Walker & Dunlop, Inc. (WD)

Price$42.61Cached quoteAs of 2026-09-05 01:47 UTC

AI: Fair-priced

Price checkShares look cheap beside net assets, but weak profits and debt offset that appeal.

The quote values the common shares at about $1.35 billion. That is 0.8 times book value, meaning assets minus liabilities, but about 36 times trailing reported earnings. After subtracting $869 million of goodwill, an acquisition-related accounting asset, remaining equity is about $25 per share, making that asset comparison less attractive. Company-adjusted profit implies a multiple near 11 times, but excludes amortization and selected credit effects. These conflicting measures support a fair-price verdict rather than a clear bargain.

Big pictureDeal activity is recovering, but profits and cash measures still show a fragile rebound.

First-half debt-financing volume rose 44% to $24.3 billion. However, annual net income fell from $266 million in 2021 to $56 million in 2025, and trailing reported income is about $38 million. Operating cash flow swung from a $1.14 billion outflow in the first quarter to a $1.17 billion inflow in the second. Warehouse lending—temporary financing used before loans are sold—causes much of this volatility. Capital spending was only $2.5 million, but sustainable cash generation remains difficult to measure.

Business strengthA large servicing book adds steady fees, but debt and credit exposure reduce the cushion.

The $145.8 billion servicing portfolio generated $86.7 million of second-quarter servicing fees and grew 6% over twelve months. It has a seven-year average remaining term, supporting recurring revenue. Broader credit remains sound: defaulted loans were 0.28% of the at-risk portfolio, whose properties produced roughly twice the cash needed for debt payments. Conversely, $821 million of corporate notes exceeded $161 million of cash. Regulatory liquidity was $128.5 million, covering the required $71 million but leaving less freedom than headline assets suggest.

What could change the storyFaster deal recovery creates upside; stubborn credit costs could make the dividend unsafe.

Management’s 2030 target of $8 to $10 in earnings per share would value the shares at only four to five times that future profit, but it requires a major recovery. The $2.72 yearly dividend rate yields about 6.7%. Trailing reported profit of $1.12 per share does not cover it; company-adjusted core profit of $3.71 does. Capital returns also leak: $26.7 million of share-based employee pay exceeded $10.5 million of 2025 buybacks, while shares outstanding remain about 8% above 2020.

AI: News

Second-quarter credit dragLegacy loan charges crushed reported profit despite continued growth in financing and servicing.

On August 6, transaction volume rose 3% to $14.4 billion, but $23.2 million of legacy loan and credit costs pushed net income down 91% to $3.0 million. Company-adjusted earnings per share, which exclude selected accounting and credit items, rose 3% to $1.19. Shares closed 13.9% lower that day while the small-company Russell 2000 index fell 0.6%. The timing makes the report a plausible driver, although timing alone cannot prove causation.

First-quarter volume reboundSurging loan volume lifted revenue, showing how quickly earnings can recover when deals return.

On May 7, transaction volume jumped 94% to $13.7 billion and revenue grew 27% to $301.3 million. Reported earnings per share rose from $0.08 to $0.46, while company-adjusted earnings increased 20% to $1.02. The quarter still included $10 million of repurchased-loan expenses, and its largest financing carried relatively low fees. Shares gained 3.1% that day; the timing is consistent with a favorable response but does not establish that results caused the move.

Year-end profit missHeavy impairments turned a busy fourth quarter into a loss and reset near-term expectations.

On February 26, fourth-quarter transaction volume grew 36% to $18.3 billion, yet $66.2 million of impairments and loan-related expenses produced a $13.9 million loss. Company-adjusted earnings of $0.28 per share were about 81% below the analyst consensus reported by StockStory. That service reported the shares down 19.3% that afternoon. The same-day timing and unusually large earnings miss support attribution to the release, though other market forces cannot be fully excluded.

