Walker & Dunlop (WD) Financials

$81.53 +0.97 (+1.20%)

Closing price 10/10/2025 03:59 PM Eastern

Extended Trading

$81.53 0.00 (0.00%)

As of 10/10/2025 04:54 PM Eastern

Annual Income Statements for Walker & Dunlop

This table shows Walker & Dunlop's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	82	114	211	161	174	246	266	214	107	108
Consolidated Net Income / (Loss)	83	114	212	161	173	246	266	209	103	101
Net Income / (Loss) Continuing Operations	83	114	212	161	173	246	266	209	103	101
Total Pre-Tax Income	135	186	234	213	230	330	352	265	138	132
Total Revenue	468	575	712	725	817	0.00	0.00	0.00	0.00	0.00
Net Interest Income / (Expense)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	468	575	712	725	817	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Expense	333	389	478	512	587	-330	-352	-265	-138	-132
Salaries and Employee Benefits	185	227	289	297	346	469	603	607	514	559
Other Operating Expenses	40	41	48	62	67	-1,014	-1,167	-1,116	-937	-992
Depreciation Expense	98	111	131	142	152	169	210	235	227	238
Impairment Charge	-	-	-	-	-	-	0.00	0.00	62	33
Restructuring Charge	-	-	-	-	-	-	6.89	-14	-63	-50
Other Special Charges	9.92	9.85	9.50	11	22	46	-5.31	22	58	81
Income Tax Expense	53	71	22	52	57	84	86	56	35	31
Net Income / (Loss) Attributable to Noncontrolling Interest	0.47	0.41	0.71	-0.50	-0.14	-0.22	-0.13	-4.89	-4.19	-7.21
Basic Earnings per Share	$2.76	$3.66	$6.72	$5.15	$5.61	$7.85	$8.27	$6.43	$3.20	$3.19
Weighted Average Basic Shares Outstanding	29.75M	29.77M	30.18M	30.20M	29.91M	30.44M	31.08M	32.33M	32.70M	33.12M
Diluted Earnings per Share	$2.65	$3.57	$6.47	$4.96	$5.45	$7.69	$8.15	$6.36	$3.18	$3.19
Weighted Average Diluted Shares Outstanding	30.95M	30.54M	31.39M	31.38M	30.82M	31.08M	31.53M	32.69M	32.88M	33.16M
Weighted Average Basic & Diluted Shares Outstanding	30.92M	30.82M	30.79M	30.26M	30.95M	31.54M	32.89M	33.05M	33.52M	33.80M
Cash Dividends to Common per Share	-	$0.00	-	$1.00	$1.20	$1.44	$2.00	$2.40	$2.52	$2.60

This table shows Walker & Dunlop's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	47	41	27	28	21	32	12	23	29	45	2.75
Consolidated Net Income / (Loss)	47	38	27	26	21	29	11	20	29	41	2.73
Net Income / (Loss) Continuing Operations	47	38	27	26	21	29	11	20	29	41	2.73
Total Pre-Tax Income	54	47	35	36	28	39	14	28	38	52	5.24
Total Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Net Interest Income / (Expense)	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Non-Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Non-Interest Expense	-54	-47	-35	-36	-28	-39	-14	-28	-38	-52	-5.24
Salaries and Employee Benefits	157	138	119	133	137	126	111	133	146	169	121
Other Operating Expenses	-282	-243	-215	-242	-240	-240	-199	-238	-260	-294	-203
Depreciation Expense	60	58	57	56	57	56	56	56	58	68	58
Other Special Charges	11	13	4.50	16	18	19	18	21	21	20	19
Income Tax Expense	7.53	9.54	7.14	10	7.07	10	2.86	7.90	8.82	11	2.52
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.17	-3.86	0.81	-2.11	-0.31	-2.56	-1.05	-2.37	-0.12	-3.67	-0.03
Basic Earnings per Share	$1.41	$1.25	$0.80	$0.82	$0.64	$0.94	$0.35	$0.67	$0.85	$1.32	$0.08
Weighted Average Basic Shares Outstanding	32.29M	32.33M	32.53M	32.70M	32.74M	32.70M	32.98M	33.12M	33.17M	33.12M	33.26M
Diluted Earnings per Share	$1.40	$1.23	$0.79	$0.82	$0.64	$0.93	$0.35	$0.67	$0.85	$1.32	$0.08
Weighted Average Diluted Shares Outstanding	32.62M	32.69M	32.82M	32.85M	32.90M	32.88M	33.05M	33.15M	33.20M	33.16M	33.30M
Weighted Average Basic & Diluted Shares Outstanding	33.01M	33.05M	33.34M	33.34M	33.45M	33.52M	33.72M	33.75M	33.77M	33.80M	33.98M
Cash Dividends to Common per Share	$0.60	-	$0.63	$0.63	$0.63	-	$0.65	$0.65	$0.65	-	$0.67

This table details how cash moves in and out of Walker & Dunlop's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	20	-0.92	75	-166	16	221	35	-135	133	-64
Net Cash From Operating Activities	-1,339	759	1,068	64	428	-1,411	870	1,583	-0.52	129
Net Cash From Continuing Operating Activities	-1,339	759	1,068	64	428	-1,414	864	1,583	-0.52	129
Net Income / (Loss) Continuing Operations	83	114	212	161	173	246	266	209	103	101
Consolidated Net Income / (Loss)	83	114	212	161	173	246	266	209	103	101
Provision For Loan Losses	1.64	-0.61	-0.24	0.81	7.27	37	-13	-12	-10	11
Depreciation Expense	98	111	131	142	152	169	210	235	227	238
Non-Cash Adjustments to Reconcile Net Income	-1,526	507	722	-238	126	-1,927	429	1,192	-297	-162
Changes in Operating Assets and Liabilities, net	2.96	23	0.66	-7.51	-30	61	-28	-41	-23	-58
Net Cash From Investing Activities	-27	-67	97	-552	-80	115	-378	-134	127	-38
Net Cash From Continuing Investing Activities	-27	-67	97	-552	-80	115	-378	-134	127	-38
Acquisitions	-13	-6.35	-15	-53	-7.18	-47	-421	-114	0.00	0.00
Purchase of Investment Securities	-187	-486	-221	-744	-457	-253	-699	-156	-44	-103
Sale and/or Maturity of Investments	172	426	339	249	384	415	742	136	171	65
Net Cash From Financing Activities	1,386	-694	-1,089	322	-332	1,518	-458	-1,584	6.77	-155
Net Cash From Continuing Financing Activities	1,386	-694	-1,089	322	-332	1,518	-458	-1,584	6.77	-155
Issuance of Debt	137	326	140	514	180	64	865	36	196	0.00
Repayment of Debt	1,289	-1,010	-1,198	-95	-443	1,543	-1,245	-1,471	-52	0.10
Repurchase of Common Equity	-50	-13	-35	-69	-31	-46	-19	-42	-21	-12
Payment of Dividends	-	0.00	0.00	-31	-37	-45	-64	-80	-85	-89
Other Financing Activities, Net	1.41	-0.01	0.00	-5.15	-6.45	-12	0.00	-27	-32	-54
Cash Interest Paid	33	39	56	56	64	46	38	77	114	105
Cash Income Taxes Paid	35	34	46	46	40	30	43	59	31	32

This table details how cash moves in and out of Walker & Dunlop's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	9.30	53	-24	49	17	91	-111	0.89	-15	61	-98
Net Cash From Operating Activities	-1,321	2,049	-547	-334	549	332	38	-238	-202	531	-281
Net Cash From Continuing Operating Activities	-1,321	2,049	-547	-334	549	332	38	-238	-202	531	-281
Net Income / (Loss) Continuing Operations	47	38	27	26	21	29	11	20	29	41	2.73
Consolidated Net Income / (Loss)	47	38	27	26	21	29	11	20	29	41	2.73
Provision For Loan Losses	1.22	1.14	-11	-0.73	0.42	0.64	0.52	2.94	2.85	4.53	3.71
Depreciation Expense	60	58	57	56	57	56	56	56	58	68	58
Non-Cash Adjustments to Reconcile Net Income	-1,428	1,994	-620	-415	470	270	-29	-317	-291	475	-345
Net Cash From Investing Activities	-57	37	9.28	101	36	-20	-25	-4.56	-7.53	-0.99	-39
Net Cash From Continuing Investing Activities	-57	37	9.28	101	36	-20	-25	-4.56	-7.53	-0.99	-39
Purchase of Investment Securities	-63	110	-14	-9.74	-0.42	-21	-15	-21	-26	-41	-42
Sale and/or Maturity of Investments	5.73	41	23	111	36	0.90	3.69	16	4.66	40	2.41
Net Cash From Financing Activities	1,387	-2,033	514	282	-568	-221	-124	243	195	-469	222
Net Cash From Continuing Financing Activities	1,387	-2,033	514	282	-568	-221	-124	243	195	-469	222
Issuance of Debt	-	-	196	-	-	-	0.00	-	-	-	399
Repayment of Debt	1,411	-2,007	382	310	-545	-199	-79	284	228	-432	-143
Repurchase of Common Equity	-1.30	-1.69	-17	-0.66	-0.87	-1.58	-9.79	-0.81	-1.41	-0.37	-8.59
Payment of Dividends	-20	-20	-21	-21	-21	-21	-22	-22	-22	-22	-23
Other Financing Activities, Net	-2.47	-4.82	-26	-5.74	-0.52	0.81	-14	-16	-10	-13	-2.55
Cash Interest Paid	21	28	26	26	35	27	18	26	29	32	15
Cash Income Taxes Paid	11	2.43	1.24	20	5.85	4.25	-0.60	18	12	3.26	-0.08

