The company's financial position appears vulnerable, characterized by a debt-to-equity ratio of 10.13 and a thin equity base of only $229.5 million against $19.3 billion in total assets as of 2026Q1.
UWM Holdings Corporation (UWMC) balance sheet — 9-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash & Short Term Investments | 2.3B | 503.36M | 507.34M | 497.47M | 704.9M | 731.09M | 1.22B | 133.28M | 42.11M | 68.68M |
| Cash & Due from Banks | 498.41M | 503.36M | 507.34M | 497.47M | 704.9M | 731.09M | 1.22B | 133.28M | 42.11M | 68.68M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 9.8B | 10.07B | 9.72B | 5.59B | 7.33B | 17.13B | 7.98B | 0 | 0 | 0 |
| Investments Growth % | 60.66% | 3.61% | 73.77% | -23.71% | -57.2% | 114.72% | - | - | - | - |
| Long-Term Investments | 42.06B | 10.07B | 9.72B | 5.59B | 7.33B | 17.13B | 7.98B | 0 | 0 | 0 |
| Accounts Receivables | 531.79M | 1.66B | 417.95M | 512.07M | 383.15M | 415.69M | 253.6M | 22.86M | 0 | 0 |
| Goodwill & Intangibles | 5.31B | 4.07B | 3.97B | 4.03B | 4.45B | 3.31B | 1.76B | 731.35M | 368.12M | 207.52M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.31B | 4.07B | 3.97B | 4.03B | 4.45B | 3.31B | 1.76B | 731.35M | 368.12M | 207.52M |
| PP&E (Net) | 285.61M | 295.76M | 263.12M | 274.65M | 298.88M | 313.54M | 223.6M | 140.85M | 48.58M | 763K |
| Other Assets | -9.04B | 324.91M | 793.3M | 791.25M | 266.43M | 569.08M | 2.93M | 14.14M | 10.5M | 7.09M |
| Total Current Assets | 11.59B | 2.16B | 925.29M | 1.19B | 1.25B | 1.2B | 1.53B | 5.77B | 2.65B | 1.96B |
| Total Non-Current Assets | 6.35B | 14.77B | 14.75B | 10.69B | 12.35B | 21.33B | 9.96B | 886.34M | 427.2M | 215.38M |
| Total Assets | 17.94B | 16.93B | 15.67B | 11.87B | 13.6B | 22.53B | 11.49B | 6.65B | 3.08B | 2.17B |
| Asset Growth % | 86.94% | 8.02% | 32% | -12.71% | -39.63% | 96.01% | 72.73% | 116.04% | 41.8% | - |
| Return on Assets (ROA) | -0.21% | 0.17% | 0.1% | -0.1% | 0.23% | 0.58% | 37.28% | 8.53% | 3.48% | 5.28% |
| Accounts Payable | 882M | 0 | 174.82M | 167.59M | 138.73M | 523.99M | 847.75M | 250M | 186.1M | 118.64M |
| Total Debt | 14.65B | 14.44B | 12.84B | 8.73B | 9.78B | 18.79B | 8.21B | 5.69B | 2.51B | 1.78B |
| Net Debt | 14.15B | 13.94B | 12.33B | 8.23B | 9.08B | 18.06B | 6.98B | 5.55B | 2.47B | 1.71B |
| Long-Term Debt | 2.98B | 11.12B | 2.88B | 2.08B | 2.09B | 2.1B | 815.85M | 5.46B | 399.9M | 1.78B |
| Short-Term Debt | 11.54B | 3.21B | 9.84B | 6.51B | 7.54B | 16.52B | 7.26B | 131M | 2.11B | 0 |
| Other Liabilities | 1.14B | 895.66M | 391.24M | 361.09M | 377.11M | 45.91M | 66.24M | 0 | 0 | 0 |
| Total Current Liabilities | 11.6B | 3.21B | 10.14B | 6.77B | 7.76B | 17.04B | 8.11B | 447.95M | 2.36B | 160.24M |
| Total Non-Current Liabilities | 4.25B | 12.12B | 3.48B | 2.63B | 2.67B | 2.32B | 1.01B | 5.54B | 399.9M | 1.78B |
| Total Liabilities | 16.96B | 15.34B | 13.62B | 9.4B | 10.43B | 19.36B | 9.12B | 5.99B | 2.76B | 1.94B |
| Total Equity | 985.18M | 1.59B | 2.05B | 2.47B | 3.17B | 3.17B | 2.37B | 661.32M | 319.05M | 233.11M |
| Equity Growth % | -95.37% | -22.41% | -17.01% | -21.98% | 0.02% | 33.56% | 259.02% | 107.28% | 36.87% | - |
| Equity / Assets (Capital Ratio) | 5.49% | 9.41% | 13.11% | 20.84% | 23.32% | 14.08% | 20.66% | 9.94% | 10.36% | 10.73% |
| Return on Equity (ROE) | -2.58% | 1.5% | 0.64% | -0.47% | 1.32% | 3.55% | 222.86% | 84.67% | 33.08% | 49.16% |
| Book Value per Share | 4.66 | 7.54 | 18.44 | 26.54 | 34.30 | 1.98 | 23.03 | 6.41 | 3.09 | 2.26 |
