WDWalker & Dunlop, Inc.

Finance Services

Revenue: $320M; 21% YoY
Operating margin: —
EBITDA: —
Market cap: $1.2B
Employees: 1,466; $218K revenue each
Net debt / EBITDA: —; $1.2B net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-12× net income
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-15% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentYes
71% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$218K · 24th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 13th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
15.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$790K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$364M	$430M	$258M	$265M	$320M	21%
Net income	$266M	$214M	$107M	$108M	$56M	48%
Operating cash flow	$870M	$1.6B	−$518K	$129M	−$664M	614%
Capex	$9M	$22M	$16M	$13M	$16M	22%
Stock-based comp	$37M	$34M	$28M	$27M	$27M	2.1%
Buybacks	$19M	$42M	$21M	$12M	$10M	16%
Dividends	$64M	$80M	$85M	$89M	$92M	3.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 16, 2022	Walker William M	SC 13D/A	4.7%	Passive
Apr 2, 2021	Walker William M	SC 13D/A	10.1%	Passive

Insider trading

Open-market buys, 12 mo: $790K · 4
Open-market sells, 12 mo: $0 · 0
Net: $790K

Pay vs performance

No pay-versus-performance disclosure yet.