NVR Inc. (NVR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$90	$84	-6.7%	—	—	—
Q3 26	$79.2	$67.8	-14.4%	—	—	—
Q2 26	$105.9	$121.5	+14.8%	—	—	—
Q1 26	$106.2	$108.5	+2.2%	—	—	—
Q4 25	$106.1	$94.8	-10.6%	—	—	—
Q3 25	$129.3	$139.9	+8.2%	—	—	—
Q2 25	$131	$130.5	-0.4%	—	—	—
Q1 25	$121.2	$120.7	-0.4%	—	—	—
Q4 24	$104	$116.4	+12.0%	—	—	—
Q3 24	$121.5	$121.6	+0.0%	—	—	—
Q2 24	$115.6	$125.3	+8.4%	—	—	—
Q1 24	$101.5	$116.5	+14.8%	—	—	—
Q4 23	$89	$99.9	+12.3%	—	—	—
Q3 23	$98.9	$133.4	+35.0%	—	—	—
Q2 23	$121.7	$118.5	-2.6%	—	—	—
Q1 23	$126.8	$123.7	-2.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$462	—	—	$10.3B	—
FY24	—	$540.9	—	—	$10.5B	—
FY23	—	$491.5	—	—	$9.5B	—
FY22	—	$525.2	—	—	$10.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.8B	$6.3B	$7.2B	$7.4B	$7.5B	$9B	$10.5B	$9.5B	$10.5B	$10.3B
YoY change	+12.9%	+8.29%	+13.6%	+3.14%	+1.96%	+18.7%	+17.6%	-9.52%	+10.6%	-1.91%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.8B	6.3B	7.2B	7.4B	7.5B	9B	10.5B	9.5B	10.5B	10.3B
Cost of revenue	4.7B	5B	5.7B	5.8B	5.9B	6.8B	7.7B	7.1B	7.9B	8B
Gross profit	1.1B	1.3B	1.5B	1.6B	1.6B	2.2B	2.9B	2.5B	2.7B	2.4B
Gross margin	19.2%	21%	20.7%	21%	21.3%	24.5%	27.3%	26%	25.5%	23.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	443.3M	460.8M	512.7M	527.4M	509.7M	563.4M	625.3M	680M	699.1M	699.1M
Operating expenses	440.5M	454.3M	500.9M	502.6M	492.8M	556.9M	588.3M	532M	555.2M	699.1M
Operating income	681.8M	869M	982.3M	1B	1.1B	1.6B	2.3B	2B	2B	1.7B
Operating margin	11.7%	13.8%	13.7%	14.2%	14.8%	18.3%	21.7%	20.5%	18.9%	16.3%
Non-operating income, net	1.7M	2M	2.5M	2.9M	3.2M	3.8M	5M	4.4M	149.4M	101.4M
Pretax income	661.7M	846.9M	959.7M	1B	1.1B	1.6B	2.3B	1.9B	2.1B	1.8B
Income tax	236.4M	309.4M	162.5M	147.3M	176.8M	353.7M	527.6M	336.8M	433.6M	422.1M
Net income	425.3M	537.5M	797.2M	878.5M	901.2M	1.2B	1.7B	1.6B	1.7B	1.3B
Net margin	7.29%	8.51%	11.1%	11.9%	11.9%	13.8%	16.4%	16.7%	16%	13%
EBITDA	705.7M	893.8M	1B	1.1B	1.1B	1.7B	2.3B	2B	2.2B	1.8B
EPS	110.5	144	219.6	241.3	244.1	345.4	525.2	491.5	540.9	462
Diluted EPS	103.6	126.8	194.8	221.1	230.1	320.5	491.8	463.3	506.7	436.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.6B	2.4B	2.3B	2.6B	2.7B	2.9B	2.4B	2.6B	2.6B	2.7B	1.9B	2.3B
Cost of revenue	1.9B	1.8B	1.7B	1.9B	2.1B	2.1B	1.8B	2B	2B	2.1B	1.5B	1.8B
Gross profit	671.9M	624.4M	611.3M	669.5M	686.6M	725.6M	571.5M	603.3M	593M	620.7M	410.2M	489.1M
Gross margin	26.1%	25.6%	26.2%	25.6%	25.1%	25.4%	23.7%	23.2%	22.7%	22.8%	21.8%	21%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	166.8M	175.6M	175.9M	166.6M	176.1M	180.6M	189.8M	175.6M	165.1M	168.6M	180.1M	176.9M
Operating expenses	126.9M	134.7M	135M	130.4M	142.3M	147.5M	189.8M	175.6M	165.1M	168.6M	180.1M	176.9M
Operating income	545.1M	489.6M	476.3M	502.9M	510.5M	545M	381.7M	427.7M	427.9M	452.1M	230.1M	312.2M
Operating margin	21.2%	20.1%	20.4%	19.2%	18.6%	19.1%	15.9%	16.4%	16.4%	16.6%	12.2%	13.4%
Non-operating income, net	1.2M	1.2M	1.2M	37.5M	35.2M	34.7M	27.8M	26.4M	23.4M	23.9M	28.8M	13.4M
Pretax income	539.3M	484M	470.7M	533.6M	538.6M	572.6M	402M	447.1M	444.1M	468.7M	251.7M	318.6M
Income tax	106.2M	74M	76.4M	132.7M	109.3M	115.2M	102.4M	113.4M	101.4M	104.9M	53.3M	82.2M
Net income	433.2M	410.1M	394.3M	400.9M	429.3M	457.4M	299.6M	333.7M	342.7M	363.8M	198.4M	236.5M
Net margin	16.8%	16.8%	16.9%	15.3%	15.7%	16%	12.4%	12.8%	13.1%	13.4%	10.5%	10.1%
EBITDA	550.4M	495.2M	481.9M	544.8M	550.3M	584.6M	415.2M	459.8M	457.4M	482.9M	265.6M	332.1M
EPS	132.9	128.5	123.8	128.2	139.7	149.8	100.4	114.5	119.3	128.5	71.3	87.7
Diluted EPS	125.3	121.6	116.4	120.7	130.5	139.9	94.8	108.5	112.3	121.5	67.8	84

