UWM Holdings Corporation (UWMC) 10-Year Financial Performance & Capital Metrics

UWMC • • Banking & Credit

Financial ServicesMortgage FinanceResidential Mortgage Origination & ServicingWholesale Mortgage Lenders

AboutUWM 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.Show more

Net Interest Income $18M -31.2%
Total Revenue $1.91B +71.1%
Net Income $14M +208.9%
Return on Equity 0.64% +235.7%
Net Interest Margin 0.11% -47.9%
Efficiency Ratio 54.34% -27.2%
ROA 0.1% +200.7%
Equity / Assets 13.11% -37.1%
Book Value per Share 18.44 -30.5%
Tangible BV/Share -17.20 -3.4%
Debt/Equity 6.25 +77.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 54.3% efficiency ratio
✓Well capitalized: 13.1% equity/assets
✓Diversified revenue: 73.3% from non-interest income
✓Trading at only 0.3x book value

✗Weaknesses

✗High debt to equity ratio of 6.3x
✗Weak 3Y average ROE of 0.5%
✗Profits declining 48.9% over 5 years
✗Weak NIM of 0.1%
✗Dividend payout exceeds 100% of earnings
✗Shares diluted 19.4% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y9.11%

3Y-12.38%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-48.94%

3Y-47.31%

TTM178.21%

EPS CAGR

10Y-

5Y-49.68%

3Y-41.82%

TTM135.86%

ROCE

10Y Avg19.03%

5Y Avg25.52%

3Y Avg7.14%

Latest6.32%

Peer Comparison

Wholesale Mortgage Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UWMCUWM Holdings Corporation	1.56B	5.80	44.62	71.09%	0.76%	1.06%		6.25

Profit & Loss

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	0	0	-9M	-5.88M	27.11M	8.47M	25.97M	17.86M
NII Growth %	-	-	-	0.35%	5.61%	-0.69%	2.06%	-0.31%
Net Interest Margin %	-	-	-	-	-	-	-	-
Interest Income	53.14M	85.59M	155.13M	161.16M	331.77M	314.46M	346.23M	508.62M
Interest Expense	0	0	164.13M	167.04M	304.66M	305.99M	320.26M	490.76M
Loan Loss Provision	0	0	19.15M	36.51M	45.3M	30.42M	38.68M	43.44M
Non-Interest Income+	402.48M	416.58M	1.08B	4.69B	2.5B	1.83B	767.72M	1.4B
Non-Interest Income %	-	-	-	-	-	-	-	-
Total Revenue+	455.62M	502.17M	1.23B	4.85B	2.83B	2.15B	1.11B	1.91B
Revenue Growth %	-	0.1%	1.45%	2.94%	-0.42%	-0.24%	-0.48%	0.71%
Non-Interest Expense	287.51M	325.21M	633.86M	1.26B	905.48M	875.58M	831.31M	1.04B
Efficiency Ratio	-	-	-	-	-	-	-	-
Operating Income+	128.41M	85.83M	415.06M	3.38B	1.58B	934.67M	-76.29M	335.96M
Operating Margin %	-	-	-	-	-	-	-	-
Operating Income Growth %	-	-0.33%	3.84%	7.16%	-0.53%	-0.41%	-1.08%	5.4%
Pretax Income+	114.96M	91.37M	415.06M	3.38B	1.58B	934.67M	-76.29M	335.96M
Pretax Margin %	-	-	-	-	-	-	-	-
Income Tax+	363K	57K	0	2.45M	9.84M	2.81M	-6.51M	6.58M
Effective Tax Rate %	-	-	-	-	-	-	-	-
Net Income+	114.6M	91.32M	415.06M	3.38B	98.44M	41.72M	-13.23M	14.4M
Net Margin %	-	-	-	-	-	-	-	-
Net Income Growth %	-	-0.2%	3.55%	7.15%	-0.97%	-0.58%	-1.32%	2.09%
Net Income (Continuing)	114.6M	91.32M	415.06M	3.38B	1.57B	931.86M	-69.78M	329.38M
EPS (Diluted)+	1.11	0.89	4.03	32.81	0.66	0.45	-0.14	0.13
EPS Growth %	-	-0.2%	3.53%	7.14%	-0.98%	-0.32%	-1.31%	1.93%
EPS (Basic)	1.11	0.89	4.03	32.81	0.98	0.45	-0.14	0.13
Diluted Shares Outstanding	103.1M	103.1M	103.1M	103.1M	1.6B	92.48M	93.25M	111.37M

Balance Sheet

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	68.68M	42.11M	133.28M	1.22B	731.09M	704.9M	497.47M	507.34M
Short Term Investments	0	0	0	0	0	0	0	0
Total Investments+	0	0	0	7.98B	17.13B	7.33B	5.59B	9.72B
Investments Growth %	-	-	-	-	1.15%	-0.57%	-0.24%	0.74%
Long-Term Investments	0	0	0	7.98B	17.13B	7.33B	5.59B	9.72B
Accounts Receivables	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0
Intangible Assets	207.52M	368.12M	731.35M	1.76B	3.31B	4.45B	4.03B	3.97B
PP&E (Net)	763K	48.58M	140.85M	223.6M	313.54M	298.88M	274.65M	263.12M
Other Assets	7.09M	10.5M	14.14M	2.93M	569.08M	266.43M	791.25M	793.3M
Total Current Assets	1.96B	2.65B	5.77B	1.53B	1.2B	1.25B	1.19B	925.29M
Total Non-Current Assets	215.38M	427.2M	886.34M	9.96B	21.33B	12.35B	10.69B	14.75B
Total Assets+	2.17B	3.08B	6.65B	11.49B	22.53B	13.6B	11.87B	15.67B
Asset Growth %	-	0.42%	1.16%	0.73%	0.96%	-0.4%	-0.13%	0.32%
Return on Assets (ROA)	0.05%	0.03%	0.09%	0.37%	0.01%	0%	-0%	0%
Accounts Payable	118.64M	186.1M	250M	847.75M	523.99M	138.73M	167.59M	174.82M
Total Debt+	1.78B	2.51B	5.69B	8.21B	18.79B	9.78B	8.73B	12.84B
Net Debt	1.71B	2.47B	5.55B	6.98B	18.06B	9.08B	8.23B	12.33B
Long-Term Debt	1.78B	399.9M	5.46B	815.85M	2.1B	2.09B	2.08B	2.88B
Short-Term Debt	0	2.11B	131M	7.26B	16.52B	7.54B	6.51B	9.84B
Other Liabilities	0	0	0	66.24M	45.91M	377.11M	361.09M	391.24M
Total Current Liabilities	160.24M	2.36B	447.95M	8.11B	17.04B	7.76B	6.77B	10.14B
Total Non-Current Liabilities	1.78B	399.9M	5.54B	1.01B	2.32B	2.67B	2.63B	3.48B
Total Liabilities	1.94B	2.76B	5.99B	9.12B	19.36B	10.43B	9.4B	13.62B
Total Equity+	233.11M	319.05M	661.32M	2.37B	3.17B	3.17B	2.47B	2.05B
Equity Growth %	-	0.37%	1.07%	2.59%	0.34%	0%	-0.22%	-0.17%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.49%	0.33%	0.85%	2.23%	0.04%	0.01%	-0%	0.01%
Book Value per Share	2.26	3.09	6.41	23.03	1.98	34.30	26.54	18.44
Tangible BV per Share	-	-	-	-	-	-	-	-
Common Stock	0	0	0	0	159K	159K	160K	160K
Additional Paid-in Capital	24.84M	24.84M	24.84M	24.84M	437K	903K	1.7M	3.52M
Retained Earnings	208.27M	294.21M	636.48M	2.35B	141.81M	142.5M	110.69M	157.84M
Accumulated OCI	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-754.64M	-926.17M	-3.5B	56.41M	-9.96B	8.27B	165.24M	-6.24B
Operating CF Growth %	-	-0.23%	-2.77%	1.02%	-177.5%	1.83%	-0.98%	-38.77%
Net Income	114.6M	91.32M	415.06M	3.38B	931.86M	931.86M	-13.23M	329.38M
Depreciation & Amortization	40.37M	50.69M	92.2M	35.08M	49.4M	49.4M	50.06M	48.78M
Deferred Taxes	0	0	0	-191.63M	0	20.54M	0	0
Other Non-Cash Items	-245.65M	-361.15M	-4B	-3.17B	-20.64B	-2.44B	-1.42B	-2.6B
Working Capital Changes	-663.96M	-707.03M	-134.88K	4.01M	9.7B	9.7B	1.54B	-4.05B
Cash from Investing+	203.09M	170.74M	577.38M	231.88M	199.75M	1.29B	1.83B	2.68B
Purchase of Investments	0	0	0	-331.31K	0	0	0	0
Sale/Maturity of Investments	0	0	0	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	331.31K	0	0	0	0
Other Investing	203.25M	224.01M	634.66M	296.16M	215.38M	1.31B	1.85B	2.67B
Cash from Financing+	562.11M	728.87M	3.01B	802.26M	9.26B	-9.58B	-2.2B	3.58B
Dividends Paid	-89.44M	-5.37M	-72.78M	-1.97B	-1.5B	-787.97M	-37.24M	-39.73M
Share Repurchases	0	0	0	0	-81.63M	0	0	0
Stock Issued	0	0	25K	435.5M	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	1000K
Other Financing	0	0	-25K	-151.28M	871.72M	0	-602.14M	-721.89M
Net Change in Cash+	68.68M	-26.57M	91.17M	1.09B	-492.75M	-26.19M	-207.43M	9.87M
Exchange Rate Effect	1000K	0	0	0	0	0	0	0
Cash at Beginning	0	68.68M	42.11M	133.28M	1.22B	731.09M	704.9M	497.47M
Cash at End	68.68M	42.11M	133.28M	1.22B	731.09M	704.9M	497.47M	507.34M
Interest Paid	0	0	0	0	287.3M	0	341.09M	476.99M
Income Taxes Paid	0	0	0	0	1.78M	0	0	2.98M
Free Cash Flow+	-754.8M	-979.45M	-3.51B	-876K	-10.02B	8.24B	138.81M	-6.28B
FCF Growth %	-	-0.3%	-2.59%	1%	-11440.04%	1.82%	-0.98%	-46.25%

