NYSE: NVR · Homebuilding
NVR, Inc.
NVR, based in Reston, Virginia, is one of the largest U.S. homebuilders, selling single-family detached homes, townhomes and condominiums under the Ryan Homes, NVHomes and Heartland Homes names in 37 metropolitan areas across 16 states and Washington, D.C., plus a mortgage banking and title business (NVR Mortgage). It builds mostly on a pre-sold basis and generally does not develop land, instead buying finished lots from developers under fixed-price lot purchase agreements with forfeitable deposits. 2025 revenue was $10,324 million (homebuilding $10,094 million, mortgage banking fees $230 million) on 21,915 settlements at an average price of $460,600, and net income was $1,340 million. New orders fell 10% to 20,410 and backlog dropped 15% to 8,448 homes. NVR pays no dividend and spent $1.8 billion buying back 243,082 shares in 2025. In the first half of 2026 net income fell to $435 million from $633 million, though second-quarter new orders rose 9%.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 30, 2026 15:12 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-1110-Q (quarter ended 2026-09-30) · filed 2026-11-04Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.84x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 17.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.56
Higher than 37% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 5% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$6,351.07close on 2026-11-04
Market cap$17.78B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 17.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 4.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 6.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 16.7x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 5.3x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 5.4%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$2.61B → $2.4B (vs. a year earlier)↓ −7.9%$2.61B → $2.4B (vs. a year earlier)
- Net income$343M → $249M (vs. a year earlier)↓ −27.5%$343M → $249M (vs. a year earlier)
- Diluted EPS$112.33 → $89.45 (vs. a year earlier)↓ −20.4%$112.33 → $89.45 (vs. a year earlier)
- Cash$1.2B → $1.17B (vs. previous quarter-end)↓ −2.3%$1.2B → $1.17B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 22, 2026.
Key changes
New orders down 7% to 4,391 units. Source sentence
New orders in the third quarter of 2026 decreased by 7% to 4,391 units, when compared to 4,735 units in the third quarter of 2025.
Nine-month net income $683.4M, down 30%. Source sentence
Net income for the nine months ended September 30, 2026 was $683.4 million, a decrease of 30% when compared to net income for the nine months ended September 30, 2025 of $976.0 million.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- NVR INC
- Headquarters
- RESTON, VA
- Incorporated in
- Virginia
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: NVR
- Industry
- Homebuilding
- CIK
- 906163
- Website
- https://www.nvrinc.com/ ↗
Workforce (as of FY2025 year-end)
Employees
6,300
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 28–30 days after quarter end (Jan 28, 2026; Jan 28, 2025; Jan 30, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 22, 2026 (+22 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 23, 2026 (+23 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 22, 2026 (+22 days) | May 6, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 28, 2026 (+28 days) | Feb 11, 2026 10-K (+42 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 22, 2025 (+22 days) | Nov 5, 2025 10-Q (+36 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 23, 2025 (+23 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 22, 2025 (+22 days) | May 5, 2025 10-Q (+35 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 28, 2025 (+28 days) | Feb 12, 2025 10-K (+43 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 22, 2024 (+22 days) | Nov 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 23, 2024 (+23 days) | Aug 6, 2024 10-Q (+37 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 23, 2024 (+23 days) | May 6, 2024 10-Q (+36 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 30, 2024 (+30 days) | Feb 14, 2024 10-K (+45 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Homebuilding
Ryan Homes
Homes for first-time and first-time move-up buyers in 37 metropolitan areas.
Homebuilding
NVHomes and Heartland Homes
Homes marketed primarily to move-up and luxury buyers.
Mortgage Banking
NVR Mortgage
Mortgage origination and title services for NVR’s homebuyers.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
NVR says it is “one of the largest homebuilders in the United States” but gives no market-share figures.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
First half 2026
Homebuilding revenue $4,115M versus $4,899M; net income $435M versus $633M; diluted EPS $151.38 versus $203.20.
Source: Form 10-Q (quarter ended 2026-06-30)
Orders recovering
Second-quarter 2026 new orders up 9% and cancellation rate down to 14.9% from 16.5%; backlog 10,998 units.
Source: Form 10-Q (quarter ended 2026-06-30)
Capex ÷ D&A (FY2025)
1.00x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$25M ÷ $25M = 1.00x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $16M in FY2020 to $25M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$10.32B
As reported in the 10-K
Revenue CAGR (5 years)
+6.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($10,324M ÷ $7,537M) ^ (1÷5) − 1 = 6.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
33.2%▲favorable
6-year average: 39.2%
As reported in the 10-K
P/B (FY2025 end)
5.28x
formulafiscal year-end closing price ÷ book value per share
e.g.$7292.77 ÷ $1380.61 = 5.28x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +6.5% a year over 5 years (strong growth)
From $7.54B in FY2020 to $10.32B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Equity ratio is 66.0% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 39.2% over 6 years (latest: 33.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Homebuilding in four regions (Mid Atlantic, North East, Mid East, South East)
- Mortgage banking and title services
06 · what it draws on
Key resources
- About 6,300 employees (5,320 homebuilding, 980 mortgage banking)
- Finished lots controlled through lot purchase agreements
- Independent subcontractors on fixed-price contracts
02 · why customers buy
Value propositions
- Homes built without owning raw land, using lot purchase agreements, for efficiencies and competitive advantages.
