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Side-by-side financial comparison of FIRST INTERSTATE BANCSYSTEM INC (FIBK) 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 $313.0M, roughly 1.1× FIRST INTERSTATE BANCSYSTEM INC). FIRST INTERSTATE BANCSYSTEM INC runs the higher net margin — 34.8% vs -12.9%, a 47.7% gap on every dollar of revenue. On growth, FIRST INTERSTATE BANCSYSTEM INC posted the faster year-over-year revenue change (19.8% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 13.7%).
First Interstate BancSystem, Inc. is a financial holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank with locations throughout 14 states within the Western and Midwestern United States. It is the largest bank based in Montana, as measured by total assets.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
FIBK vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $313.0M | $340.0M |
| Net Profit | $108.8M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | 44.5% | -17.2% |
| Net Margin | 34.8% | -12.9% |
| Revenue YoY | 19.8% | -0.4% |
| Net Profit YoY | 108.8% | -131.0% |
| EPS (diluted) | $1.07 | $-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 | $313.0M | $340.0M | ||
| Q3 25 | $250.5M | $337.7M | ||
| Q2 25 | $248.3M | $319.2M | ||
| Q1 25 | $247.0M | $237.4M | ||
| Q4 24 | $261.3M | $341.5M | ||
| Q3 24 | $251.9M | $292.3M | ||
| Q2 24 | $244.3M | $270.7M | ||
| Q1 24 | $242.2M | $228.1M |
| Q4 25 | $108.8M | $-13.9M | ||
| Q3 25 | $71.4M | $33.5M | ||
| Q2 25 | $71.7M | $34.0M | ||
| Q1 25 | $50.2M | $2.8M | ||
| Q4 24 | $52.1M | $44.8M | ||
| Q3 24 | $55.5M | $28.8M | ||
| Q2 24 | $60.0M | $22.7M | ||
| Q1 24 | $58.4M | $11.9M |
| Q4 25 | 44.5% | -17.2% | ||
| Q3 25 | 37.0% | 13.6% | ||
| Q2 25 | 37.7% | 14.5% | ||
| Q1 25 | 26.9% | 2.2% | ||
| Q4 24 | 25.5% | 15.3% | ||
| Q3 24 | 28.9% | 12.8% | ||
| Q2 24 | 32.1% | 10.4% | ||
| Q1 24 | 31.7% | 6.0% |
| Q4 25 | 34.8% | -12.9% | ||
| Q3 25 | 28.5% | 9.9% | ||
| Q2 25 | 28.9% | 10.6% | ||
| Q1 25 | 20.3% | 1.2% | ||
| Q4 24 | 19.9% | 13.1% | ||
| Q3 24 | 22.0% | 9.9% | ||
| Q2 24 | 24.6% | 8.4% | ||
| Q1 24 | 24.1% | 5.2% |
| Q4 25 | $1.07 | $-0.41 | ||
| Q3 25 | $0.69 | $0.98 | ||
| Q2 25 | $0.69 | $0.99 | ||
| Q1 25 | $0.49 | $0.08 | ||
| Q4 24 | $0.50 | $1.32 | ||
| Q3 24 | $0.54 | $0.85 | ||
| Q2 24 | $0.58 | $0.67 | ||
| Q1 24 | $0.57 | $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 | — | $299.3M |
| Total DebtLower is stronger | $146.3M | — |
| Stockholders' EquityBook value | $3.4B | $1.7B |
| Total Assets | $26.6B | $5.1B |
| Debt / EquityLower = less leverage | 0.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $299.3M | ||
| Q3 25 | — | $274.8M | ||
| Q2 25 | — | $233.7M | ||
| Q1 25 | — | $181.0M | ||
| Q4 24 | — | $279.3M | ||
| Q3 24 | — | $179.8M | ||
| Q2 24 | — | $208.1M | ||
| Q1 24 | — | $216.5M |
| Q4 25 | $146.3M | — | ||
| Q3 25 | $146.2M | — | ||
| Q2 25 | $252.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $132.2M | — | ||
| Q3 24 | $137.3M | — | ||
| Q2 24 | $383.4M | — | ||
| Q1 24 | $370.8M | — |
| Q4 25 | $3.4B | $1.7B | ||
| Q3 25 | $3.4B | $1.8B | ||
| Q2 25 | $3.4B | $1.8B | ||
| Q1 25 | $3.4B | $1.7B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $3.4B | $1.7B | ||
| Q2 24 | $3.2B | $1.7B | ||
| Q1 24 | $3.2B | $1.7B |
| Q4 25 | $26.6B | $5.1B | ||
| Q3 25 | $27.3B | $5.8B | ||
| Q2 25 | $27.6B | $4.7B | ||
| Q1 25 | $28.3B | $4.5B | ||
| Q4 24 | $29.1B | $4.4B | ||
| Q3 24 | $29.6B | $4.6B | ||
| Q2 24 | $30.3B | $4.2B | ||
| Q1 24 | $30.1B | $3.8B |
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.12× | — | ||
| Q1 24 | 0.12× | — |
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 | $305.6M | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | 2.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $305.6M | $-664.3M | ||
| Q3 25 | $91.7M | $-948.1M | ||
| Q2 25 | $68.1M | $-238.5M | ||
| Q1 25 | $78.5M | $-281.1M | ||
| Q4 24 | $355.0M | $129.4M | ||
| Q3 24 | $89.9M | $-202.0M | ||
| Q2 24 | $82.3M | $-237.8M | ||
| Q1 24 | $87.6M | $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 | 2.81× | — | ||
| Q3 25 | 1.28× | -28.34× | ||
| Q2 25 | 0.95× | -7.02× | ||
| Q1 25 | 1.56× | -102.07× | ||
| Q4 24 | 6.81× | 2.89× | ||
| Q3 24 | 1.62× | -7.01× | ||
| Q2 24 | 1.37× | -10.49× | ||
| Q1 24 | 1.50× | 3.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
