TWO HARBORS INVESTMENT CORP. (TWO) Free cash flow
- Free cash flow · 12 months (USD): Value (m); Formula and calculation Operating cash flow minus capital spending; distinct from the saved levered FCF quote figure. Period ending 2026-03-31..
- Price / free cash flow · 12 months: Value (m); Formula and calculation Market cap / trailing-year free cash flow; inverse of FCF yield before percent scaling. Period ending 2026-03-31..
- Free cash flow yield · 12 months: Value (m); Formula and calculation (Operating cash flow − capital spending) / current market cap. Period ending 2026-03-31..
- Free cash flow margin · 12 months: Value (m); Formula and calculation (Operating cash flow − capital spending) / revenue. Period ending 2026-03-31..
Free cash flow
Overview →Financial period ending 2026-03-31; current quote (m). Amounts retain their stated periods and units.
| Metric | Value | Formula and calculation |
|---|---|---|
| Free cash flow · 12 months (USD) | (m) | Operating cash flow minus capital spending; distinct from the saved levered FCF quote figure. Period ending 2026-03-31. Calculation unavailable: missing inputs remain (m). |
| Price / free cash flow · 12 months | (m) | Market cap / trailing-year free cash flow; inverse of FCF yield before percent scaling. Period ending 2026-03-31. Calculation unavailable: missing inputs remain (m). |
| Free cash flow yield · 12 months | (m) | (Operating cash flow − capital spending) / current market cap. Period ending 2026-03-31. Calculation unavailable: missing inputs remain (m). |
| Free cash flow margin · 12 months | (m) | (Operating cash flow − capital spending) / revenue. Period ending 2026-03-31. Calculation unavailable: missing inputs remain (m). |
| Free cash flow per share · 12 months | (m) | (Trailing-year operating cash flow − capital spending) / reported quarter-end common shares. Period ending 2026-03-31. Calculation unavailable: missing inputs remain (m). |
| Operating cash flow · 12 months | $33.58M | Cash generated by operating activities. Period ending 2026-03-31. |
| Operating cash flow / net income · 12 months | -0.10× | Operating cash flow / net income. Period ending 2026-03-31. $33.58M ÷ $-342.96M ≈ -0.10× |
Calculation inputs
| Input | Amount with unit | Raw financial data |
|---|---|---|
| Operating cash flow | 33.58M USD | Net Cash Provided by (Used in) Operating Activities |
| Capital spending | (m) | |
| Market cap | (m) | |
| Free cash flow | (m) | Net Cash Provided by (Used in) Operating Activities |
| Revenue | (m) | |
| Quarter-end shares | (m) | Common Stock, Shares, Outstanding |
| Net income | -342.96M USD | Net Income (Loss) Attributable to Parent |
Calculated history
Changes compare with the next older row (previous quarter), unless explicitly labeled otherwise. Rolling 12-month growth compares two successive quarter-end rolling totals; it is not year-over-year growth.
| Period ending | Free cash flow | FCF per share | Operating cash flow | Capital spending (USD) | Market cap (USD) | Revenue (USD) | Quarter-end shares (shares) | Net income (USD) | Price / FCF | FCF yield | FCF margin | Cash conversion |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | (m) | (m) | $33.58M | (m) | (m) | (m) | (m) | $-342.96M | (m) | (m) | (m) | -0.10× |
| 2025-12-31 | (m) | (m) | $88.92M | (m) | (m) | (m) | (m) | $-454.30M | (m) | (m) | (m) | -0.20× |
| 2025-09-30 | (m) | (m) | $-49.27M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2025-06-30 | (m) | (m) | $277.05M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2025-03-31 | (m) | (m) | $321.59M | (m) | (m) | (m) | (m) | $15.53M | (m) | (m) | (m) | 20.71× |
| 2024-12-31 | (m) | (m) | $201.00M | (m) | (m) | (m) | (m) | $298.17M | (m) | (m) | (m) | 0.67× |
| 2024-09-30 | (m) | (m) | $331.80M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2024-06-30 | (m) | (m) | $367.06M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2024-03-31 | (m) | (m) | $334.72M | (m) | (m) | (m) | (m) | $274.02M | (m) | (m) | (m) | 1.22× |
| 2023-12-31 | (m) | (m) | $343.51M | (m) | (m) | (m) | (m) | $-106.37M | (m) | (m) | (m) | -3.23× |
| 2023-09-30 | (m) | (m) | $469.75M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2023-06-30 | (m) | (m) | $716.64M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2023-03-31 | (m) | (m) | $674.86M | (m) | (m) | (m) | (m) | $-241.84M | (m) | (m) | (m) | -2.79× |
| 2022-12-31 | (m) | (m) | $623.40M | (m) | (m) | (m) | (m) | $220.24M | (m) | (m) | (m) | 2.83× |
| 2022-09-30 | (m) | (m) | $430.88M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2022-06-30 | (m) | (m) | $291.28M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2022-03-31 | (m) | (m) | $435.52M | (m) | (m) | (m) | (m) | $232.34M | (m) | (m) | (m) | 1.87× |
