NVR, Inc. (NVR) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$90.98

$82.65$95.72

vs $108.54-16.2%

6 analysts

Next Qtr

$98.75

$88.68$106.93

vs $112.33-12.1%

6 analysts

Current Yr

$363.88

$348.04$378.40

vs $436.55-16.7%

6 analysts

Next Yr

$420.50

$385.65$436.71

vs $363.88+15.6%

6 analysts

Revenue Estimates

Current Qtr

$2.37B

$2.27B$2.45B

vs $2.55B-7.1%

5 analysts

Next Qtr

$2.50B

$2.33B$2.64B

vs $2.56B-2.5%

5 analysts

Current Yr

$9.26B

$9.04B$9.56B

vs $10.09B-8.2%

4 analysts

Next Yr

$9.87B

$9.53B$10.25B

vs $9.26B+6.5%

5 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for NVR on EDGAR.

NVR filing events and research context
Filed	Item	Context
Feb 11, 2026	business	NVR, Inc. is a prominent U.S. homebuilder operating across 37 metropolitan areas in 16 states and Washington, D.C. The company constructs single-family detached homes, townhomes, and condominiums under the Ryan Homes, NVHomes, and Heartland Homes brands, targeting a spectrum of buyers from first-time entrants to luxury move-up customers. Complementing its construction business, NVR operates a mortgage banking and title services subsidiary, NVR Mortgage Finance, Inc., which exclusively serves its homebuyers and sells loans into the secondary market on a servicing-released basis. A defining feature of NVR’s business model is its capital-light land strategy. Rather than engaging in direct land development, the company primarily secures finished lots through fixed-price lot purchase agreements (LPAs). These agreements typically require deposits of up to 10% of the purchase price, which are forfeitable if NVR chooses not to proceed, effectively limiting the company’s financial exposure and development risk. While NVR occasionally enters joint ventures or acquires raw land for strategic purposes, the LPA model remains its primary method for maintaining a five-year supply of building lots. The company’s performance is sensitive to cancellation rates, which reached 17% in 2025, and its ability to maintain a consistent supply of finished lots.
Feb 11, 2026	mda	NVR’s 2025 performance reflects a challenging housing environment characterized by affordability constraints, high inventory levels, and economic volatility. The company reported a 2% decline in consolidated revenues to $10.3 billion and a 20% drop in net income. Homebuilding gross profit margins compressed to 21.2% from 23.7% in 2024, pressured by higher lot costs, pricing concessions, and $75.9 million in contract land deposit impairments. New orders fell 10% to 20,410 units, and the backlog decreased 15% to 8,448 units. NVR maintains a capital-light strategy, primarily acquiring finished lots through Lot Purchase Agreements (LPAs) with forfeitable deposits rather than direct land development. This approach aims to maximize inventory turnover and minimize market risk. The company’s mortgage banking segment, NVRM, remains exclusively tied to its homebuilding customers, with an 86% capture rate. Management anticipates continued headwinds in early 2026, specifically expecting lower revenues and compressed gross margins as the current backlog settles. Despite these pressures, NVR maintains a strong liquidity position, supported by $1.8 billion in cash and significant share repurchase activity, with $549.6 million remaining under current authorizations. The company continues to prioritize market share gains in its four primary geographic segments: Mid Atlantic, North East, Mid East, and South East.
Feb 11, 2026	risk_factors	NVR’s business model relies on a capital-light strategy, primarily acquiring finished lots from third-party developers under Lot Purchase Agreements (LPAs) rather than engaging in direct land development. This approach limits the company’s financial exposure to the amount of its deposits, which are subject to quarterly impairment testing. Key risks include the volatility of new order activity, fluctuations in building material and labor costs, and the company’s ability to maintain production capacity. Financial performance is sensitive to affordability challenges, which have recently pressured gross profit margins and sales absorption rates across several segments, most notably in the South East. The company’s mortgage banking subsidiary, NVRM, is exclusively tied to its homebuilding operations; therefore, any decline in home settlements or average sales prices directly impacts mortgage banking profitability. Liquidity is managed through substantial cash holdings and access to revolving credit and mortgage repurchase facilities. While the company maintains a strong balance sheet, it faces ongoing risks from interest rate volatility, which affects both mortgage demand and the fair value of its loan portfolio. Additionally, the company’s effective tax rate remains subject to volatility due to the timing of equity-based compensation exercises and deferred compensation plan distributions.

