# Two Harbors Investment share price (Two Harbors Investment Corp., TWO)

> Two Harbors Investment Corp.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. TWO · Real Estate · REIT - Mortgage · data as of 24 August 2026. Page: https://www.sectoralpha.in/us/stocks/two

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## Key numbers

- Price: $12.18 (+24.0% in a year)
- P/E: 4.4×, too little history to compare yet
- Revenue (Jun 2026): $170 M (+620.2% on a year ago)
- Profit (Jun 2026): $48.8 M
- Operating margin: 48.1% (+279.7 points on a year ago)
- ROE: −28%, FY25
- ROIC: 2.1%, against a 1.6% cost of capital: +0.5 points
- Profit that came in as cash: 221%, last 3 years

The main question: the share price moved +24.0% in a year while yearly earnings per share moved −306.0%. The difference came from the market paying a higher multiple. ## What is the Two Harbors Investment share price? Two Harbors Investment Corp.'s share price was $12.18 at the close on 24 August 2026. That is 6.8% above its average price over the last 200 trading days. In the last 52 weeks it traded between $9 and $14, and at that close it sat 63% of the way up from that low. Over the past 13 weeks it has done worse than the S&P 500, and it has been behind for 5 weeks running. Over the last 1 year the share price moved +18% while the S&P 500 moved +23%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 24 July 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Two Harbors Investment pay? Two Harbors Investment Corp. paid $1.36 per share over the last four reported quarters. The most recent declaration was $0.34 for Jun 2026. At today's price of $12.18 that is a yield of 11.17%, based on dividends already paid, not a forecast. ## Which stock lists is Two Harbors Investment on? Two Harbors Investment is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Two Harbors Investment profitable? Two Harbors Investment Corp. earned $48.8 M of net profit in the Jun 2026 quarter. The full FY25 year was a loss of $508 M. That is 28.7% of the quarter's revenue. The same quarter a year earlier lost $273 M. 5 of the last 10 reported quarters were loss-making. For the full year, FY25 profit was −$508 M (−303.4% on the year before). ## How much revenue does Two Harbors Investment make, and is it growing? Two Harbors Investment Corp. reported $170 M of revenue in the Jun 2026 quarter, +620.2% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 4 years it has grown −5.1% a year on average. The last full year, FY25, came in at $370 M. The last four reported quarters add to $640 M. The quarterly figures for FY23 do not add up to the full-year total on file, so those quarters are left out of the charts and sums. FY25 revenue was $370 M, −37.6% on the year before. Recent pace: the last four quarters grew +713.3% on average, against −5.1% a year over the longer run, so this year is growing faster than its own long-run rate. ## How much of every $100 of sales does Two Harbors Investment keep? Two Harbors Investment Corp.'s operating margin was 48.1% in the Jun 2026 quarter, 279.7 percentage points higher than the same quarter a year ago. Across 5 years it has been between −35.6% and 428.4%. The latest quarter is within that range. Why: the operating margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. ## Is Two Harbors Investment's profit turning into cash? Over the last 3 years, 221% of Two Harbors Investment Corp.'s reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $88.9 M of operating cash against −$508 M of profit. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Two Harbors Investment's cash go? Two Harbors Investment Corp. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Two Harbors Investment's P/E ratio, and how does it compare with its own history? Two Harbors Investment Corp.'s P/E is 4.4×, with too little history to compare. Its usual P/E (the middle reading) is 4.5×, over 1 month of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved −306.0% while the price moved +24.0%. The price did better than earnings, which pushed the multiple up within its own range. In short: there is too little history to say whether the multiple is high or low for this company, so the earnings trend underneath matters more than the multiple. ## Is the Two Harbors Investment business getting better or worse? Two Harbors Investment Corp.'s business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 5 quarters of 1 measure, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does Two Harbors Investment earn on its capital? Two Harbors Investment Corp. earned a ROE of −28% in FY25. Its return on capital used (ROIC) is 0.5 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a −137.4% net margin and 0.03× asset turnover (sales divided by assets). Why the return is what it is (FY25): a −137.4% net margin × 0.03× asset turnover × 6.07× leverage (assets divided by equity) ≈ −25.0% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 2.1% − 1.6% = +0.5 percentage points. The 1.6% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 2.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at −0.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Two Harbors Investment have too much debt? Two Harbors Investment Corp. has total debt of $6.6 B against shareholder equity of $1.7 B as of Jun 2026, so its debt is 3.79× its equity. Year by year, that ratio went from 3.26 in FY21 to 4.79 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the Two Harbors Investment shareholding pattern? 4.5% of Two Harbors Investment Corp.'s tradable shares are in short positions, which are bets that the price will fall, so some traders are betting against it. At normal trading volumes, closing those positions would take about 1.7 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Two Harbors Investment from balance-sheet trouble? For Two Harbors Investment Corp., the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Two Harbors Investment rank in its industry? 58.7 out of 100, rank 23 of 25 in REIT - Mortgage, with 47% of the evidence available. It is provisional, so it is ranked below companies with full evidence. Two Harbors Investment Corp. scores 58.7 out of 100 against the 25 companies it is compared with in REIT - Mortgage, ranking 23. Some evidence is missing, so the score is pulled toward the middle on purpose. The three scored parts add up to the total exactly: 31.5 + 16.6 + 10.6 = 58.7 (no relative-strength reading this week; its 20 points are shared across the other three). This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if ROA turns down or gross NPA rises while the share price lags its sector. ## Which companies is Two Harbors Investment compared with? Two Harbors Investment ranks 23 of 25 REIT - Mortgage companies on the 4-Factor Sector Score, with 58.7 out of 100. 1. [Ellington Financial Inc.](https://www.sectoralpha.in/us/stocks/efc) EFC · basing · Most evidence points up · 76% evidence 77.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.1/35 · Income 36.4% · Profit 71.7% · 71% evidence Capital efficiency 19.3/25 · ROA 2.2% · ROE 22.5% · GNPA n/a · 68% evidence Valuation 14.6/20 · P/BV 0.85× · P/BV÷ROE 0.04 · 70% evidence Relative strength 15.9/20 · Lead over its industry 20.6% · Lead over S&P 500 -17% · 1 year -15.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 28.1 + 19.3 + 14.6 + 15.9 = 77.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [NexPoint Real Estate Finance, Inc.](https://www.sectoralpha.in/us/stocks/nref) NREF · quiet · Most evidence points up · 76% evidence 68.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.6/35 · Income 24.8% · Profit 17% · 71% evidence Capital efficiency 16.6/25 · ROA 1.7% · ROE 10.8% · GNPA n/a · 68% evidence Valuation 16.5/20 · P/BV 0.34× · P/BV÷ROE 0.03 · 70% evidence Relative strength 14.5/20 · Lead over its industry 30.1% · Lead over S&P 500 -9.4% · 1 year 7.8% · 100% evidence · 5 of 12 weeks ahead Exact sum: 20.6 + 16.6 + 16.5 + 14.5 = 68.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Annaly Capital Management, Inc.](https://www.sectoralpha.in/us/stocks/nly) NLY · basing · Evidence leans up · 80% evidence 63.