Walker & Dunlop, Inc. (WD) 10-Year Financial Performance & Capital Metrics

WD • • Banking & Credit

Financial ServicesMortgage FinanceCommercial & Multifamily Real Estate FinanceCommercial Real Estate Lenders

AboutWalker & 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 offers first mortgage, second trust, supplemental, construction, mezzanine, preferred equity, small-balance, and bridge/interim loans. It also provides multifamily finance for manufactured housing communities, student housing, affordable housing, and senior housing properties under the Fannie Mae's DUS program; 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 an intermediary in the placement of commercial real estate debt between institutional sources of capital, including life insurance companies, investment banks, commercial banks, pension funds, CMBS conduits, and other institutional investors, as well as owners of various types of commercial real estate. Further, it advises on capital structure; develops the financing package; facilitates negotiations between its client and institutional sources of capital; coordinates due diligence; and assists in closing the transaction. Additionally, the company offers property sales brokerage, underwriting and risk management, and servicing and asset management services. Walker & Dunlop, Inc. was founded in 1937 and is headquartered in Bethesda, Maryland.Show more

Net Interest Income $0
Total Revenue $1.13B +7.4%
Net Income $108M +0.8%
Return on Equity 6.17% -0.5%
Net Interest Margin 0%
Efficiency Ratio 32.85% +3.9%
ROA 2.56% -3.3%
Equity / Assets 40.16% -6.8%
Book Value per Share 53.08
Tangible BV/Share -3.56 +52.2%
Debt/Equity 0.94 +11.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 32.9% efficiency ratio
✓Well capitalized: 40.2% equity/assets
✓Healthy dividend yield of 4.1%
✓Diversified revenue: 100.0% from non-interest income
✓Trading at only 1.2x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.12%

