NVR, Inc. (NVR) 10-Year Financial Performance & Capital Metrics

NVR • • Industrial / General

Consumer CyclicalHomebuildersTraditional Site-Built HomebuildersNational Production Homebuilders

AboutNVR, Inc. operates as a homebuilder in the United States. The company operates in two segments, Homebuilding and Mortgage Banking. It engages in the construction and sale of single-family detached homes, townhomes, and condominium buildings under the Ryan Homes, NVHomes, and Heartland Homes names. The company markets its Ryan Homes products to first-time and first-time move-up buyers; and NVHomes and Heartland Homes products to move-up and luxury buyers. It also provides various mortgage related services to its homebuilding customers, as well as brokers title insurance; performs title searches in connection with mortgage loan closings; and sells mortgage loans to investors in the secondary markets on a servicing released basis. The company primarily serves in Maryland, Virginia, West Virginia, Delaware, New Jersey, Eastern Pennsylvania, New York, Ohio, Western Pennsylvania, Indiana, Illinois, North Carolina, South Carolina, Florida, Tennessee, and Washington, D.C. NVR, Inc. was founded in 1980 and is headquartered in Reston, Virginia.Show more

Revenue $10.54B +10.6%
EBITDA $2.01B +9.1%
Net Income $1.68B +5.7%
EPS (Diluted) 506.69 +9.4%
Gross Margin 25.54% -1.9%
EBITDA Margin 19.03% -1.4%
Operating Margin 18.85% -1.4%
Net Margin 15.95% -4.4%
ROE 39.23% -3.0%
ROIC 63.04% -5.4%
Debt/Equity 0.24 +4.3%
Interest Coverage 71.54 +8.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 44.2%
✓Share count reduced 3.4% through buybacks
✓Healthy 5Y average net margin of 15.0%
✓Efficient asset utilization: 1.7x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.01%

5Y7.34%

3Y5.58%

TTM1.78%

Profit (Net Income) CAGR

10Y19.57%

5Y13.87%

3Y10.79%

TTM-12.31%

EPS CAGR

10Y23.08%

5Y18.04%

3Y16.5%

TTM-6.93%

ROCE

10Y Avg35.73%

5Y Avg35.79%

3Y Avg40.65%

Latest37.47%

Peer Comparison

National Production Homebuilders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NVRNVR, Inc.	20.83B	7623.01	15.04	10.58%	13.9%	36.14%	6.46%	0.24
DHID.R. Horton, Inc.	46.87B	161.00	13.92	-6.93%	10.47%	14.49%	7.01%	0.24
PHMPulteGroup, Inc.	25.9B	132.87	9.04	11.74%	14.93%	20.51%	6.03%	0.19
LENLennar Corporation	26.38B	122.25	8.54	3.47%	7.72%	11.8%	8.46%	0.16
KBHKB Home	3.93B	62.24	7.37	8.1%	7.92%	11.08%	8.22%	0.42

