- Originations Surge: 2025 originations reached $163.4B (+17% YoY), with Q4 hitting $49.6B (+28% YoY).
- Net Income & Write-Downs: Full-year net income was $244M (including $435M MSR write-down), while Q4 net income was $164.5M (including $28.8M write-down).
- Adjusted EBITDA Growth: Annual adjusted EBITDA exceeded $697M, with Q4 at $232.8M (+28% YoY).
- Strategic Initiatives: Servicing in-house and BUILT partnership aim to enhance consumer experience, while the Two Harbors acquisition targets $241B UPB portfolio integration.
- Capital Strength: Ended Q4 with $1.6B equity and $1.8B liquidity, with expectations of improved capital ratios post-Two Harbors acquisition.
Operational Highlights
The company achieved $49.6 billion in originations in Q4 2025, representing a 28% year-over-year increase. The pending Two Harbors acquisition and the company's efforts to bring servicing in-house are key strategic initiatives aimed at expanding its market dominance, enhancing the consumer experience, and increasing recapture rates. As Mathew Ishbia, Chairman, President, and CEO, noted, "2025 was an amazing year, with the company delivering $163.4 billion in originations, up 17% from 2024."
Valuation and Outlook
UWM Holdings Corporation's valuation metrics indicate a relatively attractive profile, with a Price-to-Book (P/B) Ratio of 0.67 and a Return on Equity (ROE) of 32.66%. The company's Dividend Yield is 9.62%, providing a relatively stable source of return. Analysts estimate revenue growth of 13.6% for the next year, suggesting a positive outlook for the company. The pending Two Harbors acquisition is expected to further enhance the company's capital, liquidity, and leverage ratios, positioning it for continued growth.
Capital Position and Leverage
The company remains well-capitalized, with total equity of $1.6 billion and total available liquidity of $1.8 billion at the end of Q4 2025. The company's Net Debt / EBITDA ratio is -3.72, indicating a strong ability to meet its debt obligations. The expected completion of the Two Harbors acquisition is likely to further strengthen the company's capital position and leverage ratios.