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NVR · Homebuilders · Consumer Cyclical

NVR, Inc.

$5,814.34−1.4%Close 11/12 · Next earnings Jan 27, 2027
Compare NVR with another stock
What it sells
Home Building is 98% of revenue (fiscal year to Dec 2025), the same as two years earlier.
Growing?
No: revenue down 8% on a year earlier (quarter ended Sep 2026); earnings per share down 20% over the last four quarters.
Expensive?
About usual: 16.0× trailing earnings; its five-year median is 15.2×. Priced 17% above the peer median of 13.7x.
Analysts?
14% of 7 say buy; average 12-month target $6,230, 7% above today's price.
Risky?
About average for a large company: its price swung 30% over the past year (the S&P 500's 14%), and it fell as much as 44% since Nov 2021.
Market cap$15.4B
Revenue (TTM)$9.3B
Net income (TTM)$1.0B
P/E (trailing)16.0x
52-week closing range$5,564 – $8,097
Forward P/E16.8x

NVR, Inc. is a U.S. homebuilder that constructs and sells single-family detached homes, townhomes, and condominium buildings—generally on a pre-sold basis—under the Ryan Homes, NVHomes, and Heartland Homes brands.

More about NVR

It also operates a mortgage banking and title services business that primarily serves NVR homebuyers, generating fees from loan origination, gains on loan sales, and title/closing services.

Market Position

NVR is one of America’s leading homebuilders across multiple East Coast and Midwest/Southeast markets, differentiated by a relatively capital-light lot strategy that relies heavily on finished-lot purchase agreements (LPAs) with forfeitable deposits rather than large-scale land development. Its integrated financing and settlement capabilities can support conversion from contract to closing and enhance customer experience.

Key Segments

NVR reports Homebuilding (organized into geographic regions such as Mid Atlantic, North East, Mid East, and South East) and Mortgage Banking as its operating segments, with home sales driving the vast majority of revenue and mortgage/title fees as an ancillary contribution.

How has the stock done?

Over the past year NVR fell 20.2%; the homebuilder ETF (XHB) fell 4.4% and the S&P 500 rose 10.8%.

NVR −20.2%Homebuilder ETF (XHB) −4.4%Earnings released
How much it movesRisk
Biggest fall
−44%

From Oct 18, 2024 to May 15, 2026, the deepest drop from a high since Nov 2021

Volatility, past year
30%

How much the price swings in a year; the S&P 500's was 14%

Beta, past year
0.44

When the S&P 500 moves 1%, the stock has moved about 0.4% the same way

Show the earnings releases
ReleasedQuarterRevenueEPS vs estimateStock, day after5 days after
Oct 22, 2026ended Sep 2026$2.4B (−8% vs a year earlier)$89.45 vs $102.77 (missed)+1.4%+2.0%
Jul 23, 2026ended Jun 2026$2.3B (−10% vs a year earlier)$83.96 vs $89.98 (missed)+1.0%−1.0%
Apr 22, 2026ended Mar 2026$1.9B (−22% vs a year earlier)$67.76 vs $79.20 (missed)−3.8%−10.5%
Jan 28, 2026ended Dec 2025$2.7B (−5% vs a year earlier)$121.54 vs $105.90 (beat)+1.7%+7.0%
Oct 22, 2025ended Sep 2025$2.6B (−5% vs a year earlier)—−1.4%−5.9%
Jul 23, 2025ended Jun 2025$2.6B (−1% vs a year earlier)—−1.5%−3.5%
Apr 22, 2025ended Mar 2025$2.4B (+3% vs a year earlier)—−0.7%−0.3%
Jan 28, 2025ended Dec 2024$2.8B (+17% vs a year earlier)—−5.0%−7.1%
Oct 22, 2024ended Sep 2024$2.7B (+6% vs a year earlier)—−2.5%−5.3%
Jul 23, 2024ended Jun 2024$2.6B (+12% vs a year earlier)—−2.7%+0.2%
Apr 23, 2024ended Mar 2024$2.3B (+7% vs a year earlier)—−0.1%−4.7%
Jan 30, 2024ended Dec 2023$2.4B (−10% vs a year earlier)—−0.4%+3.2%
Oct 24, 2023ended Sep 2023$2.6B (−7% vs a year earlier)—−2.3%−1.7%
Jul 25, 2023ended Jun 2023$2.3B (−12% vs a year earlier)—+2.4%+1.5%
Apr 25, 2023ended Mar 2023$2.2B (−8% vs a year earlier)—−4.8%−1.4%
Jan 31, 2023ended Dec 2022$2.7B (+22% vs a year earlier)—+6.7%+2.9%
Oct 25, 2022ended Sep 2022$2.8B (+16% vs a year earlier)—+3.4%+5.0%
Jul 26, 2022ended Jun 2022$2.7B (+16% vs a year earlier)—−2.1%−4.9%
Apr 26, 2022ended Mar 2022$2.4B (+17% vs a year earlier)—+0.2%+2.8%
Feb 1, 2022ended Dec 2021$2.2B (−5% vs a year earlier)—+3.1%−0.5%

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Revenue was $2.4B in the quarter ended Sep 2026, down 8% from a year earlier.

