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Largest wholesale mortgage lender in the US, originating loans exclusively through independent mortgage brokers.
Largest wholesale mortgage lender in the US, originating loans exclusively through independent mortgage brokers.
Makes money by originating loans through brokers and selling them into government-backed securities, taking fees and a gain on sale, and by keeping the right to service them for a fee. Volume rises and falls with mortgage rates. Mat Ishbia's SFS Corp controls it.
Moat: narrow (scale, distribution, brand). Dominant broker-channel scale and technology platform give pricing/speed advantages brokers value.
Headquarters: Pontiac, Michigan, US · Founded: 1986 · Employees: 9,100
Size UWM (UWMC) is a United States Financials company (Finance/Rental/Leasing) with a market value of $2.44B, the 1670th largest of 3,117 United States companies the cockpit tracks. Shares closed at $1.52 on 6 Nov 2026.
Performance Over six months the shares fell 56.5%, against -5.0% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 16.2% over the last twelve months (peer median +16.7%); the operating margin is 21.7% (peer median 30.8%).
Valuation It trades at 2.67× book value against a peer median of 1.75× (2nd most expensive of 21).
Price implies The share price implies a return on equity of about 32.8%; UWM delivers 2.1%, so the price asks more than the business earns today.
Short interest Short interest is 24.9% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.87B | $3.46B | $2.46B | $2.17B | $2.09B |
| Revenue growth | — | +41% | +14% | +4% | — |
| Gross profit | $2.39B | $3.05B | $2.11B | $1.88B | $1.79B |
| EBITDA | $680M | $1.90B | $1.17B | $1.14B | $1.03B |
| Net income | $19.6M | $27.4M | $14.4M | -$13.2M | $41.7M |
| Free cash flow | n/a | -$2.72B | -$6.28B | $139M | $8.24B |
| Capital expenditure | n/a | $74.0M | $39.5M | $26.4M | $26.6M |
| Total debt | $14.6B | $14.4B | $12.8B | $8.73B | $9.78B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| UWM UWMC | $2.44B | -56% | +16% | 2% | 2.67× | 32.8% |
| Rocket Companies RKT | $42.7B | -4% | +88% | 8% | 1.76× | 26.3% |
| PennyMac Financial Services PFSI | $3.41B | -28% | +4% | 6% | 0.78× | 10.2% |
| loanDepot LDI | n/a | -54% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UWMC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +39.5% | -2.5% | highest of 21 |
| 6-month return | -56.5% | -5.0% | lowest of 21 |
| Return on equity | 2.1% | 13.4% | lowest of 21 |
| Price / book | 2.67× | 1.75× | 2nd most expensive of 21 |
| Trailing P/E | 187.7× | 11.6× | most expensive of 21 |
| ROE the price implies | 32.8% | 16.7% | 3rd most demanding of 21 |
| ROE delivered | 2.1% | 13.3% | lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| UWM UWMC | United States | $2.44B | -56% | +16% | 2% | 2.67× | 32.8% | 2.1% |
| Capri Global Capital CGCL.NS | India | $2.44B | +20% | +53% | 18% | 2.90× | 21.5% | 17.9% |
| Mizuho Leasing 8425.T | Japan | $2.45B | -13% | +16% | 13% | 0.77× | 6.0% | 13.3% |
| Encore Capital ECPG | United States | $2.42B | +36% | +29% | 31% | 2.24× | 21.7% | 30.5% |
| Fuyo General Lease 8424.T | Japan | $2.34B | -6% | +19% | 5% | 0.72× | 4.8% | 4.5% |
| China Development Bank Financial Leasing 1606.HK | Hong Kong | $2.66B | +4% | -5% | 13% | 0.40× | 4.5% | 12.6% |
| Upstart UPST | United States | $2.17B | -24% | +39% | 8% | 2.44× | 37.8% | 8.0% |
| Custom Truck One Source CTOS | United States | $2.12B | -4% | +6% | 4% | 2.58× | 26.7% | 3.7% |
| IIFL Finance IIFL.NS | India | $2.83B | +35% | +36% | 18% | 1.73× | 23.7% | 17.6% |
| Cholamandalam Financial CHOLAHLDNG.NS | India | $2.89B | -17% | +18% | 17% | 1.77× | 26.2% | n/a |
| Aadhar Housing Finance AADHARHFC.NS | India | $1.99B | -14% | +18% | 16% | 2.48× | 31.1% | n/a |
| PNB Housing Finance PNBHOUSING.NS | India | $3.03B | +5% | +11% | 12% | 1.42× | 19.4% | 12.3% |
| McGrath RentCorp MGRC | United States | $3.05B | +9% | +2% | 13% | 2.38× | 13.2% | 12.9% |
| AEON Financial Service 8570.T | Japan | $1.95B | -9% | +8% | 5% | 0.67× | 5.2% | 4.9% |
| Hercules Capital HTGC | United States | $3.06B | 0% | +40% | 16% | 1.32× | 10.4% | 15.7% |
| Marui 8252.T | Japan | $3.09B | -7% | +8% | 12% | 2.12× | 7.1% | 12.4% |
| SLM SLM | United States | $3.10B | -25% | -6% | 25% | 1.55× | 13.8% | 24.7% |
| LIC Housing Finance LICHSGFIN.NS | India | $3.12B | -9% | -1% | 14% | 0.67× | 11.6% | 14.3% |
| Federal Agricultural Mortgage AGM | United States | $1.90B | 0% | +31% | 13% | 1.56× | 14.0% | 13.5% |
| Manappuram Finance MANAPPURAM.NS | India | $3.23B | +3% | +5% | 7% | 1.90× | 33.0% | n/a |
| CreditAccess Grameen CREDITACC.NS | India | $1.84B | -27% | +17% | 20% | 1.95× | 20.5% | 19.7% |