Two Harbors Investment's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Two Harbors Investment (TWO) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Two Harbors Investment vs Its Competitors
- TTM: Trailing 12-month revenue of 713M vs 23,577M combined for its competitors (2.9% combined share).
- Peer differentiation: Revenue per employee of $1.47M compares with $5.16M for the peer group (0.3x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
API endpoints for this dataset
Two Harbors Investment vs. its Competitors, Q2 2026
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Two Harbors Investment reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Two Harbors Investment and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Two Harbors Investment Corp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Two Harbors Investment's competitor groups requires a Commercial License.
Two Harbors Investment's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Two Harbors Investment Corp | - | - | - | No |
| Competitors combined (22) | ||||
| High-Confidence Competitors (1) | - | - | - |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
TWO Stock Performance relative to its Competitors
TWO Stock Performance relative to High-Confidence Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Cim Real Estate Finance Trust Inc | 282.9% | Outperformed |
| 2 | Mfa Financial inc | 282.9% | Outperformed |
| 3 | Cherry Hill Mortgage Investment Corporation | 282.9% | Outperformed |
| 4 | Bxp Inc | 282.9% | Outperformed |
| 5 | Annaly Capital Management Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Two Harbors Investment's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Two Harbors Investment's Comment on Competition and Industry Peers
Publicly Traded Peers of Two Harbors Investment Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Two Harbors Investment Corp |
1,284.10 | 713.47 |
 Annaly Capital Management Inc |
14,308.81 | 7,228.06 |
 Agnc Investment Corp |
10,492.37 | 4,497.00 |
 Bxp Inc |
10,142.83 | 3,525.68 |
 Dynex Capital Inc |
2,677.08 | 623.87 |
 Mfa Financial inc |
2,585.34 | 651.38 |
| SUBTOTAL | 48,212.74 | 24,300.56 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Two Harbors Investment Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Two Harbors Investment's Competitors Named by the Company
Competitive relationships identified from Two Harbors Investment reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Pennymac Mortgage Investment Trust | Company report | 85% |
| PRCM Advisers | Company report | 85% |
| Mfa Financial inc | Company report | 85% |
| Chimera Investment Corporation | Company report | 85% |
| Redwood Trust Inc | Company report | 85% |
| Annaly Capital Management Inc | Company report | 85% |
| Ellington Credit Company | Company report | 85% |
| Orchid Island Capital Inc | Company report | 85% |
| Western Asset Mortgage Capital Corporation | Company report | 85% |
| Angel Oak Mortgage Reit Inc | Company report | 85% |
| Dynex Capital Inc | Company report | 85% |
| Altisource Portfolio Solutions S a | Company report | 85% |
| Agnc Investment Corp | Company report | 85% |
| Blackstone Mortgage Trust Inc | Company report | 85% |
| Arlington Asset Investment Corp | Company report | 85% |
| Brightspire Capital Inc | Company report | 85% |
| Cim Real Estate Finance Trust Inc | Company report | 85% |
| Rithm Property Trust Inc | Company report | 85% |
| Tpg Mortgage Investment Trust Inc | Company report | 85% |
| Bimini Capital Management Inc | Company report | 85% |
| Arbor Realty Trust Inc | Company report | 85% |
| Cherry Hill Mortgage Investment Corporation | Company report | 85% |
Company report basis, confidence, active dates and source counts for Two Harbors Investment's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Two Harbors Investment's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Altisource Portfolio Solutions S a | Servicer and Real Estate Solutions 72.75 % |
| Cim Real Estate Finance Trust Inc | Asset Management 94.30 % |
| Bimini Capital Management Inc | Bimini Advisors Asset Management 70.11 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Two Harbors Investment's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Two Harbors Investment Corp | 1,284 | 1,468,039 | -44,599 |
| Annaly Capital Management Inc | 14,309 | 37,843,225 | 5,939,686 |
| Agnc Investment Corp | 10,492 | 83,277,778 | 1,907,407 |
| Bxp Inc | 10,143 | 4,268,383 | 500,507 |
| Dynex Capital Inc | 2,677 | 22,280,929 | -1,871,571 |
| Mfa Financial inc | 2,585 | 2,121,756 | 585,964 |
| PEERS TOTAL | 46,929 | 5,161,289 | 346,558 |
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Two Harbors Investment's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Brightspire Capital Inc | United States 100.00 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Two Harbors Investment's Position in Industry Market Structure
Market-capitalization share and concentration across all 181 companies in Two Harbors Investment's industry classification, broader than the peer set above. Market cap in millions of $.Two Harbors Investment ranks #0 of 181 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 414, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Welltower Inc | 180,736 | 11.93 % |
| 2 | Prologis Inc | 123,739 | 8.17 % |
| 3 | Equinix Inc | 104,674 | 6.91 % |
| 4 | American Tower Corporation | 87,317 | 5.77 % |
| 5 | Simon Property Group inc | 1,234 | 5.2% |
| 6 | Digital Realty Trust Inc | 1,234 | 5.2% |
| 7 | Public Storage | 1,234 | 5.2% |
| 8 | Realty Income Corporation | 1,234 | 5.2% |
| 9 | Ventas inc | 1,234 | 5.2% |
| 10 | Crown Castle Inc | 1,234 | 5.2% |
| 0 | Two Harbors Investment Corp | 1,283 | 0.00 % |
Market cap and industry share for the rest of Two Harbors Investment's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-08-24.
