UWM Holdings Corporation (UWMC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-3870.2%

-$58.25

vs $1.55 price

Levered DCF

$748.86

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.4

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	33.69×	45.15×	-51.07×	7.36×	6.04×	0.4×	2.31×	10.45×
P/B	4.64×	4.05×	5.92×	2.13×	4.19×	0.57×	1.45×	3.01×
P/S	0.29×	0.34×	0.6×	0.14×	0.21×	0.28×	0.78×	1.91×
EV / EBITDA	24.6×	44.28×	-496.49×	11.46×	13.83×	4.23×	22.88×	68.61×
Gross margin	85.6%	72.0%	67.8%	84.3%	87.7%	95.8%	85.1%	100.0%
Operating margin	58.0%	17.6%	-6.8%	43.5%	55.7%	69.8%	33.7%	17.1%
Net margin	0.9%	0.8%	-1.2%	1.9%	3.5%	69.7%	33.7%	18.2%
Current ratio	0.67×	0.09×	0.18×	0.16×	0.07×	0.19×	12.88×	1.12×
Debt / equity	72.37×	79.5×	77.54×	68.12×	131.93×	3.46×	8.6×	7.88×
Interest coverage	3.45×	0.68×	-0.24×	3.05×	5.18×	20.26×	2.53×	0×
Dividend yield	77.4%	6.1%	5.6%	257.4%	251.1%	145.5%	7.6%	0.6%
Payout ratio	2617.2%	275.9%	-281.5%	1888.9%	1523.2%	58.2%	17.5%	5.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	8.9%	-11.8%	29.1%	69.1%	142.5%	62.8%	28.6%
Return on invested capital	10.5%	2.1%	-0.6%	7.0%	7.1%	31.8%	6.5%	3.0%
Return on assets	0.2%	0.1%	-0.1%	0.3%	0.4%	29.4%	6.2%	3.0%
Free cash flow yield	-293.9%	-960.7%	20.8%	2692.5%	-1678.2%	-0.1%	-366.3%	-102.1%
Earnings yield	3.0%	2.2%	-2.0%	13.6%	16.5%	249.9%	43.3%	9.5%
Enterprise value	$20.6B	$17B	$13B	$11.3B	$22.4B	$16.7B	$12.4B	$9.4B
Net debt / EBITDA	16.65×	32.06×	-313.74×	9.22×	11.17×	1.76×	10.21×	18.1×
Cash conversion cycle (days)	192	-39	-3	-85	-493	-1,501	-491	0