NVR vs Toll Brothers
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The short version
- Toll Brothers is the larger business, with $11.0B of revenue in fiscal 2025 against $10.3B for NVR.
- Toll Brothers grew revenue faster (1.1%, against −1.9%).
- NVR turned more of its sales into free cash flow (10.6% FCF margin, against 9.4%).
- Investors pay more for each dollar of NVR’s earnings: a P/E of 15.5x against 11.2x for Toll Brothers.
| Latest fiscal year | NVR · FY25 | TOL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.8B | $13.2B |
| Revenue | $10.3B | $11.0B |
| Free cash flow | $1.1B | $1.0B |
| Net income | $1.3B | $1.3B |
| Growth | ||
| Revenue growth | −1.9% | 1.1% |
| 5-year growth | 6.5% | 9.2% |
| Share count change | −7.5% | −4.7% |
| Profitability | ||
| Gross margin | — | 25.1% |
| Operating margin | — | 15.7% |
| Net margin | 13.0% | 12.3% |
| FCF margin | 10.6% | 9.4% |
| Return on capital | — | 13.6% |
| Return on equity | 33.2% | 16.9% |
| Balance sheet | ||
| Net debt | — | $1.5B |
| Net debt / EBITDA | — | 0.9x |
| Dividends and buybacks | $1.8B | $748M |
| Valuation & quality | ||
| P/E | 15.5x | 11.2x |
| Piotroski F-score | — | — |
FY16
NVR $5.8B
TOL —
FY17
NVR $6.3B
TOL $5.8B
FY18
NVR $7.2B
TOL $7.1B
FY19
NVR $7.4B
TOL $7.2B
FY20
NVR $7.5B
TOL $7.1B
FY21
NVR $9.0B
TOL $8.8B
FY22
NVR $10.5B
TOL $10.3B
FY23
NVR $9.5B
TOL $10.0B
FY24
NVR $10.5B
TOL $10.8B
FY25
NVR $10.3B
TOL $11.0B
NVR
TOL
FY16
NVR —
TOL —
FY17
NVR —
TOL 11.1%
FY18
NVR —
TOL 11.0%
FY19
NVR —
TOL 9.4%
FY20
NVR —
TOL 7.8%
FY21
NVR —
TOL 11.6%
FY22
NVR —
TOL 14.7%
FY23
NVR —
TOL 17.3%
FY24
NVR —
TOL 18.8%
FY25
NVR —
TOL 15.7%
NVR
TOL
FY16
NVR $371M
TOL $122M
FY17
NVR $550M
TOL $833M
FY18
NVR $703M
TOL $560M
FY19
NVR $844M
TOL $351M
FY20
NVR $909M
TOL $899M
FY21
NVR $1.2B
TOL $1.2B
FY22
NVR $1.9B
TOL $915M
FY23
NVR $1.5B
TOL $1.2B
FY24
NVR $1.3B
TOL $937M
FY25
NVR $1.1B
TOL $1.0B
NVR
TOL
FY16
NVR —
TOL 4.4%
FY17
NVR —
TOL 5.9%
FY18
NVR —
TOL 8.8%
FY19
NVR —
TOL 6.8%
FY20
NVR —
TOL 5.5%
FY21
NVR —
TOL 10.5%
FY22
NVR —
TOL 14.9%
FY23
NVR —
TOL 15.7%
FY24
NVR —
TOL 17.5%
FY25
NVR —
TOL 13.6%
NVR
TOL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.