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TWOTwo Harbors Investment Corp.
$12.18$1.3B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
TWO logo

Two Harbors Investment Corp.

TWO
NYSE · Mortgage REITs
$12.18
At close - Sep 4, 4:00 PM EDT - USD
Market Cap$1.28B
P/E-2.8x
52W High$14.17
Volume19.38M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

MSR-Led Repositioning Cuts Assets, Boosts FFO

Two Harbors is executing a strategic pivot toward mortgage servicing rights (MSRs), evidenced by a 33% reduction in total assets to $8.8B and a surge in cash to $5.7B in 2026Q2. This repositioning has driven a 51% sequential FFO per share increase to $0.53, wi...

GrowthMixed
ProfitabilityStrained
ValuationExpensive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

TWO price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

1/12 Beats

EPS beat 1 of last 12 quarters

02

Valuation risk

-139% Peers

P/E is 139% below peer median

03

Market leadership

RS 60 · Avg

Average momentum (RS Rating: 60)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Oct 28

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
TWO+24.76%
S&P 500 (^GSPC)+13.20%
1-Year Return
TWO+39.44%
S&P 500 (^GSPC)+15.98%
3-Year Return
TWO+25.68%
S&P 500 (^GSPC)+77.44%
5-Year Return
TWO-15.79%
S&P 500 (^GSPC)+74.30%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
-2.8x
Forward P/E
10.2x
EV/EBITDA100th %ile
197.6x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-2.8x
7.4x
0th· Low
EV/EBITDA
197.6x
19.3x
100th· High
Price/FCF
N/A
43.2x
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$34.76+185.4%
Base (Fair)$46.49+281.7%
Bull$58.91+383.7%
$34.76 Bear$46.49 Base$58.91 Bull
Current Market Price: $12.18
Trades at a 73.8% discount to Base DCF ($46.49)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$606M-28.4% YoY
Net income
-$454M-252.4% YoY
Free cash flow
-$15M-117.3% YoY
Operating margin
68.7%-43.8 pts YoY
ROIC (TTM)3.1%
Avg ROIC 5Y-
ROE (TTM)-23.2%
Piotroski Score3 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate1/12 (8%)
Revenue Beat Rate2/12 (17%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 28, 2026
$0.28-0.1%
vs $0.28
$6M-163.7%
vs $9M
Q2 2026
Apr 28, 2026
$0.34+31.0%
vs $0.26
$7M-379.0%
vs $2M
Q1 2026
Feb 2, 2026
$0.26-13.3%
vs $0.30
$15M-69.3%
vs $9M
Q4 2025
Oct 27, 2025
$0.36-0.6%
vs $0.36
$24M+13.0%
vs $27M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Newsfile Corp·Sep 16, 2026
T2 Metals Commences First-Ever Surface Diamond Drill Program at the Shanghai Project, Yukon, Canada

Program Underway to Test High-Grade Keno Hill-style Silver-Lead-Zinc and AurMac-style Gold-Silver Targets Vancouver, British Columbia--(Newsfile Corp. - September 16, 2026) - T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) (FSE: WJ6) ("T2 Metals" or the "Company") is pleased to announce that surface diamond drilling has commenced at the Company's Shanghai Silver-Gold Project ("Shanghai" or the "Project") in central Yukon, Canada. This first-ever surface drill program at Shanghai marks a major operational milestone as the Company continues to advance its exploration activities in the Yukon.

Business Wire·Sep 14, 2026
TWO Announces Intention to Voluntarily Delist and Deregister 9.375% Senior Notes due 2030 from the New York Stock Exchange

NEW YORK--(BUSINESS WIRE)--TWO Announces Intention to Voluntarily Delist and Deregister 9.375% Senior Notes due 2030 from the New York Stock Exchange.

Business Wire·Sep 11, 2026
TWO Announces Offer to Repurchase 9.375% Senior Notes due 2030 and Satisfaction and Discharge of the Related Indenture

NEW YORK--(BUSINESS WIRE)--TWO Announces Offer to Repurchase 9.375% Senior Notes due 2030 and Satisfaction and Discharge of the Related Indenture.

Newsfile Corp·Sep 9, 2026
Geomorphic AI Engaged by T2 Metals to Advance Drill Targeting at the Cora Copper Project in Arizona

Portland, Oregon--(Newsfile Corp. - September 9, 2026) - Geomorphic AI ("Geomorphic" or the "Company"), a private North American AI-driven minerals prospect generator and technical-underwriting firm, is pleased to announce that it has been engaged by T2 Metals Corp. ("T2 Metals") (TSXV: TWO) (OTCQB: TWOSF) (FSE: WJ6) to complete an AI-supported drill targeting review of T2 Metals' 100%-owned Cora Copper Project ("Cora" or the "Project") in Arizona, United States. Cora has an approximately 80-year exploration history that includes historic drilling, legacy geophysics and more recent aeromagnetic work.

Filtered for Two Harbors Investment Corp.More Headlines
04

Compare before deciding

Benchmark TWO against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Two Harbors Investment Corp. (TWO)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TWO logoTWOTwo Harbors Investment Corp.Current
$12.18$1.28B-2.79-28.4%-75.02%-23.24%13.47%
AGNC logoAGNCAGNC Investment Corp.
$10.09$11.58B6.86-60.79%43.6%12.7%—
NLY logoNLYAnnaly Capital Management, Inc.
$21.44$16.09B7.345.35%40.52%18.31%—
DX logoDXDynex Capital, Inc.
$12.10$1.83B4.9067.76%49.18%16.91%—
MFA logoMFAMFA Financial, Inc.
$8.56$873.92M5.10213.02%19.71%8.23%—
IVR logoIVRInvesco Mortgage Capital Inc.
$6.62$681.49M5.023.17%38.68%13.99%—

Compare TWO vs Peers

Two Harbors Investment Corp. (TWO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AGNC

Most directly comparable listed peer for TWO.

Scale Benchmark

vs RKT

Larger-name benchmark to compare TWO against a more recognizable public peer.

Peer Set

Compare Top 5

vs AGNC, NLY, DX, MFA

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

TWO SEC Filings & Documents

Two Harbors Investment Corp. (TWO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 3, 2026·SEC

Material company update

Jul 28, 2026·SEC

Material company update

Jul 6, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 17, 2026·SEC

FY 2025

Feb 18, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 29, 2026·SEC

FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 28, 2025·SEC

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TWO Frequently Asked Questions

Two Harbors Investment Corp. (TWO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Two Harbors Investment Corp.'s revenue?

Two Harbors Investment Corp. (TWO) reported $858.3M in revenue for fiscal year 2025. This represents a 58124% increase from $1.5M in 2007.

How fast is Two Harbors Investment Corp. growing?

Two Harbors Investment Corp. (TWO) saw revenue decline by 28.4% over the past year.

Is TWO profitable?

Two Harbors Investment Corp. (TWO) reported a net loss of $21.7M for fiscal year 2025.

Dividend & Returns
Does TWO pay dividends?

Yes, Two Harbors Investment Corp. (TWO) pays a dividend with a yield of 13.47%. This makes it attractive for income-focused investors.

What is TWO's return on equity?

Two Harbors Investment Corp. (TWO) has a return on equity (ROE) of -23.2%. Negative ROE indicates the company is unprofitable.

Industry Metrics
What is Two Harbors Investment Corp.'s FFO?

Two Harbors Investment Corp. (TWO) generated Funds From Operations (FFO) of $189.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is TWO a good dividend stock?

Two Harbors Investment Corp. (TWO) offers a 13.47% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in TWO back in 2007?

Total return calculator · dividends reinvested · 19+ years of data

See returns →