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NVR

NVR NYSE Homebuilding Financials FY2016–FY2025

NVR's revenue fell 1.9% to $10.3 billion in fiscal 2025. Its net margin was 13.0%, down from 16.0% a year earlier. Free cash flow was $1.1 billion, down 18.5%. It paid out $1.8 billion in dividends and buybacks, 167% of free cash flow. The diluted share count fell 7.5%.

Last close · Oct 23, 2026

$5,983.68

2.1%
Value it Compare
Revenue Total sales reported in the income statement.
$10.3B
1.9% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$1.3B
20.3%
Free cash flow Cash from operations minus capital spending.
$1.1B
18.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$16.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.5x
On $385.27 EPS (TTM)

About these figures. NVR tags its senior notes with its own label, which the SEC's structured data leaves out, so debt and debt-based ratios are left blank.

What NVR does

No business description yet.

Legal name
NVR, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000906163-26-000018
0000906163

Revenue and margins

NVR had $10.3B of revenue in fiscal 2025, down 1.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 17.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2025, 10.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

NVR returned $1.8B to shareholders in fiscal 2025, 167% of free cash flow. The diluted share count fell 7.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value NVR yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 3.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.5x · peers 12.3x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably NVR can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.6B$2.6B$3.2B$2.7B$2.0B
Interest coverage 30.9x58.0x70.5x77.1x60.0x
Total assets $5.8B$5.7B$6.6B$6.4B$5.9B
Total liabilities $2.8B$2.2B$2.2B$2.2B$2.0B
Shareholders' equity $3.0B$3.5B$4.4B$4.2B$3.9B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.6M

2 insiders

Sold, 12 months

$9.0M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 George OliverDirector Bought 63 $6,431.51 $0.4M Form 4
Apr 24, 2026 Michael J DeVitoDirector Bought 11 $6,699.50 $0.1M Form 4
Feb 13, 2026 Susan Williamson RossDirector Sold 200 $7,922.06 $1.6M Form 4
Feb 10, 2026 Matthew B. KelpyVP, Chief Accounting Officer Sold 500 $8,100.00 $4.1M Form 4
Feb 5, 2026 Susan Williamson RossDirector Sold 200 $8,091.62 $1.6M Form 4
Feb 4, 2026 Susan Williamson RossDirector Sold 220 $8,000.00 $1.8M Form 4
Nov 3, 2025 Michael J DeVitoDirector Bought 14 $7,068.05 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✕ ✕ ✕
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio 1.5%4.7%3.6%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
NVR NVR $16.8B −1.9% — 10.6% — 15.5x —
Toll Brothers TOL $13.2B 1.1% 15.7% 9.4% 13.6% 11.2x — Compare →
KB Home KBH $2.9B −10.0% — 4.6% — 13.3x — Compare →
PulteGroup PHM $22.8B −3.5% — 10.1% 17.9% 12.9x — Compare →
M/I Homes MHO $3.2B −1.9% 11.5% 2.9% — 11.8x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.8B $6.3B $7.2B $7.4B $7.5B $9.0B $10.5B $9.5B $10.5B $10.3B
Interest expense $21.7M $24.2M $25.1M $25.4M $40.9M $53.1M $39.5M $27.7M $27.8M $29.9M
Pretax income $662M $847M $960M $1.0B $1.1B $1.6B $2.3B $1.9B $2.1B $1.8B
Income tax $236M $309M $163M $147M $177M $354M $528M $337M $434M $422M
Net income $425M $538M $797M $879M $901M $1.2B $1.7B $1.6B $1.7B $1.3B
Diluted EPS $103.61 $126.77 $194.80 $221.13 $230.11 $320.48 $491.82 $463.31 $506.69 $436.55
Diluted shares 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B
Cash flow
Cash from operations $393M $570M $723M $867M $925M $1.2B $1.9B $1.5B $1.4B $1.1B
Capital expenditure $22.4M $20.3M $19.7M $22.7M $16.1M $17.9M $18.4M $24.9M $29.2M $24.5M
Free cash flow $371M $550M $703M $844M $909M $1.2B $1.9B $1.5B $1.3B $1.1B
Depreciation and amortization $22.3M $22.7M $20.2M $20.8M $22.0M $19.5M $17.4M $16.9M $18.4M $24.5M
Stock-based compensation $43.6M $44.6M $75.7M $78.5M $50.8M $58.2M $82.5M $99.5M $73.9M $69.2M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $455M $422M $846M $698M $371M $1.5B $1.5B $1.1B $2.1B $1.8B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $455M $422M $846M $698M $371M $1.5B $1.5B $1.1B $2.1B $1.8B
Balance sheet
Cash and short-term investments $416M $690M $732M $1.2B $2.8B $2.6B $2.6B $3.2B $2.7B $2.0B
Finance lease liabilities $0.0M $0.0M $0.0M $7.1M $16.2M $15.4M $15.0M $15.0M $40.0M $42.5M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $2.6B $3.0B $3.2B $3.8B $5.8B $5.8B $5.7B $6.6B $6.4B $5.9B
Total liabilities $1.3B $1.4B $1.4B $1.5B $2.7B $2.8B $2.2B $2.2B $2.2B $2.0B
Shareholders' equity $1.3B $1.6B $1.8B $2.3B $3.1B $3.0B $3.5B $4.4B $4.2B $3.9B
Margins
EBITDA margin 12.1% 14.2% 14.0% 14.5% 15.1% 18.6% 22.0% 20.7% 20.5% 17.6%
Net margin 7.3% 8.5% 11.1% 11.9% 12.0% 13.8% 16.4% 16.7% 16.0% 13.0%
FCF margin 6.4% 8.7% 9.8% 11.4% 12.1% 13.7% 17.6% 15.5% 12.8% 10.6%
Returns
Return on equity 33.4% 36.9% 46.7% 42.3% 33.1% 40.5% 53.0% 40.4% 39.2% 33.2%
Return on assets 16.5% 19.1% 25.9% 25.2% 18.8% 21.3% 30.0% 26.0% 25.9% 21.9%
Growth
Revenue growth 12.9% 8.3% 13.6% 3.1% 2.0% 18.8% 17.6% −9.6% 10.6% −1.9%
Net income growth 11.1% 26.4% 48.3% 10.2% 2.6% 37.2% 39.5% −7.8% 5.7% −20.3%
EPS growth 15.1% 22.4% 53.7% 13.5% 4.1% 39.3% 53.5% −5.8% 9.4% −13.8%
FCF growth 77.8% 48.4% 27.9% 20.0% 7.7% 34.7% 51.2% −20.4% −8.7% −18.5%
Share count change −3.6% 3.3% −3.5% −2.9% −1.4% −1.5% −9.1% −2.1% −3.4% −7.5%
Financial health
Interest coverage 31.5x 36.0x 39.3x 41.4x 27.4x 30.9x 58.0x 70.5x 77.1x 60.0x
Capital allocation
Capex / revenue 0.4% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.3% 0.3% 0.2%
Stock comp / revenue 0.8% 0.7% 1.1% 1.1% 0.7% 0.7% 0.8% 1.1% 0.7% 0.7%
Payouts / FCF 122.9% 76.8% 120.3% 82.8% 40.8% 125.6% 81.0% 73.4% 153.0% 167.2%
Quality scores
Accruals ratio 1.3% −1.2% 2.4% 0.3% −0.5% −0.1% −2.5% 1.5% 4.7% 3.6%

Source: SEC EDGAR XBRL filings (CIK 0000906163). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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