Two Harbors Investment Corp. Financial Ratios — TWO-PA Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	2.57	2.34	3.41	0.87	2.76	2.04	1.55	-0.16	0.98	-5.88	1.18	1.72	-0.8	2.35	-3.94
Return on Capital (%)	- -	- -	1,917.57	- -	- -	5.92	- -	- -	- -	- -	-10.46	-13.71	- -	-15.43	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	96.61	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	99.69	0.59	0.23	0.8	0.23	0.29	0.25	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	99.66	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	113	-102.82	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	84.09	82.82	88.81	45.99	80.55	75.87	75.88	-1.33	72.6	106.64	75	79.68	-262.37	67.5	-387.13
Profit Margin (%)	84.77	98.6	77.98	82.3	83.37	81.17	88.83	-23.85	75.77	104.36	73.36	54.09	-334.66	58.38	-394.84
Net Income to Common Margin (%)	84.77	98.6	77.98	82.3	83.37	81.17	82.43	-59.06	58.04	109.21	50.45	40.92	-487.58	49.15	-440.72
Effective Tax Rate (%)	- -	- -	12.8	- -	- -	3.73	- -	- -	- -	- -	2.19	32.12	- -	13.51	- -
Dvd Payout Ratio (%)	93.94	116.66	102.85	170.85	77.55	104.39	143.22	-240.35	186.63	-11.69	154.3	142.08	-127.76	74.86	-33.45
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	640	3,710	5,785	7,107	1,518	1,459	1,189	966	1,242	1,799	1,893	1,282	1,302
ST Debt	- -	- -	- -	- -	- -	70	20	310	300	284	421	1,119	1,329	1,022	929
LT Debt	- -	- -	640	3,710	5,785	7,037	1,498	1,149	889	682	822	681	564	260	373
Total Debt/EBITDA	- -	- -	382.16	2,295.58	4,247.51	5,539.51	1,566.41	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	-2.4	-474.08	-230.44	1,673.19	3,705.78	5,266.04	1,133.84	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-2.4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.55	-1.16	-2.24	-2.84	-3.35	-2.29	-4.59	-5.45	-5.15	-18.93	-31.14	-28.33	-31.65	-33.55	-43.85
Long-Term Debt/Equity (%)	- -	- -	16.59	91.19	161.75	206.91	41.94	27	17.89	22.07	29.94	31.17	25.59	12.26	20.85
Long-Term Debt/Capital (%)	- -	- -	251.25	119.25	109.21	105.86	138.37	144.89	281.69	-38.94	-44.95	-49.15	-34.12	-11.77	-13.04
Long-Term Debt/Total Assets (%)	- -	- -	3.73	17.59	39.69	34.99	6.04	3.81	2.48	3.49	6.78	5.05	4.29	2.13	3.43
Total Debt/Equity (%)	- -	- -	16.59	91.19	161.75	208.97	42.5	34.29	23.93	31.26	45.28	82.41	85.91	60.42	72.8
Total Debt/Capital (%)	- -	- -	251.25	119.25	109.21	106.92	140.22	183.98	376.7	-55.15	-67.97	-129.97	-114.55	-58	-45.53
Total Debt/Total Assets (%)	- -	- -	3.73	17.59	39.69	35.34	6.12	4.84	3.31	4.95	10.26	13.36	14.41	10.51	11.99
Net Debt to Equity	-28.35	-23.8	-10.01	66.47	141.12	198.65	30.76	24.66	12.7	-13.57	3.23	51.1	52.8	36.65	25.69
Net Debt/Capital (%)	89.04	80.87	50.04	128.44	110.7	107.3	165.64	273.79	-260.47	13.37	-2.97	-53.96	-48.83	-28.64	-12.41
EBITDA	150	2	2	2	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	150	2	-497	-58	-122	-316	-483	-976	-614	-622	-742	-630	-313	-114	-104
Operating Income (Loss)	150	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.97	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	1.14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	0.98	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	0.04	0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.55	-1.16	-2.24	-2.84	-3.35	-2.29	-4.59	-5.45	-5.15	-18.93	-31.14	-28.33	-31.65	-33.55	-43.85
Long-Term Debt/Equity (%)	- -	- -	16.59	91.19	161.75	206.91	41.94	27	17.89	22.07	29.94	31.17	25.59	12.26	20.85
Long-Term Debt/Capital (%)	- -	- -	251.25	119.25	109.21	105.86	138.37	144.89	281.69	-38.94	-44.95	-49.15	-34.12	-11.77	-13.04
Long-Term Debt/Total Assets (%)	- -	- -	3.73	17.59	39.69	34.99	6.04	3.81	2.48	3.49	6.78	5.05	4.29	2.13	3.43
Total Debt/Equity (%)	- -	- -	16.59	91.19	161.75	208.97	42.5	34.29	23.93	31.26	45.28	82.41	85.91	60.42	72.8
Total Debt/Capital (%)	- -	- -	251.25	119.25	109.21	106.92	140.22	183.98	376.7	-55.15	-67.97	-129.97	-114.55	-58	-45.53
Total Debt/Total Assets (%)	- -	- -	3.73	17.59	39.69	35.34	6.12	4.84	3.31	4.95	10.26	13.36	14.41	10.51	11.99
CFO/Total Liabilities	2.22	1.21	-3.42	-3.92	-17.61	1.43	2.86	2.72	3.41	3.84	4.52	5.53	3.14	1.99	0.98
CFO/CapEx	- -	- -	-0.91	-11.2	-15.66	0.75	1.25	0.72	1.72	1.01	0.57	0.99	1.1	1.76	0.86
Altman's Z-Score	0.22	- -	0.01	-0.03	-0.01	-0.01	-0.05	-0.08	-0.06	-0.38	-0.51	-0.47	-0.57	-0.57	-0.78