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.4B	13.1B	8.8B	13.9B	15.1B	21.2B	15.2B	22.7B	25.4B	21.1B	16.7B
Enterprise value	6.6B	13B	8.7B	13.4B	13.9B	20.2B	13.6B	20.5B	23.8B	20.3B	16.8B
Shares outstanding	3.8M	3.7M	3.6M	3.6M	3.7M	3.6M	3.3M	3.2M	3.1M	2.9M	2.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.1	24.4	11.1	15.8	16.7	17.1	8.78	14.2	15.1	15.8	16.4
P/S	1.1	2.07	1.23	1.87	2	2.36	1.44	2.38	2.41	2.04	1.75
P/B	4.92	8.16	4.89	5.92	4.85	7.05	4.32	5.19	6.04	5.47	4.99
EV/EBITDA	9.38	14.6	8.69	12.5	12.2	12.1	5.91	10.4	11	11.2	10.9
EV/Sales	1.14	2.06	1.22	1.81	1.84	2.25	1.29	2.15	2.26	1.96	1.74
Earnings yield	6.62%	4.1%	9.01%	6.34%	5.98%	5.84%	11.4%	7.02%	6.61%	6.34%	6.09%
FCF yield	5.77%	4.2%	7.95%	6.09%	6.04%	5.79%	12.2%	6.5%	5.29%	5.19%	5.5%
PEG	—	—	—	—	—	—	—	—	—	—	-0.7

