PennyMac Financial Services, Inc. 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 inside one industry is twelve-fold: PennyMac nets 23.5% of revenue, UWM 1.9%, and the difference is servicing versus origination purity. PennyMac's servicing book earns while rates stay high, hedging its own origination trough; UWM's wholesale-origination model is the trough, undiluted, levered 1.86 turns and waiting. The multiples price the difference modestly, 9.1 against 6.6 times, and the dividends favor PennyMac. Both show warehouse-lending cash noise. The pair is really one company split into its two moods: the mortgage business that earns through the cycle and the one that earns only when the cycle cooperates, priced two and a half turns apart.
Comparison updated 2026-07-10.
| Metric | PFSI | UWMC |
|---|---|---|
| Price | $86.05 | $2.19 |
| Market cap | $4.6B | $3.5B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Growth |
| Implied growth (priced in) | — | +12.6% |
| P/E | 9.1 | 6.6 |
| P/B | 1.07 | 2.19 |
| P/S | 2.15 | 1.02 |
| EV/EBITDA | 787.9 | 103.7 |
| Revenue growth | +26.0% | +28.3% |
| Net margin | 23.5% | 1.9% |
| Return on equity | 11.7% | 4.2% |
| Return on assets | 1.6% | 0.3% |
| Dividend yield | 1.4% | — |
| Debt / equity | 1.44 | 1.86 |
| Altman Z (solvency) | 0.36 | 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.