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Also traded in: Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 4/10

vs
industry
vs
history
Cash-to-Debt 0.32
TWO's Cash-to-Debt is ranked higher than
89% of the 598 Companies
in the Global REIT - Residential industry.

( Industry Median: 0.06 vs. TWO: 0.32 )
Ranked among companies with meaningful Cash-to-Debt only.
TWO' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.05  Med: 5001.44 Max: No Debt
Current: 0.32
0.05
No Debt
Equity-to-Asset 0.16
TWO's Equity-to-Asset is ranked lower than
95% of the 642 Companies
in the Global REIT - Residential industry.

( Industry Median: 0.52 vs. TWO: 0.16 )
Ranked among companies with meaningful Equity-to-Asset only.
TWO' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.14  Med: 0.2 Max: 0.7
Current: 0.16
0.14
0.7
Debt-to-Equity 0.38
TWO's Debt-to-Equity is ranked higher than
85% of the 613 Companies
in the Global REIT - Residential industry.

( Industry Median: 0.81 vs. TWO: 0.38 )
Ranked among companies with meaningful Debt-to-Equity only.
TWO' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.1  Med: 0.67 Max: 3.96
Current: 0.38
0.1
3.96
Debt-to-EBITDA 7.42
TWO's Debt-to-EBITDA is ranked lower than
66% of the 608 Companies
in the Global REIT - Residential industry.

( Industry Median: 5.75 vs. TWO: 7.42 )
Ranked among companies with meaningful Debt-to-EBITDA only.
TWO' s Debt-to-EBITDA Range Over the Past 10 Years
Min: 1.35  Med: 7.83 Max: 13.54
Current: 7.42
1.35
13.54
Interest Coverage 0.46
TWO's Interest Coverage is ranked lower than
98% of the 614 Companies
in the Global REIT - Residential industry.

( Industry Median: 3.35 vs. TWO: 0.46 )
Ranked among companies with meaningful Interest Coverage only.
TWO' s Interest Coverage Range Over the Past 10 Years
Min: 0.46  Med: 5.16 Max: No Debt
Current: 0.46
0.46
No Debt
Beneish M-Score: 0.92
WACC vs ROIC
6.36%
5.83%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 3/10

vs
industry
vs
history
Operating Margin % 24.14
TWO's Operating Margin % is ranked lower than
77% of the 618 Companies
in the Global REIT - Residential industry.

( Industry Median: 50.42 vs. TWO: 24.14 )
Ranked among companies with meaningful Operating Margin % only.
TWO' s Operating Margin % Range Over the Past 10 Years
Min: -356.93  Med: 81.8 Max: 130.21
Current: 24.14
-356.93
130.21
Net Margin % 101.00
TWO's Net Margin % is ranked higher than
83% of the 649 Companies
in the Global REIT - Residential industry.

( Industry Median: 43.99 vs. TWO: 101.00 )
Ranked among companies with meaningful Net Margin % only.
TWO' s Net Margin % Range Over the Past 10 Years
Min: -319.71  Med: 75.77 Max: 107.53
Current: 101
-319.71
107.53
ROE % 19.22
TWO's ROE % is ranked higher than
89% of the 651 Companies
in the Global REIT - Residential industry.

( Industry Median: 7.39 vs. TWO: 19.22 )
Ranked among companies with meaningful ROE % only.
TWO' s ROE % Range Over the Past 10 Years
Min: -5.78  Med: 11.25 Max: 19.22
Current: 19.22
-5.78
19.22
ROA % 3.02
TWO's ROA % is ranked lower than
59% of the 656 Companies
in the Global REIT - Residential industry.

( Industry Median: 3.68 vs. TWO: 3.02 )
Ranked among companies with meaningful ROA % only.
TWO' s ROA % Range Over the Past 10 Years
Min: -2.18  Med: 2.19 Max: 3.41
Current: 3.02
-2.18
3.41
3-Year Revenue Growth Rate -18.30
TWO's 3-Year Revenue Growth Rate is ranked lower than
94% of the 560 Companies
in the Global REIT - Residential industry.

( Industry Median: 2.20 vs. TWO: -18.30 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
TWO' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 0  Med: -7.25 Max: 150.8
Current: -18.3
0
150.8
3-Year EBITDA Growth Rate -100.00
TWO's 3-Year EBITDA Growth Rate is ranked lower than
99% of the 504 Companies
in the Global REIT - Residential industry.

( Industry Median: 2.90 vs. TWO: -100.00 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
TWO' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 0  Med: -9.7 Max: 136.8
Current: -100
0
136.8
3-Year EPS without NRI Growth Rate 20.30
TWO's 3-Year EPS without NRI Growth Rate is ranked higher than
73% of the 475 Companies
in the Global REIT - Residential industry.

