UWM Holdings Corp is a US-listed company in the commercial & residential mortgage finance industry. Its financial year ends in December.
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~$0.7
Valuation models combined (2)
Base case. Range ~$0.7–$0.8. Weighted average of 2 models (residual income, dividend discount (two-stage)).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
UWM Holdings Corp valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $3.58bn, up 26.1% on a year earlier, slower than 27.6% a quarter earlier. That growth ranks 121 of 931 among all the companies we cover. Our valuation models combined value is $0.76 a share, against a share price of $1.11.
Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
UWM Holdings Corp's trailing-twelve-month revenue grew 26.1% year on year, with a free-cash-flow margin of -137.6%. Where it stands out: revenue growth of 26.1% ranks 3 of 14 commercial & residential mortgage finance companies we cover. Where it lags: net margin of -1.0% ranks 12 of 14 commercial & residential mortgage finance companies we cover.
Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 1421% in the quarter to 2026-06-30.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
UWM Holdings shares rose 26.1% on 23 October after a preliminary third-quarter profit report and a debt plan covered by financial media. The company has not issued its own statement confirming the cause.
We value UWM Holdings Corp as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.88 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$2.8 ~$2.2–$4.5 | Left out: far from the other models (more than 3x away from their median) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$0.8 ~$0.4–$1.3 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$0.0 ~$0.0–$0.1 | Left out: out of range vs price (0.03x) |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.1 ~$2.4–$12 | Left out: out of range vs price (0.10x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$0.7 ~$0.6–$0.7 | Included |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.7 ~$0.7–$0.8 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare UWM Holdings Corp with asset managers, brokers and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 4, 2026, before the open. Analysts expect revenue of $690m and EPS of $0.04 (range $0.02 to $0.05) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.12 | +1% | $2.4bn | −1% |
| Next | $0.27 | +117% | $2.8bn | +16% |
Next year's EPS estimate has moved −42.0% in 90 days, across 6 analysts.
The consensus EPS forecast for the current fiscal year is −64.7% on 90 days ago. In the last 30 days, 0 analysts raised UWM Holdings Corp's forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.35 | $0.46 |
| 60 days ago | $0.17 | $0.36 |
| 30 days ago | $0.17 | $0.35 |
| 7 days ago | $0.12 | $0.30 |
| Now | $0.12 | $0.27 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.08 | −$1.09 | −1421.1% |
| Mar 2026 | $0.06 | $0.09 | +33.9% |
| Dec 2025 | $0.09 | $0.08 | −9.4% |
| Sept 2025 | $0.07 | $0.01 | −86.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| UWMC | −53% | −38% | +132% | −13% | −19% | −62% |
| Industry peers (median) | +6% | −11% | +11% | +7% | +6% | +2% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| UWMC | 33% | 42% | 58% | 42% | 42% | 18% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| UWMC | −56% | −49% | −31% | −39% | −40% | −82% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since May 1, 2020: 89% from December 28, 2020 to October 14, 2026. Getting back needed a 786% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 23, 2026 | +22.6% | +0.2% | +36.5% | — |
| August 6, 2026 | −30.4% | +0.5% | −11.4% | −20.1% |
| May 6, 2026 | −1.5% | +1.1% | −9.6% | −24.5% |
| February 25, 2026 | −0.2% | +0.3% | −8.3% | −20.4% |
