At a glance
NVR Inc is worth $16.70B, about 14 times its fiscal 2025 earnings. Revenue fell 1.9% to $10.32B in fiscal 2025, with 13.0% kept as profit; over 5 years it has grown 6.5% a year. It pays no dividend; it spent $8.01B buying back its shares over FY2021–FY2025. The stock returned −13.1% over the past year with dividends reinvested and +5.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.1% in the 2020 crash (S&P 500: 33.7%) and 36.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 10 months after the lows.
The business in plain English
NVR is one of the largest homebuilders in the United States. It builds and sells single-family detached homes, townhomes and condominium buildings, mostly on a pre-sold basis, meaning a buyer has signed before construction begins. It sells under three names: Ryan Homes, aimed at first-time and first-time move-up buyers, and NVHomes and Heartland Homes, aimed at move-up and luxury buyers. It operates in 37 metropolitan areas in 16 states and Washington, D.C., grouped into Mid Atlantic, North East, Mid East and South East segments.
Revenue was about $10.3 billion in fiscal 2025. The average home settled for $460,600; prices ran from about $170,000 to $2.3 million. A key feature is how NVR gets land: it generally does not develop land itself but buys finished lots from developers under fixed-price lot purchase agreements, with deposits typically up to 10% of the price. If it walks away, its loss is generally limited to the deposit. Independent subcontractors do the building.
A second business, NVR Mortgage Finance, makes mortgage loans only to NVR's homebuyers and earns origination fees, gains on loan sales and title fees. It closed about 16,400 loans totaling about $6.0 billion in fiscal 2025, usually selling them to investors within 30 days. At December 31, 2025, NVR had a backlog of 8,448 sold but unsettled homes worth about $4.0 billion.
Price history
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NVR -13.1% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.33B, down 10.5% from a year earlier, and net income was $236.5M (-29.1%).
- For fiscal 2025, revenue was $10.32B (-1.9% year over year; +6.5% a year from FY2020 to FY2025) with a 13% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.5% good |
|---|---|
| Free cash flow margin | 10.6% good |
| Return on equity (FY2025) | 34.7% good |
| Return on assets (FY2025) | 22.9% good |
| Cash and investments | $1.20B (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.54B | $901.2M | $909.1M |
| FY2021 | $8.95B | $1.24B | $1.22B |
| FY2022 | $10.53B | $1.73B | $1.85B |
| FY2023 | $9.52B | $1.59B | $1.47B |
| FY2024 | $10.52B | $1.68B | $1.35B |
| FY2025 | $10.32B | $1.34B | $1.10B |
Valuation snapshot
| Market value | $16.70B |
|---|---|
| P/E ratio | 14.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
NVR’s market value went from $6.33B at the end of 2016 to $16.70B on Nov 2, 2026, about 2.6 times as much; since the end of 2025 it is down 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $16.70B | -19.4% |
| 2025 | $20.71B | -17.4% |
| 2024 | $25.06B | +12.6% |
| 2023 | $22.25B | +51.0% |
| 2022 | $14.74B | -28.4% |
| 2021 | $20.58B | +35.6% |
| 2020 | $15.18B | +7.9% |
| 2019 | $14.07B | +59.7% |
| 2018 | $8.81B | -32.9% |
| 2017 | $13.12B | +107.4% |
| 2016 | $6.33B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NVR price data to Nov 2, 2026 | -14.1% | -13.1% | +3.2% | +5.0% | +15.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -14.1% |
| 2025 | -10.8% |
| 2024 | +16.8% |
| 2023 | +51.8% |
| 2022 | -21.9% |
| 2021 | +44.8% |
| 2020 | +7.1% |
| 2019 | +56.3% |
| 2018 | -30.5% |
| 2017 | +110.2% |
| 2016 | +1.6% |
| 2015 | +28.8% |
| 2014 | +24.3% |
| 2013 | +11.5% |
| 2012 | +34.1% |
| 2011 | -0.7% |
| 2010 | -2.8% |
| 2009 | +55.8% |
| 2008 | -12.9% |
| 2007 | -18.8% |
| 2006 | -8.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 33.5% over that stretch · deepest drop along the way 52.7%, back to its old high 5.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.2% over that stretch · deepest drop along the way 46.1%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.4% over that stretch · deepest drop along the way 36.9%, back to its old high 10.1 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 2 open-market purchases ($479K) and 4 sales ($9.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 10, 2026 | Matthew B. Kelpy VP, Chief Accounting Officer | sell | $4.0M |
| Feb 4, 2026 | Susan Williamson Ross Director | sell | $1.8M |
| Feb 5, 2026 | Susan Williamson Ross Director | sell | $1.6M |
| Feb 13, 2026 | Susan Williamson Ross Director | sell | $1.6M |
| Aug 7, 2026 | George Oliver Director | buy | $405K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.9% | Mar 31, 2026 |
| Vanguard Capital Management | 7.38% | Mar 31, 2026 |
| Capital Research Global Investors | 5.9% | Mar 31, 2026 |
ETFs with the most weight in NVR
| ITB iShares U.S. Home Construction ETF | 8.61% |
| RISN Inspire Tactical Balanced ETF | 3.42% |
| XHB SPDR S&P Homebuilders ETF | 3.38% |
| SMRI Bushido Capital US Equity ETF | 2.12% |
| RSPD Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 2.04% |
| TSME Thrivent Small-Mid Cap Equity ETF | 1.77% |
| BMVP Invesco Bloomberg MVP Multi-factor ETF | 1.68% |
| VFLO VictoryShares Free Cash Flow ETF | 1.5% |
What could go wrong
- Mortgage rates and credit drive demand. Almost all NVR buyers need a mortgage. Higher rates or tighter lending make homes less affordable and raise cancellations, which reached about 17% of gross sales in fiscal 2025, up from 13% in 2023.
- Lot supply and deposit losses. NVR depends on developers to deliver enough finished lots. If land values fall, it may forfeit deposits on lots it no longer wants or take losses on inventory, cutting profits.
- Mortgage unit relies on loan buyers. NVR's mortgage arm sells every loan it makes. If secondary markets freeze, NVR may have to fund loans with its own limited resources, and it can face claims on loans already sold.
- Housing is cyclical and economy-sensitive. Demand for new homes depends on jobs, wage growth and consumer confidence. A national or local downturn could reduce sales, lower prices and hurt profits, as past housing cycles have shown.
- Material, labor and subcontractor problems. Shortages or higher costs for materials and labor can squeeze margins. NVR relies on independent subcontractors, so poor workmanship can lead to costly warranty and product liability claims.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
NVR pays no dividend, so it provides no regular income; an investor wanting cash from the holding would have to part with shares. NVR returns cash through buybacks instead: about $8.0 billion from fiscal 2021 to 2025, including about $1.8 billion in fiscal 2025, more than that year's free cash flow of about $1.1 billion. The share count fell about 23.5% between October 2021 and July 2026, so each remaining share represents a larger slice of the company.
The shares have swung sharply in downturns. They fell 52.7% in the 2008 financial crisis but recovered by August 2009, dropped 46.1% in the 2020 COVID crash and recovered by August 2020, and fell 36.9% in 2022, recovering by April 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
Does NVR pay a dividend?
No. NVR paid no dividends from fiscal 2021 to 2025, according to its filings. Instead it spent about $8.0 billion buying back its own shares over those years, which cut the share count by about 23.5% between October 2021 and July 2026. For an income investor, that means no cash payments: any return comes from changes in the share price, and turning the holding into income would require selling shares.
How does NVR make money?
NVR makes most of its money building and selling homes, plus fees from its mortgage and title business. Revenue was about $10.3 billion in fiscal 2025, and the average home settled for $460,600. Its mortgage arm, NVR Mortgage Finance, lends only to NVR's own buyers and earns origination fees, gains on selling loans and title fees. It closed about 16,400 loans worth about $6.0 billion in fiscal 2025.
Why doesn't NVR develop its own land?
To limit risk. NVR generally buys finished building lots from outside developers under fixed-price lot purchase agreements, putting down deposits typically up to 10% of the lots' price. If it decides not to complete a purchase, its loss is generally limited to that deposit, and developers' creditors have no claim on NVR's general credit. The company says this avoids the cash needs and risks of owning and developing land, though it still depends on developers to deliver lots.
Why is NVR's earnings per share so high?
Because NVR has very few shares. It had about 2.66 million shares outstanding as of July 31, 2026, and no stock splits appear in the data, so roughly $1.34 billion of fiscal 2025 net income worked out to diluted earnings of $436.55 per share. Years of buybacks have also shrunk the share count, down about 23.5% from October 2021, which raises earnings per share even when total profit is flat.
How did NVR stock do in the 2008 financial crisis?
It fell hard but recovered fast. NVR shares dropped 52.7% between April 21, 2008 and March 3, 2009, then regained their prior peak by August 25, 2009, about 5.7 months after the low. In the 2020 COVID crash they fell 46.1% and recovered by August 2020. The 2022 decline of 36.9% took until April 2023 to recover. The deepest all-time drop in the data was 65.9% as of July 23, 2025.