| Tangible BV per Share | -20.46 | -11.73 | -17.20 | -16.64 | -13.86 | -0.09 | 5.99 | -0.68 | -0.48 | 0.25 |
| Common Stock | 34K | 160K | 160K | 160K | 159K | 159K | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 15.03M | 9.91M | 3.52M | 1.7M | 903K | 437K | 24.84M | 24.84M | 24.84M | 24.84M |
| Retained Earnings | 118.65M | 189.45M | 157.84M | 110.69M | 142.5M | 141.81M | 2.35B | 636.48M | 294.21M | 208.27M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying UWMC stock.
As of 2025, UWM Holdings Corporation (UWMC) had total assets of $16.93B including $2.16B in current assets.
UWM Holdings Corporation (UWMC) carries total debt of $14.44B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
UWM Holdings Corporation (UWMC) has total shareholders' equity (book value) of $199.5M ($7.54 book value per share). Book value represents the net worth of the company belonging to common stock holders.
UWM Holdings Corporation (UWMC) reported a current ratio of 0.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
High leverage and liquidity
Metrics are mathematically derived from official filings.
Escalating Leverage Amid Market Volatility
According to recent quarterly filings, UWMC's debt-to-equity ratio has surged to 10.13 as of 2026Q1, reflecting a significant reliance on warehouse financing to support loan production volumes in a highly competitive and interest-rate-sensitive mortgage environment.
The rapid expansion of total debt from $8.7 billion in 2023Q4 to $16.2 billion in 2026Q1 suggests that the company is aggressively utilizing leverage to capture market share. Investors should monitor whether this debt load remains sustainable if gain-on-sale margins continue to face downward pressure from industry-wide competition.
Tight Liquidity Buffers Constrain Flexibility
As reported in financial statements, the current ratio has remained consistently low, reaching 0.20 in 2026Q1, which indicates that the company maintains minimal liquid assets relative to its short-term obligations and warehouse funding requirements.
This persistent liquidity constraint suggests that the firm operates with very little margin for error during periods of market dislocation. The reliance on external financing to fund daily operations may leave the company vulnerable to sudden shifts in credit availability or secondary market liquidity.
Thin Equity Base Limits Resilience
Based on the provided balance sheet data, equity has remained remarkably thin relative to total assets, with the 2026Q1 equity position of $229.5 million representing only a small fraction of the $19.3 billion asset base.
Such a narrow equity cushion implies that even minor impairments in the value of mortgage servicing rights or loan portfolios could significantly impact the company's solvency. This capital structure appears to prioritize aggressive growth over the maintenance of a robust buffer against potential economic downturns.
Asset Composition Driven by Goodwill
As indicated by the latest quarterly data, goodwill has grown to $4.6 billion, representing a substantial portion of the company's total assets and suggesting that past acquisitions or accounting valuations play a major role in the reported asset mix.
The heavy concentration of intangible assets warrants further investigation into the potential for future impairment charges, especially if the mortgage market environment deteriorates. The reliance on these non-tangible assets may overstate the company's underlying liquidation value in a stressed scenario.