UWM Holdings CorporationUWMC
NYSE•Financial Services•Mortgage Finance
UWM Holdings Corporation engages in the origination, sale, and servicing residential mortgage lending in the United States. The company offers mortgage loans through wholesale channel. It originates primarily conforming and government loans. The company was founded in 1986 and is headquartered in Pontiac, Michigan.
UWM Holdings Corporation (UWMC) reported trailing twelve months revenue of $3.45B as of March 2026, a 56.3% increase year-over-year. Quarterly revenue reached $901.43M, reflecting continued top-line momentum.
UWM Holdings Corporation generated $66.36M in TTM net income, with quarterly EBITDA of $195.33M. The operating margin expanded from -43.0% to 19.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (19.9%) and net margin (2.8%) indicates significant non-operating expenses or interest burden. Net margin has improved from -2.2% a year ago, signaling stronger bottom-line efficiency.
UWMC trades at a P/E of 10.3x (below the broader market average) and a P/S of 0.2x. The price-to-book ratio of 0.4x suggests the stock trades below its book value.
The company reported negative free cash flow of $-2.25B, indicating cash consumption over the period. The balance sheet shows $19.27B in total assets with $2.98B in long-term debt against $1.60B in stockholders equity for a debt-to-equity ratio of 1.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 8.5%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~178.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
6 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 36.1% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation