UWM Holding (UWMC)
NYSE:UWMC
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UWM Holding
(NYSE:UWMC)
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Rating:49Neutral
Price Target:
$3.50
▼(-0.85% Downside)
Action:ReiteratedDate:03/17/26
The score is held back primarily by weak and volatile cash flow and a historically high-leverage balance sheet profile, along with bearish technical trend signals. These are partly offset by improving operating momentum and constructive strategic/guidance commentary, plus a very high dividend yield, though valuation remains demanding with a high P/E.
Positive Factors
Market leadership
Sustained top positions in overall and wholesale origination reflects durable distribution scale and strong broker relationships. Scale drives consistent loan flow, pricing leverage with brokers and counterparties, and competitive barriers to entry that support stable market share across rate cycles.
Negative Factors
Weak, volatile cash generation
Persistent negative operating and free cash flows reduce financial flexibility, increasing reliance on external funding and timing of capital markets. This undermines ability to self-fund growth, absorb shocks, sustain dividends, and execute large integrations without material refinancing or dilution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Market leadership
Sustained top positions in overall and wholesale origination reflects durable distribution scale and strong broker relationships. Scale drives consistent loan flow, pricing leverage with brokers and counterparties, and competitive barriers to entry that support stable market share across rate cycles.
Read all positive factors
UWM Holding (UWMC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.47B
Dividend Yield8.64%
Average Volume (3M)18.72M
Price to Earnings (P/E)33.8
Beta (1Y)0.86
Revenue Growth-8.66%
EPS GrowthN/A
CountryUS
Employees9,100
SectorFinancial
Sector Strength70
IndustryFinancial - Mortgages
Share Statistics
EPS (TTM)0.08
Shares Outstanding294,864,140
10 Day Avg. Volume18,944,046
30 Day Avg. Volume18,720,103
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)4.64
Price to Sales (P/S)0.29
P/FCF Ratio-0.35
Enterprise Value/Market Cap3.49
Enterprise Value/Revenue8.09
Enterprise Value/Gross Profit10.50
Enterprise Value/Ebitda42.51
Forecast
1Y Price Target
$6.52Price Target Upside84.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.44
Revenue Forecast (FY)$3.16B
UWM Holding Business Overview & Revenue Model
Company Description
UWM Holdings Corporation engages in the residential mortgage lending business in the United States. The company originates mortgage loans through wholesale channel. It originates primarily conforming and government loans. UWM Holdings Corporation ...
How the Company Makes Money
UWMC makes money primarily through mortgage banking activities tied to the origination and sale of residential mortgage loans.
Key revenue streams and how they work:
1) Gain on sale of loans / loan production income: UWMC originates (or purchases...
UWM Holding Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call conveyed strong operational performance and strategic momentum — including significant originations growth, rising revenue, robust servicing income, and clear strategic initiatives (bringing servicing in-house, BUILT partnership, pending Two Harbors acquisition) that should support long-term growth. However, GAAP profitability was pressured by large MSR write-downs (totaling $435 million for the year) and full-year net income declined ~25.8% versus 2024. Liquidity showed quarter-to-quarter timing variability and management did not take questions on the call. Overall, positive growth and strategic catalysts are tempered by near-term accounting-driven earnings pressure and execution/clarity considerations.Positive Updates
Sustained Market Leadership
Maintained top industry positions: fourth consecutive year as the #1 overall lender in the U.S. and eleventh consecutive year as the #1 wholesale lender, underscoring market dominance and consistency.
Negative Updates
Decline in Full-Year Net Income
Full-year net income declined to $244 million in 2025 from $329 million in 2024, a decrease of $85 million (approximately -25.8%), indicating profitability was pressured year-over-year despite revenue growth.
Read all updates
Q4-2025 Updates
Positive
Negative
Sustained Market Leadership
Maintained top industry positions: fourth consecutive year as the #1 overall lender in the U.S. and eleventh consecutive year as the #1 wholesale lender, underscoring market dominance and consistency.