04 · how it keeps them
Customer relationships
- One-time home sales; most of the year-end backlog settles the next year.
03 · how it reaches them
Channels
- Its own sales offices and model homes; mortgage banking for buyers.
01 · who it serves
Customer segments
- First-time and move-up buyers (Ryan Homes)
- Move-up and luxury buyers (NVHomes, Heartland Homes)
09 · where money goes
Cost structure
Not yet written for this company.
05 · how money comes in
Revenue streams
- Homebuilding $10,094M (2025)
- Mortgage banking fees $230M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Buys finished lots from third-party developers under fixed-price lot purchase agreements (controlling land with deposits instead of owning it), builds homes mostly after they are sold, using fixed-price subcontractors, and originates mortgages for its buyers.
01 what it draws on
Inputs & resources
- About 6,300 employees (5,320 homebuilding, 980 mortgage banking)
- Finished lots controlled through lot purchase agreements
- Independent subcontractors on fixed-price contracts
02 what it does
Activities
- Homebuilding in four regions (Mid Atlantic, North East, Mid East, South East)
- Mortgage banking and title services
03 who it serves
Customers
- First-time and move-up buyers (Ryan Homes)
- Move-up and luxury buyers (NVHomes, Heartland Homes)
04 how money comes in
How it earns
- Homebuilding $10,094M (2025)
- Mortgage banking fees $230M
How the business makes money
- 21,915 settlements in 2025 at an average price of $460,600.
- Lot purchase agreement deposits typically up to 10% of the lot price.
- No single subcontractor dependence.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
NVR and its contractors must meet zoning, building and consumer credit rules.
Approvals & licenses
Zoning and building rules
Must comply with federal, state and local zoning, building, environmental, advertising and consumer credit rules.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Mid Atlantic
4,372 (42%)South East
2,645 (26%)Mid East
1,875 (18%)North East
1,202 (12%)Mortgage banking (fees)
230 (2%)
Source: Form 10-K (FY2025) Homebuilding revenue by reportable region plus mortgage banking fees; total revenue $10,324M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Home buyers in 16 states and Washington, D.C.
Named by the company
No customer concentration.
Suppliers
Third-party land developers (lots) and independent subcontractors.
Named by the company
Not dependent on any single subcontractor.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
NVR competes with numerous local and national homebuilders, some with greater financial resources, and with the home resale market; the 10-K names no specific competitors.
Competitors named in the 10-K
Peer group the company chose
Homebuilding peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
National homebuilding peers selected by business and annual revenues (2026 proxy).
- D.R. Hortonsite ↗
- Meritage Homessite ↗
- KB Homesite ↗
- PulteGroupsite ↗
- Lennarsite ↗
- Taylor Morrisonsite ↗
- Toll Brotherssite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 7,537 | 8,951 | 10,526 | 9,518 | 10,524 | 10,324 |
| Pretax income | 1,078 | 1,590 | 2,253 | 1,928 | 2,116 | 1,762 |
| Net income (attributable) | 901 | 1,237 | 1,726 | 1,592 | 1,682 | 1,340 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 18.8% | 17.6% | -9.6% | 10.6% | -1.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 12.0% | 13.8% | 16.4% | 16.7% | 16.0% | 13.0% |
| Balance sheet ($M) | ||||||
| Total assets | 5,777 | 5,834 | 5,661 | 6,602 | 6,381 | 5,857 |
| Total equity | 3,103 | 3,002 | 3,507 | 4,365 | 4,210 | 3,865 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 1,517 | 1,516 | 915 | 913 | 911 | 909 |
| Equity ratio | 53.7% | 51.5% | 61.9% | 66.1% | 66.0% | 66.0% |
| ROE | 29.0% | 40.5% | 53.0% | 40.4% | 39.2% | 33.2% |
| Cash flow ($M) | ||||||
| Operating CF | 925 | 1,242 | 1,870 | 1,498 | 1,374 | 1,121 |
| Investing CF | -4 | -18 | -27 | -24 | -27 | -71 |
| Financing CF | 728 | -1,397 | -1,905 | -833 | -1,899 | -1,758 |
| Free cash flowcalccash flow from operations − capital expenditures | 909 | 1,225 | 1,852 | 1,473 | 1,345 | 1,097 |
| Cash and equivalents | 2,810 | 2,637 | 2,575 | 3,215 | 2,665 | 1,957 |
| Per share & other | ||||||
| EPS ($) | 230.11 | 320.48 | 491.82 | 463.31 | 506.69 | 436.55 |
| BVPS ($) | 839.67 | 870.90 | 1,089.44 | 1,366.16 | 1,397.93 | 1,380.61 |
| P/E (x) | 17.7 | 18.4 | 9.4 | 15.1 | 16.1 | 16.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 4.86 | 6.78 | 4.23 | 5.12 | 5.85 | 5.28 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $2.4B-7.9% | $249M-27.5% | $89.45 |
| 2026-06-30 | $2.33B-10.5% | $236M-29.1% | $83.96 |
| 2026-03-31 | $1.88B-21.7% | $198M-33.8% | $67.76 |
| 2025-12-31 † | $2.71B-4.7% | $364M-20.5% | — |
| 2025-09-30 | $2.61B | $343M | $112.33 |
| 2025-06-30 | $2.6B | $334M | $108.54 |
| 2025-03-31 | $2.4B | $300M | $94.83 |
| 2024-12-31 † | $2.85B | $457M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
1.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.9% − 6.6%
