NVR Inc (NVR) stock analysis

NVRNYSEOperative BuildersFiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 4, 2026Score 9/308% above fair value

$5895.40−141.02 (-2.34%)

Close on Nov 11, 2026Market cap $15.71BP/E 16.2Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Mixed9 of 30 checks passed

NVR passes 9 of the 30 checks behind our score; 10 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 0/6
Growth: 0/6
Past performance: 4/6
Financial health: 5/6
Dividend: 0/6

What stands out

Return on equity over 15%
Return on equity was 28.3% over the last twelve months and averaged 41.3% over five years.
No debt
NVR has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 8.3% a year on average over the last five fiscal years.
Interest well covered
No meaningful interest expense to cover.

What to watch

Margin of safety under 20%
The price is 7.8% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $5895.40 is above our fair value estimate of $5468.86.
Revenue growing under 10% a year
Revenue grew -0.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -3.9% a year over the last three fiscal years.

Valuation0/6

P/E above its 5-year median
NVR's P/E of 16.2 is above its own 5-year median of 15.3.
P/E above the industry
NVR's P/E of 16.2 is above the Operative Builders median of 14.1.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
NVR's price-to-book of 4.57 is above the Operative Builders median of 1.00.
Trading above fair value
The share price of $5895.40 is above our fair value estimate of $5468.86.
Margin of safety under 20%
The price is 7.8% above fair value, so there is no margin of safety.

Growth0/6

Revenue growing under 10% a year
Revenue grew -0.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -3.9% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -26.9% over the last twelve months, against a 5-year average of 8.3% a year.
Growing slower than the industry
Revenue grew -10.8% over the last twelve months; the Operative Builders median is -7.3%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance4/6

Return on equity over 15%
Return on equity was 28.3% over the last twelve months and averaged 41.3% over five years.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
NVR's return on equity of 28.3% is above the Operative Builders median of 10.7%.
Earnings grew over 5 years
Net income grew 8.3% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 11.2% over the last twelve months, against a 5-year average of 15.2%.
Net margin above the industry
NVR's net margin of 11.2% is above the Operative Builders median of 4.3%.

Financial health5/6

No debt
NVR has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Low bankruptcy risk
The Altman Z-score is 10.39; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

No dividend
NVR has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$5,468.86

The share price is 8% above this estimate.

20%+ below

Near fair value

20%+ above

$5,895.40Price

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/E	14.7×	15.3×	14.1×	$5,333.95	73%
Earnings power	8.4% cost of equity	–	–	$5,828.60	27%
Fair value				$5,468.86	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Own 5-year median 15.3
Operative Builders median 14.1

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day: $282.61M
Value traded per 1% price move: $153.08M

Downside

Medium risk

Typical loss in a bad month: 17.5%
Volatility (annualized): 30%
Sharpe ratio, 1 year: -0.80
Beta to the S&P 500 (5Y): 0.71

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2011 to 2025

Net margin

13.0%+1.0 pts over 5 years

Growth rates

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	-1.9%	-0.6%	+6.5%	+7.2%
Net income	-20.3%	-8.1%	+8.3%	+13.3%
EPS, diluted	-13.8%	-3.9%	+13.7%	+17.1%
Free cash flow	-18.5%	-16.0%	+3.8%	+18.1%

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	33.4%	33.1%	33.2%
Return on assets	16.5%	18.8%	21.9%
Capex to revenue	0.4%	0.2%	0.2%
Diluted shares	4M	4M	3M

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin13.0%

Asset turnover1.69×

Equity multiplier1.52×

Return on equity, FY202533.2%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	13.0%	1.69×	1.52×	33.2%
FY2024	16.0%	1.62×	1.51×	39.2%
FY2023	16.7%	1.55×	1.56×	40.4%
FY2022	16.4%	1.83×	1.77×	53.0%
FY2021	13.8%	1.54×	1.90×	40.5%
FY2020	12.0%	1.57×	1.76×	33.1%
FY2019	11.9%	2.12×	1.68×	42.3%
FY2018	11.1%	2.33×	1.80×	46.7%
FY2017	8.5%	2.24×	1.94×	36.9%
FY2016	7.3%	2.26×	2.03×	33.4%