Two Harbors Investment Corp. (TWO) Stock Analysis
Real Estate · REIT - Mortgage · NYSE
Two Harbors Investment Corp. (TWO) posted $-78.94M in revenue for fiscal 2025 (up 49.9% year over year), with a net loss of $507.09M, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Two Harbors Investment Corp.
Two Harbors Investment Corp. has grown revenue from $0 to $-78.94M over the last 10 fiscal years. The most recent year was up 49.9%.
Net margin sits at 642.3%, up 801.9 points year over year. It carries about $8.56B of total debt.
The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Two Harbors Investment Corp.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Two Harbors Investment Corp. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $37.15M | $-162.86M | $-157.65M | $-78.94M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $353.28M | $348.57M | $-44.29M | $323.96M | $-1.63B | $187.23M | $186.78M | $-152.00M | $251.68M | $-507.09M |
| Net margin | — | — | — | — | — | — | 502.8% | 93.3% | -159.6% | 642.3% |
Source: Two Harbors Investment Corp. SEC filings (10-K). 14 years of history available in the interactive view.
Two Harbors Investment Corp.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 21.9% over 4 years (86M → 104.8M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $8557.2M is 96.2× last year's operating cash flow — it would take years of cash flow to clear.
Explore 14 years of Two Harbors Investment Corp. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Two Harbors Investment Corp. financial history by metric
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About Two Harbors Investment Corp.
Two Harbors Investment Corp. invests in, finances, and manages mortgage servicing rights (MSRs), agency residential mortgage-backed securities (RMBS), and other financial assets through RoundPoint in the United States. The company target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, hybrid mortgage loans, or derivatives; and other assets, such as financial and mortgage-related assets, comprising non-agency securities and non-hedging transactions. It qualifies as a REIT for federal income tax purposes. The company was incorporated in 2009 and is headquartered in Saint Louis Park, Minnesota.
Two Harbors Investment Corp. — frequently asked questions
What is Two Harbors Investment Corp.'s revenue?
Two Harbors Investment Corp. (TWO) reported revenue of $-78.94M for fiscal year 2025, up 49.9% from the prior year, according to its SEC filings.
Is Two Harbors Investment Corp. profitable?
No — TWO reported a net loss of $-507.09M in fiscal 2025.
What is TWO's P/E ratio?
Two Harbors Investment Corp. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How much debt does Two Harbors Investment Corp. have?
As of fiscal year 2025, TWO carried roughly $8.56B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Two Harbors Investment Corp.'s market cap?
Two Harbors Investment Corp. (TWO) has a market capitalization of about $1.30B, based on the latest data in our nightly-refreshed cache.
When does Two Harbors Investment Corp.'s fiscal year end?
TWO's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Two Harbors Investment Corp.'s official SEC filings (10-K and 10-Q), covering 14 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.