5Y6.74%

3Y-3.47%

TTM-

Profit (Net Income) CAGR

10Y7.72%

5Y-9%

3Y-25.89%

TTM21.14%

EPS CAGR

10Y7.28%

5Y-10.16%

3Y-26.85%

TTM18.93%

ROCE

10Y Avg6.8%

5Y Avg5.79%

3Y Avg4.22%

Latest3.17%

Peer Comparison

Commercial Real Estate Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WDWalker & Dunlop, Inc.	2.25B	65.93	20.67	7.4%	9.55%	6.47%	5.18%	0.94
IORIncome Opportunity Realty Investors, Inc.	73.19M	18.00	15.79	-37.45%	73.84%	3.3%	0.97%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-9.92M	-9.85M	-9.74M	-10.13M	-14.36M	-8.55M	-7.98M	0	0	0
NII Growth %	0.04%	0.01%	0.01%	-0.04%	-0.42%	0.4%	0.07%	1%	-	-
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	9.92M	9.85M	9.74M	10.13M	14.36M	8.55M	7.98M	0	0	0
Loan Loss Provision	184.59M	227.49M	289.28M	297.3M	346.17M	468.82M	603.49M	641.6M	582.77M	628.93M
Non-Interest Income+	468.2M	575.28M	711.86M	725.25M	817.22M	1.08B	1.26B	1.26B	1.05B	1.13B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	468.2M	575.28M	711.86M	725.25M	817.22M	1.08B	1.26B	1.26B	1.05B	1.13B
Revenue Growth %	0.3%	0.23%	0.24%	0.02%	0.13%	0.33%	0.16%	-0%	-0.16%	0.07%
Non-Interest Expense	138.32M	152.15M	179.17M	204.96M	226.34M	276.07M	295.65M	352.19M	333.48M	372.06M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	135.37M	185.78M	233.66M	212.85M	230.35M	330.27M	352.06M	264.96M	138.2M	131.5M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.61%	0.37%	0.26%	-0.09%	0.08%	0.43%	0.07%	-0.25%	-0.48%	-0.05%
Pretax Income+	135.37M	185.78M	233.66M	212.85M	230.35M	330.27M	352.06M	264.96M	138.2M	131.5M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	52.77M	71.47M	21.83M	51.91M	57.12M	84.31M	86.43M	56.03M	35.03M	30.54M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	82.13M	113.9M	211.13M	161.44M	173.37M	246.18M	265.76M	213.82M	107.36M	108.17M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.6%	0.39%	0.85%	-0.24%	0.07%	0.42%	0.08%	-0.2%	-0.5%	0.01%
Net Income (Continuing)	82.59M	114.31M	211.83M	160.94M	173.23M	245.95M	265.63M	208.93M	103.17M	100.96M
EPS (Diluted)+	2.65	3.65	6.56	5.04	5.45	7.69	8.15	6.36	3.18	3.19
EPS Growth %	0.68%	0.38%	0.8%	-0.23%	0.08%	0.41%	0.06%	-0.22%	-0.5%	0%
EPS (Basic)	2.76	3.87	7.03	5.15	5.61	7.85	8.27	6.43	3.20	3.19
Diluted Shares Outstanding	30.95M	31.17M	32.2M	32.04M	30.82M	31.08M	31.53M	32.69M	32.88M	33.16M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	136.99M	118.76M	191.22M	90.06M	120.69M	321.1M	305.63M	225.95M	328.7M	279.27M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	11.68M	0	0	0	0	0	164.86M	198.85M	215.38M	207.24M
Investments Growth %	-	-1%	-	-	-	-	-	0.21%	0.08%	-0.04%
Long-Term Investments	11.68M	0	0	0	0	0	164.86M	198.85M	215.38M	207.24M
Accounts Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	91.49M	97.37M	124.54M	177.09M	180.42M	248.96M	698.63M	959.71M	901.71M	868.71M
Intangible Assets	412.35M	521.93M	634.76M	670.15M	721.33M	864.69M	1.14B	1.17B	1.09B	1.01B
PP&E (Net)	-29.14M	0	0	0	0	0	97.57M	94.76M	119.19M	128.48M
Other Assets	42.22M	-2.96B	-2.13B	-2.71B	139.59M	184.22M	231.23M	319.84M	234.07M	428.95M
Total Current Assets	2.97B	2.32B	1.36B	1.85B	1.63B	3.35B	2.88B	1.3B	1.49B	1.74B
Total Non-Current Assets	546.06M	730.77M	852.64M	930.85M	1.04B	1.3B	2.33B	2.75B	2.56B	2.64B
Total Assets+	3.51B	3.05B	2.21B	2.78B	2.68B	4.65B	5.21B	4.05B	4.05B	4.38B
Asset Growth %	0.75%	-0.13%	-0.28%	0.26%	-0.04%	0.74%	0.12%	-0.22%	0%	0.08%
Return on Assets (ROA)	0.03%	0.03%	0.08%	0.06%	0.06%	0.07%	0.05%	0.05%	0.03%	0.03%
Accounts Payable	67.68M	93.21M	130.48M	187.41M	0	0	0	0	0	0
Total Debt+	2.81B	2.15B	1.1B	1.46B	1.2B	2.81B	2.71B	1.32B	1.47B	1.66B
Net Debt	2.68B	2.04B	910.41M	1.37B	1.08B	2.49B	2.41B	1.1B	1.14B	1.38B
Long-Term Debt	235.97M	279.69M	1.1B	296.01M	1.2B	2.81B	2.68B	1.24B	1.37B	1.55B
Short-Term Debt	2.65B	1.99B	0	1.16B	0	0	0	0	0	0
Other Liabilities	2.61B	1.9B	-67.7M	1.43B	270.02M	431.41M	565.47M	563.44M	476.41M	692.96M
Total Current Liabilities	72.8M	103.69M	245M	331.34M	8M	14.47M	125.81M	200.35M	113.55M	30.54M
Total Non-Current Liabilities	2.95B	2.33B	1.15B	1.54B	1.62B	3.44B	3.5B	2.13B	2.19B	2.59B
Total Liabilities	3.02B	2.44B	1.39B	1.87B	1.63B	3.45B	3.63B	2.33B	2.31B	2.62B
Total Equity+	492.35M	615.07M	814.98M	907.19M	1.04B	1.2B	1.58B	1.72B	1.75B	1.76B
Equity Growth %	0.14%	0.25%	0.33%	0.11%	0.15%	0.15%	0.32%	0.09%	0.02%	0.01%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.18%	0.21%	0.3%	0.19%	0.18%	0.22%	0.19%	0.13%	0.06%	0.06%
Book Value per Share	15.91	19.73	25.31	28.31	33.82	38.48	50.05	52.52	53.11	53.08
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	295K	296K	300K	295K	300K	307K	320K	323K	329K	332K
Additional Paid-in Capital	215.57M	228.89M	229.08M	235.15M	237.88M	241M	393.02M	412.64M	425.49M	429M
Retained Earnings	272.03M	381.03M	579.94M	666.75M	796.77M	952.94M	1.15B	1.28B	1.3B	1.32B
Accumulated OCI	215.87M	615.07M	814.98M	-75K	737K	1.97M	2.56M	-1.57M	-479K	586K
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	381.03M	579.94M	666.75M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-1.34B	759.46M	1.07B	64.08M	427.56M	-1.41B	870.46M	1.58B	-518K	129.36M
Operating CF Growth %	-0.9%	1.57%	0.41%	-0.94%	5.67%	-4.3%	1.62%	0.82%	-1%	250.73%
Net Income	82.59M	114.31M	211.83M	160.94M	173.23M	245.95M	265.63M	208.93M	103.17M	100.96M
Depreciation & Amortization	98.17M	111.43M	131.25M	142.13M	152.47M	169.01M	210.28M	235.03M	226.75M	237.55M
Deferred Taxes	15.51M	37.59M	-30.96M	17.48M	22.01M	47.16M	34.22M	18.44M	1.2M	-2.5M
Other Non-Cash Items	-1.55B	456.91M	734.84M	-268.97M	88.73M	-1.96B	352.2M	1.13B	-336.19M	-175.67M
Working Capital Changes	1.53M	20.74M	-451K	-11.48M	-32.96M	60.8M	-28.47M	-41.08M	-23.3M	-58.3M
Cash from Investing+	-27.23M	-66.76M	97.17M	-552.24M	-79.7M	115.18M	-377.55M	-133.78M	126.87M	-38.13M
Purchase of Investments	-180.38M	-414.76M	-190.88M	-696.33M	-393.54M	-224.04M	0	0	0	0
Sale/Maturity of Investments	1000K	0	1000K	1000K	0	0	0	0	0	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-17.77M	-32.24M	-31.88M	-89.36M	-65.68M	-72.83M	-520.72M	-140.26M	-24.68M	0
Other Investing	0	382.72M	205.39M	155.35M	384.22M	415.03M	152.38M	28.48M	167.75M	-25.17M
Cash from Financing+	1.39B	-693.62M	-1.09B	321.83M	-331.64M	1.52B	-457.73M	-1.58B	6.77M	-154.73M
Dividends Paid	0	0	0	-31.45M	-37.27M	-45.35M	-64.45M	-80.14M	-84.84M	-88.63M
Share Repurchases	-50.26M	-12.89M	-34.9M	-68.83M	-30.68M	-45.77M	-18.87M	-42.37M	-20.51M	-12.38M
Stock Issued	7.55M	3.77M	3.01M	8.95M	5.51M	14.02M	5.25M	486K	3.38M	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	-1000K	1000K	-1000K	-1000K	1000K	101K
Other Financing	-2.73M	-3.63M	-3.89M	-12.46M	-10.98M	-16.34M	-12.73M	-26.58M	-31.74M	-53.81M
Net Change in Cash+	19.56M	-919K	75.32M	-166.33M	16.22M	221.44M	35.18M	-134.9M	133.12M	-63.51M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	194.93M	212.28M	211.36M	286.68M	120.35M	136.57M	358M	393.18M	258.28M	391.4M
Cash at End	214.48M	211.36M	286.68M	120.35M	136.57M	358M	393.18M	258.28M	391.4M	327.9M
Interest Paid	32.85M	39.31M	56.27M	56.43M	63.56M	45.94M	37.95M	76.66M	114.09M	105.41M
Income Taxes Paid	34.83M	34.43M	45.52M	45.73M	39.91M	29.71M	43.43M	58.52M	30.9M	32.34M
Free Cash Flow+	-1.34B	756.99M	1.06B	59.35M	422.85M	-1.41B	861.25M	1.56B	-16.72M	116.4M
FCF Growth %	-0.9%	1.56%	0.4%	-0.94%	6.12%	-4.34%	1.61%	0.81%	-1.01%	7.96%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	17.74%	20.57%	29.53%	18.75%	17.79%	21.99%	19.16%	12.98%	6.2%	6.17%
Return on Assets (ROA)	2.97%	3.47%	8.03%	6.47%	6.36%	6.72%	5.39%	4.62%	2.65%	2.56%
Net Interest Margin	-0.28%	-0.32%	-0.44%	-0.36%	-0.54%	-0.18%	-0.15%	0%	0%	0%
Efficiency Ratio	29.54%	26.45%	25.17%	28.26%	27.7%	25.47%	23.48%	27.98%	31.63%	32.85%
Equity / Assets	14.01%	20.15%	36.9%	32.63%	38.96%	25.72%	30.32%	42.44%	43.09%	40.16%
Book Value / Share	15.91	19.73	25.31	28.31	33.82	38.48	50.05	52.52	53.11	53.08
NII Growth	3.81%	0.68%	1.08%	-3.95%	-41.75%	40.46%	6.65%	100%	-	-
Dividend Payout	-	-	-	19.48%	21.5%	18.42%	24.25%	37.48%	79.02%	81.94%

Revenue by Segment

	2022	2023	2024
Servicing Fees	300.19M	311.91M	325.64M
Servicing Fees Growth	-	3.91%	4.40%
Product and Service, Other	36.76M	117.97M	118.2M
Product and Service, Other Growth	-	220.93%	0.20%
Investment Management Fees	71.93M	45.38M	36.98M
Investment Management Fees Growth	-	-36.91%	-18.52%
Asset Management	61.1M	-	-
Asset Management Growth	-	-	-

Frequently Asked Questions

Valuation & Price

Walker & Dunlop, Inc. (WD) has a price-to-earnings (P/E) ratio of 20.7x. This is roughly in line with market averages.

Growth & Financials

Walker & Dunlop, Inc. (WD) grew revenue by 7.4% over the past year. This is steady growth.

Yes, Walker & Dunlop, Inc. (WD) is profitable, generating $115.0M in net income for fiscal year 2024 (9.6% net margin).

Dividend & Returns

Yes, Walker & Dunlop, Inc. (WD) pays a dividend with a yield of 4.05%. This makes it attractive for income-focused investors.

Walker & Dunlop, Inc. (WD) has a return on equity (ROE) of 6.2%. This is below average, suggesting room for improvement.

Industry Metrics

Walker & Dunlop, Inc. (WD) has a net interest margin (NIM) of N/A. NIM has been under pressure due to interest rate environment.

Walker & Dunlop, Inc. (WD) has an efficiency ratio of 32.9%. This is excellent, indicating strong cost control.

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