IVR
Invesco Mortgage Capital Inc.
REIT - Mortgage
Market Cap$577M
5Y Perf.-69.5%
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Stock Comparison
IVR vs TWO
Revenue, margins, valuation, and 5-year total return — side by side.
TWO
Two Harbors Investment Corp.
REIT - Mortgage
Market Cap$1.30B
5Y Perf.-31.5%
IVR vs TWO — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | IVR | TWO |
|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $577M | $1.30B |
| Revenue (TTM) | $335M | $765M |
| Net Income (TTM) | $101M | $-343M |
| Gross Margin | 50.5% | 88.0% |
| Operating Margin | 47.1% | 57.3% |
| Forward P/E | 3.7x | 12.0x |
| Total Debt | $5.62B | $8.56B |
| Cash & Equiv. | $56M | $842M |
IVR vs TWO — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
IVR
TWO
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Invesco Mortgage Ca… (IVR) | 100 | 30.5 | -69.5% |
| Two Harbors Investm… (TWO) | 100 | 68.5 | -31.5% |
Price return only. Dividends and distributions are not included.
Quick Verdict: IVR vs TWO
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: IVR leads in 6 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Two Harbors Investment Corp. is the stronger pick specifically for capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
IVR
Invesco Mortgage Capital Inc.
The Real Estate Income Play
IVR carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 0 yrs, beta 0.78, yield 20.1%
- Rev growth -24.6%, EPS growth 135.4%
- -24.6% FFO/revenue growth vs TWO's -28.4%
Best for: income & stability and growth exposure
TWO
Two Harbors Investment Corp.
The Real Estate Income Play
TWO is the clearest fit if your priority is long-term compounding and sleep-well-at-night.
- -6.6% 10Y total return vs IVR's -31.0%
- Lower volatility, beta 0.49, current ratio 0.13x
- Beta 0.49, yield 13.2%, current ratio 0.13x
Best for: long-term compounding and sleep-well-at-night
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | IVR | -24.6% FFO/revenue growth vs TWO's -28.4% |
| Value | IVR | Lower P/E (3.7x vs 12.0x) |
| Quality / Margins | IVR | 30.2% margin vs TWO's -44.8% |
| Stability / Safety | TWO | Beta 0.49 vs IVR's 0.78, lower leverage |
| Dividends | IVR | 20.1% yield, vs TWO's 13.2% |
| Momentum (1Y) | IVR | +29.9% vs TWO's +18.8% |
| Efficiency (ROA) | IVR | 1.7% ROA vs TWO's -3.0%, ROIC 4.0% vs 3.1% |
IVR vs TWO — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLIVRLAGGINGTWO
TWOTwo Harbors Investmen…
2leads
IVRInvesco Mortgage Capi…
3leads
6 Total Categories
CATEGORYLEADERvs TWOMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
Tied
—
Valuation MetricsMultiples, price ratios, and targets
IVR5/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
IVR8/9
Total Returns1Y, 3Y, 5Y total returns with dividends
TWO5/6
Risk & VolatilityBeta, volatility, and downside exposure
TWO2/2
Analyst OutlookRatings, price targets, and dividends
IVR1/1
Income & Cash Flow (Last 12 Months)
Evenly matched — IVR and TWO each lead in 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
TWO is the larger business by revenue, generating $765M annually — 2.3x IVR's $335M. IVR is the more profitable business, keeping 30.2% of every revenue dollar as net income compared to TWO's -44.8%. On growth, TWO holds the edge at +3.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | IVRInvesco Mortgage … | TWOTwo Harbors Inves… |
|---|---|---|
| RevenueTrailing 12 months | $335M | $765M |
| EBITDAEarnings before interest/tax | $158M | $70M |
| Net IncomeAfter-tax profit | $101M | -$343M |
| Free Cash FlowCash after capex | $157M | -$66M |
| Gross MarginGross profit ÷ Revenue | +50.5% | +88.0% |
| Operating MarginEBIT ÷ Revenue | +47.1% | +57.3% |
| Net MarginNet income ÷ Revenue | +30.2% | -44.8% |
| FCF MarginFCF ÷ Revenue | +46.8% | -8.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | -58.6% | +3.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +9.7% | +120.2% |
Evenly matched — IVR and TWO each lead in 3 of 6 comparable metrics.
