NVR (NVR) Financials

$5,839.20 -71.47 (-1.21%)

As of 11:10 AM Eastern

Annual Income Statements for NVR

This table shows NVR's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	383	425	538	797	879	901	1,237	1,726	1,592	1,682	1,340
Consolidated Net Income / (Loss)	383	425	538	797	879	901	1,237	1,726	1,592	1,682	1,340
Net Income / (Loss) Continuing Operations	383	425	538	797	879	901	1,237	1,726	1,592	1,682	1,340
Total Pre-Tax Income	603	662	847	960	1,026	1,078	1,590	2,253	1,928	2,116	1,762
Total Operating Income	616	679	863	959	1,011	1,090	1,635	2,239	1,787	1,975	1,671
Total Gross Profit	1,040	1,122	1,323	1,472	1,539	1,600	2,188	2,864	2,467	2,674	2,371
Total Revenue	5,159	5,830	6,314	7,164	7,389	7,537	8,951	10,526	9,518	10,524	10,324
Operating Revenue	5,159	5,823	6,306	7,164	7,389	7,537	8,951	10,526	9,518	10,524	10,324
Total Cost of Revenue	4,119	4,708	4,990	5,692	5,850	5,937	6,763	7,662	7,051	7,851	7,953
Operating Cost of Revenue	4,119	4,708	4,990	5,692	5,850	5,937	6,763	7,662	7,051	7,851	7,953
Total Operating Expenses	424	443	461	513	527	510	553	625	680	699	699
Selling, General & Admin Expense	424	443	461	513	527	510	563	625	680	699	699
Total Other Income / (Expense), net	-13	-17	-16	0.90	14	-12	-44	14	141	141	91
Interest Expense	24	22	24	25	25	41	53	40	28	28	29
Interest & Investment Income	6.49	-	-	12	12	8.93	8.73	12	17	19	18
Other Income / (Expense), net	4.07	4.47	8.58	14	28	20	-	42	152	149	101
Income Tax Expense	220	236	309	163	147	177	354	528	337	434	422
Basic Earnings per Share	$95.21	$110.53	$144.00	$219.58	$241.31	$244.11	$345.37	$525.20	$491.52	$540.88	$462.00
Weighted Average Basic Shares Outstanding	4.02M	3.85M	3.73M	3.63M	3.64M	3.69M	3.58M	3.29M	3.24M	3.11M	2.90M
Diluted Earnings per Share	$89.99	$103.61	$126.77	$194.80	$221.13	$230.11	$320.48	$491.82	$463.31	$506.69	$436.55
Weighted Average Diluted Shares Outstanding	4.26M	4.10M	4.24M	4.09M	3.97M	3.92M	3.86M	3.51M	3.44M	3.32M	3.07M
Weighted Average Basic & Diluted Shares Outstanding	4M	3.80M	3.70M	3.60M	3.97M	3.92M	3.86M	6.50M	6.37M	2.99M	2.79M

This table shows NVR's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	433	410	394	401	429	457	300	334	343	364	198
Consolidated Net Income / (Loss)	433	410	394	401	429	457	300	334	343	364	198
Net Income / (Loss) Continuing Operations	433	410	394	401	429	457	300	334	343	364	198
Total Pre-Tax Income	539	484	471	534	539	573	402	447	444	469	252
Total Operating Income	500	588	431	498	506	522	378	423	423	420	226
Total Gross Profit	667	620	607	665	682	720	568	599	588	616	407
Total Revenue	2,569	2,433	2,333	2,612	2,733	2,846	2,403	2,599	2,610	2,713	1,881
Operating Revenue	2,569	2,433	2,333	2,612	2,733	2,846	2,403	2,599	2,610	2,713	1,881
Total Cost of Revenue	1,902	1,813	1,726	1,948	2,051	2,126	1,835	2,000	2,021	2,097	1,475
Operating Cost of Revenue	1,902	1,813	1,726	1,948	2,051	2,126	1,835	2,000	2,021	2,097	1,475
Total Operating Expenses	167	23	176	167	176	181	190	176	165	196	180
Selling, General & Admin Expense	167	176	176	167	176	181	190	176	165	169	180
Total Other Income / (Expense), net	39	-112	39	35	33	33	24	24	21	49	25
Interest Expense	6.90	6.79	6.83	6.90	7.05	7.01	7.45	6.99	7.18	7.21	7.19
Interest & Investment Income	5.07	4.78	4.09	4.67	4.73	5.60	3.81	4.49	4.88	4.71	3.63
Other Income / (Expense), net	41	-	42	38	35	35	28	26	23	-	29
Income Tax Expense	106	74	76	133	109	115	102	113	101	105	53
Basic Earnings per Share	$132.92	$128.45	$123.76	$128.21	$139.65	$149.26	$100.41	$114.52	$119.26	$127.81	$71.33
Weighted Average Basic Shares Outstanding	3.26M	3.24M	3.19M	3.13M	3.07M	3.11M	2.98M	2.91M	2.87M	2.90M	2.78M
Diluted Earnings per Share	$125.26	$121.62	$116.41	$120.69	$130.50	$139.09	$94.83	$108.54	$112.33	$120.85	$67.76
Weighted Average Diluted Shares Outstanding	3.46M	3.44M	3.39M	3.32M	3.29M	3.32M	3.16M	3.07M	3.05M	3.07M	2.93M
Weighted Average Basic & Diluted Shares Outstanding	3.18M	6.37M	3.13M	3.08M	3.06M	2.99M	2.92M	2.87M	2.84M	2.79M	2.70M

This table details how cash moves in and out of NVR's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-120	-35	274	43	429	1,649	-173	-62	641	-551	-708
Net Cash From Operating Activities	227	393	570	723	867	925	1,242	1,870	1,498	1,374	1,121
Net Cash From Continuing Operating Activities	227	393	570	723	867	925	1,242	1,870	1,498	1,374	1,121
Net Income / (Loss) Continuing Operations	383	425	538	797	879	901	1,237	1,726	1,592	1,682	1,340
Consolidated Net Income / (Loss)	383	425	538	797	879	901	1,237	1,726	1,592	1,682	1,340
Depreciation Expense	22	22	23	20	21	22	19	17	17	18	25
Non-Cash Adjustments To Reconcile Net Income	-61	14	56	-13	44	124	186	124	145	-23	-93
Changes in Operating Assets and Liabilities, net	-117	-68	-46	-81	-77	-122	-200	3.04	-255	-303	-150
Net Cash From Investing Activities	-1.02	-10	-15	-8.18	-13	-3.93	-18	-27	-24	-27	-71
Net Cash From Continuing Investing Activities	-1.02	-10	-15	-8.18	-13	-3.93	-18	-27	-24	-27	-71
Purchase of Property, Plant & Equipment	-18	-22	-20	-20	-23	-16	-18	-18	-25	-29	-25
Acquisitions	-1.92	-0.65	-3.80	-0.28	-0.70	-0.44	-1.28	-9.74	-1.78	-3.10	-48
Sale of Property, Plant & Equipment	0.68	1.00	0.85	1.26	1.87	1.00	0.98	0.73	2.37	3.04	0.91
Sale and/or Maturity of Investments	18	12	8.03	11	8.25	12	0.00	0.00	0.18	2.72	0.00
Net Cash From Financing Activities	-346	-417	-282	-672	-425	728	-1,397	-1,905	-833	-1,899	-1,758
Net Cash From Continuing Financing Activities	-346	-417	-282	-672	-425	728	-1,397	-1,905	-833	-1,899	-1,758
Repurchase of Common Equity	-431	-455	-422	-846	-698	-371	-1,538	-1,500	-1,082	-2,058	-1,833
Other Financing Activities, net	86	38	141	174	274	180	141	195	249	159	75
Cash Interest Paid	25	21	23	24	24	37	54	48	29	29	30
Cash Income Taxes Paid	195	219	260	181	154	163	389	530	407	410	439

