UWMC NYSE Russell 1000 Earnings call
United Wholesale Mortgage (UWMC) · Q2 2026 results and valuation
Share price: $1.36 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 6 May 2026
Net income turned to a loss from a profit last quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned loss
Net income vs Q1 2026
Net income -80.6M vs 170.4M
Revenue −1.5%
2 · How management spoke
Typical
More upbeat than 62% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
UWMC completed a capital raise of $2 billion plus, which is the largest capital raise the company has had.
Valuation
Is United Wholesale Mortgage undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$1.36
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+37.6% for 10 yrs
Fair value / share
$-1.16
Buy below
$-0.87
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
-
Figure
UWMC reported operating income of over $180 million EBITDA and $40 billion of business in the second quarter, reflecting the growth of the broker channel.
Source quote
“We feel really good about UWM and the strength of the broker channel and the growth of the broker channel. Before I get into that, obviously, from a second quarter perspective, operating income, over $180 million EBITDA -- adjusted EBITDA along with about $40 billion of business. So we feel great about where that's at.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And so I look at that from a perspective of how do we win long term together, and that's what UWM is about, and we are going to win with...”
“And so we're excited about everyone's winning together, and we're going to continue to win going forward.”
“And they also have really strong leadership there and people that we're going to partner with that think of things in a way that maybe think a little differently and...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 888.0M | 901.4M | −1.5% | 758.7M | +17.0% |
| Operating income | -472.9M | 177.5M | Turned loss | 329.4M | Turned loss |
| Net income | -80.6M | 170.4M | Turned loss | 22.9M | Turned loss |
| P/E | 12-mo loss | 11.0 | — | 103.5 | — |
Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Other events · SEC 8-K
- Material agreement; Results of operations; Unregistered share sale; Director or officer change; Articles or bylaws amended; Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K