Valuation Metrics
IVR leads this category, winning 5 of 6 comparable metrics.
Valuation Metrics
On an enterprise value basis, IVR's 19.1x EV/EBITDA is more attractive than TWO's 198.1x.
| Metric | IVRInvesco Mortgage … | TWOTwo Harbors Inves… |
|---|---|---|
| Market CapShares × price | $577M | $1.3B |
| Enterprise ValueMkt cap + debt − cash | $6.1B | $9.0B |
| Trailing P/EPrice ÷ TTM EPS | 5.25x | -2.84x |
| Forward P/EPrice ÷ next-FY EPS est. | 3.67x | 11.98x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 19.12x | 198.07x |
| Price / SalesMarket cap ÷ Revenue | 1.70x | 2.15x |
| Price / BookPrice ÷ Book value/share | 0.67x | 0.72x |
| Price / FCFMarket cap ÷ FCF | 3.67x | 14.63x |
IVR leads this category, winning 5 of 6 comparable metrics.
Profitability & Efficiency
IVR leads this category, winning 8 of 9 comparable metrics.
Profitability & Efficiency
IVR delivers a 13.3% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $-19 for TWO. TWO carries lower financial leverage with a 4.79x debt-to-equity ratio, signaling a more conservative balance sheet compared to IVR's 7.05x. On the Piotroski fundamental quality scale (0–9), IVR scores 5/9 vs TWO's 3/9, reflecting solid financial health.
| Metric | IVRInvesco Mortgage … | TWOTwo Harbors Inves… |
|---|---|---|
| ROE (TTM)Return on equity | +13.3% | -19.1% |
| ROA (TTM)Return on assets | +1.7% | -3.0% |
| ROICReturn on invested capital | +4.0% | +3.1% |
| ROCEReturn on capital employed | +40.4% | +16.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 3 |
| Debt / EquityFinancial leverage | 7.05x | 4.79x |
| Net DebtTotal debt minus cash | $5.6B | $7.7B |
| Cash & Equiv.Liquid assets | $56M | $842M |
| Total DebtShort + long-term debt | $5.6B | $8.6B |
| Interest CoverageEBIT ÷ Interest expense | 1.46x | 0.09x |
IVR leads this category, winning 8 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
TWO leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in TWO five years ago would be worth $7,960 today (with dividends reinvested), compared to $5,499 for IVR. Over the past 12 months, IVR leads with a +29.9% total return vs TWO's +18.8%. The 3-year compound annual growth rate (CAGR) favors TWO at 13.6% vs IVR's 9.4% — a key indicator of consistent wealth creation.
| Metric | IVRInvesco Mortgage … | TWOTwo Harbors Inves… |
|---|---|---|
| YTD ReturnYear-to-date | +0.4% | +23.4% |
| 1-Year ReturnPast 12 months | +29.9% | +18.8% |
| 3-Year ReturnCumulative with dividends | +30.8% | +46.8% |
| 5-Year ReturnCumulative with dividends | -45.0% | -20.4% |
| 10-Year ReturnCumulative with dividends | -31.0% | -6.6% |
| CAGR (3Y)Annualised 3-year return | +9.4% | +13.6% |
TWO leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
TWO leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
TWO is the less volatile stock with a 0.49 beta — it tends to amplify market swings less than IVR's 0.78 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | IVRInvesco Mortgage … | TWOTwo Harbors Inves… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.78x | 0.49x |
| 52-Week HighHighest price in past year | $9.50 | $14.17 |
| 52-Week LowLowest price in past year | $7.10 | $8.78 |
| % of 52W HighCurrent price vs 52-week peak | +84.5% | +87.4% |
| RSI (14)Momentum oscillator 0–100 | 43.2 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 2.2M | 3.5M |
TWO leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
IVR leads this category, winning 1 of 1 comparable metric.
