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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
UWM Holdings has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for UWM Holdings's Piotroski F-Score or its related term are showing as below:
During the past 6 years, the highest Piotroski F-Score of UWM Holdings was 5. The lowest was 2. And the median was 4.
The historical data trend for UWM Holdings's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
UWM Holdings Annual Data | |||||||||||||||
Trend | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||
Piotroski F-Score | Get a 7-Day Free Trial | N/A | N/A | 5.00 | 2.00 | 4.00 |
UWM Holdings Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Piotroski F-Score | Get a 7-Day Free Trial |
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2.00 | 2.00 | 2.00 | 2.00 | 4.00 |
For the Mortgage Finance subindustry, UWM Holdings's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Banks industry and Financial Services sector, UWM Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where UWM Holdings's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Dec24) TTM: | Last Year (Dec23) TTM: |
Net Income was 8.73 + 3.05 + -6.295 + 8.919 = $14 Mil. Cash Flow from Operations was -2202.74 + -1317.179 + -2178.318 + -543.258 = $-6,241 Mil. Revenue was 419.99 + 340.565 + 318.254 + 336.294 = $1,415 Mil. Average Total Assets from the begining of this year (Dec23) to the end of this year (Dec24) was (11871.854 + 12797.334 + 12921.641 + 15119.798 + 15671.116) / 5 = $13676.3486 Mil. Total Assets at the begining of this year (Dec23) was $11,872 Mil. Long-Term Debt & Capital Lease Obligation was $3,001 Mil. Total Assets was $15,671 Mil. Total Liabilities was $13,617 Mil. |
Net Income was -11.941 + 7.558 + 18.231 + -27.078 = $-13 Mil. Revenue was 52.172 + 458.91 + 525.749 + -243.138 = $794 Mil. Average Total Assets from the begining of last year (Dec22) to the end of last year (Dec23) was (13600.625 + 10947.716 + 12425.919 + 12204.137 + 11871.854) / 5 = $12210.0502 Mil. Total Assets at the begining of last year (Dec22) was $13,601 Mil. Long-Term Debt & Capital Lease Obligation was $2,219 Mil. Total Assets was $11,872 Mil. Total Liabilities was $9,397 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
UWM Holdings's current Net Income (TTM) was 14.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
UWM Holdings's current Cash Flow from Operations (TTM) was -6,241.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Dec23) |
= | 14.404 | / | 11871.854 | |
= | 0.00121329 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec22) |
= | -13.23 | / | 13600.625 | |
= | -0.00097275 |
UWM Holdings's return on assets of this year was 0.00121329. UWM Holdings's return on assets of last year was -0.00097275.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
UWM Holdings's current Net Income (TTM) was 14. UWM Holdings's current Cash Flow from Operations (TTM) was -6,241.
==> -6,241 <= 14 ==> CFROA <= ROA ==> Score 0.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Dec24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec23 to Dec24 |
= | 3001.442 | / | 13676.3486 | |
= | 0.21946223 |
Gearing (Last Year: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 2218.783 | / | 12210.0502 | |
= | 0.18171776 |
UWM Holdings's gearing of this year was 0.21946223. UWM Holdings's gearing of last year was 0.18171776.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Current Ratio (This Year: Dec24) | = | Total Assets | / | Total Liabilities |
= | 15671.116 | / | 13617.268 | |
= | 1.15082673 |
Current Ratio (Last Year: Dec23) | = | Total Assets | / | Total Liabilities |
= | 11871.854 | / | 9397.183 | |
= | 1.26334179 |
UWM Holdings's current ratio of this year was 1.15082673. UWM Holdings's current ratio of last year was 1.26334179.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
UWM Holdings's number of shares in issue this year was 155.907. UWM Holdings's number of shares in issue last year was 93.659.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Net Margin (This Year: TTM) | = | Net Income | / | Revenue |
= | 14.404 | / | 1415.103 | |
= | 0.01017876 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | -13.23 | / | 793.693 | |
= | -0.01666891 |
UWM Holdings's net margin of this year was 0.01017876. UWM Holdings's net margin of last year was -0.01666891.
==> This year's net margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Dec23) |
= | 1415.103 | / | 11871.854 | |
= | 0.11919815 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec22) |
= | 793.693 | / | 13600.625 | |
= | 0.0583571 |
UWM Holdings's asset turnover of this year was 0.11919815. UWM Holdings's asset turnover of last year was 0.0583571.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | + | 1 | + | 1 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
UWM Holdings has an F-score of 4 indicating the company's financial situation is typical for a stable company.
UWM Holdings (NYSE:UWMC) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of UWM Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Ishbia Mat | director, 10 percent owner, officer: President and CEO | C/OUWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Robert Verdun | director | C/OUWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Stacey Coopes | director | C/O UWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Kelly Czubak | director | C/OUWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Alex Elezaj | director, officer: EVP, Chief Strategy Officer | C/OUWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Laura Lawson | director, officer: EVP, Chief People Officer | C/OUWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Melinda Wilner | director, officer: EVP, COO | C/OUWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Tim Forrester | officer: EVP and CFO | C/OUWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Andrew Hubacker | officer: CAO | C/OUWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Sfs Holding Corp | director, 10 percent owner | 585 SOUTH BLVD E, PONTIAC MI 48341 |
Isiah Iii Thomas | director | TWO PENNSYLVANIA PLAZA, NEW YORK NY 10121 |
Jeff Ishbia | director, 10 percent owner | C/OUWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Justin Ishbia | director | C/OUWM HOLDINGS CORPORATION, 585 SOUTH BLVD E, PONTIAC MI 48341 |
Jeffrey Gene Rea | director | C/O STOCK BUILDING SUPPLY HOLDINGS, INC., 8020 ARCO CORPORATE DRIVE, SUITE 400, RALEIGH NC 27617 |
Aeg Holdings, Llc | director, 10 percent owner | 6260 LOOKOUT RD., BOULDER CO 80301 |
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