RWTN
Redwood Trust, Inc. 9.125% Seni
REIT - Mortgage
Market Cap$3.18B
5Y Perf.+0.4%
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Stock Comparison
RWTN vs NLY vs AGNC vs TWO
Revenue, margins, valuation, and 5-year total return — side by side.
NLY
Annaly Capital Management, Inc.
REIT - Mortgage
Market Cap$16.08B
5Y Perf.+17.3%
AGNC
AGNC Investment Corp.
REIT - Mortgage
Market Cap$9.62B
5Y Perf.+12.1%
TWO
Two Harbors Investment Corp.
REIT - Mortgage
Market Cap$1.30B
5Y Perf.-2.3%
RWTN vs NLY vs AGNC vs TWO — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | RWTN | NLY | AGNC | TWO |
|---|---|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $3.18B | $16.08B | $9.62B | $1.30B |
| Revenue (TTM) | $977M | $6.70B | $3.46B | $765M |
| Net Income (TTM) | $-70M | $2.03B | $838M | $-343M |
| Gross Margin | 95.5% | 99.2% | 100.0% | 88.0% |
| Operating Margin | 77.5% | 102.6% | 107.1% | 57.3% |
| Forward P/E | 32.8x | 7.5x | 6.9x | 12.0x |
| Total Debt | $22.29B | $111.86B | $64M | $8.56B |
| Cash & Equiv. | $256M | $2.04B | $505M | $842M |
RWTN vs NLY vs AGNC vs TWO — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
RWTN
NLY
AGNC
TWO
| Stock | Feb 24 | May 26 | Return |
|---|---|---|---|
| Redwood Trust, Inc.… (RWTN) | 100 | 100.4 | +0.4% |
| Annaly Capital Mana… (NLY) | 100 | 117.3 | +17.3% |
| AGNC Investment Cor… (AGNC) | 100 | 112.1 | +12.1% |
| Two Harbors Investm… (TWO) | 100 | 97.7 | -2.3% |
Price return only. Dividends and distributions are not included.
Quick Verdict: RWTN vs NLY vs AGNC vs TWO
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: AGNC leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Annaly Capital Management, Inc. is the stronger pick specifically for profitability and margin quality and operational efficiency and capital deployment. TWO also leads in specific categories worth noting. As sector peers, any of these can serve as alternatives in the same allocation.
RWTN
Redwood Trust, Inc. 9.125% Seni
The REIT Holding
RWTN lags the leaders in this set but could rank higher in a more targeted comparison.
Best for: real estate exposure
NLY
Annaly Capital Management, Inc.
The Real Estate Income Play
NLY is the #2 pick in this set and the best alternative if quality and efficiency is your priority.
- 30.3% margin vs TWO's -44.8%
- 1.7% ROA vs TWO's -3.0%, ROIC 6.4% vs 3.1%
Best for: quality and efficiency
AGNC
AGNC Investment Corp.
The Real Estate Income Play
AGNC carries the broadest edge in this set and is the clearest fit for growth exposure and long-term compounding.
- Rev growth 384.7%, EPS growth 17.6%, 3Y rev CAGR 26.4%
- 46.9% 10Y total return vs NLY's 35.5%
- 384.7% FFO/revenue growth vs TWO's -28.4%
- Lower P/E (6.9x vs 7.5x)
Best for: growth exposure and long-term compounding
TWO
Two Harbors Investment Corp.
The Real Estate Income Play
TWO is the clearest fit if your priority is income & stability and sleep-well-at-night.
- Dividend streak 0 yrs, beta 0.49, yield 13.2%
- Lower volatility, beta 0.49, current ratio 0.13x
- Beta 0.49, yield 13.2%, current ratio 0.13x
- Beta 0.49 vs AGNC's 0.74
Best for: income & stability and sleep-well-at-night
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | AGNC | 384.7% FFO/revenue growth vs TWO's -28.4% |
| Value | AGNC | Lower P/E (6.9x vs 7.5x) |
| Quality / Margins | NLY | 30.3% margin vs TWO's -44.8% |
| Stability / Safety | TWO | Beta 0.49 vs AGNC's 0.74 |
| Dividends | AGNC | 14.7% yield, vs NLY's 13.1% |
| Momentum (1Y) | AGNC | +39.4% vs RWTN's +12.7% |
| Efficiency (ROA) | NLY | 1.7% ROA vs TWO's -3.0%, ROIC 6.4% vs 3.1% |
RWTN vs NLY vs AGNC vs TWO — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
FY 2021
Segment breakdown not available.
