NVR
NVR on NYSE. NVR builds and sells houses to people in the United States. Market value $15.9bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.58 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.
$5,970.21 a share, 9% above its 1-year low
Over the past year the price has ranged from $5,501.01 to $8,200.00.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $9.0bn | $10.5bn | $9.5bn | $10.5bn | $10.3bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.00bn | 0.00bn | 0.00bn | 0.00bn | 0.00bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 6.5% a year
- Buying back its own sharesYes, 17% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2.3 billion last quarter, down 10% on a year ago.
- Profit: $236 million, down 29% on a year ago.
- Spare cash over the past 12 months: $1 billion, down from $1.2 billion.
- 8% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.7bn |
| December 2024 | $2.8bn |
| March 2025 | $2.4bn |
| June 2025 | $2.6bn |
| September 2025 | $2.6bn |
| December 2025 | $2.7bn |
| March 2026 | $1.9bn |
| June 2026 | $2.3bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $429m |
| December 2024 | $457m |
| March 2025 | $300m |
| June 2025 | $334m |
| September 2025 | $343m |
| December 2025 | $364m |
| March 2026 | $198m |
| June 2026 | $236m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 21 October 2026
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
9 long-term investors we follow own it, unchanged from 9 last quarter. 687 funds in all.
- Markel GroupTom Gayner
- Value
- $82m
- Share of fund
- 0.6%
- Berkshire HathawayWarren Buffett
- Value
- $76m
- Share of fund
- <0.1%
- Broad Run Investment ManagementDavid Firestone
- Value
- $18m
- Share of fund
- 2.8%
- Saber Capital ManagementJohn Huber
- Value
- $1m
- Share of fund
- 0.9%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $414m | 0.4% | Added |
| Smead Capital ManagementBill Smead | $192m | 4.1% | Added |
| Diamond Hill Capital ManagementRic Dillon (founder) | $118m | 0.9% | Cut |
| Giverny CapitalFrançois Rochon | $90m | 3.0% | Cut |
| Markel GroupTom Gayner | $82m | 0.6% | |
| Berkshire HathawayWarren Buffett | $76m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $35m | <0.1% | Added |
| Broad Run Investment ManagementDavid Firestone | $18m | 2.8% | |
| Saber Capital ManagementJohn Huber | $1m | 0.9% |
Largest holders overall
- BlackRock$2.0bnAdded
- Vanguard Capital Management$1.2bn
- Capital Research Global Investors$1.1bn
- State Street$877m
- Vanguard Portfolio Management$771mCut
- Geode Capital Management$500m
- Boston Partners$414mAdded
- Principal Financial Group$399m
- AQR Capital Management$335mAdded
- Invesco$319mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor8.9%Since 31 March 2026
- Vanguard Capital ManagementPassive investor7.4%Since 31 March 2026
- Capital Research Global InvestorsPassive investor5.9%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 8.9% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 7.4% | 31 March 2026 | |
Capital Research Global Investors Passive investor | 5.9% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $577,832 of shares on the open market. 2 sold $9m.
- Oliver GeorgeDirectorBought
- Date
- 7 August 2026
- Shares
- 63
- Price
- $6431.51
- Value
- $405,185
- DeVito Michael JDirectorBought
- Date
- 24 April 2026
- Shares
- 11
- Price
- $6699.50
- Value
- $73,695
- Ross Susan WilliamsonDirectorSold
- Date
- 13 February 2026
- Shares
- 200
- Price
- $7922.06
- Value
- $2m
- Kelpy Matthew B.VP, Chief Accounting OfficerSold
- Date
- 10 February 2026
- Shares
- 500
- Price
- $8100.00
- Value
- $4m
- Ross Susan WilliamsonDirectorSold
- Date
- 5 February 2026
- Shares
- 200
- Price
- $8091.62
- Value
- $2m
- Ross Susan WilliamsonDirectorSold
- Date
- 4 February 2026
- Shares
- 220
- Price
- $8000.00
- Value
- $2m
- DeVito Michael JDirectorBought
- Date
- 3 November 2025
- Shares
- 14
- Price
- $7068.05
- Value
- $98,953
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 7 August 2026 | Oliver George Director | Bought | 63 | $6431.51 | $405,185 |
| 24 April 2026 | DeVito Michael J Director | Bought | 11 | $6699.50 | $73,695 |
| 13 February 2026 | Ross Susan Williamson Director | Sold | 200 | $7922.06 | $2m |
| 10 February 2026 | Kelpy Matthew B. VP, Chief Accounting Officer | Sold | 500 | $8100.00 | $4m |
| 5 February 2026 | Ross Susan Williamson Director | Sold | 200 | $8091.62 | $2m |
| 4 February 2026 | Ross Susan Williamson Director | Sold | 220 | $8000.00 | $2m |
| 3 November 2025 | DeVito Michael J Director | Bought | 14 | $7068.05 | $98,953 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.