| November 6, 2025 | −7.2% | −1.0% | −9.2% | −0.4% |
| August 7, 2025 | +7.1% | +0.7% | +29.9% | +53.1% |
| May 6, 2025 | −14.5% | −0.4% | −11.1% | −13.8% |
| February 26, 2025 | −7.6% | −1.5% | −2.1% | −12.1% |
| November 7, 2024 | −6.0% | +1.2% | −13.4% | −5.3% |
| August 6, 2024 | −6.5% | +0.2% | +0.9% | +2.3% |
| May 9, 2024 | −0.7% | +0.7% | +1.0% | +1.5% |
| February 28, 2024 | −4.9% | +0.2% | −3.3% | +9.8% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $1.7B |
| FY23 Q4 | $2.2B |
| FY24 Q1 | $2.6B |
| FY24 Q2 | $2.6B |
| FY24 Q3 | $2.7B |
| FY24 Q4 | $2.7B |
| FY25 Q1 | $2.7B |
| FY25 Q2 | $2.8B |
| FY25 Q3 | $2.9B |
| FY25 Q4 | $3.2B |
| FY26 Q1 | $3.4B |
| FY26 Q2 | $3.6B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -35.4% |
| FY23 Q4 | -8.7% |
| FY24 Q1 | 51.3% |
| FY24 Q2 | 51.2% |
| FY24 Q3 | 55.8% |
| FY24 Q4 | 23.5% |
| FY25 Q1 | 4.3% |
| FY25 Q2 | 8.1% |
| FY25 Q3 | 9.0% |
| FY25 Q4 | 18.2% |
| FY26 Q1 | 27.6% |
| FY26 Q2 | 26.1% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -120.1% |
| FY23 Q4 | 6.4% |
| FY24 Q1 | -156.6% |
| FY24 Q2 | -134.7% |
| FY24 Q3 | -225.2% |
| FY24 Q4 | -234.9% |
| FY25 Q1 | -129.4% |
| FY25 Q2 | -86.5% |
| FY25 Q3 | -114.3% |
| FY25 Q4 | -86.1% |
| FY26 Q1 | -160.8% |
| FY26 Q2 | -137.6% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1.3 | 4.9 | 3.0 | 2.4 | 2.2 | 2.7 | 3.2 | 3.6 |
| EBITDA | — | 0.0 | — | — | — | — | — | — |
| Operating income | — | −0.0 | — | — | — | — | — | — |
| Net income | 0.4 | −0.0 | 0.1 | 0.0 | −0.0 | 0.0 | 0.0 | −0.0 |
| Diluted EPS | — | −$0.01 | $0.04 | $0.03 | −$0.01 | $0.01 | $0.12 | — |
| Growth (year on year) | ||||||||
| Revenue | — | +286.3% | −39.9% | −20.1% | −8.7% | +23.5% | +18.2% | +26.1% |
| Net income | — | −101.4% | — | −57.6% | — | — | — | — |
| Diluted EPS | — | — | — | −31.8% | — | — | — | — |
| Margins | ||||||||
| EBITDA margin | — | 0.2% | — | — | — | — | — | — |
| Operating margin | — | −0.1% | — | — | — | — | — | — |
| Net margin | 32.5% | −0.1% | 3.3% | 1.8% | −0.6% | 0.5% | 0.9% | −1.0% |
| Free-cash-flow margin | −274.8% | −0.0% | −337.4% | 347.4% | 6.4% | −234.9% | −86.1% | −137.6% |
| Cash flow | ||||||||
| Cash from operations | −3.5 | 0.1 | −10.0 | 8.3 | 0.2 | −6.2 | −2.6 | −4.9 |
| Capital spending | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
| Free cash flow | −3.5 | −0.0 | −10.0 | 8.2 | 0.1 | −6.3 | −2.7 | −4.9 |
| Stock-based pay | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
| Free cash flow after stock pay | −3.5 | −0.0 | −10.0 | 8.2 | 0.1 | −6.3 | −2.8 | −5.0 |
| Balance sheet | ||||||||
| Cash | 0.0 | 1.2 | 0.7 | 0.7 | 0.5 | 0.5 | 0.5 | 0.5 |
| Total debt | 0.0 | 0.8 | 2.0 | 2.0 | 2.0 | 2.8 | 3.0 | 3.0 |
| Net debt (negative = net cash) | −0.0 | −0.4 | 1.3 | 1.3 | 1.5 | 2.3 | 2.5 | 2.5 |
| Diluted shares | — | — | 24,047m | 1,387m | 1,399m | 1,671m | 1,599m | — |
| Returned to shareholders | ||||||||
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
| Buybacks | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | — | — | — |
| Total returned | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 746 | 721 | 613 | 759 | 843 | 945 | 901 | 888 |
| Net income | −6 | 9 | −14 | 23 | −1 | 19 | 25 | −81 |
| Diluted EPS | −$2.40 | $2.80 | −$4.80 | $0.55 | −$0.05 | $0.40 | $0.45 | −$0.24 |
| Growth (year on year) | ||||||||
| Revenue | +10.1% | −2.6% | +4.8% | +21.9% | +13.1% | +31.2% | +47.0% | +17.0% |
| Net income | −134.5% | — | — | — | — | — | — | −451.8% |
| Diluted EPS | −140.0% | — | — | — | — | — | — | −143.6% |
| Margins | ||||||||
| Net margin | −0.8% | 1.2% | −2.2% | 3.0% | −0.1% | 2.1% | 2.8% | −9.1% |
| Free-cash-flow margin | −293.8% | −76.5% | 93.9% | −38.2% | −366.4% | 8.7% | −249.5% | 37.7% |
| Cash flow | ||||||||
