UWMC

MKT CAP:$6B

UWM Holdings Corporation

Market Cap

$6B

Financial Services·Financial - Mortgages·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$3.96-$0.46 (-10.32%)

Apr 17, 2026

Company Details

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 Corpo...

CEO

Mathew R. Ishbia

IPO Date

May 1, 2020

Website

www.uwm.com

Key Metrics TTM

Revenue

$2.9B

-18.3% YoY

Net Income

$1.4B

EPS (Diluted)

$13.16

Free Cash Flow

-$3.3B

Revenue / Share

$14.13

Gross Margin

85.3%

Operating Margin

45.9%

Net Margin

48.0%

FCF Margin

-117.0%

P/S

2.0x

P/E

4.2x

Earnings Reports

Q3 2025

May 5, 2026

PENDING

FY 2025

Feb 25, 2026

$3.2BEPS $0.12

Q2 2025

Aug 7, 2025

$785M+74.7%EPS $0.11

Q2 2024

Aug 6, 2024

$449MEPS $0.03

FY 2023

Feb 28, 2024

$1.1BEPS -$0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$211M	$211M	$71M
Q2 19	$283M	$283M	$152M
Q3 19	$450M	$450M	$293M
Q4 19	$430M	$430M	$188M
Q1 20	$437M	$387M	$20M
Q2 20	$815M	$777M	$540M
Q3 20	$1.8B	$1.8B	$1.5B
Q4 20	$1.8B	$1.7B	$1.4B
Q4 23	-$162M	-$253M	-$468M
Q2 24	$449M	$327M	$77M
Q2 25	$785M	$641M	$329M

Valuation

Quarter	P/S	P/E
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q4 19	5.3x	16.9x
Q1 20	4.5x	17.4x
Q2 20	3.5x	8.2x
Q3 20	2.2x	3.6x
Q4 20	2.1x	3.0x
Q4 23	1.1x	1.4x
Q2 24	1.2x	1.7x
Q2 25	2.3x	4.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	-$1.1B	-$1.1B
Q2 19	-$1.1B	-$1.1B
Q3 19	$9M	-$5M
Q4 19	-$1.4B	-$1.4B
Q1 20	-$636M	-$650M
Q2 20	$415M	$403M
Q3 20	$1.6B	$1.6B
Q4 20	-$1.3B	-$1.4B
Q4 23	-$329M	-$336M
Q2 24	-$1.3B	-$1.3B
Q2 25	-$266M	-$290M

Capital Expenditures

Quarter	CapEx
Q1 19	$861.0K
Q2 19	$861.0K
Q3 19	$13M
Q4 19	$2M
Q1 20	$14M
Q2 20	$12M
Q3 20	$22M
Q4 20	$54M
Q4 23	$7M
Q2 24	$12M
Q2 25	$24M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	+107.5%	+197.8%
Q2 20	+187.9%	+110.3%
Q3 20	+303.3%	+131.4%
Q4 20	+314.9%	+69.9%
Q4 23	-137.1%	-26.5%
Q2 24	-44.9%	+35.6%
Q2 25	-56.7%	+25.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$14.9B	833.3%
Q4 23	$4M	—
Q2 24	$4M	0.9%
Q2 25	$12M	1.5%

OpEx Breakdown

Quarter	G&A	S&M
Q1 19	$7M	$102M
Q2 19	$2M	$103M
Q3 19	$7M	$114M
Q4 19	$30M	$6M
Q1 20	$137M	$7M
Q2 20	$162M	$3M
Q3 20	$235M	$4M
Q4 20	$117M	$6M
Q4 23	$181M	$26M
Q2 24	$215M	$24M
Q2 25	$271M	$26M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$901M	$0	$901M
Q2 22	$959M	$0	$959M
Q3 22	$800M	$0	$800M
Q4 22	$705M	$0	$705M
Q1 23	$740M	$0	$740M
Q2 23	$635M	$0	$635M
Q3 23	$730M	$0	$730M
Q4 23	$497M	$0	$497M
Q1 24	$606M	$0	$606M
Q2 24	$680M	$0	$680M
Q3 24	$636M	$0	$636M
Q4 24	$507M	$0	$507M
Q1 25	$485M	$0	$485M
Q2 25	$490M	$0	$490M
Q3 25	$871M	$0	$871M
Q4 25	$503M	$0	$503M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	103M	—	—
Q2 19	103M	0.0%	—
Q3 19	103M	0.0%	—
Q4 19	103M	0.0%	—
Q1 20	103M	0.0%	0.0%
Q2 20	103M	0.0%	0.0%
Q3 20	103M	0.0%	0.0%
Q4 20	103M	0.0%	0.0%
Q4 23	93M	-9.6%	-9.6%
Q2 24	95M	+2.3%	-7.5%
Q2 25	202M	+111.9%	+96.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q4 19	$143M	3
Q1 20	$146M	3
Q2 20	$272M	3
Q3 20	$604M	3
Q4 20	$207.6K	9K
Q4 23	-$115.9K	1K
Q2 24	$320.9K	1K
Q2 25	$435.9K	2K

Revenue / Employee