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	19.2%	21%	20.7%	21%	21.3%	24.5%	27.3%	26%	25.5%	23.1%	21%
Operating margin	11.7%	13.8%	13.7%	14.2%	14.8%	18.3%	21.7%	20.5%	18.9%	16.3%	13.9%
Net margin	7.29%	8.51%	11.1%	11.9%	11.9%	13.8%	16.4%	16.7%	16%	13%	11.8%
ROE	32.6%	33.5%	44.1%	37.5%	29%	41.2%	49.2%	36.5%	40%	34.7%	31.5%
ROA	16.1%	18%	25.2%	23.1%	15.6%	21.2%	30.5%	24.1%	26.4%	22.9%	16.5%
ROIC	29.1%	35.9%	48.2%	47.6%	48.7%	63.1%	88%	72.7%	60.5%	42.8%	33.2%
Return on tangible assets	16.1%	18%	25.2%	23.1%	15.6%	21.2%	30.5%	24.1%	26.4%	22.9%	20.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.04	3.4	3.76	4.37	4.96	4.35	4.53	4.9	5.07	5.47	5.67
Quick ratio	1.57	1.82	2.11	2.66	3.38	2.78	2.97	3.31	3.29	3.63	2.5
Debt / equity	0.46	0.37	0.33	0.29	0.51	0.53	0.29	0.23	0.24	0.27	0.32
Debt / assets	0.23	0.2	0.19	0.18	0.28	0.27	0.18	0.15	0.16	0.18	0.19
Net debt / EBITDA	0.28	-0.08	-0.11	-0.43	-1.04	-0.59	-0.66	-1.09	-0.74	-0.48	-0.06
Interest coverage	31.5	36	39.3	41.4	27.4	30.9	58	70.5	77.1	62.1	52.9
Effective tax rate	35.7%	36.5%	16.9%	14.4%	16.4%	22.2%	23.4%	17.5%	20.5%	24%	23%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.5K	1.7K	2K	2K	2K	2.5K	3.2K	2.9K	3.4K	3.6K	3.4K
EPS (basic)	110.5	144	219.6	241.3	244.1	345.4	525.2	491.5	540.9	462	462
EPS (diluted)	103.6	126.8	194.8	221.1	230.1	320.5	491.8	463.3	506.7	436.6	384.8
Book value per share	339.1	430.1	498.1	643	840.5	838.4	1.1K	1.3K	1.4K	1.3K	1.3K
FCF per share	96.3	147.4	193.7	231.8	246.2	341.9	563.5	454.9	432.6	378.2	371.6
Cash per share	102.8	178.6	196.1	313.2	752.5	718.6	767.8	976.8	839.5	660.9	410.4
Capex per share	5.55	5.2	5.07	5.72	4.1	4.72	5.39	6.95	8.41	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.37%	0.31%	0.26%	0.28%	0.2%	0.19%	0.17%	0.24%	0.25%	—	—
Capex / operating cash flow	6.5%	3.51%	2.5%	2.51%	2.08%	1.33%	0.96%	1.55%	1.81%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%
Dividend yield	—	—	—	—	—	—	—	—	—	—	0.01%

Yield

0.01%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.167

ex-dividend Feb 23, 1990

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Feb 23, 1990	$0.167
Oct 26, 1989	$0.23
Jul 26, 1989	$0.222
Apr 19, 1989	$0.202
Feb 16, 1989	$0.192
Nov 8, 1988	$0.13
Jul 26, 1988	$0.125
Mar 25, 1988	$0.08

