NVR
NVR, Inc.Consumer Cyclical·Residential Construction
$6,106.18
$16.5B market cap
Revenue
$4.6B
Free Cash Flow
$770.8M
Rev Growth
+0.0%
FCF Margin
16.8%
P/FCF
21.4x
EV/FCF
20.5x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
NVR, Inc. operates as a homebuilder in the United States. The company operates in two segments, Homebuilding and Mortgage Banking. It engages in the construction and sale of single-family detached homes, townhomes, and condominium buildings under the Ryan Homes, NVHomes, and Heartland Homes names. The company markets its Ryan Homes products to first-time and first-time move-up buyers; and NVHomes and Heartland Homes products to move-up and luxury buyers. It also provides various mortgage related
2-Year Price History
$6036.99-21.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 1,881 | 226.4 | 226.4 | 198.4 | 339.7 | 334.8 | -4.9 | 1,730 | 1,050 | 2.9 | 36.1% | 31.5x | -- |
| Act | 2025-Q4 | 2,713 | 475.9 | 447.4 | 363.8 | 439.7 | 436.0 | -3.7 | 1,957 | 1,197 | 3.0 | 55.9% | 66.0x | -- |
Valuation & Metrics
Market Stats
Price$6,106.18
Market Cap$16.5B
Enterprise Value$15.8B
P/S Ratio3.6x
P/FCF21.4x
EV/FCF20.5x
FCF Margin (TTM)16.8%
FCF Yield4.7%
Dividend Yield (TTM)0.0%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$4.6B
Net Income$562.2M
Free Cash Flow$770.8M
Revenue Growth (YoY)+0.0%
EBITDA Margin15.3%
Net Margin12.2%
FCF Margin16.8%
CapEx % of Revenue0.2%
SBC % of Revenue0.6%
ROIC46.0%
WC Change % Rev-4.3%
Interest Coverage48.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover4.3
Change (vs Prior)+16.9%
Need at least 2 settlement dates for chart
Employees
Headcount7,000
Revenue / Employee$656,239
Gross Profit / Employee$146,070
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
57.6%(-13.9% YoY)
627 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
35.4%(-6.2% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.2%(-0.0% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $1.86B | $9766.48 | −$70.4M | −$247M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $1.17B | $6589.83 | +$1.17B | +$1.17B | — | $4.04T |
| Capital Research Global Investors | $1.07B | $6831.14 | +$194M | +$363M | +0.4% | $644.55B |
| STATE STREET CORPPassive | $841M | $6431.57 | −$12.1M | −$60.9M | -0.2% | $2.89T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $786M | $6589.83 | +$786M | +$786M | — | $1.91T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $484M | $6371.53 | −$10.4M | −$4.9M | +2.3% | $1.61T |
| PRINCIPAL FINANCIAL GROUP INC | $384M | $7677.17 | −$5.2M | +$12.5M | -0.5% | $186.29B |
| Boston Partners | $382M | $6026.86 | −$29.4M | −$7.2M | +0.5% | $95.40B |
| Invesco Ltd. | $283M | $6639.31 | +$49.9M | +$52.4M | -0.2% | $652.04B |
| Capital World Investors | $269M | $4717.25 | +$382K | +$2.1M | +0.3% | $732.46B |
| DIMENSIONAL FUND ADVISORS LPPassive | $265M | $7293.86 | +$10.5M | +$59.1M | -0.4% | $480.92B |
| MORGAN STANLEY | $212M | $5910.17 | +$5.9M | +$14.3M | -0.3% | $1.65T |
| WELLINGTON MANAGEMENT GROUP LLP | $206M | $6514.64 | −$49.6M | −$111M | -0.3% | $533.98B |
| Nuveen, LLC | $193M | $7415.94 | −$46.7M | −$111M | +0.0% | $368.63B |
| CAISSE DE DEPOT ET PLACEMENT DU QUEBEC | $180M | $6205.17 | +$16.4M | +$66.2M | -0.7% | $62.43B |
| NORTHERN TRUST CORPPassive | $177M | $6943.50 | −$1.9M | −$42.0M | -0.2% | $755.34B |
| MARSHFIELD ASSOCIATES | $168M | $5316.23 | −$9.5M | +$10.4M | +0.6% | $4.99B |
| FIRST TRUST ADVISORS LP | $161M | $6668.52 | +$144M | +$1.9M | +0.1% | $139.72B |