This table presents Walker & Dunlop's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,515	3,052	2,208	2,782	2,675	4,651	5,206	4,045	4,052	4,382
Cash and Due from Banks	137	119	191	90	121	321	306	226	329	279
Restricted Cash	5.31	9.86	6.68	21	8.68	19	43	18	21	25
Trading Account Securities	2,583	2,005	1,060	1,226	924	2,636	1,961	554	779	988
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Goodwill	-	-	-	-	-	249	699	960	902	869
Intangible Assets	91	97	125	177	183	1.88	184	199	182	157
Other Assets	467	601	759	771	895	1,063	2,014	2,090	1,839	2,064
Total Liabilities & Shareholders' Equity	3,515	3,052	2,208	2,782	2,675	4,651	5,206	4,045	4,052	4,382
Total Liabilities	3,023	2,437	1,393	1,875	1,633	3,455	3,628	2,329	2,306	2,622
Short-Term Debt	2,649	1,990	938	1,161	906	2,517	1,942	538	596	782
Long-Term Debt	164	164	164	296	294	292	740	704	773	768
Other Long-Term Liabilities	204	273	285	397	425	632	946	1,087	937	1,072
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	492	615	815	907	1,042	1,196	1,578	1,717	1,746	1,760
Total Preferred & Common Equity	488	610	809	902	1,036	1,196	1,550	1,689	1,724	1,748
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	488	610	809	902	1,036	1,196	1,550	1,689	1,724	1,748
Common Stock	216	229	229	235	238	241	393	413	426	429
Retained Earnings	272	381	580	667	797	953	1,154	1,278	1,298	1,318
Accumulated Other Comprehensive Income / (Loss)	-	-	0.09	-0.08	0.74	1.97	2.56	-1.57	-0.48	0.59
Noncontrolling Interest	4.45	4.86	5.57	5.07	6.60	0.00	28	27	22	12

This table presents Walker & Dunlop's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	6,003	4,493	4,807	4,278	3,826	4,175	4,579	4,512
Cash and Due from Banks	152	188	228	236	217	208	180	181
Restricted Cash	40	21	22	18	21	35	40	32
Trading Account Securities	2,587	1,100	1,474	936	689	1,013	1,229	1,161
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Goodwill	948	960	964	950	902	902	902	869
Intangible Assets	203	194	190	186	178	174	171	153
Other Assets	2,073	2,030	1,930	1,952	1,820	1,843	2,058	2,116
Total Liabilities & Shareholders' Equity	6,003	4,493	4,807	4,278	3,826	4,175	4,579	4,512
Total Liabilities	4,308	2,778	3,083	2,547	2,090	2,442	2,833	2,768
Long-Term Debt	711	777	776	775	772	771	769	1,757
Other Long-Term Liabilities	1,052	969	965	981	796	861	1,044	1,011
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,695	1,715	1,724	1,731	1,736	1,734	1,746	1,744
Total Preferred & Common Equity	1,663	1,685	1,698	1,706	1,715	1,697	1,710	1,732
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,663	1,685	1,698	1,706	1,715	1,697	1,710	1,732
Common Stock	408	406	413	420	428	408	413	433
Retained Earnings	1,257	1,281	1,287	1,288	1,288	1,289	1,295	1,298
Accumulated Other Comprehensive Income / (Loss)	-1.46	-1.62	-1.47	-1.86	-0.49	0.42	1.47	1.30
Noncontrolling Interest	32	30	26	25	21	37	37	12