Two Harbors Investment's Valuation vs Competitive Position
Valuation multiples vs the Real Estate Investment Trusts industry average (283 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Real Estate Investment Trusts industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 30.1x | - |
| EV / EBITDA | 94.9x | 17.5x | +77.3x |
| P/B | 0.7x | 1.9x | -1.1x |
| Return on Equity | -1.23 % | industry aggregate | -6.83 % |
| Return on Invested Capital | - | 2.09 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Two Harbors Investment's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -31.16 % | 102.66 % | -359.25 % | - | - | - | - | -28.75 % |
| Operating Margin | -0.90 % | 55.97 % | 115.86 % | 48.37 % | - | - | 34.84 % | -63.18 % |
| Return on Invested Capital | -0.03 % | 2.90 % | -23.89 % | 2.85 % | - | - | 2.30 % | -6.13 % |
| P/E | 380.7x | 69.7x | - | 15.5x | 7.6x | - | 5.5x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Two Harbors Investment's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 414 (see Industry Market Structure & Concentration above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Two Harbors Investment's dedicated Suppliers and Customers pages, not here.
Two Harbors Investment's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 6.8 points below the industry aggregate.
Opportunities
- A meaningful share of competitors (45.50 %) show financial-distress signals, a possible opening to gain share.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-74.2% annualized).
Methodology: see Methodology: SWOT Analysis.
Two Harbors Investment's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Two Harbors Investment Corp | 0.09 | 1.02 | 1.87 |
| Annaly Capital Management Inc | - | 1.96 | - |
| Agnc Investment Corp | 0.01 | 0.58 | 7.39 |
| Bxp Inc | 0.75 | 0.89 | 1.45 |
| Dynex Capital Inc | 0.04 | 0.06 | 7.17 |
| Mfa Financial inc | 0.84 | 42.09 | - |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Two Harbors Investment's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Two Harbors Investment Corp | Q2 2026 | - | - |
| Annaly Capital Management Inc | Q3 2026 | - | - |
| Agnc Investment Corp | Q3 2026 | - | - |
| Bxp Inc | Q2 2026 | +3.1 % | -14.0 % |
| Dynex Capital Inc | Q3 2026 | - | - |
| Mfa Financial inc | Q2 2026 | -52.2 % | +6.3 % |
| PEERS TOTAL | -81.4 % | - |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Two Harbors Investment's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Two Harbors Investment Corp | Q2 2026 | - | - |
| Annaly Capital Management Inc | Q3 2026 | - | - |
| Agnc Investment Corp | Q3 2026 | - | - |
| Bxp Inc | Q2 2026 | +1.2 % | +13.1 % |
| Dynex Capital Inc | Q3 2026 | - | - |
| Mfa Financial inc | Q2 2026 | - | - |
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Two Harbors Investment's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Two Harbors Investment Corp | - | - | - |
| Annaly Capital Management Inc | 0.80% | 0.80% | 6.94% |
| Agnc Investment Corp | 0.08% | 0.32% | 0.85% |
| Bxp Inc | 1.61% | 1.44% | 5.40% |
| Dynex Capital Inc | - | - | - |
| Mfa Financial inc | 1.38% | 1.39% | 9.99% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Two Harbors Investment's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Two Harbors Investment Corp | - | 1.80 |
| Annaly Capital Management Inc | 12.16 | 1.98 |
| Agnc Investment Corp | 124.86 | 2.33 |
| Bxp Inc | 34.16 | 2.88 |
| Dynex Capital Inc | 20.84 | 4.29 |
| Mfa Financial inc | 24.52 | 3.97 |
| PEERS AVERAGE | 30.86 | 1.98 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.