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	5.17B	5.83B	6.31B	7.18B	7.4B	7.55B	8.96B	10.54B	9.53B	10.54B
Revenue Growth %	0.16%	0.13%	0.08%	0.14%	0.03%	0.02%	0.19%	0.18%	-0.1%	0.11%
Cost of Goods Sold+	4.12B	4.71B	4.99B	5.69B	5.85B	5.94B	6.76B	7.66B	7.05B	7.85B
COGS % of Revenue	0.8%	0.81%	0.79%	0.79%	0.79%	0.79%	0.75%	0.73%	0.74%	0.74%
Gross Profit+	1.05B	1.12B	1.32B	1.48B	1.55B	1.61B	2.2B	2.88B	2.48B	2.69B
Gross Margin %	0.2%	0.19%	0.21%	0.21%	0.21%	0.21%	0.25%	0.27%	0.26%	0.26%
Gross Profit Growth %	0.19%	0.07%	0.18%	0.12%	0.05%	0.04%	0.37%	0.31%	-0.14%	0.08%
Operating Expenses+	468.46M	500.53M	523.9M	588M	602.73M	631.03M	726.31M	706.83M	661.24M	705.46M
OpEx % of Revenue	0.09%	0.09%	0.08%	0.08%	0.08%	0.08%	0.08%	0.07%	0.07%	0.07%
Selling, General & Admin	424.01M	443.32M	460.8M	512.71M	527.4M	509.73M	563.43M	625.3M	680.04M	699.1M
SG&A % of Revenue	0.08%	0.08%	0.07%	0.07%	0.07%	0.07%	0.06%	0.06%	0.07%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	44.45M	57.21M	63.1M	75.29M	75.33M	121.3M	162.88M	81.53M	-18.8M	6.36M
Operating Income+	578.25M	621.72M	799.41M	895.14M	948.21M	977.42M	1.47B	2.17B	1.82B	1.99B
Operating Margin %	0.11%	0.11%	0.13%	0.12%	0.13%	0.13%	0.16%	0.21%	0.19%	0.19%
Operating Income Growth %	0.28%	0.08%	0.29%	0.12%	0.06%	0.03%	0.5%	0.48%	-0.16%	0.09%
EBITDA+	599.78M	643.99M	822.07M	915.31M	969.03M	999.41M	1.49B	2.19B	1.84B	2.01B
EBITDA Margin %	0.12%	0.11%	0.13%	0.13%	0.13%	0.13%	0.17%	0.21%	0.19%	0.19%
EBITDA Growth %	0.28%	0.07%	0.28%	0.11%	0.06%	0.03%	0.49%	0.47%	-0.16%	0.09%
D&A (Non-Cash Add-back)	21.53M	22.27M	22.67M	20.17M	20.82M	21.99M	19.46M	17.4M	16.92M	18.38M
EBIT	626.13M	682.32M	869.95M	983.77M	1.05B	1.14B	1.64B	2.29B	1.96B	2.14B
Net Interest Income+	-23.56M	-21.71M	-24.18M	-25.08M	-25.38M	-40.87M	-53.12M	-39.52M	-27.74M	-27.78M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	23.56M	21.71M	24.18M	25.08M	25.38M	40.87M	53.12M	39.52M	27.74M	27.78M
Other Income/Expense	24.96M	39.97M	47.5M	64.59M	77.58M	100.61M	120.07M	84.01M	105.92M	127.95M
Pretax Income+	603.21M	661.7M	846.91M	959.73M	1.03B	1.08B	1.59B	2.25B	1.93B	2.12B
Pretax Margin %	0.12%	0.11%	0.13%	0.13%	0.14%	0.14%	0.18%	0.21%	0.2%	0.2%
Income Tax+	220.28M	236.44M	309.39M	162.53M	147.26M	176.78M	353.68M	527.62M	336.76M	433.58M
Effective Tax Rate %	0.63%	0.64%	0.63%	0.83%	0.86%	0.84%	0.78%	0.77%	0.83%	0.8%
Net Income+	382.93M	425.26M	537.52M	797.2M	878.54M	901.25M	1.24B	1.73B	1.59B	1.68B
Net Margin %	0.07%	0.07%	0.09%	0.11%	0.12%	0.12%	0.14%	0.16%	0.17%	0.16%
Net Income Growth %	0.36%	0.11%	0.26%	0.48%	0.1%	0.03%	0.37%	0.4%	-0.08%	0.06%
Net Income (Continuing)	382.93M	425.26M	537.52M	797.2M	878.54M	901.25M	1.24B	1.73B	1.59B	1.68B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	89.99	103.61	126.77	194.82	221.13	230.09	320.48	491.82	463.31	506.69
EPS Growth %	0.42%	0.15%	0.22%	0.54%	0.14%	0.04%	0.39%	0.53%	-0.06%	0.09%