Loading local price history

Revenue

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$320.0M	$265.4M	$258.2M	$430.0M	$363.5M	$125.6M	$127.5M	$95.7M	$82.4M	$51.5M	$468.2M	$360.8M	$319.0M	$256.8M	$152.3M	$121.8M	$88.8M
Operating expenses	$1.16B	$1.00B	$916.2M	$993.8M	$907.1M	$753.4M	$586.9M	$512.4M	$478.2M	$389.5M	$332.8M	$276.9M	$252.3M	$201.0M	$95.7M	$81.7M	$60.2M
Operating income	$107.5M	$115.4M	$137.1M	$251.5M	—	—	—	—	—	—	—	—	—	—	$56.7M	$40.1M	$28.6M
Operating margin	33.60%	43.47%	53.09%	58.48%	—	—	—	—	—	—	—	—	—	—	37.19%	32.95%	32.23%
EBITDA	$346.2M	$352.9M	$363.8M	$486.5M	—	—	—	—	—	—	—	—	—	—	$79.2M	$57.1M	$41.5M
EBITDA margin	108.19%	132.98%	140.91%	113.14%	—	—	—	—	—	—	—	—	—	—	51.97%	46.87%	46.78%
Net income	$56.2M	$108.2M	$107.4M	$213.8M	$265.8M	$246.2M	$173.4M	$161.4M	$211.1M	$113.9M	$82.1M	$51.4M	$41.5M	$33.8M	$34.9M	—	—
Net profit margin	17.58%	40.76%	41.58%	49.73%	73.11%	195.95%	136.00%	168.67%	256.26%	220.96%	17.54%	14.25%	13.02%	13.15%	22.88%	—	—
Basic EPSper basic share	$1.65	$3.19	$3.20	$6.43	$8.27	$7.85	$5.61	$5.15	$6.72	$3.66	$2.76	$1.60	$1.23	$1.32	$1.61	$0.55	$2.76
Diluted EPSper diluted share	$1.64	$3.19	$3.18	$6.36	$8.15	$7.69	$5.45	$4.96	$6.47	$3.57	$2.65	$1.58	$1.21	$1.31	$1.60	$0.55	$2.76

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.91%of listed shares

BlackRock, Inc.5.29M shares · Jun 30, 2026

View holders

Top 20 reported holders of WD
Holder	% owned
BlackRock, Inc.	15.91%5.29M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	6.26%2.08M shares
STATE STREET CORP	4.88%1.62M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.49%1.49M shares
DIMENSIONAL FUND ADVISORS LP	4.38%1.46M shares
ALLIANCEBERNSTEIN L.P.	3.94%1.31M shares
T. Rowe Price Investment Management, Inc.	3.85%1.28M shares
Jupiter Topco LLC	3.49%1.16M shares
Walker William M	≈3.13%1.04M shares
GEODE CAPITAL MANAGEMENT, LLC	2.62%872.31K shares
DEPRINCE RACE & ZOLLO INC	2.12%705.68K shares
ROYCE & ASSOCIATES LP	2.03%676.51K shares
AQR CAPITAL MANAGEMENT LLC	2.02%671.31K shares
JPMORGAN CHASE & CO	1.83%608.09K shares
Alyeska Investment Group, L.P.	1.67%555.44K shares
MORGAN STANLEY	1.63%541.41K shares
AMERIPRISE FINANCIAL INC	1.60%531.65K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.45%481.28K shares
Erste Asset Management GmbH	1.35%450K shares
GOLDMAN SACHS GROUP INC	1.19%395.34K shares

Percentages use 33.27M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys6$2.30M disclosed value

Sells (SEC code S)6$1.93M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 18, 2026Form 4	SCHMALTZ DANA LDirector	BuyCommon Stock	1.0K	$45.78	$45.8K	84.3K
Mar 5, 2026Form 4	FREEDMAN ERNEST MICHAELDirector	BuyCommon Stock	5.0K	$49.21	$246.1K	6.1K
Mar 3, 2026Form 4	Wells DonnaDirector	BuyCommon Stock	500	$46.96	$23.5K	5.3K
Mar 2, 2026Form 4	Walker William MChairman & CEO	BuyCommon Stock	10.0K	$47.46	$474.6K	488.9K
Aug 29, 2025Form 4	Pryor Paula A.EVP and Chief HR Officer	SellCommon Stock	5.3K	$86.20	$460.0K	9.3K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about WD yet. Start the conversation.

Write the first post

Walker & Dunlop, Inc. (WD)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.