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Side-by-side financial comparison of TREX CO INC (TREX) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
TREX CO INC is the larger business by last-quarter revenue ($343.4M vs $340.0M, roughly 1.0× Walker & Dunlop, Inc.). TREX CO INC runs the higher net margin — 17.9% vs -12.9%, a 30.8% gap on every dollar of revenue. On growth, TREX CO INC posted the faster year-over-year revenue change (1.0% vs -0.4%). TREX CO INC produced more free cash flow last quarter ($-143.4M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs -4.5%).
Trex Company, Inc. is a manufacturer of wood-alternative composite decking, residential railing, and other outdoor items made from recycled materials. Its headquarters is in Winchester, Virginia.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
TREX vs WD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $343.4M | $340.0M |
| Net Profit | $61.4M | $-13.9M |
| Gross Margin | 40.5% | — |
| Operating Margin | 24.3% | -17.2% |
| Net Margin | 17.9% | -12.9% |
| Revenue YoY | 1.0% | -0.4% |
| Net Profit YoY | 1.6% | -131.0% |
| EPS (diluted) | $0.58 | $-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.
| Q1 26 | $343.4M | — | ||
| Q4 25 | $161.1M | $340.0M | ||
| Q3 25 | $285.3M | $337.7M | ||
| Q2 25 | $387.8M | $319.2M | ||
| Q1 25 | $340.0M | $237.4M | ||
| Q4 24 | $167.6M | $341.5M | ||
| Q3 24 | $233.7M | $292.3M | ||
| Q2 24 | $376.5M | $270.7M |
| Q1 26 | $61.4M | — | ||
| Q4 25 | $2.3M | $-13.9M | ||
| Q3 25 | $51.8M | $33.5M | ||
| Q2 25 | $75.9M | $34.0M | ||
| Q1 25 | $60.4M | $2.8M | ||
| Q4 24 | $9.8M | $44.8M | ||
| Q3 24 | $40.6M | $28.8M | ||
| Q2 24 | $87.0M | $22.7M |
| Q1 26 | 40.5% | — | ||
| Q4 25 | 30.2% | — | ||
| Q3 25 | 40.5% | — | ||
| Q2 25 | 40.8% | — | ||
| Q1 25 | 40.5% | — | ||
| Q4 24 | 32.7% | — | ||
| Q3 24 | 39.9% | — | ||
| Q2 24 | 44.7% | — |
| Q1 26 | 24.3% | — | ||
| Q4 25 | 2.2% | -17.2% | ||
| Q3 25 | 24.7% | 13.6% | ||
| Q2 25 | 26.4% | 14.5% | ||
| Q1 25 | 24.0% | 2.2% | ||
| Q4 24 | 9.2% | 15.3% | ||
| Q3 24 | 23.2% | 12.8% | ||
| Q2 24 | 31.1% | 10.4% |
| Q1 26 | 17.9% | — | ||
| Q4 25 | 1.4% | -12.9% | ||
| Q3 25 | 18.1% | 9.9% | ||
| Q2 25 | 19.6% | 10.6% | ||
| Q1 25 | 17.8% | 1.2% | ||
| Q4 24 | 5.8% | 13.1% | ||
| Q3 24 | 17.4% | 9.9% | ||
| Q2 24 | 23.1% | 8.4% |
| Q1 26 | $0.58 | — | ||
| Q4 25 | $0.03 | $-0.41 | ||
| Q3 25 | $0.48 | $0.98 | ||
| Q2 25 | $0.71 | $0.99 | ||
| Q1 25 | $0.56 | $0.08 | ||
| Q4 24 | $0.10 | $1.32 | ||
| Q3 24 | $0.37 | $0.85 | ||
| Q2 24 | $0.80 | $0.67 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.5M | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $995.8M | $1.7B |
| Total Assets | $1.7B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $4.5M | — | ||
| Q4 25 | $3.8M | $299.3M | ||
| Q3 25 | $11.4M | $274.8M | ||
| Q2 25 | $5.5M | $233.7M | ||
| Q1 25 | $5.0M | $181.0M | ||
| Q4 24 | $1.3M | $279.3M | ||
| Q3 24 | $12.8M | $179.8M | ||
| Q2 24 | $1.2M | $208.1M |
| Q1 26 | $995.8M | — | ||
| Q4 25 | $1.0B | $1.7B | ||
| Q3 25 | $1.0B | $1.8B | ||
| Q2 25 | $989.3M | $1.8B | ||
| Q1 25 | $910.1M | $1.7B | ||
| Q4 24 | $850.1M | $1.7B | ||
| Q3 24 | $887.9M | $1.7B | ||
| Q2 24 | $894.9M | $1.7B |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.5B | $5.1B | ||
| Q3 25 | $1.5B | $5.8B | ||
| Q2 25 | $1.5B | $4.7B | ||
| Q1 25 | $1.6B | $4.5B | ||
| Q4 24 | $1.3B | $4.4B | ||
| Q3 24 | $1.3B | $4.6B | ||
| Q2 24 | $1.3B | $4.2B |
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 | $-118.4M | $-664.3M |
| Free Cash FlowOCF − Capex | $-143.4M | $-680.1M |
| FCF MarginFCF / Revenue | -41.8% | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | -1.93× | — |
| TTM Free Cash FlowTrailing 4 quarters | $224.6M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-118.4M | — | ||
| Q4 25 | $65.5M | $-664.3M | ||
| Q3 25 | $196.9M | $-948.1M | ||
| Q2 25 | $249.8M | $-238.5M | ||
| Q1 25 | $-154.0M | $-281.1M | ||
| Q4 24 | $-8.5M | $129.4M | ||
| Q3 24 | $132.8M | $-202.0M | ||
| Q2 24 | $193.7M | $-237.8M |
| Q1 26 | $-143.4M | — | ||
| Q4 25 | $22.1M | $-680.1M | ||
| Q3 25 | $142.9M | $-950.4M | ||
| Q2 25 | $203.0M | $-241.0M | ||
| Q1 25 | $-233.5M | $-284.7M | ||
| Q4 24 | $-89.3M | $116.4M | ||
| Q3 24 | $54.5M | $-204.0M | ||
| Q2 24 | $158.2M | $-241.7M |
| Q1 26 | -41.8% | — | ||
| Q4 25 | 13.7% | -200.0% | ||
| Q3 25 | 50.1% | -281.5% | ||
| Q2 25 | 52.3% | -75.5% | ||
| Q1 25 | -68.7% | -120.0% | ||
| Q4 24 | -53.3% | 34.1% | ||
| Q3 24 | 23.3% | -69.8% | ||
| Q2 24 | 42.0% | -89.3% |
| Q1 26 | — | — | ||
| Q4 25 | 26.9% | 4.6% | ||
| Q3 25 | 18.9% | 0.7% | ||
| Q2 25 | 12.1% | 0.8% | ||
| Q1 25 | 23.4% | 1.5% | ||
| Q4 24 | 48.2% | 3.8% | ||
| Q3 24 | 33.5% | 0.7% | ||
| Q2 24 | 9.4% | 1.4% |
| Q1 26 | -1.93× | — | ||
| Q4 25 | 28.45× | — | ||
| Q3 25 | 3.80× | -28.34× | ||
| Q2 25 | 3.29× | -7.02× | ||
| Q1 25 | -2.55× | -102.07× | ||
| Q4 24 | -0.87× | 2.89× | ||
| Q3 24 | 3.27× | -7.01× | ||
| Q2 24 | 2.23× | -10.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
