UWM Holdings Corporation UWMC

FinancialsBanking ServicesUnited States of America

Last close 1.57 USD on Nov 2, 2026, −61.5% year to date

Quant rating

Quant rating C Rank 456 of 799 in Financials

Growth B 132 of 799
Valuation D 580 of 799
Quality A 67 of 799
Revisions C 513 of 799
Momentum D 698 of 799

Wall Street consensus Hold (2.80)Average target 1.69 USD +7.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.5B
Enterprise value: 18.7B
52-week range: 0.93 – 6.15
3-year range: 0.93 – 9.52
Dividend yield: 0.00%
Beta (5 years): 1.87
Shares outstanding: 1,607M
Next earnings: Nov 4, 2026

About the company

UWM Holdings Corporation, through its subsidiaries, is engaged in the origination, sale and servicing of residential mortgage loans throughout the United States. The Company originates primarily conforming and government loans across all 50 states and the District of Columbia. It operates in a single segment and is engaged in the origination, sale and servicing of residential mortgage loans, exclusively in the wholesale channel. It is focused on originating conventional, agency-eligible loans that can be sold to Fannie Mae, Freddie Mac or transferred to Ginnie Mae pools for sale in the secondary market. Its conventional agency-conforming loans meet the general underwriting guidelines established by Fannie Mae and Freddie Mac. Easiest Application System Ever is its primary LOS that allows clients to interact with the Company and to select products, lock rates and run the Automated Underwriting System. Blink+ is its client facing point of sale system white-labeled for its clients.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,161	2,674	2,165	2,089	3,558	–
Revenue growth	18.2%	23.5%	3.7%	−41.3%	−28.0%	−8.5%
EPS (basic, normalized)	0.15	0.13	−0.14	0.45	0.98	–
EPS growth	17.8%	–	–	−53.8%	−97.0%	−65.9%
Gross margin	88.8%	88.7%	89.1%	87.7%	94.9%	89.8%
Net margin	0.9%	0.5%	−0.6%	2.0%	2.8%	1.1%
ROE	22.1%	189.1%	–	503.1%	41.5%	189.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	477
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	15,699
Net debt (mil)	16,156
Total equity (mil)	134
Net debt / equity	120.72x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	3,161	+18.2%	5.9x	0.74	−41.2%	2.1x	0.12	−25.0%	13.1x
2026	2,995	−5.3%	6.2x	0.97	+30.9%	1.6x	0.10	−15.8%	15.5x
2027	2,991	−0.1%	6.2x	1.24	+27.7%	1.3x	0.28	+175.5%	5.6x
2028	3,214	+7.5%	5.8x	1.61	+29.8%	1.0x	0.34	+21.0%	4.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,995	−0.7%	−8.4%	−12.4%	0.10	−49.5%	−73.0%	−76.1%
2027	2,991	+0.2%	−11.5%	−22.8%	0.28	−18.4%	−40.5%	−47.0%
2028	3,214	−2.0%	−8.7%	−24.0%	0.34	−17.5%	−45.2%	−54.7%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	570	507	526	560	613	759	843	759	901	888
Sales mean (mil)	470	527	585	625	557	697	702	774	710	714
Surprise	+21.4%	−3.8%	−9.9%	−10.4%	+10.1%	+8.8%	+20.0%	−1.9%	+26.9%	+24.4%
EPS reported	0.09	0.04	0.01	0.00	−0.12	0.16	0.01	0.08	0.08	−0.23
EPS mean	0.06	0.07	0.08	0.08	0.05	0.06	0.07	0.09	0.07	0.09
Surprise	+41.5%	−40.9%	−86.9%	−100.0%	−324.3%	+159.1%	−84.8%	−7.5%	+21.5%	−365.9%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
UWMC UWM Holdings Corporation	2.5B	–	0.9%	–	15.5x	5.6x	1.6x	1.3x
AXP American Express Company	219.9B	–	13.8%	–	18.4x	16.3x	6.3x	5.6x
COF Capital One Financial Corp	126.8B	14.8%	3.1%	1.11x	9.7x	8.8x	1.2x	1.1x
FITB Fifth Third Bancorp	49.9B	10.8%	24.0%	1.43x	13.6x	11.0x	1.5x	1.4x
RKT Rocket Companies Inc	39.1B	–	−1.0%	–	24.5x	20.9x	1.9x	1.8x
HBAN Huntington Bancshares Inc	32.3B	11.5%	20.2%	1.20x	10.6x	9.1x	1.1x	1.0x
Mean		12.4%	10.2%	1.24x	15.4x	12.0x	2.3x	2.0x
Median		11.5%	8.4%	1.20x	14.6x	10.1x	1.6x	1.3x

