NYSE : UWMC
UWM Holdings Corporation — Financial statements
Financials · Mortgage Finance · United States
Last price 1.49 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.39B
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Financial statements
UWM Holdings Corporation (UWMC) reported revenue of 2.93B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 789.29M | 724.74M | 636.66M | 818.70M | 792.07M | 638.74M |
| Other Revenue | 2.14B | 2.73B | 1.82B | 1.35B | 1.30B | 2.92B |
| Revenue | 2.93B | 3.46B | 2.46B | 2.17B | 2.09B | 3.56B |
| Gross Profit | 2.93B | 3.46B | 2.46B | 2.17B | 2.09B | 3.56B |
| Selling, General & Admin | 1.46B | 1.37B | 1.11B | 916.96M | 972.63M | 1.00B |
| Other Operating Expenses | 940.48M | 1.26B | 485.28M | 958.41M | -193.74M | 660.76M |
| Operating Expenses | 2.46B | 2.68B | 1.64B | 1.92B | 824.13M | 1.70B |
| Operating Income | 469.67M | 777.30M | 821.17M | 243.96M | 1.26B | 1.86B |
| Interest Expense | -576.62M | -530.79M | -490.76M | -320.26M | -305.99M | -304.66M |
| Other Non Operating Income (Expenses) | -1.80M | -402.00K | 5.02M | -4.49M | 4.48M | 24.17M |
| EBT Excluding Unusual Items | -108.75M | 246.10M | 335.43M | -80.78M | 962.89M | 1.58B |
| Gain (Loss) on Sale of Investments | 1.81M | 4.79M | 526.00K | 4.49M | -28.22M | -1.06M |
| Gain (Loss) on Sale of Assets | 1.79M | |||||
| Pretax Income | -113.13M | 250.90M | 335.96M | -76.29M | 934.67M | 1.58B |
| Income Tax Expense | -8.17M | 6.87M | 6.58M | -6.51M | 2.81M | 9.84M |
| Earnings From Continuing Operations | -104.96M | 244.02M | 329.38M | -69.78M | 931.86M | 1.57B |
| Minority Interest in Earnings | 67.81M | -216.64M | -314.97M | 56.55M | -890.14M | -1.47B |
| Net Income | -37.14M | 27.38M | 14.40M | -13.23M | 41.72M | 98.44M |
| Net Income to Common | -37.14M | 27.38M | 14.40M | -13.23M | 41.72M | 98.44M |
| Shares Outstanding (Basic) | 277.27M | 211.41M | 111.37M | 93.25M | 92.48M | 100.88M |
| Shares Outstanding (Diluted) | 277.27M | 1.60B | 111.37M | 93.25M | 92.48M | 1.60B |
| EPS (Basic) | -0.13 | 0.13 | 0.13 | -0.14 | 0.45 | 0.98 |
| EPS (Diluted) | -0.13 | 0.12 | 0.13 | -0.14 | 0.45 | 0.66 |
| Free Cash Flow | -4.92B | -2.72B | -6.28B | 138.81M | 8.24B | -10.02B |
| Free Cash Flow Per Share | -17.75 | -1.70 | -56.40 | 1.49 | 89.12 | -6.25 |
| Dividend Per Share | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 16.05% | 22.47% | 33.40% | 11.27% | 60.54% | 52.24% |
| Profit Margin | -1.27% | 0.79% | 0.59% | -0.61% | 2.00% | 2.77% |
| Free Cash Flow Margin | -168.23% | -78.69% | -255.46% | 6.41% | 394.61% | -281.82% |
| EBITDA | 528.85M | 832.80M | 869.95M | 294.02M | 1.31B | 1.90B |
| EBITDA Margin | 18.08% | 24.08% | 35.38% | 13.58% | 62.91% | 53.31% |
