TWO - Two Harbors Investment Corp.
Price:
--
--
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CONSENSUS:
Hold
DETAILS
|
PRICE TARGET:
$14.00
DETAILS
HIGH:
$14.00
LOW:
$14.00
MEDIAN:
$14.00
CONSENSUS:
$14.00
UPSIDE:
12.00%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||
| Revenue | 605.6 | 845.8 | 640.5 | 12.6 | (142.9) | (862.6) | 1,898.6 | 708.1 | 838.6 | 498.7 | 732.0 | 591.6 | 500.4 | 538.9 | 264.9 | 53.4 | 3.2 | 4.4 | 1.5 |
| Cost of Revenue | 12.7 | (38.5) | 74.1 | 94.1 | 86.2 | 126.0 | 134.7 | 91.4 | 76.7 | 73.9 | 81.1 | 76.3 | 48.8 | 3.5 | 14.2 | 3.0 | 0.3 | 0 | 0 |
| Gross Profit | 592.9 | 884.3 | 566.4 | (81.5) | (229.2) | (988.6) | 1,763.9 | 616.7 | 761.9 | 424.8 | 650.9 | 515.3 | 451.6 | 535.4 | 250.7 | 50.4 | 2.9 | 4.4 | 1.5 |
| Operating Expenses | |||||||||||||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.3 | 0 | 0 |
| SG&A Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Expenses | 177.1 | (66.8) | 6.5 | (664.4) | (509.8) | 390.3 | 724.8 | 4.1 | 113.2 | 89.8 | 174.6 | 421.5 | (209.6) | 279.3 | 119.2 | 15.3 | 11.9 | 1.1 | 0.1 |
| Operating Expenses | 177.1 | (66.8) | 6.5 | (664.4) | (509.8) | 390.3 | 724.8 | 4.1 | 113.2 | 89.8 | 174.6 | 421.5 | (209.6) | 279.3 | 119.2 | 15.3 | 11.9 | 1.1 | 0.1 |
| Operating Income | |||||||||||||||||||
| Operating Income | 415.8 | 951.1 | 559.8 | 582.8 | 280.6 | (1,378.9) | 1,039.0 | 612.6 | 648.7 | 335.0 | 476.3 | 93.8 | 661.1 | 256.1 | 131.4 | 35.1 | (9.1) | 3.4 | 1.3 |
| Interest Expense | 490.9 | 607.8 | 643.2 | 258.4 | 89.2 | 281.2 | 714.3 | 519.7 | 350.2 | 221.9 | 142.2 | 107.5 | 100.4 | 72.1 | 22.7 | 4.4 | 0.1 | 0 | 0 |
| Interest Income | 412.0 | 450.2 | 480.4 | 295.5 | 168.6 | 525.0 | 994.7 | 870.0 | 745.1 | 575.1 | 592.9 | 577.2 | 555.6 | 455.0 | 201.6 | 40.1 | 0.1 | 0 | 0 |
| Profitability | |||||||||||||||||||
| EBITDA | 45.5 | 952.6 | 559.8 | 582.8 | 280.6 | (1,384.6) | 1,024.7 | 517.2 | 648.9 | 544.8 | 619.3 | 202.5 | 761.5 | 319.0 | 149.0 | 39.5 | (9.0) | 3.1 | 1.3 |
| EBIT | 45.5 | 952.6 | 559.8 | 582.8 | 280.6 | (1,384.6) | 1,024.7 | 517.2 | 647.9 | 543.5 | 617.9 | 200.9 | 759.9 | 317.3 | 149.0 | 39.5 | (9.0) | 3.1 | 1.3 |
| Income Before Tax | (445.4) | 344.8 | (83.4) | 324.5 | 191.4 | (1,665.8) | 310.4 | (2.5) | 297.8 | 330.2 | 475.7 | 93.4 | 659.5 | 245.2 | 126.3 | 35.1 | (9.1) | 3.4 | 1.3 |
| Income Tax Expense | 8.9 | 46.6 | 23.0 | 104.2 | 4.2 | (35.7) | (13.6) | 41.8 | (10.5) | 12.3 | (16.5) | (73.7) | 84.4 | (42.2) | (1.1) | (0.7) | (0.3) | 1.1 | 0.6 |
| Net Income | (454.3) | 298.2 | (106.4) | 220.2 | 187.2 | (1,630.1) | 324.0 | (44.3) | 348.6 | 353.3 | 492.2 | 167.1 | 579.0 | 291.9 | 127.4 | 35.8 | (8.8) | 2.1 | 0.7 |
| Per Share Data | |||||||||||||||||||
| EPS (Basic) | -4.36 | 2.41 | -1.60 | 2.15 | 1.72 | -23.83 | 3.72 | -0.86 | 7.40 | 8.08 | 10.80 | 3.68 | 13.20 | 9.68 | 10.32 | 12.80 | -3.05 | 0.64 | 0.48 |
