Two Harbors Investment Corp. Financial Ratios — TWO-PC 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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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 ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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 ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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 ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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 ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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 ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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	- -	- -	- -	- -	- -	- -	24.42	22.73	23.18	6.9	22.08	16.11	17.88	21.58	22.25
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	- -	- -	- -	- -	- -	- -	25.08	23.97	26.13	22.85	25.49	18.71	22.35	24.7	24.7
High Price	- -	- -	- -	- -	- -	- -	25.13	25.38	26.34	26.84	25.64	25.49	22.74	25	25.2
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

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)

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Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)