← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
NVR, the homebuilder that buys finished lots instead of owning land, saw revenue slip 1.9% to $10.32B and net income fall 20.3% to $1.34B as homebuilding gross margin dropped to 21.2%, yet it still spent $1.83B on buybacks
The read at a glance✓ Audited against SEC data
- Growth — Revenue down 1.9% to $10.32B; new orders down 10%, backlog units down 15%Watch
- Profitability — Net income down 20.3% to $1.34B; net margin down 300 bps to 12.98%Watch
- Balance sheet — About $1.8 billion of cash against $900 million of senior notes due 2030OK
- Accounting quality — Forensic scores not available; KPMG auditor since 1987Note
- Capital allocation — Buybacks down 10.9% to $1.83B; never paid a cash dividendNote
- Demand signal — Cancellation rate up to 17% from 14%; weak first half of 2026 margins expectedWatch
Business
NVR builds single-family homes, townhomes and condominiums, mostly pre-sold, under the Ryan Homes, NVHomes and Heartland Homes names in 37 metropolitan areas across 16 states and Washington, D.C. Its distinctive mechanic is that it generally does not develop land: it controls about 180,100 lots, mostly through purchase agreements with developers backed by forfeitable deposits, so its risk on a lot is usually capped at the deposit. Its mortgage arm, NVR Mortgage, lends only to NVR buyers.
Where the revenue comes from
Fiscal 2025, as NVR INC reports it. History and quarterly detail are in the app.
- Home Building$10.1B
- Mortgage Banking$229.7M
Leadership changes
From NVR INC's own filings, the day they're filed.
- George R. Oliver · director · appointmenteff. 2025-10-01
- Michael J. DeVito · director · appointmenteff. 2025-07-01
Latest filings
- 10-Q · Quarterly report2026-08-05
- 8-K · Company announcement2026-07-23
- 8-K · Company announcement2026-05-15
- 8-K · Company announcement2026-05-08
- 10-Q · Quarterly report2026-05-06
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about NVR INC, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
14-day free trial, no credit card. For research purposes only; not investment advice.