( Industry Median: 5.60 vs. TWO: 20.30 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
TWO' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: 0  Med: 2.7 Max: 198.8
Current: 20.3
0
198.8
GuruFocus has detected 5 Warning Signs with Two Harbors Investment Corp TWO.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» TWO's 30-Y Financials

Financials (Next Earnings Date: 2018-11-03 Est.)


Revenue & Net Income
Equity & Asset
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q2 2017

TWO Guru Trades in Q2 2017

Paul Tudor Jones 14,134 sh (New)
Ray Dalio 14,613 sh (New)
Jim Simons 1,935,600 sh (+77.19%)
Caxton Associates 65,300 sh (+11.82%)
Jeremy Grantham 24,300 sh (unchged)
David Dreman 32,553 sh (-37.40%)
» More
Q3 2017

TWO Guru Trades in Q3 2017

Paul Tudor Jones 61,875 sh (+337.77%)
Jim Simons 2,544,200 sh (+31.44%)
David Dreman 32,553 sh (unchged)
Jeremy Grantham 24,300 sh (unchged)
Ray Dalio Sold Out
Caxton Associates Sold Out
» More
Q4 2017

TWO Guru Trades in Q4 2017

Paul Tudor Jones 174,603 sh (+464.37%)
Jim Simons 1,402,450 sh (+10.25%)
Jeremy Grantham Sold Out
David Dreman 16,274 sh (-0.02%)
» More
Q1 2018

TWO Guru Trades in Q1 2018

Caxton Associates 58,639 sh (New)
Ray Dalio 50,001 sh (New)
Jim Simons Sold Out
David Dreman Sold Out
Paul Tudor Jones 81,404 sh (-53.38%)
» More
» Details

Insider Trades

Latest Guru Trades with TWO

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
David Dreman 2018-03-31 Sold Out 0.15%$14.21 - $16.09 $ 15.350%0
David Dreman 2017-12-31 Reduce -0.02%$15.25 - $16.75 $ 15.35-5%16,274
Premium More recent guru trades are included for Premium Members only!!
Premium More recent guru trades are included for USA Subscribe Members only!!
» Interactive Charts

Peter Lynch Chart ( What is Peter Lynch Charts )

Preferred stocks of Two Harbors Investment Corp

SymbolPriceYieldDescription
TWOpA.PFD27.067.53A
TWOpC.PFD24.654.90FXDFR PRF PERPETUAL USD 25 - Ser C
TWOpB.PFD25.557.63Conv Cum Red Pfd Registered Shs Series -B-
TWOPE.PFD24.650.007.50% PRF PERPETUAL USD - Ser E
TWOPD.PFD25.010.007.75% PRF PERPETUAL USD - Ser D

Business Description

Industry: REITs » REIT - Residential    NAICS: 531110    SIC: 6798
Compare:NYSE:EDR, IST:EKGYO, TSE:3269, TSX:BEI.UN, XBRU:AED, TSE:3282, XPAR:ALTA, TSE:8986, TSX:CAR.UN, TSX:NVU.UN, NYSE:ARR, TSX:KMP.UN, NYSE:IRT, NYSE:CMO, TSX:IIP.UN, NYSE:GPMT, NAS:NYMT, NYSE:IRET, NYSE:APTS, NYSE:NXRT » details
Traded in other countries:2H2A.Germany,
Headquarter Location:USA
Two Harbors Investment Corp is a REIT. It focuses on investing, financing and managing residential mortgage-backed securities, residential mortgage loans, mortgage servicing rights, commercial real estate debt and other financial assets.

Two Harbors Investment Corp is a real estate investment trust primarily focused on investing in, financing, and managing residential mortgage-backed securities, or RMBS; residential mortgage loans; mortgage servicing rights; and commercial real estate. The majority of the company's investment portfolio is split between agency RMBS purchased from government-sponsored enterprises and nonagency RMBS. Two Harbors derives nearly all of its revenue in the form of interest income collected from its investments. Most of this income is generated by available-for-sale securities, while residential mortgage loans held for investment in securitization trusts also contribute a sizable amount. The counterparties to Two Harbors' investments are mainly located in North America.

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Factors of Influence in 2018, Key Indicators and Opportunity within Tanger Factory Outlet Centers, Canada Goose, Two Harbors Investments, Edgewell Personal Care Company, WEC Energy Group, and Avery Dennison — New Research Emphasizes Economic Growth
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Ratios

vs
industry
vs
history
PE Ratio 4.13
TWO's PE Ratio is ranked higher than
94% of the 586 Companies
in the Global REIT - Residential industry.