This table details how cash moves in and out of NVR's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	212	245	-291	-396	40	96	-377	-458	194	-67	-227
Net Cash From Operating Activities	658	496	146	233	358	637	208	35	439	440	340
Net Cash From Continuing Operating Activities	658	496	146	233	358	637	208	35	439	440	340
Net Income / (Loss) Continuing Operations	433	410	394	401	429	457	300	334	343	364	198
Consolidated Net Income / (Loss)	433	410	394	401	429	457	300	334	343	364	198
Depreciation Expense	4.18	4.33	4.38	4.36	4.69	4.95	5.78	5.69	6.10	6.94	6.74
Non-Cash Adjustments To Reconcile Net Income	166	98	-91	-48	25	91	-33	8.75	110	-179	299
Changes in Operating Assets and Liabilities, net	55	-17	-161	-124	-101	83	-65	-313	-20	248	-164
Net Cash From Investing Activities	-6.90	-6.75	-6.73	-4.41	-8.65	-6.76	-15	-35	-7.11	-14	12
Net Cash From Continuing Investing Activities	-6.90	-6.75	-6.73	-4.41	-8.65	-6.76	-15	-35	-7.11	-14	12
Purchase of Property, Plant & Equipment	-7.08	-6.35	-8.98	-6.43	-8.21	-5.59	-7.06	-8.30	-5.45	-3.70	-4.87
Acquisitions	-	-0.55	0.00	-0.90	-0.74	-1.46	-8.17	-27	-1.93	-10	-4.39
Sale of Property, Plant & Equipment	0.18	0.15	2.25	0.20	0.30	0.30	0.21	0.24	0.27	0.20	0.17
Divestitures	-	-	-	-	-	-	0.00	-	-	-	22
Net Cash From Financing Activities	-439	-244	-430	-624	-310	-534	-570	-458	-238	-493	-579
Net Cash From Continuing Financing Activities	-439	-244	-430	-624	-310	-534	-570	-458	-238	-493	-579
Repurchase of Common Equity	-484	-286	-497	-639	-357	-564	-583	-471	-276	-502	-632
Other Financing Activities, net	45	43	67	15	48	30	14	14	38	9.49	53
Cash Interest Paid	0.50	14	0.42	14	0.67	14	0.65	14	0.80	14	0.81
Cash Income Taxes Paid	50	95	6.89	157	143	103	3.86	243	107	84	5.26

This table presents NVR's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,029	2,292	2,637	3,166	3,810	5,777	5,834	5,661	6,602	6,381	5,857
Total Current Assets	1,468	1,526	1,955	732	2,526	4,537	4,603	4,332	3,268	2,697	1,949
Cash & Equivalents	424	395	667	712	1,140	2,778	2,573	2,523	3,163	2,611	1,916
Accounts Receivable	11	19	20	-	18	18	19	21	29	33	33
Plant, Property, & Equipment, net	1.75	51	50	49	58	62	61	62	70	103	111
Total Noncurrent Assets	511	715	633	543	1,226	1,178	1,171	3,029	3,263	1,551	3,757
Other Noncurrent Operating Assets	507	545	521	543	569	996	989	2,836	3,066	1,053	3,757
Total Liabilities & Shareholders' Equity	2,512	2,644	2,989	3,166	3,810	5,777	5,834	5,661	6,602	6,381	5,857
Total Liabilities	1,273	1,340	1,384	1,357	1,469	2,674	2,832	2,154	2,237	2,171	1,992
Total Current Liabilities	676	743	787	0.00	653	1,084	1,241	833	888	828	690
Accounts Payable	260	284	295	-	307	403	388	395	475	386	313
Accrued Expenses	305	337	342	-	346	441	436	437	413	441	377
Total Noncurrent Liabilities	597	596	597	0.00	816	1,590	1,591	1,321	1,349	1,343	1,302
Long-Term Debt	596	596	597	-	598	1,517	1,516	915	913	911	909
Other Noncurrent Operating Liabilities	1.09	-	-	-	217	73	75	93	436	432	393
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,239	1,304	1,605	1,809	2,341	3,103	3,002	3,507	4,365	4,210	3,865
Total Preferred & Common Equity	1,239	1,304	1,605	1,809	2,341	3,103	3,002	3,507	4,365	4,210	3,865
Total Common Equity	1,239	1,304	1,605	1,809	2,341	3,103	3,002	3,507	4,365	4,210	3,865
Common Stock	1,448	1,516	1,644	1,820	2,056	2,215	2,378	2,600	2,849	3,032	3,156
Retained Earnings	5,270	5,695	6,232	7,031	7,910	8,811	10,048	11,773	13,365	15,047	16,387
Treasury Stock	-5,479	-5,907	-6,271	-7,043	-7,624	-7,923	-9,424	-10,867	-11,849	-	-15,677
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.11	0.00	-13,869	0.00

