UWMCUWM Holdings Corp
Mortgage Bankers & Loan Correspondents
- Revenue
- $3.2B
- 18% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $162M
- Employees
- 2,200
- $1M revenue each
- Net debt / EBITDA
- —
- $2.5B net debt
- AI in 10-K
- 5.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$10M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-11× net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-3% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 85th pctBottom quartile of its SIC industry
- Quiet on AINo5.0 per 10K words · 83rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo248.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$162M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$403M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.0B | $2.4B | $2.2B | $2.7B | $3.2B | 18% |
| Net income | $1.6B | $932M | −$70M | $329M | $244M | 26% |
| Operating cash flow | −$10.0B | $8.3B | $165M | −$6.2B | −$2.6B | 58% |
| Capex | $65M | $27M | $26M | $39M | $74M | 88% |
| Stock-based comp | $6M | $8M | $14M | $25M | $50M | 105% |
| Buybacks | $82M | $0 | $0 | — | — | |
| Dividends | $31M | $37M | $37M | $40M | $79M | 98% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Dec 16, 2020 | DEFM14A | SFS Holding Corp. | $0.00 | 100% |
| Oct 2, 2020 | PREM14A | SFS Holding Corp. | $0.00 | 100% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 10, 2026 | SFS HOLDING CORP | SCHEDULE 13D/A | 79.4% | Passive |
| Apr 23, 2026 | SFS HOLDING CORP | SCHEDULE 13D/A | 79.7% | Passive |
| Apr 1, 2026 | SFS HOLDING CORP | SCHEDULE 13D/A | 80.7% | Passive |
| Mar 5, 2026 | SFS HOLDING CORP | SCHEDULE 13D/A | 81.7% | Passive |
| Feb 2, 2026 | SFS HOLDING CORP | SCHEDULE 13D/A | 82.7% | Passive |
| Dec 10, 2025 | SFS HOLDING CORP | SCHEDULE 13D/A | 83.7% | Passive |
| Nov 5, 2025 | SFS HOLDING CORP | SCHEDULE 13D/A | 84.7% | Passive |
| Oct 6, 2025 | SFS HOLDING CORP | SCHEDULE 13D/A | 85.7% | Passive |
| Aug 14, 2025 | SFS HOLDING CORP | SCHEDULE 13D/A | 86.7% | Passive |
| Jun 17, 2025 | SFS HOLDING CORP | SCHEDULE 13D/A | 87.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $403M · 123
- Net
- −$403M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $9M | 51 | 165 |
| FY2024 | $13M | $13M | 63 | 131 |
| FY2023 | $12M | $13M | 77 | 122 |
| FY2022 | $7M | $7M | 33 | 86 |
| FY2021 | $8M | $8M | 54 | 108 |