Walker & Dunlop Inc (WD)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Red is off the table with no proven risk to substance: $1,720.2 million of equity, an operating subsidiary net worth of $1.0 billion against a $356.8 million regulatory requirement, operational liquidity of $178.1 million against $71.0 million required, every financial covenant in the credit and warehouse agreements met as of March 31, 2026, no going concern language, a profitable first quarter of 2026, and recurring servicing fees that prevented a loss through three lean years. Green is off the table because a material operating question is open: earnings power has fallen to one fifth of the 2021 level ($1.64 against $8.15 per share), the company's own five-year goal was missed at 62 percent attainment, the payout has exceeded reported profit under U.S. accounting rules since 2025, defaults in the at-risk portfolio rose 54 percent within a year, and a fraud case leaves $100.0 million of repurchase obligation outstanding with dates in 2027 and 2028, its allowance having more than quintupled from $5.4 million to $29.1 million in a single quarter. A company with a durable core, a sound regulatory position and an unproven return to its old earnings power — hence yellow. That the stock sits roughly two thirds below its high and carries a price-to-earnings ratio of about 31 on 2025 earnings are price questions, not quality questions; they belong in the text, not in the traffic light. The decision is yours.
symbol.quality_note
A good 5 percent dividend yield, seven years without a cut, a price about two thirds below the all-time high: Walker & Dunlop (NYSE: WD) looks like the kind of stock you simply buy and collect. The filings with the U.S. securities regulator, the SEC, tell a different story. In 2025 the commercial real estate lender paid out $2.68 per share and earned $1.64. At the same time it carries $14.2 billion of maximum liability from the Fannie Mae program off its balance sheet, defaulted loans climbed 54 percent in a single year, and two loan portfolios totaling $100.0 million were called for repurchase over falsified borrower documents. Not investment advice — just the question of what pays a dividend once the profit no longer covers it.
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Stock Watch
This analysis is as of July 29, 2026. Stock Watch will tell you what's changed at WD since then.
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Appears in These Scanners
This stock currently matches 10 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 49.70 $ — 15% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIWalker & Dunlop verkauft keine KI, setzt Technologie und Datenauswertung aber im eigenen Betrieb ein und benennt künstliche Intelligenz ausdrücklich als Investitionsfeld. Der Geschäftsbericht 10-K für 2025 bezeichnet den Konzern als Technologieführer im Gewerbeimmobiliengeschäft und beschreibt die eigene Bewertungsplattform Apprise als technologie- und datenwissenschaftsgestützt; derselbe Bericht räumt die fortlaufende Einbindung künstlicher Intelligenz in den eigenen Betrieb ein. Auf dem Investorentag vom 10.03.2026 führt der Vorstand „künstliche Intelligenz und Datenfähigkeiten“ als eines der strategischen Investitionsfelder des Fünfjahresplans, und der Quartalsbericht 10-Q zum 31.03.2026 begründet die Technologieinvestitionen mit dem Vordringen von KI in Finanz- und Immobiliendienstleistungen. Für „verkauft KI“ fehlt der Beleg: Weder Apprise noch die 2022 übernommene GeoPhy werden in den Berichten als KI- oder Machine-Learning-Produkt beschrieben, und es gibt keinen mit KI erzielten Umsatzausweis. Für „bedroht“ fehlt er ebenfalls — KI erscheint im Risikoteil nur als Cybersicherheitsthema, nicht als Gefahr für das Geschäftsmodell.
View the full file — quotes, sources, reviewed filings
„We are a leader in commercial real estate technology through developing and acquiring technology resources that (i) provide innovative solutions and a better experience for our customers, (ii) allow us to drive efficiencies across our internal processes, and (iii) allow us to accelerate the growth of our small-balance lending business and our appraisal platform, Apprise by Walker & Dunlop ("Apprise")."
Wir sind führend in der Gewerbeimmobilien-Technologie, indem wir Technologieressourcen entwickeln und zukaufen, die (i) unseren Kunden innovative Lösungen und ein besseres Erlebnis bieten, (ii) es uns erlauben, unsere internen Abläufe effizienter zu machen, und (iii) es uns erlauben, das Wachstum unseres kleinteiligen Kreditgeschäfts und unserer Bewertungsplattform Apprise by Walker & Dunlop ("Apprise") zu beschleunigen.
„Apprise leverages technology and data science to dramatically improve the consistency, transparency, and speed of multifamily property appraisals in the U.S. through our proprietary technology and provides appraisal services to a client list that includes many national commercial real estate lenders."
Apprise nutzt Technologie und Datenwissenschaft, um über unsere eigene Technologie die Verlässlichkeit, Nachvollziehbarkeit und Geschwindigkeit von Bewertungen für Mehrfamilienobjekte in den USA deutlich zu verbessern, und erbringt Bewertungsleistungen für einen Kundenkreis, zu dem viele landesweit tätige Gewerbeimmobilien-Finanzierer gehören.
„The continued development and integration of artificial intelligence in our or third-party providers' operations is expected to pose new and unknown cybersecurity risks."
