TakeoverPE & activists

UWMCUWM Holdings Corp

Mortgage Bankers & Loan Correspondents · $162M market cap · 2,200 employees

0.3×

Less likely than average to be taken private

Top 46% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • High CEO pay despite TSRNo
    $10M median
    Median CEO pay ≥ $15M while TSR trails
  • Dilutive SBCNo
    2% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    -3% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    —
    Over 40% of assets
  • Shareholder dissentNo
    93% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $1M · 85th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    5.0 per 10K words · 83rd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    248.8× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $162M market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    2 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Dec 16, 2020DEFM14ASFS Holding Corp.$0.00100%
Oct 2, 2020PREM14ASFS Holding Corp.$0.00100%

Key numbers

Revenue
$3.2BFY2021: $3.0BFY2022: $2.4BFY2023: $2.2BFY2024: $2.7BFY2025: $3.2B
18% YoY
Operating margin
—
EBITDA
—
Net debt / EBITDA
—
$2.5B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$3.0B$2.4B$2.2B$2.7B$3.2B 18% FY2021: $3.0BFY2022: $2.4BFY2023: $2.2BFY2024: $2.7BFY2025: $3.2B
Net income$1.6B$932M−$70M$329M$244M 26% FY2021: $1.6BFY2022: $932MFY2023: −$70MFY2024: $329MFY2025: $244M
Operating cash flow−$10.0B$8.3B$165M−$6.2B−$2.6B 58% FY2021: −$10.0BFY2022: $8.3BFY2023: $165MFY2024: −$6.2BFY2025: −$2.6B
Capex$65M$27M$26M$39M$74M 88% FY2021: $65MFY2022: $27MFY2023: $26MFY2024: $39MFY2025: $74M
Stock-based comp$6M$8M$14M$25M$50M 105% FY2021: $6MFY2022: $8MFY2023: $14MFY2024: $25MFY2025: $50M
Buybacks$82M$0$0——FY2021: $82MFY2022: $0FY2023: $0
Dividends$31M$37M$37M$40M$79M 98% FY2021: $31MFY2022: $37MFY2023: $37MFY2024: $40MFY2025: $79M

13D filers

FiledFilerFormStakeIntent
Aug 10, 2026SFS HOLDING CORPSCHEDULE 13D/A79.4%Passive
Apr 23, 2026SFS HOLDING CORPSCHEDULE 13D/A79.7%Passive
Apr 1, 2026SFS HOLDING CORPSCHEDULE 13D/A80.7%Passive
Mar 5, 2026SFS HOLDING CORPSCHEDULE 13D/A81.7%Passive
Feb 2, 2026SFS HOLDING CORPSCHEDULE 13D/A82.7%Passive
Dec 10, 2025SFS HOLDING CORPSCHEDULE 13D/A83.7%Passive
Nov 5, 2025SFS HOLDING CORPSCHEDULE 13D/A84.7%Passive
Oct 6, 2025SFS HOLDING CORPSCHEDULE 13D/A85.7%Passive
Aug 14, 2025SFS HOLDING CORPSCHEDULE 13D/A86.7%Passive
Jun 17, 2025SFS HOLDING CORPSCHEDULE 13D/A87.6%Passive

Insider trading

−$399Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $399M · 122 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$10M$9M51165
FY2024$13M$13M63131
FY2023$12M$13M77122
FY2022$7M$7M3386
FY2021$8M$8M54108