NVR Inc
- Industry
- Homebuilding
- Exchange
- US
- Country
- USA
- IPO date
- Jun 25, 1987
- Employees
- 6,300
- Website
- www.nvrinc.com
Composite valuation range · conservative $4,400–$5,300 / fair $5,700–$7,100 / optimistic $8,400–$10,000. At $6,311.54, Within the fair intrinsic-value range.
At publication $6,104.8 (May 30, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
NVR, Inc. operates as a homebuilder in the United States. The company operates through Homebuilding and Mortgage Banking segments. 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 services to its homebuilding customers, as well as brokers title insurance; performs title searches; and sells mortgage loans to investors in the secondary markets on a servicing released basis. The company primarily serves Maryland, Virginia, West Virginia, Delaware, Washington, D.C., New Jersey, Eastern Pennsylvania, New York, Ohio, Western Pennsylvania, Indiana, Illinois, North Carolina, South Carolina, Tennessee, Florida, Georgia, and Kentucky. NVR, Inc. was founded in 1948 and is headquartered in Reston, Virginia.
History
NVR, Inc. was founded in 1948 and is headquartered in Reston, Virginia. It went public on June 25, 1987 and operates through two segments, Homebuilding and Mortgage Banking, employing roughly 6,300 people. The company builds and sells single-family detached homes, townhomes, and condominium buildings under the Ryan Homes, NVHomes, and Heartland Homes brands, with Ryan Homes aimed at first-time and first-time move-up buyers and NVHomes and Heartland Homes aimed at move-up and luxury buyers; its captive NVR Mortgage and title operations serve substantially all of its own homebuyers. By its most recent annual report it operated in 16 states and Washington, D.C. across 37 metropolitan areas. Revenue grew from $7,428.44 million in 2019 to $10,443.29 million in 2025 (a roughly 5.8% compound annual rate). A defining feature of its evolution is sustained share repurchases: cumulative buybacks over 2021-2025 approached $8.0 billion, reducing diluted shares from about 3.97 million in 2019 to 3.07 million in 2025, and shares outstanding fell from 3,447,441 at the end of 2021 to 2,799,387 at the end of 2025 and to 2,708,021 by April 24, 2026.
Industry position
NVR operates in the mature, highly cyclical U.S. residential construction industry, where long-term demand is supported by a structural housing shortfall but near-term results are driven by interest rates and inventory. On the 2025 Builder 100 list it ranked 4th in the United States by 2024 deliveries, with 22,836 homes delivered and homebuilding revenue of $10.29 billion in 2024; its principal comparable competitors are D.R. Horton, Lennar, PulteGroup, and Toll Brothers. Its distinguishing advantage is a land-light operating model with faster capital turnover and a culture emphasizing capital return: at the end of 2025 it controlled roughly 180,100 lots while carrying net contract land deposits of only about $851 million, relying on lot control and option-style arrangements rather than heavy owned land inventory. This translates into a current ROIC of about 41.9%, well above D.R. Horton at 11.2%, Lennar at 9.5%, PulteGroup at 16.0%, and Toll Brothers at 12.8%. The industry remains fragmented and regional, and NVR holds no network effects or data advantage; its regional brands are effective but not a national premium brand, and homebuyers can readily compare multiple builders.