This table presents NVR's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	6,267	6,372	6,602	6,538	6,407	6,488	6,381	6,196	5,939	6,035	5,586
Total Current Assets	2,807	4,947	3,268	5,078	2,591	2,547	2,726	4,435	1,808	2,013	1,717
Cash & Equivalents	2,693	2,909	3,163	2,869	2,470	2,511	2,611	2,211	1,766	1,971	1,682
Accounts Receivable	27	34	29	36	35	36	33	37	41	41	35
Plant, Property, & Equipment, net	62	65	70	71	86	93	103	105	108	111	109
Total Noncurrent Assets	3,397	3,323	3,263	1,389	3,731	3,785	3,552	1,655	3,984	3,874	3,740
Other Noncurrent Operating Assets	3,348	3,274	3,066	1,341	3,682	3,736	3,361	1,606	3,935	3,825	3,740
Total Liabilities & Shareholders' Equity	6,267	6,372	6,602	6,538	6,407	6,488	6,381	6,196	5,939	6,035	5,586
Total Liabilities	2,114	2,200	2,237	2,194	2,273	2,217	2,171	2,241	2,094	2,069	2,092
Total Current Liabilities	728	827	888	830	891	843	828	1,215	770	761	768
Accounts Payable	436	441	475	449	485	437	386	444	437	416	393
Accrued Expenses	292	386	413	381	405	406	441	455	333	345	375
Total Noncurrent Liabilities	1,386	1,373	1,349	1,364	1,383	1,373	1,343	1,026	1,324	1,308	1,323
Long-Term Debt	914	913	913	913	912	912	911	911	910	910	909
Other Noncurrent Operating Liabilities	472	459	436	451	471	462	432	115	414	398	415
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,153	4,173	4,365	4,344	4,134	4,271	4,210	3,955	3,845	3,967	3,494
Total Preferred & Common Equity	4,153	4,173	4,365	4,344	4,134	4,271	4,210	3,955	3,845	3,967	3,494
Total Common Equity	4,153	4,173	4,365	4,344	4,134	4,271	4,210	3,955	3,845	3,967	3,494
Common Stock	2,748	2,801	2,849	2,906	2,935	2,990	3,032	3,057	3,086	3,132	3,203
Retained Earnings	12,522	12,955	13,365	13,759	14,160	14,590	15,047	15,347	15,680	16,023	16,585
Treasury Stock	-11,116	-11,584	-11,849	-12,321	-12,962	-13,308	-13,869	-14,449	-14,921	-15,188	-16,294
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from NVR's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.07%	13.01%	8.29%	13.46%	3.14%	2.01%	18.76%	17.60%	-9.58%	10.57%	-1.91%
EBITDA Growth	31.16%	9.95%	26.65%	11.15%	6.69%	6.80%	46.14%	38.93%	-14.88%	9.52%	-16.11%
EBIT Growth	31.49%	10.18%	27.46%	11.72%	6.76%	6.83%	47.28%	39.52%	-14.97%	9.53%	-16.54%
NOPAT Growth	34.58%	11.54%	25.46%	45.49%	8.76%	5.18%	39.53%	34.88%	-6.64%	-1.91%	-19.05%
Net Income Growth	35.97%	11.06%	26.40%	48.31%	10.20%	2.58%	37.22%	39.53%	-7.76%	5.67%	-20.34%
EPS Growth	41.72%	15.14%	22.35%	53.66%	13.52%	4.06%	39.27%	53.46%	-5.80%	9.36%	-13.84%
Operating Cash Flow Growth	22.84%	73.35%	45.13%	26.79%	19.83%	6.78%	34.27%	50.52%	-19.90%	-8.25%	-18.42%
Free Cash Flow Firm Growth	24.24%	-65.90%	233.07%	162.80%	-87.49%	126.45%	210.14%	-105.30%	5,132.61%	-63.24%	-134.95%
Invested Capital Growth	-7.23%	32.82%	2.42%	-49.07%	117.53%	40.72%	3.92%	94.49%	-43.65%	19.12%	560.46%
Revenue Q/Q Growth	4.60%	3.66%	0.99%	2.47%	-0.06%	4.93%	-1.25%	4.80%	-2.85%	4.08%	-1.27%
EBITDA Q/Q Growth	9.46%	4.38%	3.80%	2.62%	0.04%	10.82%	3.80%	8.28%	4.29%	2.14%	-0.90%
EBIT Q/Q Growth	9.75%	4.48%	3.92%	2.72%	0.00%	11.09%	3.88%	8.38%	4.32%	2.12%	-1.03%
NOPAT Q/Q Growth	9.42%	5.37%	-5.13%	16.78%	0.85%	5.69%	3.65%	6.84%	6.24%	1.23%	-7.64%
Net Income Q/Q Growth	9.92%	4.14%	-4.66%	15.59%	2.81%	5.73%	2.45%	7.49%	-2.73%	2.90%	-6.53%
EPS Q/Q Growth	11.50%	5.71%	-6.57%	17.98%	2.87%	6.11%	3.50%	10.00%	-2.42%	3.57%	-4.01%
Operating Cash Flow Q/Q Growth	-6.32%	25.33%	-8.92%	-0.47%	16.98%	-1.19%	-6.46%	42.43%	-17.67%	11.46%	-14.96%
Free Cash Flow Firm Q/Q Growth	0.50%	-92.06%	135.81%	39.71%	207.78%	-70.86%	-8.84%	-105.25%	804.73%	-61.85%	-200.25%
Invested Capital Q/Q Growth	-25.29%	377.75%	-28.33%	-55.34%	-45.06%	-3.47%	5.38%	67.96%	-50.18%	-5.83%	-1.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.16%	19.25%	20.96%	20.54%	20.83%	21.22%	24.44%	27.21%	25.92%	25.41%	22.96%
EBITDA Margin	12.44%	12.10%	14.16%	13.87%	14.34%	15.02%	18.48%	21.83%	20.55%	20.36%	17.41%
Operating Margin	11.94%	11.65%	13.66%	13.38%	13.69%	14.46%	18.26%	21.27%	20.38%	18.76%	16.19%
EBIT Margin	12.02%	11.72%	13.80%	13.59%	14.06%	14.73%	18.26%	21.67%	20.38%	20.18%	17.17%
Profit (Net Income) Margin	7.42%	7.29%	8.51%	11.13%	11.89%	11.96%	13.82%	16.39%	16.72%	15.98%	12.98%
Tax Burden Percent	63.48%	64.27%	63.47%	83.06%	85.64%	83.60%	77.76%	76.58%	82.54%	79.50%	76.04%
Interest Burden Percent	97.25%	96.82%	97.22%	98.61%	98.73%	97.12%	97.28%	98.79%	99.43%	99.59%	99.38%
Effective Tax Rate	36.52%	35.73%	36.53%	16.94%	14.36%	16.40%	22.24%	23.42%	17.46%	20.50%	23.96%
Return on Invested Capital (ROIC)	44.09%	43.90%	47.69%	90.86%	92.22%	58.82%	68.85%	61.88%	55.95%	69.49%	78.34%
ROIC Less NNEP Spread (ROIC-NNEP)	46.90%	47.88%	50.92%	90.77%	91.14%	59.66%	71.71%	59.61%	56.80%	63.98%	75.49%
Return on Net Nonoperating Assets (RNNOA)	-11.69%	-10.46%	-10.75%	-44.16%	-49.88%	-25.71%	-28.34%	-8.86%	-15.51%	-30.26%	-45.15%
Return on Equity (ROE)	32.40%	33.44%	36.94%	46.70%	42.34%	33.11%	40.51%	53.02%	40.44%	39.23%	33.18%
Cash Return on Invested Capital (CROIC)	51.60%	15.71%	45.30%	155.88%	18.20%	24.99%	65.01%	-2.29%	111.79%	52.04%	-69.06%
Operating Return on Assets (OROA)	29.75%	31.63%	35.35%	33.54%	29.79%	23.16%	28.16%	39.68%	31.63%	32.72%	28.97%
Return on Assets (ROA)	18.36%	19.69%	21.81%	27.48%	25.19%	18.80%	21.30%	30.02%	25.96%	25.91%	21.90%
Return on Common Equity (ROCE)	32.40%	33.44%	36.94%	46.70%	42.34%	33.11%	40.51%	53.02%	40.44%	39.23%	33.18%
Return on Equity Simple (ROE_SIMPLE)	30.90%	32.60%	33.48%	44.08%	37.52%	29.04%	41.19%	49.21%	36.47%	39.95%	0.00%
Net Operating Profit after Tax (NOPAT)	391	436	547	796	866	911	1,271	1,715	1,601	1,570	1,271
NOPAT Margin	7.58%	7.48%	8.67%	11.12%	11.72%	12.09%	14.20%	16.29%	16.82%	14.92%	12.31%
Net Nonoperating Expense Percent (NNEP)	-2.80%	-3.99%	-3.22%	0.09%	1.09%	-0.84%	-2.86%	2.27%	-0.85%	5.52%	2.85%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	38.78%	30.33%	30.66%	26.62%
Cost of Revenue to Revenue	79.84%	80.75%	79.04%	79.46%	79.17%	78.78%	75.56%	72.79%	74.08%	74.59%	77.04%
SG&A Expenses to Revenue	8.22%	7.60%	7.30%	7.16%	7.14%	6.76%	6.29%	5.94%	7.14%	6.64%	6.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.22%	7.60%	7.30%	7.16%	7.14%	6.76%	6.18%	5.94%	5.54%	6.64%	6.77%
Earnings before Interest and Taxes (EBIT)	620	683	871	973	1,039	1,110	1,635	2,281	1,939	2,124	1,773
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	642	706	894	993	1,060	1,132	1,654	2,298	1,956	2,143	1,797
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.19	4.85	8.17	4.87	6.01	4.89	6.85	4.20	5.10	5.95	5.36
Price to Tangible Book Value (P/TBV)	5.20	4.85	8.17	4.87	6.14	4.97	6.97	4.26	5.16	6.02	5.36
Price to Revenue (P/Rev)	1.25	1.09	2.08	1.23	1.90	2.01	2.30	1.40	2.34	2.38	2.01
Price to Earnings (P/E)	16.79	14.88	24.41	11.05	16.02	16.84	16.64	8.54	13.98	14.90	15.46
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.96%	6.72%	4.10%	9.05%	6.24%	5.94%	6.01%	11.71%	7.15%	6.71%	6.47%
Enterprise Value to Invested Capital (EV/IC)	7.70	5.74	11.22	13.65	10.50	7.67	10.34	3.59	9.67	9.49	6.99
Enterprise Value to Revenue (EV/Rev)	1.27	1.12	2.06	1.13	1.83	1.84	2.17	1.25	2.10	2.21	1.91
