Detailed financial statements for NVR, Inc. (NVR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
NVR, Inc. functions as a prominent home construction company within the United States, organized into two primary divisions: homebuilding and mortgage banking. Within its homebuilding segment, the company develops and sells various residential units, including detached houses, townhouses, and condominium complexes, marketed under the brand names Ryan Homes, NVHomes, and Heartland Homes.
Analysis Summary
NVR, Inc. reported revenue of $10.32B in the most recent fiscal year, growing at a 5-year CAGR of 6.5%. Net income reached $1.34B, with a 8.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 21.3%, operating margin 14.0%, net margin 11.2%. Free cash flow grew at 3.8% CAGR over 5 years.
At $5,958.56 (closing price, October 30, 2026), NVR trades at a P/E of 16.44 and an ROE of 29.53%. Market capitalisation stands at $16.0B, placing it among large-cap names.
Balance sheet quality for NVR: debt-to-equity ratio of 0.31, current ratio of 3.71 over the last 12 months, net cash position of $760.3M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $1.10B represents 82% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.83B | $6.31B | $7.18B | $7.40B | $7.55B | $8.96B | $10.54B | $9.53B | $10.54B | $10.32B |
| Cost of Revenue | $4.71B | $4.99B | $5.69B | $5.85B | $5.94B | $6.76B | $7.66B | $7.05B | $7.85B | $7.95B |
| Gross Profit | $1.12B | $1.32B | $1.48B | $1.55B | $1.61B | $2.20B | $2.88B | $2.48B | $2.69B | $2.37B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $443.3M | $460.8M | $512.7M | $527.4M | $509.7M | $563.4M | $625.3M | $680.0M | $699.1M | $699.1M |
| Operating Expenses | $500.5M | $523.9M | $588.0M | $602.7M | $631.0M | $726.3M | $706.8M | $661.2M | $705.5M | $699.1M |
| Operating Income | $621.7M | $799.4M | $895.1M | $948.2M | $977.4M | $1.47B | $2.17B | $1.82B | $1.99B | $1.67B |
| EBITDA | $704.6M | $892.6M | $1.00B | $1.07B | $1.17B | $1.66B | $2.31B | $1.97B | $2.16B | $1.82B |
| Interest Expense | $21.7M | $24.2M | $25.1M | $25.4M | $40.9M | $53.1M | $39.5M | $27.7M | $27.8M | $28.8M |
| Pre-tax Income | $661.7M | $846.9M | $959.7M | $1.03B | $1.08B | $1.59B | $2.25B | $1.93B | $2.12B | $1.76B |
| 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 | $1.24B | $1.73B | $1.59B | $1.68B | $1.34B |
| EPS | $110.53 | $144.00 | $194.82 | $241.29 | $244.11 | $345.38 | $525.20 | $491.52 | $540.88 | $462.00 |
| EPS (Diluted) | $103.61 | $126.77 | $194.82 | $221.13 | $230.09 | $320.48 | $491.82 | $463.31 | $506.69 | $436.55 |
| Shares Outstanding (Diluted) | 4.1 M | 4.2 M | 4.1 M | 4.0 M | 3.9 M | 3.9 M | 3.5 M | 3.4 M | 3.3 M | 3.1 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $2.71B | $1.88B | $2.33B | $2.40B |
| Gross Profit | $616.0M | $406.5M | $485.1M | $482.4M |
| Operating Income | $447.4M | $226.4M | $308.3M | $323.9M |
| EBITDA | $482.9M | $265.6M | $314.7M | $341.6M |
| Net Income | $363.8M | $198.4M | $236.5M | $248.6M |
| EPS | $128.52 | $71.33 | $87.42 | $93.49 |
| EPS (Diluted) | $121.54 | $67.76 | $83.62 | $89.45 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $395.4M | $666.8M | $711.9M | $1.14B | $2.78B | $2.57B | $2.52B | $3.16B | $2.61B | $1.96B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $18.9M | $20.0M | $18.6M | $18.3M | $18.3M | $18.6M | $20.8M | $29.0M | $32.6M | $32.7M |
| Inventory | $1.09B | $1.25B | $1.25B | $1.35B | $1.71B | $1.95B | $1.79B | $1.95B | $2.06B | $1.72B |
| Total Current Assets | $2.26B | $2.68B | $2.86B | $3.43B | $5.37B | $5.40B | $5.20B | $5.99B | $5.84B | $3.71B |
| Property, Plant & Equipment | $4.9M | $6.3M | $6.5M | $83.0M | $70.1M | $72.4M | $90.7M | $100.3M | $109.2M | $246.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.64B | $2.99B | $3.17B | $3.81B | $5.78B | $5.83B | $5.66B | $6.60B | $6.38B | $5.86B |
| Accounts Payable | $283.6M | $294.8M | $288.6M | $307.0M | $402.6M | $388.0M | $395.4M | $475.2M | $386.2M | $313.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $743.0M | $786.7M | $759.7M | $784.9M | $1.08B | $1.24B | $1.15B | $1.22B | $1.15B | $939.2M |
| Long-term Debt | $596.5M | $597.1M | $597.7M | $598.3M | $1.52B | $1.52B | $914.9M | $913.0M | $911.1M | $1.05B |
| Total Liabilities | $1.34B | $1.38B | $1.36B | $1.47B | $2.67B | $2.83B | $2.15B | $2.24B | $2.17B | $1.99B |
| Retained Earnings | $5.70B | $6.23B | $7.03B | $7.91B | $8.81B | $10.05B | $11.77B | $13.37B | $15.05B | $16.39B |
| Total Equity | $1.30B | $1.61B | $1.81B | $2.34B | $3.10B | $3.00B | $3.51B | $4.36B | $4.21B | $3.86B |
| Total Debt | $596.5M | $597.1M | $597.7M | $683.7M | $1.59B | $1.59B | $1.01B | $1.01B | $1.02B | $1.20B |
| Net Debt | $201.1M | -$69.7M | -$114.2M | -$456.6M | -$1.19B | -$982.6M | -$1.52B | -$2.15B | -$1.59B | -$760.3M |
| Working Capital | $1.51B | $1.89B | $2.10B | $2.65B | $4.29B | $4.16B | $4.05B | $4.77B | $4.69B | $2.77B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.96B | $1.73B | $1.20B | $1.13B |
| Total Assets | $5.86B | $5.59B | $5.47B | $5.57B |
| Total Liabilities | $1.99B | $2.09B | $2.08B | $2.13B |
| Total Equity | $3.86B | $3.49B | $3.39B | $3.43B |
| Total Debt | $1.20B | $1.05B | $1.05B | $1.07B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $425.3M | $537.5M | $797.2M | $878.5M | $901.2M | $1.24B | $1.73B | $1.59B | $1.68B | $1.34B |
| Depreciation & Amortization | $22.3M | $22.7M | $20.2M | $20.8M | $22.0M | $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 | -$56.8M | -$107.8M | -$81.3M | -$80.9M | -$86.0M | -$167.0M | -$12.1M | -$229.3M | -$308.4M | -$148.4M |
| Operating Cash Flow | $384.5M | $568.9M | $723.1M | $866.5M | $925.3M | $1.24B | $1.87B | $1.50B | $1.37B | $1.12B |
| Capital Expenditure | -$22.4M | -$20.3M | -$19.7M | -$22.7M | -$16.1M | -$17.9M | -$18.4M | -$24.9M | -$29.2M | -$24.5M |
| Acquisitions | $1.0M | $847,000 | $1.3M | -$702,000 | -$435,000 | -$1.3M | -$9.7M | -$1.8M | -$3.1M | -$47.6M |
| Stock Repurchased | -$455.4M | -$422.2M | -$846.1M | -$698.4M | -$371.1M | -$1.54B | -$1.50B | -$1.08B | -$2.06B | -$1.83B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $362.1M | $548.6M | $703.5M | $843.8M | $909.1M | $1.22B | $1.85B | $1.47B | $1.35B | $1.10B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $439.7M | $339.7M | -$151.5M | 0 |
| Capital Expenditure | -$3.7M | -$4.9M | -$6.2M | 0 |
| Free Cash Flow | $436.0M | $334.8M | -$157.7M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $13.3M | $19.3M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.3% | +13.6% | +3.1% | +2.0% | +18.7% | +17.6% | -9.5% | +10.6% | -2.1% | |
| Net Income Growth (YoY) | +26.4% | +48.3% | +10.2% | +2.6% | +37.2% | +39.5% | -7.8% | +5.7% | -20.3% | |
| EPS Growth (YoY) | +30.3% | +35.3% | +23.9% | +1.2% | +41.5% | +52.1% | -6.4% | +10.0% | -14.6% | |
| Shares Change (YoY) | +3.3% | -3.5% | -2.9% | -1.4% | -1.5% | -9.1% | -2.1% | -3.4% | -7.5% | |
| FCF Growth (YoY) | +51.5% | +28.2% | +20.0% | +7.7% | +34.7% | +51.2% | -20.4% | -8.7% | -18.5% | |
| Gross Margin | 19.2% | 21.0% | 20.7% | 21.0% | 21.3% | 24.5% | 27.3% | 26.0% | 25.5% | 23.0% |
| Operating Margin | 10.7% | 12.7% | 12.5% | 12.8% | 13.0% | 16.4% | 20.6% | 19.1% | 18.9% | 16.2% |
| EBITDA Margin | 12.1% | 14.1% | 14.0% | 14.5% | 15.4% | 18.5% | 21.9% | 20.7% | 20.5% | 17.6% |
| Net Margin | 7.3% | 8.5% | 11.1% | 11.9% | 11.9% | 13.8% | 16.4% | 16.7% | 16.0% | 13.0% |
| FCF Margin | 6.2% | 8.7% | 9.8% | 11.4% | 12.0% | 13.7% | 17.6% | 15.4% | 12.8% | 10.6% |
| Effective Tax Rate | 35.7% | 36.5% | 16.9% | 14.4% | 16.4% | 22.2% | 23.4% | 17.5% | 20.5% | 24.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $88.23 | $129.40 | $171.91 | $212.39 | $232.10 | $317.32 | $527.76 | $428.82 | $405.32 | $357.38 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 3.8 M | 3.7 M | 4.1 M | 3.6 M | 3.7 M | 3.6 M | 3.3 M | 3.2 M | 3.1 M | 2.9 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 29.53% |
| Return on Invested Capital | 22.11% |
| Return on Assets | 18.82% |
| Gross Margin | 21.35% |
| Operating Margin | 14.01% |
| Net Margin | 11.23% |
Financial Health
| Debt / Equity | 0.31 |
| Current Ratio | 3.71 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 13.56 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.10 | 24.36 | 12.51 | 15.78 | 16.71 | 17.11 | 8.78 | 14.24 | 15.12 | 15.79 |
| P/B | 4.92 | 8.16 | 5.51 | 5.92 | 4.85 | 7.05 | 4.32 | 5.19 | 6.04 | 5.47 |
| P/S | 1.10 | 2.07 | 1.39 | 1.87 | 2.00 | 2.36 | 1.44 | 2.38 | 2.41 | 2.05 |
| Gross Margin | 19.2% | 21.0% | 20.7% | 21.0% | 21.3% | 24.5% | 27.3% | 26.0% | 25.5% | 23.0% |
| Operating Margin | 10.7% | 12.7% | 12.5% | 12.8% | 13.0% | 16.4% | 20.6% | 19.1% | 18.9% | 16.2% |
| Net Margin | 7.3% | 8.5% | 11.1% | 11.9% | 11.9% | 13.8% | 16.4% | 16.7% | 16.0% | 13.0% |
Related companies: DHI · PHM · LEN · TOL · MTH · MHO
Explore sector: Consumer Cyclical · Residential Construction
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