( Industry Median: 15.50 vs. TWO: 4.13 )
Ranked among companies with meaningful PE Ratio only.
TWO' s PE Ratio Range Over the Past 10 Years
Min: 3.2  Med: 7.08 Max: 362.25
Current: 4.13
3.2
362.25
Forward PE Ratio 8.16
TWO's Forward PE Ratio is ranked higher than
97% of the 250 Companies
in the Global REIT - Residential industry.

( Industry Median: 19.65 vs. TWO: 8.16 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 4.38
TWO's PE Ratio without NRI is ranked higher than
93% of the 581 Companies
in the Global REIT - Residential industry.

( Industry Median: 15.60 vs. TWO: 4.38 )
Ranked among companies with meaningful PE Ratio without NRI only.
TWO' s PE Ratio without NRI Range Over the Past 10 Years
Min: 3.22  Med: 7.19 Max: 362.25
Current: 4.38
3.22
362.25
Price-to-Owner-Earnings 10.68
TWO's Price-to-Owner-Earnings is ranked higher than
63% of the 328 Companies
in the Global REIT - Residential industry.

( Industry Median: 14.08 vs. TWO: 10.68 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
TWO' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 5.76  Med: 16.1 Max: 75.02
Current: 10.68
5.76
75.02
PB Ratio 0.97
TWO's PB Ratio is ranked higher than
67% of the 640 Companies
in the Global REIT - Residential industry.

( Industry Median: 1.10 vs. TWO: 0.97 )
Ranked among companies with meaningful PB Ratio only.
TWO' s PB Ratio Range Over the Past 10 Years
Min: 0.59  Med: 0.79 Max: 1.36
Current: 0.97
0.59
1.36
PS Ratio 4.14
TWO's PS Ratio is ranked higher than
80% of the 614 Companies
in the Global REIT - Residential industry.

( Industry Median: 7.55 vs. TWO: 4.14 )
Ranked among companies with meaningful PS Ratio only.
TWO' s PS Ratio Range Over the Past 10 Years
Min: 3.19  Med: 5.02 Max: 46.7
Current: 4.14
3.19
46.7
Price-to-Free-Cash-Flow 15.91
TWO's Price-to-Free-Cash-Flow is ranked higher than
59% of the 366 Companies
in the Global REIT - Residential industry.

( Industry Median: 18.09 vs. TWO: 15.91 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
TWO' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 2.67  Med: 7.65 Max: 1217.5
Current: 15.91
2.67
1217.5
Price-to-Operating-Cash-Flow 4.48
TWO's Price-to-Operating-Cash-Flow is ranked higher than
96% of the 560 Companies
in the Global REIT - Residential industry.

( Industry Median: 14.62 vs. TWO: 4.48 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
TWO' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 2.02  Med: 5.81 Max: 1217.5
Current: 4.48
2.02
1217.5
EV-to-EBIT 30.51
TWO's EV-to-EBIT is ranked lower than
70% of the 589 Companies
in the Global REIT - Residential industry.

( Industry Median: 19.79 vs. TWO: 30.51 )
Ranked among companies with meaningful EV-to-EBIT only.
TWO' s EV-to-EBIT Range Over the Past 10 Years
Min: -367.7  Med: -23.4 Max: 127
Current: 30.51
-367.7
127
EV-to-EBITDA 30.47
TWO's EV-to-EBITDA is ranked lower than
93% of the 601 Companies
in the Global REIT - Residential industry.

( Industry Median: 15.96 vs. TWO: 30.47 )
Ranked among companies with meaningful EV-to-EBITDA only.
TWO' s EV-to-EBITDA Range Over the Past 10 Years
Min: -367.7  Med: -23.4 Max: 127
Current: 30.47
-367.7
127
EV-to-Revenue 7.38
TWO's EV-to-Revenue is ranked higher than
85% of the 650 Companies
in the Global REIT - Residential industry.

( Industry Median: 12.62 vs. TWO: 7.38 )
Ranked among companies with meaningful EV-to-Revenue only.
TWO' s EV-to-Revenue Range Over the Past 10 Years
Min: -148.6  Med: -19.65 Max: 41.5
Current: 7.38
-148.6
41.5
Shiller PE Ratio 6.73
TWO's Shiller PE Ratio is ranked higher than
96% of the 233 Companies
in the Global REIT - Residential industry.

( Industry Median: 23.55 vs. TWO: 6.73 )
Ranked among companies with meaningful Shiller PE Ratio only.
TWO' s Shiller PE Ratio Range Over the Past 10 Years
Min: 6.66  Med: 7.28 Max: 8.61
Current: 6.73
6.66
8.61

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 10.23
TWO's Dividend Yield % is ranked higher than
92% of the 978 Companies
in the Global REIT - Residential industry.

