NVR INC
NVR · Operative Builders · 2.7M shares · -4%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $982M (gross $1.1B, SBC $100M)
Reference price $6,699.50 · est. market cap ~$18.1B — last insider purchase, 2026-04-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A88Best-in-class capital-light homebuilder with top-decile returns and cash generation from its lot-option model.
Strengths
- Top-decile ROE (35%, 100th pct), ROA (23%, 100th pct) and net margin (13%, 92nd pct)
- Capital-light, forfeitable-deposit land strategy maximizes inventory turnover and returns
- Strong FCF ($1.1B) and fortress balance sheet
Risks
- Weak 2026 demand: backlog down 16%, gross margin compressing (21.2% from 23.7%)
- Cyclical exposure to rates and mortgage availability
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~15% of revenue from one customer/distributor — Our backlog of homes sold but not yet settled with the customer as of December 31, 2025 decreased on a unit basis by 15% to 8,448 units and decreased on a dollar basis by 16% to $4,008,043 when compar
- Buying back stockNet buyback — share count -4%/yr over 4y
- Revenue declineRevenue -30.7% YoY
- Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$9M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Net margin
13.0%
Return on equity
34.7%
Return on assets
22.9%
Revenue growth (QoQ)
-30.7%
Net-income growth
-20.3%
Free cash flow
$1.1B
Tangible book value
$3.9B
Stock comp / revenue
0.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-29 | Ross Susan Williamson | Option exercise | 238 | $1,700.00 |
| 2026-05-14 | Bredow Eugene James | I | 60 | $5,776.15 |
| 2026-05-06 | Bredow Eugene James | I | 80 | $6,262.53 |
| 2026-04-24 | DeVito Michael J | Buy | 11 | $6,699.50 |
| 2026-02-20 | ANDREWS CHARLES ELLIOTT | Gift | 5 | — |
| 2026-02-13 | Ross Susan Williamson | Option exercise | 200 | $1,700.00 |
| 2026-02-13 | Ross Susan Williamson | Sell | 200 | $7,922.06 |
| 2026-02-10 | Kelpy Matthew B. | Option exercise | 500 | $4,475.53 |
| 2026-02-10 | Kelpy Matthew B. | Sell | 500 | $8,100.00 |
| 2026-02-05 | Ross Susan Williamson | Option exercise | 200 | $1,700.00 |
| 2026-02-05 | Ross Susan Williamson | Sell | 200 | $8,091.62 |
| 2026-02-04 | Ross Susan Williamson | Option exercise | 220 | $1,700.00 |
| 2026-02-04 | Ross Susan Williamson | Sell | 220 | $8,000.00 |
| 2025-12-16 | ANDREWS CHARLES ELLIOTT | Gift | 50 | — |
| 2025-12-15 | Malzahn Daniel David | Gift | 3 | — |
| 2025-12-12 | PREISER DAVID A | Gift | 35 | — |
| 2025-11-03 | DeVito Michael J | Buy | 14 | $7,068.05 |
| 2025-08-26 | Jung Alexandra A | Option exercise | 200 | $2,450.00 |
| 2025-08-26 | Jung Alexandra A | Sell | 200 | $8,082.44 |
| 2025-08-22 | Jung Alexandra A | Sell | 50 | $8,231.74 |
| 2025-08-13 | Kelpy Matthew B. | Sell | 600 | $8,100.00 |
| 2025-08-13 | Kelpy Matthew B. | Option exercise | 600 | $2,843.17 |
| 2025-08-04 | Ross Susan Williamson | Option exercise | 125 | $1,700.00 |
| 2025-08-04 | Ross Susan Williamson | Sell | 125 | $7,850.28 |
| 2025-08-01 | Malzahn Daniel David | Gift | 33 | — |
| 2025-02-18 | ANDREWS CHARLES ELLIOTT | Gift | 3 | — |
| 2025-02-11 | ECKERT THOMAS D | Sell | 500 | $7,529.89 |
| 2025-02-10 | ECKERT THOMAS D | Option exercise | 143 | $4,475.53 |
| 2025-02-10 | ECKERT THOMAS D | Sell | 143 | $7,515.60 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-15 | Exec/director changeExhibits | filing ↗ |
| 2026-05-08 | Shareholder voteExhibits | filing ↗ |
| 2026-04-22 | ResultsExhibits | filing ↗ |
| 2026-01-28 | ResultsExhibits | filing ↗ |
| 2025-10-22 | ResultsExhibits | filing ↗ |
| 2025-10-01 | Exec/director changeExhibits | filing ↗ |
| 2025-07-23 | ResultsExhibits | filing ↗ |
| 2025-07-01 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-15 | 2026-05-14 | 0000906163-26-000051 ↗ |
| 8-K | 2026-05-08 | 2026-05-07 | 0000906163-26-000044 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0000906163-26-000040 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0000906163-26-000034 ↗ |
| 10-K | 2026-02-11 | 2025-12-31 | 0000906163-26-000018 ↗ |
| 8-K | 2026-01-28 | 2026-01-28 | 0000906163-26-000004 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0000906163-25-000121 ↗ |
| 8-K | 2025-10-22 | 2025-10-22 | 0000906163-25-000115 ↗ |
| 8-K | 2025-10-01 | 2025-10-01 | 0000906163-25-000106 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0000906163-25-000089 ↗ |
| 8-K | 2025-07-23 | 2025-07-23 | 0000906163-25-000080 ↗ |
| 8-K | 2025-07-01 | 2025-07-01 | 0000906163-25-000072 ↗ |