At a glance
Walker & Dunlop Inc is worth $1.17B, about 21 times its fiscal 2025 earnings. Revenue grew 9.0% to $1.23B in fiscal 2025, with 4.6% kept as profit; over 5 years it has grown 2.6% a year. It pays a 7.92% dividend yield, raised every year for at least 7 years, and returned $514.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −56.5% over the past year with dividends reinvested and −20.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.7% in the 2020 crash (S&P 500: 33.7%) and 44.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Walker & Dunlop says it is one of the largest US service providers to owners of apartment buildings, known as multifamily properties. Its core business is arranging loans for property owners and developers through Fannie Mae, Freddie Mac and the federal Department of Housing and Urban Development (HUD). It is one of 25 approved lenders in Fannie Mae's Delegated Underwriting and Servicing (DUS) program and one of 23 approved Freddie Mac lenders. It also brokers loans funded by life insurers and banks, handles property sales, appraisals and housing research, manages investment funds, and raises money for affordable housing through low-income housing tax credits.
Loans made through these programs are generally funded with a short-term credit line, called a warehouse facility, and sold to investors, typically within 60 days. The company earns origination fees and sale premiums. It also keeps the servicing on nearly all of these loans, which means it collects payments and manages each loan over its life for ongoing fees.
For the year ended December 31, 2025, revenue was $1.23 billion. The Capital Markets segment, covering lending, debt brokerage, property sales and appraisals, produced 52.4%; Servicing & Asset Management 45.9%; and Corporate 1.7%. By type, origination and brokerage fees were 27.7%, servicing fees 27.3%, and an upfront accounting gain for the estimated value of future servicing 14.6%.
Price history
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WD -56.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Loan Origination And Debt Brokerage Fees Net | $342.1M | 27.7% |
| Servicing Fees | $337.4M | 27.3% |
| Fair Value Of Expected Future Cash Flows From Servicing Rights Net | $179.7M | 14.6% |
| Escrow Earnings And Other Interest Income | $152.6M | 12.4% |
| Property Sales Broker Fees | $83.5M | 6.8% |
| Application Fees Subscription Revenues Other Revenues From Lihtc Operations And Other Revenues | $75.9M | 6.1% |
| Investment Management Fees | $34.6M | 2.8% |
| Asset Management1 | $26.2M | 2.1% |
By business segment
| Capital Markets | $647.0M | 52.4% |
| Servicing And Asset Management | $566.6M | 45.9% |
| Corporate | $20.8M | 1.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $306.7M, down 3.9% from a year earlier, and net income was $3.0M (-91.1%).
- For fiscal 2025, revenue was $1.23B (+9.0% year over year; +2.6% a year from FY2020 to FY2025) with a 4.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.6% watch |
|---|---|
| Return on equity | 3.2% weak |
| Net income / revenue | 4.6% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.08B | $246.2M | — |
| FY2021 | $1.26B | $265.8M | — |
| FY2022 | $1.26B | $213.8M | — |
| FY2023 | $1.05B | $107.4M | — |
| FY2024 | $1.13B | $108.2M | — |
| FY2025 | $1.23B | $56.2M | — |
Valuation snapshot
| Market value | $1.17B |
|---|---|
| P/E ratio | 20.9 |
| Dividend yield | 7.92% |
Rank among 1514 US companies
Market value at each year end
Walker & Dunlop’s market value went from $961.1M at the end of 2016 to $1.17B on Oct 28, 2026, up 22%; since the end of 2025 it is down 43%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.17B | -42.7% |
| 2025 | $2.05B | -37.6% |
| 2024 | $3.28B | -11.6% |
| 2023 | $3.71B | +43.3% |
| 2022 | $2.59B | -46.4% |
| 2021 | $4.83B | +68.2% |
| 2020 | $2.87B | +44.2% |
| 2019 | $1.99B | +47.5% |
| 2018 | $1.35B | -8.4% |
| 2017 | $1.48B | +53.5% |
| 2016 | $961.1M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WD price data to Oct 28, 2026 | -40.5% | -56.5% | -16.1% | -20.9% | +6.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -40.5% |
| 2025 | -35.9% |
| 2024 | -10.2% |
| 2023 | +45.9% |
| 2022 | -46.8% |
| 2021 | +67.0% |
| 2020 | +46.0% |
| 2019 | +52.7% |
| 2018 | -7.1% |
| 2017 | +52.2% |
| 2016 | +8.3% |
| 2015 | +64.3% |
| 2014 | +8.5% |
| 2013 | -2.9% |
| 2012 | +32.6% |
| 2011 | +24.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 53.7% over that stretch · deepest drop along the way 53.7%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 42.3% over that stretch · deepest drop along the way 44.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($46K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 18, 2026 | Dana L Schmaltz Director | buy | $46K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 6.06% | Mar 31, 2026 |
| Vanguard Capital Management | 5.09% | Mar 31, 2026 |
| JANUS HENDERSON GROUP PLC | 4.6% | Jun 30, 2025 |
ETFs with the most weight in WD
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 1.14% |
| KBE SPDR S&P Bank ETF | 1.03% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.91% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.78% |
| NUSC Nuveen ESG Small-Cap ETF | 0.3% |
| JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.25% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.25% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.24% |
What could go wrong
- Reliance on Fannie Mae, Freddie Mac and HUD. All loans it holds for sale are made through these government-linked programs. Any of them can end its approved-lender status at any time, and losing one approval could cost it the others.
- Policy changes at Fannie Mae and Freddie Mac. Both have been under government control, called conservatorship, since 2008, and Congress has weighed bills to wind them down. Changes to their structure or lending caps could shrink its loan volumes and fees.
- Sharing losses when borrowers default. On Fannie Mae DUS loans it shares default losses, with its share generally capped at 20% of the original loan. It may also have to advance missed payments, tying up cash.
- Dependence on warehouse credit lines. It funds new loans with short-term credit lines, called warehouse facilities, until the loans are sold to investors. If several lines were cut or ended, replacement financing could cost more or be unavailable.
- Loss of steady loan servicing fees. Servicing fees made up 27.3% of revenue for the year ended December 31, 2025. Fewer or terminated servicing contracts, or breaches of those agreements, could cut this recurring income.
- Interest rates and the apartment market. Rate swings, market volatility and borrower preferences can cut loan volumes and margins. Results also depend on the multifamily sector, so weak apartment markets can reduce demand for its services.
Recent events
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Walker & Dunlop has raised its dividend for at least seven straight years. Dividends per share grew from $1.44 in 2020 to $2.68 in 2025, about 13% a year. But in 2025 it paid out 163% of earnings: $2.68 a share in dividends against diluted earnings of $1.64. Net income for the quarter ended June 30, 2026, fell 91% from a year earlier. The 7.92% dividend yield as of October 28, 2026, partly reflects a share price down 56.5% over the prior year. Buybacks are modest: about $105 million over fiscal 2021–2025, against $410 million in dividends, and the share count rose 7.1% between October 2021 and July 2026.
The shares have fallen hard in downturns. They dropped 53.7% in the 2020 COVID crash and recovered in about 7.6 months. They fell 44.3% in the 2022 bear market and had not regained their January 2022 high as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Walker & Dunlop make money?
Mainly by arranging and servicing loans on apartment buildings and other commercial property. For the year ended December 31, 2025, origination and debt brokerage fees were 27.7% of its $1.23 billion revenue and servicing fees 27.3%. Another 14.6% was an upfront accounting gain for the expected value of servicing new loans. Interest earned on escrow balances (money borrowers set aside for items such as taxes and insurance) plus other interest added 12.4%, and property sales brokerage 6.8%.
Does Walker & Dunlop raise its dividend every year?
Yes, through fiscal 2025. Its dividend rose in every year of SEC data from 2018 to 2025, at least seven straight increases, and the streak may be longer. Dividends per share grew from $1.44 in 2020 to $2.68 in 2025, about 13.2% a year. The record has a weak spot: in 2025 the company paid $2.68 a share in dividends but earned only $1.64 a share, a payout of 163% of earnings.
Why is Walker & Dunlop's dividend yield so high?
Mainly because the share price has fallen. Dividend yield is the yearly dividend divided by the share price, so it rises when the price drops. The yield was 7.92% as of October 28, 2026, after the shares fell 56.5% over the prior year and 40.5% from the start of 2026. A yield this high can signal market doubts about the payout, especially since dividends exceeded earnings in 2025 and net income for the quarter ended June 30, 2026, was 91.1% lower than a year earlier.
How much does Walker & Dunlop depend on Fannie Mae and Freddie Mac?
A great deal. It originates a majority of its loans for sale through Fannie Mae and Freddie Mac, and a substantial majority of its servicing portfolio is loans made through their programs. Both have been under government control, called conservatorship, since 2008, and Congress has considered bills to wind them down. Their regulator, the Federal Housing Finance Agency, caps their purchases of new multifamily loans each year; in November 2025 it raised the caps to $88.0 billion for 2026, from $73.0 billion each for 2025.
Is Walker & Dunlop profitable?
Yes, but much less than a few years earlier. Net income was $56.2 million for the year ended December 31, 2025, down 48% from the prior year and well below $265.8 million in 2021. Earnings per share fell from $8.15 to $1.64 over that span, even as revenue grew 9% in 2025 to $1.23 billion. Return on equity, profit as a share of shareholders' capital, was 3.2% for 2025. Net income for the quarter ended June 30, 2026, was $3.0 million, down 91.1% from a year earlier.