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UWMC

UWM Holdings Corporation

UWMC

UWM Holdings Corporation • NYSE
$5.85 ▲ 1.39% (+0.08)
Market Cap $8.87 B
52w High $7.14
52w Low $3.79
Dividend Yield 0.40%
P/E 53.18
Volume 3.62M
Outstanding Shares 155.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $470.681M ▼ $320.345M ▲ $-1.262M ▼ -0.268% ▼ $-0.01 ▼ $26.809M ▼
Q2-2025 $784.571M ▲ $311.885M ▲ $22.909M ▲ 2.92% ▲ $0.11 ▲ $342.949M ▲
Q1-2025 $161.599M ▼ $291.63M ▲ $-13.679M ▼ -8.465% ▼ $-0.083 ▼ $-248.185M ▼
Q4-2024 $478.636M ▲ $290.709M ▲ $8.919M ▲ 1.863% ▲ $0.057 ▲ $54.494M ▲
Q3-2024 $459.356M $269.636M $-6.295M -1.37% $-0.063 $44.909M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $870.703M ▲ $17.022B ▲ $15.435B ▲ $177.674M ▲
Q2-2025 $489.984M ▲ $13.887B ▼ $12.139B ▼ $176.168M ▲
Q1-2025 $485.024M ▼ $14.048B ▼ $12.413B ▼ $164.865M ▲
Q4-2024 $507.339M ▼ $15.671B ▲ $13.617B ▲ $161.52M ▲
Q3-2024 $636.327M $15.12B $12.939B $119.365M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.088M ▼ $-3.079B ▼ $542.957M ▼ $2.917B ▲ $380.719M ▲ $-3.09B ▼
Q2-2025 $22.909M ▲ $-265.876M ▼ $627.942M ▼ $-357.106M ▲ $4.96M ▲ $-290.067M ▼
Q1-2025 $-247.028M ▼ $593.898M ▲ $928.391M ▲ $-1.545B ▼ $-22.315M ▲ $576.134M ▲
Q4-2024 $40.613M ▲ $-543.258M ▲ $94.816M ▼ $319.454M ▼ $-128.988M ▼ $-551.551M ▲
Q3-2024 $31.945M $-2.178B $237.389M $1.897B $-43.826M $-2.191B

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have swung sharply with the mortgage cycle. After a boom period around 2020–2021, activity cooled and earnings compressed, even slipping into a small operating loss at one point. More recently, revenue has begun to recover and operating profit has turned positive again, but net income is still very slim compared with the peak years. Overall, the business remains profitable on an operating basis in normal conditions, but earnings are highly sensitive to interest rates and mortgage volumes, and the margin of safety in current profits is fairly thin.

Balance Sheet

Balance Sheet The balance sheet is heavily financed with debt, which is typical for a mortgage lender but still an important risk. Total assets and borrowings move up and down with loan production, but what stands out is how small the equity base is relative to the size of the balance sheet. Cash on hand is modest, so the company relies on its funding lines and capital markets access to run the business. This structure can work well in stable markets but leaves limited cushion if credit conditions tighten or loan values move against them.

Cash Flow

Cash Flow Cash flow has been very volatile, swinging between strong inflows and large outflows. This is common in mortgage origination, where building and selling pipelines of loans can flip reported cash flow from year to year. Recent periods show sizable negative operating and free cash flow, even when accounting profits were positive, which means the company is tying up cash in its operations. Capital spending is light, so the strain is more about working capital than big projects, but it still makes liquidity management and funding access crucial.

Competitive Edge

Competitive Edge UWM holds a leading position in the wholesale mortgage market, built around deep relationships with thousands of independent mortgage brokers. Its focus on this channel, combined with scale, allows for fast, price-competitive execution that smaller rivals struggle to match. The company’s technology and service model create real switching costs for brokers, supporting a defensible franchise. On the flip side, the business is concentrated in one part of the mortgage market and remains exposed to industry cycles, regulatory change, and aggressive competition from large retail lenders and fintech players.

Innovation and R&D

Innovation and R&D The company invests heavily in in‑house technology rather than traditional laboratory-style R&D. Its proprietary platforms—covering application intake, underwriting, closing, and broker communication—aim to make the mortgage process faster and simpler for brokers and borrowers. Tools like rapid-approval engines and an AI assistant for loan officers show a willingness to push automation and data-driven workflows. These efforts appear tightly integrated into day-to-day operations, giving UWM a practical, process-focused innovation edge rather than a purely experimental one.

Summary

UWM is a scale player in a cyclical, interest-rate-sensitive niche, with earnings and cash flows that move sharply with mortgage volumes. Its operations are efficient, and recent results suggest a return to modest profitability after a tougher stretch, but current profits are a fraction of past peak levels. The balance sheet is highly leveraged with thin equity, which is typical for the model but raises sensitivity to funding conditions. The standout strength is a strong competitive moat in wholesale mortgage lending, underpinned by technology, speed, and broker relationships. The key questions going forward are how well it can navigate rate cycles, manage liquidity, and keep monetizing its technology and broker network without stretching its balance sheet too far.

NEWS

November 6, 2025 · 8:30 AM UTC

UWM Holdings Corporation Announces Third Quarter 2025 Results

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October 23, 2025 · 4:01 PM UTC

UWM Holdings Corporation Announces Q3 2025 Earnings Conference Call

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September 9, 2025 · 5:07 PM UTC

UWM Holdings Corporation Announces Pricing of Upsized Offering of $1.0 Billion of 6.250% Senior Notes Due 2031

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September 9, 2025 · 7:59 AM UTC

UWM Holdings Corporation Announces Offering of Senior Notes Due 2031

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