Two Harbors Investment Corp TWO Stock Analysis
- NYSE
- Stock
- Market closed · opens Monday 9:30 AM ET
$12.18 unchanged at close Aug 25
Last close · Previous close $12.18
- Market cap
- $1.28BAt the Aug 25 close
- P/E ratio
- n/mLoss over last 12 months
- Diluted EPS
- −$0.73Last 12 months
- Dividend yield
- 9.38%Last 12 months
Price chart
$12.18up $0.08, 0.66%Past month
Use the left and right arrow keys to move along the chart.
Price data
Trading
- Previous close$12.18Aug 24
- Volume0.00Aug 25 session
Shares traded on all US exchanges in the last completed session. Live intraday volume covers IEX only, so it is left out.
- Avg. volume4.20MLast 21 sessions
The average daily shares traded over the last 21 trading sessions, about one calendar month.
- 52-week range: $8.78 to $14.17; now $12.18
The lowest and highest trades over the past 52 weeks, adjusted for splits. The marker shows the latest price.
Member SIPC.Low CommissionsLearn More (opens in a new tab)Sponsored. Affiliate link: I may earn a commission. The inclusion of Interactive Brokers’ (IBKR) name, logo or weblink is present pursuant to an advertising arrangement only. IBKR is not a contributor, reviewer, provider or sponsor of content published on this site, and is not responsible for the accuracy of any products or services discussed.
Performance
Past performance, measured to the Aug 25 close. Total return includes reinvested dividends.Price change only, without dividends. Compared with the S&P 500, using SPY.
TWO beat the S&P 500 in 1 of 3 periods compared.
| Period | TWO and S&P 500 | vs S&P 500 |
|---|---|---|
| Short term | ||
| 1M | TWO: up 1.7% S&P 500: up 3.7% | TWO trailed the S&P 500 by 2.0 percentage points Trailed |
| 3M | TWO: up 1.2% S&P 500: up 3.0% | TWO trailed the S&P 500 by 1.8 percentage points Trailed |
| YTD | TWO: up 28.2% S&P 500: up 12.9% | TWO beat the S&P 500 by 15.3 percentage points Beat |
| 1Y | TWO: up 42.0% S&P 500: — | No S&P 500 comparison for this period |
| Long term | ||
| 3Y | TWO: up 40.4% S&P 500: — +12.0% vs — a year | No S&P 500 comparison for this period |
| 5Y | TWO: down 6.7% S&P 500: — −1.4% vs — a year | No S&P 500 comparison for this period |
| 10Y | TWO: down 34.1% S&P 500: — −4.1% vs — a year | No S&P 500 comparison for this period |
$10,000 invested in TWO 10 years ago (Aug 25, 2016) would be worth about $6,589 at the close on , with dividends reinvested.
TWO beat the S&P 500 in 1 of 3 periods compared.
| Period | TWO and S&P 500 | vs S&P 500 |
|---|---|---|
| Short term | ||
| 1M | TWO: up 0.7% S&P 500: up 3.7% | TWO trailed the S&P 500 by 3.0 percentage points Trailed |
| 3M | TWO: down 2.6% S&P 500: up 2.7% | TWO trailed the S&P 500 by 5.3 percentage points Trailed |
| YTD | TWO: up 16.0% S&P 500: up 12.3% | TWO beat the S&P 500 by 3.7 percentage points Beat |
| 1Y | TWO: up 24.2% S&P 500: — | No S&P 500 comparison for this period |
| Long term | ||
| 3Y | TWO: down 7.7% S&P 500: — −2.6% vs — a year | No S&P 500 comparison for this period |
| 5Y | TWO: down 53.8% S&P 500: — −14.3% vs — a year | No S&P 500 comparison for this period |
| 10Y | TWO: down 83.0% S&P 500: — −16.2% vs — a year | No S&P 500 comparison for this period |
$10,000 invested in TWO 10 years ago (Aug 25, 2016) would be worth about $1,701 at the close on , not counting dividends.
All-time high
$111.60
Closing high on . Now 89.1% below that record.
