Walker & Dunlop, Inc.

WD Financial Mortgage Finance

Walker & Dunlop, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 8.99% from fiscal 2024. In the quarter to June 2026, revenue fell 3.93%, EPS fell 91.0%, free cash flow grew 585.0% and total debt rose 11.0%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.

32.61 0.71 −2.13%
Market cap
$1.1B
P/E
29.1×
Fwd P/E
14.3×
Dividend yield
8.31%
F-score
n/a
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a

Insider Decisions trades per month

Total buys 0.79
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 4 — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.97%

Capital & Financial Ratios $m

Market Cap 1,140.00
Revenue 1,285.72
Net Income 41.08
Free Cash Flow (131.24)
Net Debt 1,784.07
Current Ratio 0.00
Debt/Equity 1.28
P/E ratio 29.12
Fwd P/E 14.30
P/S ratio 0.84
P/B ratio 0.63
Past 5Y EPS Growth (26.59%) (below 0%: weak)
This Y EPS Growth 168.29% (at or above 15%: strong)
Next Y EPS Growth 22.90% (at or above 15%: strong)
Next Y revenue growth 2.65%
Next 5Y EPS Growth 55.82% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 85.70%
10-year low 10-year high
P/S against its own 10 years 0.15%
10-year low 10-year high
P/B against its own 10 years 0.15%
10-year low 10-year high

Dividends

Payout Ratio 2.42
Annual Dividend Rate 2.71
Annual Dividend Yield 8.31%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.72
0.68
0.68
0.68
2025 2.68
0.67
0.67
0.67
0.67
2024 2.60
0.65
0.65
0.65
0.65
2023 2.52
0.63
0.63
0.63
0.63
2022 3.00
0.60
0.60
0.60
0.60
0.60
2021 2.00
0.50
0.50
0.50
0.50
2020 1.44
0.36
0.36
0.36
0.36
2019 1.20
0.30
0.30
0.30
0.30
2018 1.00
0.25
0.25
0.25
0.25
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 534 511 547 421
Receivables 829 1,117 1,856 1,860
Inventory — — — —
Other — — — —
1,363 1,628 2,403 2,281
2017 2018 2019 2020
Payables 130 — — —
ST’ Debt — — — —
Other 6 20 8 14
137 20 8 14

Compound Annual Growth %

10y 5y 3y
Sales 10.18% 2.64% (0.65%)
Cash Flow 0.00% 0.00% 0.00%
Earnings (3.95%) (25.48%) (35.83%)
Book Value 13.50% 7.87% 0.58%

Revenue $m

Mar Jun Sep Dec Year
’26 301 307 — — —
’25 237 319 338 340 1,234
’24 228 271 292 341 1,132
’23 239 273 269 274 1,054
’22 319 341 316 283 1,259
’21 224 281 346 407 1,259
’20 234 253 247 350 1,084
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,144) 1,169 — — —
’25 (281) (238) (948) 803 (664)
’24 38 (238) (202) 531 129
’23 (547) (334) 549 332 (1)
’22 972 (118) (1,321) 2,049 1,583
’21 1,316 (556) (956) 1,067 870
’20 (293) (530) (1,474) 885 (1,411)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,146) 1,169 — — —
’25 (285) (241) (950) 796 (680)
’24 35 (242) (204) 527 116
’23 (549) (341) 544 330 (17)
’22 960 (118) (1,328) 2,047 1,561
’21 1,314 (558) (958) 1,064 861
’20 (293) (531) (1,475) 885 (1,414)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.46 0.09 — — —
’25 0.08 0.99 0.98 (0.41) 1.64
’24 0.35 0.67 0.85 1.32 3.19
’23 0.79 0.82 0.64 0.93 3.18
’22 2.12 1.61 1.40 1.24 6.36
’21 1.79 1.73 2.21 2.42 8.15
’20 1.49 1.95 1.66 2.59 7.69
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 19.50 29.93 37.96 42.27 24.55 81.52 75.33 61.06 87.20 59.83