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.7/35 · Income -23.1% · Profit -29% · 81% evidence Capital efficiency 18.8/25 · ROA 2.3% · ROE 19.9% · GNPA n/a · 68% evidence Valuation 14.1/20 · P/BV 0.9× · P/BV÷ROE 0.04 · 70% evidence Relative strength 13.9/20 · Lead over its industry 15% · Lead over S&P 500 -21.2% · 1 year -16.8% · 100% evidence · 1 of 12 weeks ahead Exact sum: 16.7 + 18.8 + 14.1 + 13.9 = 63.5 · What this means: Relative strength against the index is -21.2%, and revenue and profit growth are weak. 4. [Adamas Trust, Inc.](https://www.sectoralpha.in/us/stocks/adam) ADAM · quiet · Evidence leans up · 67% evidence 62.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.2/35 · Income 86.3% · Profit 100% · 45% evidence Capital efficiency 19.0/25 · ROA 2.7% · ROE 24% · GNPA n/a · 68% evidence Valuation 16.1/20 · P/BV 0.57× · P/BV÷ROE 0.02 · 70% evidence Relative strength 3.5/20 · Lead over its industry -4.5% · Lead over S&P 500 -33.9% · 1 year -18.1% · 100% evidence · 1 of 12 weeks ahead Exact sum: 24.2 + 19 + 16.1 + 3.5 = 62.8 · What this means: Earnings are strong; relative strength in its sector is -4.5% and the one-year return is -18.1%. 5. [Ladder Capital Corp](https://www.sectoralpha.in/us/stocks/ladr) LADR · basing · Evidence leans up · 80% evidence 60.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.9/35 · Income 16.7% · Profit 26.6% · 81% evidence Capital efficiency 12.7/25 · ROA 1% · ROE 4.1% · GNPA n/a · 68% evidence Valuation 8.2/20 · P/BV 0.76× · P/BV÷ROE 0.18 · 70% evidence Relative strength 17.5/20 · Lead over its industry 24.5% · Lead over S&P 500 -14.6% · 1 year -13.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21.9 + 12.7 + 8.2 + 17.5 = 60.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [TPG RE Finance Trust, Inc.](https://www.sectoralpha.in/us/stocks/trtx) TRTX · basing · Evidence leans up · 76% evidence 57.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.6/35 · Income -4.3% · Profit -20.8% · 71% evidence Capital efficiency 15.3/25 · ROA 1.7% · ROE 7.1% · GNPA n/a · 68% evidence Valuation 8.6/20 · P/BV 0.62× · P/BV÷ROE 0.09 · 70% evidence Relative strength 16.2/20 · Lead over its industry 16.4% · Lead over S&P 500 -20.7% · 1 year -23.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 17.6 + 15.3 + 8.6 + 16.2 = 57.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. Seven Hills Realty Trust SEVN · basing · Evidence leans up · 76% evidence 52.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.0/35 · Income -16.1% · Profit -26.7% · 71% evidence Capital efficiency 16.0/25 · ROA 2.2% · ROE 5.3% · GNPA n/a · 68% evidence Valuation 8.6/20 · P/BV 0.59× · P/BV÷ROE 0.11 · 70% evidence Relative strength 15.5/20 · Lead over its industry 12.8% · Lead over S&P 500 -23.1% · 1 year -26.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 12 + 16 + 8.6 + 15.5 = 52.1 · What this means: Relative strength against the index is -23.1%, and revenue and profit growth are weak. 8. [Chicago Atlantic Real Estate Finance, Inc.](https://www.sectoralpha.in/us/stocks/refi) REFI · basing · Evidence leans up · 76% evidence 51.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.5/35 · Income -14.3% · Profit -23.7% · 71% evidence Capital efficiency 17.6/25 · ROA 4.5% · ROE 6.3% · GNPA n/a · 68% evidence Valuation 8.4/20 · P/BV 0.75× · P/BV÷ROE 0.12 · 70% evidence Relative strength 14.8/20 · Lead over its industry 6.1% · Lead over S&P 500 -27.7% · 1 year -31.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 10.5 + 17.6 + 8.4 + 14.8 = 51.3 · What this means: Relative strength against the index is -27.7%, and revenue and profit growth are weak. 9. [PennyMac Mortgage Investment Trust](https://www.sectoralpha.in/us/stocks/pmt) PMT · basing · Evidence leans up · 67% evidence 51.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.0/35 · Income 11.2% · Profit 96.8% · 45% evidence Capital efficiency 9.9/25 · ROA 0.4% · ROE 5.2% · GNPA n/a · 68% evidence Valuation 8.6/20 · P/BV 0.53× · P/BV÷ROE 0.1 · 70% evidence Relative strength 12.6/20 · Lead over its industry 2.4% · Lead over S&P 500 -31% · 1 year -35.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20 + 9.9 + 8.6 + 12.6 = 51.