NVR, Inc.

NVR · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994
Valuation
Market cap	$19,929	$25,059	$22,255	$14,741	$20,579	$14,209	$13,264	$8,487	$12,218	$5,813	$5,722	$5,456	$4,860	$4,610	$3,752	$4,072	$4,127	$2,454	$2,840	$3,640	$4,437	$4,980	$3,300	$2,400	$1,617	$1,123	$486	$530	$259	$191	$155	$92
Enterprise value	$19,169	$23,415	$20,053	$13,174	$19,533	$12,989	$12,294	$8,353	$12,126	$5,993	$5,867	$5,510	$4,596	$4,060	$3,276	$2,979	$2,871	$1,517	$2,462	$3,441	$4,723	$4,826	$3,321	$2,511	$1,712	$1,159	$675	$782	$461	$317	$419	$322
P/E (TTM) at period end	14.87×	14.90×	13.98×	8.54×	16.64×	15.77×	15.10×	10.65×	22.73×	13.67×	14.94×	19.37×	18.24×	25.53×	28.99×	19.77×	21.48×	24.32×	8.50×	6.20×	6.36×	9.52×	7.86×	7.24×	6.83×	7.10×	4.47×	9.35×	8.97×	7.39×	8.96×	8.87×
P/S (TTM) at period end	1.93×	2.38×	2.34×	1.40×	2.30×	1.89×	1.80×	1.18×	1.94×	1.00×	1.11×	1.23×	1.15×	1.45×	1.41×	1.34×	1.50×	0.66×	0.55×	0.59×	0.84×	1.17×	0.90×	0.78×	0.62×	0.48×	0.24×	0.34×	0.22×	0.18×	0.18×	0.11×
P/B at period end	5.16×	5.95×	5.10×	4.20×	6.85×	4.58×	5.67×	4.69×	7.61×	4.46×	4.62×	4.85×	3.85×	3.11×	2.73×	2.34×	2.35×	1.79×	2.51×	3.16×	6.55×	5.96×	6.67×	5.95×	4.63×	4.54×	2.42×	3.20×	1.79×	1.25×	1.06×	0.71×
EV / EBITDA (TTM)	11.30×	11.75×	10.90×	6.03×	13.11×	13.00×	12.69×	9.13×	14.75×	9.31×	9.78×	11.77×	11.09×	15.86×	17.04×	9.02×	8.99×	8.18×	4.77×	3.70×	4.25×	5.73×	4.97×	4.92×	4.38×	3.84×	3.06×	5.30×	8.72×	4.16×	9.75×	6.44×
EV / Sales (TTM)	1.86×	2.22×	2.11×	1.25×	2.18×	1.72×	1.66×	1.17×	1.92×	1.03×	1.14×	1.24×	1.09×	1.27×	1.23×	0.98×	1.05×	0.41×	0.48×	0.56×	0.90×	1.14×	0.90×	0.82×	0.65×	0.50×	0.34×	0.50×	0.40×	0.30×	0.48×	0.38×
Returns
Return on equity	34.7%	40.0%	36.5%	49.2%	41.2%	29.0%	37.5%	44.1%	33.5%	32.6%	30.9%	25.1%	21.1%	12.2%	9.4%	11.8%	10.9%	7.3%	29.6%	51.0%	103.0%	62.7%	84.8%	82.2%	67.8%	63.9%	54.3%	34.2%	20.0%	17.0%	11.8%	8.0%
Return on invested capital	40.9%	61.2%	69.5%	85.6%	58.4%	43.4%	43.6%	44.4%	33.5%	26.9%	26.5%	23.7%	25.6%	17.5%	12.9%	31.9%	27.7%	23.7%	41.1%	58.7%	69.7%	73.4%	77.2%	60.4%	50.7%	60.3%	31.1%	19.2%	6.1%	11.6%	3.4%	4.1%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	5.19×	2.90×	1.58×	1.16×	0.75×	1.31×	1.17×	0.90×	1.04×	1.17×	1.00×	0.89×	0.97×	1.69×	1.47×	1.41×
Debt / equity	–	0.22×	0.21×	0.26×	0.51×	0.49×	0.51×	0.33×	0.37×	0.46×	0.48×	0.53×	0.48×	0.41×	0.00×	–	0.12×	0.15×	0.25×	0.31×	0.68×	0.26×	0.51×	0.63×	0.67×	0.70×	1.39×	1.93×	1.72×	1.33×	2.19×	2.32×
Effective tax rate	24.0%	20.5%	17.5%	23.4%	22.2%	16.4%	14.4%	16.9%	36.5%	35.7%	36.5%	37.9%	36.4%	34.4%	37.7%	36.1%	35.6%	39.7%	38.1%	39.0%	39.0%	40.0%	39.7%	38.2%	40.0%	40.7%	41.2%	40.1%	46.4%	47.0%	50.9%	59.3%
Share count
Diluted shares outstanding	3	3	3	4	4	4	4	4	4	4	4	4	5	5	6	6	6	6	6	7	8	8	9	9	10	11	12	13	13	15	15	17