Segment breakdown not available.
RWTN vs NLY vs AGNC vs TWO — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLAGNCLAGGINGTWO
Who Leads Where
AGNC leads in 2 of 6 categories
RWTN leads 0 • NLY leads 0 • TWO leads 0 • 4 tied
Explore the data ↓TWOTwo Harbors Investmen…
0leads
NLYAnnaly Capital Manage…
0leads
RWTNRedwood Trust, Inc. 9…
0leads
AGNCAGNC Investment Corp.
2leads
6 Total Categories
CATEGORYLEADERvs RWTNvs NLYMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
AGNC3/6
Valuation MetricsMultiples, price ratios, and targets
AGNC3/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
Tied
—
Total Returns1Y, 3Y, 5Y total returns with dividends
Tied
—
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
AGNC leads this category, winning 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
NLY is the larger business by revenue, generating $6.7B annually — 8.8x TWO's $765M. NLY is the more profitable business, keeping 30.3% of every revenue dollar as net income compared to TWO's -44.8%. On growth, AGNC holds the edge at +2.5% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | RWTNRedwood Trust, In… | NLYAnnaly Capital Ma… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… |
|---|---|---|---|---|
| RevenueTrailing 12 months | $977M | $6.7B | $3.5B | $765M |
| EBITDAEarnings before interest/tax | $765M | $6.9B | $3.7B | $70M |
| Net IncomeAfter-tax profit | -$70M | $2.0B | $838M | -$343M |
| Free Cash FlowCash after capex | $5.8B | -$222M | $604M | -$66M |
| Gross MarginGross profit ÷ Revenue | +95.5% | +99.2% | +100.0% | +88.0% |
| Operating MarginEBIT ÷ Revenue | +77.5% | +102.6% | +107.1% | +57.3% |
| Net MarginNet income ÷ Revenue | -7.2% | +30.3% | +24.2% | -44.8% |
| FCF MarginFCF ÷ Revenue | +5.9% | -3.3% | +17.5% | -8.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | +184.3% | -8.4% | +2.5% | +3.2% |
| EPS Growth (YoY)Latest quarter vs prior year | -6.5% | +79.5% | +84.6% | +120.2% |
AGNC leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
AGNC leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
At 7.7x trailing earnings, NLY trades at a 33% valuation discount to AGNC's 11.5x P/E. On an enterprise value basis, AGNC's 2.4x EV/EBITDA is more attractive than TWO's 198.1x.
| Metric | RWTNRedwood Trust, In… | NLYAnnaly Capital Ma… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… |
|---|---|---|---|---|
| Market CapShares × price | $3.2B | $16.1B | $9.6B | $1.3B |
| Enterprise ValueMkt cap + debt − cash | $25.2B | $125.9B | $9.2B | $9.0B |
| Trailing P/EPrice ÷ TTM EPS | -41.10x | 7.67x | 11.53x | -2.84x |
| Forward P/EPrice ÷ next-FY EPS est. | 32.82x | 7.46x | 6.87x | 11.98x |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — |
| EV / EBITDAEnterprise value multiple | — | 18.32x | 2.42x | 198.07x |
| Price / SalesMarket cap ÷ Revenue | 11.59x | 2.40x | 1.97x | 2.15x |
| Price / BookPrice ÷ Book value/share | 2.93x | 0.89x | 0.86x | 0.72x |
| Price / FCFMarket cap ÷ FCF | — | — | 111.86x | 14.63x |
AGNC leads this category, winning 3 of 6 comparable metrics.
Profitability & Efficiency
Evenly matched — NLY and AGNC each lead in 5 of 9 comparable metrics.