Von der fortschreitenden Entwicklung und Einbindung künstlicher Intelligenz in unseren Betrieb oder den unserer Dienstleister werden neue und unbekannte Cybersicherheitsrisiken erwartet.
„As advancements in artificial intelligence and related technologies continue to reshape financial and real estate services, we believe it is critical to invest proactively to ensure we remain an essential intermediary to our clients and well-positioned within the evolving transaction ecosystem."
Da Fortschritte bei künstlicher Intelligenz und verwandten Technologien die Finanz- und Immobiliendienstleistungen weiter umformen, halten wir es für entscheidend, vorausschauend zu investieren, damit wir für unsere Kunden ein unverzichtbarer Mittler bleiben und im sich wandelnden Transaktionsökosystem gut aufgestellt sind.
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-06 · 10-K 2026-02-26 · 10-K 2025-02-25 · 8-K 2026-03-10
Rated on July 29, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 35.5% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 5
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 4.61 | 3.95 – 4.91 | 1,376 | 31.6% | 4 |
| 12/31/2027 | 5.83 | 5.35 – 6.39 | 1,553 | 26.6% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 1.13 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.35 | 40.70 | 342 | 24.50 | 13.10 | 531 | 527 |
| 2025: Q1 | 0.08 | -77.00 | 237 | 4.10 | 1.20 | -281 | -285 |
| 2025: Q2 | 1.02 | 48.80 | 319 | 17.90 | 10.60 | -239 | -241 |
| 2025: Q3 | 1.00 | 15.50 | 338 | 15.50 | 9.90 | -948 | -950 |
| 2025: Q4 | -0.39 | -129.30 | 340 | -0.40 | -3.90 | 803 | 796 |
| 2026: Q1 | 0.51 | 513.50 | 279 | 17.50 | 6.10 | -1,144 | -1,146 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 575 | 186 | 114 | 3.65 | 759 | 615 | 3,052 |
| 2017 | 712 | 234 | 211 | 6.56 | 1,068 | 815 | 2,208 |
| 2018 | 725 | 213 | 161 | 5.04 | 64 | 907 | 2,780 |
| 2019 | 817 | 230 | 173 | 5.63 | 428 | 1,042 | 2,670 |
| 2020 | 1,084 | 330 | 246 | 7.92 | -1,411 | 1,196 | 4,651 |
| 2021 | 1,259 | 352 | 266 | 8.43 | 870 | 1,580 | 5,049 |
| 2022 | 1,259 | 265 | 214 | 6.54 | 1,583 | 1,717 | 4,045 |
| 2023 | 1,054 | 138 | 107 | 3.27 | -1 | 1,724 | 4,052 |
| 2024 | 1,132 | 132 | 108 | 3.26 | 129 | 1,748 | 4,382 |
| 2025 | 1,234 | 213 | 57 | 1.71 | -664 | 1,735 | 5,059 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
The servicing portfolio grew to $146.4 billion as of March 31, 2026 (prior year $135.6 billion), servicing fees to $85.4 million for the quarter, and assets under management stand at $18.5 billion. This income is contractual and arrives even when the transaction market is frozen — it is the backbone of the business and the reason the 2023 to 2025 drought produced no losses.
Revenue of $1,234.3 million in 2025 was 98 percent of the 2021 record, but net income of $56.2 million was only 21 percent of $265.8 million; per share, profit fell from $8.15 to $1.64. The first quarter of 2026 shows recovery at $15.9 million after $2.8 million — one quarter is not proof, and the company's own five-year revenue goal of $2 billion was missed at 62 percent. On March 10, 2026 management restated the very same revenue mark, now for 2030 ("Journey to '30," alongside earnings per share of $8.00 to $10.00).
The dividend exceeded earnings for the first time in 2025: $2.68 against $1.64 per share, or 163 percent. For 2026 the quarterly rate was raised to $0.68, putting $0.68 of dividends against $0.46 of earnings in the first quarter. The payout is covered only on management's adjusted measure (adjusted EBITDA of $73.8 million in the first quarter of 2026), not under U.S. accounting rules — and a $75.0 million repurchase program runs alongside it.
Under the Fannie Mae DUS program the company faces maximum liability of $14.2 billion as of March 31, 2026 — 8.3 times its $1,720.2 million of equity — with $38.7 million reserved. Defaulted loans rose 54 percent within a year to $167.5 million (0.17 percent to 0.24 percent of the at-risk portfolio). On top sit $100.0 million of repurchase obligations over falsified documents, falling due in 2027 and 2028.
The operating subsidiary's net worth of $1.0 billion as of March 31, 2026 was nearly three times the $356.8 million regulatory requirement, every financial covenant was met, and the servicing rights carry a hidden reserve of roughly $600 million (fair value $1.4 billion against $795.8 million of carrying value). Against that stand 58.5 percent goodwill and intangibles inside equity, and warehouse capacity of which only $1.6 billion out of $6.8 billion is committed.
