UWM Holdings Corporation

UWMC

Financial - Mortgages · Financial Services

Price

$2.02

-0.03 (-1.46%)

Market Cap

$3.06B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−86.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.60B (2021) → 211.4M (2025)

UWM Holdings Corporation is the parent company of United Wholesale Mortgage (UWM), the largest wholesale mortgage lender in the United States. Instead of lending directly to homebuyers, UWM works exclusively through independent mortgage brokers — the middlemen who shop around for loan rates on behalf of their clients. The company helps those brokers process and fund home loans, primarily conventional and government-backed mortgages.

UWM makes money by originating mortgage loans and then selling them to investors on the secondary market, keeping a fee called the gain-on-sale margin. It operates entirely within the United States and funded over $100 billion in loans in recent years, giving it significant scale advantages over smaller wholesale competitors. Its moat comes from its broker-only model, fast loan processing technology, and deep relationships with thousands of independent brokers. The biggest risk the company faces is interest rate sensitivity — when rates rise, fewer people refinance or buy homes, which directly shrinks loan volume and revenue.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+457.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+203.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

14.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~1 months

$424M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

UWM Holdings Corporation grew revenue 458% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

85.3%

Premium pricing power — 85.3% gross margin

Operating Margin

36.7%

Excellent — 36.7% operating margin

ROCE

2.0%

Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+100.3%

Fast-growing sales (100.3% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

-8245%

Weak — only -8245% of profit becomes cash

FCF Margin

-178.8%

Burning cash (-178.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

70.12

Heavy debt load (70.12)

Interest Cover

2.24x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

7.6x

Attractive valuation — P/E 7.6

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+1.6

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

17.47%

Healthy income — 17.47% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+0.0%

Dividend flat

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