Analyst estimates 2026–2028

Powerpack
High 32.43 56.46 61.44 68.36 94.50 156.77 153.44 113.67 118.19 98.62
People
People Employees 550 623 723 823 988 1,305 1,451 1,326 1,399 1,466
Revenue/emp, $m 1.05 1.14 1.00 0.99 1.10 0.96 0.87 0.80 0.81 0.84
Income, $m
Income, $m Revenue 575 712 725 817 1,084 1,259 1,259 1,054 1,132 1,234
Gross margin, % 60.46 59.36 59.01 57.64 56.74 52.07 51.75 51.23 50.62 47.52
EBT 186 234 213 230 330 352 265 138 132 79
EBT margin, % 32.29 32.82 29.35 28.19 30.48 27.96 21.05 13.11 11.61 6.40
Net income 114 212 161 173 246 266 209 103 101 57
Depreciation 115 134 148 151 169 210 235 227 238 239
Per share, $
Per share, $ Revenue 19.33 23.59 24.01 27.32 35.60 40.51 38.94 32.25 34.20 37.01
Earnings 3.87 7.03 5.35 5.61 7.85 8.27 6.43 3.20 3.19 1.65
Cash flow 25.51 35.38 2.12 14.29 (46.36) 28.01 48.96 (0.02) 3.91 (19.92)
Capex (1.53) (0.43) (0.22) (0.16) (0.10) (0.30) (0.68) (0.50) (0.39) (0.47)
Free cash flow 23.98 34.95 1.91 14.14 (46.46) 27.71 48.28 (0.51) 3.51 (20.39)
Book value 20.66 27.01 30.04 34.84 39.29 50.78 53.11 53.40 53.14 52.39
Shares, m 30 30 30 30 30 31 32 33 33 33
Valuation, ×
Valuation, × P/E 8.15 6.72 8.08 11.55 11.75 18.27 12.41 33.89 30.47 36.45
P/S 1.63 2.01 1.80 2.37 2.59 3.72 2.05 3.36 2.84 1.63
P/B 1.53 1.75 1.44 1.86 2.34 2.97 1.50 2.03 1.83 1.15
EV/Sales 5.01 3.14 3.50 3.53 4.74 5.46 2.72 4.16 3.76 3.00
EV/FCF 3.80 2.12 50.97 6.98 (3.60) 8.07 2.21 (166.50) 39.86 (5.38)
Cash, $m
Cash, $m Operating cash flow 759 1,068 64 428 (1,411) 870 1,583 (1) 129 (664)
Capex (46) (13) (7) (5) (3) (9) (22) (16) (13) (16)
Free cash flow 714 1,055 58 423 (1,414) 861 1,561 (17) 116 (680)
Balance, $m
Balance, $m Working capital 1,998 1,152 1,332 1,082 2,978 2,521 1,000 1,363 1,628 2,403
Total debt 2,154 1,102 1,457 1,200 2,809 2,682 1,242 1,370 1,550 2,249
Net debt 1,941 806 1,230 949 2,331 2,184 841 835 1,038 1,702
Shareholders’ equity 615 815 907 1,042 1,196 1,578 1,717 1,746 1,760 1,747
Returns, %
Returns, % ROA 3.32 7.71 6.24 6.15 6.52 5.21 4.49 2.58 2.51 1.16
ROIC 4.54 9.01 6.22 7.23 5.85 5.85 6.48 3.35 2.94 1.43
ROE 19.67 28.35 18.08 17.21 21.34 18.52 12.61 6.04 6.03 3.13
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Walker & Dunlop, Inc. vs peers in Mortgage Finance (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PFSI PennyMac Financial Services, Inc. $3.2B 8.0× 7.8× +11.75% (above 0%: growing) −84.09% (below 0%: shrinking) +1,600.30% (above 0%: growing) 72.56% 12.19% Compare
UWMC UWM Holdings Corporation $1.9B — (loss-making) 5.8× −81.06% (below 0%: shrinking) n/m +64.57% (above 0%: growing) 24.81% (192.94%) Compare
WD Walker & Dunlop, Inc. $1.1B 29.1× 14.3× −3.93% (below 0%: shrinking) −91.00% (below 0%: shrinking) +584.98% (above 0%: growing) 46.88% 5.65%
VEL Velocity Financial, Inc. $584.7M 5.3× 12.1× +34.05% (above 0%: growing) −7.25% (below 0%: shrinking) −3.27% (below 0%: shrinking) 0.00% 0.00% Compare
ONIT Onity Group Inc. $222.8M 1.5× 6.2× +14.72% (above 0%: growing) n/m −9.61% (below 0%: shrinking) 100.00% 25.95% Compare
BETR Better Home & Finance Holding Company $204.6M — (loss-making) — (loss-making) +25.81% (above 0%: growing) n/m +136.12% (above 0%: growing) 89.80% 0.00% Compare
LDI loanDepot, Inc. $191.7M — (loss-making) — (loss-making) +19.39% (above 0%: growing) n/m +589.11% (above 0%: growing) 87.77% 10.45% Compare
GHI Greystone Housing Impact Investors LP $115.2M — (loss-making) 3.2× −7.10% (below 0%: shrinking) n/m −92.85% (below 0%: shrinking) 93.66% 60.90% Compare
IOR Income Opportunity Realty Investors, Inc. $74.4M 19.6× 13.8× +534.29% (above 0%: growing) −29.17% (below 0%: shrinking) +155.56% (above 0%: growing) 0.00% 0.00% Compare
Median of peers $213.7M 6.7× 7.0× +17.05% −29.17% +100.35% 80.17% 5.23%

All 14 Mortgage Finance stocks →

Walker & Dunlop, Inc. (WD) key facts

  • Strength: Walker & Dunlop, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 8.99% from fiscal 2024.
  • Walker & Dunlop, Inc. (WD) is a Mortgage Finance company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, WD traded at $32.61, a market capitalization of $1.1 billion.
  • Walker & Dunlop, Inc. pays an annual dividend of $2.71 per share, a yield of 8.31%.
  • Return on equity was 3.13% and debt-to-equity 1.28.

Source: company filings (standardised) and stockrow calculations.

Walker & Dunlop, Inc. (WD) Latest News

stockrow.com/WD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com