Observable states are gauge-invariant. In a non-Abelian gauge theory, these are necessarily composite operators. We investigate the spectrum of these operators in the two-Higgs-doublet model. For this purpose, we are working along the lines of the Fr\"ohlich-Morchio-Strocchi mechanism to relate the physical spectrum to the spectrum of the elementary particles. We also investigate the consequences of spontaneous breaking of the global (custodial) symmetry group. Finally, we briefly comment on how to test the results using lattice methods.