# Walker & Dunlop, Inc. (WD)

> Source: Nexqual · https://nexqual.com/WD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Walker & Dunlop, Inc. (WD), nexqual.com/WD" · informational, not investment advice.

**Price:** USD 34.68 (+5.44% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 32.89 · day 33.15–35.05 · 52w 31.4–90 · market cap $1.19B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.29B, net income $38.4M (3.0% margin) (SEC filings).
- Valuation: P/E 31.0x (avg 33.2x at the last 3 fiscal year-ends).
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 48.33 (range 45–50).
- Total return with dividends: 1Y -57.6% vs S&P 500 +14.9%; 5Y -67.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.94, revenue estimate $308M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.26B | $1.26B | $1.05B | $1.13B | $1.23B | $1.29B |
| Net income | $266M | $214M | $107M | $108M | $56.2M | $38.4M |
| EPS (diluted) | $8.15 | $6.36 | $3.18 | $3.19 | $1.64 | — |
| Free cash flow | $861M | $1.56B | -$16.7M | $116M | -$680M | -$131M |
| Net margin | 21.1% | 17.0% | 10.2% | 9.6% | 4.6% | 3.0% |
| Revenue growth | +16.2% | +0.0% | -16.2% | +7.4% | +9.0% | — |
| Cash + short-term investments | $306M | $226M | $329M | $279M | $299M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 31.0x · P/S 0.9x · P/B 0.7x · FCF yield -11.02% · Earnings yield 3.23% · Dividend yield (paid, TTM) 7.82% · Buyback yield (TTM) 1.73%
P/E at fiscal year-ends: Dec 2025 35.7x, Dec 2024 29.8x, Dec 2023 34.0x.

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 48.33 (low 45, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Citizens | Target lowered | Market Outperform | $55 → $50 |
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Outperform | $57 → $45 |
| 2026-08-18 | Citizens | Target lowered | Market Outperform | $70 → $55 |
| 2026-08-07 | Keefe, Bruyette & Woods | Target lowered | Outperform | $63 → $57 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -57.6% | -67.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -57.7% | -20.2% |
| Volatility (annualized) | 46.2% | 38.4% |
| Max drawdown | -61.3% (Oct 2025→Oct 2026) | -74.7% (Nov 2021→Oct 2026) |

## Peers (Mortgage Finance)
UWMC (UWM Holdings Corporation) USD 1.15 +3.60% · VEL (Velocity Financial, Inc.) USD 15.21 +2.42% · PFSI (PennyMac Financial Services, In) USD 63.36 +6.43% · BETR (Better Home & Finance Holding C) USD 16.58 +6.42% · RKT (Rocket Companies, Inc.) USD 11.74 +5.67%

## More
Full page: https://nexqual.com/WD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WD's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1497770/000110465926020249/wd-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BLACKSTONE MORTGAGE TRUST, INC. (BXMT) | "Principal Lending and Investing—Through a joint venture with an affiliate of Blackstone Mortgage Trust, Inc., the Company offered short-term senior secured debt financing products that provided floating-rate, interest-on…" |

Other companies that name WD in their own reports (relationship from WD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | BLACKSTONE MORTGAGE TRUST, INC. (BXMT) | 10-K 2026-02-11 | "In 2017, we entered into a joint venture with Walker & Dunlop Inc., or Walker & Dunlop, to originate, hold, and finance" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Capital Markets | $168.8M | 55.0% | -2.3% |
| Servicing & Asset Management | $133.6M | 43.6% | -5.1% |
| Corporate | $4.3M | 1.4% | -24.6% |
| Total revenue | $306.7M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Servicing Fees | $86.7M | 28.3% | +3.6% |
| Fair Value Of Expected Future Cash Flows From Servicing Rights Net | $47.8M | 15.6% | -10.0% |
| Loan Origination & Debt Brokerage Fees Net | $37.3M | 12.2% | +18.6% |
| Escrow Earnings & Other Interest Income | $32.4M | 10.6% | -9.9% |
| Product & Service Other | $26.8M | 8.7% | -14.5% |
| Application Fees Subscription Revenues Other Revenues From Lihtc Operations & Other Revenues | $25.4M | 8.3% | +6.8% |
| Property Sales Broker Fees | $12.8M | 4.2% | -14.5% |
| Investment Management Fees | $6.9M | 2.3% | -8.8% |
| Net Warehouse Interest Income Expense Net | $369,000 | 0.1% | -121.0% |
| Total revenue | $306.7M | 100% | — |
The lines above cover 90.1% of total revenue.

## Customer concentration

Period ended 2025-12-31: 36.9% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-08-06)

- "We expect to fully exit the remaining assets in this portfolio by early next year, and any future credit-related losses will be driven by the difference between the ultimate selling prices relative to our current estimates. ​ CAPITAL SOURCES AND USES ​ On August 5, 2026, the Company's Board of Directors declared a dividend of $0.68 per share for the third quarter of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.94 | $1.40 | -33.1% | $308.0M | 3 |
| Next quarter (ends 2026-12-31) | $1.18 | $1.22 | -3.6% | $351.4M | 3 |
| Current fiscal year (ends 2026-12-31) | $4.33 | $4.60 | -5.8% | $1.27B | 4 |
| Next fiscal year (ends 2027-12-31) | $5.24 | $5.83 | -10.1% | $1.39B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±12.3%; last 8 reports averaged ±8.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 50.7% | ±12.3% |
| 2026-12-18 | 56 | 52.2% | ±16.6% |
| 2027-02-19 | 119 | 47.0% | ±21.3% |
| 2027-05-21 | 210 | 44.9% | ±27.1% |