Banking Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	49.16%	33.08%	84.67%	222.86%	3.55%	1.32%	-0.47%	0.64%
Return on Assets (ROA)	5.28%	3.48%	8.53%	37.28%	0.58%	0.23%	-0.1%	0.1%
Net Interest Margin	0%	0%	-0.14%	-0.05%	0.12%	0.06%	0.22%	0.11%
Efficiency Ratio	63.1%	64.76%	51.44%	26.01%	31.95%	40.79%	74.63%	54.34%
Equity / Assets	10.73%	10.36%	9.94%	20.66%	14.08%	23.32%	20.84%	13.11%
Book Value / Share	2.26	3.09	6.41	23.03	1.98	34.3	26.54	18.44
NII Growth	-	-	-	34.73%	561.44%	-68.74%	206.42%	-31.23%
Dividend Payout	78.05%	5.88%	17.54%	58.23%	1523.15%	1888.94%	-	275.85%

Frequently Asked Questions

Valuation & Price

UWM Holdings Corporation (UWMC) has a price-to-earnings (P/E) ratio of 44.6x. This suggests investors expect higher future growth.

Growth & Financials

UWM Holdings Corporation (UWMC) grew revenue by 71.1% over the past year. This is strong growth.

Yes, UWM Holdings Corporation (UWMC) is profitable, generating $16.9M in net income for fiscal year 2024 (0.8% net margin).

Dividend & Returns

Yes, UWM Holdings Corporation (UWMC) pays a dividend with a yield of 6.15%. This makes it attractive for income-focused investors.

UWM Holdings Corporation (UWMC) has a return on equity (ROE) of 0.6%. This is below average, suggesting room for improvement.

Industry Metrics

UWM Holdings Corporation (UWMC) has a net interest margin (NIM) of 0.1%. NIM has been under pressure due to interest rate environment.

UWM Holdings Corporation (UWMC) has an efficiency ratio of 54.3%. This is excellent, indicating strong cost control.

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