This table displays calculated financial ratios and metrics derived from Walker & Dunlop's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	33.59%	22.87%	23.74%	1.88%	12.68%	-100.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	41.07%	27.89%	22.01%	-1.84%	5.80%	30.81%	12.63%	-11.09%	-27.01%	1.12%
EBIT Growth	61.32%	37.24%	25.77%	-8.91%	8.22%	43.38%	6.60%	-24.74%	-47.84%	-4.85%
NOPAT Growth	60.62%	38.40%	85.31%	-24.02%	7.64%	41.98%	8.00%	-21.35%	-50.62%	-2.15%
Net Income Growth	60.62%	38.40%	85.31%	-24.02%	7.64%	41.98%	8.00%	-21.35%	-50.62%	-2.15%
EPS Growth	67.72%	34.72%	81.23%	-23.34%	9.88%	41.10%	5.98%	-21.96%	-50.00%	0.31%
Operating Cash Flow Growth	-90.43%	156.73%	40.58%	-94.00%	567.27%	-430.10%	161.67%	81.82%	-100.03%	25,072.78%
Free Cash Flow Firm Growth	-72.37%	146.29%	63.50%	-126.96%	202.93%	-613.36%	100.70%	14,085.02%	-103.58%	-72.10%
Invested Capital Growth	81.98%	-16.24%	-30.79%	23.37%	-5.17%	78.60%	6.37%	-30.55%	5.31%	6.22%
Revenue Q/Q Growth	6.00%	10.47%	3.47%	1.08%	0.28%	-100.00%	100.00%	100.00%	0.00%	0.00%
EBITDA Q/Q Growth	3.57%	14.53%	3.13%	1.95%	-1.35%	7.03%	7.85%	-11.68%	-2.59%	7.20%
EBIT Q/Q Growth	3.45%	17.75%	2.39%	-0.67%	-3.09%	9.02%	7.49%	-19.13%	-5.35%	10.74%
NOPAT Q/Q Growth	5.13%	17.14%	41.90%	-25.16%	-1.42%	19.51%	-1.25%	-16.77%	-7.69%	13.65%
Net Income Q/Q Growth	5.13%	17.14%	41.90%	-25.16%	-1.51%	19.60%	-1.25%	-16.77%	-7.69%	13.65%
EPS Q/Q Growth	6.43%	12.62%	42.20%	-24.04%	-1.27%	19.41%	-2.04%	-15.76%	-8.62%	13.93%
Operating Cash Flow Q/Q Growth	-503.36%	1,692.94%	157.12%	-95.07%	-59.99%	20.54%	26.42%	163.49%	-100.03%	285.96%
Free Cash Flow Firm Q/Q Growth	-235.03%	691.06%	157.27%	-124.45%	-64.96%	23.03%	-97.79%	948.97%	-103.06%	38.15%
Invested Capital Q/Q Growth	67.86%	27.19%	-54.21%	-26.73%	-12.39%	-15.43%	-5.80%	-40.25%	-5.48%	-6.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	50.30%	52.36%	51.62%	49.74%	46.71%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	28.91%	32.29%	32.82%	29.35%	28.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	17.64%	19.87%	29.76%	22.19%	21.20%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	61.02%	61.53%	90.66%	75.61%	75.20%	74.47%	75.45%	78.85%	74.66%	76.77%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	38.98%	38.47%	9.34%	24.39%	24.80%	25.53%	24.55%	21.15%	25.35%	23.23%
Return on Invested Capital (ROIC)	3.22%	3.76%	9.04%	7.52%	7.52%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	3.22%	3.76%	9.04%	7.52%	7.52%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	14.62%	16.88%	20.58%	11.17%	10.25%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	17.84%	20.64%	29.63%	18.69%	17.77%	21.97%	19.15%	12.68%	5.96%	5.76%
Cash Return on Invested Capital (CROIC)	-54.92%	21.44%	45.44%	-13.41%	12.83%	-48.55%	0.26%	41.85%	-1.78%	-2.89%
Operating Return on Assets (OROA)	4.90%	5.66%	8.88%	8.53%	8.44%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	2.99%	3.48%	8.05%	6.45%	6.35%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	17.76%	20.47%	29.41%	18.58%	17.67%	21.91%	18.95%	12.47%	5.87%	5.70%
Return on Equity Simple (ROE_SIMPLE)	16.93%	18.73%	26.17%	17.84%	16.73%	20.56%	17.14%	12.37%	5.99%	5.78%
Net Operating Profit after Tax (NOPAT)	83	114	212	161	173	246	266	209	103	101
NOPAT Margin	17.64%	19.87%	29.76%	22.19%	21.20%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	39.43%	39.54%	40.64%	40.99%	42.36%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	71.09%	67.71%	67.18%	70.65%	71.81%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	135	186	234	213	230	330	352	265	138	132
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	236	301	367	361	382	499	562	500	365	369
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.52	1.33	1.53	1.29	1.69	2.16	2.85	1.43	2.09	1.88
Price to Tangible Book Value (P/TBV)	1.87	1.58	1.81	1.60	2.05	2.73	6.63	4.54	5.62	4.54
Price to Revenue (P/Rev)	1.58	1.41	1.74	1.60	2.14	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	9.02	7.11	5.88	7.19	10.03	10.49	16.65	11.28	33.48	30.35
Dividend Yield	0.00%	0.00%	0.00%	2.69%	2.12%	2.10%	1.45%	3.29%	2.93%	3.34%
Earnings Yield	11.08%	14.07%	17.00%	13.91%	9.97%	9.53%	6.01%	8.87%	2.99%	3.30%
