Latest Ratios: P/E Ratio 17.2x · EV/EBITDA 7.6x · ROE 1.5%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $320M | $926M | $654M | $667M | $306M | $9.5B | $1.4B | — | — | — |
| Enterprise Value | $14.3B | $14.9B | $13.0B | $8.9B | $9.4B | $27.5B | $8.3B | — | — | — |
| P/E Ratio → | 17.17 | 36.50 | 45.15 | — | 7.36 | 8.97 | 0.40 | — | — | — |
| P/S Ratio | 0.10 | 0.29 | 0.34 | 0.60 | 0.14 | 3.35 | 0.28 | — | — | — |
| P/B Ratio | 0.27 | 0.58 | 0.32 | 0.27 | 0.10 | 2.99 | 0.57 | — | — | — |
| P/FCF | — | — | — | 4.80 | 0.04 | — | — | — | — | — |
| P/OCF | — | — | — | 4.03 | 0.04 | — | 24.00 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.70 | 6.81 | 7.99 | 4.37 | 9.72 | 1.72 | — | — | — |
| EV / EBITDA | 7.57 | 7.89 | 33.76 | — | 9.53 | 17.04 | 2.11 | — | — | — |
| EV / EBIT | 7.78 | 19.01 | 38.66 | — | 10.04 | 17.45 | 2.46 | — | — | — |
| EV / FCF | — | — | — | 64.09 | 1.14 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.6% | 85.6% | 72.0% | 67.8% | 84.3% | 87.7% | 95.8% | 85.1% | 100.0% | 100.0% |
| Operating Margin | 58.0% | 58.0% | 17.6% | -6.8% | 43.5% | 55.7% | 69.8% | 33.7% | 17.1% | 28.2% |
| Net Profit Margin | 0.9% | 0.9% | 0.8% | -1.2% | 1.9% | 3.5% | 69.7% | 33.7% | 18.2% | 25.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.5% | 1.5% | 0.6% | -0.5% | 1.3% | 3.6% | 222.9% | 84.7% | 33.1% | 49.2% |
| ROA | 0.2% | 0.2% | 0.1% | -0.1% | 0.2% | 0.6% | 37.3% | 8.5% | 3.5% | 5.3% |
| ROIC | 8.9% | 8.9% | 1.9% | -0.5% | 4.0% | 7.3% | 30.0% | 6.8% | 2.7% | 4.8% |
| ROCE | 19.0% | 19.0% | 6.3% | -1.4% | 16.5% | 35.6% | 70.6% | 12.0% | 6.3% | 6.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 9.06 | 9.06 | 6.25 | 3.53 | 3.08 | 5.92 | 3.46 | 8.60 | 7.88 | 7.63 |
| Debt / EBITDA | 7.67 | 7.67 | 33.38 | — | 9.94 | 11.62 | 2.07 | 10.45 | 18.41 | 10.54 |
| Net Debt / Equity | — | 8.74 | 6.01 | 3.33 | 2.86 | 5.69 | 2.94 | 8.40 | 7.74 | 7.34 |
| Net Debt / EBITDA | 7.40 | 7.40 | 32.06 | — | 9.22 | 11.17 | 1.76 | 10.21 | 18.10 | 10.13 |
| Debt / FCF | — | — | — | 59.29 | 1.10 | — | — | — | — | — |
| Interest Coverage | 1.47 | 1.47 | 0.68 | -0.24 | 3.05 | 5.18 | 20.26 | 2.53 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.67 | 0.67 | 0.09 | 0.18 | 0.16 | 0.07 | 0.19 | 12.88 | 1.12 | 12.21 |
| Quick Ratio | 0.67 | 0.67 | 0.09 | 0.18 | 0.16 | 0.07 | 0.19 | 12.88 | 1.12 | 12.21 |
| Cash Ratio | 0.16 | 0.16 | 0.05 | 0.07 | 0.09 | 0.04 | 0.15 | 0.30 | 0.02 | 0.43 |
| Asset Turnover | — | 0.19 | 0.12 | 0.09 | 0.16 | 0.13 | 0.42 | 0.19 | 0.16 | 0.21 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 100.0% | 77.4% | 6.1% | 5.6% | 100.0% | 15.8% | 100.0% | — | — | — |
| Payout Ratio | 2617.2% | 2617.2% | 275.9% | — | 1888.9% | 1523.2% | 58.2% | 17.5% | 5.9% | 78.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 2.7% | 2.2% | — | 13.6% | 11.1% | 249.9% | — | — | — |
| FCF Yield | — | — | — | 20.8% | 2692.5% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 0.0% | — | — | — |
| Total Shareholder Yield | 100.0% | 77.4% | 6.1% | 5.6% | 100.0% | 16.7% | 100.0% | — | — | — |
| Shares Outstanding | — | $211M | $111M | $93M | $92M | $1.6B | $103M | $103M | $103M | $103M |
High cyclical leverage risk
Based on recent financial data, UWMC trades at a forward P/E of 5.69, which appears to discount the inherent volatility of the mortgage origination cycle while simultaneously reflecting investor skepticism regarding the long-term sustainability of current gain-on-sale margins compared to historical industry averages.
