A Business at a Glance
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Unless otherwise indicated or the context otherwise requires, when used in this Annual Report, the term “UWMC” means UWM Holdings Corporation, “UWM” means United Wholesale Mortgage, LLC and the “Company,” “we,” “our” and “us” refer to UWM Holdings Corporation and our subsidiaries. We are the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the largest overall residential mortgage lender as well as the largest purchase lender in the U.S., by closed loan volume, despite originating loans exclusively through the wholesale channel. We originate primarily conforming and government loans across all 50 states and the District of Columbia. Founded in 1986 and headquartered in Pontiac, Michigan, we have built a client-focused, team-oriented culture that strives to bring superior customer service, efficiency and operational stability to our clients, the Independent Mortgage Brokers.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 538M | 538M | 509M | 346M | 314M | 332M |
| Net Income | 27M | 27M | 14M | -13M | 42M | 98M |
| EPS | $0.12 | $0.12 | $0.13 | $-0.14 | $0.45 | $0.66 |
| Free Cash Flow | 2.6B | 2.6B | 6.2B | 139M | 8.2B | 9.9B |
| ROIC | 3.8% | 0.6% | 0.3% | -0.3% | 0.8% | 3.3% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 2.62 | 2.62 | 1.60 | 1.11 | 0.87 | 0.63 |
| Dividends/Share | $0.05 | $0.05 | $0.02 | $0.39 | $0.40 | $0.21 |
| Operating Income | 251M | 251M | 336M | -76M | 935M | 1.6B |
| Operating Margin | 46.7% | 46.7% | 66.1% | -22.0% | 297.2% | 475.7% |
| ROE | 1.7% | 1.5% | 0.7% | -0.5% | 1.3% | 6.2% |
| Shares Outstanding | 1,600M | 1,600M | 1,600M | 95M | 93M | 149M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | N/A | 161M | 332M | 314M | 346M | 509M | 538M | 538M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 372M | 552M | 698M | 553M | 530M | 689M | 851M | 851M |
| EBIT | 415M | -6.8M | 1.6B | 935M | -76M | 336M | 251M | 251M |
| Op. Margin | N/A | -4.2% | 475.7% | 297.2% | -22.0% | 66.1% | 46.7% | 46.7% |
| Net Income | 415M | -5.8M | 98M | 42M | -13M | 14M | 27M | 27M |
| Net Margin | N/A | -3.6% | 29.7% | 13.3% | -3.8% | 2.8% | 5.1% | 5.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/M | -1.4% | 3.3% | 0.8% | -0.3% | 0.3% | 0.6% | 3.8% |
| ROE | 260.2% | -232.9% | 6.2% | 1.3% | -0.5% | 0.7% | 1.5% | 1.7% |
| ROA | 100621.3% | -0.1% | 0.6% | 0.2% | -0.1% | 0.1% | 0.2% | 0.2% |
| Cash Flow | ||||||||
| Op. Cash Flow | 3.5B | 56M | 10.0B | 8.3B | 165M | 6.2B | 2.6B | 2.6B |
| Free Cash Flow | 3.5B | -876K | 9.9B | 8.2B | 139M | 6.2B | 2.6B | 2.6B |
| Owner Earnings | 3.5B | 31M | 9.9B | 8.2B | 101M | 6.2B | 2.5B | 2.5B |
| CapEx | 17M | 57M | 65M | 27M | 26M | 39M | 74M | 74M |
| Maint. CapEx | 9.4M | 26M | 38M | 49M | 50M | 49M | 56M | 56M |
| Growth CapEx | 7.4M | 32M | 27M | 0 | 0 | 0 | 19M | 19M |
| D&A | 9.4M | 26M | 38M | 49M | 50M | 49M | 56M | 56M |
| CapEx/OCF | N/A | 101.6% | N/A | 0.3% | 16.0% | N/A | N/A | 2.8% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 31M | 37M | 37M | 40M | 79M | 79M |
| Dividend Yield | N/A | N/A | 3.6% | 12.9% | 8.9% | 0.4% | 1.0% | 1.3% |
| Share Buybacks | 0 | 0 | 82M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 12.3% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 0 | 0 | 6.5M | 7.5M | 14M | 25M | 50M | 50M |
| Debt Repayment | 0 | 11M | 12M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | -133M | -104M | 1.3B | 2.0B | 2.2B | 2.3B | 3.2B | 3.7B |
| Cash & Equiv. | 133M | 1.2B | 731M | 705M | 497M | 507M | 503M | 503M |
| Long-Term Debt | 0 | 800M | 2.0B | 2.0B | 2.0B | 2.8B | 3.0B | 3.0B |
