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TWO HARBORS INVESTMENT CORP. TWO

NYSE · reit · Real Estate Investment Trusts · website · IPO 2009-10-29 · LEI

TWO HARBORS INVESTMENT CORP. statistics & valuation

Market cap$1.3B
P / B0.7×
Dividend yield13.09%
Return on equity-25.4%
Net debt$7.7B
Enterprise value USD$9.0B

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports.

Profitability & efficiency

Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
10.40% 9.80% -1.00% 6.50% -52.80% 6.80% 10.10% -4.80% 14.00% -25.40% 2016201720182019202020212022202320242025
Shares outstanding
174.0M 188.1M 248.1M 272.9M 273.7M 86.0M 96.1M 103.2M 113.1M 104.8M 2016201720182019202020212022202320242025
Net debt ($)
$7.71B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.80% 1.40% -0.10% 0.90% -8.40% 1.50% 1.60% -0.80% 2.40% -4.20% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
4.79× 2016201720182019202020212022202320242025
EPS ($)
$2.03 $1.81 -$0.53 $0.93 -$24.94 $1.72 $2.13 -$1.60 $2.37 -$4.88 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Return on assets-4.2%2.4%-0.8%1.6%1.5%-8.4%0.9%-0.1%1.4%1.8%
Return on equity-25.4%14.0%-4.8%10.1%6.8%-52.8%6.5%-1.0%9.8%10.4%
Debt / equity4.79×—————————

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.