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TWO stock logo

TWO

Two Harbors Investment Corp.

$12.18
0.13
 (1.08%)
Exchange:  NYSE
Market Cap:  1.281B
Shares Outstanding:  1.45M
Delayed data
Calculate TWO Intrinsic Value
5-year outlook →
Overview
Earnings
Financials
Valuation
Chart

About The Company

Sector:  Real Estate
Industry:  REIT – Mortgage
   
CEO:  William Ross Greenberg
Full Time Employees:  486
Address: 
1601 Utica Avenue South
Saint Louis Park
MN
55416
US
Website:  https://www.twoinv.com
Two Harbors Investment Corp. (TWO) operates as a Real Estate Investment Trust (REIT) with a strategic focus on the U.S. mortgage market. The firm is actively involved in acquiring, funding, and overseeing a diverse portfolio of financial instruments, primarily residential mortgage-backed securities (RMBS). This portfolio encompasses both agency RMBS – which are often backed by fixed-rate, adjustable-rate, and hybrid adjustable-rate mortgage loans – as well as non-agency securities, mortgage servicing rights (MSRs), and other related financial assets. Being structured as a REIT grants the company specific federal income tax advantages, contingent on distributing a minimum of 90% of its annual taxable earnings to its shareholders. Established in 2009, Two Harbors Investment Corp. maintains its corporate headquarters in Minnetonka, Minnesota.

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Revenue Segmentation

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EPS

Historical EPS and analyst estimates in one chart. Log in for the full interactive view and links to detailed estimates.

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Earnings Call

Full text

Earnings transcript

Read the complete earnings call transcript.

AI summary

Key takeaways

Short, structured highlights from the call so you can focus on what matters.

2026/04/29 — Q1 quarter 2026

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Income Statement
Balance Sheet
Cash Flow Statement
Analyst Estimates

Income Statement

Year202320242025
Revenue640,485845,837605,609
Gross Profit566,355884,295592,881
EBITDA559,832952,56045,515
Operating Income559,832951,078415,810
Net Income-106,371298,168-454,300

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(* All numbers are in thousands)

Balance Sheet

Year202320242025
Total Assets13,138,80012,204,31910,859,217
Total Liabilities10,935,41010,081,8109,071,290
Total Stockholders Equity2,203,3902,122,5091,787,927
Total Debt9,934,7379,112,386261,810
Cash and Cash Equivalents729,732504,613842,319

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(* All numbers are in thousands)

Cash Flow Statement

Year202320242025
Operating Cash Flow343,509201,0040
Capital Expenditure0-114,1240
Free Cash Flow30,87286,8800
Net Income-106,371297,119-454,300
Net Change in Cash-331,67222,808-817,641

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(* All numbers are in thousands)

Analyst Estimates

Fiscal Year2027Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (Low)15,592.998Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (High)69,553.500Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (Avg)44,200Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (Low)6,078.870Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (High)27,115.165Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (Avg)17,231.200Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (Low)19,454.281Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (High)214,109.586Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (Avg)136,295.330Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (Low)0Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (High)0Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (Avg)0Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (Avg)1.180Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (High)2.060Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (Low)0.190Research AccessResearch AccessResearch AccessResearch Access
Number of Analysts (Estimated Revenue)2Research AccessResearch AccessResearch AccessResearch Access
Number of Analysts (Estimated EPS)2Research AccessResearch AccessResearch AccessResearch Access

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(* All numbers are in thousands)

Current Key Metrics

?Revenue
 (TTM)
: 
845.837M  ?P/S
 (TTM)
: 
1.48
?Net Income
 (TTM)
: 
297.119M  ?P/E
 (TTM)
: 
-16.61
?Enterprise Value
 (TTM)
: 
7.242B  ?EV/FCF
 (TTM)
: 
63.86
?Dividend Yield
 (TTM)
: 
11.29%  ?Payout Ratio
 (TTM)
: 
-927.62%
?ROE
 (TTM)
: 
-1.23%  ?ROIC
 (TTM)
: 
4.41%
?Net Debt
 (TTM)
: 
8.27B  ?Debt/Equity
 (TTM)
: 
3.79
?P/B
 (TTM)
: 
0.73  ?Current Ratio
 (TTM)
: 
0.18

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Forward P/E Ratios

?

Forward P/E (Avg EPS estimate) — log in with Research Access for high/low estimates and the interactive table.

Forward P/E 1YResearch AccessResearch AccessResearch AccessResearch Access
10.15Research AccessResearch AccessResearch AccessResearch Access

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SWOT Analysis

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At what price to buy it? -
Intrinsic Value Calculator

Based on current fundamentals and analyst forecasts, MARKETSnap estimates TWO intrinsic value between $12.32 – $12.34 per share. This depends on revenue growth, margins, and discount rate.

This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.

[intrinsic_calculator]

Common questions about TWO valuation

Is Two Harbors Investment Corp. (TWO) overvalued or undervalued right now?

MARKETSnap estimates intrinsic value for Two Harbors Investment Corp. (TWO) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.

Is TWO a buy, hold, or sell for long-term investors?

MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether TWO trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.

What is TWO’s P/E ratio?

You can see TWO’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.

How is intrinsic value calculated for TWO?

MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.

Is TWO a good long-term investment?

Whether TWO fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.

TWO

1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.

Daily snapshot

1.08
MARKETSnap

Trading Metrics:

Open: 12.18   Previous Close: 12.05
Day Low: 12.17   Day High: 12.19
Year Low: 8.78   Year High: 14.17
Price Avg 50: 12.14   Price Avg 200: 11.4
Volume: 19.379M   Average Volume: 2.357M

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See in Nexus

Relevant news

TWO Announces Receipt of Final Regulatory Approval for Merger with CrossCountry Mortgage
21-08-2026 16:15
TWO Announces Receipt of Final Regulatory Approval for Merger with CrossCountry Mortgage
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TWO Announces Third Quarter 2026 Stub Period Dividend on Common Stock
23-07-2026 17:15
TWO Announces Third Quarter 2026 Stub Period Dividend on Common Stock
T2 Metals Provides Exploration Update at Aurora Project, Yukon, Canada
23-07-2026 06:30
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All You Need to Know About Two Harbors Investments (TWO) Rating Upgrade to Strong Buy
22-07-2026 13:02
All You Need to Know About Two Harbors Investments (TWO) Rating Upgrade to Strong Buy

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