Analyst Outlook
Wall Street rates IVR as "Hold" and TWO as "Hold". Consensus price targets imply 13.1% upside for TWO (target: $14) vs 12.1% for IVR (target: $9). For income investors, IVR offers the higher dividend yield at 20.08% vs TWO's 13.25%.
| Metric | IVRInvesco Mortgage … | TWOTwo Harbors Inves… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $9.00 | $14.00 |
| # AnalystsCovering analysts | 20 | 22 |
| Dividend YieldAnnual dividend ÷ price | +20.1% | +13.2% |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | $1.61 | $1.64 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.5% | +0.1% |
IVR leads this category, winning 1 of 1 comparable metric.
Key Takeaway
IVR leads in 3 of 6 categories (Valuation Metrics, Profitability & Efficiency). TWO leads in 2 (Total Returns, Risk & Volatility). 1 tied.
Best OverallInvesco Mortgage Capital In… (IVR)Leads 3 of 6 categories
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IVR vs TWO: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is IVR or TWO a better buy right now?
For growth investors, Invesco Mortgage Capital Inc.
(IVR) is the stronger pick with -24. 6% revenue growth year-over-year, versus -28. 4% for Two Harbors Investment Corp. (TWO). Invesco Mortgage Capital Inc. (IVR) offers the better valuation at 5. 2x trailing P/E (3. 7x forward), making it the more compelling value choice. Analysts rate Invesco Mortgage Capital Inc. (IVR) a "Hold" — based on 20 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — IVR or TWO?
On forward P/E, Invesco Mortgage Capital Inc.
is actually cheaper at 3. 7x.
03Which is the better long-term investment — IVR or TWO?
Over the past 5 years, Two Harbors Investment Corp.
(TWO) delivered a total return of -20. 4%, compared to -45. 0% for Invesco Mortgage Capital Inc. (IVR). Over 10 years, the gap is even starker: TWO returned -6. 6% versus IVR's -31. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — IVR or TWO?
By beta (market sensitivity over 5 years), Two Harbors Investment Corp.
(TWO) is the lower-risk stock at 0. 49β versus Invesco Mortgage Capital Inc. 's 0. 78β — meaning IVR is approximately 58% more volatile than TWO relative to the S&P 500. On balance sheet safety, Two Harbors Investment Corp. (TWO) carries a lower debt/equity ratio of 5% versus 7% for Invesco Mortgage Capital Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — IVR or TWO?
By revenue growth (latest reported year), Invesco Mortgage Capital Inc.
(IVR) is pulling ahead at -24. 6% versus -28. 4% for Two Harbors Investment Corp. (TWO). On earnings-per-share growth, the picture is similar: Invesco Mortgage Capital Inc. grew EPS 135. 4% year-over-year, compared to -284. 0% for Two Harbors Investment Corp.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — IVR or TWO?
Invesco Mortgage Capital Inc.
(IVR) is the more profitable company, earning 29. 8% net margin versus -75. 0% for Two Harbors Investment Corp. — meaning it keeps 29. 8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: IVR leads at 94. 5% versus 68. 7% for TWO. At the gross margin level — before operating expenses — TWO leads at 97. 9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is IVR or TWO more undervalued right now?
On forward earnings alone, Invesco Mortgage Capital Inc.
(IVR) trades at 3. 7x forward P/E versus 12. 0x for Two Harbors Investment Corp. — 8. 3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for TWO: 13. 1% to $14. 00.
08Which pays a better dividend — IVR or TWO?
All stocks in this comparison pay dividends.
Invesco Mortgage Capital Inc. (IVR) offers the highest yield at 20. 1%, versus 13. 2% for Two Harbors Investment Corp. (TWO).
09Is IVR or TWO better for a retirement portfolio?
For long-horizon retirement investors, Two Harbors Investment Corp.
(TWO) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 49), 13. 2% yield). Both have compounded well over 10 years (TWO: -6. 6%, IVR: -31. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between IVR and TWO?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: IVR is a small-cap deep-value stock; TWO is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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