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NVR, Inc.

NVR Consumer Cyclical Residential Construction

NVR, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.3 billion, down 1.91% from fiscal 2024. In the quarter to June 2026, revenue fell 10.5%, EPS fell 23.5%, free cash flow fell 682.7% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; insiders bought in the last twelve months.

5,958.56 60.39 −1.00%
Market cap
$16.0B
P/E
14.7×
Fwd P/E
17.6×
Dividend yield
—
F-score
5/9
Altman Z
13.81
Beneish M
−2.12
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Insider Decisions trades per month

Total buys 0.58
Total sells 9.01
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — — — — 1 — — — 1 — —
Sell — — — 4 — — — — — — — —
Insider Ownership 6.23%

Capital & Financial Ratios $m

Market Cap 16,040.00
Revenue 9,529.53
Net Income 1,141.32
Free Cash Flow 1,047.18
Net Debt (685.77)
Current Ratio 5.28 (at or above 1.5: strong)
Debt/Equity 0.27 (at or below 0.5: strong)
P/E ratio 14.66
Fwd P/E 17.60
P/S ratio 1.69
P/B ratio 4.74
Past 5Y EPS Growth 13.66%
This Y EPS Growth (22.20%) (below 0%: weak)
Next Y EPS Growth 4.39%
Next Y revenue growth (14.22%) (below 0%: weak)
Next 5Y EPS Growth (0.57%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.6×, against a ten-year median of 1.7×; over the ten years it ranged from 1.1× in 2016 to 2.8× in 2024.
P/E against its own 10 years 35.48%
10-year low 10-year high
P/S against its own 10 years 38.38%
10-year low 10-year high
P/B against its own 10 years 10.17%
10-year low 10-year high
EV/Sales against its own 10 years 40.43%
10-year low 10-year high
EV/FCF against its own 10 years 41.46%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,438 3,020 2,528 1,594
Receivables 29 33 33 50
Inventory 1,950 2,059 1,724 2,235
Other — — — —
5,417 5,111 4,285 3,879
2023 2024 2025 Q'26
Payables 475 386 313 422
ST’ Debt — — — —
Other — — — —
888 828 690 734

Compound Annual Growth %

10y 5y 3y
Sales 7.18% 6.50% (0.65%)
Cash Flow 17.33% 3.92% (15.68%)
Earnings 13.34% 8.25% (8.09%)
Book Value 12.05% 4.49% 3.29%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 106.11 Actual 89.45

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 104.96 121.54 Beat by 16.58
Q1 FY26 78.25 67.76 Miss by 10.49
Q2 FY26 94.82 83.96 Miss by 10.86
Q3 FY26 106.11 89.45 Miss by 16.66
Q4 FY26 102.45 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 67.76 83.96 — — —
’25 94.83 108.54 112.33 121.54 436.55
’24 116.41 120.69 130.50 139.93 506.69
’23 99.89 116.54 125.26 121.56 463.31
’22 116.56 123.65 118.51 133.44 491.82
’21 63.21 82.45 86.44 89.09 320.48
’20 44.96 42.50 65.11 76.93 230.11
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,881 2,326 — — —
’25 2,403 2,599 2,610 2,713 10,324
’24 2,333 2,612 2,733 2,846 10,524
’23 2,178 2,338 2,569 2,433 9,518
’22 2,378 2,659 2,777 2,712 10,526
’21 2,041 2,284 2,396 2,230 8,951
’20 1,583 1,620 1,990 2,344 7,537
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 340 (152) — — —
’25 208 35 439 440 1,121
’24 146 233 358 637 1,374
’23 316 29 658 496 1,498
’22 309 138 606 817 1,870
’21 328 193 461 260 1,242
’20 68 302 209 346 925
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 335 (158) — — —
’25 201 27 434 436 1,098
’24 140 226 350 632 1,348
’23 313 22 651 490 1,475
’22 305 133 603 811 1,852
’21 326 190 456 254 1,225
’20 65 298 205 342 910
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 1,462.02 1,631.78 2,040.71 2,285.00 2,043.01 3,885.00 3,576.01 4,519.05 6,800.00 6,562.85 +18.2% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 1,845.37 3,536.97 3,700.00 3,946.50 4,530.00 5,982.45 5,885.00 7,075.00 9,964.77 8,618.28 +18.7% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 4,900 5,200 5,600 5,700 6,100 6,600 6,550 6,300 7,000 6,300 +2.8% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 1.19 1.21 1.28 1.30 1.24 1.36 1.61 1.51 1.50 1.64 +3.6% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 5,823 6,306 7,164 7,389 7,537 8,951 10,526 9,518 10,524 10,324 +6.6% 8,856 8,738 9,437 (2.9%)
Gross margin, % 19.14 20.86 20.54 20.83 21.22 24.44 27.21 25.92 25.41 22.96 +3.8 pt
EBT 662 847 960 1,026 1,078 1,590 2,253 1,928 2,116 1,762 +11.5%
EBT margin, % 11.36 13.43 13.40 13.88 14.30 17.77 21.41 20.26 20.10 17.07 +5.7 pt
Net income 425 538 797 879 901 1,237 1,726 1,592 1,682 1,340 +13.6%
Depreciation 22 23 20 21 22 19 17 17 18 25 +1.1%
Per share, $
Per share, $ Revenue 1,513.53 1,689.22 1,972.92 2,029.30 2,041.42 2,499.59 3,203.42 2,939.53 3,384.08 3,559.99 +10.0%
Earnings 110.53 143.99 219.58 241.31 244.11 345.36 525.20 491.52 540.88 462.00 +17.2%
Cash flow 102.15 152.79 199.15 237.99 250.61 346.94 569.11 462.63 441.95 386.66 +15.9%
Capex (5.55) (5.20) (5.07) (5.72) (4.10) (4.72) (5.39) (6.95) (8.41) (8.14) +4.3%
Free cash flow 96.60 147.58 194.08 232.27 246.52 342.22 563.73 455.68 433.54 378.53 +16.4%
Book value 339.08 430.08 498.09 643.02 840.49 838.42 1,067.21 1,347.97 1,353.72 1,332.71 +16.4%
Shares, m 4 4 4 4 4 4 3 3 3 3 (3.1%)
Valuation, ×
Valuation, × P/E 14.86 24.53 11.09 15.79 16.73 17.07 8.73 14.18 15.11 15.76 15.4
P/S 1.09 2.09 1.24 1.88 2.00 2.36 1.43 2.37 2.42 2.05 1.9
P/B 4.87 8.21 4.89 5.92 4.85 7.05 4.30 5.17 6.04 5.47 5.7
EV/Sales 1.06 2.02 1.15 1.73 1.77 2.21 1.24 2.11 2.22 1.89 1.7
EV/FCF 16.62 23.11 11.72 15.15 14.64 16.11 7.07 13.58 17.30 17.79 15.3
Cash, $m
Cash, $m Operating cash flow 393 570 723 867 925 1,242 1,870 1,498 1,374 1,121 +12.4%
Capex (21) (19) (18) (21) (15) (17) (18) (23) (26) (24) +1.1%
Free cash flow 372 551 705 846 910 1,225 1,852 1,475 1,348 1,098 +12.8%
Balance, $m
Balance, $m Working capital 1,257 1,671 1,841 2,365 4,143 4,081 3,868 4,529 4,284 3,595 +12.4%
Total debt 596 597 598 598 1,517 1,516 915 913 911 909 +4.8%
Net debt (170) (444) (593) (1,054) (1,742) (1,423) (1,976) (2,525) (2,109) (1,619) +28.4%
Shareholders’ equity 1,304 1,605 1,809 2,341 3,103 3,002 3,507 4,365 4,210 3,865 +12.8%
Returns, %
Returns, % ROA 16.50 19.08 25.90 25.19 18.80 21.30 30.02 25.96 25.91 21.90 +5.4 pt
ROIC 37.66 46.87 50.62 51.05 51.38 65.02 93.62 66.45 63.75 49.84 +12.2 pt
ROE 33.44 36.94 46.70 42.34 33.11 40.51 53.02 40.44 39.23 33.18 (0.3) pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Home Building Segment 10,094 97.78%
Mortgage Banking 230 2.22%
Gross margin 22.96%
Operating margin 17.35%
Pre-tax margin 17.07%

Revenue by segment since 2016

NVR, Inc. vs peers in Residential Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DHI D.R. Horton, Inc. $41.0B 13.9× 14.1× +0.02% (above 0%: growing) −4.75% (below 0%: shrinking) −44.12% (below 0%: shrinking) 23.26% 12.52% Compare
LEN.B Lennar Corporation $38.8B 16.2× — −8.67% (below 0%: shrinking) −48.03% (below 0%: shrinking) +50.14% (above 0%: growing) 7.69% 5.97% Compare
PHM PulteGroup, Inc. $22.9B 12.7× 13.4× −9.56% (below 0%: shrinking) −18.36% (below 0%: shrinking) −105.08% (below 0%: shrinking) 25.04% 15.53% Compare
LEN Lennar Corporation $20.3B 16.5× 17.9× −8.67% (below 0%: shrinking) −48.03% (below 0%: shrinking) +50.14% (above 0%: growing) 7.69% 5.97% Compare
NVR NVR, Inc. $16.0B 14.7× 17.6× −10.48% (below 0%: shrinking) −23.46% (below 0%: shrinking) −682.68% (below 0%: shrinking) 20.85% 14.17%
TOL Toll Brothers Inc. $13.3B 11.7× 11.5× −9.72% (below 0%: shrinking) −20.74% (below 0%: shrinking) −36.31% (below 0%: shrinking) 23.52% 13.51% Compare
IBP Installed Building Products, Inc. $5.6B 22.9× 24.3× +2.30% (above 0%: growing) −3.56% (below 0%: shrinking) −30.95% (below 0%: shrinking) 33.29% 12.16% Compare
SKY Champion Homes, Inc. $4.4B 24.8× 24.4× +1.27% (above 0%: growing) −21.24% (below 0%: shrinking) −4.47% (below 0%: shrinking) 25.24% 8.49% Compare
CVCO Cavco Industries, Inc. $4.2B 26.8× 27.5× +9.54% (above 0%: growing) −15.56% (below 0%: shrinking) +5.65% (above 0%: growing) 22.07% 8.65% Compare
Median of peers $16.8B 16.4× 17.9× −4.32% −19.55% −17.71% 23.39% 10.41%

All 19 Residential Construction stocks →

Business profile

Updated

NVR is a residential construction company founded in 1980 and headquartered in Reston. It builds and sells single-family detached homes, townhomes and condominium buildings, primarily after a customer has agreed to buy the home. Its homebuilding brands are Ryan Homes, NVHomes and Heartland Homes.

Ryan Homes serves primarily first-time and first-time move-up buyers. NVHomes and Heartland Homes serve primarily move-up and luxury buyers. Buyers can choose among home designs, exterior elevations and interior options; homes generally have two to five bedrooms and range from traditional and cottage to transitional and urban exterior styles.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
BofA Oct 23, 2026 Downgrade Buy → Underperform 6,725.00 → 5,900.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 89.11%
Held by the ten largest 48.01%
Holder Shares Stake Change
Vanguard 315.95k 11.86% −9.06k
BlackRock 294.17k 11.04% +12.22k
Capital Group 204.72k 7.68% +994.00
State Street 128.77k 4.83% +1.17k
Geode Capital Management 73.74k 2.77% +38.00
Boston Partners 60.78k 2.28% +2.79k
Principal Financial 58.69k 2.20% +288.00
AQR Capital Management 48.94k 1.84% +40.08k
UBS 46.83k 1.76% +9.65k
Invesco 46.80k 1.76% +3.81k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

NVR, Inc. (NVR) Latest News

23 Oct

Impact 4 ·
Impact 3 ·

22 Oct

Impact 3 ·
Impact 3 ·
Impact 3 ·

9 Oct

Impact 4 ·
Impact 3 ·
Impact 3 ·

6 Oct

Impact 3 ·

24 Sep

Impact 4 ·

21 Sep

Impact 3 ·
Impact 3 ·

25 Aug

Impact 4 ·

1 Aug

Impact 3 ·

31 Jul

Impact 3 ·

30 Jul

Impact 4 ·

24 Jul

Impact 3 ·

23 Jul

Impact 3 ·
Impact 3 ·
Impact 3 ·

7 Jul

Impact 3 ·

6 Jul

Impact 3 ·

27 Jun

Impact 3 ·

24 May

Impact 3 ·

8 May

Impact 3 ·

7 May

Impact 3 ·

29 Apr

Impact 3 ·

23 Apr

Impact 4 ·
Impact 3 ·

22 Apr

Impact 3 ·

NVR metrics, ten years each

stockrow.com/NVR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com