Technical analysis

1M+24.6%
3M−13.7%
1Y−69.5%
3Y−62.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, UWM Holdings Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	3,161	2,674	2,165	2,089	3,558	4,939
Total interest expense	–	–	–	–	–	–
Net interest income	3,161	2,674	2,165	2,089	3,558	4,939
Loan loss provision	–	–	–	–	–	–
Net interest income after loan loss provision	–	–	–	–	–	–
Non-interest income	–	–	–	–	–	–
Non-interest expense	–	–	–	–	–	–
Net income before taxes	251	336	−76.3	935	1,578	3,385
Provision for taxes	6.9	6.6	−6.5	2.8	9.8	2.5
Minority interest & equity in affiliates	−217	−315	56.6	−890	−1,470	–
Other	0	0	0	0	0	0
Net income before extraordinary items	27.4	14.4	−13.2	41.7	98.4	3,383
Extraordinary items	–	–	–	–	–	–
Net income	27.4	14.4	−13.2	41.7	98.4	3,383
Basic weighted average shares (mil)	211	111	93.2	92.5	101	103
Diluted weighted average shares (mil)	1,599	111	93.2	92.5	1,603	103
Basic EPS excluding extraordinary items	0.13	0.13	−0.14	0.45	0.98	32.81
Basic EPS, normalized	0.15	0.13	−0.14	0.45	0.98	33.00

Balance sheet in millions of USD, fiscal years

Balance sheet, UWM Holdings Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	–	–	–	–	–	–
Other earning assets	–	–	–	–	–	–
Net loans	–	–	–	–	–	–
Property, plant & equipment	296	263	275	299	314	224
Goodwill	–	–	–	–	–	–
Intangibles	4,074	3,970	4,026	4,453	3,315	1,757
Long-term investments	101	103	110	113	152	0
Other long-term assets	21.0	–	–	–	–	–
Other assets	1,496	893	1,001	512	128	119
Total assets	16,929	15,671	11,872	13,601	22,528	11,493
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	251	188	469	440	1,085	848
Accrued expenses	667	616	266	271	121	105
Total deposits	–	–	–	–	–	–
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	14,251	12,650	8,528	9,567	17,995	8,101
Minority interest	1,394	1,892	2,362	3,028	3,029	0
Other liabilities	166	164	135	151	156	66.2
Total liabilities	16,729	15,510	11,759	13,457	22,386	9,119
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0.2	0.2	0.2	0.2	0.2	0
Additional paid-in capital	9.9	3.5	1.7	0.9	0.4	24.8
Retained earnings (accumulated deficit)	189	158	111	142	142	2,349
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	200	162	113	144	142	2,374
Total liabilities & shareholders' equity	16,929	15,671	11,872	13,601	22,528	11,493

Cash flow statement in millions of USD, fiscal years

Cash flow statement, UWM Holdings Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	244	329	−69.8	932	1,568	3,383
Depreciation, depletion & amortization	55.5	48.8	50.1	49.4	35.1	570
Deferred taxes	–	–	–	–	–	–
Non-cash items	−2,514	−2,574	−1,350	−2,412	−1,947	−1,778
Changes in working capital	−433	−4,045	1,535	9,699	−9,614	−2,119
Cash from operations	−2,648	−6,241	165	8,268	−9,957	56.4
Investing activities
Capital expenditures	−74.0	−39.5	−26.4	−26.6	−65.4	−57.3
Other investing cash flows	2,334	2,716	1,856	1,317	265	289
Cash from investing	2,260	2,676	1,830	1,290	200	232
Financing activities
Financing cash flow items	−647	−722	−602	−751	−597	−1,685
Cash dividends paid	−78.6	−39.7	−37.2	−36.9	−30.6	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,109	4,337	−1,563	−8,797	9,892	2,488
Cash from financing	384	3,575	−2,203	−9,585	9,264	802
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−4.0	9.9	−207	−26.2	−493	1,091
Free cash flow	−2,722	−6,281	139	8,242	−10,022	−0.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.