Walker & Dunlop, Inc. (WD) intrinsic value & 10-year financials
Walker & Dunlop, Inc. (WD) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 22.5% a year to $320.0M, with an average return on invested capital of 15.6%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $32.66
- Market cap
- $1.1B
- Revenue (FY2025)
- $320.0M
- Revenue growth (10-yr CAGR)
- 22.5%
- ROIC (10-yr avg)
- 15.6%
- Free cash flow (FY2025)
- -$680.1M
WD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $320.0M | $56.2M | $1.64 | -$680.1M | — | 3.2% |
| FY2024 | $265.4M | $108.2M | $3.19 | $116.4M | — | 6.2% |
| FY2023 | $258.2M | $107.4M | $3.18 | -$16.7M | — | 6.3% |
| FY2022 | $430.0M | $213.8M | $6.36 | $1.6B | — | 13.2% |
| FY2021 | $363.5M | $265.8M | $8.15 | $861.2M | — | 19.4% |
| FY2020 | $125.6M | $246.2M | $7.69 | -$1.4B | — | 22.1% |
| FY2019 | $127.5M | $173.4M | $5.45 | $422.9M | — | 17.9% |
| FY2018 | $95.7M | $161.4M | $4.96 | $59.4M | — | 18.9% |
| FY2017 | $82.4M | $211.1M | $6.56 | $1.1B | — | 29.7% |
| FY2016 | $51.5M | $113.9M | $3.65 | $756.9M | — | 18.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Walker & Dunlop, Inc. is a consistent compounder, expanding top-line revenue at 22.5% annually over the past decade.
Walker & Dunlop, Inc. has earned high returns on invested capital, averaging 15.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Walker & Dunlop, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Walker & Dunlop, Inc. is modeled at -8.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-12.05 per share.