Enterprise Value to Invested Capital (EV/IC)	1.03	1.03	1.12	1.06	1.26	1.26	1.59	1.16	1.49	1.37
Enterprise Value to Revenue (EV/Rev)	7.30	4.94	3.02	3.46	3.46	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	14.51	9.43	5.85	6.96	7.40	10.12	12.07	6.87	12.70	12.30
Enterprise Value to EBIT (EV/EBIT)	25.24	15.28	9.21	11.80	12.26	15.29	19.28	12.97	33.55	34.52
Enterprise Value to NOPAT (EV/NOPAT)	41.37	24.84	10.16	15.60	16.30	20.53	25.55	16.45	44.93	44.97
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	3.74	2.01	39.19	6.60	0.00	7.80	2.17	0.00	35.09
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	4.36	2.02	0.00	9.56	0.00	637.34	2.28	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.72	3.50	1.35	1.61	1.15	2.35	1.70	0.72	0.78	0.88
Long-Term Debt to Equity	0.33	0.27	0.20	0.33	0.28	0.24	0.47	0.41	0.44	0.44
Financial Leverage	4.53	4.49	2.28	1.49	1.36	1.79	1.98	1.19	0.75	0.83
Leverage Ratio	5.97	5.93	3.68	2.90	2.80	3.27	3.55	2.81	2.34	2.41
Compound Leverage Factor	5.97	5.93	3.68	2.90	2.80	3.27	3.55	2.81	2.34	2.41
Debt to Total Capital	85.11%	77.79%	57.48%	61.63%	53.52%	70.13%	62.95%	41.97%	43.96%	46.83%
Short-Term Debt to Total Capital	80.13%	71.86%	48.93%	49.12%	40.41%	62.85%	45.58%	18.17%	19.13%	23.62%
Long-Term Debt to Total Capital	4.97%	5.93%	8.55%	12.52%	13.11%	7.28%	17.38%	23.80%	24.82%	23.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.13%	0.18%	0.29%	0.21%	0.29%	0.00%	0.66%	0.93%	0.72%	0.36%
Common Equity to Total Capital	14.76%	22.03%	42.23%	38.15%	46.19%	29.87%	36.39%	57.10%	55.33%	52.81%
Debt to EBITDA	11.95	7.15	3.00	4.04	3.14	5.63	4.77	2.48	3.75	4.20
Net Debt to EBITDA	11.34	6.73	2.46	3.73	2.81	4.94	4.15	2.00	2.79	3.37
Long-Term Debt to EBITDA	0.70	0.55	0.45	0.82	0.77	0.58	1.32	1.41	2.12	2.08
Debt to NOPAT	34.07	18.85	5.20	9.06	6.93	11.42	10.10	5.94	13.27	15.35
Net Debt to NOPAT	32.35	17.72	4.27	8.37	6.18	10.04	8.78	4.78	9.88	12.34
Long-Term Debt to NOPAT	1.99	1.44	0.77	1.84	1.70	1.19	2.79	3.37	7.50	7.61
Noncontrolling Interest Sharing Ratio	0.48%	0.84%	0.73%	0.62%	0.60%	0.29%	1.01%	1.68%	1.44%	0.98%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,407	651	1,065	-287	295	-1,517	11	1,510	-54	-93
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.18	0.27	0.29	0.30	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,306	2,769	1,917	2,365	2,242	4,005	4,260	2,958	3,116	3,310
Invested Capital Turnover	0.18	0.19	0.30	0.34	0.35	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	1,489	-537	-853	448	-122	1,763	255	-1,301	157	194
Enterprise Value (EV)	3,417	2,839	2,151	2,511	2,824	5,050	6,786	3,436	4,636	4,540
Market Capitalization	741	809	1,242	1,160	1,747	2,582	4,425	2,411	3,594	3,282
Book Value per Share	$15.96	$19.81	$26.06	$28.88	$33.61	$38.31	$48.38	$51.18	$51.53	$51.76
Tangible Book Value per Share	$12.97	$16.65	$22.05	$23.21	$27.67	$30.27	$20.84	$16.09	$19.13	$21.39
Total Capital	3,306	2,769	1,917	2,365	2,242	4,005	4,260	2,958	3,116	3,310
Total Debt	2,814	2,154	1,102	1,457	1,200	2,809	2,682	1,242	1,370	1,550
Total Long-Term Debt	164	164	164	296	294	292	740	704	773	768
Net Debt	2,672	2,026	904	1,347	1,071	2,468	2,333	998	1,019	1,245
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	2,814	2,154	1,102	1,457	1,200	2,809	2,682	1,242	1,370	1,550
Total Depreciation and Amortization (D&A)	100	115	134	148	151	169	210	235	227	238
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$7.85	$8.27	$6.43	$3.20	$3.19
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	30.44M	31.08M	32.33M	32.70M	33.12M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$7.69	$8.15	$6.36	$3.18	$3.19
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	31.08M	31.53M	32.69M	32.88M	33.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	31.54M	32.89M	33.05M	33.52M	33.80M
Normalized Net Operating Profit after Tax (NOPAT)	89	120	220	169	189	280	267	216	146	149
Normalized NOPAT Margin	18.93%	20.92%	30.97%	23.33%	23.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	28.91%	32.29%	32.82%	29.35%	28.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	19.54%	21.52%	18.44%	24.26%	38.36%	82.23%	87.79%
Augmented Payout Ratio	60.85%	11.28%	16.47%	62.31%	39.22%	37.05%	31.37%	58.64%	102.11%	100.06%

