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UWM Holdings Corporation
$295M
Market Cap
36.5
P/E
0.18
PEG
ROCE
13.4%
ROE
1.87
D/E
OPM
5
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for UWMC including FX impact
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📈 Price History
Ratio Health
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About

UWM Holdings Corporation engages in the origination, sale, and servicing residential mortgage lending in the United States.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding UWMC
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 3.54M $12.8M 0.02% Mar 2026
Steve Cohen Point72 Asset Management 504.7K $1.8M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED UWM: #1 wholesale lender, Q1 volume $45B, gain-on-sale 123 bps, targeting $1.3T in 5 years.
Revenue & Profitability
Q1 2026 total origination volume was $45 billion, up from $32 billion in Q1 2025. Gain-on-sale margin was 123 basis points. Quarterly expenses were approximately $590-600 million. The company described the quarter as 'good' but did not disclose net income or operating income figures. No specific balance sheet numbers were provided beyond leverage ratios that management monitors closely.
Outlook
Management views the current rate environment as challenging but expects gain-on-sale margins to remain in the current range (122-123 bps). The broker channel currently has ~28% market share, and UWM aims to drive it to 50.1%. The recent trigger lead rule change (Homebuyers Privacy Protection Act) has reduced the number of consumer calls but may moderately improve margins.
Growth Drivers
Key growth levers include increasing broker channel share (targeting 50.1% of originations), expanding servicing in-house to improve retention and generate ancillary revenue, and leveraging the Bilt Rewards platform (6 million consumers) for curated leads. The company also expects other revenue from AI tools and services like TRAC+ to add 20-25% to revenue beyond gain-on-sale.
Balance Sheet & CapEx
UWM is investing in bringing servicing in-house (partnered with Black Knight and Bilt) and expects no sub-servicers by end of 2026. Technology investments include AI (Mia) and rapid implementation of VantageScore. No specific capital expenditure guidance was provided, but management indicated expenses will remain flat or decline as volume scales.
Margins
Gain-on-sale margins were 123 bps in Q1 2026, similar to Q4 2025's ~122 bps. Management expects margins to remain in this range, with possible upside if rates decline. Expenses are projected to stay flat at around $600 million per quarter even as origination volume doubles, indicating operating leverage.
Key Risks
Risks flagged include rising interest rates (10-year finished at 3.95%), macroeconomic uncertainty from wars, and leverage ratios that are 'not as good as we'd like' though management believes they are manageable. The Two Harbors acquisition may fail due to target board/management resistance. Changes in trigger lead rules altered competitive dynamics but are not deemed critical.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Operating income and Adjusted EBITDA remain strong despite a tough mortgage market, with over $3 billion in equity after a record capital raise. The Oaktree partnership brings strategic value, while dividend suspension and reduced debt ratios position the company for long-term growth.
Q1 2026 Q1 2026 2026-05-06
Transition to in-house servicing is nearly complete, with strong Q1 origination volume and stable gain on sale margins. Broker channel growth, AI-driven initiatives, and new partnerships are driving operational efficiency and future revenue streams.
Q4 2025 Q4 2025 2026-02-25
Originations grew 17% to $163.4B in 2025, with strong Q4 results and continued industry leadership. Strategic investments in servicing, technology, and partnerships position the business for further growth, supported by robust capital and liquidity.
Q3 2025 Q3 2025 2025-11-06
Q3 2025 saw record loan production and strong financial results, driven by technology investments and a brief rate dip. AI initiatives, especially Mia, boosted refinance volume and operational efficiency. Guidance for Q4 anticipates continued growth and margin strength.
Q2 2025 Q2 2025 2025-08-07
Q2 2025 saw $39.7B in production, 20% growth year-over-year, and $314.5M net income. AI-driven tools and in-house servicing initiatives are driving efficiency and future cost savings, with Q3 guidance of $33B–$40B in production and higher margins.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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