Walker & Dunlop, Inc. (WD) Stock

Walker & Dunlop, Inc. (WD) is a Financials stock trading at $40.24 (as of 2026-08-20), with a market capitalization of $1.38B and a trailing P/E of 16.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Walker & Dunlop, Inc. originates, sells, and services multifamily and other commercial real estate financing products, including first and second mortgages, supplemental and construction loans, mezzanine and preferred equity, small-balance, and bridge/interim financing. It also provides financing programs for manufactured housing, student, affordable, senior housing, and certain healthcare facilities, and acts as an intermediary and adviser for commercial real estate debt placement between owners and institutional capital sources in the United States.

Understand Walker & Dunlop, Inc.: how it makes money

Walker and Dunlop originates, sells, and services multifamily and other commercial real estate financing, earning money through capital markets financing activities and recurring servicing plus asset management revenues tied to its loan and asset servicing portfolio.

Profit is driven by converting originated and held real estate loans into a recurring servicing stream, where the size and economics of the servicing portfolio (servicing revenues and weighted-average servicing fee) are a key structural engine alongside capital markets transaction activity.

Revenue by segment (latest quarter)
Capital Markets$0.2B
Servicing and Asset Mgmt$0.1B

Business quality (Weak): Clear two-segment structure (Capital Markets, and Servicing and Asset Management) and servicing metrics that point to recurring economics, with some exposures reflected in at-risk portfolio measures.

Valuation: At 25× earnings, WD trades 95% above the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

  • Two engines of earnings, capital markets financing and servicing and asset management, supporting a mix of transaction activity and recurring portfolio-based revenues: Reportable segment revenue is split between Capital Markets (0.16B) and Servicing and Asset Management (0.14B), with servicing-related operating metrics available.
  • Broad product coverage across multifamily and other CRE finance types, which can diversify origination needs across loan structures: The company offers first mortgage, second trust, supplemental, construction, mezzanine, preferred equity, small-balance, and bridge/interim loans, plus multifamily finance under the Fannie Mae DUS program and other property niches.

Bear case

  • Performance can be pressured if commercial real estate financing volumes and refinancing activity slow, since the business includes origination and capital markets activities: Capital Markets Segment Revenue is a meaningful portion of total segment revenue (0.16B), and the operating metrics include large-scale commercial real estate mortgage maturities as a key market driver.
  • Servicing economics face credit and risk factors, reflected in at-risk portfolio measures and the reliance on servicing revenues: Operating metrics include At-Risk Portfolio (Fannie Mae) and At-Risk Loan Portfolio, and servicing is a core part of the earnings structure, making it sensitive to deterioration in the underlying loans or servicing economics.
Valuation — source: SEC EDGAR (first-party)
Price$40.24
Market Cap$1.38B
P/E Ratio16.1
EV / EBITDA3.2
Price / Book0.80
Price / Sales1.16
FCF Yield-248.5%
DCF Value (model)$21.54
DCF Upside vs Price-46.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.23B
Net Margin4.6%
Revenue Growth (YoY)9.0%
EPS Growth (YoY)-48.3%
FCF Growth (YoY)-684.3%
Valuation vs Sector & Industry
Stock P/E16.1
Sector P/E (Financials)15.1
Industry P/E (Banking)12.9
vs Sector6.1%
vs Industry24.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($227.82M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryBanking
CEOWilliam Mallory Walker
Employees1,394
CountryUS
IPO Date2010-12-15

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WD earnings history · WD institutional & insider holders · WD KPIs & operating metrics · WD financials · WD investor presentations & press releases · WD SEC filings · WD peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.