NYSE: NVR
NVR
Consumer Discretionary · Operative Builders
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$18.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.18B |
| FY2017, ended Dec 31, 2017 | $12.9B |
| FY2018, ended Dec 31, 2018 | $8.81B |
| FY2019, ended Dec 31, 2019 | $14.0B |
| FY2020, ended Dec 31, 2020 | $15.0B |
| FY2021, ended Dec 31, 2021 | $20.0B |
| FY2022, ended Dec 31, 2022 | $15.0B |
| FY2023, ended Dec 31, 2023 | $22.3B |
| FY2024, ended Dec 31, 2024 | $24.5B |
| FY2025, ended Dec 31, 2025 | $20.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $18.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$9.53B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.82B |
| FY2017, ended Dec 31, 2017 | $6.31B |
| FY2018, ended Dec 31, 2018 | $7.16B |
| FY2019, ended Dec 31, 2019 | $7.39B |
| FY2020, ended Dec 31, 2020 | $7.54B |
| FY2021, ended Dec 31, 2021 | $8.95B |
| FY2022, ended Dec 31, 2022 | $10.5B |
| FY2023, ended Dec 31, 2023 | $9.52B |
| FY2024, ended Dec 31, 2024 | $10.5B |
| FY2025, ended Dec 31, 2025 | $10.3B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $9.53B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $425M | $371M |
| FY2017, ended Dec 31, 2017 | $538M | $550M |
| FY2018, ended Dec 31, 2018 | $797M | $703M |
| FY2019, ended Dec 31, 2019 | $879M | $844M |
| FY2020, ended Dec 31, 2020 | $901M | $909M |
| FY2021, ended Dec 31, 2021 | $1.24B | $1.22B |
| FY2022, ended Dec 31, 2022 | $1.73B | $1.85B |
| FY2023, ended Dec 31, 2023 | $1.59B | $1.47B |
| FY2024, ended Dec 31, 2024 | $1.68B | $1.35B |
| FY2025, ended Dec 31, 2025 | $1.34B | $1.10B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.14B | $1.05B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.20B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $416M |
| FY2017, ended Dec 31, 2017 | $690M |
| FY2018, ended Dec 31, 2018 | $732M |
| FY2019, ended Dec 31, 2019 | $1.16B |
| FY2020, ended Dec 31, 2020 | $2.81B |
| FY2021, ended Dec 31, 2021 | $2.64B |
| FY2022, ended Dec 31, 2022 | $2.57B |
| FY2023, ended Dec 31, 2023 | $3.22B |
| FY2024, ended Dec 31, 2024 | $2.66B |
| FY2025, ended Dec 31, 2025 | $1.96B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.20B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 28.1% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.2.66M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 3.70M |
| FY2017, ended Dec 31, 2017 | 3.68M |
| FY2018, ended Dec 31, 2018 | 3.62M |
| FY2019, ended Dec 31, 2019 | 3.68M |
| FY2020, ended Dec 31, 2020 | 3.68M |
| FY2021, ended Dec 31, 2021 | 3.38M |
| FY2022, ended Dec 31, 2022 | 3.25M |
| FY2023, ended Dec 31, 2023 | 3.19M |
| FY2024, ended Dec 31, 2024 | 2.99M |
| FY2025, ended Dec 31, 2025 | 2.79M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 2.66M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $1.72B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $455M | $43.6M |
| FY2017, ended Dec 31, 2017 | $422M | $44.6M |
| FY2018, ended Dec 31, 2018 | $846M | $75.7M |
| FY2019, ended Dec 31, 2019 | $698M | $78.5M |
| FY2020, ended Dec 31, 2020 | $371M | $50.8M |
| FY2021, ended Dec 31, 2021 | $1.54B | $58.2M |
| FY2022, ended Dec 31, 2022 | $1.50B | $82.5M |
| FY2023, ended Dec 31, 2023 | $1.08B | $99.5M |
| FY2024, ended Dec 31, 2024 | $2.06B | $73.9M |
| FY2025, ended Dec 31, 2025 | $1.83B | $69.2M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.78B | $65.5M |
Revenue (TTM)
$9.53B
−9.9% YoY
Net income (TTM)
$1.14B
−24.9% YoY
Cash
$1.20B
−34.6% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $15.9B
- P/E
- 13.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.7×
- Price / Book
- 4.7×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $9.53B
- Revenue Growth YoY
- −9.9%
- Revenue CAGR 3Y
- −0.6%
- Revenue CAGR 5Y
- 6.5%
- EPS Growth YoY
- −18.6%
- Net Income Growth YoY
- −24.9%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 12.0%
- FCF Margin
- 11.0%
- Return on Equity
- 31.5%
Earnings
Trailing 12 months- Net Income
- $1.14B
- EPS (diluted)
- $384.73
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.20B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $5.47B
- Total Liabilities
- $2.08B
- Shareholders' Equity
- $3.39B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.07B
- Capital Expenditure
- $20.2M
- Free Cash Flow
- $1.05B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.90
Every ratio is calculated from the company’s reported figures.