| 2021-12-31 | (m) | (m) | $423.51M | (m) | (m) | (m) | (m) | $187.23M | (m) | (m) | (m) | 2.26× |
| 2021-09-30 | (m) | (m) | $633.24M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2021-06-30 | (m) | (m) | $629.65M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2021-03-31 | (m) | (m) | $468.04M | (m) | (m) | (m) | (m) | $479.68M | (m) | (m) | (m) | 0.98× |
| 2020-12-31 | (m) | (m) | $631.60M | (m) | (m) | (m) | (m) | $-1.63B | (m) | (m) | (m) | -0.39× |
| 2020-09-30 | (m) | (m) | $583.96M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2020-06-30 | (m) | (m) | $681.50M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2020-03-31 | (m) | (m) | $991.03M | (m) | (m) | (m) | (m) | $-1.52B | (m) | (m) | (m) | -0.65× |
| 2019-12-31 | (m) | (m) | $1.06B | (m) | (m) | (m) | (m) | $323.96M | (m) | (m) | (m) | 3.26× |
| 2019-09-30 | (m) | (m) | $1.03B | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2019-06-30 | (m) | (m) | $870.94M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2019-03-31 | (m) | (m) | $665.54M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2018-12-31 | (m) | (m) | $702.87M | (m) | (m) | (m) | (m) | $-44.29M | (m) | (m) | (m) | -15.87× |
| 2018-09-30 | (m) | (m) | $709.38M | (m) | (m) | (m) | (m) | $676.15M | (m) | (m) | (m) | 1.05× |
| 2018-06-30 | (m) | (m) | $689.86M | (m) | (m) | (m) | (m) | $742.27M | (m) | (m) | (m) | 0.93× |
| 2018-03-31 | (m) | (m) | $647.66M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2017-12-31 | (m) | (m) | $606.78M | (m) | (m) | (m) | (m) | $348.57M | (m) | (m) | (m) | 1.74× |
| 2017-09-30 | (m) | (m) | $1.33B | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2017-06-30 | (m) | (m) | $760.47M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2017-03-31 | (m) | (m) | $533.63M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2016-12-31 | (m) | (m) | $239.68M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2016-09-30 | (m) | (m) | $-973.35M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2016-06-30 | (m) | (m) | $-1.13B | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2016-03-31 | (m) | (m) | $-1.56B | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2015-12-31 | (m) | (m) | $-1.94B | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2015-09-30 | (m) | (m) | $-2.10B | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2015-06-30 | (m) | (m) | $-2.12B | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2015-03-31 | (m) | (m) | $-1.76B | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2014-12-31 | (m) | (m) | $-764.15M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2014-09-30 | (m) | (m) | $-306.07M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2014-06-30 | (m) | (m) | $482.80M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2014-03-31 | (m) | (m) | $22.06M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2013-12-31 | (m) | (m) | $-454.67M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2013-09-30 | (m) | (m) | $-503.38M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2013-06-30 | (m) | (m) | $-606.30M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2013-03-31 | (m) | (m) | $97.88M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2012-12-31 | (m) | (m) | $163.13M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2012-09-30 | (m) | (m) | $226.13M | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2012-06-30 | (m) | (m) | $193.88M | (m) | (m) | (m) | (m) | $181.84M | (m) | (m) | (m) | 1.07× |
| 2012-03-31 | (m) | (m) | $174.81M | (m) | (m) | (m) | (m) | $156.85M | (m) | (m) | (m) | 1.11× |
| 2011-12-31 | (m) | (m) | $151.64M | (m) | (m) | (m) | (m) | $127.43M | (m) | (m) | (m) | 1.19× |
| 2011-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2011-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2011-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | $52.80M | (m) | (m) | (m) | (m) |
| 2010-12-31 | (m) | (m) | $33.11M | (m) | (m) | (m) | (m) | $35.76M | (m) | (m) | (m) | 0.93× |
| 2010-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2010-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2009-12-31 | (m) | (m) | $-11.36M | (m) | (m) | (m) | (m) | $-8.74M | (m) | (m) | (m) | 1.30× |
(m) means missing inputs. Historical market-based ratios use the saved close on or immediately before period ending and that period’s reported shares; current quotes are not substituted. Five-year projections repeat historical CAGR, not analyst forecasts.
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