Latest revenue
$1.88B
as of 2026-03-31
Latest net income
$198.4M
as of 2026-03-31
Net margin
10.5%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $16.30B
- Enterprise value
- $15.23B
- P/E (trailing)
- 12.2×
- Forward P/E
- —
- P/B
- 4.11×
- Dividend yield
- 0.0%
- 52-wk high
- $8618.28
- 52-wk low
- $5501.01
- Beta
- —
- Shares out
- 2.7M
5-year trend
What this company does
NVR builds and sells single-family homes, townhomes, and condos across the eastern US under the Ryan Homes, NVHomes, and Heartland Homes brands. Homebuilding revenue from settled home sales drives the business, contributing roughly $7.5 billion year-to-date, while a mortgage banking arm originates and sells loans to NVR's buyers. Profitability is compressing in 2025, with nine-month net income falling 20% to $976 million as margins tighten and contract land deposit impairments rise, even as the company aggressively buys back stock.
Key risks
- Earnings deterioration: Q3 net income fell 20% YoY to $342.7M; homebuilding revenue down 4.4% and gross margin compressed as costs rose.
- Contract land deposit exposure: $868M in deposits (up from $727M) plus $40.1M in YTD impairments signal stress in NVR's land-light VIE model.
- Aggressive buybacks shrinking equity: $1.33B treasury repurchases YTD drove shareholders' equity down to $3.97B while cash fell $629M to $1.93B.
Profitability
Operating margin
19.1%
7.1%Net margin
13.0%
18.8%Return on equity
34.7%
13.2%Return on assets
22.9%
13.2%Leverage
Debt / equity
0.52×
0.0%Long-term debt / equity
0.24×
8.7%Debt / assets
34.0%
0.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $1.88B | -21.7% | $198.4M | -33.8% | 10.5% |
Q4 2025 2025-12-31 | $2.71B | -4.7% | $363.8M | -20.5% | 13.4% |
Q3 2025 2025-09-30 | $2.61B | -4.5% | $342.7M | -20.2% | 13.1% |
Q2 2025 2025-06-30 | $2.60B | -0.5% | $333.7M | -16.8% | 12.8% |
Q1 2025 2025-03-31 | $2.40B | +3.0% | $299.6M | -24.0% | 12.5% |
Q4 2024 2024-12-31 | $2.85B | — | $457.4M | — | 16.1% |
Q3 2024 2024-09-30 | $2.73B | +6.4% | $429.3M | -0.9% | 15.7% |
Q2 2024 2024-06-30 | $2.61B | +11.7% | $400.9M | -0.8% | 15.3% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Operative Builders · SIC 1531
Your notes
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Insider activity
Insider buying
$172.6K
Insider selling
$16.9M
Net activity
−$16.7M
Distinct insiders
4
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns NVR
Institutional value
$9.86B
Total shares held
1.5M
Distinct holders
433
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 282.0K | $1.86B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 177.6K | $1.17B | — | New |
| 3 | Capital Research Global Investors | 163.0K | $1.07B | — | New |
| 4 | VANGUARD PORTFOLIO MANAGEMENT LLC | 119.3K | $786.1M | — | New |
| 5 | PRINCIPAL FINANCIAL GROUP INC | 58.2K | $383.8M | — | New |
| 6 | Boston Partners | 58.0K | $382.1M | — | New |
| 7 | Invesco Ltd. | 43.0K | $283.3M | — | New |
| 8 | Capital World Investors | 40.8K | $268.6M | — | New |
| 9 | DIMENSIONAL FUND ADVISORS LP | 40.2K | $264.6M | — | New |
| 10 | Nuveen, LLC | 29.4K | $193.4M | — | New |
| 11 | FIRST TRUST ADVISORS LP | 24.4K | $160.9M | — | New |
| 12 | DEUTSCHE BANK AG\ | 23.9K | $157.5M | — | New |
| 13 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 21.3K | $140.1M | — | New |
| 14 | DIAMOND HILL CAPITAL MANAGEMENT INC | 21.2K | $139.4M | — | New |
| 15 | Legal & General Group Plc | 19.1K | $125.6M | — | New |
| 16 | TD ASSET MANAGEMENT INC | 17.9K | $117.7M | — | New |
| 17 | UBS Group AG | 15.9K | $104.9M | — | New |
| 18 | VANGUARD FIDUCIARY TRUST CO | 15.6K | $102.7M | — | New |
| 19 | Liontrust Investment Partners LLP | 13.0K | $95.1M | — | New |
| 20 | Assenagon Asset Management S.A. | 13.9K | $91.7M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Homebuilding gross margin compressed to 21% in Q3 from 23% a year ago—how much further deterioration should we model into 2026?
- 2
Contract land deposit impairments swung to a $40M charge from a $5M recovery—which markets drove this and is more coming?
- 3
With $1.33B in buybacks against $682M operating cash flow, how do you justify continued aggressive repurchases as cash fell to $1.93B?