Is two (United States) overvalued or undervalued?

As of 13 August 2025, the valuation grade for two (United States) has moved from attractive to expensive, indicating a shift towards overvaluation. The company is currently considered overvalued, as evidenced by its Price to Book Value of 1.08, EV to EBIT of 24.26, and EV to EBITDA of 22.67, which are significantly higher than many peers in the industry. For instance, Arisz Acquisition Corp. has an EV to EBITDA of 26.64, while Blockchain Coinvestors Acquisition Corp. I shows a P/E ratio of 122.85, highlighting the relative expense of two compared to its peers.
The company's performance has been poor, with a Year-to-Date return of -40.75%, significantly underperforming the S&P 500's return of 12.22% over the same period. This stark contrast reinforces the notion that two (United States) is not only overvalued but also struggling in the current market environment.