NVR vs PulteGroup
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The short version
- PulteGroup is the larger business, with $17.3B of revenue in fiscal 2025 against $10.3B for NVR, about 1.7 times as much.
- NVR grew revenue faster (−1.9%, against −3.5%).
- NVR turned more of its sales into free cash flow (10.6% FCF margin, against 10.1%).
- Investors pay more for each dollar of NVR’s earnings: a P/E of 15.5x against 12.9x for PulteGroup.
| Latest fiscal year | NVR · FY25 | PHM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.8B | $22.8B |
| Revenue | $10.3B | $17.3B |
| Free cash flow | $1.1B | $1.7B |
| Net income | $1.3B | $2.2B |
| Growth | ||
| Revenue growth | −1.9% | −3.5% |
| 5-year growth | 6.5% | 9.4% |
| Share count change | −7.5% | −4.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 13.0% | 12.8% |
| FCF margin | 10.6% | 10.1% |
| Return on capital | — | 17.9% |
| Return on equity | 33.2% | 17.7% |
| Balance sheet | ||
| Net debt | — | −$350M |
| Net debt / EBITDA | — | −0.1x |
| Dividends and buybacks | $1.8B | $1.4B |
| Valuation & quality | ||
| P/E | 15.5x | 12.9x |
| Piotroski F-score | — | — |
Revenue
FY16
NVR $5.8B
PHM $7.7B
FY17
NVR $6.3B
PHM $8.6B
FY18
NVR $7.2B
PHM $10.2B
FY19
NVR $7.4B
PHM $10.2B
FY20
NVR $7.5B
PHM $11.0B
FY21
NVR $9.0B
PHM $13.7B
FY22
NVR $10.5B
PHM $16.0B
FY23
NVR $9.5B
PHM $16.1B
FY24
NVR $10.5B
PHM $17.9B
FY25
NVR $10.3B
PHM $17.3B
NVR
PHM
Operating margin
FY16
NVR —
PHM —
FY17
NVR —
PHM —
FY18
NVR —
PHM —
FY19
NVR —
PHM —
FY20
NVR —
PHM —
FY21
NVR —
PHM —
FY22
NVR —
PHM —
FY23
NVR —
PHM —
FY24
NVR —
PHM —
FY25
NVR —
PHM —
NVR
PHM
Free cash flow
FY16
NVR $371M
PHM $29.0M
FY17
NVR $550M
PHM $631M
FY18
NVR $703M
PHM $1.4B
FY19
NVR $844M
PHM $1.0B
FY20
NVR $909M
PHM $1.7B
FY21
NVR $1.2B
PHM $931M
FY22
NVR $1.9B
PHM $556M
FY23
NVR $1.5B
PHM $2.1B
FY24
NVR $1.3B
PHM $1.6B
FY25
NVR $1.1B
PHM $1.7B
NVR
PHM
Return on capital
FY16
NVR —
PHM 10.8%
FY17
NVR —
PHM 6.7%
FY18
NVR —
PHM 15.0%
FY19
NVR —
PHM 14.8%
FY20
NVR —
PHM 20.5%
FY21
NVR —
PHM 26.9%
FY22
NVR —
PHM 29.7%
FY23
NVR —
PHM 25.5%
FY24
NVR —
PHM 27.2%
FY25
NVR —
PHM 17.9%
NVR
PHM
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.