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Rithm Capital Corp.](https://www.sectoralpha.in/us/stocks/ritm) RITM · basing · Evidence leans down · 80% evidence 48.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.6/35 · Income 20.7% · Profit -54% · 81% evidence Capital efficiency 10.2/25 · ROA 0.5% · ROE 2.9% · GNPA n/a · 68% evidence Valuation 8.6/20 · P/BV 0.52× · P/BV÷ROE 0.18 · 70% evidence Relative strength 17.7/20 · Lead over its industry 28.1% · Lead over S&P 500 -12.2% · 1 year -16.4% · 100% evidence · 3 of 12 weeks ahead Exact sum: 11.6 + 10.2 + 8.6 + 17.7 = 48.1 · What this means: Relative strength against the index is -12.2%, and revenue and profit growth are weak. 11. [Franklin BSP Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/fbrt) FBRT · basing · Evidence leans down · 76% evidence 44.0 out of 100 Growth Capital Valuation Relative
12. [Starwood Property Trust, Inc.](https://www.sectoralpha.in/us/stocks/stwd) STWD · basing · Evidence leans down · 76% evidence 43.4 out of 100 Growth Capital Valuation Relative
13. [Blackstone Mortgage Trust, Inc.](https://www.sectoralpha.in/us/stocks/bxmt) BXMT · basing · Too little evidence to rank firmly · 55% evidence 43.3 out of 100 Growth Capital Valuation Relative
14. TPG Mortgage Investment Trust, Inc. MITT · basing · Too little evidence to rank firmly · 55% evidence 42.8 out of 100 Growth Capital Valuation Relative
15. [Apollo Commercial Real Estate Finance, Inc.](https://www.sectoralpha.in/us/stocks/ari) ARI · quiet · Evidence leans down · 67% evidence 41.8 out of 100 Growth Capital Valuation Relative
16. [MFA Financial, Inc.](https://www.sectoralpha.in/us/stocks/mfa) MFA · basing · Evidence leans down · 64% evidence 41.1 out of 100 Growth Capital Valuation Relative
17. [Redwood Trust, Inc.](https://www.sectoralpha.in/us/stocks/rwt) RWT · basing · Too little evidence to rank firmly · 55% evidence 37.0 out of 100 Growth Capital Valuation Relative
18. [Invesco Mortgage Capital Inc.](https://www.sectoralpha.in/us/stocks/ivr) IVR · basing · Too little evidence to rank firmly · 55% evidence 37.0 out of 100 Growth Capital Valuation Relative
19. [BrightSpire Capital, Inc.](https://www.sectoralpha.in/us/stocks/brsp) BRSP · basing · Evidence leans down · 67% evidence 35.8 out of 100 Growth Capital Valuation Relative
20. Ares Commercial Real Estate Corporation ACRE · quiet · Too little evidence to rank firmly · 55% evidence 31.3 out of 100 Growth Capital Valuation Relative
21. [Chimera Investment Corporation](https://www.sectoralpha.in/us/stocks/cim) CIM · basing · Most evidence points down · 64% evidence 25.7 out of 100 Growth Capital Valuation Relative
22. [Arbor Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/abr) ABR · quiet · Most evidence points down · 76% evidence 24.5 out of 100 Growth Capital Valuation Relative
23. Two Harbors Investment Corp. this page TWO · Too little evidence to rank firmly · 47% evidence 58.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.5/43.75 · Income 100% · Profit n/a · 45% evidence Capital efficiency 16.6/31.25 · ROA 1.2% · ROE 7.3% · GNPA n/a · 68% evidence Valuation 10.6/25 · P/BV 0.75× · P/BV÷ROE 0.1 · 70% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 31.5 + 16.6 + 10.6 = 58.7 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 24. Claros Mortgage Trust, Inc. CMTG · basing · Too little evidence to rank firmly · 48% evidence 33.1 out of 100 Growth Capital Valuation Relative
25. Ready Capital Corporation RC · quiet · Too little evidence to rank firmly · 48% evidence 32.5 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [REIT - Mortgage](https://www.sectoralpha.in/us/sectors/reit-mortgage), all 25 compared on one page. ## Which companies are close to Two Harbors Investment in size? Two Harbors Investment is the 9th largest of 29 REIT - Mortgage companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Blackstone Mortgage Trust, Inc., ARMOUR Residential REIT, Inc. and Ellington Financial Inc. Just below it: Ladder Capital Corp, Orchid Island Capital, Inc. and Chimera Investment Corporation. ### REIT - Mortgage companies close in size