The divergence between the trailing P/E of 18.17 and the forward multiple suggests that the market anticipates a significant earnings recovery, yet the extremely low price-to-book ratio of 0.29 indicates that investors remain wary of the company's thin equity base. This valuation profile implies that the market views UWMC as a high-beta play on housing market volume rather than a stable financial services entity.
As reported in quarterly filings, UWMC's ROIC has struggled to maintain positive momentum, fluctuating between -3.1% and 2.6% over the last ten quarters, which suggests that the company's heavy reliance on debt-funded warehouse facilities significantly dilutes the returns generated by its core mortgage production activities.
The inability to consistently compound returns on invested capital highlights the structural difficulty of achieving high profitability in a commoditized origination market. Investors should monitor whether the company can improve its ROIC through operational efficiencies or if the current capital structure will continue to suppress shareholder value creation.
According to the provided financial statements, UWMC's asset turnover remains exceptionally low, often hovering near 0.03 to 0.06, which underscores the capital-intensive nature of holding mortgage assets and the significant friction inherent in the company's current loan production and secondary market sale cycle.
The extreme variability in DSO, which reached as high as 248 days in 2025Q1, suggests that the timing of loan sales into the secondary market creates massive swings in working capital requirements. This inefficiency warrants further investigation into the company's ability to manage liquidity during periods of market stress.
Based on recent balance sheet data, UWMC's debt-to-equity ratio has escalated to 10.13 as of 2026Q1, indicating a precarious reliance on external warehouse financing that leaves the company highly vulnerable to interest rate shocks and potential tightening in the credit markets.
The interest coverage ratio, which has dipped as low as 0.10 in recent periods, suggests that debt service is becoming increasingly burdensome relative to operating income. This leverage profile may limit management's ability to pursue aggressive growth strategies without further diluting shareholders or increasing the cost of capital.
As indicated by the company's unique business model, the P/E ratio is frequently misapplied to UWMC because it fails to account for the non-cash mark-to-market volatility inherent in Mortgage Servicing Rights, which can artificially inflate or deflate reported earnings without reflecting actual cash flow generation.
Analysts should prioritize cash-based metrics or adjusted EBITDA that strips out MSR valuation swings to better understand the company's true earning power. Relying on GAAP P/E ratios in this context obscures the underlying operational performance and may lead to incorrect conclusions regarding the company's valuation relative to its peers.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying UWMC stock.
UWM Holdings Corporation's current P/E ratio is 17.2x. The historical average is 19.7x. This places it at the 60th percentile of its historical range.
UWM Holdings Corporation's current EV/EBITDA is 7.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
UWM Holdings Corporation's return on equity (ROE) is 1.5%. The historical average is 44.0%.
Based on historical data, UWM Holdings Corporation is trading at a P/E of 17.2x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
UWM Holdings Corporation's current dividend yield is 100.00% with a payout ratio of 2617.2%.
UWM Holdings Corporation has 85.6% gross margin and 58.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
UWM Holdings Corporation's Debt/EBITDA ratio is 7.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.