Valuation, from the filing
| Public float | $1.70B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $49.91 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 30.2× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 1.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
30.2× earnings today, against a median of 7.5× across 10 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $1.70B | 30.2× | |
| 2024-06-28 | $2.30B | 21.3× | |
| 2023-06-30 | $1.80B | 16.8× | |
| 2022-06-30 | $2.10B | 9.8× | |
| 2021-06-30 | $2.20B | 8.3× | |
| 2020-06-30 | $1.00B | 4.1× | |
| 2019-06-30 | $1.00B | 5.8× | |
| 2018-06-30 | $1.10B | 6.8× | |
| 2017-06-30 | $987.10M | 4.7× | |
| 2016-06-30 | $541.10M | 4.8× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Finance Services filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| SBC / revenue | 2.2% | 17th | |
| Net margin | 4.6% | 81th | |
| Effective tax rate | 27.9% | 73th | |
| Revenue YoY growth | 9.0% | 44th |
Walker & Dunlop, Inc. (WD) reported revenue of $1.23B and net income of $56.25M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Walker & Dunlop, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Finance Services.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.23B | $1.13B | $1.05B | $1.26B | $1.26B | $1.08B | $817.22M | $725.25M | $711.86M | $575.28M |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $56.25M | $108.17M | $107.36M | $213.82M | $265.76M | $246.18M | $173.37M | $161.44M | $211.13M | $113.90M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 33.37M | shares 33.16M | shares 32.88M | shares 32.69M | shares 31.53M | shares 31.08M | shares 30.82M | shares 31.38M | shares 31.39M | shares 30.54M |
| Pretax income | $79.00M | $131.50M | $138.20M | $264.96M | $352.06M | $330.27M | $230.35M | $212.85M | $233.66M | $185.78M |
| Income tax expense | $22.01M | $30.54M | $35.03M | $56.03M | $86.43M | $84.31M | $57.12M | $51.91M | $21.83M | $71.47M |
| Diluted EPS | $1.64 | $3.19 | $3.18 | $6.36 | $8.15 | $7.69 | $5.45 | $4.96 | $6.47 | $3.57 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $299.32M | $279.27M | $328.70M | $225.95M | $305.64M | $321.10M | $120.68M | $90.06M | $191.22M | $118.76M |
| Total assets | $5.06B | $4.38B | $4.05B | $4.05B | $5.21B | $4.65B | $2.68B | $2.78B | $2.21B | $3.05B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $3.31B | $2.62B | $2.31B | $2.33B | $3.63B | $3.45B | $1.63B | $1.87B | $1.39B | $2.44B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $1.75B | $1.76B | $1.75B | $1.72B | $1.58B | $1.20B | $1.04B | $907.19M | $814.98M | $615.07M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $419.36M | $335.88M | $233.56M | $202.25M | $212.02M | $65.74M | $52.15M | $50.42M | $41.69M | $29.46M |
| Goodwill | $868.71M | $868.71M | $901.71M | $959.71M | $698.64M | $248.96M | $180.42M | $173.90M | $123.77M | $96.42M |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$664.31M | $129.36M | -$518.00K | $1.58B | $870.46M | -$1.41B | $427.56M | $64.08M | $1.07B | $759.46M |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$77.34M | -$38.14M | $126.87M | -$133.78M | -$377.55M | $115.18M | -$79.70M | -$552.24M | $97.17M | -$66.76M |
| Financing cash flow | $758.13M | -$154.73M | $6.77M | -$1.58B | -$457.73M | $1.52B | -$331.64M | $321.83M | -$1.09B | -$693.62M |
| Net change in cash | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Stock-based compensation | $26.75M | $27.33M | $27.84M | $33.99M | $36.58M | $28.32M | $24.08M | $23.96M | $21.13M | $18.48M |
| Common dividends paid | $91.80M | $88.63M | $84.84M | $80.14M | $64.45M | $45.35M | $37.27M | $31.44M | Unavailable | Unavailable |
| Common share repurchases | $10.45M | $12.38M | $20.51M | $42.37M | $18.87M | $45.77M | $30.68M | $68.83M | $34.90M | $12.89M |
| Depreciation & amortization | $238.68M | $237.55M | $226.75M | $235.03M | $210.28M | $169.01M | $152.47M | $142.13M | $131.25M | $111.43M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 2.2% | 2.4% | 2.6% | 2.7% | 2.9% | 2.6% | 2.9% | 3.3% | 3.0% | 3.2% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 9.0% | 7.4% | -16.2% | -0.0% | 16.2% | 32.6% | 12.7% | 1.9% | 23.7% | Unavailable |
| Net margin | 4.6% | 9.6% | 10.2% | 17.0% | 21.1% | 22.7% | 21.2% | 22.3% | 29.7% | 19.8% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 27.9% | 23.2% | 25.3% | 21.1% | 24.5% | 25.5% | 24.8% | 24.4% | 9.3% | 38.5% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open WD in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.