| Cash from operations | −2,178 | −543 | 594 | −266 | −3,079 | 104 | −2,230 | 344 |
| Capital spending | 12 | 8 | 18 | 24 | 10 | 22 | 19 | 9 |
| Free cash flow | −2,191 | −552 | 576 | −290 | −3,090 | 82 | −2,249 | 335 |
| Stock-based pay | 6 | 9 | 8 | 12 | 15 | 16 | 13 | 13 |
| Free cash flow after stock pay | −2,196 | −561 | 568 | −302 | −3,104 | 66 | −2,262 | 322 |
| Last 12 months unless stated | UWMC | PFSI | RDN | WD | LDI | ACT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $3.6bn | $2.2bn | $1.6bn | $1.3bn | $1.3bn | $1.3bn | $1.2bn |
| Revenue growth, last 12 months | 26.1% | 25.9% | 37.1% | 8.0% | 11.4% | 2.5% | 11.0% |
| Revenue growth, 3-year average | 27.3% | 15.0% | 10.8% | 5.0% | 10.8% | 4.1% | 10.8% |
| Revenue growth, latest quarter | 17.0% | 11.7% | 92.6% | −3.9% | 19.4% | 4.1% | 11.7% |
| Operating margin | — | — | 47.5% | 20.1% | — | — | 3.6% |
| Operating margin, 3-year average | — | — | −12.9% | 27.5% | — | — | 27.5% |
| Net margin | −1.0% | 17.7% | 32.6% | 3.0% | −5.5% | 54.5% | 15.0% |
| Cash from operations / revenue | −135.9% | −80.7% | 84.7% | −9.3% | −20.0% | 57.5% | 20.0% |
| Free-cash-flow margin | −137.6% | −81.4% | 84.5% | −10.2% | −22.5% | — | 10.1% |
| Free-cash-flow margin, 3-year average | −119.6% | −115.1% | 1.3% | 12.3% | −41.4% | — | 1.3% |
| Stock pay / revenue | 1.6% | 1.1% | — | 2.8% | 1.6% | 1.6% | 1.9% |
| Change in share count | — | 0.5% | −6.8% | 0.3% | 47.7% | −6.3% | −0.1% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 26.1% | 11.4% | 3 of 14 |
| Change in growth rate Growth | -1.6pp | +0.2pp | 10 of 14 |
| Net margin Profitability | -1.0% | 17.7% | 12 of 14 |
| Stock pay as % of revenue Cash generation | 1.6% | 1.9% | 3 of 11 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| FMR LLC | $69.7M | 30.5M | 11.6% | ▲ 14.9% |
| Blackrock, Inc. | $40.3M | 17.6M | 6.7% | ▲ 39.5% |
| Vanguard Portfolio Management LLC | $31.7M | 13.9M | 5.3% | ▲ 44.4% |
| Norges Bank | $31.5M | 13.8M | 5.2% | — |
| Vanguard Capital Management LLC | $30.2M | 13.2M | 5.0% | ▲ 18.3% |
| Ameriprise Financial Inc | $26.2M | 11.4M | 4.3% | New |
| Goldman Sachs Group Inc | $23.2M | 10.1M | 3.8% | ▲ 65.2% |
| Bank Of America Corp | $17.5M | 7.6M | 2.9% | ▲ 9.5% |
| HRT Financial LP | $16.2M | 7.1M | 2.7% | New |
| Citadel Advisors LLC | $16.1M | 7.0M | 2.7% | ▲ 67.6% |
| Mirae Asset Global Etfs Holdings Ltd. | $15.4M | 6.7M | 2.6% | New |
| Freestone Grove Partners LP | $14.9M | 6.5M | 2.5% | ▼ 33.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not UWM Holdings Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Mat Ishbia President and CEO | May 8, 2026 | Sell pre-set plan | 1,003,333 | $3.39 | $3.4M |
| Mat Ishbia President and CEO | May 7, 2026 | Sell pre-set plan | 1,003,333 | $3.39 | $3.4M |
| Sfs Holding Corp 10% owner | May 6, 2026 | Sell pre-set plan | 1,003,333 | $3.66 | $3.7M |
| Sfs Holding Corp 10% owner | May 5, 2026 | Sell pre-set plan | 1,003,333 | $3.45 | $3.5M |
| Sfs Holding Corp 10% owner | May 4, 2026 | Sell pre-set plan | 1,003,333 | $3.57 | $3.6M |
| Sfs Holding Corp 10% owner | May 1, 2026 | Sell pre-set plan | 1,001,024 | $3.62 | $3.6M |
| Sfs Holding Corp 10% owner | April 30, 2026 | Sell pre-set plan | 934,061 | $3.53 | $3.3M |
| Mat Ishbia President and CEO | April 29, 2026 | Sell pre-set plan | 1,000,574 | $3.50 | $3.5M |
| Mat Ishbia President and CEO | April 28, 2026 | Sell pre-set plan | 986,644 | $3.66 | $3.6M |
| Mat Ishbia President and CEO | April 27, 2026 | Sell pre-set plan | 1,000,574 | $3.78 | $3.8M |
| Mat Ishbia President and CEO | April 24, 2026 | Sell pre-set plan | 1,000,574 | $3.75 | $3.8M |
| Mat Ishbia President and CEO | April 23, 2026 | Sell pre-set plan | 1,000,574 | $3.65 | $3.7M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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