EPS (Basic)	95.21	110.53	144.00	194.82	241.29	244.11	345.38	525.20	491.52	540.88
Diluted Shares Outstanding	4.25M	4.1M	4.24M	4.09M	3.97M	3.92M	3.86M	3.51M	3.44M	3.32M
Basic Shares Outstanding	4.02M	3.85M	3.73M	4.09M	3.64M	3.69M	3.58M	3.29M	3.24M	3.11M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.47B	1.53B	1.95B	2B	2.53B	4.54B	4.6B	4.38B	5.19B	4.76B
Cash & Short-Term Investments	449.8M	414.82M	688.49M	731.93M	1.16B	2.81B	2.64B	2.57B	3.22B	2.66B
Cash Only	449.8M	414.82M	688.49M	731.93M	1.16B	2.81B	2.64B	2.57B	3.22B	2.66B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	11.48M	18.94M	20.03M	18.64M	18.28M	18.3M	18.55M	20.84M	29M	32.62M
Days Sales Outstanding	0.81	1.19	1.16	0.95	0.9	0.89	0.76	0.72	1.11	1.13
Inventory	1.01B	1.09B	1.25B	1.25B	1.35B	1.71B	1.95B	1.79B	1.95B	2.06B
Days Inventory Outstanding	89.2	84.67	91.15	80.35	84.06	105.07	105.1	85.19	100.95	95.72
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	1.04B	1.12B	1.03B	1.16B	1.28B	1.24B	1.23B	1.28B	1.41B	1.62B
Property, Plant & Equipment	49.96M	50.82M	49.52M	48.74M	135.26M	127.88M	129.41M	148.6M	163.99M	204.81M
Fixed Asset Turnover	103.38x	114.73x	127.50x	147.20x	54.72x	59.01x	69.24x	70.92x	58.14x	51.48x
Goodwill	49.37M	49.37M	441K	49.37M	49.37M	48.93M	48.93M	48.93M	48.93M	48.93M
Intangible Assets	3.54M	2.16M	49.7M	0	0	0	0	0	0	0
Long-Term Investments	321.3M	353.21M	398.76M	488.04M	541.06M	506.62M	361.85M	370.61M	330.64M	415.4M
Other Non-Current Assets	457.93M	491.88M	424.19M	463.76M	442.31M	423.84M	558.76M	565.87M	715.6M	813.65M
Total Assets+	2.52B	2.64B	2.99B	3.17B	3.81B	5.78B	5.83B	5.66B	6.6B	6.38B
Asset Turnover	2.05x	2.21x	2.11x	2.27x	1.94x	1.31x	1.54x	1.86x	1.44x	1.65x
Asset Growth %	0.07%	0.05%	0.13%	0.06%	0.2%	0.52%	0.01%	-0.03%	0.17%	-0.03%
Total Current Liabilities+	675.62M	742.16M	786.72M	759.69M	784.89M	1.08B	1.24B	1.15B	1.22B	1.15B
Accounts Payable	259.73M	283.61M	294.8M	272.97M	288.47M	382.09M	366.55M	373.61M	456.65M	367.5M
Days Payables Outstanding	23.02	21.99	21.56	17.5	18	23.49	19.78	17.8	23.64	17.09
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	1000K	0	0	1000K	0	0	0	0
Other Current Liabilities	415.89M	458.55M	0	486.72M	496.42M	20.5M	874.72M	772.84M	766.08M	782.93M
Current Ratio	2.17x	2.06x	2.48x	2.64x	3.22x	4.19x	3.71x	3.82x	4.25x	4.13x
Quick Ratio	0.68x	0.58x	0.90x	0.99x	1.50x	2.61x	2.14x	2.26x	2.65x	2.34x
Cash Conversion Cycle	66.99	63.87	70.74	63.8	66.97	82.46	86.07	68.11	78.42	79.76
Total Non-Current Liabilities+	596.94M	597.34M	597.07M	597.68M	683.68M	1.59B	1.59B	1.01B	1.01B	1.02B
Long-Term Debt	595.85M	596.46M	597.07M	597.68M	598.3M	1.52B	1.52B	914.89M	913.03M	911.12M
Capital Lease Obligations	0	0	0	0	85.38M	72.66M	74.56M	92.79M	101.27M	109.37M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	1.09M	882K	0	0	0	0	0	0	0	0
Total Liabilities	1.28B	1.34B	1.38B	1.36B	1.47B	2.67B	2.83B	2.15B	2.24B	2.17B
