Walker & Dunlop, Inc. WD

Financials SIC 6199 - Finance Services NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Other Financial Investment Activities derived NYSE

We are a leading commercial real estate (i) services, (ii) finance, and (iii) technology company in the United States. Through investments in people, brand, and technology, we have built a diversified suite of commercial real estate services to meet the needs of our customers. Our services include (i) multifamily lending, property sales, appraisal, valuation, and research, (ii) commercial real estate debt brokerage and advisory services, (iii) investment management, and (iv) affordable housing lending, property sales, tax credit syndication, development, and investment. We leverage our technological resources and investments to (i) provide an enhanced experience for our customers, (ii) identify refinancing and other financial and investment opportunities for new and existing customers, and (iii) drive efficiencies in our internal processes. We believe our people, brand, and technology provide us with a competitive advantage, as evidenced by 72%, 72%, and 69% of refinancing volumes coming from new loans to us for the years ended December 31, 2025, 2024, and 2023, respectively. Additionally, 19%, 20%, and 22% of total transaction volumes came from new customers for the years ended December 31, 2025, 2024, and 2023, respectively.

Last close 34.16 2026-10-23
Market cap $1.17B 2026-06-30 share count
52-week range 31.40 - 86.32

Valuation FY2025 figures against the last close

P/S3.7x
P/E20.8x
P/FCF—
EV/EBITDA—
Dividend yield7.8%
Diluted EPS1.64

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $320.0M$265.4M$258.2M$430.0M$363.5M$125.6M$127.5M$95.7M$82.4M$51.5M
Total operating expenses $1.16B$1.00B$916.2M$993.8M$907.1M$753.4M$586.9M$512.4M$478.2M$389.5M
Interest expense $5.5M$7.0M$5.6M$15.8M$32.8M—————
Pre-tax income $79.0M$131.5M$138.2M$265.0M$352.1M$330.3M$230.4M$212.8M$233.7M$185.8M
Income tax $22.0M$30.5M$35.0M$56.0M$86.4M$84.3M$57.1M$51.9M$21.8M$71.5M
Net income $56.2M$108.2M$107.4M$213.8M$265.8M$246.2M$173.4M$161.4M$211.1M$113.9M
EPS, basic 1.653.193.206.438.277.855.615.156.723.66
EPS, diluted 1.643.193.186.368.157.695.454.966.473.57
Shares, diluted (wtd. avg.) 33.4M33.2M32.9M32.7M31.5M31.1M30.8M31.4M31.4M30.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $299.3M$279.3M$328.7M$225.9M$305.6M$321.1M$120.7M$90.1M$191.2M$118.8M
Property, plant and equipment $54.4M$48.5M$42.7M$33.9M$72.7M—————
Goodwill $868.7M$868.7M$901.7M$959.7M$698.6M$249.0M$180.4M$173.9M$123.8M$96.4M
Other intangibles $141.9M$156.9M$182.0M$198.6M$183.9M$1.9M$718.8M$670.1M——
Total assets $5.06B$4.38B$4.05B$4.05B$5.21B$4.65B$2.68B$2.78B$2.21B$3.05B
Total liabilities $3.31B$2.62B$2.31B$2.33B$3.63B$3.45B$1.63B$1.87B$1.39B$2.44B
Retained earnings $1.28B$1.32B$1.30B$1.28B$1.15B$952.9M$796.8M$666.8M$579.9M$381.0M
Total equity $1.74B$1.75B$1.75B$1.72B$1.58B$1.20B$1.04B$907.2M$815.0M$615.1M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$664.3M$129.4M-$518.0K$1.58B$870.5M-$1.41B$427.6M$64.1M$1.07B$759.5M
Depreciation and amortisation $238.7M$237.5M$226.8M$235.0M$210.3M$169.0M$152.5M$142.1M$131.2M$111.4M
Stock-based compensation $26.7M$27.3M$27.8M$34.0M$36.6M$28.3M$24.1M$24.0M$21.1M$18.5M
Capital expenditure $15.8M$13.0M$16.2M$22.0M$9.2M$3.0M$4.7M$4.7M$5.2M$2.5M
Investing cash flow -$77.3M-$38.1M$126.9M-$133.8M-$377.6M$115.2M-$79.7M-$552.2M$97.2M-$66.8M
Financing cash flow $758.1M-$154.7M$6.8M-$1.58B-$457.7M$1.52B-$331.6M$321.8M-$1.09B-$693.6M
Dividends paid $91.8M$88.6M$84.8M$80.1M$64.5M$45.4M$37.3M$31.4M——
Buybacks $10.5M$12.4M$20.5M$42.4M$18.9M$45.8M$30.7M$68.8M$34.9M$12.9M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-020249.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M Revenue, FY2016: 51.5M Net income, FY2016: 113.9M Revenue, FY2017: 82.4M Net income, FY2017: 211.1M Revenue, FY2018: 95.7M Net income, FY2018: 161.4M Revenue, FY2019: 127.5M Net income, FY2019: 173.4M Revenue, FY2020: 125.6M Net income, FY2020: 246.2M Revenue, FY2021: 363.5M Net income, FY2021: 265.8M Revenue, FY2022: 430M Net income, FY2022: 213.8M Revenue, FY2023: 258.2M Net income, FY2023: 107.4M Revenue, FY2024: 265.4M Net income, FY2024: 108.2M Revenue, FY2025: 320M Net income, FY2025: 56.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $51.5M $82.4M $95.7M $127.5M $125.6M $363.5M $430.0M $258.2M $265.4M $320.0M
Gross profit — — — — — — — — — —
Net income $113.9M $211.1M $161.4M $173.4M $246.2M $265.8M $213.8M $107.4M $108.2M $56.2M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Results announced Item 2.02
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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