CIRCLE INTERNET GROUP, INC. vs UWM HOLDINGS CORPORATION, two Mortgage Finance stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Economically these are a float business and a flow business: Circle holds reserves and earns the rate on them, UWM originates wholesale mortgages and earns the gain-on-sale, geared at 1.86 turns with the negative free-cash plumbing (158%) that warehouse lending always shows. Circle's income statement is barely awake, net-negative at $20B; UWM's is idling at the cycle bottom, a 1.9% net margin at 6.6 times earnings and $4B. Both businesses lever to interest rates, Circle up when rates hold, UWM up when they fall, which makes the pair an accidental rates straddle. The market pays five times more for the side that profits from the status quo.
Comparison updated 2026-07-10.
| Metric | CRCL | UWMC |
|---|---|---|
| Price | $73.52 | $2.19 |
| Market cap | $19.6B | $3.5B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Growth |
| Implied growth (priced in) | — | +12.6% |
| P/E | — | 6.6 |
| P/B | 5.72 | 2.19 |
| P/S | 6.85 | 1.02 |
| EV/EBITDA | 52.9 | 103.7 |
| Revenue growth | +46.3% | +28.3% |
| Operating margin | 6.5% | — |
| Net margin | -2.8% | 1.9% |
| Return on equity | -2.3% | 4.2% |
| Return on assets | -0.1% | 0.3% |
| Debt / equity | 0.00 | 1.86 |
| Current ratio | 1.03 | — |
| Altman Z (solvency) | 0.21 | 0.31 |
| Piotroski F (quality) | 5 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.