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Side-by-side financial comparison of ADTRAN Holdings, Inc. (ADTN) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $291.6M, roughly 1.2× ADTRAN Holdings, Inc.). ADTRAN Holdings, Inc. runs the higher net margin — -1.2% vs -12.9%, a 11.7% gap on every dollar of revenue. On growth, ADTRAN Holdings, Inc. posted the faster year-over-year revenue change (20.1% vs -0.4%). ADTRAN Holdings, Inc. produced more free cash flow last quarter ($30.6M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 13.5%).
Adtran, Inc. is an American fiber networking and telecommunications company headquartered in Huntsville, Alabama. It is a vendor of both residential and enterprise networking equipment, along with administrative software for network management and deployment. Its customers include communications service providers, governments, enterprises and utilities.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
ADTN vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $291.6M | $340.0M |
| Net Profit | $-3.6M | $-13.9M |
| Gross Margin | 39.0% | — |
| Operating Margin | 1.5% | -17.2% |
| Net Margin | -1.2% | -12.9% |
| Revenue YoY | 20.1% | -0.4% |
| Net Profit YoY | 92.2% | -131.0% |
| EPS (diluted) | $-0.02 | $-0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $291.6M | $340.0M | ||
| Q3 25 | $279.4M | $337.7M | ||
| Q2 25 | $265.1M | $319.2M | ||
| Q1 25 | $247.7M | $237.4M | ||
| Q4 24 | $242.9M | $341.5M | ||
| Q3 24 | $227.7M | $292.3M | ||
| Q2 24 | $226.0M | $270.7M | ||
| Q1 24 | $226.2M | $228.1M |
| Q4 25 | $-3.6M | $-13.9M | ||
| Q3 25 | $-10.3M | $33.5M | ||
| Q2 25 | $-20.5M | $34.0M | ||
| Q1 25 | $-11.3M | $2.8M | ||
| Q4 24 | $-46.1M | $44.8M | ||
| Q3 24 | $-33.3M | $28.8M | ||
| Q2 24 | $-49.7M | $22.7M | ||
| Q1 24 | $-330.8M | $11.9M |
| Q4 25 | 39.0% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 38.4% | — | ||
| Q4 24 | 36.9% | — | ||
| Q3 24 | 36.5% | — | ||
| Q2 24 | 36.0% | — | ||
| Q1 24 | 31.1% | — |
| Q4 25 | 1.5% | -17.2% | ||
| Q3 25 | -1.0% | 13.6% | ||
| Q2 25 | -5.0% | 14.5% | ||
| Q1 25 | -1.6% | 2.2% | ||
| Q4 24 | -6.9% | 15.3% | ||
| Q3 24 | -11.5% | 12.8% | ||
| Q2 24 | -17.0% | 10.4% | ||
| Q1 24 | -153.1% | 6.0% |
| Q4 25 | -1.2% | -12.9% | ||
| Q3 25 | -3.7% | 9.9% | ||
| Q2 25 | -7.7% | 10.6% | ||
| Q1 25 | -4.5% | 1.2% | ||
| Q4 24 | -19.0% | 13.1% | ||
| Q3 24 | -14.6% | 9.9% | ||
| Q2 24 | -22.0% | 8.4% | ||
| Q1 24 | -146.2% | 5.2% |
| Q4 25 | $-0.02 | $-0.41 | ||
| Q3 25 | $-0.12 | $0.98 | ||
| Q2 25 | $-0.24 | $0.99 | ||
| Q1 25 | $-0.14 | $0.08 | ||
| Q4 24 | $-0.58 | $1.32 | ||
| Q3 24 | $-0.38 | $0.85 | ||
| Q2 24 | $-0.63 | $0.67 | ||
| Q1 24 | $-4.20 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $95.7M | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $145.8M | $1.7B |
| Total Assets | $1.2B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.7M | $299.3M | ||
| Q3 25 | $93.7M | $274.8M | ||
| Q2 25 | $106.3M | $233.7M | ||
| Q1 25 | $101.3M | $181.0M | ||
| Q4 24 | $76.0M | $279.3M | ||
| Q3 24 | $88.5M | $179.8M | ||
| Q2 24 | $111.2M | $208.1M | ||
| Q1 24 | $106.8M | $216.5M |
| Q4 25 | $145.8M | $1.7B | ||
| Q3 25 | $141.6M | $1.8B | ||
| Q2 25 | $169.6M | $1.8B | ||
| Q1 25 | $138.9M | $1.7B | ||
| Q4 24 | $127.0M | $1.7B | ||
| Q3 24 | $205.6M | $1.7B | ||
| Q2 24 | $213.6M | $1.7B | ||
| Q1 24 | $260.8M | $1.7B |
| Q4 25 | $1.2B | $5.1B | ||
| Q3 25 | $1.2B | $5.8B | ||
| Q2 25 | $1.2B | $4.7B | ||
| Q1 25 | $1.2B | $4.5B | ||
| Q4 24 | $1.2B | $4.4B | ||
| Q3 24 | $1.3B | $4.6B | ||
| Q2 24 | $1.3B | $4.2B | ||
| Q1 24 | $1.3B | $3.8B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $42.2M | $-664.3M |
| Free Cash FlowOCF − Capex | $30.6M | $-680.1M |
| FCF MarginFCF / Revenue | 10.5% | -200.0% |
| Capex IntensityCapex / Revenue | 4.0% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $98.0M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.2M | $-664.3M | ||
| Q3 25 | $12.2M | $-948.1M | ||
| Q2 25 | $32.2M | $-238.5M | ||
| Q1 25 | $43.2M | $-281.1M | ||
| Q4 24 | $2.4M | $129.4M | ||
| Q3 24 | $43.3M | $-202.0M | ||
| Q2 24 | $19.9M | $-237.8M | ||
| Q1 24 | $37.9M | $38.4M |
| Q4 25 | $30.6M | $-680.1M | ||
| Q3 25 | $4.2M | $-950.4M | ||
| Q2 25 | $27.5M | $-241.0M | ||
| Q1 25 | $35.8M | $-284.7M | ||
| Q4 24 | $-895.0K | $116.4M | ||
| Q3 24 | $37.1M | $-204.0M | ||
| Q2 24 | $8.4M | $-241.7M | ||
| Q1 24 | $24.4M | $35.2M |
| Q4 25 | 10.5% | -200.0% | ||
| Q3 25 | 1.5% | -281.5% | ||
| Q2 25 | 10.4% | -75.5% | ||
| Q1 25 | 14.4% | -120.0% | ||
| Q4 24 | -0.4% | 34.1% | ||
| Q3 24 | 16.3% | -69.8% | ||
| Q2 24 | 3.7% | -89.3% | ||
| Q1 24 | 10.8% | 15.4% |
| Q4 25 | 4.0% | 4.6% | ||
| Q3 25 | 2.9% | 0.7% | ||
| Q2 25 | 1.8% | 0.8% | ||
| Q1 25 | 3.0% | 1.5% | ||
| Q4 24 | 1.4% | 3.8% | ||
| Q3 24 | 2.7% | 0.7% | ||
| Q2 24 | 5.1% | 1.4% | ||
| Q1 24 | 6.0% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× | ||
| Q1 24 | — | 3.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
WD
Segment breakdown not available.
