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NVR

NVR, Inc.

NVR

NVR, Inc. • NYSE
$7507.29 ▼ -0.78% (-59.38)
Market Cap $21.32 B
52w High $9256.14
52w Low $6562.85
Dividend Yield 0%
P/E 16.5
Volume 6.44K
Outstanding Shares 2.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.505B ▼ $165.133M ▼ $342.688M ▲ 13.679% ▲ $119.08 ▲ $457.024M ▼
Q2-2025 $2.603B ▲ $175.595M ▲ $333.737M ▲ 12.82% ▲ $114.37 ▲ $459.807M ▲
Q1-2025 $2.35B ▼ $138.405M ▼ $299.576M ▼ 12.746% ▼ $100.41 ▼ $415.24M ▼
Q4-2024 $2.851B ▲ $192.111M ▲ $457.432M ▲ 16.043% ▲ $149.84 ▲ $584.6M ▲
Q3-2024 $2.738B $176.094M $429.323M 15.682% $139.65 $550.343M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.024B ▲ $6.035B ▲ $2.069B ▼ $3.967B ▲
Q2-2025 $1.83B ▼ $5.939B ▼ $2.094B ▼ $3.845B ▼
Q1-2025 $2.288B ▼ $6.196B ▼ $2.241B ▲ $3.955B ▼
Q4-2024 $2.665B ▲ $6.381B ▼ $2.171B ▼ $4.21B ▼
Q3-2024 $2.569B $6.488B $2.217B $4.271B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $342.688M ▲ $438.706M ▲ $-7.11M ▲ $-237.917M ▲ $193.679M ▲ $433.26M ▲
Q2-2025 $333.737M ▲ $35.105M ▼ $-35.248M ▼ $-457.842M ▲ $-457.985M ▼ $26.802M ▼
Q1-2025 $299.576M ▼ $207.781M ▼ $-15.016M ▼ $-569.522M ▼ $-376.757M ▼ $200.722M ▼
Q4-2024 $457.432M ▲ $637.05M ▲ $-6.756M ▲ $-534.294M ▼ $96M ▲ $631.459M ▲
Q3-2024 $429.323M $358.262M $-8.652M $-309.889M $39.721M $350.052M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Home Building Segment
Home Building Segment
 $5.33Bn ▲$2.35Bn ▼$2.55Bn ▲$2.56Bn ▲
Mortgage Banking Segment
Mortgage Banking Segment
 $130.00M ▲$0 ▼$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement NVR’s income statement shows a company that is both profitable and disciplined. Revenue has moved up and down with the housing cycle, but over the last few years it has held at a high level and recently grown again after a softer year. Profit margins remain strong and fairly steady, suggesting good pricing power and cost control even when demand cools. Earnings per share have trended strongly higher over time, helped by both solid profits and an efficient capital structure. Overall, the business looks well-managed through a cyclical industry, with only modest bumps despite interest-rate and housing-market swings.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. NVR carries a sizeable cash position relative to its overall size and only modest debt, which has been edging down over time. Shareholders’ equity has steadily grown, reflecting retained profits and a conservative approach to balance sheet management. The company’s “land-light” model also means less capital is trapped in raw land compared with many peers, reducing risk from housing downturns. Altogether, financial leverage looks restrained and liquidity looks comfortable, giving NVR flexibility if the housing market weakens.

Cash Flow

Cash Flow Cash generation is consistently solid and closely tracks reported profits, which is a good sign for earnings quality. Operating cash flow has been robust across different market conditions, and free cash flow stays very close to operating cash flow because capital spending needs are relatively small. This means most of the cash coming in is genuinely available for strategic uses, such as supporting growth, absorbing downturns, or returning capital. The pattern suggests a business that converts its accounting profits into real cash reliably.

Competitive Edge

Competitive Edge NVR’s edge lies more in execution and structure than in flashy products. Its land-light strategy reduces the risk of holding large land banks, which has historically hurt many builders in downturns. Prefabricated components and a tightly run construction process help control costs, speed up build times, and keep quality consistent. Vertical integration through in-house mortgage and title services makes the buying experience smoother and adds extra, relatively stable earnings streams. Its set of brands across different price points, along with a focus on gaining strong local share in chosen markets rather than being everywhere, helps it build deep regional strength. Key vulnerabilities remain the cyclical nature of housing demand, sensitivity to interest rates, and reliance on external land developers, but the overall competitive posture is disciplined and resilient.

Innovation and R&D

Innovation and R&D NVR’s “innovation” is mainly operational. It has spent decades refining off-site prefabrication, which improves speed, consistency, and waste reduction rather than chasing cutting-edge tech for its own sake. The company uses technology to support sales, back-office functions, and process efficiency, and is investing in digital transformation roles, but this appears evolutionary, not disruptive. Its BuiltSmart and energy-efficiency efforts address customer interest in lower utility bills and comfort, and partnerships for home energy ratings increase transparency. In short, NVR focuses on steady, behind-the-scenes process and efficiency improvements instead of large, speculative R&D projects.

Summary

NVR comes across as a disciplined, risk-aware homebuilder that has built a strong financial and competitive position in a volatile industry. Profitability and cash generation are consistently high, the balance sheet is solid with ample liquidity and moderate debt, and the business model intentionally avoids some of the biggest balance sheet risks typical in homebuilding. Competitive advantages stem from its land-light approach, prefabrication, and integrated mortgage and title operations, all of which help it weather housing cycles better than many peers. The main uncertainties relate to the broader housing market, interest rates, and economic conditions, as well as continued access to attractive finished lots from developers. Overall, NVR looks like a quality-driven operator focused on steady execution and risk control rather than aggressive expansion or speculative innovation.

NEWS

October 22, 2025 · 9:00 AM UTC

NVR, INC. ANNOUNCES THIRD QUARTER RESULTS

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October 1, 2025 · 9:00 AM UTC

NVR, INC. APPOINTS NEW MEMBER TO BOARD OF DIRECTORS

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