| D&A For EBITDA | 59.19M | 55.51M | 48.78M | 50.06M | 49.40M | 38.02M |
| EBIT | 469.67M | 777.30M | 821.17M | 243.96M | 1.26B | 1.86B |
| EBIT Margin | 16.05% | 22.47% | 33.40% | 11.27% | 60.54% | 52.24% |
| Effective Tax Rate | 2.74% | 1.96% | 0.30% | 0.62% | ||
| Revenue as Reported | 2.37B | 2.97B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 477.41M | 482.36M | 491.34M | 496.47M | 704.90M | 731.09M |
| Trading Asset Securities | 60.92M | 27.78M | 6.73M | 29.62M | 7.87M | 24.90M |
| Cash & Short-Term Investments | 538.33M | 510.14M | 498.07M | 526.09M | 712.77M | 755.99M |
| Accounts Receivable | 133.85M | 132.07M | 155.41M | 160.03M | 105.77M | 135.69M |
| Other Receivables | 159.33M | 158.32M | 65.70M | 76.11M | 106.28M | 122.90M |
| Receivables | 11.05B | 11.36B | 10.38B | 6.54B | 7.69B | 17.73B |
| Restricted Cash | 21.00M | 21.00M | 16.00M | 1.00M | ||
| Other Current Assets | 261.29M | 246.09M | 290.08M | 279.32M | 246.10M | 199.56M |
| Total Current Assets | 11.87B | 12.13B | 11.18B | 7.35B | 8.65B | 18.69B |
| Property, Plant & Equipment | 285.61M | 295.76M | 263.12M | 274.65M | 298.88M | 313.54M |
| Other Intangible Assets | 5.31B | 4.07B | 3.97B | 4.03B | 4.45B | 3.31B |
| Other Long-Term Assets | 468.88M | 425.43M | 254.76M | 221.77M | 197.12M | 212.41M |
| Total Assets | 17.94B | 16.93B | 15.67B | 11.87B | 13.60B | 22.53B |
| Accounts Payable | 128.97M | 114.29M | 95.62M | 99.69M | 67.97M | 423.33M |
| Accrued Expenses | 219.38M | 188.63M | 169.59M | 119.93M | 129.44M | |
| Short-Term Debt | 506.67M | |||||
| Current Portion of Long-Term Debt | 5.10B | 3.20B | 33.69M | 2.93M | 627.18M | 11.14M |
| Current Portion of Leases | 16.87M | |||||
| Other Current Liabilities | 707.26M | 581.18M | 473.42M | 416.56M | 382.90M | 121.54M |
| Total Current Liabilities | 6.66B | 4.10B | 772.32M | 639.12M | 1.21B | 556.00M |
| Long-Term Debt | 10.17B | 11.12B | 12.72B | 8.59B | 9.03B | 18.62B |
| Long-Term Leases | 119.47M | 107.19M | 125.47M | 136.70M | 154.84M | 170.20M |
| Long-Term Deferred Tax Liabilities | 4.84M | 5.08M | 4.21M | 30.33M | 36.33M | |
| Other Long-Term Liabilities | 13.90M | |||||
| Total Liabilities | 16.96B | 15.34B | 13.62B | 9.40B | 10.43B | 19.36B |
| Common Stock | 160.00K | 160.00K | 160.00K | 160.00K | 159.00K | 159.00K |
| Additional Paid-In Capital | 15.03M | 9.91M | 3.52M | 1.70M | 903.00K | 437.00K |
| Retained Earnings | 118.65M | 189.45M | 157.84M | 110.69M | 142.50M | 141.81M |
| Total Common Equity | 133.84M | 199.52M | 161.52M | 112.55M | 143.56M | 142.40M |
| Minority Interest | 851.47M | 1.39B | 1.89B | 2.36B | 3.03B | 3.03B |
| Shareholders' Equity | 985.31M | 1.59B | 2.05B | 2.47B | 3.17B | 3.17B |