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.6B	$2.4B	$2.3B	$2.6B	$2.7B	$2.9B	$2.4B	$2.6B	$2.6B	$2.7B	$1.9B	$2.3B
YoY change	-7.42%	-10.3%	+7.16%	+11.7%	+6.36%	+17%	+2.96%	-0.53%	-4.5%	-4.7%	-21.7%	-10.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	395.4M	666.8M	711.9M	1.1B	2.8B	2.6B	2.5B	3.2B	2.6B	1.9B
Receivables	18.9M	20M	18.6M	18.3M	18.3M	18.6M	20.8M	29M	32.6M	32.7M
Inventory	1.1B	1.2B	1.3B	1.3B	1.7B	1.9B	1.8B	2B	2.1B	1.7B
Total current assets	2.3B	2.7B	2.9B	3.4B	5.4B	5.4B	5.2B	6B	5.8B	5.1B
Property, plant & equipment	384.7M	376.8M	402.7M	496.8M	457.7M	569.6M	586.7M	676.8M	109.2M	142.2M
Goodwill & intangibles	2.6M	—	—	—	—	—	—	—	—	—
Total assets	2.6B	3B	3.2B	3.8B	5.8B	5.8B	5.7B	6.6B	6.4B	5.9B
Accounts payable	283.6M	294.8M	288.6M	307M	402.6M	388M	395.4M	475.2M	386.2M	313M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	743M	786.7M	759.7M	784.9M	1.1B	1.2B	1.1B	1.2B	1.2B	939.2M
Long-term debt	596.5M	597.1M	597.7M	683.7M	1.6B	1.6B	1B	1B	1B	1.1B
Total liabilities	1.3B	1.4B	1.4B	1.5B	2.7B	2.8B	2.2B	2.2B	2.2B	2B
Shareholders' equity	1.3B	1.6B	1.8B	2.3B	3.1B	3B	3.5B	4.4B	4.2B	3.9B
Total debt	596.5M	597.1M	597.7M	683.7M	1.6B	1.6B	1B	1B	1B	1.1B
Net debt	201.1M	-69.7M	-114.2M	-456.6M	-1.2B	-982.6M	-1.5B	-2.1B	-1.6B	-863.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.9B	3.2B	2.9B	2.5B	2.5B	2.6B	2.2B	1.8B	2B	1.9B	1.7B	1.1B
Receivables	—	—	—	—	—	—	—	—	41.4M	32.7M	35.4M	49.6M
Inventory	—	—	—	—	—	—	—	—	2.1B	1.7B	1.9B	2.2B
Total current assets	—	—	—	—	—	—	—	—	5.4B	5.1B	4.9B	4.8B
Property, plant & equipment	—	—	—	—	—	—	—	—	120.4M	142.2M	139.9M	141.2M
Goodwill & intangibles	—	—	—	—	—	—	—	—	83.2M	—	—	—
Total assets	—	—	—	—	—	—	—	—	6B	5.9B	5.6B	5.5B
Accounts payable	—	—	—	—	—	—	—	—	416.5M	313M	393.5M	422.3M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	1B	939.2M	1B	1B
Long-term debt	—	—	—	—	—	—	—	—	1B	1.1B	1B	1.1B
Total liabilities	—	—	—	—	—	—	—	—	2.1B	2B	2.1B	2.1B
Shareholders' equity	—	—	—	—	—	—	—	—	4B	3.9B	3.5B	3.4B
Total debt	—	—	—	—	—	—	—	—	1B	1.1B	1B	1.1B
Net debt	—	—	—	—	—	—	—	—	-941.2M	-863.6M	-632.2M	-94M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	425.3M	537.5M	797.2M	878.5M	901.2M	1.2B	1.7B	1.6B	1.7B	1.3B
Depreciation & amortization	22.3M	22.7M	20.2M	20.8M	22M	19.5M	17.4M	16.9M	18.4M	24.5M
Stock-based compensation	43.6M	44.6M	75.7M	78.5M	50.8M	58.2M	82.5M	99.5M	73.9M	69.2M
Change in working capital	-115M	-118.5M	-50.6M	-114.8M	-254.7M	-147M	1.6M	-278.5M	-214.7M	3.4M
Operating cash flow	328.7M	553.5M	737.5M	829.8M	727.1M	1.3B	1.8B	1.4B	1.4B	1.1B
Capital expenditure	-21.4M	-19.4M	-18.4M	-20.8M	-15.1M	-16.9M	-17.7M	-22.5M	-26.2M	—
Investing cash flow	-22M	-23.2M	-18.7M	-21.5M	-15.6M	-18.2M	-27.4M	-24.3M	-29.3M	-47.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-455.4M	-422.2M	-846.1M	-698.4M	-371.1M	-1.5B	-1.5B	-1.1B	-2.1B	-1.8B
Financing cash flow	-455.5M	-422.2M	-846.4M	-698.7M	546.8M	-1.5B	-2.7B	-1.1B	-2.1B	-1.8B
Net change in cash	-148.8M	108.2M	-127.6M	109.6M	1.3B	-283.9M	-882.9M	342M	-640.6M	-764.3M
Free cash flow	370.6M	550.1M	703.5M	843.8M	909.1M	1.2B	1.9B	1.5B	1.3B	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	433.2M	410.1M	394.3M	400.9M	429.3M	457.4M	299.6M	333.7M	342.7M	363.8M	198.4M	236.5M
Depreciation & amortization	4.2M	4.3M	4.4M	4.4M	4.7M	5M	5.8M	5.7M	6.1M	6.9M	6.7M	6.4M
Stock-based compensation	26.1M	26M	17.1M	18.1M	19.2M	19.5M	18.5M	17.8M	17.4M	15.5M	13.3M	19.3M
Change in working capital	-36.2M	-59M	-113.7M	-157.2M	-52.1M	108.4M	-115.7M	-172.8M	-22.5M	314.4M	-237.3M	-302.5M
Operating cash flow	570.2M	441.4M	199.3M	192.2M	408.7M	643M	144.2M	156.7M	438.7M	439.7M	339.7M	-151.5M
Capital expenditure	-6.9M	-6.2M	-6.7M	-6.2M	-7.9M	-5.3M	-6.8M	-8.1M	—	—	—	—
Investing cash flow	-6.9M	-6.7M	-6.7M	-7.1M	-8.7M	-6.8M	-15M	-35.2M	-1.9M	-10.3M	17.2M	-24.1M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-484.3M	-286.4M	-496.9M	-639M	-357.4M	-564.3M	-583.4M	-471.4M	-276.4M	-502.1M	-632M	-373.6M
Financing cash flow	-484.7M	-286.9M	-497.4M	-639.6M	-358.2M	-565.1M	-584.5M	-472.6M	-277.6M	-503.4M	-633.4M	-375M
Net change in cash	78.6M	147.8M	-304.8M	-454.5M	41.8M	71.1M	-455.3M	-351.1M	159.2M	-74M	-276.6M	-550.7M
Free cash flow	651M	489.4M	137.5M	226.3M	350.1M	631.5M	200.7M	26.8M	433.3M	436M	334.8M	-157.7M

NVR Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement