Walker & Dunlop IncWalker & Dunlop Inc
Walker & Dunlop Inc

Walker & Dunlop Inc

WD
Financials·Financial Services

Walker & Dunlop, Inc. is a holding company, which engages in the provision of commercial real estate and finance services. It operates through the following segments: Capital Markets, Servicing and Asset Management, and Corporate. The Capital Markets segment offers a comprehensive range of commercial real estate finance products to customers. The Servicing and Asset Management segment includes servicing and asset-managing and managing third-party capital investments. The Corporate segment consists primarily of the company’s treasury operations and other corporate-level activities. The company was founded by Oliver Walker and Laird Dunlop in 1937 and is headquartered in Bethesda, MD.

Maryland; U.S.A
Market cap
No dataNo data
Revenue
$1.2B+9.0% YoY
Net income
$56.2M−48.0% YoY
Free cash flow
$-680.1M−684.3% YoY

Market

Listed stock
WDPriceNYSE
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Financial performance

Revenue
$1.2B+9.0% YoY
Operating income
$-46.2M−127.1% YoY
Net income
$56.2M−48.0% YoY
Free cash flow
$-680.1M−684.3% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $1.3B, 2022 $1.3B, 2023 $1.1B, 2024 $1.1B, 2025 $1.2B. Operating income: 2021 $240.1M, 2022 $123.9M, 2023 $10.1M, 2024 $-20.3M, 2025 $-46.2M. Net income: 2021 $265.8M, 2022 $213.8M, 2023 $107.4M, 2024 $108.2M, 2025 $56.2M. Free cash flow: 2021 $861.2M, 2022 $1.6B, 2023 $-16.7M, 2024 $116.4M, 2025 $-680.1M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
9.0%+159 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $240.1M, 2022-12-31 $123.9M, 2023-12-31 $10.1M, 2024-12-31 $-20.3M, 2025-12-31 $-46.2M. Net income: 2021-12-31 $265.8M, 2022-12-31 $213.8M, 2023-12-31 $107.4M, 2024-12-31 $108.2M, 2025-12-31 $56.2M. Free cash flow: 2021-12-31 $861.2M, 2022-12-31 $1.6B, 2023-12-31 $-16.7M, 2024-12-31 $116.4M, 2025-12-31 $-680.1M

Growth heatmap

2022202320242025CAGR
Revenue
-0.0%
-16.2%
+7.4%
+9.0%
-0.5%
Gross profit
+0.1%
-16.3%
+7.4%
+10.0%
-0.2%
Operating income
-48.4%
-91.9%
-301.8%
-127.1%
No data
Free cash flow
+81.2%
-101.1%
+796.2%
-684.3%
No data

Earnings quality

Operating cash flow
$-664.3M−613.5% YoY
Net income
$56.2M−48.0% YoY
Free cash flow
$-680.1M−684.3% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -1181%, 2024-12-31 120%, 2023-12-31 -0%, 2022-12-31 740%, 2021-12-31 328%. Free cash flow: 2025-12-31 -1209%, 2024-12-31 108%, 2023-12-31 -16%, 2022-12-31 730%, 2021-12-31 324%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
No data
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Free cash flow yield
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