KB Home vs NVR
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KIRAβs take AI analyst
I put KB Home and NVR side by side, using each oneβs latest annual report. Here is what stands out:
- NVR is the larger business, with $10.3B of revenue in fiscal 2025 against $6.2B for KB Home, about 1.7 times as much.
- NVR grew revenue faster (β1.9%, against β10.0%).
- NVR turned more of its sales into free cash flow (10.6% FCF margin, against 4.6%).
- Investors pay more for each dollar of NVRβs earnings: a P/E of 14.9x against 13.1x for KB Home.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
KB Home
KBH
2/6
5-year growthShare count change
NVR
NVR
4/6
Revenue growthNet marginFCF marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | KBH FY25 | NVR FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.9B | $16.0B |
| Revenue | $6.2B | $10.3B |
| Free cash flow | $287M | $1.1B |
| Net income | $429M | $1.3B |
| Growth | ||
| Revenue growth | β10.0% | β1.9% |
| 5-year growth | 8.3% | 6.5% |
| Share count change | β10.0% | β7.5% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 6.9% | 13.0% |
| FCF margin | 4.6% | 10.6% |
| Return on capital | β | β |
| Return on equity | 10.8% | 33.2% |
| Balance sheet | ||
| Net debt | $1.5B | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $610M | $1.8B |
| Valuation & quality | ||
| P/E | 13.1x | 14.9x |
| Piotroski F-score | β | β |
Ten years
Revenue
FY16
KBH $3.6B
NVR $5.8B
FY17
KBH $4.4B
NVR $6.3B
FY18
KBH $4.5B
NVR $7.2B
FY19
KBH $4.6B
NVR $7.4B
FY20
KBH $4.2B
NVR $7.5B
FY21
KBH $5.7B
NVR $9.0B
FY22
KBH $6.9B
NVR $10.5B
FY23
KBH $6.4B
NVR $9.5B
FY24
KBH $6.9B
NVR $10.5B
FY25
KBH $6.2B
NVR $10.3B
KBH
NVR
Operating margin
FY16
KBH 4.2%
NVR β
FY17
KBH 6.5%
NVR β
FY18
KBH 7.6%
NVR β
FY19
KBH β
NVR β
FY20
KBH β
NVR β
FY21
KBH β
NVR β
FY22
KBH β
NVR β
FY23
KBH β
NVR β
FY24
KBH β
NVR β
FY25
KBH β
NVR β
KBH
NVR
Free cash flow
FY16
KBH β
NVR $371M
FY17
KBH β
NVR $550M
FY18
KBH $214M
NVR $703M
FY19
KBH $211M
NVR $844M
FY20
KBH $282M
NVR $909M
FY21
KBH β$76.7M
NVR $1.2B
FY22
KBH $138M
NVR $1.9B
FY23
KBH $1.0B
NVR $1.5B
FY24
KBH $323M
NVR $1.3B
FY25
KBH $287M
NVR $1.1B
KBH
NVR
Return on capital
FY16
KBH 2.9%
NVR β
FY17
KBH 4.8%
NVR β
FY18
KBH 4.9%
NVR β
FY19
KBH 7.4%
NVR β
FY20
KBH 8.0%
NVR β
FY21
KBH 14.0%
NVR β
FY22
KBH 17.0%
NVR β
FY23
KBH β
NVR β
FY24
KBH β
NVR β
FY25
KBH β
NVR β
KBH
NVR
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.