# UWM Holdings Corporation (UWMC)

> Source: Nexqual · https://nexqual.com/UWMC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, UWM Holdings Corporation (UWMC), nexqual.com/UWMC" · informational, not investment advice.

**Price:** USD 1.15 (+3.60% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1.11 · day 1.09–1.2 · 52w 0.93–6.15 · market cap $1.85B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.58B, net income -$37.1M (-1.0% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $95.6M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (10 analysts), mean target USD 1.84 (range 1.4–3).
- Total return with dividends: 1Y -78.1% vs S&P 500 +14.9%; 5Y -75.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.04, revenue estimate $651M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.97B | $2.37B | $2.17B | $2.67B | $3.16B | $3.58B |
| Net income | $98.4M | $41.7M | -$13.2M | $14.4M | $27.4M | -$37.1M |
| EPS (diluted) | $0.66 | $0.45 | -$0.14 | $0.13 | $0.12 | — |
| Free cash flow | -$10.0B | $8.24B | $139M | -$6.28B | -$2.72B | -$4.92B |
| Net margin | 3.3% | 1.8% | -0.6% | 0.5% | 0.9% | -1.0% |
| Revenue growth | -39.9% | -20.1% | -8.7% | +23.5% | +18.2% | — |
| Cash + short-term investments | $731M | $705M | $497M | $507M | $503M | — |
| Total debt | $2.00B | $2.00B | $1.99B | $2.79B | $2.98B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.5x · P/B 1.9x · FCF yield -266.34% · Earnings yield -2.01% · Dividend yield (paid, TTM) 5.62%
P/E at fiscal year-ends: Dec 2025 255.8x, Dec 2024 45.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
11 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-07…2026-05-08 | Mat Ishbia | President and CEO | 2,006,666 | $6.8M | 83.1% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-05…2026-05-06 | Mat Ishbia | President and CEO | 2,006,666 | $7.1M | 45.5% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-30…2026-05-04 | Mat Ishbia | President and CEO | 2,938,418 | $10.5M | 40% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-28…2026-04-29 | Mat Ishbia | President and CEO | 1,987,218 | $7.1M | 34.7% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-23…2026-04-27 | Mat Ishbia | President and CEO | 3,001,722 | $11.2M | 34.4% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-21…2026-04-22 | Mat Ishbia | President and CEO | 2,001,148 | $7.5M | 18.7% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-16…2026-04-20 | Mat Ishbia | President and CEO | 3,001,722 | $11.6M | 21.9% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-14…2026-04-15 | Mat Ishbia | President and CEO | 2,001,148 | $7.5M | 12.7% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-09…2026-04-13 | Mat Ishbia | President and CEO | 3,001,722 | $11.3M | 38.8% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-07…2026-04-08 | Mat Ishbia | President and CEO | 2,001,148 | $7.5M | 20.6% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-02…2026-04-06 | Mat Ishbia | President and CEO | 2,001,148 | $7.4M | 17.1% | Yes (adopted September 16, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 10 analysts; mean target USD 1.84 (low 1.4, high 3).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | BTIG | Downgrade | Buy → Neutral |  |
| 2026-08-10 | Barclays | Target lowered | Overweight | $4 → $2 |
| 2026-08-10 | Keefe, Bruyette & Woods | Target lowered | Outperform | $3.75 → $2.75 |
| 2026-08-07 | Stephens & Co. | Target lowered | Equal-Weight | $3 → $2 |
| 2026-08-07 | BTIG | Target lowered | Buy | $4 → $2 |
| 2026-07-29 | Citizens | Upgrade | Market Perform → Market Outperform | $3 |
| 2026-07-20 | Morgan Stanley | Target lowered | Equal-Weight | $5 → $3 |
| 2026-07-07 | Barclays | Target lowered | Overweight | $5 → $4 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -78.1% | -75.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -78.2% | -24.5% |
| Volatility (annualized) | 73.7% | 53.1% |
| Max drawdown | -82.2% (Jan 2026→Oct 2026) | -86.8% (Aug 2024→Oct 2026) |

## Peers (Mortgage Finance)
WD (Walker & Dunlop, Inc) USD 34.68 +5.44% · PFSI (PennyMac Financial Services, In) USD 63.36 +6.43% · VEL (Velocity Financial, Inc.) USD 15.21 +2.42% · BETR (Better Home & Finance Holding C) USD 16.58 +6.42% · RKT (Rocket Companies, Inc.) USD 11.74 +5.67%

## More
Full page: https://nexqual.com/UWMC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in UWMC's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1783398/000178339826000013/uwmc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BILT Technologies | "For example, in 2025 we made a strategic investment in BILT Technologies, Inc. ("BILT"), which provides us with strategic opportunities for broker loyalty and borrower engagement services as we continue to transition ser…" |
| Partner | SFS | "We entered into a tax receivable agreement with SFS Corp. that provides for the payment by us to SFS Corp. (or its transferees or other assignees) of 85% of the amount of cash savings, if any, in U.S. federal, state and …" |

## Company outlook (8-K filed 2026-08-06)

- "(6) our expectations for future market environments, including interest rates, and the timing of such market changes;"
- "(8) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.04 | $0.09 | -61.2% | $651.4M | 4 |
| Next quarter (ends 2026-12-31) | $0.03 | $0.08 | -58.6% | $657.5M | 4 |
| Current fiscal year (ends 2026-12-31) | $0.12 | $0.32 | -61.3% | $2.24B | 3 |
| Next fiscal year (ends 2027-12-31) | $0.30 | $0.47 | -35.4% | $2.92B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-27 (includes earnings 2026-11-05): ±34.5%; last 8 reports averaged ±9.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-27 | 35 | 289.9% | ±34.5% |
| 2026-12-18 | 56 | 128.3% | ±34.5% |
| 2027-01-15 | 84 | 150.8% | ±34.5% |
| 2027-02-19 | 119 | 191.6% | ±51.7% |
| 2027-05-21 | 210 | 125.5% | ±77.6% |
| 2027-06-17 | 237 | 93.6% | ±73.3% |
| 2027-07-16 | 266 | 94.2% | ±74.2% |