
| Sep '19 | — | $306M | — | — | — | — | $741M |
Valuation over time
How the market has priced TWO against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 7.0× (Mar '23) to 3.6× (Nov '25).
- The dividend yield has fallen from 15.2% (Mar '23) to 13.1% (Jun '26).
P/E
Dividend yield %
Frequently asked questions
Is TWO growing its revenue and profit?
See the revenue and net-income charts above for Two Harbors Investment Corp.'s multi-year trend.
How much debt does TWO have?
As of FY2025, Two Harbors Investment Corp. reported $8.6B of total debt against $842M of cash.
What is TWO's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is TWO's P/E ratio?
As of Jun '26, Two Harbors Investment Corp. traded at a price-to-earnings ratio of about 3.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.