# NVR, Inc. (NVR)

> Source: Nexqual · https://nexqual.com/NVR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, NVR, Inc. (NVR), nexqual.com/NVR" · informational, not investment advice.

**Price:** USD 6,110.63 (+3.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 5,900 · day 5,600–6,118.77 · 52w 5,501.01–8,200 · market cap $16.4B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.53B, net income $1.14B (12.0% margin), free cash flow $1.05B (SEC filings).
- Valuation: P/E 14.3x (avg 16.0x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold NVR (13F, Q2 2026): 0 new, 1 added, 1 reduced, 1 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $479K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (7 analysts), mean target USD 6,399.5 (range 5,058–7,425).
- Total return with dividends: 1Y -20.4% vs S&P 500 +14.9%; 5Y +25.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 106.5, revenue estimate $2.44B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.95B | $10.5B | $9.52B | $10.5B | $10.3B | $9.53B |
| Net income | $1.24B | $1.73B | $1.59B | $1.68B | $1.34B | $1.14B |
| EPS (diluted) | $320.48 | $491.82 | $463.31 | $506.69 | $436.55 | — |
| Free cash flow | $1.22B | $1.85B | $1.47B | $1.35B | $1.10B | $1.05B |
| Net margin | 13.8% | 16.4% | 16.7% | 16.0% | 13.0% | 12.0% |
| Revenue growth | +18.8% | +17.6% | -9.6% | +10.6% | -1.9% | — |
| Cash + short-term investments | $2.64B | $2.57B | $3.22B | $2.66B | $1.96B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.3x · P/S 1.7x · P/FCF 15.6x · P/B 4.8x · FCF yield 6.39% · Earnings yield 6.97% · Buyback yield (TTM) 10.90%
P/E at fiscal year-ends: Dec 2025 16.7x, Dec 2024 16.1x, Dec 2023 15.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold NVR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Francois Rochon | Giverny Capital | 3.03% | $90.2M | Reduced -3.0% |
| Thomas Gayner | Markel Group | 0.63% | $82.4M | Added +0.1% |
| Warren Buffett | Berkshire Hathaway | 0.03% | $75.7M | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $479K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-07 | Oliver George | Director | 63 | $405K | 6,431.51 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-24 | Devito Michael J | Director | 11 | $74K | 6,699.5 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 7 analysts; mean target USD 6,399.5 (low 5,058, high 7,425).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-01 | Morgan Stanley | Initiated | Underweight | $5058 |
| 2026-07-25 | UBS | Target lowered | Neutral | $7700 → $7400 |
| 2026-07-24 | Truist Securities | Target lowered | Hold | $6600 → $6400 |
| 2026-07-20 | B of A Securities | Target lowered | Buy | $7600 → $7200 |
| 2026-07-07 | Zelman & Assoc | Upgrade | Hold → Buy |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -20.4% | +25.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -20.5% | +4.6% |
| Volatility (annualized) | 27.8% | 25.1% |
| Max drawdown | -31.3% (Feb 2026→May 2026) | -43.9% (Oct 2024→May 2026) |

## Peers (Residential Construction)
LEN (Lennar Corporation) USD 84.45 +8.69% · TOL (Toll Brothers, Inc.) USD 141.08 +4.47% · PHM (PulteGroup, Inc.) USD 119.48 +5.84% · DHI (D.R. Horton, Inc.) USD 147.66 +6.25% · IBP (Installed Building Products, In) USD 198.13 +5.46% · SKY (Champion Homes, Inc.) USD 79.72 +5.27%

## More
Full page: https://nexqual.com/NVR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NVR's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/906163/000090616326000018/nvr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | NVR Mortgage Finance | "Because NVRM originates mortgage loans exclusively for our homebuilding customers, NVRM is dependent on our homebuilding segment." |
| Partner | BOFA Securities | "On March 11, 2025, we entered into the Second Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, BOFA Securities, Inc. as Sole Lead Arranger and Sole Bookrunner, and other lenders …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Home Building | $2.28B | 98.0% | -10.5% |
| Mortgage Banking | $46.6M | 2.0% | -7.8% |
| Total revenue | $2.33B | 100% | — |

## Company outlook (8-K filed 2026-10-22)

- "Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," 1 "will," "should," "could," or "anticipates" or the negative thereof or other comparable terminology."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $106.50 | $106.84 | -0.3% | $2.44B | 5 |
| Next quarter (ends 2027-03-31) | $74.91 | $78.85 | -5.0% | $2.04B | 4 |
| Current fiscal year (ends 2026-12-31) | $350.07 | $359.92 | -2.7% | $8.96B | 6 |
| Next fiscal year (ends 2027-12-31) | $380.33 | $409.55 | -7.1% | $9.21B | 7 |