Total Debt+	595.85M	596.46M	597.07M	597.68M	683.68M	1.59B	1.59B	1.01B	1.01B	1.02B
Net Debt	146.04M	181.63M	-91.42M	-134.25M	-476.85M	-1.22B	-1.05B	-1.57B	-2.2B	-1.64B
Debt / Equity	0.48x	0.46x	0.37x	0.33x	0.29x	0.51x	0.53x	0.29x	0.23x	0.24x
Debt / EBITDA	0.99x	0.93x	0.73x	0.65x	0.71x	1.59x	1.07x	0.46x	0.55x	0.51x
Net Debt / EBITDA	0.24x	0.28x	-0.11x	-0.15x	-0.49x	-1.22x	-0.70x	-0.72x	-1.20x	-0.82x
Interest Coverage	24.54x	28.64x	33.05x	35.69x	37.36x	23.91x	27.68x	54.88x	65.70x	71.54x
Total Equity+	1.24B	1.3B	1.61B	1.81B	2.34B	3.1B	3B	3.51B	4.36B	4.21B
Equity Growth %	0.1%	0.05%	0.23%	0.13%	0.29%	0.33%	-0.03%	0.17%	0.24%	-0.04%
Book Value per Share	291.23	317.85	378.65	441.98	589.29	792.21	778.04	999.52	1270.55	1268.48
Total Shareholders' Equity	1.24B	1.3B	1.61B	1.81B	2.34B	3.1B	3B	3.51B	4.36B	4.21B
Common Stock	206K	206K	206K	206K	206K	206K	206K	206K	206K	206K
Retained Earnings	5.27B	5.7B	6.23B	7.03B	7.91B	8.81B	10.05B	11.77B	13.37B	15.05B
Treasury Stock	-5.48B	-5.91B	-6.27B	-7.06B	-7.64B	-7.94B	-9.44B	-10.88B	-11.87B	-13.89B
Accumulated OCI	0	0	0	16.94M	16.91M	16.71M	16.71M	16.71M	16.71M	16.71M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	203.39M	384.46M	568.9M	723.13M	866.53M	925.27M	1.24B	1.87B	1.5B	1.37B
Operating CF Margin %	0.04%	0.07%	0.09%	0.1%	0.12%	0.12%	0.14%	0.18%	0.16%	0.13%
Operating CF Growth %	0.1%	0.89%	0.48%	0.27%	0.2%	0.07%	0.34%	0.51%	-0.2%	-0.08%
Net Income	382.93M	425.26M	537.52M	797.2M	878.54M	901.25M	1.24B	1.73B	1.59B	1.68B
Depreciation & Amortization	21.53M	22.27M	22.67M	20.17M	20.82M	21.99M	19.46M	17.4M	16.92M	18.38M
Stock-Based Compensation	54.09M	43.6M	44.56M	75.7M	78.53M	50.79M	58.23M	82.54M	99.51M	73.92M
Deferred Taxes	1.9M	-10.02M	61.29M	914K	-4.07M	-17.57M	-234K	-11.1M	-3.74M	5.79M
Other Non-Cash Items	-142.79M	-39.89M	10.7M	-89.57M	-26.43M	54.8M	95.16M	67.83M	23.05M	-97.12M
Working Capital Changes	-114.28M	-56.75M	-107.84M	-81.28M	-80.85M	-86M	-166.95M	-12.14M	-229.35M	-308.44M
Change in Receivables	-39.09M	-41.36M	7.67M	-31.87M	-33.93M	-168.67M	19.95M	-27.38M	-59.65M	62.66M
Change in Inventory	-134.8M	-85.19M	-154.1M	-6.91M	-94.18M	-362.38M	-238.28M	159.09M	-161.88M	-108.56M
Change in Payables	55.4M	58.53M	10.79M	-30.71M	33.93M	168.67M	-19.95M	-13.78M	49.1M	-83.22M
Cash from Investing+	-1.02M	-9.43M	-16.02M	-8.18M	-13.28M	-3.93M	-18.18M	-27.43M	-24.1M	-26.55M
Capital Expenditures	-18.28M	-22.37M	-20.27M	-19.66M	-22.7M	-16.12M	-17.88M	-18.43M	-24.88M	-29.21M
CapEx % of Revenue	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	19.17M	12.59M	7.2M	10.23M	10.12M	12.62M	978K	732K	777K	2.66M
Cash from Financing+	-322.47M	-403.73M	-281.64M	-672.26M	-424.69M	727.64M	-1.4B	-1.91B	-832.97M	-1.9B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	23.01M	13.51M	0	-234K	0	-5.06M	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	185.11M	362.1M	548.63M	703.46M	843.84M	909.15M	1.22B	1.85B	1.47B	1.35B
