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1. Company Snapshot

1.a. 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 was founded in 1986 and is headquartered in Pontiac, Michigan.

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1.b. Last Insights on UWMC

Breaking News: UWM Holdings Corporation updated its forecast ahead of Two Harbors Investment Corp's stockholder meeting. The company raised its first-quarter total revenue outlook. Meanwhile, Compass Point initiated coverage on UWMC with a buy rating, turning bullish on the mortgage finance sector. CEO Ishbia Mat sold 632874 shares at $3.78 on March 9th. The transaction totaled $2392263.72, leaving him with 4867667 shares. UWMC recently drew attention from Wall Street with fresh buy ratings.

1.c. Company Highlights

2. UWM Holdings Corporation Delivers Strong Q4 2025 Results

UWM Holdings Corporation reported a robust financial performance in Q4 2025, with total revenue reaching $945 million, up from $843 million in Q3 2025. The company's net income was $164.5 million, significantly higher than $12.1 million in Q3 2025. Earnings per share (EPS) came in at $0.06402, below analyst estimates of $0.09. The company's adjusted EBITDA was $232.8 million, and its gain margin was 122 basis points. For the full year 2025, total revenue was $3.2 billion, up from $2.7 billion in 2024.

Publication Date: Feb -26

📋 Highlights
  • Originations Surge:: 2025 originations reached $163.4B (+17% YoY), with Q4 hitting $49.6B (+28% YoY).
  • Net Income & Write-Downs:: Full-year net income was $244M (including $435M MSR write-down), while Q4 net income was $164.5M (including $28.8M write-down).
  • Adjusted EBITDA Growth:: Annual adjusted EBITDA exceeded $697M, with Q4 at $232.8M (+28% YoY).
  • Strategic Initiatives:: Servicing in-house and BUILT partnership aim to enhance consumer experience, while the Two Harbors acquisition targets $241B UPB portfolio integration.
  • Capital Strength:: Ended Q4 with $1.6B equity and $1.8B liquidity, with expectations of improved capital ratios post-Two Harbors acquisition.

Operational Highlights

The company achieved $49.6 billion in originations in Q4 2025, representing a 28% year-over-year increase. The pending Two Harbors acquisition and the company's efforts to bring servicing in-house are key strategic initiatives aimed at expanding its market dominance, enhancing the consumer experience, and increasing recapture rates. As Mathew Ishbia, Chairman, President, and CEO, noted, "2025 was an amazing year, with the company delivering $163.4 billion in originations, up 17% from 2024."

Valuation and Outlook

UWM Holdings Corporation's valuation metrics indicate a relatively attractive profile, with a Price-to-Book (P/B) Ratio of 0.67 and a Return on Equity (ROE) of 32.66%. The company's Dividend Yield is 9.62%, providing a relatively stable source of return. Analysts estimate revenue growth of 13.6% for the next year, suggesting a positive outlook for the company. The pending Two Harbors acquisition is expected to further enhance the company's capital, liquidity, and leverage ratios, positioning it for continued growth.

Capital Position and Leverage

The company remains well-capitalized, with total equity of $1.6 billion and total available liquidity of $1.8 billion at the end of Q4 2025. The company's Net Debt / EBITDA ratio is -3.72, indicating a strong ability to meet its debt obligations. The expected completion of the Two Harbors acquisition is likely to further strengthen the company's capital position and leverage ratios.

3. NewsRoom

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3 Financials Get Fresh Buy Ratings: Wall Street Turns Bullish on UWMC, RKT and SLRC

Mar -10

Source: 247wallst.com

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UWM (NYSE:UWMC) CEO Ishbia Mat Sells 632,874 Shares

Mar -10

Source: defenseworld.net

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UWM Holdings Corporation Issues Statement and Updates Forecasts

Mar -10

Source: businesswire.com

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Why UWM Holdings Stock Sank by 10% in February

Mar -08

Source: fool.com

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Mortgages in 47 seconds: Better's new ChatGPT app targets lenders Rocket and UWM

Mar -05

Source: cnbc.com

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UWM Holdings CEO Sells Nearly 2M Shares For $9M

Mar -01

Source: fool.com

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UWM Holdings CEO Sells 1.27M Shares for $6.5 Million

Mar -01

Source: fool.com

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Insider Selling: UWM (NYSE:UWMC) CEO Sells $2,550,482.22 in Stock

Feb -28

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.00%)

6. Segments

Residential Mortgage Loans

Expected Growth: 8%

UWM Holdings Corporation's 8% growth in Residential Mortgage Loans is driven by increasing demand for housing, low interest rates, and government-backed loan programs. Additionally, the company's strong brand reputation, expanded distribution channels, and efficient operations contribute to its market share gain. Furthermore, the rise of non-QM loans and growing refinance activity also support the growth momentum.

7. Detailed Products

Mortgage Loans

UWM offers a wide range of mortgage loan products, including conventional, FHA, VA, and USDA loans, to help borrowers purchase or refinance their homes.

Jumbo Loans

UWM's jumbo loan products offer higher loan amounts for borrowers who need to finance more expensive homes or investment properties.

Government Loans

UWM offers government-backed loans, including FHA, VA, and USDA loans, with more lenient credit score requirements and lower down payments.

Conventional Loans

UWM's conventional loan products offer competitive interest rates and flexible terms for borrowers with good credit.

Non-QM Loans

UWM's non-QM loan products offer alternative income verification and credit scoring models for borrowers who don't fit traditional lending criteria.

Broker Services

UWM provides broker services, including training, marketing, and technology support, to help mortgage brokers grow their business.

8. UWM Holdings Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for UWM Holdings Corporation is moderate due to the presence of alternative financial institutions and fintech companies that offer similar services.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of concentration of buyers in the mortgage industry, giving UWM Holdings Corporation an upper hand in negotiations.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers of mortgage-related services, but UWM Holdings Corporation's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the mortgage industry, including regulatory hurdles and the need for significant capital investments.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several large players in the mortgage industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 98.71%
Debt Cost 4.01%
Equity Weight 1.29%
Equity Cost 12.23%
WACC 4.12%
Leverage 7638.79%

11. Quality Control: UWM Holdings Corporation passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Guild

A-Score: 6.5/10

Value: 6.9

Growth: 3.8

Quality: 5.4

Yield: 8.0

Momentum: 9.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Velocity Financial

A-Score: 5.7/10

Value: 7.2

Growth: 7.1

Quality: 7.4

Yield: 0.0

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Greystone Housing Impact Investors

A-Score: 5.7/10

Value: 7.2

Growth: 4.2

Quality: 6.1

Yield: 10.0

Momentum: 0.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
UWM Holdings

A-Score: 4.9/10

Value: 4.1

Growth: 3.0

Quality: 5.4

Yield: 10.0

Momentum: 3.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
loanDepot

A-Score: 4.2/10

Value: 9.2

Growth: 2.2

Quality: 3.2

Yield: 2.0

Momentum: 7.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Security National Financial

A-Score: 4.0/10

Value: 9.0

Growth: 5.0

Quality: 3.1

Yield: 0.0

Momentum: 1.0

Volatility: 6.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.91$

Current Price

3.91$

Potential

-0.00%

Expected Cash-Flows