| Debt/Equity | 0.00 | 224.06 | 0.63 | 0.87 | 1.11 | 1.60 | 2.62 | 2.62 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.5 |
| Equity | -14K | 5.0M | 3.2B | 3.2B | 2.5B | 2.1B | 1.6B | 1.6B |
| Total Assets | 412K | 11.5B | 22.5B | 13.6B | 11.9B | 15.7B | 16.9B | 16.9B |
| Total Liabilities | -661M | 9.1B | 19.4B | 10.4B | 9.4B | 13.6B | 15.3B | 15.3B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -39K | 2.3B | 142M | 143M | 111M | 158M | 189M | 189M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||
| EPS | N/A | -0.12 | 0.66 | 0.45 | -0.14 | 0.13 | 0.12 | 0.12 |
| Owner EPS | N/A | 0.63 | 66.46 | 88.58 | 1.07 | 3.86 | 1.59 | 1.59 |
| Book Value | N/A | 0.10 | 21.26 | 34.21 | 26.19 | 1.28 | 1.00 | 1.00 |
| Cash Flow/Share | N/A | 1.17 | 66.75 | 89.19 | 1.75 | 3.90 | 1.65 | 0.05 |
| Dividends/Share | N/A | 0.00 | 0.21 | 0.40 | 0.39 | 0.02 | 0.05 | 0.05 |
| Shares Out. | N/A | 48.4M | 149.2M | 92.7M | 94.5M | 1.6B | 1.6B | 1.6B |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 6.8 | 6.0 | N/A | 41.1 | 38.3 | 31.1 |
| P/FCF | N/A | N/A | 0.1 | 0.0 | 4.3 | 1.4 | 2.9 | 2.3 |
| EV/EBIT | N/A | N/A | 83.7 | N/A | N/A | N/A | N/A | 38.4 |
| Price/Book | N/A | 93.1 | 0.2 | 0.1 | 0.2 | 4.2 | 4.6 | 3.7 |
| Price/Sales | N/A | 2.2 | 2.6 | 0.9 | 1.2 | 20.1 | 15.0 | 11.1 |
| FCF Yield | N/A | -0.2% | 1485.6% | 3286.3% | 23.3% | 72.5% | 35.0% | 43.1% |
| Market Cap | N/A | 465M | 666M | 251M | 596M | 8.6B | 7.3B | 6.0B |
| Avg. Price | N/A | 7.20 | 5.79 | 3.10 | 4.43 | 6.39 | 5.04 | 3.73 |
| Year-End Price | N/A | 9.61 | 4.46 | 2.71 | 6.30 | 5.34 | 4.59 | 3.73 |
UWM Holdings Corp passes 1 of 9 quality checks, indicating weak fundamentals.
UWM Holdings Corp trades at 31.1x trailing earnings, compared to its 15-year median P/E of 22.5x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 0.9%. Total shareholder yield (dividends) is 1.3%. At current prices, the estimated annualized return to fair value is -1.2%.
UWM Holdings Corp (UWMC) has a current P/E ratio of 31.1, compared to its historical median P/E of 22.5. The stock is currently considered Fair based on its historical valuation range.
UWM Holdings Corp (UWMC) has a 5-year average return on invested capital (ROIC) of 0.9%. This is below average and may indicate limited pricing power.
UWM Holdings Corp (UWMC) has a market capitalization of $6.0B. It is classified as a mid-cap stock.
Yes, UWM Holdings Corp (UWMC) pays a dividend with a trailing twelve-month yield of 1.32%.
Based on historical P/E analysis, UWM Holdings Corp (UWMC) appears fair. The current P/E of 31.1 is 38% above its historical median of 22.5. The estimated fair value CAGR (P/E method) is -8.6%.
UWM Holdings Corp (UWMC) operates in the Mortgage Bankers & Loan Correspondents industry, within the Financials sector.
UWM Holdings Corp (UWMC) reported annual revenue of $538 million in its most recent fiscal year, based on SEC EDGAR filings.
UWM Holdings Corp (UWMC) has a net profit margin of 5.1%. This is a modest margin.
UWM Holdings Corp (UWMC) generated $2.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
UWM Holdings Corp (UWMC) has a debt-to-equity ratio of 2.62. This indicates higher leverage, which may increase financial risk.
UWM Holdings Corp (UWMC) reported earnings per share (EPS) of $0.12 in its most recent fiscal year.
UWM Holdings Corp (UWMC) has a return on equity (ROE) of 1.5%. This indicates moderate shareholder returns.
The Ledger Terminal provides 7 years of financial data for UWM Holdings Corp (UWMC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
UWM Holdings Corp (UWMC) has a book value per share of $1.00, based on its most recent annual SEC filing.