Working Capital (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	12.83	8.96	15.98	3.51	10.22	7.99	6.16	2.4	4.77	-22.35	6.95	13.07	0.89	14.88	3.68
Days Sales Outstanding	28.45	40.72	22.84	104.1	35.7	45.69	59.21	152.21	76.5	-16.33	52.51	27.92	409.71	24.54	99.23
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	1.58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	230.93	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	-202.48	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	28.45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	360	821	1,025	1,006	738	351	419	410	558	1,385	1,154	683	730	505	842
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	703	978	978	978	703	631	613	601	601
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	640	3,710	5,785	7,107	1,518	1,459	1,189	966	1,242	1,799	1,893	1,282	1,302
Enterprise Value	-6,609	-14,488	-12,642	-11,637	-2,778	-6,360	-19,420	-23,526	-29,798	-14,093	-6,371	-6,032	-6,551	-5,992	1,061
Total Capital	-44	-194	255	3,111	5,297	6,647	1,082	793	316	-1,751	-1,828	-1,384	-1,653	-2,211	-2,859
Total Debt/Capital (%)	- -	- -	251.25	119.25	109.21	106.92	140.22	183.98	376.7	-55.15	-67.97	-129.97	-114.55	-58	-45.53
Total Debt / EV	- -	- -	-0.05	-0.32	-2.08	-1.12	-0.08	-0.06	-0.04	-0.07	-0.2	-0.3	-0.29	-0.21	1.23
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	56.86	2.7	9.22
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.17	6.86	11.93
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.71	4.38	5.5
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	-360	-821	-386	2,704	5,047	6,756	1,801	2,027	1,609	558	791	1,747	1,777	1,379	1,061
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	150	296	743	203	590	435	392	186	428	-1,562	255	407	32	511	115
TTM EBITDA	150	2	2	2	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	150	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	152	162	-456	-667	-1,937	240	607	703	1,057	632	424	623	344	201	89
TTM Free Cash Flow to Firm	152	162	43	-608	-1,813	557	1,091	1,679	1,670	1,254	1,166	1,253	656	315	193

Multiples (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-6,609	-14,488	-12,642	-11,637	-2,778	-6,360	-19,420	-23,526	-29,798	-14,093	-6,371	-6,032	-6,551	-5,992	1,061
Low Price	- -	- -	- -	- -	- -	- -	24.47	25.03	25.38	7.33	24.15	16.91	18.85	22.17	21.52
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	56.86	2.7	9.22
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	- -	- -	- -	13.31	8.55	15.52	4.59	10.91	3.76	- -	3.1	4.29	55.89	2.7	9.22
EV/Sales High	- -	- -	- -	13.31	8.55	15.52	4.59	10.91	3.76	- -	3.1	4.29	55.89	2.7	9.22
EV/Sales Low	- -	- -	- -	13.31	8.55	15.52	4.59	10.91	3.76	- -	3.1	4.29	55.89	2.7	9.22
EV/EBITDA Average	-2.4	-474.08	-230.44	1,673.19	3,705.78	5,266.04	1,858.85	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	-2.4	-474.08	-230.44	1,673.19	3,705.78	5,266.04	1,858.85	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	-2.4	-474.08	-230.44	1,673.19	3,705.78	5,266.04	1,858.85	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	-2.4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	-2.4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	-2.4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	- -	27.26	26.15	27.75	24.9	26.33	20.29	22.39	24.7	24.06
High Price	- -	- -	- -	- -	- -	- -	28.17	27.68	28.87	29.55	27.1	26.6	23.09	25.39	25.05
Enterprise Value Average	-360	-821	-386	2,704	5,047	6,756	1,801	2,027	1,609	558	791	1,747	1,777	1,379	1,061
Enterprise Value High	-360	-821	-386	2,704	5,047	6,756	1,801	2,027	1,609	558	791	1,747	1,777	1,379	1,061
Enterprise Value Low	-360	-821	-386	2,704	5,047	6,756	1,801	2,027	1,609	558	791	1,747	1,777	1,379	1,061

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	18	37	46	46	44	43	44	62	68	68	86	86	103	104	105
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Two Harbors Investment Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)