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Homebuilder (Ryan Homes, NVHomes) using a land-light option model plus its own mortgage banking arm.
Homebuilder (Ryan Homes, NVHomes) using a land-light option model plus its own mortgage banking arm.
Builds mostly against contracts buyers have already signed, so it carries little unsold inventory, and pays land developers deposits for the right to buy lots later instead of owning land. Ryan Homes supplies most of the volume, in the Mid-Atlantic and neighbouring regions; mortgage origination adds a fee stream.
Moat: narrow (process know-how, cost advantage). Land-option (not land-ownership) model avoids land-market risk and frees capital versus land-heavy peers.
Headquarters: Reston, Virginia, US · Founded: 1980 · Employees: 6,300
Size NVR (NVR) is a United States Consumer Discretionary company (Homebuilding) with a market value of $16.8B, the 557th largest of 3,117 United States companies the cockpit tracks. Shares closed at $6,298 on 6 Nov 2026.
Performance Over six months the shares gained 5.4%, against +12.3% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 14 in its peer set.
Growth Revenue fell 10.4% over the last twelve months (peer median +5.9%); the operating margin is 12.6% (peer median 11.2%).
Valuation It trades at 18.6× forward earnings against a peer median of 14.3× (5th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.1 points above its cost of capital (9.2% WACC).
Credit NVR has 1 bond outstanding ($900M), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 82 bp.
Short interest Short interest is 6.1% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.17B | $10.1B | $10.3B | $9.30B | $10.3B |
| Revenue growth | — | -2% | +11% | -10% | — |
| Gross profit | $1.86B | $2.15B | $2.45B | $2.25B | $2.69B |
| EBITDA | n/a | $1.47B | $1.77B | $1.58B | $2.08B |
| Net income | $1.05B | $1.34B | $1.68B | $1.59B | $1.73B |
| Free cash flow | n/a | $1.10B | $1.35B | $1.47B | $1.85B |
| Capital expenditure | n/a | $24.5M | $29.2M | $24.9M | $18.4M |
| Total debt | $1.07B | $1.05B | $1.02B | $1.01B | $1.01B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NVR NVR | $16.8B | +5% | -10% | 13% | 18.6× | 4.0% |
| D. R. Horton DHI | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% |
| Lennar LEN | $21.1B | 0% | -8% | 5% | 18.9× | 11.4% |
| PulteGroup PHM | $24.4B | +13% | -9% | 15% | 14.3× | 4.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NVR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.9% | +13.2% | 2nd lowest of 14 |
| 6-month return | +5.4% | +12.3% | 6th lowest of 14 |
| Distance from 52-week high | -23.2% | -15.9% | 4th lowest of 14 |
| Revenue growth (TTM) | -10.4% | +5.9% | lowest of 14 |
| Operating margin | 12.6% | 11.2% | 5th highest of 14 |
| Forward P/E | 18.6× | 14.3× | 5th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 4.0% | 4.4% | 6th least demanding of 13 |
| Growth delivered (Del g) | +6.5% | +9.3% | 4th lowest of 13 |
| Hurdle (Req g minus delivered) | -2.5 pp | -2.0 pp | 7th least demanding of 13 |
| ROIC minus cost of capital | +18.1 pp | +1.5 pp | 2nd highest of 14 |
| Bond spread | 82 bp | 88 bp | tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NVR NVR | United States | $16.8B | +5% | -10% | 13% | 18.6× | 4.0% | +6.5% |
| Toll Brothers TOL | United States | $14.1B | +11% | -1% | 14% | 11.5× | 4.1% | +9.2% |
| Lennar LEN | United States | $21.1B | 0% | -8% | 5% | 18.9× | 11.4% | +8.7% |
| PulteGroup PHM | United States | $24.4B | +13% | -9% | 15% | 14.3× | 4.7% | +9.4% |
| D. R. Horton DHI | United States | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% | +3.5% |
| Frontdoor FTDR | United States | $6.69B | +50% | +9% | 20% | 19.0× | 12.2% | +7.3% |
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% | +4.7% |
| Open House 3288.T | Japan | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% | +18.2% |
| Persimmon PSN.L | United Kingdom | $5.64B | +22% | +17% | 11% | 13.0× | n/a | n/a |
| Champion Homes SKY | United States | $4.96B | +25% | +3% | 8% | 24.2× | 10.8% | +13.4% |
| Cavco Industries CVCO | United States | $4.87B | +32% | +12% | 10% | 24.2× | 15.2% | +15.2% |
| Sumitomo Forestry 1911.T | Japan | $4.87B | -10% | +14% | 6% | 12.5× | 2.8% | +15.2% |
| Haseko 1808.T | Japan | $4.50B | -1% | +10% | 8% | 9.9× | -11.6% | +9.5% |
| Berkeley BKG.L | United Kingdom | $4.44B | +12% | -4% | 19% | 13.0× | 1.2% | +1.6% |
NVR has 1 bond outstanding with $900M face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.38%, a spread of 82 bp over government bonds.