| EPS (Diluted) | -4.36 | 2.37 | -1.60 | 2.13 | 1.72 | -23.83 | 3.72 | -0.86 | 7.24 | 8.08 | 10.80 | 3.68 | 13.20 | 9.60 | 10.32 | 12.80 | -2.81 | 0.64 | 0.48 |
| Shares Outstanding | 104.2 | 103.6 | 95.7 | 96.1 | 74.4 | 68.4 | 67.0 | 51.5 | 43.6 | 43.5 | 45.7 | 45.8 | 43.8 | 30.3 | 12.4 | 2.8 | 2.9 | 3.1 | 1.4 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||
| Cash & Cash Equivalents | 842.3 | 504.6 | 729.7 | 683.5 | 1,153.9 | 1,384.8 | 558.1 | 409.8 | 419.2 | 406.9 | 26.1 | 2.8 |
| Short-Term Investments | 0.1 | 7,371.7 | 8,327.1 | 7,778.7 | 7,161.7 | 14,650.9 | 31,406.3 | 25,552.6 | 21,220.8 | 13,128.9 | 0 | 0 |
| Net Receivables | 29.2 | 33.3 | 35.3 | 36.0 | 26.3 | 193.6 | 411.6 | 241.2 | 910.6 | 154.2 | 2.6 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 219.6 | 313.0 | 65.1 | 443.0 | 934.8 | 0 | 0 | 0 | 0 | 0 | 8.3 | 259.1 |
| Total Current Assets | 1,091.3 | 8,222.7 | 9,157.3 | 8,941.3 | 9,276.6 | 16,229.3 | 32,376.1 | 26,203.6 | 22,550.6 | 13,658.9 | 38.2 | 3.0 |
| Non-Current Assets | ||||||||||||
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.2 | 1.9 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2,421.9 | 2,994.3 | 3,052.0 | 2,984.9 | 2,191.6 | 1,596.2 | 1,909.4 | 1,993.4 | 1,086.7 | 693.8 | 0 | 0 |
| Long-Term Investments | 6,615.5 | 12.4 | 85.6 | 26.4 | 80.1 | 14,650.9 | 31,406.3 | 25,552.6 | 21,220.8 | 13,128.9 | 494.5 | 0 |
| Other Non-Current Assets | 730.5 | 974.9 | 843.8 | 1,513.5 | 566.0 | 0 | (33,315.8) | (27,546.0) | (22,308.8) | (13,824.6) | 5.7 | 0 |
| Total Non-Current Assets | 9,767.9 | 3,981.6 | 3,981.5 | 4,524.9 | 2,837.7 | 16,247.1 | 33,315.8 | 27,546.0 | 22,308.8 | 13,824.6 | 500.2 | 259.1 |
| Total Assets | 10,859.2 | 12,204.3 | 13,138.8 | 13,466.2 | 12,114.3 | 19,515.9 | 35,921.6 | 30,132.5 | 24,789.3 | 20,112.1 | 538.4 | 262.1 |
| Current Liabilities | ||||||||||||
| Account Payables | 81.9 | 86.0 | 141.8 | 94.0 | 18.4 | 21.7 | 149.6 | 160.0 | 87.7 | 28.9 | 0 | 0.2 |
| Short-Term Debt | 8,184.3 | 8,827.3 | 9,349.4 | 9,721.8 | 8,077.2 | 283.8 | 300 | 310 | 20 | 70 | 207.1 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | (201.3) | (387.6) | (265.8) | (101.5) | (194.7) | (206.0) | (0.2) |
| Total Current Liabilities | 8,531.0 | 9,620.6 | 10,124.6 | 10,422.1 | 8,364.6 | 305.5 | 449.6 | 470.0 | 107.7 | 99.5 | 4.6 | 0.2 |
| Non-Current Liabilities | ||||||||||||
| Long-Term Debt | 372.9 | 260.2 | 563.9 | 680.5 | 821.6 | 681.8 | 889.5 | 1,148.9 | 1,497.9 | 7,037.2 | 204.8 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 |
| Other Non-Current Liabilities | 167.4 | 201.0 | 246.9 | 180.0 | 184.1 | 0 | (889.5) | (1,148.9) | (1,497.9) | (7,037.2) | 207.1 | 77.7 |
| Total Non-Current Liabilities | 540.3 | 461.2 | 810.8 | 860.5 | 1,005.7 | 681.8 | 889.5 | 1,148.9 | 1,497.9 | 7,037.2 | 412.0 | 77.7 |
