Two Harbors Investment Corp.

TWONYSEReal Estate● Active

$12.36

+$0.02(+0.16%)

Market Cap$1.3B

P/E Ratio—

52W High$14.17

52W Low$8.78

Avg Volume3.3M

Open$12.39

Beta1.04

Overview

Two Harbors Investment Corp. (TWO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

TWO · free cash flow · updated Jun 9, 2026

Core FCF metrics

TWO · FCF · TTM · margin & CAGR

Free cash flow was −$15.1M for FY2025 (fiscal year ending 2025-12-31), down 117.3% year-over-year The FCF margin was -2.5%.

FY2025 Free Cash Flow−$15.1M▼ -117.3% YoY

Trailing 12M (TTM)−$69.9Mtrailing 4 quarters sum

FCF Margin-2.5%−$15.1M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

TWO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$88.9M(104M)−$15.1M▼ 117.3%-2.5%

FY2024$201.0M(114M)$86.9M▲ +181.4%10.3%

FY2023$343.5M(313M)$30.9M▲ +581.8%4.8%

FY2022$623.4M(630M)−$6.4M▲ +98.0%-50.8%

FY2021$423.5M(742M)−$318.6M▼ 3564.6%—

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

TWO · P/FCF · FCF yield · FCF per share

Two Harbors Investment Corp. (TWO) reported negative free cash flow of −$0.02B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

TWO · cash flow statement · operating / investing / financing

For FY2025, Two Harbors Investment Corp. generated $88.9M in operating cash flow and spent 104M in capital expenditures, yielding −$15.1M in free cash flow.

Operating Activities

+$88.9M

Cash from core business operations

2025-12-31

Investing Activities

+$911.6M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$756.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($88.9M) − |CapEx| (104M) = FCF (−$15.1M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

TWO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Two Harbors Investment Corp.YOU

TWO

−$15.1M-117.3%-2.5%

Loss

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Two Harbors Investment Corp. (TWO) reported free cash flow of −$15.1M for FY2025 (fiscal year ending 2025-12-31), down 117.3% year-over-year. The FCF margin was -2.5%.

Based on available data, Two Harbors Investment Corp. has maintained positive free cash flow for at least 7 fiscal year(s). FCF peaked at $443.0M in FY2019.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

TWO free cash flow · 8 questions

Two Harbors Investment Corp. free cash flow was −$15.1M for FY2025, down 117.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$69.9M.

TWO free cash flowTWO FCFTWO FCF 2025TWO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Two Harbors Investment Corp. · Two Harbors Investment Corp. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026