( Industry Median: 5.30 vs. TWO: 10.23 )
Ranked among companies with meaningful Dividend Yield % only.
TWO' s Dividend Yield % Range Over the Past 10 Years
Min: 3.47  Med: 14.26 Max: 23.95
Current: 10.23
3.47
23.95
Dividend Payout Ratio 0.52
TWO's Dividend Payout Ratio is ranked higher than
70% of the 700 Companies
in the Global REIT - Residential industry.

( Industry Median: 1.03 vs. TWO: 0.52 )
Ranked among companies with meaningful Dividend Payout Ratio only.
TWO' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.52  Med: 1.13 Max: 2.26
Current: 0.52
0.52
2.26
3-Year Dividend Growth Rate -1.10
TWO's 3-Year Dividend Growth Rate is ranked lower than
76% of the 436 Companies
in the Global REIT - Residential industry.

( Industry Median: 4.40 vs. TWO: -1.10 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
TWO' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: 0  Med: -10.45 Max: 87.4
Current: -1.1
0
87.4
Forward Dividend Yield % 10.23
TWO's Forward Dividend Yield % is ranked higher than
89% of the 977 Companies
in the Global REIT - Residential industry.

( Industry Median: 5.84 vs. TWO: 10.23 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 6.35
TWO's 5-Year Yield-on-Cost % is ranked higher than
54% of the 976 Companies
in the Global REIT - Residential industry.

( Industry Median: 6.09 vs. TWO: 6.35 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
TWO' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 2.15  Med: 8.85 Max: 14.86
Current: 6.35
2.15
14.86
3-Year Average Share Buyback Ratio 1.60
TWO's 3-Year Average Share Buyback Ratio is ranked higher than
94% of the 507 Companies
in the Global REIT - Residential industry.

( Industry Median: -4.90 vs. TWO: 1.60 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
TWO' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -181.6  Med: -22.45 Max: 1.6
Current: 1.6
-181.6
1.6

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 2.03
TWO's Price-to-Tangible-Book is ranked lower than
84% of the 630 Companies
in the Global REIT - Residential industry.

( Industry Median: 1.12 vs. TWO: 2.03 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
TWO' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.72  Med: 0.81 Max: 2.09
Current: 2.03
0.72
2.09
Price-to-Median-PS-Value 0.82
TWO's Price-to-Median-PS-Value is ranked higher than
83% of the 500 Companies
in the Global REIT - Residential industry.

( Industry Median: 1.04 vs. TWO: 0.82 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
TWO' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.65  Med: 0.95 Max: 9.27
Current: 0.82
0.65
9.27
Price-to-Graham-Number 0.63
TWO's Price-to-Graham-Number is ranked higher than
72% of the 515 Companies
in the Global REIT - Residential industry.

( Industry Median: 0.88 vs. TWO: 0.63 )
Ranked among companies with meaningful Price-to-Graham-Number only.
TWO' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.36  Med: 0.55 Max: 3.71
Current: 0.63
0.36
3.71
Earnings Yield (Greenblatt) % 3.28
TWO's Earnings Yield (Greenblatt) % is ranked lower than
66% of the 629 Companies
in the Global REIT - Residential industry.

( Industry Median: 4.84 vs. TWO: 3.28 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
TWO' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: -39.2  Med: -2.6 Max: 4.1
Current: 3.28
-39.2
4.1
Forward Rate of Return (Yacktman) % -41.22
TWO's Forward Rate of Return (Yacktman) % is ranked lower than
96% of the 387 Companies
in the Global REIT - Residential industry.

( Industry Median: 4.17 vs. TWO: -41.22 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
TWO' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -41.8  Med: -27.1 Max: 10.4
Current: -41.22
-41.8
10.4

More Statistics

Revenue (TTM) (Mil) $734.95
EPS (TTM) $ 3.73
Beta0.24
Volatility15.09%
52-Week Range $13.85 - 16.83
Shares Outstanding (Mil)248.07

Analyst Estimate

Dec18 Dec19 Dec20
Revenue (Mil $) 715 638 739
EBIT (Mil $)
EBITDA (Mil $)
EPS ($) 3.15 1.85 1.85
EPS without NRI ($) 3.15 1.85 1.85
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($) 1.88 1.88 1.88

Piotroski F-Score Details

Piotroski F-Score: ----
Positive ROAN
Positive CFROAN
Higher ROA yoyN
CFROA > ROAN
Lower Leverage yoyN
Higher Current Ratio yoyN
Less Shares Outstanding yoyN
Higher Gross Margin yoyN
Higher Asset Turnover yoyN

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