Last 48 quarters of trend data · Real Estate · REIT - Mortgage
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Two Harbors Investment Corp.'s quarterly P/E stands at 15.9x. EV/EBITDA has compressed 47.3% YoY to 29.2x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -2.80 | 15.86 | — | — | — | — | 1.25 | — | 7.68 | 1.91 | — | 1.18 | 1.93 |
| — | — | — | — | — | — | — | — | +298.4% | — | — | -3.1% | — | |
| P/S Ratio | 2.12 | 1.41 | 1.53 | 1.04 | 2.35 | 1.64 | 1.51 | 2.84 | 1.64 | 1.28 | 13.83 | 1.02 | 1.32 |
| — | -13.8% | +1.3% | -63.4% | +42.8% | +27.9% | -89.1% | +177.9% | +24.4% | -94.6% | — | -38.6% | -83.6% | |
| P/B Ratio | 0.71 | 0.71 | 0.61 | 0.58 | 0.59 | 0.65 | 0.62 | 0.66 | 0.63 | 0.67 | 0.62 | 0.66 | 0.66 |
| — | +10.3% | -1.8% | -12.4% | -4.9% | -3.1% | +1.1% | +0.2% | -5.9% | +10.1% | -1.2% | +11.0% | -3.8% | |
| P/FCF | 14.44 | 5.46 | 2.34 | — | 36.36 | 3.15 | — | 8.18 | 2.45 | — | 3.44 | 2.96 | — |
| — | +73.6% | — | — | +1386.6% | — | — | +176.0% | — | — | +107.5% | +186.2% | — | |
| EV / EBITDA | 197.70 | 29.17 | 17.96 | — | — | 55.37 | 5.55 | — | 2.54 | 1.83 | — | 1.32 | 1.92 |
| — | -47.3% | +223.6% | — | — | +2922.7% | — | — | +32.5% | — | — | -14.2% | — | |
| EV / EBIT | 21.64 | 31.26 | 17.96 | — | — | 55.37 | 5.55 | — | 2.54 | 1.83 | — | 1.32 | 1.92 |
| — | -43.5% | +223.6% | — | — | +2922.7% | — | — | +32.5% | — | — | -14.2% | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Two Harbors Investment Corp.'s operating margin was 33.1% in Q1 2026, down 34.5 pp QoQ and up 8.0 pp YoY. The trailing four-quarter average of 58.5% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 45.1% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.9% | 55.7% | 98.1% | 101.8% | 103.3% | 101.3% | 103.5% | 110.4% | 105.0% | 102.5% | 81.3% | 93.3% | 92.2% |
| — | -45.1% | -5.2% | -7.8% | -1.6% | -1.1% | +27.2% | +18.4% | +13.9% | +240.6% | -53.5% | +4.8% | +62.1% | |
| Operating Margin | 68.7% | 33.1% | 67.5% | 66.8% | 66.4% | 25.0% | 203.1% | -74.3% | 107.6% | 128.6% | -1117.5% | 150.6% | 135.3% |
| — | +32.0% | -66.7% | +189.9% | -38.3% | -80.5% | +118.2% | -149.4% | -20.4% | +148.2% | -358.6% | -24.3% | +866.9% | |
| Net Margin | -75.0% | 14.8% | 6.5% | -51.7% | -217.0% | -37.3% | 126.1% | -188.6% | 27.0% | 69.7% | -1764.1% | 89.4% | 70.9% |
| — | +139.6% | -94.8% | +72.6% | -904.2% | -153.5% | +107.1% | -310.9% | -61.9% | +105.6% | -320.7% | -38.1% | +152.2% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -23.2% | 1.8% | 0.7% | -7.0% | -12.8% | -3.7% | 12.9% | -10.9% | 2.5% | 9.2% | -20.1% | 14.1% | 8.9% |
| — | +149.5% | -94.9% | +36.0% | -605.7% | -140.4% | +164.3% | -177.3% | -71.3% | +214.8% | -60.6% | +17.8% | +412.4% | |
| ROA | -3.9% | 0.3% | 0.1% | -1.1% | -1.9% | -0.6% | 2.2% | -1.9% | 0.4% | 1.5% | -3.2% | 2.2% | 1.4% |
| — | +149.4% | -95.1% | +42.1% | -548.9% | -139.5% | +168.9% | -184.5% | -69.3% | +220.0% | -66.9% | +12.3% | +353.7% | |
| ROIC | 3.1% | 0.6% | 1.0% | 2.1% | 0.8% | 0.3% | 3.0% | -1.0% | 5.1% | 8.2% | -6.0% | 10.9% | 7.9% |
| — | +66.1% | -67.9% | +315.8% | -84.6% | -95.8% | +149.5% | -108.7% | -35.4% | +1075.0% | -79.8% | +27.6% | +3872.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Two Harbors Investment Corp.'s Debt/EBITDA ratio is 106.9x, up from 69.8x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 1358.4% YoY to 0.97x, strengthening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.79 | 4.79 | 4.79 | 4.76 | 0.74 | 5.10 | 4.28 | 4.62 | 0.70 | 0.86 | 0.86 | 0.93 | 0.96 |
| — | -6.1% | +11.8% | +3.0% | +5.4% | +494.0% | +398.3% | +395.7% | -26.8% | -2.4% | +4.3% | +10.4% | +58.0% | |
| Debt / EBITDA | 188.01 | 106.89 | 69.77 | — | — | 206.11 | 20.36 | — | 6.85 | 5.12 | — | 3.83 | 5.63 |
| — | -48.1% | +242.7% | — | — | +3927.2% | — | — | +21.6% | — | — | -19.3% | — | |
| Current Ratio | 0.13 | 0.97 | 0.97 | 0.11 | — | 0.07 | 0.85 | 0.07 | — | — | 0.74 | 6.55 | 6.31 |
| — | +1358.4% | +13.7% | +50.2% | — | — | +15.5% | -98.9% | — | — | -89.7% | -26.2% | -43.8% | |
| Quick Ratio | 0.13 | 0.97 | 0.97 | 0.11 | — | 0.07 | 0.85 | 0.07 | — | — | 0.74 | 6.55 | 6.31 |
| — | +1358.4% | +13.7% | +50.2% | — | — | +15.5% | -98.9% | — | — | -89.7% | -26.2% | -43.8% | |
| Interest Coverage | 0.09 | 0.76 | 1.16 | -0.08 | -0.88 | 0.40 | 3.22 | -0.61 | 1.46 | 2.35 | -1.75 | 2.98 | 2.36 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying TWO stock.
Two Harbors Investment Corp.'s current P/E is -2.8x. The average P/E over the last 1 quarters is 15.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Two Harbors Investment Corp.'s current operating margin is 68.7%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Two Harbors Investment Corp.'s business trajectory between earnings reports.