Walker & Dunlop, Inc. (WD) Key Metrics
WD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.12B
- Enterprise value
- $3.36B
- P/E (TTM)
- 29.2 10-yr median 11.8
- Forward P/E
- 11.0
- PEG ratio
- 1.09
- Price / sales
- 0.9 10-yr median 2.3
- Price / book
- 0.8 10-yr median 1.9
- EV / EBITDA
- 10.2 10-yr median 10.2
- Dividend yield
- 8.33% $2.72 a year
- Beta
- 1.51
WD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWD valuation Price multiples at each fiscal year-end price.
WD returns How much profit the business earns on the capital it uses.
WD per-share figures Results divided by the shares outstanding at year-end.
WD financial health Debt, liquidity and how easily interest is covered.
WD efficiency & capital use Working capital cycle and where the cash goes.
WD valuation history
WD returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WD cash returned to shareholders
WD price vs earnings per share
WD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.01B | $3.22B | $3.65B | $2.57B | $4.76B | $2.86B | $1.99B | $1.39B | $1.53B | $972.6M |
| Enterprise value | $3.96B | $4.60B | $4.79B | $4.29B | $7.31B | $5.35B | $3.07B | $2.79B | $2.44B | $3.01B |
| P/E ratio | 35.2 | 29.8 | 34.0 | 12.0 | 17.9 | 11.6 | 11.5 | 8.6 | 7.2 | 8.5 |
| Price / sales | 1.6 | 2.8 | 3.5 | 2.0 | 3.8 | 2.6 | 2.4 | 1.9 | 2.1 | 1.7 |
| Price / book | 1.2 | 1.8 | 2.1 | 1.5 | 3.0 | 2.4 | 1.9 | 1.5 | 1.9 | 1.6 |
| Price / free cash flow | — | 27.7 | — | 1.6 | 5.5 | — | 4.7 | 23.3 | 1.4 | 1.3 |
| Price / operating cash flow | — | 24.9 | — | 1.6 | 5.5 | — | 4.7 | 21.6 | 1.4 | 1.3 |
| EV / sales | 3.2 | 4.1 | 4.5 | 3.4 | 5.8 | 4.9 | 3.8 | 3.8 | 3.4 | 5.2 |
| EV / EBITDA | 10.3 | 13.1 | 13.1 | 8.8 | 12.8 | 10.7 | 8.0 | 7.8 | 6.7 | 10.1 |
| EV / free cash flow | — | 39.5 | — | 2.7 | 8.5 | — | 7.3 | 46.9 | 2.3 | 4.0 |
| Earnings yield | 2.8% | 3.4% | 2.9% | 8.3% | 5.6% | 8.6% | 8.7% | 11.6% | 13.8% | 11.7% |
| Free cash flow yield | −33.9% | 3.6% | −0.5% | 60.8% | 18.1% | −49.4% | 21.2% | 4.3% | 69.5% | 77.8% |
| Dividend yield | 4.6% | 2.7% | 2.3% | 3.1% | 1.4% | 1.6% | 1.9% | 2.3% | 9.2% | 33.5% |
| Shareholder yield (dividends + buybacks) | 5.1% | 3.1% | 2.9% | 4.8% | 1.8% | 3.2% | 3.4% | 7.2% | 11.5% | 34.8% |
| Share price at fiscal year-end | $60.15 | $97.21 | $111.01 | $78.48 | $150.88 | $92.02 | $64.68 | $43.25 | $47.50 | $31.20 |
| Per share | ||||||||||
| Revenue per share | $36.99 | $34.15 | $32.07 | $38.51 | $39.93 | $34.86 | $26.52 | $22.63 | $22.10 | $18.45 |
| Earnings per share | $1.71 | $3.26 | $3.27 | $6.54 | $8.43 | $7.92 | $5.63 | $5.04 | $6.56 | $3.65 |
| Operating cash flow per share | −$19.91 | $3.90 | −$0.02 | $48.42 | $27.60 | −$45.41 | $13.88 | $2.00 | $33.15 | $24.36 |
| Free cash flow per share | −$20.38 | $3.51 | −$0.51 | $47.75 | $27.31 | −$45.50 | $13.72 | $1.85 | $32.99 | $24.28 |
| Cash per share | $8.97 | $8.42 | $10.00 | $6.91 | $9.69 | $10.33 | $3.92 | $2.81 | $5.94 | $3.81 |
| Book value per share | $52.00 | $52.71 | $52.43 | $52.52 | $50.11 | $38.48 | $33.82 | $28.31 | $25.31 | $19.73 |
| Tangible book value per share | $21.71 | −$3.92 | −$8.13 | −$12.75 | −$7.71 | $2.66 | $4.56 | $1.87 | $1.73 | −$0.14 |
| Dividends per share | $2.75 | $2.67 | $2.58 | $2.45 | $2.04 | $1.46 | $1.21 | $0.98 | $4.36 | $10.45 |
| Capex per share | $0.47 | $0.39 | $0.49 | $0.67 | $0.29 | $0.10 | $0.15 | $0.15 | $0.16 | $0.08 |
| Debt per share | $67.41 | $49.98 | $44.74 | $59.71 | $90.74 | $90.53 | $38.95 | $46.50 | $34.26 | $69.25 |
