Walker & Dunlop, Inc.
- Open
- 54.00
- Day high
- 55.48
- Day low
- 53.79
- Prev close
- 54.70
- Volume
- 91K
- Mkt cap
- $1.9B
- P/E (TTM)
- 26.5
- EPS (TTM)
- $2.07
- P/B
- 1.1
- P/S
- 1.5
- Yield
- 2.48%
- Per share
- $1.36
Walker & Dunlop, Inc. (WD) is a Financial Services company listed on NYSE. The stock is down 24% over the past year.
Walker & Dunlop, Inc. (WD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.06 | $1.02 | +1600.0% | $301M | +12.0% |
| Feb 26, 2026 | $1.46 | $-0.41 | -128.1% | $340M | -1.1% |
| Nov 6, 2025 | $1.21 | $1.22 | +0.8% | $338M | -1.7% |
| Aug 7, 2025 | $1.29 | $1.15 | -10.9% | $296M | -6.6% |
| May 1, 2025 | $0.69 | $0.85 | +23.2% | $237M | -14.6% |
| Feb 13, 2025 | $1.18 | $1.34 | +13.6% | $341M | +24.1% |
| Nov 7, 2024 | $1.01 | $1.19 | +17.8% | $292M | -5.9% |
| May 2, 2024 | $0.83 | $1.19 | +43.4% | $223M | -11.5% |
| Feb 15, 2024 | $1.05 | $1.42 | +35.2% | $274M | -0.9% |
| Nov 9, 2023 | $1.22 | $1.11 | -9.0% | $269M | -5.8% |
| Aug 3, 2023 | $0.87 | $0.82 | -5.7% | $273M | -6.1% |
| May 4, 2023 | $1.02 | $1.17 | +14.7% | $239M | -7.8% |
WD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 8, 2026 | Groman Daniel Jofficer: EVP, GC, Secretary & CCO | Grant | 98 | — |
| Jun 8, 2026 | Walker William Mdirector, officer: Chairman & CEO | Grant | 40 | — |
| Jun 8, 2026 | Florkowski Gregoryofficer: EVP & Chief Financial Officer | Grant | 68 | — |
| Jun 8, 2026 | Pryor Paula A.officer: EVP and Chief HR Officer | Grant | 41 | — |
| Jun 8, 2026 | THEOBALD STEPHEN Pofficer: EVP & Chief Operating Officer | Grant | 121 | — |
| May 21, 2026 | Hayward Jeffery Rdirector | Grant | 3,096 | — |
| May 21, 2026 | Pinkus Gary Sdirector | Grant | 3,096 | — |
| May 21, 2026 | Rice E. John Jrdirector | Grant | 3,096 | — |
| May 21, 2026 | FREEDMAN ERNEST MICHAELdirector | Grant | 3,096 | — |
| May 21, 2026 | Wells Donnadirector | Grant | 3,096 | — |
| May 21, 2026 | SCHMALTZ DANA Ldirector | Grant | 2,477 | — |
| May 21, 2026 | Levy Ellendirector | Grant | 3,096 | — |
| May 21, 2026 | SCHMALTZ DANA Ldirector | Grant | 3,096 | — |
| Mar 31, 2026 | THEOBALD STEPHEN Pofficer: EVP & Chief Operating Officer | Grant | 143 | — |
| Mar 31, 2026 | Groman Daniel Jofficer: EVP, GC, Secretary & CCO | Grant | 116 | — |
Source: WD SEC Form 4 filings, latest Jun 8, 2026. For informational purposes only — not investment advice.
See the full WD insider & 13F page →Walker & Dunlop, Inc. company profile
Overview
Walker & Dunlop, Inc. (NYSE:WD) is a leading commercial real estate finance company founded in 1937 and headquartered in Bethesda, Maryland. The company went public in December 2010 and has evolved from a traditional mortgage originator into a comprehensive commercial real estate services platform. Walker & Dunlop specializes primarily in multifamily and commercial real estate financing, serving as one of the largest lenders for government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac. The company has maintained its position as a market leader through various real estate cycles, expanding its service offerings beyond traditional lending to include investment sales, servicing, asset management, and technology-enabled solutions.