Split-adjusted daily closes since Oct 30, 2009.
Stock splits
2
Latest: 1-for-4 on . Share counts adjust after each split.
Both splits
- 1-for-4
- 1-for-2
Valuation
The Aug 25 close compared with the last 12 months of reported results (the four quarters to Jun 30, 2026). Tap a metric to see how it’s calculated.
Price-to-earnings (P/E)
n/mDiluted EPS of −$0.73 over the last 12 months
A P/E ratio isn’t meaningful while earnings over the last 12 months are negative. When TWO was profitable over the past five years, its P/E ranged from 2.5× to 45.7×, with a median of 7.7×. How to read P/E
Other valuation measures
- 3.1×Last 12 months’ revenue
Market value divided by revenue over the last 12 months. Useful when earnings are small or negative.
P/S = Market cap ÷ Revenue (last 12 months)Price-to-sales ratio - 0.7×Book value as of Jun 30, 2026
Price relative to accounting equity (book value) per share on the Jun 30, 2026 balance sheet. Asset-light companies often trade far above book value.
P/B = Price ÷ Book value per sharePrice-to-book ratio - 149.1×Last 12 months’ EBITDA
Enterprise value divided by EBITDA over the last 12 months. It compares companies with different amounts of debt.
EV/EBITDA = Enterprise value ÷ EBITDA (last 12 months)EV/EBITDA explained - 9.94%Last 12 months’ free cash flow
Free cash flow over the last 12 months as a share of the company’s market value: the cash the business generated for each dollar of stock.
FCF yield = Free cash flow (last 12 months) ÷ Market capFree cash flow - $7.03BAt the Aug 25 close
What it would cost to buy the whole business: the market cap at the Aug 25 close, plus debt, minus cash and short-term investments from the Jun 30, 2026 balance sheet.
EV = Market cap + Debt − Cash and short-term investmentsEV/EBITDA explained
Build your own TWO DCF in Excel. Value Two Harbors Investment with your own growth and margin assumptions.Browse DCF models Free DCF calculator
Financials
Reported results, not forecasts. From company filings via Tiingo; the latest report is Q2 FY26, the quarter ended Jun 30, 2026. “Last 12 months” means the four quarters from Jul 1, 2025 to Jun 30, 2026, and balance-sheet figures are as of Jun 30, 2026.
Revenue and net income
Last 12 months, with the change from the 12 months before
- Revenue
- $418.18Mup 100.0%
- Net income
- $30.36M
- Diluted EPS
- −$0.73
Data table
| Period | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| Q3 FY24 (Sep 30, 2024) | −$168.07M | −$226.70M | −$2.42 |
| Q4 FY24 (Dec 31, 2024) | $383.38M | $288.51M | $2.51 |
| Q1 FY25 (Mar 31, 2025) | −$11.20M | −$65.87M | −$0.89 |
| Q2 FY25 (Jun 30, 2025) | $4.95M | −$245.80M | −$2.62 |
| Q3 FY25 (Sep 30, 2025) | $116.21M | −$114.60M | −$1.36 |
| Q4 FY25 (Dec 31, 2025) | $84.04M | $24.76M | −$0.01 |
| Q1 FY26 (Mar 31, 2026) | $92.31M | $45.09M | $0.18 |
| Q2 FY26 (Jun 30, 2026) | $125.61M | $75.11M | $0.46 |
| Period | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| FY21 (Dec 31, 2021) | $255.22M | $187.23M | $1.72 |
| FY22 (Dec 31, 2022) | $407.18M | $294.00M | $2.13 |
| FY23 (Dec 31, 2023) | $194.65M | −$54.79M | −$1.60 |
| FY24 (Dec 31, 2024) | $668.40M | $345.95M | $2.37 |
| FY25 (Dec 31, 2025) | $194.01M | −$401.51M | −$4.88 |
Margins
- Gross 100.0%
- Operating 11.2%
- Net 7.3%
The percentages above the chart cover the last 12 months; the lines show each quarter. What margins tell you
Cash flow
- $127.22MLast 12 months
Cash from operations minus capital spending: the cash left after the business maintains and grows its assets.