| Shares outstanding | 33.4M | 33.2M | 32.9M | 32.7M | 31.5M | 31.1M | 30.8M | 32.0M | 32.2M | 31.2M |
| Change in shares outstanding | +0.6% | +0.9% | +0.6% | +3.7% | +1.4% | +0.9% | −3.8% | −0.5% | +3.3% | +0.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 3.3% | 6.2% | 6.2% | 13.0% | 19.1% | 22.0% | 17.8% | 18.7% | 29.5% | 20.6% |
| Return on invested capital (ROIC) | 4.5% | 3.4% | 3.3% | 5.5% | 6.8% | 8.5% | 7.8% | 8.0% | 9.7% | 3.9% |
| Return on assets (ROA) | 1.2% | 2.6% | 2.7% | 4.7% | 5.5% | 6.7% | 6.4% | 6.5% | 8.0% | 3.5% |
| Return on tangible assets | 1.4% | 4.3% | 5.2% | 11.2% | 8.2% | 7.0% | 9.8% | 8.4% | 14.6% | 4.7% |
| Free cash flow margin | −55.1% | 10.3% | −1.6% | 124.0% | 68.4% | −130.5% | 51.7% | 8.2% | 149.2% | 131.6% |
| Income quality (OCF / net income) | −11.64 | 1.20 | −0.00 | 7.40 | 3.28 | −5.73 | 2.47 | 0.40 | 5.06 | 6.67 |
| Financial health | ||||||||||
| Total debt | $2.25B | $1.66B | $1.47B | $1.95B | $2.86B | $2.81B | $1.20B | $1.49B | $1.10B | $2.16B |
| Cash & short-term investments | $299.3M | $279.3M | $328.7M | $225.9M | $305.6M | $321.1M | $120.7M | $90.1M | $191.2M | $118.8M |
| Net debt | $1.95B | $1.38B | $1.14B | $1.73B | $2.56B | $2.49B | $1.08B | $1.40B | $912.3M | $2.04B |
| Debt / equity | 1.30 | 0.95 | 0.85 | 1.14 | 1.81 | 2.35 | 1.15 | 1.64 | 1.35 | 3.51 |
| Debt / assets | 0.44 | 0.38 | 0.36 | 0.48 | 0.57 | 0.60 | 0.45 | 0.54 | 0.50 | 0.71 |
| Net debt / EBITDA | 5.10 | 3.92 | 3.13 | 3.55 | 4.49 | 4.99 | 2.82 | 3.94 | 2.50 | 6.86 |
| 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 | 56.96 | 15.75 | 4.99 | 120.16 | 183.37 | 150.09 | 5.58 | 1.65 | 4.47 |
| Interest coverage | 38.8 | 18.7 | 2.0 | 7.7 | 44.1 | 38.6 | 16.0 | 21.0 | 24.0 | 18.9 |
| Working capital | −$1.53B | $1.71B | $1.38B | $999.4M | $2.77B | $3.34B | $1.63B | $1.52B | $1.11B | $2.22B |
| Invested capital | $3.69B | $3.13B | $2.87B | $3.44B | $4.14B | $3.69B | $2.12B | $2.31B | $1.73B | $2.66B |
| Tangible asset value | $735.3M | −$118.1M | −$245.0M | −$416.8M | −$243.1M | $82.6M | $140.5M | $60.0M | $55.7M | −$4.2M |
| Net current asset value | −$2.59B | −$882.8M | −$813.6M | −$1.13B | −$678.4M | −$101.7M | $5.7M | −$23.7M | −$37.7M | −$115.7M |
| Graham number | $44.74 | $62.20 | $62.07 | $87.92 | $97.48 | $82.81 | $65.44 | $56.65 | $61.10 | $40.28 |
| Graham net-net per share | −$80.91 | −$44.66 | −$44.83 | −$42.93 | −$31.48 | −$20.17 | −$8.23 | −$17.67 | $2.13 | $6.15 |
| Capital allocation | ||||||||||
| Dividends paid | $91.8M | $88.6M | $84.8M | $80.1M | $64.5M | $45.4M | $37.3M | $31.4M | $140.3M | $325.8M |
| Share buybacks (net) | $10.5M | $12.4M | $20.5M | $42.4M | $18.9M | $45.8M | $30.7M | $68.8M | $34.9M | $12.9M |
| Dividend payout ratio | 160.8% | 81.9% | 79.0% | 37.5% | 24.3% | 18.4% | 21.5% | 19.5% | 66.5% | 286.1% |
| Dividends + buybacks / free cash flow | — | 86.8% | — | 7.8% | 9.7% | — | 16.1% | 168.9% | 16.5% | 44.7% |
| Capex / revenue | 1.3% | 1.1% | 1.5% | 1.7% | 0.7% | 0.3% | 0.6% | 0.7% | 0.7% | 0.4% |
| Capex / operating cash flow | — | 10.0% | — | 1.4% | 1.1% | — | 1.1% | 7.4% | 0.5% | 0.3% |
| Capex / depreciation | 0.07 | 0.05 | 0.07 | 0.09 | 0.04 | 0.02 | 0.03 | 0.03 | 0.04 | 0.02 |
| Stock-based compensation / revenue | 2.2% | 2.4% | 2.6% | 2.7% | 2.9% | 2.6% | 2.9% | 3.3% | 3.0% | 3.2% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 8.7% | 9.5% | 9.1% | 8.7% | 5.8% | 5.5% | 7.3% | 7.0% | 5.9% | 6.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 232.0 | 325.2 | 288.6 | 448.2 | 749.0 | 717.1 | 671.0 | 674.9 | 812.2 | 1,542.6 |