Profitability & Efficiency
NLY delivers a 14.1% return on equity — every $100 of shareholder capital generates $14 in annual profit, vs $-19 for TWO. AGNC carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to RWTN's 22.68x. On the Piotroski fundamental quality scale (0–9), NLY scores 5/9 vs RWTN's 1/9, reflecting solid financial health.
| Metric | RWTNRedwood Trust, In… | NLYAnnaly Capital Ma… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… |
|---|---|---|---|---|
| ROE (TTM)Return on equity | -6.6% | +14.1% | +7.3% | -19.1% |
| ROA (TTM)Return on assets | -0.3% | +1.7% | +0.8% | -3.0% |
| ROICReturn on invested capital | -0.1% | +6.4% | +34.0% | +3.1% |
| ROCEReturn on capital employed | -0.1% | +19.7% | +4.9% | +16.9% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 5 | 5 | 3 |
| Debt / EquityFinancial leverage | 22.68x | 6.92x | 0.01x | 4.79x |
| Net DebtTotal debt minus cash | $22.0B | $109.8B | -$441M | $7.7B |
| Cash & Equiv.Liquid assets | $256M | $2.0B | $505M | $842M |
| Total DebtShort + long-term debt | $22.3B | $111.9B | $64M | $8.6B |
| Interest CoverageEBIT ÷ Interest expense | -1.48x | 1.42x | 1.32x | 0.09x |
Evenly matched — NLY and AGNC each lead in 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
Evenly matched — NLY and AGNC each lead in 2 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in RWTN five years ago would be worth $12,106 today (with dividends reinvested), compared to $7,960 for TWO. Over the past 12 months, AGNC leads with a +39.4% total return vs RWTN's +12.7%. The 3-year compound annual growth rate (CAGR) favors NLY at 17.0% vs RWTN's 6.6% — a key indicator of consistent wealth creation.
| Metric | RWTNRedwood Trust, In… | NLYAnnaly Capital Ma… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… |
|---|---|---|---|---|
| YTD ReturnYear-to-date | +4.4% | +0.8% | +2.5% | +23.4% |
| 1-Year ReturnPast 12 months | +12.7% | +31.7% | +39.4% | +18.8% |
| 3-Year ReturnCumulative with dividends | +21.1% | +60.1% | +58.3% | +46.8% |
| 5-Year ReturnCumulative with dividends | +21.1% | +1.4% | -2.2% | -20.4% |
| 10-Year ReturnCumulative with dividends | +21.1% | +35.5% | +46.9% | -6.6% |
| CAGR (3Y)Annualised 3-year return | +6.6% | +17.0% | +16.5% | +13.6% |
Evenly matched — NLY and AGNC each lead in 2 of 6 comparable metrics.
Risk & Volatility
Evenly matched — RWTN and TWO each lead in 1 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 AGNC's 0.74 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. RWTN currently trades 98.9% from its 52-week high vs TWO's 87.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | RWTNRedwood Trust, In… | NLYAnnaly Capital Ma… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.59x | 0.64x | 0.74x | 0.49x |
| 52-Week HighHighest price in past year | $25.77 | $24.52 | $12.19 | $14.17 |
| 52-Week LowLowest price in past year | $8.97 | $18.43 | $8.65 | $8.78 |
| % of 52W HighCurrent price vs 52-week peak | +98.9% | +91.3% | +87.9% | +87.4% |
| RSI (14)Momentum oscillator 0–100 | 65.3 | 52.7 | 52.1 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 8K | 7.0M | 18.2M | 3.5M |
Evenly matched — RWTN and TWO each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — RWTN and NLY and AGNC each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: NLY as "Buy", AGNC as "Hold", TWO as "Hold". Consensus price targets imply 13.1% upside for TWO (target: $14) vs 3.8% for AGNC (target: $11). For income investors, AGNC offers the higher dividend yield at 14.73% vs RWTN's 3.44%.
| Metric | RWTNRedwood Trust, In… | NLYAnnaly Capital Ma… | AGNCAGNC Investment C… | TWOTwo Harbors Inves… |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy | Hold | Hold |
| Price TargetConsensus 12-month target | — | $24.50 | $11.13 | $14.00 |
| # AnalystsCovering analysts | — | 28 | 35 | 22 |
| Dividend YieldAnnual dividend ÷ price | +3.4% | +13.1% | +14.7% | +13.2% |
| Dividend StreakConsecutive years of raises | 1 | 1 | 0 | 0 |
| Dividend / ShareAnnual DPS | $0.88 | $2.94 | $1.58 | $1.64 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.6% | +0.1% | 0.0% | +0.1% |
Evenly matched — RWTN and NLY and AGNC each lead in 1 of 2 comparable metrics.
