Walker & Dunlop, Inc. (WD) Balance Sheet
WD balance sheet, 2025
December 31, 2025 · U.S. dollars$5.06B assets = $3.31B liabilities + $1.75B equity
Both columns are drawn to the same scale: what WD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WD financial health
Descriptive bands, not a rating. Fiscal 2025.
WD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.05B2016 | $5.06B2025 | +5.8%/yr | |
| Total liabilities | $2.44B2016 | $3.31B2025 | +3.5%/yr | |
| Shareholders’ equity | $615.1M2016 | $1.74B2025 | +12.2%/yr | |
| Cash & short-term investments | $118.8M2016 | $299.3M2025 | +10.8%/yr | |
| Total debt | $2.16B2016 | $2.25B2025 | +0.5%/yr | |
| Net cash (debt) | −$2.04B2016 | −$1.95B2025 | +$89.8M | |
| Working capital | $2.22B2016 | −$1.53B2025 | −$3.7B | |
| Book value per share | $19.732016 | $52.002025 | +11.4%/yr | |
| Current ratio | 22.392016 | 0.322025 | −22.07 | |
| Debt / equity | 3.512016 | 1.302025 | −2.21 | |
| Shares outstanding | 31.2M2016 | 33.4M2025 | +0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WD assets
WD liabilities and equity
WD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $299.3M | $279.3M | $328.7M | $225.9M | $305.6M | $321.1M | $120.7M | $90.1M | $191.2M | $118.8M |
| Cash & equivalents | $299.3M | $279.3M | $328.7M | $225.9M | $305.6M | $321.1M | $120.7M | $90.1M | $191.2M | $118.8M |
| Short-term investments | — | $106.0M | $184.1M | $200.2M | $149.0M | $137.2M | $121.8M | $116.3M | $104.5M | $94.7M |
| Receivables | $419.4M | $1.15B | $868.6M | $798.8M | $2.29B | $2.88B | $1.38B | $1.62B | $1.06B | $2.11B |
| Inventory | $0 | $0 | −$295.3M | $200.2M | $901.3M | $700.2M | $433.7M | $0 | $951.8M | $1.86B |
| Other current assets | $0 | $310.5M | $590.6M | $0 | $0 | $0 | $0 | $137.2M | $0 | $0 |
| Total current assets | $718.7M | $1.74B | $1.49B | $1.20B | $2.79B | $3.35B | $1.63B | $1.85B | $1.36B | $2.32B |
| Property, plant & equipment (net) | $130.7M | $128.5M | $119.2M | $94.8M | $24.8M | $17.4M | $22.3M | $0 | $0 | $0 |
| Goodwill & intangible assets | $1.01B | $1.88B | $1.99B | $2.13B | $1.82B | $1.11B | $901.8M | $847.2M | $759.3M | $619.3M |
| Long-term investments | $232.7M | $207.2M | $215.4M | $396.3M | $2.12B | $2.86B | $1.35B | $1.61B | $1.03B | $2.14B |
| Other non-current assets | $2.97B | $429.0M | $234.1M | $220.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $5.06B | $4.38B | $4.05B | $4.05B | $5.05B | $4.65B | $2.67B | $2.78B | $2.21B | $3.05B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | — | −$2.24B | — | — | $311.0M | $238.5M | $93.2M |
| Short-term debt | $2.25B | $1.07B | $1.37B | $1.25B | $2.11B | $2.52B | $906.1M | $1.16B | $937.8M | $1.99B |
| Deferred revenue | — | — | — | — | $15.7M | $14.5M | $8.0M | $20.3M | $6.5M | $10.5M |
| Total current liabilities | $2.25B | $30.5M | $113.5M | $200.3M | $15.7M | $14.5M | $8.0M | $331.3M | $245.0M | $103.7M |
| Long-term debt | $2.25B | $1.55B | $1.37B | $704.1M | $746.6M | $296.7M | $294.0M | $328.7M | $165.7M | $168.6M |
| Lease obligations | $105.1M | $107.5M | $101.4M | $79.6M | $29.5M | — | — | — | — | — |
| Other long-term liabilities | $0 | $1.04B | $823.1M | $1.62B | $2.71B | $3.14B | $1.33B | $1.21B | $982.7M | $2.17B |
| Total liabilities | $3.31B | $2.62B | $2.31B | $2.33B | $3.47B | $3.45B | $1.63B | $1.87B | $1.39B | $2.44B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $334,000 | $332,000 | $329,000 | $323,000 | $320,000 | $307,000 | $300,000 | $295,000 | $229.5M | $229.2M |
| Retained earnings (deficit) | $1.28B | $1.32B | $1.30B | $1.28B | $1.15B | $952.9M | $796.8M | $666.8M | $579.9M | $381.0M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $1.9M | $586,000 | −$479,000 | −$1.6M | $2.6M | $2.0M | $737,000 | −$75,000 | $815.0M | $615.1M |