Filed

Item

Context

Feb 11, 2026

business

NVR, Inc. is a prominent U.S. homebuilder operating across 37 metropolitan areas in 16 states and Washington, D.C. The company constructs single-family detached homes, townhomes, and condominiums under the Ryan Homes, NVHomes, and Heartland Homes brands, targeting a spectrum of buyers from first-time entrants to luxury move-up customers. Complementing its construction business, NVR operates a mortgage banking and title services subsidiary, NVR Mortgage Finance, Inc., which exclusively serves its homebuyers and sells loans into the secondary market on a servicing-released basis. A defining feature of NVR’s business model is its capital-light land strategy. Rather than engaging in direct land development, the company primarily secures finished lots through fixed-price lot purchase agreements (LPAs). These agreements typically require deposits of up to 10% of the purchase price, which are forfeitable if NVR chooses not to proceed, effectively limiting the company’s financial exposure and development risk. While NVR occasionally enters joint ventures or acquires raw land for strategic purposes, the LPA model remains its primary method for maintaining a five-year supply of building lots. The company’s performance is sensitive to cancellation rates, which reached 17% in 2025, and its ability to maintain a consistent supply of finished lots.

Feb 11, 2026

mda

NVR’s 2025 performance reflects a challenging housing environment characterized by affordability constraints, high inventory levels, and economic volatility. The company reported a 2% decline in consolidated revenues to $10.3 billion and a 20% drop in net income. Homebuilding gross profit margins compressed to 21.2% from 23.7% in 2024, pressured by higher lot costs, pricing concessions, and $75.9 million in contract land deposit impairments. New orders fell 10% to 20,410 units, and the backlog decreased 15% to 8,448 units. NVR maintains a capital-light strategy, primarily acquiring finished lots through Lot Purchase Agreements (LPAs) with forfeitable deposits rather than direct land development. This approach aims to maximize inventory turnover and minimize market risk. The company’s mortgage banking segment, NVRM, remains exclusively tied to its homebuilding customers, with an 86% capture rate. Management anticipates continued headwinds in early 2026, specifically expecting lower revenues and compressed gross margins as the current backlog settles. Despite these pressures, NVR maintains a strong liquidity position, supported by $1.8 billion in cash and significant share repurchase activity, with $549.6 million remaining under current authorizations. The company continues to prioritize market share gains in its four primary geographic segments: Mid Atlantic, North East, Mid East, and South East.

Feb 11, 2026

risk_factors

NVR’s business model relies on a capital-light strategy, primarily acquiring finished lots from third-party developers under Lot Purchase Agreements (LPAs) rather than engaging in direct land development. This approach limits the company’s financial exposure to the amount of its deposits, which are subject to quarterly impairment testing. Key risks include the volatility of new order activity, fluctuations in building material and labor costs, and the company’s ability to maintain production capacity. Financial performance is sensitive to affordability challenges, which have recently pressured gross profit margins and sales absorption rates across several segments, most notably in the South East. The company’s mortgage banking subsidiary, NVRM, is exclusively tied to its homebuilding operations; therefore, any decline in home settlements or average sales prices directly impacts mortgage banking profitability. Liquidity is managed through substantial cash holdings and access to revolving credit and mortgage repurchase facilities. While the company maintains a strong balance sheet, it faces ongoing risks from interest rate volatility, which affects both mortgage demand and the fair value of its loan portfolio. Additionally, the company’s effective tax rate remains subject to volatility due to the timing of equity-based compensation exercises and deferred compensation plan distributions.

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NVR filing events and research context

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