Key Takeaway
AGNC leads in 2 of 6 categories — strongest in Income & Cash Flow and Valuation Metrics. 4 categories are tied.
Best OverallAGNC Investment Corp. (AGNC)Leads 2 of 6 categories
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RWTN vs NLY vs AGNC vs TWO: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is RWTN or NLY or AGNC or TWO a better buy right now?
For growth investors, AGNC Investment Corp.
(AGNC) is the stronger pick with 384. 7% revenue growth year-over-year, versus -28. 4% for Two Harbors Investment Corp. (TWO). Annaly Capital Management, Inc. (NLY) offers the better valuation at 7. 7x trailing P/E (7. 5x forward), making it the more compelling value choice. Analysts rate Annaly Capital Management, Inc. (NLY) a "Buy" — based on 28 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 — RWTN or NLY or AGNC or TWO?
On trailing P/E, Annaly Capital Management, Inc.
(NLY) is the cheapest at 7. 7x versus AGNC Investment Corp. at 11. 5x. On forward P/E, AGNC Investment Corp. is actually cheaper at 6. 9x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — RWTN or NLY or AGNC or TWO?
Over the past 5 years, Redwood Trust, Inc.
9. 125% Seni (RWTN) delivered a total return of +21. 1%, compared to -20. 4% for Two Harbors Investment Corp. (TWO). Over 10 years, the gap is even starker: AGNC returned +46. 9% versus TWO's -6. 6%. 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 — RWTN or NLY or AGNC or TWO?
By beta (market sensitivity over 5 years), Two Harbors Investment Corp.
(TWO) is the lower-risk stock at 0. 49β versus AGNC Investment Corp. 's 0. 74β — meaning AGNC is approximately 51% more volatile than TWO relative to the S&P 500. On balance sheet safety, AGNC Investment Corp. (AGNC) carries a lower debt/equity ratio of 1% versus 23% for Redwood Trust, Inc. 9. 125% Seni — giving it more financial flexibility in a downturn.
05Which is growing faster — RWTN or NLY or AGNC or TWO?
By revenue growth (latest reported year), AGNC Investment Corp.
(AGNC) is pulling ahead at 384. 7% versus -28. 4% for Two Harbors Investment Corp. (TWO). On earnings-per-share growth, the picture is similar: AGNC Investment Corp. grew EPS 1760% year-over-year, compared to -293. 8% for Redwood Trust, Inc. 9. 125% Seni. Over a 3-year CAGR, TWO leads at 263. 5% annualised revenue growth. 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 — RWTN or NLY or AGNC or TWO?
Annaly Capital Management, Inc.
(NLY) is the more profitable company, earning 30. 3% net margin versus -75. 0% for Two Harbors Investment Corp. — meaning it keeps 30. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NLY leads at 102. 6% versus -9. 7% for RWTN. At the gross margin level — before operating expenses — AGNC leads at 100. 0%, 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 RWTN or NLY or AGNC or TWO more undervalued right now?
On forward earnings alone, AGNC Investment Corp.
(AGNC) trades at 6. 9x forward P/E versus 32. 8x for Redwood Trust, Inc. 9. 125% Seni — 25. 9x 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 — RWTN or NLY or AGNC or TWO?
All stocks in this comparison pay dividends.
AGNC Investment Corp. (AGNC) offers the highest yield at 14. 7%, versus 3. 4% for Redwood Trust, Inc. 9. 125% Seni (RWTN).
09Is RWTN or NLY or AGNC 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%, AGNC: +46. 9%), 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 RWTN and NLY and AGNC 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: RWTN is a small-cap income-oriented stock; NLY is a mid-cap deep-value stock; AGNC is a small-cap high-growth 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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