Read all positive updates
Company Guidance
Management's guidance emphasized maintaining capital, liquidity and leverage ratios within acceptable ranges (total equity $1.6B; total available liquidity $1.8B at end of Q4) and expects those metrics to be further enhanced upon completion of the Two Harbors acquisition, while reiterating optimism for 2026 — aiming to remain the #1 overall lender and to drive higher production and lower expenses through AI and bringing servicing in‑house with the BUILT partnership (to boost recapture rates, lower cost per recaptured loan and expand lead flow). They framed that outlook with 2025 results: $163.4B originations (+17% vs 2024), Q4 originations $49.6B (+28% YoY), Q4 gain margin 122 bps, FY adjusted EBITDA >$697M and Q4 adjusted EBITDA $232.8M, FY net income $244M (including a $435M MSR write‑down) and Q4 net income $164.5M (including a $28.8M MSR write‑down); servicing metrics cited included MSR UPB ≈$241B, MSR fair value $4.1B, Q4 net servicing income $186M (Q3 $169M) and FY servicing income $725M (vs $637M in 2024).UWM Holding Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
35
Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.16B | 1.91B | 1.11B | 2.15B | 2.83B |
| Gross Profit | 2.71B | 1.37B | 755.02M | 1.81B | 2.48B |
| EBITDA | 831.73M | 384.73M | -26.23M | 984.07M | 1.62B |
| Net Income | 27.38M | 14.40M | -13.23M | 41.72M | 98.44M |
Balance Sheet | |||||
| Total Assets | 16.93B | 15.67B | 11.87B | 13.60B | 22.53B |
| Cash, Cash Equivalents and Short-Term Investments | 503.36M | 507.34M | 497.47M | 704.90M | 731.09M |
| Total Debt | 14.44B | 12.84B | 8.73B | 9.78B | 18.79B |
| Total Liabilities | 15.34B | 13.62B | 9.40B | 10.43B | 19.36B |
| Stockholders Equity | 199.52M | 161.52M | 112.55M | 143.56M | 142.40M |
Cash Flow | |||||
| Free Cash Flow | -2.65B | -6.28B | 138.81M | 8.24B | -10.02B |
| Operating Cash Flow | -2.65B | -6.24B | 165.24M | 8.27B | -9.96B |
| Investing Cash Flow | 2.26B | 2.68B | 1.83B | 1.29B | 199.75M |
| Financing Cash Flow | 384.02M | 3.58B | -2.20B | -9.58B | 9.26B |
UWM Holding Technical Analysis
Negative
3.53
Price Trends
4.48
Negative
4.73
Negative
4.81
Negative
Market Momentum
-0.25
Negative
32.89
Neutral
19.63
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UWMC, the sentiment is Negative. The current price of 3.53 is below the 20-day moving average (MA) of 3.73, below the 50-day MA of 4.48, and below the 200-day MA of 4.81, indicating a bearish trend. The MACD of -0.25 indicates Negative momentum. The RSI at 32.89 is Neutral, neither overbought nor oversold. The STOCH value of 19.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for UWMC.
UWM Holding Risk Analysis
UWM Holding disclosed 52 risk factors in its most recent earnings report. UWM Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
UWM Holding Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | $4.46B | 16.04 | 12.18% | 0.90% | 25.42% | 190.85% | |
52 Neutral | $39.34B | ― | -0.68% | ― | 22.56% | ― | |
49 Neutral | $5.47B | 33.82 | 15.25% | 8.64% | -8.66% | ― | |
46 Neutral | $576.37M | -6.97 | -24.39% | ― | 3.91% | 27.78% |
* Financial Sector Average
UWMC
UWM Holding
3.42
-1.72
-33.48%
PFSI
PennyMac Financial
85.47
-13.72
-13.83%
LDI
loanDepot
1.33
0.14
11.76%
RKT
Rocket Companies
13.67
0.64
4.91%
UWM Holding Corporate Events
Business Operations and StrategyM&A TransactionsShareholder Meetings
UWM Holding Ramps Up Efforts for Two Harbors Acquisition
Positive
Mar 16, 2026
On March 16, 2026, UWM Holdings Corporation said it had hired proxy solicitation and advisory firm Okapi Partners to assist in gathering shareholder support for its planned acquisition of Two Harbors Investment Corp., under a merger agreement sign...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
UWM Holding Highlights Two Harbors Acquisition in Investor Update
Positive
Mar 11, 2026
On March 11, 2026, UWM Holdings Corporation released an investor presentation detailing its pending acquisition of Two Harbors, Inc., highlighting how UWM’s top‑ranked origination platform will be paired with Two Harbors’ high...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsShareholder Meetings
UWM Holding Raises 2026 Outlook, Highlights AI Efficiency
Positive
Mar 10, 2026
On March 9, 2026, UWM Holdings updated its outlook ahead of Two Harbors Investment Corp.’s upcoming stockholder meeting, highlighting that fourth-quarter 2025 loan originations reached $49.6 billion, its highest quarterly volume since 2021. ...
Business Operations and StrategyFinancial Disclosures
UWM Highlights Mortgage Leadership and Growth Strategy in Earnings
Positive
Feb 27, 2026
In its February 2026 earnings presentation, UWM highlighted its entrenched leadership in the U.S. mortgage market, reporting fourth-quarter 2025 loan production of $49.6 billion, including $18.9 billion of purchase production, and servicing unpaid...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
UWM Holding Reports Strong Q4 2025 Results, Dividend Declared
Positive
Feb 25, 2026
On February 25, 2026, UWM Holdings Corporation reported fourth-quarter 2025 loan originations of $49.6 billion, its largest quarterly volume since 2021, and full-year 2025 originations of $163.4 billion. Fourth-quarter revenue rose to $945.2 milli...
Delistings and Listing ChangesRegulatory Filings and Compliance
UWM Holding’s NYSE-listed warrants face delisting action
Negative
Dec 29, 2025
On December 19, 2025, UWM Holdings Corporation disclosed that the New York Stock Exchange will begin proceedings to delist and has immediately suspended trading in its publicly listed warrants, which are exercisable at $11.50 per share and set to ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.