Dave Inc./DE vs UWM HOLDINGS CORPORATION, two Mortgage Finance stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both prices are bets on the American paycheck, taken from opposite ends: Dave at 22.4 times earnings monetizes the week before payday, a 37.2% net margin on small advances; UWM at 6.6 times monetizes the thirty-year mortgage, a 1.9% net margin at the bottom of the origination cycle under 1.86 turns of debt. Dave's economics are model-driven and rate-indifferent; UWM's are cycle-driven entirely, its negative 158% free-cash figure the churn of a warehouse book at rest. The market pays a growth multiple for the app and a trough multiple for the machine, $5B and $4B, nearly the same absolute price for entirely different exposures. One needs users; the other needs the Fed.
Comparison updated 2026-07-10.
| Metric | DAVE | UWMC |
|---|---|---|
| Price | $348.69 | $2.19 |
| Market cap | $5.0B | $3.5B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Growth |
| Implied growth (priced in) | — | +12.6% |
| P/E | 22.4 | 6.6 |
| P/B | 24.64 | 2.19 |
| P/S | 8.30 | 1.02 |
| EV/EBITDA | 3009.7 | 103.7 |
| Revenue growth | +59.1% | +28.3% |
| Net margin | 37.2% | 1.9% |
| Return on equity | 110.4% | 4.2% |
| Return on assets | 42.4% | 0.3% |
| Debt / equity | 0.00 | 1.86 |
| Current ratio | 3.86 | — |
| Altman Z (solvency) | 8.21 | 0.31 |
| Piotroski F (quality) | 7 / 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.