NVR INC
$5,853.92
+39.58 (+0.68%) · delayed · Nov 13, 2026
Five-year price
52w $5,501.01 to $8,200.00
- Market cap
- $15.5B
- Enterprise value
- $13.5B
- P/E
- 13.4×
- 12.5× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 7.1%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 40.3%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 92% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.5%
- ●Shrinking share countDiluted shares -21.6% over 5y
Value
50
- ●P/E below 15P/E 13.4
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 7.1%
- ○Price below Graham NumberGraham Number $3787.90
- ○P/B below 3P/B 4.0
Safety
n/a
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-2.0B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
67
- ●Adequate size (revenue > $2B)Revenue $10.3B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 231%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 12.5
- ○P/E × P/B ≤ 22.5Product 50.0
Valuation lab
What do you have to believe?
At $5,853.92, the market is pricing in about −0.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$2.0B · 3M shares · 5y revenue CAGR 6.5%
Intrinsic value
$9,251.83
Price
$5,853.92
Margin of safety
37%
What the price implies
The market is paying for −0.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,823 | 6,306 | 7,164 | 7,389 | 7,537 | 8,951 | 10,526 | 9,518 | 10,524 | 10,324 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | — | — | — | — | — | — | — | — | — | — |
| Income tax | 236 | 309 | 163 | 147 | 177 | 354 | 528 | 337 | 434 | 422 |
| Net income | 425 | 538 | 797 | 879 | 901 | 1,237 | 1,726 | 1,592 | 1,682 | 1,340 |
| EPS (diluted) | 103.61 | 126.77 | 194.80 | 221.13 | 230.11 | 320.48 | 491.82 | 463.31 | 506.69 | 436.55 |
| Diluted shares | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 3 |
Who owns it