| Days of inventory on hand | — | — | -29.8 | 313.3 | 478.0 | 433.5 | 439.1 | — | 1,715.1 | 3,350.6 |
| Days payables outstanding | — | — | — | — | -1,337.4 | — | — | 326.2 | 202.5 | 123.7 |
| Cash conversion cycle (days) | — | — | — | — | 2,564.4 | — | — | 348.7 | 2,324.9 | 4,769.5 |
| Receivables turnover | 1.57 | 1.12 | 1.26 | 0.81 | 0.49 | 0.51 | 0.54 | 0.54 | 0.45 | 0.24 |
| Payables turnover | — | — | — | — | — | — | — | 1.12 | 1.80 | 2.95 |
| Inventory turnover | — | — | — | 1.16 | 0.76 | 0.84 | 0.83 | — | 0.21 | 0.11 |
| Asset turnover | 0.26 | 0.27 | 0.26 | 0.28 | 0.26 | 0.30 | 0.30 | 0.29 | 0.27 | 0.18 |
| Average receivables | $784.4M | $1.01B | $833.7M | $1.55B | $2.58B | $2.13B | $1.50B | $1.34B | $1.58B | $2.43B |
| Average payables | — | — | — | — | −$2.24B | — | — | $274.8M | $165.9M | $80.4M |
| Average inventory | — | — | −$47.5M | $550.8M | $800.7M | $566.9M | $433.7M | — | $1.41B | $2.18B |
| Intangibles / total assets | 20.0% | 42.9% | 49.1% | 52.7% | 36.1% | 23.9% | 33.8% | 30.5% | 34.4% | 20.3% |
Computed from WD's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WD valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Walker & Dunlop traded at 35.2 times earnings, against a 10-year median of 11.8. Based on the latest twelve months, the trailing P/E is 29.2 and the forward P/E is 11.0. Walker & Dunlop earned a return on equity of 3.3% and a return on invested capital of 4.5% in fiscal 2025. It ended the year with $2.2 billion of debt and $299.3 million in cash and short-term investments, net debt of $2.0 billion. It returned $102.3 million to shareholders: $91.8 million in dividends and $10.5 million in share buybacks. The share count rose 7.0% from 31.2M to 33.4M over 9 years.
See the WD income statement, the WD chart for price history, or the WD stock overview for the latest quote and news.
WD key metrics FAQ
What is Walker & Dunlop's P/E ratio?
Walker & Dunlop's trailing P/E ratio is 29.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.0. At the end of fiscal 2025 it was 35.2, compared with a 10-year median of 11.8.
What is Walker & Dunlop's EV/EBITDA?
Walker & Dunlop's enterprise value was 10.3 times EBITDA at the end of fiscal 2025 (enterprise value $4.0 billion, EBITDA $382.4 million); the current EV/EBITDA is 10.2.
What is Walker & Dunlop's return on equity?
Walker & Dunlop's return on equity (ROE) was 3.3% in fiscal 2025: net income of $57.1 million on average shareholders' equity of $1.7 billion.
What is Walker & Dunlop's ROIC?
Walker & Dunlop's return on invested capital was 4.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Walker & Dunlop have?
Walker & Dunlop had total debt of $2.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.30 and $2.0 billion of net debt (5.10 times EBITDA).
What is Walker & Dunlop's dividend yield?
Walker & Dunlop's forward dividend yield is 8.33%. Walker & Dunlop paid $91.8 million in dividends in fiscal 2025 ($2.75 per share), a payout ratio of 160.8%.
Does Walker & Dunlop buy back its shares?
Yes. Walker & Dunlop spent $10.5 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.6% over the year, to 33.4M..
What is Walker & Dunlop's free cash flow yield?
Walker & Dunlop generated -$680.1 million of free cash flow in fiscal 2025, a free cash flow yield of −33.9% on its market value at year-end ($2.0 billion).
What is Walker & Dunlop's current ratio?
Walker & Dunlop's current ratio was 0.32 at the end of fiscal 2025: current assets were 0.32 times current liabilities.