| Total Liabilities & Equity | 17.94B | 16.93B | 15.67B | 11.87B | 13.60B | 22.53B |
| Total Debt | 15.89B | 14.45B | 12.87B | 8.73B | 9.81B | 18.80B |
| Net Cash (Debt) | -15.36B | -13.94B | -12.38B | -8.20B | -9.10B | -18.04B |
| Net Cash Per Share | -55.38 | -8.71 | -111.12 | -87.99 | -98.40 | -11.25 |
| Filing Date Shares Outstanding | 342.35M | 294.86M | 157.98M | 94.51M | 93.10M | 92.53M |
| Total Common Shares Outstanding | 342.25M | 268.42M | 157.94M | 93.65M | 92.58M | 91.61M |
| Working Capital | 5.21B | 8.03B | 10.41B | 6.71B | 7.44B | 18.13B |
| Book Value Per Share | 0.39 | 0.74 | 1.02 | 1.20 | 1.55 | 1.55 |
| Tangible Book Value | -5.18B | -3.87B | -3.81B | -3.91B | -4.31B | -3.17B |
| Tangible Book Value Per Share | -15.13 | -14.43 | -24.11 | -41.79 | -46.55 | -34.63 |
| Machinery | 65.12M | 56.81M | 42.15M | 38.58M | 33.07M | |
| Construction In Progress | 31.05M | 6.09M | 8.56M | 1.32M | 4.50M | |
| Leasehold Improvements | 168.20M | 164.15M | 163.50M | 160.95M | 140.29M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -37.14M | 27.38M | 14.40M | -13.23M | 41.72M | 98.44M |
| Depreciation & Amortization | 59.19M | 55.51M | 48.78M | 50.06M | 49.40M | 38.02M |
| Loss (Gain) From Sale of Investments | -1.81M | -4.79M | -550.00K | -4.50M | 28.23M | 1.06M |
| Stock-Based Compensation | 55.98M | 50.36M | 24.58M | 13.83M | 7.54M | 6.47M |
| Other Operating Activities | -3.51B | -2.34B | -2.28B | -1.42B | -1.56B | -485.31M |
| Change in Other Net Operating Assets | -1.43B | -433.20M | -4.05B | 1.54B | 9.70B | -9.62B |
| Operating Cash Flow | -4.86B | -2.65B | -6.24B | 165.24M | 8.27B | -9.96B |
| Capital Expenditures | -60.62M | -74.05M | -39.45M | -26.43M | -26.61M | -65.38M |
| Sale (Purchase) of Intangibles | 1.63B | 2.42B | 2.71B | 1.84B | 1.31B | 264.03M |
| Investment in Securities | -100.00M | -100.00M | ||||
| Other Investing Activities | 4.99M | 9.89M | 3.59M | 12.75M | 5.68M | 1.11M |
| Investing Cash Flow | 1.48B | 2.26B | 2.68B | 1.83B | 1.29B | 199.75M |
| Long-Term Debt Issued | 4.62B | 6.64B | 1.17B | 1.35B | 10.41B | |
| Long-Term Debt Repaid | -3.51B | -2.30B | -2.73B | -10.15B | -439.26M | |
| Net Debt Issued (Repaid) | 4.07B | 1.11B | 4.34B | -1.56B | -8.80B | 9.97B |
| Repurchase of Common Stock | -81.63M | |||||
| Common Dividends Paid | -103.89M | -78.60M | -39.73M | -37.24M | -36.94M | -30.63M |
| Other Financing Activities | -568.88M | -646.76M | -721.89M | -602.14M | -751.03M | -597.12M |
| Financing Cash Flow | 3.39B | 384.02M | 3.58B | -2.20B | -9.58B | 9.26B |
| Net Cash Flow | 8.42M | -3.98M | 9.87M | -207.43M | -26.19M | -492.75M |
| Free Cash Flow | -4.92B | -2.72B | -6.28B | 138.81M | 8.24B | -10.02B |