| Minority interest | $11.9M | $12.0M | $22.4M | $27.4M | $28.1M | — | $6.6M | $5.1M | $5.6M | $4.9M |
| Total shareholders' equity | $1.74B | $1.75B | $1.72B | $1.72B | $1.58B | $1.20B | $1.04B | $907.2M | $815.0M | $615.1M |
| Key figures | ||||||||||
| Total debt | $2.25B | $1.66B | $1.47B | $1.95B | $2.86B | $2.81B | $1.20B | $1.49B | $1.10B | $2.16B |
| Net cash (debt) | −$1.95B | −$1.38B | −$1.14B | −$1.73B | −$2.56B | −$2.49B | −$1.08B | −$1.40B | −$912.3M | −$2.04B |
| Working capital | −$1.53B | $1.71B | $1.38B | $999.4M | $2.77B | $3.34B | $1.63B | $1.52B | $1.11B | $2.22B |
| Tangible book value | $724.4M | −$130.1M | −$267.4M | −$416.8M | −$243.1M | $82.6M | $140.5M | $60.0M | $55.7M | −$4.2M |
| Book value per share | $52.00 | $52.71 | $52.43 | $52.52 | $50.11 | $38.48 | $33.82 | $28.31 | $25.31 | $19.73 |
| Shares outstanding | 33.4M | 33.2M | 32.9M | 32.7M | 31.5M | 31.1M | 30.8M | 32.0M | 32.2M | 31.2M |
| Current ratio | 0.32 | 56.96 | 13.15 | 5.99 | 177.49 | 231.76 | 204.33 | 5.58 | 5.53 | 22.39 |
| Quick ratio | 0.32 | 46.79 | 10.54 | 5.12 | 165.29 | 220.93 | 188.02 | 5.17 | 5.11 | 21.48 |
| Debt / equity | 1.30 | 0.95 | 0.85 | 1.14 | 1.81 | 2.35 | 1.15 | 1.64 | 1.35 | 3.51 |
| Equity / assets | 34.3% | 39.9% | 42.5% | 42.4% | 31.3% | 25.7% | 39.0% | 32.6% | 36.9% | 20.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $160.9M | $192.5M | $299.3M | $274.8M | $233.7M | $181.0M | $279.3M | $179.8M | $208.1M | $216.5M | $328.7M | $236.3M |
| Cash & equivalents | $160.9M | $192.5M | $299.3M | $274.8M | $233.7M | $181.0M | $279.3M | $179.8M | $208.1M | $216.5M | $328.7M | $236.3M |
| Short-term investments | — | — | — | — | — | — | $206.9M | — | $197.9M | $190.7M | $184.1M | $177.5M |
| Receivables | $476.9M | $424.4M | $419.4M | $374.3M | $1.54B | $1.32B | $1.15B | $1.33B | $1.09B | $748.3M | $868.6M | $1.02B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $892.1M |
| Other current assets | $0 | $0 | $0 | $0 | $259.5M | $246.6M | $310.5M | $243.8M | $233.4M | $211.8M | $295.3M | $0 |
| Total current assets | $637.7M | $616.9M | $718.7M | $649.1M | $2.03B | $1.75B | $1.74B | $1.76B | $1.53B | $1.18B | $1.49B | $1.46B |
| Property, plant & equipment (net) | $0 | $0 | $130.7M | $0 | $0 | $0 | $128.5M | $0 | $0 | $0 | $119.2M | $0 |
| Goodwill & intangible assets | $1.00B | $1.01B | $1.01B | $1.01B | $1.84B | $1.85B | $1.88B | $1.91B | $1.93B | $1.96B | $1.99B | $2.06B |
| Long-term investments | $0 | $0 | $232.7M | $0 | $0 | $0 | $207.2M | $0 | $0 | $0 | $215.4M | $0 |
| Other non-current assets | $3.25B | $4.54B | $2.97B | $4.13B | $807.4M | $917.6M | $429.0M | $914.0M | $719.2M | $687.5M | $234.1M | $764.7M |
| Total assets | $4.89B | $6.17B | $5.06B | $5.80B | $4.68B | $4.51B | $4.38B | $4.58B | $4.18B | $3.83B | $4.05B | $4.28B |
| Liabilities | ||||||||||||
| Short-term debt | $1.38B | $3.36B | $2.25B | $3.01B | $1.99B | $1.76B | $1.55B | $1.79B | $1.58B | $636.2M | $1.37B | $1.57B |
| Total current liabilities | $1.38B | $3.36B | $2.25B | $3.01B | $1.99B | $1.76B | $30.5M | $1.79B | $1.58B | $1.29B | $113.5M | $1.57B |
| Long-term debt | $2.21B | $3.36B | $2.25B | $3.01B | $1.99B | $1.76B | $1.55B | $1.79B | $1.58B | $1.29B | $1.37B | $1.57B |
| Lease obligations | — | — | $105.1M | — | — | — | $107.5M | — | — | — | $101.4M | — |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $927.4M | $1.01B | $1.04B | $1.04B | $860.8M | $796.0M | $823.1M | $981.4M |
| Total liabilities | $3.17B | $4.43B | $3.31B | $4.02B | $2.91B | $2.77B | $2.62B | $2.83B | $2.44B | $2.09B | $2.31B | $2.55B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $333,000 | $332,000 | $334,000 | $333,000 | $333,000 | $333,000 | $332,000 | $332,000 | $331,000 | $331,000 | $329,000 | $328,000 |
| Retained earnings (deficit) | $1.24B | $1.26B | $1.28B | $1.32B | $1.31B | $1.30B | $1.32B | $1.30B | $1.29B | $1.29B | $1.30B | $1.29B |
| Accumulated other comprehensive income | $612,000 | $1.2M | $1.9M | $1.8M | $2.8M | $1.3M | $586,000 | $1.5M | $415,000 | −$492,000 | −$479,000 | −$1.9M |
| Minority interest | $12.8M | $12.8M | $11.9M | $11.9M | $11.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.71B | $1.72B | $1.74B | $1.77B | $1.75B | $1.73B | $1.75B | $1.71B | $1.70B | $1.72B | $1.72B | $1.71B |
| Key figures | ||||||||||||
| Total debt | $2.21B | $3.36B | $2.25B | $3.01B | $1.99B | $1.76B | $1.66B | $1.79B | $1.58B | $1.29B | $1.47B | $1.57B |
| Net cash (debt) | −$2.04B | −$3.17B | −$1.95B | −$2.73B | −$1.75B | −$1.58B | −$1.38B | −$1.61B | −$1.37B | −$1.08B | −$1.14B | −$1.33B |
| Working capital | −$746.6M | −$2.74B | −$1.53B | −$2.36B | $45.8M | −$9.9M | $1.71B | −$33.3M | −$51.6M | −$117.4M | $1.38B | −$109.7M |
| Tangible book value | $704.0M | $713.4M | $724.4M | $751.2M | −$85.9M | −$115.4M | −$130.1M | −$199.5M | −$230.1M | −$246.4M | −$267.4M | −$351.2M |
| Book value per share | $51.30 | $51.49 | $52.00 | $52.87 | $52.44 | $52.02 | $52.61 | $51.50 | $51.18 | $51.90 | $52.33 | $51.87 |
| Shares outstanding | 33.3M | 33.4M | 33.4M | 33.4M | 33.4M | 33.3M | 33.2M | 33.2M | 33.2M | 33.0M | 32.9M | 32.9M |
| Current ratio | 0.46 | 0.18 | 0.32 | 0.22 | 1.02 | 0.99 | 56.96 | 0.98 | 0.97 | 0.91 | 13.15 | 0.93 |
| Quick ratio | 0.46 | 0.18 | 0.32 | 0.22 | 0.89 | 0.85 | 46.79 | 0.85 | 0.82 | 0.75 | 10.54 | 0.81 |
| Debt / equity | 1.29 | 1.95 | 1.30 | 1.70 | 1.13 | 1.01 | 0.95 | 1.05 | 0.93 | 0.75 | 0.85 | 0.92 |
| Equity / assets | 34.9% | 27.9% | 34.3% | 30.5% | 37.4% | 38.4% | 39.9% | 37.3% | 40.6% | 44.8% | 42.5% | 39.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
WD financial position
At the end of fiscal 2025 (December 31, 2025), Walker & Dunlop had total assets of $5.1 billion (up 15.5% from a year earlier), total liabilities of $3.3 billion and shareholders' equity of $1.7 billion. It held $299.3 million in cash and short-term investments against $2.2 billion of debt, net debt of $2.0 billion. Its current ratio was 0.32. In the latest quarter (ended June 30, 2026) total assets were $4.9 billion and equity $1.7 billion.
Related: WD income statement, WD cash flow statement, WD key metrics. See the WD stock overview for the latest quote and news.
WD balance sheet FAQ
What are Walker & Dunlop's total assets?
Walker & Dunlop reported total assets of $5.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.4 billion a year earlier.
How much debt does Walker & Dunlop have?
Walker & Dunlop had $2.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.30.
How much cash does Walker & Dunlop have?
Walker & Dunlop held $299.3 million in cash and short-term investments at the end of fiscal 2025; with $2.2 billion of debt that is net debt of $2.0 billion.
What is Walker & Dunlop's book value?
Walker & Dunlop's shareholders' equity (book value) was $1.7 billion at the end of fiscal 2025, or $52.00 per share.
What is Walker & Dunlop's current ratio?
Walker & Dunlop had current assets of $718.7 million and current liabilities of $2.2 billion, a current ratio of 0.32 (current liabilities exceed current assets).
How much goodwill does Walker & Dunlop have?
Walker & Dunlop carried $1.0 billion of goodwill and intangible assets, 20.0% of total assets, at the end of fiscal 2025.