This table displays calculated financial ratios and metrics derived from Walker & Dunlop's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	-23.07%	-38.63%	-37.34%	-31.48%	-24.86%	-9.25%	-24.03%	-8.74%	10.94%	25.99%	-9.64%
EBIT Growth	-42.80%	-57.05%	-61.55%	-51.08%	-47.94%	-16.55%	-60.47%	-21.70%	32.94%	32.40%	-61.66%
NOPAT Growth	-35.01%	-52.80%	-61.05%	-52.83%	-54.68%	-22.85%	-60.63%	-20.48%	35.66%	41.77%	-74.80%
Net Income Growth	-35.01%	-52.80%	-61.05%	-52.83%	-54.68%	-22.85%	-60.63%	-20.48%	35.66%	41.77%	-74.80%
EPS Growth	-36.65%	-49.17%	-62.74%	-49.07%	-54.29%	-24.39%	-55.70%	-18.29%	32.81%	41.94%	-77.14%
Operating Cash Flow Growth	-38.10%	92.00%	-156.25%	-183.21%	141.54%	-83.81%	107.02%	28.87%	-136.82%	59.94%	-832.11%
Free Cash Flow Firm Growth	-234.02%	864.11%	63.41%	-530.91%	538.41%	-109.57%	342.34%	278.91%	-112.56%	-19.21%	-192.75%
Invested Capital Growth	9.49%	-30.55%	7.17%	9.46%	-33.42%	5.31%	-14.01%	-13.74%	7.26%	6.22%	15.54%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	-15.35%	-7.83%	-12.88%	0.80%	-7.16%	11.31%	-27.06%	21.09%	12.85%	26.41%	-47.69%
EBIT Q/Q Growth	-26.38%	-12.95%	-26.64%	4.07%	-21.66%	39.54%	-65.25%	106.13%	33.01%	38.97%	-89.94%
NOPAT Q/Q Growth	-13.77%	-19.34%	-27.01%	-7.10%	-17.15%	37.33%	-62.75%	87.66%	41.33%	43.52%	-93.38%
Net Income Q/Q Growth	-13.77%	-19.34%	-27.01%	-7.10%	-17.15%	37.33%	-62.75%	87.66%	41.33%	43.52%	-93.38%
EPS Q/Q Growth	-13.04%	-12.14%	-35.77%	3.80%	-21.95%	45.31%	-62.37%	91.43%	26.87%	55.29%	-93.94%
Operating Cash Flow Q/Q Growth	-1,018.62%	255.19%	-126.67%	38.84%	264.08%	-39.50%	-88.43%	-719.44%	15.07%	362.77%	-152.96%
Free Cash Flow Firm Q/Q Growth	-686.91%	450.30%	-115.55%	-47.21%	646.81%	-107.65%	493.69%	8.68%	-138.38%	27.41%	-206.32%
Invested Capital Q/Q Growth	41.03%	-40.25%	19.11%	9.05%	-14.22%	-5.48%	-2.75%	9.40%	6.67%	-6.39%	5.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	86.10%	79.78%	79.38%	70.87%	74.94%	73.76%	79.06%	71.98%	76.48%	78.98%	51.96%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	13.90%	20.22%	20.62%	29.13%	25.06%	26.24%	20.94%	28.02%	23.52%	21.02%	48.04%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	16.31%	12.68%	9.90%	8.10%	6.53%	5.96%	5.01%	4.70%	5.11%	5.76%	5.34%
Cash Return on Invested Capital (CROIC)	-3.76%	41.85%	-2.05%	-5.30%	42.84%	-1.78%	17.71%	17.03%	-4.40%	-2.89%	-11.57%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	16.04%	12.47%	9.68%	7.96%	6.42%	5.87%	4.94%	4.62%	5.02%	5.70%	5.29%
Return on Equity Simple (ROE_SIMPLE)	15.10%	0.00%	9.84%	8.08%	6.55%	0.00%	5.04%	4.79%	5.20%	0.00%	5.36%
Net Operating Profit after Tax (NOPAT)	47	38	27	26	21	29	11	20	29	41	2.73
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	54	47	35	36	28	39	14	28	38	52	5.24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	114	105	92	92	86	95	70	84	95	120	63
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.55	1.43	1.41	1.48	1.39	2.09	1.95	1.94	2.24	1.88	1.67
Price to Tangible Book Value (P/TBV)	5.02	4.54	4.47	4.61	4.16	5.62	5.25	5.30	6.01	4.54	4.06
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	10.18	11.28	14.03	17.60	20.24	33.48	36.06	37.57	40.38	30.35	29.13
Dividend Yield	2.96%	3.29%	3.38%	3.27%	3.50%	2.93%	3.83%	3.94%	3.40%	3.34%	3.07%
Earnings Yield	9.82%	8.87%	7.13%	5.68%	4.94%	2.99%	2.77%	2.66%	2.48%	3.30%	3.43%
Enterprise Value to Invested Capital (EV/IC)	1.14	1.16	1.14	1.15	1.13	1.49	1.46	1.41	1.54	1.37	1.27
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	10.01	6.87	8.99	10.93	9.90	12.70	12.87	13.93	15.80	12.30	12.25
Enterprise Value to EBIT (EV/EBIT)	17.30	12.97	19.11	25.61	25.41	33.55	37.64	42.62	45.81	34.52	36.08
Enterprise Value to NOPAT (EV/NOPAT)	22.57	16.45	24.14	32.08	33.19	44.93	51.03	57.38	61.24	44.97	47.81