FCF = Operating cash flow − Capital spendingFree cash flow - Operating cash flow$127.22MLast 12 months
- Capital spending$0.00Last 12 months
- 30.4%Last 12 months
Free cash flow as a share of revenue, both over the last 12 months.
Shareholder returns
- $208.00KLast 12 months
Cash spent repurchasing shares, net of shares issued. Buybacks shrink the share count, so each remaining share owns more of the company.
- Dividends paid$148.65MLast 12 months
- Total returned$148.65MLast 12 months
117% of free cash flow
Balance sheet
- Not reportedAs of Jun 30, 2026
Cash plus short- and long-term marketable securities on the Jun 30, 2026 balance sheet.
- Total debt$6.62BAs of Jun 30, 2026
- 3.79As of Jun 30, 2026
Total debt divided by shareholders’ equity on the Jun 30, 2026 balance sheet: a measure of financial leverage.
D/E = Total debt ÷ Shareholders’ equityDebt-to-equity ratio
Financial strength
- 1.7%Last 12 months
Over the last 12 months, Two Harbors Investment’s net income was 1.7% of its shareholders’ equity (averaged over the last four quarter-ends). It describes the past year, not an expected return.
ROE = Net income (last 12 months) ÷ Average equityReturn on equity - 0.3%Last 12 months
Over the last 12 months, Two Harbors Investment’s net income was 0.3% of its total assets (averaged over the last four quarter-ends): what the business earned on everything it owns.
ROA = Net income (last 12 months) ÷ Average total assets
Dividends
Cash dividends per share by ex-dividend year, adjusted for splits.
Dividends per share
Data table
| Year | Per share |
|---|---|
| 2016 | $7.44 |
| 2017 | $15.16 |
| 2018 | $7.52 |
| 2019 | $6.68 |
| 2020 | $2.00 |
| 2021 | $2.72 |
| 2022 | $2.04 |
| 2023 | $2.10 |
| 2024 | $1.80 |
| 2025 | $1.63 |
| 2026 (to date) | $1.14 |
Dividend details
- $1.14Per share, last 12 months
Cash dividends per share with ex-dividend dates in the last 12 months.
- 9.38%; 5-yr low 3.15%, 5-yr high 22.01%Last 12 months
Dividends paid over the last 12 months as a share of the Aug 25 close. The bar shows where that yield sits in its range over the past five years; the median was 13.64%.
- $0.12Ex-dividend
The most recent payment per share. Shares bought on or after the ex-dividend date don’t receive it.
- FrequencyQuarterly4 payments in the last 12 months
- down 4.0% a yearFull years 2020–2025
The compound annual growth rate of the full-year dividend per share from 2020 to 2025.
About Two Harbors Investment Corp
Two Harbors Investment Corp. operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential mortgage-backed securities (RMBS), residential mortgage loans, mortgage servicing rights, commercial real estate debt and related assets, and other financial assets. The companys target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, hybrid mortgage loans, or derivatives; and non-agency RMBS collateralized by prime mortgage loans, Alt-A mortgage loans, pay-option ARM mortgage loans, and subprime mortgage loans. Its target assets also comprise prime nonconforming and credit sensitive residential mortgage loans; and other assets, such as asset backed securities and certain non-hedging transactions. The company qualifies as a REIT for federal income tax purposes. As a REIT, the company would not be subject to federal income tax, if it distributes at least 90% of net taxable income to its stockholders. Two Harbors Investment Corp. was incorporated in 2009 and is headquartered in New York, New York.
- Sector
- Real Estate
- Industry
- REIT - Mortgage
- Headquarters
- Minnesota, USA
- SEC filings
- EDGAR (opens in a new tab)
- Exchange
- NYSE
- Asset type
- Common stock
- Price history since
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TWO stock FAQ
What is TWO stock’s price today?
