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Walker & Dunlop Valuation Multiples

Discover Walker & Dunlop's revenue and EBITDA valuation multiples, acquisitions, and investment history, alongside public comparables like IndiGrid Infrastructure, Ellington Financial, Fibra Mty, MFA Financial and more.

Walker & Dunlop Overview

About Walker & Dunlop

Walker & Dunlop Inc is a United States-based commercial real estate finance company. It is principally engaged in originating, selling, and servicing a number of multifamily and other commercial real estate financing products that are sold under the programs of Freddie Mac, Fannie Mae, Ginnie Mae, and the Federal Housing Administration. The company is managed based on three reportable segments: Capital Markets (CM), Servicing & Asset Management (SAM), and Corporate. The company generates a majority of total revenue from gains from mortgage banking activities and servicing fees. It conducts business solely in the United States.


Founded

2010

HQ

United States

Employees

1.4K

Financials (LTM)

Revenue: $1B
EBITDA: $282M

EV

$5B

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Walker & Dunlop Financials

Walker & Dunlop reported last 12-month revenue of $1B and EBITDA of $282M.

In the same LTM period, Walker & Dunlop generated $282M in EBITDA and $83M in net income.

Revenue (LTM)


Walker & Dunlop P&L

In the most recent fiscal year, Walker & Dunlop reported revenue of $1B and EBITDA of $346M.

Walker & Dunlop is profitable as of last fiscal year, with gross margin of 42%, EBITDA margin of 28%, and net margin of 5%.

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LTMLast FY202320242025202620272028
Revenue$1B$1B$1B$1B$1B
Gross Profit-$522M$472M$504M$522M
Gross Margin-42%45%44%42%
EBITDA$282M$346M$364M$352M$346M
EBITDA Margin22%28%35%31%28%
EBIT Margin-9%13%10%9%
Net Profit$83M$57M$107M$108M$57M
Net Margin6%5%10%10%5%
Net Debt-$2B---

Financial data powered by Morningstar, Inc.

Walker & Dunlop Stock Performance

Walker & Dunlop has current market cap of $2B, and enterprise value of $5B.

Market Cap Evolution


Walker & Dunlop's stock price is $51.69.

Walker & Dunlop share price increased by 3.0% in the last 30 days, and decreased by 26.7% in the last year.

Walker & Dunlop has an EPS (earnings per share) of $1.66.

See more trading valuation data for Walker & Dunlop
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$5B$2B7.0%3.0%16.5%-26.7%$1.66

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Walker & Dunlop Valuation Multiples

Walker & Dunlop trades at 3.8x EV/Revenue multiple, and 17.6x EV/EBITDA.

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EV / Revenue (LTM)


Walker & Dunlop Financial Valuation Multiples

As of June 5, 2026, Walker & Dunlop has market cap of $2B and EV of $5B.

Walker & Dunlop has a P/E ratio of 21.3x.

LTMLast FY202320242025202620272028
EV/Revenue3.8x4.0x4.7x4.4x4.0x
EV/EBITDA17.6x14.3x13.6x14.1x14.3x
EV/EBIT-46.0x35.9x43.3x46.0x
EV/Gross Profit-9.5x10.5x9.8x9.5x
P/E21.3x31.1x16.5x16.4x31.1x
EV/FCF-(7.3x)n/m42.5x(7.3x)

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Walker & Dunlop Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Walker & Dunlop Margins & Growth Rates

Walker & Dunlop grew revenue by 12% but EBITDA decreased by 11% in the last fiscal year.

In the most recent fiscal year, Walker & Dunlop reported gross margin of 42%, EBITDA margin of 28%, and net margin of 5%.

See estimated margins and future growth rates for Walker & Dunlop

Walker & Dunlop Margins

Last FY202420252026202720282029
Gross Margin42%44%42%-
EBITDA Margin28%31%28%22%
EBIT Margin9%10%9%-
Net Margin5%10%5%9%
FCF Margin(55%)10%(55%)-

Walker & Dunlop Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth12%7%9%12%
Gross Profit Growth-7%4%-
EBITDA Growth(11%)(3%)(2%)(11%)
EBIT Growth-(17%)(6%)-
Net Profit Growth110%1%(47%)110%
FCF Growth-(796%)(684%)-

Data powered by FactSet, Inc. and Morningstar, Inc.

Walker & Dunlop Operational KPIs

Walker & Dunlop's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.3M for the same period.

Walker & Dunlop's Rule of 40 is 34% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Walker & Dunlop's Rule of X is 52% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Walker & Dunlop
LTMLast FY202320242025202620272028
Rule of 4034%34%---
Bessemer Rule of X53%52%---
Revenue per Employee-$0.9M---
Opex per Employee-$0.3M---
S&M Expenses to Revenue-1%1%1%1%
G&A Expenses to Revenue-8%8%8%8%
Opex to Revenue-34%32%34%34%

Data powered by FactSet, Inc. and Morningstar, Inc.

Valuation Multiples Across 230+ Verticals

Walker & Dunlop Competitors

Walker & Dunlop competitors include IndiGrid Infrastructure, Ellington Financial, Fibra Mty, MFA Financial, RFA Financial, Alpha Investment, Dream Industrial REIT, Deutsche Pfandbriefbank, SHL Finance and Enity Holding.

Most Walker & Dunlop public comparables operate across Real Estate Finance.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
IndiGrid Infrastructure7.5x-11.1x-
Ellington Financial58.3x49.1x--
Fibra Mty-(8.4x)-(10.1x)
MFA Financial24.9x29.1x--
RFA Financial8.6x-(23.3x)-
Alpha Investment----
Dream Industrial REIT13.6x-26.3x-
Deutsche Pfandbriefbank43.0x44.5x--

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Acquisitions by Walker & Dunlop

Walker & Dunlop has acquired 11 companies to date.

Last acquisition by Walker & Dunlop was on February 7th 2022. Walker & Dunlop acquired GeoPhy for $290M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Walker & Dunlop

GeoPhy
Alliant Capital
TapCap
Zelman & Associates
Description
GeoPhy is an Amsterdam-based real estate analytics firm that applies machine learning to traditional and alternative data sources. The platform helps investors size market opportunities, assess property values, and manage portfolio risks for commercial real estate in Europe and North America by providing granular insights into location factors and transaction trends.
Alliant Capital is a Woodland Hills, California-headquartered firm specializing in tax credit syndication for affordable housing development and real estate finance. Founded in 1997, it structures low-income housing tax credits, syndicating billions in equity for multifamily projects nationwide through partnerships with developers and investors.
TapCap is a nationwide digital lending platform for U.S. commercial real estate, specializing in multifamily loans. Borrowers use its app for real-time, transparent financing options, replacing traditional processes with streamlined, secure digital workflows.
Zelman & Associates is a Cleveland-headquartered research and advisory firm exclusively focused on the U.S. single-family housing market. The team publishes weekly reports on homebuilder stocks, mortgage origination data, and supply chain metrics, serving institutional investors like hedge funds and banks. Founded in 2007, Zelman delivers proprietary datasets on 1,800 communities and advises on M&A transactions totaling billions in value.
HQ CountryNetherlandsUnited StatesUnited StatesUnited States
HQ City
The Hague
Los Angeles, CA
New York City, NY
Cleveland, OH
Deal Date7 Feb 202230 Aug 20211 Jun 20215 May 2021
Valuation$290M$696Mundisclosed$59M
EV/Revenue
EV/EBITDA

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Investments by Walker & Dunlop

Walker & Dunlop has invested in 2 companies to date.

Latest investment by Walker & Dunlop was on November 9th 2021. Walker & Dunlop invested in Fortress in their $9M Strategic investment round (EV/Revenue multiple available to Pro users).

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Latest Investments by Walker & Dunlop

Fortress
Rentlytics
Description
Fortress is a property management software platform offering real-time dashboards for key performance indicators. It streamlines lead tracking, tenant applications, renewals, move-ins and move-outs, work orders, delinquency notices, lease expirations, and tenant screenings through an intuitive interface accessible at www.fortresstech.io.
Rentlytics is a San Francisco-headquartered data platform transforming global real estate information into actionable insights for investment firms. It powers portfolio decisions with analytics tools and maintains offices in Sacramento and Denver.
HQ CountryUnited StatesUnited States
HQ City
Nashville, TN
San Francisco, CA
Deal Date9 Nov 202114 Jan 2016
RoundStrategic investmentSeries A
Raised$9M$11M
InvestorsWalker & DunlopBrendan Wallace; CSC Upshot; Grey Wolf; Otter Rock Capital; Traverse Venture Partners; Walker & Dunlop; ZenStone Venture Capital
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About Walker & Dunlop

When was Walker & Dunlop founded?Walker & Dunlop was founded in 2010.
Where is Walker & Dunlop headquartered?Walker & Dunlop is headquartered in United States.
How many employees does Walker & Dunlop have?As of today, Walker & Dunlop has over 1K employees.
Who is the CEO of Walker & Dunlop?Walker & Dunlop's CEO is William M. Walker.
Is Walker & Dunlop publicly listed?Yes, Walker & Dunlop is a public company listed on NYSE.
What is the stock symbol of Walker & Dunlop?Walker & Dunlop trades under WD ticker.
When did Walker & Dunlop go public?Walker & Dunlop went public in 2010.
Who are competitors of Walker & Dunlop?Walker & Dunlop main competitors include IndiGrid Infrastructure, Ellington Financial, Fibra Mty, MFA Financial, RFA Financial, Alpha Investment, Dream Industrial REIT, Deutsche Pfandbriefbank, SHL Finance, Enity Holding.
What is the current market cap of Walker & Dunlop?Walker & Dunlop's current market cap is $2B.
What is the current revenue of Walker & Dunlop?Walker & Dunlop's last 12 months revenue is $1B.
What is the current revenue growth of Walker & Dunlop?Walker & Dunlop revenue growth (NTM/LTM) is 12%.
What is the current EV/Revenue multiple of Walker & Dunlop?Current revenue multiple of Walker & Dunlop is 3.8x.
What is the current EBITDA of Walker & Dunlop?Walker & Dunlop's last 12 months EBITDA is $282M.
What is Walker & Dunlop's EBITDA margin?Walker & Dunlop's last 12 months EBITDA margin is 22%.
What is the current EV/EBITDA multiple of Walker & Dunlop?Current EBITDA multiple of Walker & Dunlop is 17.6x.
How many companies Walker & Dunlop has acquired to date?As of June 2026, Walker & Dunlop has acquired 11 companies.
What was the largest acquisition by Walker & Dunlop?$2B acquisition of George Elkins Mortgage Banking on 26th October 2016 was the largest M&A Walker & Dunlop has done to date.
What companies Walker & Dunlop acquired?Walker & Dunlop acquired George Elkins Mortgage Banking, Alliant Capital, GeoPhy, Zelman & Associates, Enodo, Q10 iCap Realty Advisors, Beler Advisory Group, FourPoint Investment Sales Partners, MSF Real Estate Capital, JCR Capital, and 1 other company.
In how many companies Walker & Dunlop has invested to date?As of June 2026, Walker & Dunlop has invested in 2 companies.
What was the last Walker & Dunlop investment?On 9th November 2021 Walker & Dunlop invested in Fortress, participating in a $9M Strategic investment round.
In what companies Walker & Dunlop invested in?Walker & Dunlop invested in Rentlytics and Fortress.

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