| Free Cash Flow Margin | -168.23% | -78.69% | -255.46% | 6.41% | 394.61% | -281.82% |
| Free Cash Flow Per Share | -17.75 | -1.70 | -56.40 | 1.49 | 89.12 | -6.25 |
| Levered Free Cash Flow | -207.53M | 1.82B | -807.27M | 3.00B | 11.97B | -8.86B |
| Unlevered Free Cash Flow | 152.85M | 2.15B | -500.54M | 3.20B | 12.16B | -8.67B |
| Cash Interest Paid | 551.68M | 496.25M | 476.99M | 341.09M | 241.73M | 287.30M |
| Cash Income Tax Paid | 852.00K | 914.00K | 2.98M | -56.00K | 1.78M | |
| Change in Working Capital | -1.43B | -433.20M | -4.05B | 1.54B | 9.70B | -9.62B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.52B | 1.18B | 926.96M | 669.63M | 306.43M | 594.18M |
| Enterprise Value | 17.88B | 16.27B | 14.53B | 11.34B | 9.92B | 14.73B |
| Last Close Price | 1.57 | 4.07 | 5.05 | 5.81 | 2.50 | 4.04 |
| PE Ratio | 42.94 | 64.35 | 7.35 | 6.04 | ||
| Forward PE | 9.48 | 10.74 | 14.73 | 21.45 | 17.73 | 8.30 |
| PS Ratio | 0.86 | 0.34 | 0.38 | 0.31 | 0.15 | 0.17 |
| PB Ratio | 4.01 | 0.74 | 0.45 | 0.27 | 0.10 | 0.19 |
| P/FCF Ratio | 4.82 | 0.04 | ||||
| P/OCF Ratio | 4.05 | 0.04 | ||||
| PEG Ratio | 0.18 | |||||
| EV/Sales Ratio | 6.11 | 4.70 | 5.91 | 5.24 | 4.75 | 4.14 |
| EV/EBITDA Ratio | 33.80 | 19.54 | 16.70 | 38.56 | 7.55 | 7.77 |
| EV/EBIT Ratio | 38.06 | 20.93 | 17.69 | 46.48 | 7.85 | 7.93 |
| EV/FCF Ratio | 81.68 | 1.20 | ||||
| Debt / Equity Ratio | 16.13 | 9.06 | 6.27 | 3.53 | 3.09 | 5.93 |
| Debt / EBITDA Ratio | 29.09 | 16.96 | 14.44 | 27.53 | 7.37 | 9.85 |
| Debt / FCF Ratio | 62.90 | 1.19 | ||||
| Net Debt / Equity Ratio | 15.59 | 8.74 | 6.03 | 3.31 | 2.87 | 5.69 |
| Net Debt / EBITDA Ratio | 29.04 | 16.73 | 14.23 | 27.91 | 6.93 | 9.52 |
| Net Debt / FCF Ratio | -3.12 | -5.12 | -1.97 | 59.11 | 1.10 | -1.80 |
| Asset Turnover | 0.18 | 0.21 | 0.18 | 0.17 | 0.12 | 0.21 |
| Quick Ratio | 0.12 | 0.20 | 0.93 | 1.19 | 0.77 | 1.82 |
| Current Ratio | 1.78 | 2.96 | 14.48 | 11.50 | 7.17 | 33.61 |
| Return on Equity (ROE) | -7.68% | 13.38% | 14.55% | -2.47% | 29.38% | 56.57% |
| Return on Assets (ROA) | 1.85% | 2.98% | 3.73% | 1.20% | 4.38% | 6.83% |
| Return on Invested Capital (ROIC) | 2.76% | 5.05% | 6.41% | 2.13% | 7.53% | 12.10% |
| Return on Capital Employed (ROCE) | 4.20% | 6.10% | 5.50% | 2.20% | 10.20% | 8.50% |
| Earnings Yield | -8.53% | 2.33% | 1.55% | -1.98% | 13.61% | 16.57% |
| FCF Yield | -195.43% | -231.50% | -677.59% | 20.73% | 2,689.59% | -1,686.77% |
| Dividend Yield | 19.11% | 9.13% | 6.82% | 5.59% | 12.08% | 6.17% |
| Payout Ratio | 287.06% | 275.85% | 88.54% | 31.12% | ||
| Buyback Yield / Dilution | 67.88% | -1,335.86% | -19.44% | -0.83% | 94.23% | |
| Total Shareholder Return | 86.99% | -1,326.73% | -12.63% | 4.76% | 106.32% | 6.17% |