FinVolution Group vs UWM HOLDINGS CORPORATION, two Mortgage Finance stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The margin gap runs ten to one: FinVolution keeps 18.7% of revenue as net income brokering Chinese consumer loans, UWM 1.9% originating American mortgages at the bottom of the rate cycle. Structure explains most of it, a matchmaking platform against a warehouse-funded machine at 1.86 turns of debt, and cycle explains the rest. The multiples nearly meet anyway, 17.8 and 6.6 times, because UWM's earnings are priced as trough and FinVolution's as taxed by jurisdiction. Free cash tells the model difference plainly: positive 4% at the platform, negative 158% at the originator (warehouse plumbing, not distress). Two lending middlemen, one paid in fees, one paid in gain-on-sale; the fee model wins every printed line except the market's imagination.
Comparison updated 2026-07-10.
| Metric | FINV | UWMC |
|---|---|---|
| Price | $4.80 | $2.19 |
| Market cap | $6.4B | $3.5B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Growth |
| Implied growth (priced in) | — | +12.6% |
| P/E | 17.8 | 6.6 |
| P/B | 2.66 | 2.19 |
| P/S | 3.30 | 1.02 |
| EV/EBITDA | 613.1 | 103.7 |
| Revenue growth | +200.0% | +28.3% |
| Net margin | 18.7% | 1.9% |
| Return on equity | 15.1% | 4.2% |
| Return on assets | 10.0% | 0.3% |
| Debt / equity | 0.02 | 1.86 |
| Altman Z (solvency) | 4.33 | 0.31 |
| Piotroski F (quality) | 6 / 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.