| Total Liabilities | 9,071.3 | 10,081.8 | 10,935.4 | 11,282.6 | 9,370.4 | 16,427.0 | 30,951.2 | 25,878.0 | 21,217.9 | 16,710.9 | 416.6 | 77.9 |
| Stockholders' Equity | ||||||||||||
| Common Stock | 1.0 | 1.0 | 1.0 | 0.9 | 0.9 | 2.7 | 2.7 | 2.5 | 1.7 | 3.5 | 0.0 | 0.0 |
| Retained Earnings | (4,763.0) | (4,096.1) | (4,159.9) | (3,815.6) | (3,773.6) | (3,696.7) | (1,853.9) | (1,645.9) | (1,139.7) | (461.6) | (9.2) | 3.0 |
| Accumulated Other Comprehensive Income | (0.1) | (320.5) | (176.4) | (278.7) | 186.3 | 641.6 | 689.4 | 110.8 | 334.8 | 199.2 | (0.9) | 0 |
| Total Stockholders' Equity | 1,787.9 | 2,122.5 | 2,203.4 | 2,183.5 | 2,744.0 | 3,088.9 | 4,970.5 | 4,254.5 | 3,571.4 | 3,401.1 | 121.7 | 184.2 |
| Total Liabilities & Equity | 10,859.2 | 12,204.3 | 13,138.8 | 13,466.2 | 12,114.3 | 19,515.9 | 35,921.6 | 30,132.5 | 24,789.3 | 20,112.1 | 538.4 | 262.1 |
| Debt Metrics | ||||||||||||
| Total Debt | 8,557.2 | 9,087.5 | 9,913.2 | 10,402.3 | 8,898.8 | 965.6 | 1,189.5 | 1,458.9 | 1,517.9 | 7,107.2 | 411.9 | 0 |
| Net Debt | 7,714.9 | 8,582.9 | 9,183.5 | 9,718.9 | 7,745.0 | (419.1) | 631.3 | 1,049.1 | 1,098.7 | 6,700.3 | 385.8 | (2.8) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | (454.3) | 298.2 | (106.4) | 220.2 | 187.2 | (1,630.1) | 324.0 | (44.3) | 308.2 | 353.3 |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.0 | 1.3 |
| Stock-Based Compensation | 13.4 | 10.9 | 11.0 | 11.6 | 11.5 | 9.7 | 9.2 | 13.0 | 11.3 | 15.2 |
| Change in Working Capital | 22.4 | (78.1) | 57.5 | 151.3 | 33.2 | (143.8) | (21.2) | 91.1 | 23.9 | 16.7 |
| Other Non-Cash Items | 507.5 | (30.0) | 381.4 | 240.3 | 191.6 | 2,395.8 | 744.7 | 643.1 | 262.3 | (146.8) |
| Operating Cash Flow | 88.9 | 201.0 | 343.5 | 623.4 | 423.5 | 631.6 | 1,056.6 | 702.9 | 606.8 | 239.7 |
| Investing Activities | ||||||||||
| Capital Expenditure | (104.0) | (114.1) | (312.6) | (629.8) | (742.2) | (622.4) | (613.7) | (976.4) | (484.3) | (317.7) |
| Acquisitions | 0 | (21.0) | 26.8 | 629.8 | 742.2 | 622.4 | 613.7 | (13.6) | 0 | 0 |
| Purchases of Investments | (9,603.5) | (2,135.0) | (4,126.2) | (10,733.8) | (2,494.6) | (8,296.0) | (24,732.8) | (12,705.2) | (18,365.3) | (21,344.3) |
| Sales/Maturities of Investments | 10,406.8 | 3,116.8 | 3,336.3 | 9,022.6 | 9,513.3 | 23,642.3 | 18,730.4 | 17,991.3 | 10,347.8 | 15,758.9 |
| Other Investing Activities | 212.3 | 48.6 | 880.0 | (1,040.1) | (704.8) | (442.5) | (75.4) | 493.8 | (1,466.7) | (230.6) |
| Investing Cash Flow | 911.6 | 895.3 | (195.8) | (2,751.3) | 6,313.9 | 14,903.7 | (6,077.7) | 4,790.0 | (9,484.3) | (5,816.0) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 17.2 | (612.4) | 96.2 | 554.3 | 273.7 | (226.2) | (271.1) | (60) | (2,881.8) | 1,330.0 |
