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Side-by-side financial comparison of Essex Property Trust (ESS) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Essex Property Trust is the larger business by last-quarter revenue ($479.6M vs $340.0M, roughly 1.4× Walker & Dunlop, Inc.). Essex Property Trust runs the higher net margin — 17.9% vs -12.9%, a 30.8% gap on every dollar of revenue. On growth, Essex Property Trust posted the faster year-over-year revenue change (5.5% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 6.0%).
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
ESS vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $479.6M | $340.0M |
| Net Profit | $85.7M | $-13.9M |
| Gross Margin | 70.0% | — |
| Operating Margin | 31.7% | -17.2% |
| Net Margin | 17.9% | -12.9% |
| Revenue YoY | 5.5% | -0.4% |
| Net Profit YoY | -71.6% | -131.0% |
| EPS (diluted) | $1.24 | $-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 | $479.6M | $340.0M | ||
| Q3 25 | $473.3M | $337.7M | ||
| Q2 25 | $469.8M | $319.2M | ||
| Q1 25 | $464.6M | $237.4M | ||
| Q4 24 | $454.5M | $341.5M | ||
| Q3 24 | $450.7M | $292.3M | ||
| Q2 24 | $442.4M | $270.7M | ||
| Q1 24 | $426.9M | $228.1M |
| Q4 25 | $85.7M | $-13.9M | ||
| Q3 25 | $172.7M | $33.5M | ||
| Q2 25 | $231.5M | $34.0M | ||
| Q1 25 | $212.8M | $2.8M | ||
| Q4 24 | $301.7M | $44.8M | ||
| Q3 24 | $125.5M | $28.8M | ||
| Q2 24 | $99.0M | $22.7M | ||
| Q1 24 | $285.1M | $11.9M |
| Q4 25 | 70.0% | — | ||
| Q3 25 | 69.2% | — | ||
| Q2 25 | 70.7% | — | ||
| Q1 25 | 69.6% | — | ||
| Q4 24 | 70.0% | — | ||
| Q3 24 | 69.5% | — | ||
| Q2 24 | 70.8% | — | ||
| Q1 24 | 69.7% | — |
| Q4 25 | 31.7% | -17.2% | ||
| Q3 25 | 44.5% | 13.6% | ||
| Q2 25 | 59.5% | 14.5% | ||
| Q1 25 | 55.3% | 2.2% | ||
| Q4 24 | 67.0% | 15.3% | ||
| Q3 24 | 28.6% | 12.8% | ||
| Q2 24 | 31.1% | 10.4% | ||
| Q1 24 | 31.0% | 6.0% |
| Q4 25 | 17.9% | -12.9% | ||
| Q3 25 | 36.5% | 9.9% | ||
| Q2 25 | 49.3% | 10.6% | ||
| Q1 25 | 45.8% | 1.2% | ||
| Q4 24 | 66.4% | 13.1% | ||
| Q3 24 | 27.8% | 9.9% | ||
| Q2 24 | 22.4% | 8.4% | ||
| Q1 24 | 66.8% | 5.2% |
| Q4 25 | $1.24 | $-0.41 | ||
| Q3 25 | $2.56 | $0.98 | ||
| Q2 25 | $3.44 | $0.99 | ||
| Q1 25 | $3.16 | $0.08 | ||
| Q4 24 | $4.00 | $1.32 | ||
| Q3 24 | $1.84 | $0.85 | ||
| Q2 24 | $1.45 | $0.67 | ||
| Q1 24 | $4.25 | $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 | $76.2M | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.5B | $1.7B |
| Total Assets | $13.2B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $76.2M | $299.3M | ||
| Q3 25 | $66.0M | $274.8M | ||
| Q2 25 | $58.7M | $233.7M | ||
| Q1 25 | $98.7M | $181.0M | ||
| Q4 24 | $66.8M | $279.3M | ||
| Q3 24 | $71.3M | $179.8M | ||
| Q2 24 | $55.2M | $208.1M | ||
| Q1 24 | $499.0M | $216.5M |
| Q4 25 | — | — | ||
| Q3 25 | $6.4B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $6.4B | — | ||
| Q2 24 | $6.2B | — | ||
| Q1 24 | $6.6B | — |
| Q4 25 | $5.5B | $1.7B | ||
| Q3 25 | $5.6B | $1.8B | ||
| Q2 25 | $5.6B | $1.8B | ||
| Q1 25 | $5.6B | $1.7B | ||
| Q4 24 | $5.5B | $1.7B | ||
| Q3 24 | $5.4B | $1.7B | ||
| Q2 24 | $5.5B | $1.7B | ||
| Q1 24 | $5.5B | $1.7B |
| Q4 25 | $13.2B | $5.1B | ||
| Q3 25 | $13.2B | $5.8B | ||
| Q2 25 | $13.2B | $4.7B | ||
| Q1 25 | $13.2B | $4.5B | ||
| Q4 24 | $12.9B | $4.4B | ||
| Q3 24 | $12.6B | $4.6B | ||
| Q2 24 | $12.5B | $4.2B | ||
| Q1 24 | $12.9B | $3.8B |
| Q4 25 | — | — | ||
| Q3 25 | 1.15× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.13× | — | ||
| Q1 24 | 1.19× | — |
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 | $1.1B | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | 12.53× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $-664.3M | ||
| Q3 25 | $342.6M | $-948.1M | ||
| Q2 25 | $216.1M | $-238.5M | ||
| Q1 25 | $281.5M | $-281.1M | ||
| Q4 24 | $1.1B | $129.4M | ||
| Q3 24 | $316.2M | $-202.0M | ||
| Q2 24 | $218.9M | $-237.8M | ||
| Q1 24 | $314.9M | $38.4M |
| Q4 25 | — | $-680.1M | ||
| Q3 25 | — | $-950.4M | ||
| Q2 25 | — | $-241.0M | ||
| Q1 25 | — | $-284.7M | ||
| Q4 24 | — | $116.4M | ||
| Q3 24 | — | $-204.0M | ||
| Q2 24 | — | $-241.7M | ||
| Q1 24 | — | $35.2M |
| Q4 25 | — | -200.0% | ||
| Q3 25 | — | -281.5% | ||
| Q2 25 | — | -75.5% | ||
| Q1 25 | — | -120.0% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | — | -69.8% | ||
| Q2 24 | — | -89.3% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | 12.53× | — | ||
| Q3 25 | 1.98× | -28.34× | ||
| Q2 25 | 0.93× | -7.02× | ||
| Q1 25 | 1.32× | -102.07× | ||
| Q4 24 | 3.54× | 2.89× | ||
| Q3 24 | 2.52× | -7.01× | ||
| Q2 24 | 2.21× | -10.49× | ||
| Q1 24 | 1.10× | 3.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