Past FCF growth (FY2020–FY2025)
+3.8%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+6.5%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.1B (operating CF − capex); enterprise value $16.73B = market cap $17.78B (latest close, 2026-11-04) + debt $909M − cash and short-term investments $1.96B; r = WACC of 7.9% using this page’s default assumptions (β 0.56, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$16.62B
FCF $1.1B ÷ (7.9% − 1.3%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.9% | 6.9% | 7.9% | 8.9% | 9.9% |
|---|---|---|---|---|---|
| 0% | 1.11x | 0.95x | 0.83x | 0.74x | 0.66x |
| 2% | 1.68x | 1.34x | 1.11x | 0.95x | 0.83x |
| 4% | 3.45x | 2.26x | 1.68x | 1.34x | 1.11x |
| 6% | — | 7.28x | 3.45x | 2.26x | 1.68x |
| 8% | — | — | — | 7.28x | 3.45x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- !
Operating CF ÷ net income: averages 0.95x
Cash coming in trails reported profit. Worth checking for rising receivables/inventory or one-off gains.
- ✓
Accrual ratio (latest): 3.6%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,121M ÷ $1,340M = 0.84x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 89.8%
- Directors & officers (shares)
- 8.6%
- Everyone else (est.)
- 1.6%
- Directors & officers (voting power)
- 8.6%
- Institutional-ownership rank
- 193 of 416
- Beta (adjusted)
- 0.56
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 46% of covered companies have more
above 1 = swings more than the market
- 2.4M shares reported by 689 13F filers ÷ 2.7M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed None (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
18
Strengths & weaknessesSite analysis
Strengths
1. Asset-light land model
Generally does not develop land; acquires finished lots under fixed-price lot purchase agreements with deposits.
Evidence: Form 10-K (FY2025)
2. High returns and buybacks
Net income of $1,340M on equity of $3,865M in 2025; shares fell steadily through buybacks ($1.8B in 2025).
Evidence: Form 10-K (FY2025)
3. Consistent profitability
Net income stayed between $901M and $1,726M every year 2020–2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Regional concentration
Operates only in the eastern and midwestern U.S.; Mid Atlantic was 43% of homebuilding revenue in 2025.
Evidence: Form 10-K (FY2025)
2. Falling orders and margins
2025 new orders fell 10%, backlog fell 15%, and South East gross margin dropped to 18.3% from 22.3%.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
16.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
5.4%
(Operating CF − capex) ÷ market cap
1. Relentless buybacks
No dividend; repurchased 243,082 shares for $1.8B in 2025.
- What has to hold
- Cash flow stays strong.
- The other side
- Lower earnings in 2026.
Evidence: Form 10-K (FY2025)
2. Low-risk land strategy
Lot option deposits limit land exposure in downturns.
- What has to hold
- Developers keep supplying lots.
- The other side
- Forfeited deposits if demand drops.
Evidence: Form 10-K (FY2025)
Debt is homebuilding senior notes from each 10-K balance sheet. NVR pays no dividends.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$1.96B vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -9.6% in FY2023 ($10.53B → $9.52B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income stayed above $900M every year 2020–2025.
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
NVR is involved in ordinary-course litigation that management does not expect to have a material adverse effect.
Company statement:
Based on Form 10-K (FY2025) — Item 3, Legal Proceedings, reviewed 2026-10-31. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Housing demand and rates
- Company disclosure (summarized from the 10-K)
- Higher mortgage rates and weaker affordability reduce orders and raise cancellations (17.0% in 2025).
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
Homebuilder and resale competition
- Company disclosure (summarized from the 10-K)
- Competes with local and national homebuilders and the resale market.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Costs & inflation
Lot and building costs
- Company disclosure (summarized from the 10-K)
- Lot prices, materials and labor affect margins.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Customer/supplier concentration
Lot supply
- Company disclosure (summarized from the 10-K)
- Depends on third-party developers for finished lots.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
Mortgage regulation
- Company disclosure (summarized from the 10-K)
- Mortgage banking is subject to lending rules and loan repurchase risk.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What to watch going forwardSite analysis
- New orders and cancellation rate.
- Gross margin by region (South East).
- Backlog units and value.
- Pace of share repurchases.
24
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 30, 2026 15:12 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-11Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent NVR, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.