NVR
Builds primarily pre-sold homes under Ryan Homes, NVHomes and Heartland Homes.
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Profile
Builds pre-sold single-family homes, townhomes and condominiums under Ryan Homes, NVHomes and Heartland Homes, with mortgage and title services for buyers. Most finished lots come through purchase agreements with third-party developers, limiting direct land development.
Builds and sells single-family detached homes, townhomes and condominiums under Ryan Homes, NVHomes and Heartland Homes. Ryan Homes serves first-time and first-time move-up buyers across the broadest footprint; NVHomes and Heartland Homes focus on move-up and luxury buyers in narrower Mid-Atlantic and Pittsburgh markets.
Operates across the eastern and southeastern United States through Mid Atlantic, North East, Mid East and South East homebuilding segments. Homes are constructed primarily after sale using independent subcontractors, while internal building-products facilities supply structural components.
Extends the buyer transaction through NVR Mortgage and title-related subsidiaries, earning origination fees, gains from selling loans and title fees. The model limits direct land development by sourcing substantially all finished lots under purchase agreements with third-party developers, and depends on mortgage availability, lot supply and local zoning and building rules.
Company facts
Key statistics
Year to date −11.9% · Average volume (30d) 32.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 24, 2026 | UBS | Reiterate | Neutral | $7,700 | $7,400 | |
| Jul 24, 2026 | BTIG | Target | $8,096 | $7,446 | ||
| Jul 7, 2026 | Zelman | Upgrade | Neutral | Outperform | ||
| Jul 7, 2026 | Zelman & Assoc | Upgrade | Hold | Buy | ||
| Apr 23, 2026 | Truist Financial | Target | $7,100 | $6,600 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.90 | $0.84 | −6.7% | $2.40B | $2.33B | −3.0% | +4.22% |
| Apr 22, 2026Q1 FY26 | $0.78 | $0.68 | −13.4% | $2.05B | $1.88B | −8.1% | +0.88% |
| Jan 28, 2026Q4 FY25 | $1.06 | $1.22 | +14.8% | $2.48B | $2.71B | +9.5% | −0.03% |
| Oct 22, 2025Q3 FY25 | $109.36 | $112.33 | +2.7% | $2.55B | $2.51B | −1.9% | −0.23% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.35B | $2.60B | $2.51B | $2.71B | $1.88B | $2.33B | |
| Gross profit | $515.1M | $603.3M | $588.1M | $616.0M | $406.5M | $485.1M | |
| Operating income | $376.7M | $427.7M | $423.0M | $447.4M | $226.4M | $308.3M | |
| Net income | $299.6M | $333.7M | $342.7M | $363.8M | $198.4M | $236.5M | |
| Diluted EPS | $94.83 | $108.37 | $112.13 | $121.54 | $67.76 | $83.62 | |
| Gross margin | 21.9% | 23.2% | 23.5% | 22.7% | 21.6% | 20.9% | |
| Operating margin | 16.0% | 16.4% | 16.9% | 16.5% | 12.0% | 13.3% |
Fiscal years (4-quarter sums)FY21 $8.96B · FY22 $10.54B · FY23 $9.53B · FY24 $10.54B · FY25 $10.17B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.20B · Total debt $1.05B · Total assets $5.47B · Shareholders' equity $3.39B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 2.70M · Float 2.63M · 97.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 294.2K | 10.90% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 174.9K | 6.48% | 13F | Aug 13, 2026 |
| Capital Research Global Investors | 163.8K | 6.07% | 13F | Aug 12, 2026 |
| State Street Corp | 128.8K | 4.77% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 113.2K | 4.19% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | George Oliver | director | +63 | $6,431.51 |
| Apr 24, 2026 | Michael J. DeVito | director | +11 | $6,699.50 |
| Feb 13, 2026 | Susan Williamson Ross | director | −200 | $7,922.06 |
| Feb 10, 2026 | Matthew B. Kelpy | officer: VP, Chief Accounting Officer | −500 | $8,100.00 |
| Feb 5, 2026 | Susan Williamson Ross | director | −200 | $8,091.62 |
Peers
- D.R. Horton
National homebuilder overlap in entry-level, move-up, and mortgage services
- Lennar
National builder with East/Southeast and mortgage-channel overlap.
- PulteGroup
Broad new-home peer across buyer tiers and builder financing.
- Toll Brothers
Luxury-home peer across Eastern and Southeastern markets.
- Meritage Homes
Entry-level homebuilder overlapping NVR in Southeast markets
- KB Home
Built-to-order homebuilder overlapping entry and move-up buyers.
- M/I Homes
Regional overlap in entry-level, move-up homes, and buyer financing
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NVR | $6,396.27 | −0.21% | $17.27B | 16.6 | 16.6 | 1.8 | −10.6% |
| D.R. Horton | $147.39 | 0.00% | $41.23B | 14.1 | 13.1 | 1.2 | +0.0% |
| Lennar | $86.50 | +0.19% | $21.44B | 13.5 | 15.2 | 0.7 | −5.0% |
| PulteGroup | $128.55 | +0.02% | $24.81B | 13.2 | 12.0 | 1.5 | −9.6% |
| Toll Brothers | $146.22 | +0.02% | $13.67B | 11.7 | 10.6 | 1.3 | −9.7% |
| Meritage Homes | $71.02 | −0.14% | $4.74B | 14.9 | 12.9 | 0.9 | −14.3% |
| KB Home | $54.96 | +0.18% | $3.36B | 13.3 | 13.6 | 0.6 | −27.3% |
| M/I Homes | $151.40 | −0.01% | $3.83B | 12.7 | 11.3 | 0.9 | −8.5% |
| Median | 13.3 | 12.9 | 0.9 | −9.6% |