Business
Walker & Dunlop operates in the commercial real estate finance industry, which serves as the critical intermediary between property owners who need capital and institutional investors who provide it. The company's core business revolves around multifamily housing finance - essentially apartment buildings, student housing, senior housing, and affordable housing properties that require substantial capital for acquisition, development, or refinancing. The company operates through two primary business segments: 1. **Capital Markets Segment** (approximately 35-40% of revenue): This division originates and brokers commercial real estate debt and equity. The company acts as a Delegated Underwriting and Servicing (DUS) lender for Fannie Mae, meaning it can underwrite loans using Fannie Mae's credit standards and then sell these loans to Fannie Mae while retaining servicing rights. Walker & Dunlop also provides similar services for Freddie Mac and HUD (Housing and Urban Development). Additionally, this segment includes debt brokerage services where the company connects borrowers with various capital sources including life insurance companies, banks, and CMBS conduits, and investment sales where they broker property transactions. 2. **Servicing and Asset Management (SAM) Segment** (approximately 55-60% of revenue): This division manages a portfolio of over $135 billion in loans, collecting monthly payments, managing escrow accounts, and handling asset management duties. The company earns ongoing servicing fees (typically 20-30 basis points annually) for the life of these loans, creating a stable recurring revenue stream. This segment also includes investment management services where Walker & Dunlop manages real estate funds and earns management fees and carried interest. The multifamily housing market that Walker & Dunlop serves is driven by demographic trends, urbanization, and the gap between homeownership costs and rental housing demand. Commercial real estate financing is a capital-intensive industry where properties typically require 60-80% debt financing, creating substantial demand for the intermediary services that Walker & Dunlop provides.
Revenue model
Walker & Dunlop generates revenue through multiple complementary business models that create both transaction-based and recurring income streams. **Transaction-Based Revenue**: The company earns origination fees when it underwrites and closes loans, typically ranging from 50-150 basis points of the loan amount. For debt brokerage transactions, Walker & Dunlop earns fees for connecting borrowers with capital sources. Investment sales generate commission income, typically 1-3% of property sale prices. In 2024, the company originated $13.4 billion in transaction volume. **Recurring Revenue Streams**: The servicing portfolio generates steady monthly income through servicing fees collected over the life of loans, typically 20-30 basis points annually. With a $135 billion servicing portfolio, this creates approximately $270-400 million in annual recurring revenue potential. The company also earns investment management fees from managing real estate funds and escrow income from managing borrower reserve accounts. **Customer Base**: Walker & Dunlop's primary customers are multifamily property owners and developers who need financing for acquisitions, refinancing, or new construction. These include institutional real estate investment trusts (REITs), private equity firms, regional developers, and individual property owners. The company also serves as an intermediary for institutional capital providers including life insurance companies, pension funds, and commercial banks seeking to deploy capital in commercial real estate. **Margin Drivers**: Several factors influence Walker & Dunlop's profitability. Interest rate environments significantly impact transaction volumes - rising rates typically reduce refinancing activity and property sales, while falling rates stimulate market activity. GSE lending caps set by the Federal Housing Finance Agency can limit Fannie Mae and Freddie Mac lending volumes. Commercial real estate fundamentals including occupancy rates, rent growth, and construction activity affect both lending demand and credit quality. Competition from banks and other lenders can compress origination fees, while the company's market share with GSEs provides some pricing power. The credit quality of the servicing portfolio affects long-term profitability, as defaults can result in lost servicing fees and potential losses on recourse obligations.