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994
Revenue and gross profit
Revenue	$9,269	$10,324	$10,524	$9,518	$10,526	$8,951	$7,537	$7,389	$7,164	$6,306	$5,823	$5,159	$4,445	$4,211	$3,185	$2,659	$3,042	$2,744	$3,693	$5,129	$6,134	$5,275	$4,250	$3,678	$3,064	$2,624	$2,317	$2,007	$1,560	$1,154	$1,070	$869	$846
Cost of revenue	($7,332)	($7,953)	($7,851)	($7,051)	($7,662)	($6,763)	($5,937)	($5,850)	($5,692)	($4,990)	($4,708)	($4,119)	($3,569)	($3,424)	($2,576)	($2,166)	($2,438)	($2,186)	($3,181)	($4,227)	($4,701)	($3,738)	($3,156)	($2,712)	–	($2,002)	($1,829)	($1,605)	($1,269)	($990)	($899)	($736)	($711)
Gross profit	$1,937	$2,371	$2,693	$2,484	$2,876	$2,197	$1,608	$1,551	$1,483	$1,323	$1,122	$1,047	$881	$710	$614	$499	$614	$570	$512	$902	$1,433	$1,537	$1,094	$966	–	$621	$488	$402	$291	$164	$171	$133	$135
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($661)	($699)	($699)	($680)	($625)	($563)	($510)	($527)	($513)	($461)	($443)	($424)	($408)	($356)	($335)	($295)	($291)	($261)	($340)	($376)	($471)	($377)	($286)	($256)	($250)	($205)	($186)	($181)	($143)	($111)	($95)	($90)	($85)
Total operating expenses	($661)	($699)	($718)	($661)	($707)	($726)	($631)	($603)	($588)	($524)	($501)	($468)	($430)	($309)	($366)	($314)	($291)	($261)	($340)	($404)	($517)	($437)	($261)	($305)	–	($246)	($200)	($196)	($157)	($124)	($110)	($105)	($99)
Total costs and expenses	($7,993)	($8,653)	($8,550)	($7,696)	($8,357)	($7,481)	($6,560)	($6,440)	($6,269)	($5,506)	($5,201)	($4,581)	($3,994)	($3,810)	($2,937)	($2,474)	($2,719)	($2,434)	($3,521)	($4,631)	($5,218)	($4,175)	($3,417)	($3,017)	($2,562)	($2,248)	($2,029)	($1,800)	($1,426)	($1,114)	($1,009)	($841)	($810)
Operating income	$1,276	$1,671	$1,975	$1,822	$2,169	$1,470	$977	$948	$895	$799	$622	$578	$450	$401	$248	$186	$323	$310	$172	$499	$916	$1,100	$833	$660	$502	$376	$288	$206	$134	$40	$61	$28	$36
Earnings
EBITDA	–	$1,696	$1,993	$1,839	$2,187	$1,490	$999	$969	$915	$822	$644	$600	$468	$415	$256	$192	$330	$320	$185	$516	$930	$1,111	$842	$669	$510	$391	$302	$221	$148	$53	$76	$43	$50
Interest income	$17	$18	$19	$17	$12	$9	$9	$12	$12	$8	$8	$6	$5	$5	$1	$3	$5	$5	$4	$5	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	$13	($29)	($28)	($28)	($40)	($53)	($41)	($25)	($25)	($24)	($22)	($24)	($23)	($22)	($8)	($2)	($6)	($11)	($14)	($14)	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,374	$1,762	$2,116	$1,928	$2,253	$1,590	$1,078	$1,026	$960	$847	$662	$603	$454	$419	$275	$208	$322	$298	$167	$540	$963	$1,144	$872	$696	$536	$395	$267	$185	$110	$54	$49	$33	$22
Income tax expense	($154)	($422)	($434)	($337)	($528)	($354)	($177)	($147)	($163)	($309)	($236)	($220)	($172)	($152)	($94)	($78)	($116)	($106)	($67)	($206)	($376)	($447)	($349)	($276)	($205)	($158)	($109)	($76)	($44)	($25)	($23)	($17)	($13)
Net income	$1,047	$1,340	$1,682	$1,592	$1,726	$1,237	$901	$879	$797	$538	$425	$383	$282	$266	$181	$129	$206	$192	$101	$334	$587	$698	$523	$420	$331	$237	$158	$109	$57	$29	$26	$17	$10
Per share
Diluted EPS (GAAP)	$362.71	$436.55	$506.69	$463.31	$491.82	$320.48	$230.11	$221.13	$194.80	$126.77	$103.61	$89.99	$63.50	$54.81	$35.12	$23.01	$33.42	$31.26	$17.04	$54.14	$88.05	$89.61	$66.42	$48.39	$36.05	$24.86	$14.98	$9.01	$4.26	$2.18	$1.70	$1.12	$0.62
Basic EPS (GAAP)	$380.99	$462.00	$540.88	$491.52	$525.20	$345.37	$244.11	$241.31	$219.58	$144.00	$110.53	$95.21	$65.83	$56.25	$36.04	$23.66	$34.96	$33.10	$18.76	$61.61	$104.08	$110.36	$80.83	$59.28	$47.20	$29.87	$17.42	$10.69	$5.10	$2.44	$1.76	$1.13	$0.62
Basic shares outstanding	3	3	3	3	3	4	4	4	4	4	4	4	4	5	5	5	6	6	5	5	6	6	6	7	7	8	9	10	11	12	15	15	17
Margins
Gross margin	20.9%	23.0%	25.6%	26.1%	27.3%	24.5%	21.3%	21.0%	20.7%	21.0%	19.3%	20.3%	19.8%	16.9%	19.3%	18.8%	20.2%	20.8%	13.9%	17.6%	23.4%	29.1%	25.7%	26.3%	–	23.7%	21.1%	20.0%	18.6%	14.2%	16.0%	15.3%	16.0%
Operating margin	13.8%	16.2%	18.8%	19.1%	20.6%	16.4%	13.0%	12.8%	12.5%	12.7%	10.7%	11.2%	10.1%	9.5%	7.8%	7.0%	10.6%	11.3%	4.6%	9.7%	14.9%	20.9%	19.6%	18.0%	16.4%	14.3%	12.4%	10.3%	8.6%	3.4%	5.7%	3.2%	4.3%
Net margin	11.3%	13.0%	16.0%	16.7%	16.4%	13.8%	12.0%	11.9%	11.1%	8.5%	7.3%	7.4%	6.3%	6.3%	5.7%	4.9%	6.8%	7.0%	2.7%	6.5%	9.6%	13.2%	12.3%	11.4%	10.8%	9.0%	6.8%	5.4%	3.6%	2.5%	2.4%	2.0%	1.2%

Analyst consensus

Buy25 analysts

Bearish · 4 · Hold · 10 · Bullish · 11

Earnings history

	EPS	Estimate
Q4 2024	$139.93	$127.85	Beat
Q1 2025	$94.83	$106.07	Miss
Q2 2025	$108.54	$106.20	Beat
Q3 2025	$112.33	$109.36	Beat
Q4 2025	$1.22	$1.06	Beat
Q1 2026	$0.68	$0.77	Miss
Q2 2026	$83.96	$89.98	Miss
Q3 2026	$89.45	$102.77	Miss

Peers

Company overview

IPO dateJul 22, 1985

CEOEugene James Bredow

Employees6,300

SectorConsumer Cyclical

IndustryResidential Construction

CountryUS

ExchangeNew York Stock Exchange

Websitewww.nvrinc.com

NVR, Inc. functions as a prominent home construction company within the United States, organized into two primary divisions: homebuilding and mortgage banking. Within its homebuilding segment, the company develops and sells various residential units, including detached houses, townhouses, and condominium complexes, marketed under the brand names Ryan Homes, NVHomes, and Heartland Homes. Ryan Homes typically targets individuals purchasing their first home or those in their initial property upgrade, while NVHomes and Heartland Homes cater to a more affluent clientele of move-up and luxury buyers. Additionally, NVR offers a range of financial services to its homebuilding customers through its mortgage banking arm, which includes brokering title insurance, performing title searches for loan settlements, and transferring mortgage loans to investors in the secondary markets without retaining servicing rights. The company's operational footprint spans numerous states and the District of Columbia, encompassing Maryland, Virginia, West Virginia, Delaware, New Jersey, Eastern Pennsylvania, New York, Ohio, Western Pennsylvania, Indiana, Illinois, North Carolina, South Carolina, Florida, and Tennessee. Established in 1980, NVR, Inc. maintains its corporate headquarters in Reston, Virginia.

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