Revenue by quarter
Change from the same quarter a year earlier
Show the data
Quarter endedRevenuevs a year earlier
Dec 2022$2.7B+22%
Mar 2023$2.2B−8%
Jun 2023$2.3B−12%
Sep 2023$2.6B−7%
Dec 2023$2.4B−10%
Mar 2024$2.3B+7%
Jun 2024$2.6B+12%
Sep 2024$2.7B+6%
Dec 2024$2.8B+17%
Mar 2025$2.4B+3%
Jun 2025$2.6B−1%
Sep 2025$2.6B−5%
Dec 2025$2.7B−5%
Mar 2026$1.9B−22%
Jun 2026$2.3B−10%
Sep 2026$2.4B−8%
Revenue by productFiscal years, from NVR's 10-K

In the fiscal year to Dec 2025, Home Building was 98% and Mortgage Banking was 2% of revenue.

Home BuildingMortgage Banking
Show the data
Fiscal yearPartRevenueShare
FY2023Home Building$9.3B98%
FY2023Mortgage Banking$204M2%
FY2024Home Building$10.3B98%
FY2024Mortgage Banking$232M2%
FY2025Home Building$10.1B98%
FY2025Mortgage Banking$230M2%
Earnings per shareDiluted, GAAP
EPS, quarter ended Sep 2026
$89.45−20% on a year earlier

A year earlier $112.33

EPS, last four quarters
$362.78−20% on the four before

Diluted, from SEC filings

Quarters: NVR, Inc.'s SEC filings, named by the month they end. Fiscal years: NVR, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $13.0 ends up as net income. Net margin fell from 16.4% to 13.0% over the past 3 years.

Where each $1 of revenue goesFiscal year ended 2025-12-31
RevenueGross profitOperating incomeNet income
Revenue
Total sales
$10.3B100%
Gross profit
Revenue minus direct costs
$2.4B23.1% of revenue
Cost of revenue
Direct cost of making or buying goods
$7.9B76.9% of revenue
Operating income
Profit from the core business
$1.7B16.4% of revenue
Operating expenses
R&D, marketing and admin
$700M6.7% of revenue
Net income
What is left for shareholders after tax
$1.3B13.0% of revenue
Taxes & other
Income tax and non-operating items
$350M3.4% of revenue
Gross margin, fiscal year
23.1%

−4.2 pts over 3 years

Operating margin, fiscal year
16.4%

−5.0 pts over 3 years

Net margin, fiscal year
13.0%

−3.4 pts over 3 years

Each margin is that line of the income statement divided by revenue. Fiscal year: NVR, Inc.'s annual reports to the SEC.

Is it expensive?

P/E of 16x, above the peer median of 13.7x, and earnings are expected to fall, so use caution.

16×P/E (trailing)

Priced 17% above the peer median of 13.7x.

Vs. peersP/E, trailing (x)
NVRPeersPeer median 13.7x
Show the data
CompanyP/E (trailing)
IBP · Installed Building Products, Inc.25.5×
NVR · NVR, Inc.16×
LEN · Lennar Corporation15.8×
DHI · D.R. Horton, Inc.13.7×
PHM · PulteGroup, Inc.13.6×
TOL · Toll Brothers, Inc.11.9×
Against its own past five yearsTrailing P/E

At 16.0× trailing earnings NVR is inside the middle of its five-year range; the five-year median is 15.2×.

Trailing P/EMiddle half of five years 12.7×–16.6×Median 15.2×
Show the data
DateTrailing P/E
Nov 8, 202116.5×
Feb 8, 202216.5×
May 10, 202211.4×
Aug 10, 202210.6×
Nov 8, 20229.2×
Feb 9, 202310.3×
May 11, 202312.3×
Aug 11, 202313.1×
Nov 9, 202312.3×
Feb 12, 202416.4×
May 13, 202415.8×
Aug 13, 202417.7×
Nov 11, 202418.9×
Feb 13, 202514.5×
May 15, 202514.9×
Aug 15, 202517.4×
Nov 13, 202515.9×
Feb 17, 202617.0×
May 18, 202613.9×
Aug 18, 202616.2×
Nov 12, 202616.0×

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $6,230, 7% above the current price; 14% of 7 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.

12-month price targetsCurrent price $5,814.34
12 mo agoTodayIn 12 mo
High target
$7,425+28%
Average target
$6,230+7%
Low target
$4,864−16%
Ratings7 analysts
Strong Buy 0Buy 1Hold 3Sell 2Strong Sell 1

Buy or Strong Buy: 1 analysts (14%). Sell or Strong Sell: 3.

Targets and ratings over the past year15 changes by 7 firms

Over the past year the average of the analysts' latest price targets went from $8,366.67 to $6,472.25 (−23%), while NVR went from $7,255.57 to $5,814.34 (−20%). In the past three months targets were raised once and cut once. 2 upgrades and 1 downgrade over the year; the latest: Zelman & Assoc moved it to Buy from Hold on Jul 7, 2026.

Average target $6,472.25NVRMiddle half of targetsUpgradeDowngrade
Targets raised, by monthTargets cut
Show every change
DateFirmChangeRatingTarget
Nov 3, 2026Morgan StanleyTarget cutUnderweight$4,864.00, was $5,058.00
Oct 23, 2026UBSTarget raisedNeutral$7,425.00, was $7,400.00
Oct 1, 2026Morgan StanleyBegan coverageUnderweight$5,058.00
Jul 25, 2026UBSTarget cutNeutral$7,400.00, was $7,700.00
Jul 24, 2026Truist SecuritiesTarget cutHold$6,400.00, was $6,600.00
Jul 20, 2026B of A SecuritiesTarget cutBuy$7,200.00, was $7,600.00
Jul 7, 2026Zelman & AssocUpgradeBuy, was Hold—
Apr 23, 2026UBSTarget cutNeutral$7,700.00, was $8,100.00
Apr 23, 2026Truist SecuritiesTarget cutHold$6,600.00, was $7,100.00
Apr 20, 2026B of A SecuritiesTarget cutBuy$8,225.00, was $8,600.00
Apr 16, 2026Truist SecuritiesTarget cutHold$7,100.00, was $7,700.00
Apr 7, 2026Seaport GlobalDowngradeSell, was Neutral$5,664.00
Mar 4, 2026Truist SecuritiesBegan coverageHold$7,700.00
Jan 29, 2026Zelman& AssocUpgradeHold, was Sell$7,675.00
Jan 6, 2026UBSTarget cutNeutral$8,150.00, was $8,500.00
Earnings against estimatesLast 4 quarters, per share
Average estimateReported, beatReported, missed
Show the data
QuarterEstimateReportedSurprise
Dec ’25$105.90$121.54+14.8%
Mar ’26$79.20$67.76−14.4%
Jun ’26$89.98$83.96−6.7%
Sep ’26$102.77$89.45−13.0%

The day after each of these reports the stock moved +1.7% (Dec 2025, beat); −3.8% (Mar 2026, missed); +1.0% (Jun 2026, missed); +1.4% (Sep 2026, missed).

Expected nextConsensus of Nov 10, 2026

For the quarter ending Dec 2026 (NVR reports on Jan 27, 2027), analysts expect adjusted earnings of $96.40 a share, 21% less than the $121.54 of a year earlier, and revenue of $2.4B, down 13% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $346.37 a share, 3% more than the year before's estimate of $336.51.

EPS, quarter ending Dec 2026
$96.40−21% on a year earlier

Adjusted. Dec 2025: $121.54; range $85.29 to $105.42; 7 analysts

Revenue, quarter ending Dec 2026
$2.4B−13% on a year earlier

Dec 2025: $2.7B; range $2.3B to $2.5B; 4 analysts

EPS, year ending Dec 2027
$346.37+3% on the year before's estimate

Adjusted. The year to Dec 2026: $336.51 expected; range $303.98 to $398.00; 7 analysts

Show the data
PeriodFigureExpectedLow to highAnalystsA year earlierChange
Quarter ending Dec 2026, results Jan 27, 2027EPS (adjusted)$96.40$85.29 to $105.427$121.54 (Dec 2025)−21%
Quarter ending Dec 2026, results Jan 27, 2027Revenue$2.4B$2.3B to $2.5B4$2.7B (Dec 2025)−13%
Quarter ending Mar 2027EPS (adjusted)$62.29$51.47 to $71.914$67.76 (Mar 2026)−8%
Quarter ending Mar 2027Revenue$1.8B$1.8B to $1.8B1$1.9B (Mar 2026)−2%
Year ending Dec 2026EPS (adjusted)$336.51$325.75 to $345.397——
Year ending Dec 2027EPS (adjusted)$346.37$303.98 to $398.007$336.51 (expected, year to Dec 2026)+3%

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $820M in free cash flow over the year and returned more than it generated: $1.7B went back to shareholders (dividends plus buybacks), so $920M came from cash on hand or borrowing.

Where a year of cash went4 quarters to Sep 2026
Show the data
LineAmount
Op. cash flow$850M
Capex−$30M
Free cash flow$820M
Dividends—
Buybacks−$1.7B
Cash retained−$920M
Free cash flow yield
5.3%

For every $100 of market cap, the company generates about $5.3 in free cash flow a year.

Dividend yield
No dividend

No dividend today; cash goes to growth and share buybacks.

Shareholder yield
11.3%

Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $11.3 went back to shareholders.

By quarter: free cash flow and what went back to shareholdersLast 12 quarters
Free cash flowDividendsBuybacks
Show the data
Quarter endedFree cash flowDividendsBuybacks
Dec 2023$489M—$286M
Mar 2024$137M—$497M
Jun 2024$226M—$639M
Sep 2024$350M—$357M
Dec 2024$631M—$564M
Mar 2025$201M—$583M
Jun 2025$27M—$471M
Sep 2025$433M—$276M
Dec 2025$436M—$502M
Mar 2026$335M—$632M
Jun 2026−$158M—$374M
Sep 2026$205M—$237M
Diluted sharesDown 8.9% in a year

NVR had 3M diluted shares in the quarter ended Sep 2026, 8.9% fewer than a year earlier, and 5.1% fewer each year on average since Jun 2020. It spent $1.7B on buybacks over the last four quarters. Over the last four quarters its earnings per share fell 20.3% and its net income fell 26.9%: fewer shares added about 7 points.

Show the data
Quarter endedDiluted shares
Jun 20204M
Sep 20204M
Mar 20214M
Jun 20214M
Sep 20214M
Mar 20224M
Jun 20224M
Sep 20223M
Mar 20233M
Jun 20233M
Sep 20233M
Mar 20243M
Jun 20243M
Sep 20243M
Mar 20253M
Jun 20253M
Sep 20253M
Mar 20263M
Jun 20263M
Sep 20263M

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 5.5, no pressure to repay short-term debt; debt-to-equity 0.2, debt is very low and the balance sheet is solid.

Current ratio
5.5Strong liquidity

Assets that can be turned into cash soon are 5.5x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.

Debt-to-equity
0.2Very low debt

For every $1 of shareholder funds, there is $0.2 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.

Net cash
$1.0BMore cash than debt

Cash and short-term investments of $1.9B against debt of $909M. Lease obligations of $144M are not counted: they are rent owed, not money borrowed.

AssetsTotal ~$5.9B
Cash
$1.9B32.7%
Receivables
$30M0.6%
Inventory
$1.7B29.4%
Property & equipment
$140M2.4%
Other
$2.0B34.9%
Liabilities & equityTotal ~$5.9B
Current
$900M16.0%
Long-term
$1.1B18.0%
Equity
$3.9B66.0%

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 6 funds whose copy leaves NVR out (not traded on the exchange): Norges Bank, Berkshire Hathaway, Swiss National Bank, Canada Pension Plan Investment Board, Bridgewater Associates, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 14 held NVR at the end of their latest quarter (for most, Q3 2026). Over that quarter 4 added shares, 6 cut, 3 bought new, 1 sold all and 1 held the same. The largest of them is First Eagle Investment Management, 65,009 shares worth $400M at Sep 30, 2026.

Funds that added shares
7

3 of them new holders

Funds that cut
7

1 of them sold all

Change in shares over the latest quarterThe 12 largest holdings
Added or newCut or sold all
Show every fund
FundQuarterSharesValueChange in sharesChangeFiled
First Eagle Investment ManagementQ3 202665,009$400M+65,009NewNov 10, 2026
Norges BankQ2 2026 vs Q4 202538,888$265M−3,825−9.0%Aug 12, 2026
Giverny CapitalQ3 202612,433$76.5M−805−6.1%Nov 12, 2026
Berkshire HathawayQ2 202611,112$75.7M00.0%Aug 14, 2026
Markel GroupQ3 202612,167$74.9M+70+0.6%Oct 30, 2026
Renaissance TechnologiesQ3 20269,340$57.5M+3,690+65%Nov 12, 2026
Swiss National BankQ3 20267,010$43.1M−430−5.8%Nov 12, 2026
Canada Pension Plan Investment BoardQ2 20264,277$29.1M+55+1.3%Aug 14, 2026
Korea InvestmentQ2 20261,197$8.2M−321−21%Aug 12, 2026
National Pension ServiceQ3 20261,160$7.1M−110−8.7%Nov 12, 2026
Mirae Asset Global InvestmentsQ3 2026909$5.6M+76+9.1%Nov 3, 2026
Bridgewater AssociatesQ2 2026431$2.9M−536−55%Aug 14, 2026
Nomura HoldingsQ2 2026131$893K+131NewAug 14, 2026
Tudor Investment Corp Et AlQ2 202658$395K+58NewAug 14, 2026
Fisher Asset ManagementQ3 20260—−30Sold allNov 6, 2026

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of NVR at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

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