Enterprise Value to EBITDA (EV/EBITDA)	10.24	9.22	14.58	8.13	12.75	12.27	11.76	5.71	10.20	10.88	10.96
Enterprise Value to EBIT (EV/EBIT)	10.60	9.52	14.96	8.30	13.00	12.51	11.90	5.76	10.29	10.97	11.11
Enterprise Value to NOPAT (EV/NOPAT)	16.81	14.91	23.80	10.14	15.60	15.24	15.31	7.66	12.46	14.84	15.50
Enterprise Value to Operating Cash Flow (EV/OCF)	29.00	16.56	22.84	11.17	15.59	15.01	15.66	7.02	13.32	16.96	17.57
Enterprise Value to Free Cash Flow (EV/FCFF)	14.36	41.69	25.06	5.91	79.05	35.88	16.21	0.00	6.24	19.82	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.48	0.46	0.37	0.00	0.26	0.49	0.51	0.26	0.21	0.22	0.24
Long-Term Debt to Equity	0.48	0.46	0.37	0.00	0.26	0.49	0.51	0.26	0.21	0.22	0.24
Financial Leverage	-0.25	-0.22	-0.21	-0.49	-0.55	-0.43	-0.40	-0.15	-0.27	-0.47	-0.60
Leverage Ratio	1.76	1.70	1.69	1.70	1.68	1.76	1.90	1.77	1.56	1.51	1.52
Compound Leverage Factor	1.72	1.64	1.65	1.68	1.66	1.71	1.85	1.74	1.55	1.51	1.51
Debt to Total Capital	32.47%	31.38%	27.11%	0.00%	20.35%	32.84%	33.56%	20.69%	17.30%	17.79%	19.04%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	32.47%	31.38%	27.11%	0.00%	20.35%	32.84%	33.56%	20.69%	17.30%	17.79%	19.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.53%	68.62%	72.89%	100.00%	79.65%	67.16%	66.44%	79.31%	82.70%	82.21%	80.96%
Debt to EBITDA	0.93	0.85	0.67	0.00	0.56	1.34	0.92	0.40	0.47	0.43	0.51
Net Debt to EBITDA	0.23	0.26	-0.10	0.00	-0.53	-1.14	-0.68	-0.70	-1.18	-0.82	-0.56
Long-Term Debt to EBITDA	0.93	0.85	0.67	0.00	0.56	1.34	0.92	0.40	0.47	0.43	0.51
Debt to NOPAT	1.52	1.37	1.09	0.00	0.69	1.67	1.19	0.53	0.57	0.58	0.72
Net Debt to NOPAT	0.37	0.42	-0.17	0.00	-0.65	-1.42	-0.88	-0.94	-1.44	-1.12	-0.79
Long-Term Debt to NOPAT	1.52	1.37	1.09	0.00	0.69	1.67	1.19	0.53	0.57	0.58	0.72
Altman Z-Score	10.69	10.25	13.01	10.56	12.09	8.20	9.92	10.95	11.65	13.33	13.17
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.17	2.05	2.48	0.00	3.87	4.19	3.71	5.20	3.68	3.29	2.83
Quick Ratio	0.65	0.56	0.87	0.00	1.77	2.58	2.09	3.05	3.59	3.19	2.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	458	156	520	1,366	171	387	1,200	-64	3,198	1,176	-1,121
Operating Cash Flow to CapEx	1,288.52%	1,839.06%	2,936.64%	3,928.32%	4,160.23%	6,118.29%	7,352.74%	10,567.93%	6,656.56%	5,252.45%	4,752.56%
Free Cash Flow to Firm to Interest Expense	19.43	7.19	21.50	54.48	6.73	9.47	22.60	-1.61	115.30	42.32	-38.86
Operating Cash Flow to Interest Expense	9.62	18.10	23.58	28.83	34.14	22.64	23.39	47.32	54.00	49.47	38.89
Operating Cash Flow Less CapEx to Interest Expense	8.88	17.12	22.78	28.10	33.32	22.27	23.07	46.87	53.19	48.53	38.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.47	2.70	2.56	2.47	2.12	1.57	1.54	1.83	1.55	1.62	1.69
Accounts Receivable Turnover	479.84	383.32	324.09	0.00	0.00	412.11	485.80	534.42	381.94	341.58	315.89
Inventory Turnover	4.39	4.49	4.27	0.00	0.00	3.89	3.70	4.10	7.78	297.39	0.00
Fixed Asset Turnover	1,932.57	221.82	125.85	145.81	138.32	125.18	145.58	172.36	144.68	121.63	96.27
Accounts Payable Turnover	16.81	17.33	17.26	0.00	0.00	16.74	17.11	19.56	16.20	18.23	22.75
Days Sales Outstanding (DSO)	0.76	0.95	1.13	0.00	0.00	0.89	0.75	0.68	0.96	1.07	1.16
Days Inventory Outstanding (DIO)	83.12	81.35	85.51	0.00	0.00	93.94	98.67	88.98	46.90	1.23	0.00
Days Payable Outstanding (DPO)	21.72	21.06	21.15	0.00	0.00	21.81	21.33	18.66	22.53	20.03	16.04
Cash Conversion Cycle (CCC)	62.17	61.24	65.49	0.00	0.00	73.02	78.09	71.00	25.32	-17.73	-14.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	854	1,134	1,162	592	1,287	1,811	1,882	3,660	2,062	2,457	2,818
Invested Capital Turnover	5.82	5.87	5.50	8.17	7.87	4.87	4.85	3.80	3.33	4.66	6.36
Increase / (Decrease) in Invested Capital	-67	280	27	-570	695	524	71	1,778	-1,598	394	2,392
Enterprise Value (EV)	6,575	6,508	13,029	8,078	13,509	13,887	19,459	13,133	19,952	23,306	19,700
Market Capitalization	6,429	6,326	13,120	8,810	14,072	15,179	20,579	14,741	22,255	25,059	20,707
Book Value per Share	$316.70	$344.14	$429.29	$500.30	$633.64	$834.06	$862.07	$1,097.33	$1,372.97	$1,374.10	$1,361.14
Tangible Book Value per Share	$315.68	$344.14	$429.29	$500.30	$620.40	$820.91	$848.02	$1,082.02	$1,357.58	$1,358.13	$1,361.14
Total Capital	1,835	1,901	2,203	1,809	2,940	4,620	4,519	4,422	5,278	5,121	4,774
Total Debt	596	596	597	0.00	598	1,517	1,516	915	913	911	909
Total Long-Term Debt	596	596	597	0.00	598	1,517	1,516	915	913	911	909
Net Debt	146	182	-91	-732	-562	-1,292	-1,120	-1,608	-2,302	-1,754	-1,007
Capital Expenditures (CapEx)	18	21	19	18	21	15	17	18	23	26	24
Debt-free, Cash-free Net Working Capital (DFCFNWC)	342	368	480	0.00	713	643	725	976	-835	-766	-657
Debt-free Net Working Capital (DFNWC)	792	783	1,168	732	1,873	3,453	3,361	3,499	2,380	1,899	1,259
Net Working Capital (NWC)	792	783	1,168	732	1,873	3,453	3,361	3,499	2,380	1,899	1,259
Net Nonoperating Expense (NNE)	8.26	11	9.90	-0.75	-12	9.83	35	-11	9.12	-112	-69
Net Nonoperating Obligations (NNO)	-385	-170	-444	-1,217	-1,054	-1,292	-1,120	153	-2,302	-1,754	-1,047
Total Depreciation and Amortization (D&A)	22	22	23	20	21	22	19	17	17	18	25
Debt-free, Cash-free Net Working Capital to Revenue	6.64%	6.31%	7.59%	0.00%	9.64%	8.54%	8.10%	9.28%	-8.78%	-7.28%	-6.37%
Debt-free Net Working Capital to Revenue	15.36%	13.43%	18.50%	10.22%	25.35%	45.81%	37.55%	33.24%	25.01%	18.04%	12.20%
Net Working Capital to Revenue	15.36%	13.43%	18.50%	10.22%	25.35%	45.81%	37.55%	33.24%	25.01%	18.04%	12.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$95.21	$110.53	$144.00	$219.58	$241.31	$244.11	$345.37	$525.20	$491.52	$540.88	$462.00
Adjusted Weighted Average Basic Shares Outstanding	4.02M	3.85M	3.73M	3.63M	3.64M	3.69M	3.58M	3.29M	3.24M	3.11M	2.90M
Adjusted Diluted Earnings per Share	$89.99	$103.61	$126.77	$194.80	$221.13	$230.11	$320.48	$491.82	$463.31	$506.69	$436.55
Adjusted Weighted Average Diluted Shares Outstanding	4.26M	4.10M	4.24M	4.09M	3.97M	3.92M	3.86M	3.51M	3.44M	3.32M	3.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$241.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	3.88M	3.70M	3.68M	3.62M	3.68M	7.36M	3.86M	6.50M	6.37M	2.99M	2.79M
Normalized Net Operating Profit after Tax (NOPAT)	391	436	547	796	866	911	1,271	1,715	1,601	1,570	1,271
Normalized NOPAT Margin	7.58%	7.48%	8.67%	11.12%	11.72%	12.09%	14.20%	16.29%	16.82%	14.92%	12.31%
Pre Tax Income Margin	11.69%	11.35%	13.41%	13.40%	13.88%	14.30%	17.77%	21.41%	20.26%	20.10%	17.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	26.33	31.48	36.02	38.80	40.94	27.16	30.78	57.71	69.91	76.46	61.48
NOPAT to Interest Expense	16.60	20.10	22.63	31.76	34.13	22.29	23.93	43.38	57.70	56.51	44.08
EBIT Less CapEx to Interest Expense	25.58	30.50	35.22	38.07	40.12	26.79	30.46	57.26	69.10	75.51	60.67
NOPAT Less CapEx to Interest Expense	15.86	19.12	21.83	31.02	33.31	21.92	23.61	42.93	56.89	55.57	43.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.08%	0.04%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	112.73%	107.11%	78.54%	106.17%	79.50%	41.17%	124.36%	86.95%	67.97%	122.34%	136.83%