Walker & Dunlop is the savings-account reflex in pure form: a good 5 percent dividend yield, seven years without a cut, a price about two thirds below the all-time high — and underneath it a business whose 2025 revenue of $1,234.3 million was almost back at a record while earnings per share fell from $8.15 to $1.64 and the payout of $2.68 exceeded them for the first time. The backbone is real: a $146.4 billion servicing portfolio, $85.4 million of fees per quarter and roughly $600 million of hidden reserve in the servicing rights. The price for it is $14.2 billion of maximum contingent liability against $1,720.2 million of equity, loan defaults up 54 percent, and $100.0 million of repurchase obligation out of a fraud case. Not investment advice.
- Walker & Dunlop reached our research list through our own raw-data screen with three conditions: a dividend yield above 4.5 percent, at least seven years without a dividend cut, and a price more than half below the all-time high (price and valuation data as of July 29, 2026; last closing price July 28, 2026). The lists produced by our in-house stock scanner are recalculated daily and are therefore deliberately not cited as evidence.
- The most recent periodic report is the quarterly report 10-Q for March 31, 2026 (filed May 7, 2026, accession 0001104659-26-056572); no report for the second quarter of 2026 existed as of July 29, 2026. Everything filed afterwards was reviewed in full, exhibits included: the 8-K of May 7, 2026 (Items 2.02 and 9.01, Exhibit 99.1 with quarterly figures, the $0.68 second-quarter dividend declaration and the five-quarter escrow deposit series), a Form S-8 registration of May 12, 2026, soliciting material DEFA14A of May 11, 2026, the 8-K of May 21, 2026 (Item 5.07, results of the May 19, 2026 annual meeting — eight directors elected, KPMG ratified as auditor for 2026, say-on-pay approved with roughly 71 percent support), seven insider filings (Form 4) of May 21, 2026 and five of June 8, 2026, plus two ownership filings (Schedule 13G) of April 29 and 30, 2026. For the statements on credit facilities the financing reports 8-K of February 2, 2026 and March 4, 2026 (Items 1.01/2.03, amendments to the PNC warehouse line including the increase that expired on May 1, 2026) were read with their exhibits, and for the targets Exhibit 99.1 to the 8-K of March 10, 2026 (investor day, "Journey to '30"). No delisting or deregistration form (25/15), no prospectus (424B*), no capital measure. Every present-tense statement about cash, equity, share count, credit lines, reserves, contingent liability, dividends and the repurchase program rests on that basis.
- On the market capitalization cross-check: the cover page of the 10-Q lists exactly 34,331,241 shares outstanding as of April 30, 2026. At the $50.98 closing price of July 28, 2026 that gives roughly $1.75 billion. The fundamental data report $1.69 billion — on the same share count (34,331,241), but on the July 27, 2026 closing price of $49.28; the gap of about 3 percent is pure price movement. The balance sheet separately shows 33,249 thousand shares issued and outstanding as of March 31, 2026. The article consistently uses the cover-page figure of April 30, 2026; both numbers appear because book value per share lands between $50.11 and $51.74 depending on the basis. The distance from the all-time high refers to the record closing price of $154.90 on November 23, 2021. Analyses are evergreen; a daily price is not a reason to buy.
- Easy to confuse: the ticker WD on the New York Stock Exchange belongs to Walker & Dunlop, Inc. — not to WD-40 Company (Nasdaq: WDFC) and not to Western Digital (Nasdaq: WDC). Nor is Walker & Dunlop a property owner or a REIT: the company finances and services other people's real estate loans; it does not own the buildings. Analyst estimates in the fundamental data ($4.61 per share for the current fiscal year, as of July 29, 2026) rest largely on an adjusted earnings measure common for mortgage lenders and are not comparable with profit under U.S. accounting rules. Equally non-comparable are total revenues ($1,234.3 million in 2025) and total transaction volume ($54.8 billion in 2025) — the first is what the company earns, the second is the loan volume it passes through.
About the Company
Walker & Dunlop, Inc. vergibt, verkauft und verwaltet über ihre Tochtergesellschaften eine Reihe von Finanzierungsprodukten und -dienstleistungen für Mehrfamilien- und andere Gewerbeimmobilien für Immobilieneigentümer und -entwickler in den USA.
| Employees | 1,466 |
|---|---|
| Headquarters | Bethesda, MD |
| Address | 7272 Wisconsin Avenue, 20814 Bethesda, United States |
| Phone | 301 215 5500 |
| Website | walkerdunlop.com |
| IPO Date | 15. Dec 2010 |
| ISIN | US93148P1021 |
Management
| Name | Title | Birth Year |
|---|---|---|
| William Mallory Walker | Chairman, President & CEO | 1967 |
| Gregory A. Florkowski | Executive VP & CFO | 1981 |
| Stephen P. Theobald | Executive VP & COO | 1962 |
| Daniel J. Groman | Executive VP, General Counsel, Secretary & Chief Compliance Officer | – |
| Paula A. Pryor | Executive VP & Chief Human Resources Officer | 1978 |
| Kyle Winning | Executive VP & Chief Investment Officer | – |
| Anthony Jacob McGill C.F.A. | Senior MD & Head of Investment Banking | – |
| Jack Balaban | Senior Vice President of Technology | – |
| Aaron J. Perlis | Executive Vice President of Special Asset Management | – |
| Kelsey Duffey | Senior Vice President of Investor Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.