WD

MKT CAP:$2B

Walker & Dunlop, Inc.

Market Cap

$2B

Financial Services·Financial - Mortgages·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$49.66-$9.06 (-15.43%)

Apr 23, 2026

Company Details

Walker & Dunlop, Inc., through its subsidiaries, originates, sells, and services a range of multifamily and other commercial real estate financing products and services for owners and developers of real estate in the United States. The comp...

CEO

William Mallory Walker

IPO Date

Dec 15, 2010

Website

www.walkerdunlop.com

Key Metrics TTM

Revenue

$1.2B

+29.4% YoY

Net Income

$242M

EPS (Diluted)

$7.43

Free Cash Flow

$752M

Revenue / Share

$37.72

Gross Margin

51.3%

Operating Margin

25.9%

Net Margin

19.7%

FCF Margin

61.1%

P/S

1.4x

P/E

7.3x

Earnings Reports

Q4 2022

Apr 30, 2026

PENDING

Q3 2022

Nov 9, 2022

$316MEPS $1.44

Q2 2022

Aug 4, 2022

$341MEPS $1.61

FY 2021

Feb 24, 2022

$1.3B+16.2%EPS $8.15

Q1 2021

May 6, 2021

$224M-4.2%EPS $1.79

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 17	$159M	$100M	$56M
Q2 17	$166M	$100M	$56M
Q1 18	$147M	$90M	$44M
Q2 18	$178M	$104M	$53M
Q3 18	$185M	$102M	$51M
Q1 19	$187M	$112M	$56M
Q2 19	$200M	$112M	$57M
Q3 19	$212M	$116M	$59M
Q4 19	$217M	$117M	$58M
Q1 20	$234M	$142M	$60M
Q2 20	$253M	$144M	$84M
Q3 20	$247M	$131M	$69M
Q4 20	$350M	$190M	$117M
Q1 21	$224M	$126M	$73M
Q2 22	$341M	$166M	$74M
Q3 22	$316M	$149M	$54M

Valuation

Quarter	P/S	P/E
Q1 17	—	—
Q2 17	—	—
Q1 18	2.9x	12.1x
Q2 18	2.7x	11.4x
Q3 18	2.6x	11.8x
Q1 19	2.5x	11.1x
Q2 19	2.4x	10.7x
Q3 19	2.3x	10.5x
Q4 19	2.2x	10.2x
Q1 20	2.0x	10.0x
Q2 20	1.9x	9.0x
Q3 20	1.9x	8.6x
Q4 20	1.6x	7.2x
Q1 21	1.6x	6.9x
Q2 22	1.5x	7.1x
Q3 22	1.4x	7.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 17	$644M	$643M
Q2 17	-$224M	-$225M
Q1 18	$177M	$177M
Q2 18	-$431M	-$432M
Q3 18	-$843M	-$844M
Q1 19	-$135M	-$137M
Q2 19	-$24M	-$26M
Q3 19	$66M	$65M
Q4 19	$521M	$520M
Q1 20	-$293M	-$293M
Q2 20	-$530M	-$531M
Q3 20	-$1.5B	-$1.5B
Q4 20	$885M	$885M
Q1 21	$1.3B	$1.3B
Q2 22	-$118M	-$118M
Q3 22	-$1.3B	-$1.3B

Capital Expenditures

Quarter	CapEx
Q1 17	$844.0K
Q2 17	$1M
Q1 18	$516.0K
Q2 18	$635.0K
Q3 18	$814.0K
Q1 19	$1M
Q2 19	$2M
Q3 19	$774.0K
Q4 19	$545.0K
Q1 20	$778.0K
Q2 20	$761.0K
Q3 20	$511.0K
Q4 20	$933.0K
Q1 21	$2M
Q2 22	$112.0K
Q3 22	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 18	+20.5%	+30.2%
Q3 18	+16.5%	+30.9%
Q1 19	+12.6%	+19.1%
Q2 19	+35.9%	+38.4%
Q3 19	+19.1%	+22.1%
Q4 19	+17.6%	+18.8%
Q1 20	+24.9%	+32.4%
Q2 20	+26.2%	+18.1%
Q3 20	+16.4%	+16.3%
Q4 20	+61.0%	+45.9%
Q1 21	-4.2%	-13.1%
Q2 22	+34.8%	+57.9%
Q3 22	+27.8%	+46.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 17	$0	0.0%
Q2 17	$0	0.0%
Q1 18	$0	0.0%
Q2 18	$0	0.0%
Q3 18	$0	0.0%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$7M	2.8%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$6M	1.8%

OpEx Breakdown

Quarter	G&A	S&M
Q1 17	$56M	—
Q2 17	$64M	—
Q1 18	$55M	—
Q2 18	$71M	—
Q3 18	$80M	—
Q1 19	$72M	—
Q2 19	$84M	—
Q3 19	$93M	—
Q4 19	$148M	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$141M	$0	$141M
Q2 22	$151M	$0	$151M
Q3 22	$152M	$0	$152M
Q4 22	$226M	$0	$226M
Q1 23	$188M	$0	$188M
Q2 23	$228M	$0	$228M
Q3 23	$236M	$0	$236M
Q4 23	$329M	$0	$329M
Q1 24	$217M	$0	$217M
Q2 24	$208M	$0	$208M
Q3 24	$180M	$0	$180M
Q4 24	$279M	$0	$279M
Q1 25	$181M	$0	$181M
Q2 25	$234M	$0	$234M
Q3 25	$275M	$0	$275M
Q4 25	$299M	$0	$299M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 17	32M	+4.5%	—
Q2 17	32M	+0.3%	—
Q1 18	31M	-3.0%	—
Q2 18	31M	+1.2%	+2.8%
Q3 18	32M	+2.4%	+0.7%
Q1 19	31M	-4.8%	-4.4%
Q2 19	31M	+0.2%	-1.2%
Q3 19	31M	+0.1%	-2.3%
Q4 19	31M	+0.6%	-3.9%
Q1 20	31M	+0.6%	+1.6%
Q2 20	31M	-1.0%	+0.4%
Q3 20	31M	+0.7%	+0.9%
Q4 20	31M	+0.5%	+0.8%
Q1 21	31M	+0.2%	+0.4%
Q2 22	33M	+4.5%	+5.9%
Q3 22	33M	-0.2%	+5.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 17	$1M	125
Q2 17	$1M	125
Q1 18	$1M	145
Q2 18	$1M	145
Q3 18	$1M	145
Q1 19	$1M	164
Q2 19	$1M	164
Q3 19	$1M	164
Q4 19	$263.9K	823
Q1 20	$284.5K	823
Q2 20	$307.2K	823
Q3 20	$300.1K	823
Q4 20	$354.0K	988
Q1 21	$227.0K	988
Q2 22	$261.2K	1K
Q3 22	$241.8K	1K

Revenue / Employee