| DEUTSCHE BANK AG\ | $158M | $7293.68 | −$2.5M | +$72.6M | -0.3% | $302.17B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $154M | $6829.44 | +$3.2M | +$12.2M | +0.7% | $645.81B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.05%
avg per quarter
Holders (ex-self)
-0.05%
excl. this stock
Buyers (this Q)
+0.07%
168 buyers · $2.85B in
Sellers (this Q)
-0.07%
240 sellers · $2.09B out
alpha coverage: 86% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-29.1%
how holders react when this stock falls
On quiet Qs
-5.7%
−10% to +10% baseline
On rallies (+10%+)
-10.6%
how they react when this stock rises
Holders' portfolio flow this Q
+3.3%
inflows — adds are organic
Sellers' portfolio flow this Q
-1.3%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.5%
Holder mid (any stock)
-2.5%
Holder rally (any stock)
-2.6%
Biggest decreases this quarter
Pacer Advisors, Inc.exited−$73.1MBlackRock, Inc.−$70.4Mα-0.2DIAMOND HILL CAPITAL MANAGEMENT INC−$61.1Mα-1.4WELLINGTON MANAGEMENT GROUP LLP−$49.6Mα-0.3Nuveen, LLC−$46.7Mα+0.0Junto Capital Management LPexited−$37.6MBoston Partners−$29.4Mα+0.5Smead Capital Management, Inc.−$21.1Mα+1.9SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLCexited−$17.5MHolocene Advisors, LPexited−$14.1M
New buyers this quarter
Top-5 holders · 37.7%
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
Capital Research Global Investors--
STATE STREET CORP--
VANGUARD PORTFOLIO MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Capital Research Global Investors163KWELLINGTON MANAGEMENT GROUP LLP31KCapital International Investors—DIAMOND HILL CAPITAL MANAGEMENT INC21KBoston Partners58KPRINCIPAL FINANCIAL GROUP INC58KCapital World Investors41KNuveen, LLC29KNuveen Asset Management, LLC—PRICE T ROWE ASSOCIATES INC /MD/5K
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (4 analysts)$7374.002080.0%
Last Year (9 analysts)$7957.563030.0%
Current Price$6106.18
Analyst Ratings
10
10
4
Buy: 10Hold: 10Sell: 4Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$173K
2 txns · 1 insider · 25 sh
Sells ($, 12mo)
$16.88M
8 txns · 3 insiders · 2,095 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-24 | BUY | DeVito Michael J | director | 11 | $6699.50 | $74K | $167K |
| 2026-02-13 | SELL | Ross Susan Williamson | director | 200 | $7922.06 | $1.58M | $3.06M |
| 2026-02-10 | SELL | Kelpy Matthew B. | officer: VP, Chief Accounting Officer | 500 | $8100.00 | $4.05M | $1.68M |
| 2026-02-05 | SELL | Ross Susan Williamson | director | 200 | $8091.62 | $1.62M | $3.12M |
| 2026-02-04 | SELL | Ross Susan Williamson | director | 220 | $8000.00 | $1.76M | $3.09M |
| 2025-11-03 | BUY | DeVito Michael J | director | 14 | $7068.05 | $99K | $99K |
| 2025-08-26 | SELL | Jung Alexandra A | director | 200 | $8082.44 | $1.62M | $606K |
| 2025-08-22 | SELL | Jung Alexandra A | director | 50 | $8231.74 | $412K | $617K |
| 2025-08-13 | SELL | Kelpy Matthew B. | officer: VP, Chief Accounting Officer | 600 | $8100.00 | $4.86M | $1.68M |
| 2025-08-04 | SELL | Ross Susan Williamson | director | 125 | $7850.28 | $981K | $3.03M |
Order Flow (FINRA, ~3w lag)
15.6%retail-1.7pp
22.5%dark+3.5pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Dividends
TTM Dividend/Share$0.82
Dividend Yield0.0%
Filing Risk Analysis
Filing Risk Scores
NVR, Inc.: The Buyback Machine Masking Housing Market Headwinds
Overall Risk
3/10
Fraud
2/10
Dilution
1/10
Insolvency
2/10
Earnings Overstated
4/10
Hidden Liabilities
3/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
7/10
Contextually Acceptable
9/10