Walker & Dunlop, Inc. (WD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+353.2%

$164.22

vs $36.24 price

Levered DCF

$125.24

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.72

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	35.59×	30.47×	34.69×	12.21×	18.24×	11.72×	11.53×	8.4×
P/B	1.16×	1.84×	2.11×	1.5×	3.03×	2.34×	1.87×	1.5×
P/S	1.63×	2.84×	3.44×	2.02×	3.72×	2.59×	2.37×	1.87×
EV / EBITDA	10.35×	13.07×	13.09×	7.47×	12.46×	10.59×	7.87×	7.67×
Gross margin	61.3%	44.5%	44.7%	49.0%	51.4%	56.0%	55.9%	57.6%
Operating margin	17.3%	11.6%	13.1%	21.0%	28.0%	30.5%	28.2%	29.3%
Net margin	4.6%	9.6%	10.2%	17.0%	21.1%	22.7%	21.2%	22.3%
Current ratio	0.32×	56.96×	13.15×	6.48×	22.86×	231.76×	204.33×	5.58×
Debt / equity	1.3×	0.95×	0.85×	0.78×	1.75×	2.35×	1.16×	1.62×
Interest coverage	38.81×	0×	0×	0×	44.11×	38.63×	16.04×	21.01×
Dividend yield	4.6%	2.8%	2.3%	3.2%	1.4%	1.6%	1.9%	2.3%
Payout ratio	160.8%	81.9%	79.0%	37.5%	24.3%	18.4%	21.5%	19.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.3%	6.2%	6.2%	12.7%	17.1%	20.6%	16.7%	17.9%
Return on invested capital	7.8%	2.3%	2.6%	5.4%	5.2%	5.3%	6.5%	4.5%
Return on assets	1.1%	2.5%	2.6%	5.3%	5.1%	5.3%	6.5%	5.8%
Free cash flow yield	-33.9%	3.6%	-0.5%	61.5%	18.4%	-50.5%	21.9%	4.4%
Earnings yield	2.8%	3.4%	3.0%	8.4%	5.7%	8.8%	9.0%	11.9%
Enterprise value	$4B	$4.6B	$4.8B	$3.6B	$7.1B	$5.3B	$3B	$2.7B
Net debt / EBITDA	5.1×	3.92×	3.13×	2.25×	4.23×	4.98×	2.82×	3.85×
Cash conversion cycle (days)	124	370	301	232	665	968	618	-197