This table displays calculated financial ratios and metrics derived from NVR's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2,793,760.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2,793,760.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	71.00
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.49%	-10.31%	7.12%	11.72%	6.38%	16.98%	2.98%	-0.52%	-4.52%	-4.67%	-21.72%
EBITDA Growth	0.33%	1.85%	9.73%	12.92%	0.05%	-5.08%	-13.89%	-15.71%	-17.07%	-26.34%	-36.32%
EBIT Growth	0.35%	1.83%	9.78%	13.00%	-0.04%	-5.22%	-14.32%	-16.08%	-17.48%	-26.91%	-37.08%
NOPAT Growth	-0.39%	9.02%	14.62%	-0.50%	0.38%	-16.19%	-16.34%	-15.62%	-19.04%	-24.42%	-36.63%
Net Income Growth	5.29%	-9.83%	14.50%	-0.77%	-0.89%	11.55%	-24.02%	-16.75%	-20.18%	-20.47%	-33.79%
EPS Growth	5.70%	-8.63%	16.54%	3.56%	4.18%	14.36%	-18.54%	-10.07%	-13.92%	-13.11%	-28.55%
Operating Cash Flow Growth	8.65%	-39.34%	-53.58%	711.28%	-45.56%	28.51%	41.87%	-84.91%	22.45%	-30.97%	63.48%
Free Cash Flow Firm Growth	-15,822.84%	258.60%	-112.56%	-59.47%	224.07%	-98.90%	181.95%	-170.09%	-96.48%	-199.97%	50.39%
Invested Capital Growth	89.97%	-43.65%	22.67%	9.00%	-36.99%	19.12%	10.52%	17.19%	9.91%	560.46%	4.80%
Revenue Q/Q Growth	9.87%	-5.31%	-4.07%	11.96%	4.61%	4.12%	-15.55%	8.15%	0.41%	3.95%	-30.65%
EBITDA Q/Q Growth	14.00%	8.58%	-2.97%	9.18%	1.01%	3.01%	-26.80%	10.67%	-0.62%	-5.74%	-38.57%
EBIT Q/Q Growth	14.14%	8.62%	-3.01%	9.26%	0.96%	2.99%	-27.19%	10.84%	-0.72%	-6.00%	-39.16%
NOPAT Q/Q Growth	6.74%	23.99%	-4.36%	-0.31%	7.68%	3.52%	-27.57%	4.50%	3.33%	-0.23%	-45.21%
Net Income Q/Q Growth	7.21%	-5.33%	-3.85%	1.68%	7.09%	6.55%	-34.51%	11.40%	2.68%	6.17%	-45.48%
EPS Q/Q Growth	7.48%	-2.91%	-4.28%	3.68%	8.13%	6.58%	-31.82%	14.46%	3.49%	7.58%	-43.93%
Operating Cash Flow Q/Q Growth	2,194.41%	-24.67%	-70.45%	58.88%	53.96%	77.82%	-67.38%	-83.10%	1,149.70%	0.23%	-22.75%
Free Cash Flow Firm Q/Q Growth	-479.45%	234.43%	-102.81%	400.43%	1,061.61%	-98.80%	146.63%	-304.58%	158.28%	-3,137.31%	102.64%
Invested Capital Q/Q Growth	79.27%	-50.18%	12.23%	7.93%	3.64%	-5.83%	4.92%	14.44%	-2.80%	-1.70%	-4.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.96%	25.47%	26.02%	25.45%	24.95%	25.30%	23.62%	23.04%	22.54%	22.71%	21.61%
EBITDA Margin	21.23%	24.34%	21.20%	20.68%	19.96%	19.75%	17.12%	17.52%	17.34%	15.72%	13.93%
Operating Margin	19.47%	24.16%	19.21%	19.07%	18.51%	18.36%	16.88%	16.29%	16.21%	15.47%	12.04%
EBIT Margin	21.07%	24.16%	21.01%	20.51%	19.79%	19.58%	16.88%	17.30%	17.11%	15.47%	13.57%
Profit (Net Income) Margin	16.86%	16.86%	16.90%	15.35%	15.71%	16.08%	12.47%	12.84%	13.13%	13.41%	10.55%
Tax Burden Percent	80.31%	84.72%	83.76%	75.14%	79.71%	79.88%	74.52%	74.64%	77.17%	77.62%	78.81%
Interest Burden Percent	99.66%	82.35%	95.99%	99.58%	99.57%	102.79%	99.10%	99.45%	99.48%	111.71%	98.61%
Effective Tax Rate	19.69%	15.28%	16.24%	24.86%	20.29%	20.12%	25.48%	25.36%	22.83%	22.38%	21.19%
Return on Invested Capital (ROIC)	48.48%	68.10%	73.55%	59.08%	44.21%	68.32%	54.29%	47.05%	47.78%	76.39%	35.23%
ROIC Less NNEP Spread (ROIC-NNEP)	41.77%	76.28%	72.60%	57.54%	41.12%	66.34%	54.45%	45.63%	46.60%	74.81%	33.40%
Return on Net Nonoperating Assets (RNNOA)	-5.40%	-20.83%	-35.07%	-24.03%	-8.26%	-31.38%	-22.24%	-14.37%	-15.63%	-44.75%	-9.73%
Return on Equity (ROE)	43.08%	47.27%	38.48%	35.04%	35.95%	36.94%	32.05%	32.68%	32.15%	31.64%	25.50%
Cash Return on Invested Capital (CROIC)	-14.37%	111.79%	52.96%	55.59%	91.34%	52.04%	51.58%	37.34%	40.83%	-69.06%	39.57%
Operating Return on Assets (OROA)	35.10%	37.51%	32.23%	32.19%	31.12%	31.74%	28.09%	29.65%	28.57%	26.10%	22.58%
Return on Assets (ROA)	28.09%	26.17%	25.91%	24.09%	24.70%	26.06%	20.74%	22.01%	21.93%	22.63%	17.55%
Return on Common Equity (ROCE)	43.08%	47.27%	38.48%	35.04%	35.95%	36.94%	32.05%	32.68%	32.15%	31.64%	25.50%
Return on Equity Simple (ROE_SIMPLE)	39.22%	0.00%	37.79%	39.63%	38.27%	0.00%	40.14%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	402	498	376	374	403	417	302	316	326	326	178
NOPAT Margin	15.63%	20.47%	16.09%	14.33%	14.75%	14.67%	12.58%	12.16%	12.51%	12.01%	9.49%
Net Nonoperating Expense Percent (NNEP)	6.72%	-8.18%	0.95%	1.53%	3.09%	1.98%	-0.16%	1.42%	1.18%	1.58%	1.84%
Return On Investment Capital (ROIC_SIMPLE)	-	9.44%	-	-	-	8.15%	6.21%	6.64%	6.69%	6.82%	4.05%
Cost of Revenue to Revenue	74.04%	74.53%	73.98%	74.55%	75.05%	74.70%	76.38%	76.96%	77.46%	77.29%	78.39%
SG&A Expenses to Revenue	6.49%	7.22%	7.54%	6.38%	6.44%	6.35%	7.90%	6.76%	6.33%	6.22%	9.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.49%	0.95%	7.54%	6.38%	6.44%	6.35%	6.74%	6.76%	6.33%	7.24%	9.57%
Earnings before Interest and Taxes (EBIT)	541	588	490	536	541	557	406	450	446	420	255
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	545	592	495	540	546	562	411	455	452	427	262
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.67	5.10	5.93	5.75	7.07	5.95	5.48	5.62	5.81	5.36	5.27
Price to Tangible Book Value (P/TBV)	4.72	5.16	5.99	5.82	7.15	6.02	5.55	5.69	5.89	5.36	5.27
Price to Revenue (P/Rev)	1.99	2.34	2.66	2.39	2.99	2.38	2.04	2.04	2.21	2.01	1.88
Price to Earnings (P/E)	11.90	13.98	15.69	14.51	18.47	14.90	13.65	14.21	16.09	15.46	14.86
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	8.41%	7.15%	6.37%	6.89%	5.41%	6.71%	7.33%	7.04%	6.22%	6.47%	6.73%
Enterprise Value to Invested Capital (EV/IC)	4.22	9.67	10.18	8.80	10.96	9.49	7.87	7.03	7.67	6.99	6.53
Enterprise Value to Revenue (EV/Rev)	1.78	2.10	2.45	2.23	2.83	2.21	1.91	1.96	2.10	1.91	1.80
Enterprise Value to EBITDA (EV/EBITDA)	9.31	10.20	11.66	10.56	13.63	10.88	10.30	10.94	12.13	10.96	10.70
Enterprise Value to EBIT (EV/EBIT)	9.40	10.29	11.76	10.65	13.75	10.97	10.41	11.07	12.28	11.11	10.87
Enterprise Value to NOPAT (EV/NOPAT)	11.60	12.46	15.30	14.30	18.44	14.84	13.42	14.27	15.98	15.50	15.10
Enterprise Value to Operating Cash Flow (EV/OCF)	9.60	13.32	17.86	14.45	23.19	16.96	14.13	16.75	16.68	17.57	14.07
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.24	21.18	16.51	9.28	19.82	16.02	20.32	19.68	0.00	16.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.22	0.21	0.21	0.22	0.21	0.22	0.23	0.24	0.23	0.24	0.26
Long-Term Debt to Equity	0.22	0.21	0.21	0.22	0.21	0.22	0.23	0.24	0.23	0.24	0.26
Financial Leverage	-0.13	-0.27	-0.48	-0.42	-0.20	-0.47	-0.41	-0.31	-0.34	-0.60	-0.29
Leverage Ratio	1.62	1.56	1.54	1.53	1.52	1.51	1.53	1.55	1.52	1.52	1.58
Compound Leverage Factor	1.62	1.28	1.48	1.52	1.52	1.56	1.52	1.54	1.51	1.69	1.56
Debt to Total Capital	17.96%	17.30%	17.36%	18.08%	17.59%	17.79%	18.72%	19.14%	18.65%	19.04%	20.64%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	17.96%	17.30%	17.36%	18.08%	17.59%	17.79%	18.72%	19.14%	18.65%	19.04%	20.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	82.04%	82.70%	82.64%	81.92%	82.41%	82.21%	81.28%	80.86%	81.35%	80.96%	79.36%
Debt to EBITDA	0.49	0.47	0.45	0.43	0.43	0.43	0.46	0.48	0.50	0.51	0.55
Net Debt to EBITDA	-1.06	-1.18	-0.99	-0.77	-0.76	-0.82	-0.70	-0.45	-0.59	-0.56	-0.47
Long-Term Debt to EBITDA	0.49	0.47	0.45	0.43	0.43	0.43	0.46	0.48	0.50	0.51	0.55
Debt to NOPAT	0.61	0.57	0.59	0.59	0.59	0.58	0.60	0.63	0.66	0.72	0.78
Net Debt to NOPAT	-1.32	-1.44	-1.30	-1.04	-1.03	-1.12	-0.91	-0.59	-0.77	-0.79	-0.66
Long-Term Debt to NOPAT	0.61	0.57	0.59	0.59	0.59	0.58	0.60	0.63	0.66	0.72	0.78
Altman Z-Score	10.75	10.97	12.50	11.51	13.47	12.52	11.82	12.12	12.63	12.41	11.55
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.98	3.68	6.12	2.91	3.02	3.29	3.65	2.35	2.64	2.83	2.23
Quick Ratio	3.56	3.59	3.50	2.81	3.02	3.19	1.85	2.35	2.64	2.83	2.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,559	2,096	-55	167	1,934	23	57	-117	68	-2,066	55
Operating Cash Flow to CapEx	9,536.05%	8,003.00%	2,175.23%	3,736.22%	4,528.66%	12,028.89%	3,033.74%	435.28%	8,470.86%	12,560.07%	7,218.15%
Free Cash Flow to Firm to Interest Expense	-226.07	308.61	-8.12	24.14	274.52	3.30	7.65	-16.71	9.47	-286.37	7.60
Operating Cash Flow to Interest Expense	95.43	72.99	21.46	33.73	50.85	90.84	27.88	5.03	61.08	60.95	47.26
Operating Cash Flow Less CapEx to Interest Expense	94.43	72.08	20.47	32.83	49.72	90.08	26.96	3.87	60.36	60.47	46.61
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.67	1.55	1.53	1.57	1.57	1.62	1.66	1.71	1.67	1.69	1.66
Accounts Receivable Turnover	314.76	381.94	324.54	319.61	291.22	341.58	290.85	274.86	271.82	315.89	272.41
Inventory Turnover	3.47	7.78	3.60	304.38	0.00	297.39	3.77	0.00	0.00	0.00	0.00
Fixed Asset Turnover	157.83	144.68	148.35	133.94	127.99	121.63	120.48	108.82	102.70	96.27	91.56
Accounts Payable Turnover	15.44	16.20	16.46	16.03	17.17	18.23	17.83	17.38	18.70	22.75	18.13
Days Sales Outstanding (DSO)	1.16	0.96	1.12	1.14	1.25	1.07	1.25	1.33	1.34	1.16	1.34
Days Inventory Outstanding (DIO)	105.34	46.90	101.38	1.20	0.00	1.23	96.93	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	23.64	22.53	22.17	22.76	21.25	20.03	20.47	21.00	19.52	16.04	20.13
Cash Conversion Cycle (CCC)	82.86	25.32	80.33	-20.42	-20.00	-17.73	77.71	-19.68	-18.17	-14.89	-18.79
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,140	2,062	2,332	2,517	2,609	2,457	2,577	2,950	2,867	2,818	2,701
Invested Capital Turnover	3.10	3.33	4.57	4.12	3.00	4.66	4.32	3.87	3.82	6.36	3.71
Increase / (Decrease) in Invested Capital	1,961	-1,598	431	208	-1,531	394	245	433	258	2,392	124
Enterprise Value (EV)	17,471	19,952	23,738	22,153	28,597	23,306	20,287	20,738	21,996	19,700	17,637
Market Capitalization	19,466	22,255	25,750	23,770	30,197	25,059	21,664	21,594	23,058	20,707	18,410
Book Value per Share	$1,278.24	$1,372.97	$1,363.73	$1,319.74	$1,387.85	$1,374.10	$1,322.43	$1,315.10	$1,382.24	$1,361.14	$1,250.66
Tangible Book Value per Share	$1,263.25	$1,357.58	$1,348.37	$1,304.12	$1,371.96	$1,358.13	$1,306.07	$1,298.37	$1,365.19	$1,361.14	$1,250.66
Total Capital	5,086	5,278	5,257	5,046	5,183	5,121	4,865	4,755	4,876	4,774	4,403
Total Debt	913	913	913	912	912	911	911	910	910	909	909
Total Long-Term Debt	913	913	913	912	912	911	911	910	910	909	909
Net Debt	-1,995	-2,302	-2,012	-1,617	-1,599	-1,754	-1,377	-856	-1,062	-1,007	-773
Capital Expenditures (CapEx)	6.90	6.19	6.73	6.23	7.91	5.30	6.85	8.07	5.18	3.50	4.71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,211	-835	1,324	-829	-808	-766	932	-729	-720	-657	-733
Debt-free Net Working Capital (DFNWC)	4,120	2,380	4,248	1,700	1,703	1,899	3,220	1,037	1,252	1,259	949
Net Working Capital (NWC)	4,120	2,380	4,248	1,700	1,703	1,899	3,220	1,037	1,252	1,259	949
Net Nonoperating Expense (NNE)	-32	88	-19	-27	-26	-40	2.72	-18	-16	-38	-20
Net Nonoperating Obligations (NNO)	-33	-2,302	-2,012	-1,617	-1,663	-1,754	-1,377	-895	-1,100	-1,047	-793
Total Depreciation and Amortization (D&A)	4.18	4.33	4.38	4.36	4.69	4.95	5.78	5.69	6.10	6.94	6.74
Debt-free, Cash-free Net Working Capital to Revenue	12.36%	-8.78%	13.68%	-8.34%	-7.99%	-7.28%	8.80%	-6.89%	-6.88%	-6.37%	-7.48%
Debt-free Net Working Capital to Revenue	42.05%	25.01%	43.92%	17.09%	16.84%	18.04%	30.39%	9.81%	11.97%	12.20%	9.68%
Net Working Capital to Revenue	42.05%	25.01%	43.92%	17.09%	16.84%	18.04%	30.39%	9.81%	11.97%	12.20%	9.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$132.92	$128.45	$123.76	$128.21	$139.65	$149.26	$100.41	$114.52	$119.26	$127.81	$71.33
Adjusted Weighted Average Basic Shares Outstanding	3.26M	3.24M	3.19M	3.13M	3.07M	3.11M	2.98M	2.91M	2.87M	2.90M	2.78M
Adjusted Diluted Earnings per Share	$125.26	$121.62	$116.41	$120.69	$130.50	$139.09	$94.83	$108.54	$112.33	$120.85	$67.76
Adjusted Weighted Average Diluted Shares Outstanding	3.46M	3.44M	3.39M	3.32M	3.29M	3.32M	3.16M	3.07M	3.05M	3.07M	2.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	3.18M	6.37M	3.13M	3.08M	3.06M	2.99M	2.92M	2.87M	2.84M	2.79M	2.70M
Normalized Net Operating Profit after Tax (NOPAT)	402	498	376	374	403	417	302	316	326	326	178
Normalized NOPAT Margin	15.63%	20.47%	16.09%	14.33%	14.75%	14.67%	12.58%	12.16%	12.51%	12.01%	9.49%
Pre Tax Income Margin	20.99%	19.90%	20.17%	20.42%	19.71%	20.12%	16.73%	17.21%	17.02%	17.28%	13.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	78.48	86.56	71.84	77.67	76.77	79.44	54.42	64.37	62.15	58.16	35.52
NOPAT to Interest Expense	58.24	73.33	55.02	54.27	57.22	59.51	40.55	45.23	45.45	45.14	24.83
EBIT Less CapEx to Interest Expense	77.48	85.64	70.85	76.77	75.65	78.68	53.50	63.22	61.43	57.68	34.86
NOPAT Less CapEx to Interest Expense	57.24	72.42	54.03	53.37	56.09	58.76	39.64	44.07	44.73	44.66	24.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	55.71%	67.97%	89.47%	116.37%	108.88%	122.34%	135.09%	130.03%	132.24%	136.83%	151.94%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from NVR’s quarterly statements over the last four years, based on the latest Q4 2025 results through the prior quarters. The focus is on trends in revenue, profitability, cash flow, and balance-sheet structure that may matter to retail investors.

Revenue growth: NVR’s operating revenue has risen from about $2.18B in early 2023 to roughly $2.71B by Q4 2025, indicating solid top-line growth over the period.
Stable gross margins in the mid-20s: Gross margins have generally sat in the mid-20% range across 2023–2025 (roughly 22–25%), suggesting resilient profitability despite market cyclicality.
Robust operating cash flow in 2025: Cash flow from continuing operating activities remained strong, with Q4 2025 showing sizable positive cash generation, underscoring ongoing cash-earnings quality.
Debt level remains manageable: Long-term debt has stayed around $910M–$911M through 2025, indicating relative balance-sheet stability without rising leverage.
Share count relatively flat: Weighted average shares outstanding have remained in a narrow range (roughly 2.8–3.1 million), indicating minimal dilution risk over the period.
Asset base shows some contraction vs. earlier years: Total assets eased from late-2024 levels to mid-2025 (e.g., a drop from about $6.48B in 2024 to around $6.04B by 2025), suggesting a leaner asset base.
Profitability metrics fluctuate quarter to quarter: Earnings per share and margin measurements move up and down across quarters, with no single consistent trend yet, reflecting quarterly operating variance.
Very large treasury stock reduces equity: The treasury stock line shows a substantial contra-equity balance (roughly -$15B in 2025), which markedly reduces total shareholders’ equity and skews the equity base.
Persistent financing outflows in 2025: Net cash from financing activities has been negative in several 2025 quarters, indicating ongoing outflows from buybacks/dividends and debt-related activity.
EPS downside vs late-2024: Diluted earnings per share in Q4 2025 came in at about $120.85, lower than the Q4 2024 level (around $139.09), reflecting a softer quarterly earnings baton despite ongoing top-line strength.

05/12/26 11:10 AM ETAI Generated. May Contain Errors.

NVR Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NVR's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

NVR's net income appears to be on an upward trend, with a most recent value of $1.34 billion in 2025, rising from $382.93 million in 2015. The previous period was $1.68 billion in 2024. Check out NVR's forecast to explore projected trends and price targets.

NVR's total operating income in 2025 was $1.67 billion, based on the following breakdown:

Total Gross Profit: $2.37 billion
Total Operating Expenses: $699.13 million

Over the last 10 years, NVR's total revenue changed from $5.16 billion in 2015 to $10.32 billion in 2025, a change of 100.1%.

NVR's total liabilities were at $1.99 billion at the end of 2025, a 8.2% decrease from 2024, and a 56.5% increase since 2015.

In the past 10 years, NVR's cash and equivalents has ranged from $395.41 million in 2016 to $3.16 billion in 2023, and is currently $1.92 billion as of their latest financial filing in 2025.

Over the last 10 years, NVR's book value per share changed from 316.70 in 2015 to 1,361.14 in 2025, a change of 329.8%.

Related Companies

Financial statements for NYSE:NVR last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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NVR (NVR) Financials

Financials Breakdown Chart

Key Financial Trends

NVR Financials - Frequently Asked Questions

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NVR (NVR) Financials

Annual Income Statements for NVR

Quarterly Income Statements for NVR

Annual Cash Flow Statements for NVR

Quarterly Cash Flow Statements for NVR

Annual Balance Sheets for NVR

Quarterly Balance Sheets for NVR

Annual Metrics And Ratios for NVR

Quarterly Metrics And Ratios for NVR

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NVR Financials - Frequently Asked Questions

When does NVR's financial year end?

How has NVR's net income changed over the last 10 years?

What is NVR's operating income?

How has NVR's revenue changed over the last 10 years?

How much debt does NVR have?

How much cash does NVR have?

How has NVR's book value per share changed over the last 10 years?

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