FCF Margin %	0.04%	0.06%	0.09%	0.1%	0.11%	0.12%	0.14%	0.18%	0.15%	0.13%
FCF Growth %	0.21%	0.96%	0.52%	0.28%	0.2%	0.08%	0.35%	0.51%	-0.2%	-0.09%
FCF per Share	43.51	88.23	129.40	171.91	212.39	232.10	317.32	527.76	428.82	405.32
FCF Conversion (FCF/Net Income)	0.53x	0.90x	1.06x	0.91x	0.99x	1.03x	1.00x	1.08x	0.94x	0.82x
Interest Paid	24.55M	20.92M	23.25M	24.18M	24.45M	36.8M	53.68M	47.5M	29.2M	29.2M
Taxes Paid	194.67M	218.98M	260.23M	181.17M	153.91M	163.08M	389.38M	529.82M	407.19M	409.85M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	32.4%	33.44%	36.94%	46.7%	42.34%	33.11%	40.51%	53.02%	40.44%	39.23%
Return on Invested Capital (ROIC)	33.84%	32.48%	39.97%	42.11%	40.19%	39.12%	57.43%	83.5%	66.61%	63.04%
Gross Margin	20.26%	19.25%	20.96%	20.67%	20.96%	21.32%	24.52%	27.29%	26.05%	25.54%
Net Margin	7.41%	7.29%	8.51%	11.11%	11.87%	11.94%	13.8%	16.37%	16.69%	15.95%
Debt / Equity	0.48x	0.46x	0.37x	0.33x	0.29x	0.51x	0.53x	0.29x	0.23x	0.24x
Interest Coverage	24.54x	28.64x	33.05x	35.69x	37.36x	23.91x	27.68x	54.88x	65.70x	71.54x
FCF Conversion	0.53x	0.90x	1.06x	0.91x	0.99x	1.03x	1.00x	1.08x	0.94x	0.82x
Revenue Growth	16.09%	12.87%	8.29%	13.65%	3.14%	1.96%	18.74%	17.62%	-9.52%	10.58%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Home Building	5.07B	5.71B	6.18B	7B	7.22B	7.33B	8.7B	10.33B	9.31B	10.29B
Home Building Growth	-	12.71%	8.17%	13.42%	3.09%	1.50%	18.73%	18.68%	-9.80%	10.50%
Mortgage Banking	-	-	-	159.37M	167.82M	208.03M	249.33M	199.66M	203.6M	232.05M
Mortgage Banking Growth	-	-	-	-	5.30%	23.96%	19.85%	-19.92%	1.97%	13.98%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Homebuilding Mid Atlantic	3.02B	3.32B	3.54B	-	-	-	-	-	-	-
Homebuilding Mid Atlantic Growth	-	9.82%	6.74%	-	-	-	-	-	-	-
Homebuilding Mid East	1.01B	1.19B	1.25B	-	-	-	-	-	-	-
Homebuilding Mid East Growth	-	17.49%	4.84%	-	-	-	-	-	-	-
Homebuilding South East	595.35M	734.59M	864.53M	-	-	-	-	-	-	-
Homebuilding South East Growth	-	23.39%	17.69%	-	-	-	-	-	-	-
Homebuilding North East	432.14M	462.38M	517.14M	-	-	-	-	-	-	-
Homebuilding North East Growth	-	7.00%	11.84%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

NVR, Inc. (NVR) has a price-to-earnings (P/E) ratio of 15.0x. This is roughly in line with market averages.

Growth & Financials

NVR, Inc. (NVR) reported $10.31B in revenue for fiscal year 2024. This represents a 287% increase from $2.66B in 2011.

NVR, Inc. (NVR) grew revenue by 10.6% over the past year. This is steady growth.

Yes, NVR, Inc. (NVR) is profitable, generating $1.43B in net income for fiscal year 2024 (16.0% net margin).

Dividend & Returns

NVR, Inc. (NVR) has a return on equity (ROE) of 39.2%. This is excellent, indicating efficient use of shareholder capital.

NVR, Inc. (NVR) generated $1.29B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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