1. [Blackstone Mortgage Trust, Inc.](https://www.sectoralpha.in/us/stocks/bxmt) $1.9 billion
2. [ARMOUR Residential REIT, Inc.](https://www.sectoralpha.in/us/stocks/arr) $1.8 billion
3. [Ellington Financial Inc.](https://www.sectoralpha.in/us/stocks/efc) $1.5 billion
4. Two Harbors Investment Corp. $1.3 billion
5. [Ladder Capital Corp](https://www.sectoralpha.in/us/stocks/ladr) $1.1 billion
6. [Orchid Island Capital, Inc.](https://www.sectoralpha.in/us/stocks/orc) $924 million
7. [Chimera Investment Corporation](https://www.sectoralpha.in/us/stocks/cim) $694 million

[All 29 REIT - Mortgage companies, largest first](https://www.sectoralpha.in/us/sectors/reit-mortgage#all-companies)

### Companies close in size in other industries

1. [OPKO Health, Inc.](https://www.sectoralpha.in/us/stocks/opk) $1.3 billion · Diagnostics & Research
2. [Alexander's, Inc.](https://www.sectoralpha.in/us/stocks/alx) $1.3 billion · REIT - Retail
3. Two Harbors Investment Corp. $1.3 billion
4. [Shoals Technologies Group, Inc.](https://www.sectoralpha.in/us/stocks/shls) $1.3 billion · Solar
5. [The Goodyear Tire & Rubber Company](https://www.sectoralpha.in/us/stocks/gt) $1.3 billion · Auto Parts

## What else do people ask about Two Harbors Investment? ### What were Two Harbors Investment's latest quarterly results? Two Harbors Investment Corp. reported revenue of $170 M and net profit of $48.8 M for the Jun 2026 quarter. Earnings per share were $0.46. The operating margin was 48.1%, 279.7 percentage points higher than a year earlier (as of 24 August 2026). ### What is Two Harbors Investment's market cap? Two Harbors Investment Corp.'s market capitalisation is $1.3 B at a stock price of $12.18. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 24 August 2026). ### How is Two Harbors Investment performing? Two Harbors Investment Corp.'s latest readings are below. Over the past 13 weeks it has done worse than the S&P 500, for 5 weeks running. This describes what the data did, not a rating (as of 24 August 2026). ### Will Two Harbors Investment's stock price go up? This page does not forecast Two Harbors Investment Corp.'s stock price. What it shows instead: the stock price is $12.18. Nobody can reliably say which way a price will move, and this site does not try (as of 24 August 2026). ### Where is Two Harbors Investment in its business cycle? Two Harbors Investment Corp.'s FY25 operating margin was −16.0%, against a 5-year range of −35.6% to 428.4%: the low end of its own range, which is often where recoveries start. The latest quarter was 48.1%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 24 August 2026). ### What could break the Two Harbors Investment story? The main question: the share price moved +24.0% in a year while yearly earnings per share moved −306.0%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 24 August 2026). ### Is Two Harbors Investment a stock worth studying right now? What the numbers show: Two Harbors Investment Corp.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 24 August 2026). This is research, not advice. We’re not SEBI-registered.