Two Harbors Investment (TWO) traded at $12.18 at the close on , unchanged from the previous close of $12.18. Over the past 52 weeks it has traded between $8.78 and $14.17.
If you invested $1,000 in TWO 10 years ago, how much would you have now?
With dividends reinvested, $1,000 invested in TWO on would be worth about $659 at the close on , a total return of −34.1%. The same $1,000 would be worth $933 if invested five years ago and $1,420 if invested one year ago. Past performance doesn’t predict future returns.
What is Two Harbors Investment’s market cap?
Two Harbors Investment’s market capitalization is about $1.3 billion. That’s Tiingo’s daily market cap for , at that day’s closing price of $12.18 (how market cap works). Two Harbors Investment reported 105.05M shares outstanding at the end of its latest quarter ().
What is TWO’s P/E ratio?
TWO’s P/E ratio isn’t meaningful right now because its earnings over the four quarters to are negative (diluted EPS of −$0.73). When it was profitable over the past five years, its P/E ranged from 2.5 to 45.7.
How much revenue does Two Harbors Investment make?
Two Harbors Investment reported $418.2 million of revenue over the four quarters to , up 100.0% from the twelve months before. In its latest quarter (Q2 FY26, ended ) revenue was $125.6 million, up 2,437.7% from a year earlier.
Is Two Harbors Investment profitable?
Yes. Two Harbors Investment earned $30.4 million of net income over the four quarters to , a net margin of 7.3%, and its operating margin was 11.2% (what margins tell you).
What are TWO’s earnings per share?
TWO’s diluted earnings per share were −$0.73 over the four quarters to , compared with −$3.42 in the twelve months before. The latest quarter (Q2 FY26) brought $0.46 per share, against −$2.62 a year earlier (how EPS works).
Does TWO pay a dividend?
Yes. Two Harbors Investment pays a quarterly dividend. The most recent was $0.12 per share, with an ex-dividend date of . Over the last twelve months it paid $1.14 per share, a 9.38% yield at the close (how dividend yield works).
Based on the last 12 months’ payments ($1.14 per share), and if the next 12 months match the last 12, 100 shares would receive about $114 over 12 months, and $1,000 over 12 months would take about 876 shares, roughly $10,670 at the close. Dividends can change.
What is TWO’s 52-week high and low?
Over the past 52 weeks TWO has traded as low as $8.78 and as high as $14.17. At $12.18 at the close on , it is 14.0% below that high and 38.7% above the low.
What is TWO’s all-time high?
TWO’s highest closing price was $111.60 on , adjusted for stock splits. At $12.18 at the close on , it is 89.1% below that record.
Has TWO stock ever split?
Yes, twice: 1-for-2 on ; 1-for-4 on .
How has TWO stock performed?
Including dividends and measured to the close on , TWO has returned +28.2% so far this year and +42.0% over the past year, and −6.7% over five years (−1.4% a year). Past performance doesn’t predict future returns.
What sector and industry is Two Harbors Investment in?
Two Harbors Investment is in the Real Estate sector and the REIT - Mortgage industry, and is headquartered in Minnesota, USA.
What exchange does TWO trade on?
Two Harbors Investment trades on the NYSE under the ticker symbol TWO. Its price history on this dashboard begins on .
Member SIPC.Low CommissionsLearn More (opens in a new tab)Sponsored. Affiliate link: I may earn a commission. The inclusion of Interactive Brokers’ (IBKR) name, logo or weblink is present pursuant to an advertising arrangement only. IBKR is not a contributor, reviewer, provider or sponsor of content published on this site, and is not responsible for the accuracy of any products or services discussed.
About this data. Data sourced by Tiingo (opens in a new tab). The live price is Tiingo’s real-time price, based on IEX trades and quotes; intraday charts show IEX trades, and volume figures are consolidated totals for completed sessions. Prices are split-adjusted, and total returns assume dividends are reinvested. Financials come from company filings and can lag new reports. Times are Eastern.
This page is for education, not investment advice. Past performance doesn't predict future returns. Logos provided by Logo.dev (opens in a new tab).
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