Competitive moat
Walker & Dunlop's competitive moat stems primarily from its privileged relationships with government-sponsored enterprises and the recurring nature of its servicing business, though this moat has moderate strength with some vulnerabilities. The company's strongest defensive position comes from its DUS (Delegated Underwriting and Servicing) status with Fannie Mae, where it ranks as the #1 lender. This relationship provides preferential access to government-backed financing programs and allows Walker & Dunlop to underwrite loans using Fannie Mae's credit box while retaining valuable servicing rights. The company also maintains strong positions as #2 with HUD and #3 with Freddie Mac. These relationships create barriers to entry as obtaining DUS status requires significant capital, operational infrastructure, and regulatory approval. The servicing portfolio provides another layer of competitive advantage through its recurring revenue characteristics and high switching costs. Once Walker & Dunlop services a loan, borrowers rarely change servicers due to operational complexity and regulatory requirements. The $135 billion servicing portfolio creates a stable earnings base that competitors cannot easily replicate without years of loan origination. However, the moat faces several challenges. The company operates in a relationship-driven, commoditized industry where pricing power is limited and competition is intense. Large banks, insurance companies, and other specialty lenders compete directly for the same transactions. Regulatory changes could alter GSE programs or lending standards, potentially reducing Walker & Dunlop's competitive advantages. The company's heavy dependence on GSE relationships creates concentration risk - changes in government policy toward Fannie Mae and Freddie Mac could significantly impact the business model. Additionally, technology and fintech disruption pose emerging threats as new platforms attempt to streamline commercial real estate financing processes. While Walker & Dunlop has invested in technology, the fundamental intermediary role could face pressure from direct lending platforms or automated underwriting systems. The moat is moderate in strength - sufficient to maintain market leadership and generate consistent returns, but not impregnable against well-capitalized competitors or significant regulatory changes.
Risks & safety
Walker & Dunlop presents a moderate margin of safety with manageable financial risks but some cyclical vulnerabilities. **Liquidity and Solvency**: - Cash position of $181 million as of Q1 2025, down from $279 million in Q4 2024 - Current ratio of 0.99, indicating tight short-term liquidity - Debt-to-equity ratio of 1.01, representing moderate leverage - Strong operating cash flow generation in normal market conditions ($530 million in Q4 2024) - Warehouse lending facilities provide additional liquidity for loan origination **Valuation Metrics**: - EV/EBITDA of 13.9x based on Q1 2025 trailing metrics - Price-to-book ratio of 1.64x - Trading at significant discount to historical peak valuations - Graham number suggests potential undervaluation relative to asset base **Other Considerations**: - Highly cyclical business model sensitive to interest rate changes and real estate market conditions - Negative free cash flow in recent quarters (-$285 million Q1 2025) due to working capital timing - Strong credit quality in servicing portfolio with minimal defaults historically - Regulatory risk from potential changes to GSE programs - Geographic and asset class concentration in multifamily properties
Recent development
Over the past few years, Walker & Dunlop has pursued an aggressive expansion strategy while navigating challenging market conditions. The company has significantly expanded its geographic footprint, opening a London office in 2024 to serve European clients and establishing a stronger presence in key U.S. markets by adding senior bankers in major cities like New York. **Service Line Diversification**: The company has broadened beyond traditional multifamily lending into new asset classes, entering the hospitality investment sales market and expanding data center banking capabilities. Walker & Dunlop has also strengthened its affordable housing platform by hiring dedicated teams and building out tax credit syndication capabilities, targeting $600 million in syndications for 2025. **Technology Investment**: A major strategic focus has been technology enhancement, with the development of the WD Suite software platform and integration of artificial intelligence in loan underwriting and processing. The company has expanded its technology-enabled businesses including Apprise (automated valuation services) and small balance lending platforms. **Market Position Strengthening**: Despite challenging market conditions with rising interest rates and reduced transaction volumes, Walker & Dunlop has maintained and even expanded its market share. The company increased its multifamily sales market share from 6.7% to 7.4% and maintained its #1 position with Fannie Mae while growing its relationship with other GSEs. **Capital Deployment Strategy**: The company has set ambitious goals for 2025, including deploying $1 billion in investment management capital and increasing individual banker/broker productivity to $200 million in transaction volume per producer. This reflects a focus on both organic growth and efficiency improvements. The strategic moves demonstrate Walker & Dunlop's efforts to diversify revenue streams, expand market reach, and build technological capabilities while maintaining its core GSE relationships during a challenging market cycle.
WD company profile · for informational purposes only — not investment advice.
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