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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 company operates through three segments: Capital Markets, Servicing & Asset Management, and Corporate. The company offers first mortgage, second trust, supplemental, construction, mezzanine, preferred equity, and small-balance loans. It also provides finance for multifamily, manufactured housing communities, student housing, affordable housing, small balance loans, and senior housing properties under the Fannie Mae's Delegated Underwriting and Servicing program and Freddie Mac; and construction and permanent loans to developers and owners of multifamily housing, affordable housing, senior housing, and healthcare facilities. In addition, the company acts as a debt broker to work with life insurance companies, banks, and other institutional investors to find debt and/or equity solution for the borrowers' needs; and offers property sales brokerage services to owners and developers of multifamily properties, and commercial real estate and multifamily property appraisals for various investors. Further, it provides multifamily appraisal and valuation services; and real estate-related investment banking and advisory services, including housing market research. Additionally, the company offers servicing and asset-managing the portfolio of loans; originates loans through its principal lending and investing activities; and manages third-party capital invested in tax credit equity funds focused on the LIHTC sector and other commercial real estate sectors. Walker & Dunlop, Inc. was founded in 1937 and is headquartered in Bethesda, Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.2B | $346M | $57M | $-680M | 3.3% | 9.0% | -47.2% |
| 2024 | $1.1B | $353M | $108M | $116M | 6.2% | 7.4% | 0.8% |
| 2023 | $1.1B | $364M | $107M | $-17M | 6.2% | -16.2% | -49.8% |
| 2022 | $1.3B | $486M | $214M | $1.6B | 12.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,258.75 | 1,054.44 | 1,132.49 | 1,234.31 |
| Operating Revenue | - | 1,101.08 | 936.47 | 1,014.29 | 1,124.51 |
| Cost Of Revenue | - | 641.60 | 582.77 | 628.93 | 712.52 |
| Gross Profit | - | 617.15 | 471.67 | 503.56 | 521.78 |
| Operating Expense | - | 365.70 | 334.58 | 388.20 | 414.28 |
| Selling General And Administration | - | 108.99 | 97.25 | 106.97 | 107.16 |
| Total Expenses | - | 1,007.30 | 917.35 | 1,017.13 | 1,126.80 |
| Operating Income | - | 251.45 | 137.09 | 115.36 | 107.50 |
| Total Operating Income As Reported | - | 264.96 | 138.20 | 131.50 | 79 |
| EBITDA | - | 486.48 | 363.84 | 352.91 | 346.18 |
| Normalized EBITDA | - | 472.97 | 362.74 | 336.77 | 374.69 |
| EBIT | - | 251.45 | 137.09 | 115.36 | 107.50 |
| Interest Expense | 7.98 | - | - | - | - |
| Net Interest Income | -7.98 | - | - | - | - |
| Other Income Expense | - | 13.51 | 1.11 | 16.14 | -28.50 |
| Interest Expense Non Operating | 7.98 | - | - | - | - |
| Net Non Operating Interest Income Expense | -7.98 | - | - | - | - |
| Pretax Income | - | 264.96 | 138.20 | 131.50 | 79 |
| Tax Provision | - | 56.03 | 35.03 | 30.54 | 22.01 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 2.86 | 0.28 | 3.75 | -7.95 |
| Net Income Continuous Operations | - | 208.93 | 103.17 | 100.96 | 56.98 |
| Net Income From Continuing And Discontinued Operation | - | 213.82 | 107.36 | 108.17 | 57.08 |
| Net Income From Continuing Operation Net Minority Interest | - | 213.82 | 107.36 | 108.17 | 57.08 |
| Net Income | - | 213.82 | 107.36 | 108.17 | 57.08 |
| Net Income Common Stockholders | - | 207.72 | 104.60 | 105.73 | 54.89 |
| Net Income Including Noncontrolling Interests | - | 208.93 | 103.17 | 100.96 | 56.98 |
| Normalized Income | - | 203.17 | 106.53 | 95.78 | 77.63 |
| Diluted NI Availto Com Stockholders | - | 207.76 | 104.61 | 105.73 | 54.89 |
| Basic Average Shares | - | 32.33 | 32.70 | 33.12 | 33.35 |
| Diluted Average Shares | - | 32.69 | 32.88 | 33.16 | 33.37 |
| Reconciled Depreciation | - | 235.03 | 226.75 | 237.55 | 238.68 |
| Reconciled Cost Of Revenue | - | 641.60 | 582.77 | 628.93 | 712.52 |
| Total Unusual Items | - | 13.51 | 1.11 | 16.14 | -28.50 |
| Total Unusual Items Excluding Goodwill | - | 13.51 | 1.11 | 16.14 | -28.50 |
| Minority Interests | - | 4.89 | 4.19 | 7.21 | 0.10 |
| Special Income Charges | - | 13.51 | 1.11 | 16.14 | -28.50 |
| Write Off | - | - | -0.61 | 1.18 | 36.75 |
| Impairment Of Capital Assets | - | 0 | 62 | 33 | 0 |
| Restructuring And Mergern Acquisition | - | -13.51 | -62.50 | -50.32 | -8.24 |
| Depreciation Amortization Depletion Income Statement | - | 235.03 | 226.75 | 237.55 | 238.68 |
| Depreciation And Amortization In Income Statement | - | 235.03 | 226.75 | 237.55 | 238.68 |
| General And Administrative Expense | - | 94.15 | 85.11 | 94.42 | 93.87 |
| Other Gand A | - | 75.32 | 66.94 | 74.54 | 73.26 |
| Rent Expense Supplemental | - | 18.83 | 18.17 | 19.88 | 20.61 |
| Other Operating Expenses | - | 33.66 | 21.03 | 32.84 | 58.85 |
| Provision For Doubtful Accounts | - | -11.98 | -10.45 | 10.84 | 9.59 |
| Selling And Marketing Expense | - | 14.84 | 12.14 | 12.54 | 13.30 |
| Rent And Landing Fees | - | 18.83 | 18.17 | 19.88 | 20.61 |
| Otherunder Preferred Stock Dividend | - | 6.10 | 2.75 | 2.44 | 2.19 |
| Average Dilution Earnings | - | 0.04 | 0 | 0 | 0 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Walker & Dunlop, Inc.this co. | WD | $1.8B | 31.09↑ premium | 1.02 | 3.3% | 11.41 |
| Slide Insurance Holdings, Inc. | SLDE | $1.8B | 4.14 | 1.65 | 39.9% | - |
| Patria Investments Limited | PAX | $1.8B | 21.43 | 3.00 | 14.0% | 12.81 |
| 1st Source Corporation | SRCE | $1.8B | 11.35 | 1.41 | 12.4% | - |
| Fidelis Insurance Holdings Limited | FIHL | $1.8B |
| - |
| - |
| - |
| - |
| - |
| 7.93 |
| 0.74 |
| 9.4% |
| - |
| Skyward Specialty Insurance Group, Inc. | SKWD | $1.8B | 10.50 | 1.77 | 16.8% | - |
| City Holding Company | CHCO | $1.8B | 13.60 | 2.19 | 16.1% | - |
| Live Oak Bancshares, Inc. | LOB | $1.7B | 16.42 | 1.51 | 9.2% | - |
| Encore Capital Group, Inc. | ECPG | $1.7B | 6.73 | 1.77 | 26.3% | 8.63 |
| Peer Median | - | 10.93 | 1.71 | 15.1% | 10.72 | |