| Stock Repurchased | 0 | (11.1) | (21.9) | (51.4) | (275.0) | (1.1) | (0.0) | (0.0) | 0 | (61.3) |
| Dividends Paid | (222.4) | (235.0) | (246.6) | (290.4) | (257.1) | (275.3) | (538.9) | (329.0) | (436.1) | (331.9) |
| Other Financing Activities | (551.3) | (215.2) | (582.8) | 946.6 | (7,487.5) | (14,003.6) | 6,014.0 | (5,061.3) | 11,732.2 | 4,308.1 |
| Financing Cash Flow | (756.2) | (1,073.5) | (479.4) | 1,165.7 | (7,295.2) | (14,505.7) | 5,540.2 | (5,450.1) | 9,117.3 | 5,245.4 |
| Cash Position | ||||||||||
| Net Change in Cash | 244.3 | 22.8 | (331.7) | (962.2) | (557.8) | 1,029.6 | 519.1 | 42.8 | 239.8 | (330.9) |
| Cash at Beginning | 817.6 | 794.8 | 1,126.5 | 2,088.7 | 2,646.4 | 1,616.8 | 1,097.8 | 1,055.0 | 815.2 | 737.8 |
| Cash at End | 1,062.0 | 817.6 | 794.8 | 1,126.5 | 2,088.7 | 2,646.4 | 1,616.8 | 1,097.8 | 1,055.0 | 406.9 |
| Free Cash Flow | (15.1) | 86.9 | 30.9 | (6.4) | (318.6) | 9.2 | 443.0 | (273.5) | 122.5 | (78.0) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||||||||
| Revenue | 605.6 | 845.8 | 640.5 | 12.6 | (142.9) | (862.6) | 1,898.6 | 708.1 | 838.6 | 498.7 | 732.0 | 591.6 | 500.4 | 538.9 | 264.9 | 53.4 | 3.2 | 4.4 | 1.5 |
| Gross Profit | 592.9 | 884.3 | 566.4 | (81.5) | (229.2) | (988.6) | 1,763.9 | 616.7 | 761.9 | 424.8 | 650.9 | 515.3 | 451.6 | 535.4 | 250.7 | 50.4 | 2.9 | 4.4 | 1.5 |
| Operating Income | 415.8 | 951.1 | 559.8 | 582.8 | 280.6 | (1,378.9) | 1,039.0 | 612.6 | 648.7 | 335.0 | 476.3 | 93.8 | 661.1 | 256.1 | 131.4 | 35.1 | (9.1) | 3.4 | 1.3 |
| Net Income | (454.3) | 298.2 | (106.4) | 220.2 | 187.2 | (1,630.1) | 324.0 | (44.3) | 348.6 | 353.3 | 492.2 | 167.1 | 579.0 | 291.9 | 127.4 | 35.8 | (8.8) | 2.1 | 0.7 |
| EPS (Diluted) | -4.36 | 2.37 | -1.60 | 2.13 | 1.72 | -23.83 | 3.72 | -0.86 | 7.24 | 8.08 | 10.80 | 3.68 | 13.20 | 9.60 | 10.32 | 12.80 | -2.81 | 0.64 | 0.48 |
| Balance Sheet | |||||||||||||||||||
| Cash & Equivalents | 842.3 | 504.6 | 729.7 | 683.5 | 1,153.9 | 1,384.8 | 558.1 | 409.8 | 419.2 | 406.9 | 26.1 | 2.8 | |||||||
| Total Assets | 10,859.2 | 12,204.3 | 13,138.8 | 13,466.2 | 12,114.3 | 19,515.9 | 35,921.6 | 30,132.5 | 24,789.3 | 20,112.1 | 538.4 | 262.1 | |||||||
| Total Debt | 8,557.2 | 9,087.5 | 9,913.2 | 10,402.3 | 8,898.8 | 965.6 | 1,189.5 | 1,458.9 | 1,517.9 | 7,107.2 | 411.9 | 0 | |||||||
| Stockholders' Equity | 1,787.9 | 2,122.5 | 2,203.4 | 2,183.5 | 2,744.0 | 3,088.9 | 4,970.5 | 4,254.5 | 3,571.4 | 3,401.1 | 121.7 | 184.2 | |||||||
| Cash Flow | |||||||||||||||||||
| Operating Cash Flow | 88.9 | 201.0 | 343.5 | 623.4 | 423.5 | 631.6 | 1,056.6 | 702.9 | 606.8 | 239.7 | |||||||||
| Capital Expenditure | (104.0) | (114.1) | (312.6) | (629.8) | (742.2) | (622.4) | (613.7) | (976.4) | (484.3) | (317.7) | |||||||||
| Free Cash Flow | (15.1) | 86.9 | 30.9 | (6.4) | (318.6) | 9.2 | 443.0 | (273.5) | 122.5 | (78.0) | |||||||||