Watch
Revenue fell 9.9% over the last year, to $9.53B.
Note
Net margin of 12.0% over the last 12 months.
Note
Free cash flow of $1.05B, 11.0% of revenue.
Strength
Share count is down 7.1% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 11, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K63Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 12, 2025 · Read the filing on EDGAR
- Revenue rose 11% to about $10.5 billion and net income rose 6% to about $1.68 billion, as home deliveries increased 11%.
- Demand weakened in the fourth quarter, especially in the South East, where segment profit fell 12% and margin dropped to 22.3% from 25.7%.
- Overall homebuilding gross margin slipped to 23.7% from 24.3%, hurt by higher lot costs and closing cost assistance.
- Buybacks nearly doubled to about $2.06 billion, reducing cash to about $2.5 billion against $900 million of notes due 2030.
Business momentum
Improving
“Our consolidated revenues for the year ended December 31, 2024 totaled $10,524,479, an increase of 11% from $9,518,202 in 2023.”
Outlook
Cautious
“we expect that affordability issues, inflationary pressures, interest rate volatility and economic uncertainty may continue to weigh on future demand”
Financial stress
Low
“As of December 31, 2024, we had a strong liquidity position with approximately $2,500,000 in cash and cash equivalents”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Higher deliveries lifted revenue
“Homebuilding revenues increased 11% in 2024 compared to 2023, as a result of an 11% increase in the number of units settled.”
Mortgage business profit grew
“Income before tax from our mortgage banking segment totaled $154,935 in 2024, an increase of 17% when compared to $132,793 in 2023.”
More building lots under control
“As of December 31, 2024, we controlled approximately 162,400 lots as discussed below.”
Concerns
Demand weakened late in the year
“Demand for new homes weakened during the fourth quarter of 2024, due to rising mortgage interest rates and continued affordability issues”
South East profit fell despite higher sales
“The South East segment had an approximate $52,400, or 12%, decrease in segment profit in 2024 compared to 2023 due primarily to a decrease in gross profit margins to 22.3% in 2024 from 25.7% in 2023.”
Backlog units fell and cancellations rose
“As of December 31, 2024, our backlog decreased on a unit basis by 3% to 9,953 units”
New risks since the previous report
South East slowdown from rising home supply
“demand began to slow in the fourth quarter as affordability was negatively impacted in part by rising mortgage interest rates and by an increase in the supply of homes in the resale and new home markets”
Sales incentives adding to margin pressure
“Gross profit margins were negatively impacted by higher lot costs and closing cost assistance.”
Biggest risks named
- High interest rates and poor affordability reducing home demand
- Economic downturn weakening housing demand and prices
- Rising labor, material and land costs squeezing margins
- Limited mortgage availability preventing buyers from completing purchases
- Inadequate supply of building lots on acceptable terms
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1 | |
| Score | 63 | |
Written by AI (Claude Opus 5.5) from the report’s text. 11 of 11 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 11, 2026 | Pro | |||
| 10-K | Feb 12, 2025 | 63 | Improving | None | |
| 10-K | Feb 14, 2024 | 54 | Weakening | None | |
| 10-K | Feb 15, 2023 | 67 | Strong improvement | None | |
| 10-K | Feb 16, 2022 | 71 | Strong improvement | None | |
| 10-K | Feb 12, 2021 | 55 | Mixed | None | |
| 10-K | Feb 19, 2020 | 66 | Improving | None | |
| 10-K | Feb 13, 2019 | 68 | Strong improvement | None | |
| 10-K | Feb 14, 2018 | 72 | Strong improvement | None | |
| 10-K | Feb 15, 2017 | 55 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR