What is NVR's earnings per share (EPS)?

NVR (NVR) reported diluted earnings per share of $436.55 for fiscal year 2025. This represents a -13.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

NVR Financials

NVR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows NVR (NVR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 65/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

NVR's revenue declined 1.9% year-over-year, from $10.5B to $10.3B. This contraction results in a growth score of 30/100.

Leverage

NVR carries a low D/E ratio of 0.52, meaning only $0.52 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

NVR has a free cash flow margin of 10.6%, earning a moderate score of 52/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

NVR earns a strong 34.7% return on equity (ROE), meaning it generates $35 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 88/100. This is down from 40.0% the prior year.

Piotroski F-Score Neutral

4/9

NVR passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

0.84x

For every $1 of reported earnings, NVR generates $0.84 in operating cash flow ($1.1B OCF vs $1.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$10.3B

YoY-1.9%

5Y CAGR+6.5%

10Y CAGR+7.2%

NVR generated $10.3B in revenue in fiscal year 2025. This represents a decrease of 1.9% from the prior year.

EBITDA

N/A

Net Income

$1.3B

YoY-20.3%

5Y CAGR+8.3%

10Y CAGR+13.3%

NVR reported $1.3B in net income in fiscal year 2025. This represents a decrease of 20.3% from the prior year.

EPS (Diluted)

$436.55

YoY-13.8%

5Y CAGR+13.7%

10Y CAGR+17.1%

NVR earned $436.55 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 13.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$1.1B

YoY-18.5%

5Y CAGR+3.8%

10Y CAGR+18.1%

NVR generated $1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 18.5% from the prior year.

Cash & Debt

$2.0B

YoY-26.6%

5Y CAGR-7.0%

10Y CAGR+15.8%

NVR held $2.0B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY-6.6%

5Y CAGR-5.4%

10Y CAGR-3.2%

NVR had 3M shares outstanding in fiscal year 2025. This represents a decrease of 6.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

13.0%

YoY-3.0pp

5Y CAGR+1.0pp

10Y CAGR+5.6pp

NVR's net profit margin was 13.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.0 percentage points from the prior year.

Return on Equity

34.7%

YoY-5.3pp

5Y CAGR+5.6pp

10Y CAGR+3.8pp

NVR's ROE was 34.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$1.8B

YoY-10.9%

5Y CAGR+37.6%

10Y CAGR+15.6%

NVR spent $1.8B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 10.9% from the prior year.

Capital Expenditures

$24.5M

YoY-16.1%

5Y CAGR+8.7%

10Y CAGR+3.0%

NVR invested $24.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.1% from the prior year.

NVR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$10.3B-1.9%	$10.5B+10.6%	$9.5B-9.6%	$10.5B+17.6%	$9.0B+18.8%	$7.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$27.8M+0.2%	$27.7M-29.8%	$39.5M-25.6%	$53.1M+30.0%	$40.9M
Income Tax	$422.1M-2.6%	$433.6M+28.7%	$336.8M-36.2%	$527.6M+49.2%	$353.7M+100.1%	$176.8M
Net Income	$1.3B-20.3%	$1.7B+5.7%	$1.6B-7.8%	$1.7B+39.5%	$1.2B+37.2%	$901.2M
EPS (Diluted)	$436.55-13.8%	$506.69+9.4%	$463.31-5.8%	$491.82+53.5%	$320.48+39.3%	$230.11

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.7B+4.0%	$2.6B+0.4%	$2.6B+8.1%	$2.4B-15.6%	$2.8B+4.1%	$2.7B+4.6%	$2.6B+12.0%	$2.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	$7.5M	N/A	N/A	N/A	$6.8M
Income Tax	$104.9M+3.5%	$101.4M-10.6%	$113.4M+10.7%	$102.4M-11.1%	$115.2M+5.4%	$109.3M-17.6%	$132.7M+73.6%	$76.4M
Net Income	$363.8M+6.2%	$342.7M+2.7%	$333.7M+11.4%	$299.6M-34.5%	$457.4M+6.5%	$429.3M+7.1%	$400.9M+1.7%	$394.3M
EPS (Diluted)	N/A	$112.33+3.5%	$108.54+14.5%	$94.83	N/A	$130.50+8.1%	$120.69+3.7%	$116.41

NVR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.9B-8.2%	$6.4B-3.3%	$6.6B+16.6%	$5.7B-3.0%	$5.8B+1.0%	$5.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.0B-26.6%	$2.7B-17.1%	$3.2B+24.9%	$2.6B-2.4%	$2.6B-6.1%	$2.8B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.0B-8.2%	$2.2B-3.0%	$2.2B+3.8%	$2.2B-23.9%	$2.8B+5.9%	$2.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.9B-8.2%	$4.2B-3.5%	$4.4B+24.5%	$3.5B+16.8%	$3.0B-3.2%	$3.1B
Retained Earnings	$16.4B+8.9%	$15.0B+12.6%	$13.4B+13.5%	$11.8B+17.2%	$10.0B+14.0%	$8.8B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$5.9B-3.0%	$6.0B+1.6%	$5.9B-4.1%	$6.2B-2.9%	$6.4B-1.7%	$6.5B+1.3%	$6.4B-2.0%	$6.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.0B-3.3%	$2.0B+10.6%	$1.8B-20.0%	$2.3B-14.1%	$2.7B+3.7%	$2.6B+1.6%	$2.5B-13.5%	$2.9B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.0B-3.7%	$2.1B-1.2%	$2.1B-6.5%	$2.2B+3.2%	$2.2B-2.1%	$2.2B-2.5%	$2.3B+3.6%	$2.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.9B-2.6%	$4.0B+3.2%	$3.8B-2.8%	$4.0B-6.1%	$4.2B-1.4%	$4.3B+3.3%	$4.1B-4.8%	$4.3B
Retained Earnings	$16.4B+2.3%	$16.0B+2.2%	$15.7B+2.2%	$15.3B+2.0%	$15.0B+3.1%	$14.6B+3.0%	$14.2B+2.9%	$13.8B

NVR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.1B-18.4%	$1.4B-8.2%	$1.5B-19.9%	$1.9B+50.5%	$1.2B+34.3%	$925.3M
Capital Expenditures	$24.5M-16.1%	$29.2M+17.4%	$24.9M+35.0%	$18.4M+3.1%	$17.9M+10.9%	$16.1M
Free Cash Flow	$1.1B-18.5%	$1.3B-8.7%	$1.5B-20.4%	$1.9B+51.2%	$1.2B+34.7%	$909.1M
Investing Cash Flow	-$71.2M-168.2%	-$26.6M-10.2%	-$24.1M+12.1%	-$27.4M-50.9%	-$18.2M-362.2%	-$3.9M
Financing Cash Flow	-$1.8B+7.4%	-$1.9B-127.9%	-$833.0M+56.3%	-$1.9B-36.4%	-$1.4B-292.0%	$727.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$1.8B-10.9%	$2.1B+90.2%	$1.1B-27.9%	$1.5B-2.4%	$1.5B+314.5%	$371.1M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$439.7M+0.2%	$438.7M+1149.7%	$35.1M-83.1%	$207.8M-67.4%	$637.0M+77.8%	$358.3M+54.0%	$232.7M+58.9%	$146.5M
Capital Expenditures	$3.7M-32.1%	$5.4M-34.4%	$8.3M+17.6%	$7.1M+26.3%	$5.6M-31.9%	$8.2M+27.6%	$6.4M-28.4%	$9.0M
Free Cash Flow	$436.0M+0.6%	$433.3M+1516.5%	$26.8M-86.6%	$200.7M-68.2%	$631.5M+80.4%	$350.1M+54.7%	$226.3M+64.6%	$137.5M
Investing Cash Flow	-$13.8M-94.6%	-$7.1M+79.8%	-$35.2M-134.7%	-$15.0M-122.3%	-$6.8M+21.9%	-$8.7M-96.1%	-$4.4M+34.5%	-$6.7M
Financing Cash Flow	-$492.6M-107.1%	-$237.9M+48.0%	-$457.8M+19.6%	-$569.5M-6.6%	-$534.3M-72.4%	-$309.9M+50.3%	-$624.1M-45.0%	-$430.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$502.1M+81.7%	$276.4M-41.4%	$471.4M-19.2%	$583.4M+3.4%	$564.3M+57.9%	$357.4M-44.1%	$639.0M+28.6%	$496.9M

NVR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	13.0%-3.0pp	16.0%-0.7pp	16.7%+0.3pp	16.4%+2.6pp	13.8%+1.9pp	12.0%
Return on Equity	34.7%-5.3pp	40.0%+3.5pp	36.5%-12.7pp	49.2%+8.0pp	41.2%+12.2pp	29.0%
Return on Assets	22.9%-3.5pp	26.4%+2.2pp	24.1%-6.4pp	30.5%+9.3pp	21.2%+5.6pp	15.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.520.0	0.520.0	0.51-0.1	0.61-0.3	0.94+0.1	0.86
FCF Margin	10.6%-2.2pp	12.8%-2.7pp	15.5%-2.1pp	17.6%+3.9pp	13.7%+1.6pp	12.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	13.4%+0.3pp	13.1%+0.3pp	12.8%+0.4pp	12.5%-3.6pp	16.1%+0.4pp	15.7%+0.4pp	15.3%-1.6pp	16.9%
Return on Equity	9.4%+0.8pp	8.6%-0.0pp	8.7%+1.1pp	7.6%-3.3pp	10.9%+0.8pp	10.1%+0.4pp	9.7%+0.6pp	9.1%
Return on Assets	6.2%+0.5pp	5.7%+0.1pp	5.6%+0.8pp	4.8%-2.3pp	7.2%+0.6pp	6.6%+0.4pp	6.3%+0.2pp	6.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.520.0	0.52-0.0	0.54-0.0	0.57+0.1	0.520.0	0.52-0.0	0.55+0.0	0.51
FCF Margin	16.1%-0.5pp	16.6%+15.6pp	1.0%-7.3pp	8.3%-13.8pp	22.2%+9.4pp	12.8%+4.1pp	8.7%+2.8pp	5.9%

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Frequently Asked Questions

What is NVR's annual revenue?

NVR (NVR) reported $10.3B in total revenue for fiscal year 2025. This represents a -1.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is NVR's revenue growing?

NVR (NVR) revenue declined by 1.9% year-over-year, from $10.5B to $10.3B in fiscal year 2025.

Is NVR profitable?

Yes, NVR (NVR) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 13.0%.

What is NVR's net profit margin?

NVR (NVR) had a net profit margin of 13.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is NVR's return on equity (ROE)?

NVR (NVR) has a return on equity of 34.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is NVR's free cash flow?

NVR (NVR) generated $1.1B in free cash flow during fiscal year 2025. This represents a -18.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is NVR's operating cash flow?

NVR (NVR) generated $1.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are NVR's total assets?

NVR (NVR) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are NVR's capital expenditures?

NVR (NVR) invested $24.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does NVR buy back shares?

Yes, NVR (NVR) spent $1.8B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does NVR have outstanding?

NVR (NVR) had 3M shares outstanding as of fiscal year 2025.

What is NVR's debt-to-equity ratio?

NVR (NVR) had a debt-to-equity ratio of 0.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is NVR's return on assets (ROA)?

NVR (NVR) had a return on assets of 22.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is NVR's Piotroski F-Score?

NVR (NVR) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are NVR's earnings high quality?

NVR (NVR) has an earnings quality ratio of 0.84x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is NVR?

NVR (NVR) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.