Enterprise Value to Operating Cash Flow (EV/OCF)	9.43	2.17	62.46	0.00	2.16	0.00	7.55	6.85	0.00	35.09	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.28	0.00	0.00	2.10	0.00	7.61	7.65	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.92	0.72	1.05	1.23	0.90	0.78	0.75	0.91	1.02	0.88	1.01
Long-Term Debt to Equity	0.42	0.41	0.45	0.45	0.45	0.44	0.44	0.44	0.44	0.44	1.01
Financial Leverage	2.08	1.19	1.03	1.17	1.41	0.75	0.90	1.07	0.96	0.83	0.88
Leverage Ratio	3.61	2.81	2.63	2.76	3.00	2.34	2.41	2.60	2.55	2.41	2.40
Compound Leverage Factor	3.61	2.81	2.63	2.76	3.00	2.34	2.41	2.60	2.55	2.41	2.40
Debt to Total Capital	65.77%	41.97%	51.33%	55.12%	47.49%	43.96%	42.71%	47.69%	50.61%	46.83%	50.18%
Short-Term Debt to Total Capital	51.41%	18.17%	29.27%	34.93%	23.99%	19.13%	17.23%	24.44%	28.85%	23.62%	0.00%
Long-Term Debt to Total Capital	14.36%	23.80%	22.06%	20.19%	23.50%	24.82%	25.48%	23.25%	21.76%	23.21%	50.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.64%	0.93%	0.85%	0.68%	0.75%	0.72%	0.68%	1.11%	1.03%	0.36%	0.34%
Common Equity to Total Capital	33.59%	57.10%	47.82%	44.20%	51.76%	55.33%	56.61%	51.19%	48.36%	52.81%	49.48%
Debt to EBITDA	5.75	2.48	4.06	5.26	4.18	3.75	3.77	4.72	5.20	4.20	4.85
Net Debt to EBITDA	5.41	2.00	3.59	4.64	3.50	2.79	3.08	3.99	4.56	3.37	4.26
Long-Term Debt to EBITDA	1.26	1.41	1.75	1.93	2.07	2.12	2.25	2.30	2.23	2.08	4.85
Debt to NOPAT	12.97	5.94	10.90	15.43	14.01	13.27	14.96	19.45	20.14	15.35	18.91
Net Debt to NOPAT	12.21	4.78	9.64	13.61	11.73	9.88	12.21	16.45	17.67	12.34	16.62
Long-Term Debt to NOPAT	2.83	3.37	4.69	5.65	6.93	7.50	8.92	9.48	8.66	7.61	18.91
Noncontrolling Interest Sharing Ratio	1.64%	1.68%	2.17%	1.72%	1.65%	1.44%	1.46%	1.82%	1.76%	0.98%	0.93%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-382	1,339	-208	-306	1,676	-128	505	548	-210	-153	-468
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,951	2,958	3,524	3,843	3,296	3,116	3,030	3,315	3,536	3,310	3,501
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	429	-1,301	236	332	-1,655	157	-494	-528	239	194	471
Enterprise Value (EV)	5,667	3,436	4,004	4,405	3,710	4,636	4,414	4,665	5,440	4,540	4,440
Market Capitalization	2,571	2,411	2,374	2,510	2,374	3,594	3,338	3,290	3,834	3,282	2,885
Book Value per Share	$50.35	$51.18	$50.99	$50.94	$51.17	$51.53	$52.01	$50.33	$50.66	$51.76	$51.25
Tangible Book Value per Share	$15.50	$16.09	$16.07	$16.34	$17.11	$19.13	$19.27	$18.41	$18.89	$21.39	$21.02
Total Capital	4,951	2,958	3,524	3,843	3,296	3,116	3,030	3,315	3,536	3,310	3,501
Total Debt	3,257	1,242	1,809	2,118	1,565	1,370	1,294	1,581	1,789	1,550	1,757
Total Long-Term Debt	711	704	777	776	775	773	772	771	769	768	1,757
Net Debt	3,064	998	1,600	1,868	1,311	1,019	1,056	1,337	1,570	1,245	1,543
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	3,257	1,242	1,809	2,118	1,565	1,370	1,294	1,581	1,789	1,550	1,757
Total Depreciation and Amortization (D&A)	60	58	57	56	57	56	56	56	58	68	58
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.41	$1.25	$0.80	$0.82	$0.64	$0.94	$0.35	$0.67	$0.85	$1.32	$0.08
Adjusted Weighted Average Basic Shares Outstanding	32.29M	32.33M	32.53M	32.70M	32.74M	32.70M	32.98M	33.12M	33.17M	33.12M	33.26M
Adjusted Diluted Earnings per Share	$1.40	$1.23	$0.79	$0.82	$0.64	$0.93	$0.35	$0.67	$0.85	$1.32	$0.08
Adjusted Weighted Average Diluted Shares Outstanding	32.62M	32.69M	32.82M	32.85M	32.90M	32.88M	33.05M	33.15M	33.20M	33.16M	33.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	33.01M	33.05M	33.34M	33.34M	33.45M	33.52M	33.72M	33.75M	33.77M	33.80M	33.98M
Normalized Net Operating Profit after Tax (NOPAT)	56	48	31	37	35	43	25	35	44	57	13
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	30.36%	38.36%	49.01%	60.02%	74.85%	82.23%	98.92%	106.59%	98.59%	87.79%	96.49%
Augmented Payout Ratio	47.83%	58.64%	68.73%	75.35%	93.30%	102.11%	113.83%	122.65%	113.90%	100.06%	108.52%

Financials Breakdown Chart

Key Financial Trends

Walker & Dunlop (NYSE: WD) - Financial Summary and Trend Analysis

Analyzing the last four years of quarterly results provides insight into Walker & Dunlop’s recent financial performance and condition. Below are key trends from income statements, cash flow statements, and balance sheets.

Consistent profitability: Walker & Dunlop has delivered net income in every quarter over the last four years, indicating steady earnings generation.
Improvement in earnings per share (EPS): Diluted EPS rose from $0.64 in Q3 2023 to $1.32 in Q4 2024, showing growing profitability per share.
Strong cash flow from operations: The company generated substantial positive cash flow from operating activities, such as $530.8 million in Q4 2024, supporting liquidity and investments.
Growing total assets: Total assets increased from approximately $3.8 billion in Q1 2024 to $4.5 billion in Q1 2025, signaling asset growth and potential business expansion.
Decreasing interest expenses: Total interest expense was zero in recent quarters (i.e. Q1 2025), suggesting lower debt servicing costs which can improve net income.
Stable dividend payout: The company consistently paid cash dividends around $0.63 to $0.67 per share throughout the recent quarters, providing income to shareholders.
Significant share repurchases: Walker & Dunlop repurchased shares regularly, indicating capital return to shareholders but also reducing equity base.
Changes in debt levels: The company issued and repaid large amounts of debt within quarters, reflecting active debt management but some volatility in leverage.
Operating expenses variation: Total non-interest expense fluctuated considerably quarter to quarter, with some quarters showing large negative impacts on operating income.
Negative net cash flow in early 2025: In Q1 2025, net cash from operating activities was negative $281 million, which is a sharp deterioration from prior quarters and could indicate operational stress or timing issues.

Summary: Walker & Dunlop has demonstrated a generally positive financial trajectory over the last four years, with improving earnings, solid operational cash flow, and asset growth. However, the more recent quarterly results in early 2025 show some operational cash flow challenges and fluctuating expenses that investors should monitor. The company's active capital management via share repurchases and dividends, along with disciplined debt issuance and repayments, also highlight its focus on shareholder returns and balanced finances.

Investors may view the stable profitability and increasing EPS as a strong signal, but the negative cash flow in Q1 2025 and expense volatility suggest some caution. Continued monitoring of operating cash flow and expense control will be important to gauge if recent issues are temporary or indicative of broader trends.

10/11/25 01:56 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Walker & Dunlop's Financials

When does Walker & Dunlop's financial year end?

According to the most recent income statement we have on file, Walker & Dunlop's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Walker & Dunlop's net income changed over the last 9 years?

Recent net income reported by Walker & Dunlop includes:

2020: $245.95 million
2021: $265.63 million
2022: $208.93 million
2023: $103.17 million
2024: $100.96 million

Check out Walker & Dunlop's forecast to explore projected trends and price targets.

How has Walker & Dunlop's revenue changed over the last 9 years?

Over the last 9 years, Walker & Dunlop's total revenue changed from $468.20 million in 2015 to $0.00 in 2024, a change of -100.0%.

How much debt does Walker & Dunlop have?

Walker & Dunlop's total liabilities were at $2.62 billion at the end of 2024, a 13.7% increase from 2023, and a 13.3% decrease since 2015.

How much cash does Walker & Dunlop have?

In the past 9 years, Walker & Dunlop's cash and equivalents has ranged from $90.06 million in 2018 to $328.70 million in 2023, and is currently $279.27 million as of their latest financial filing in 2024.

How has Walker & Dunlop's book value per share changed over the last 9 years?

Over the last 9 years, Walker & Dunlop's book value per share changed from 15.96 in 2015 to 51.76 in 2024, a change of 224.3%.

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This page (NYSE:WD) was last updated on 10/11/2025 by MarketBeat.com Staff

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Walker & Dunlop (WD) Financials

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Walker & Dunlop (WD) Financials

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