NVR NVR Inc.
NVR, Inc. engages in the construction and sale of single-family detached homes, townhomes and condominium buildings. It operates through the following segments: Homebuilding and Mortgage Banking. The Homebuilding segment sells and builds homes under the trade names Ryan Homes, NVHomes, Fox Ridge Homes and Heartland Homes. The Mortgage Banking segment focuses on serving the needs of the company's homebuyers. The company was founded in 1980 and is headquartered in Reston, VA.
Company profile
Ticker
NVR
Exchange
Website
CEO
Paul C. Saville
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
Corporate docs
IRS number
541394360
NVR stock data
()
Calendar
4 Nov 20
26 Jan 21
31 Dec 21
News
Financial summary
| Quarter (USD) | Sep 20 | Jun 20 | Mar 20 | Sep 19 | |
|---|---|---|---|---|---|
| Revenue | |||||
| Cost of revenue | |||||
| Operating income | |||||
| Operating margin | |||||
| Net income | |||||
| Net profit margin | |||||
| Cash on hand | |||||
| Change in cash | |||||
| Diluted EPS |
| Annual (USD) | Dec 19 | Dec 18 | Dec 17 | Dec 16 | |
|---|---|---|---|---|---|
| Revenue | |||||
| Cost of revenue | |||||
| Operating income | |||||
| Operating margin | |||||
| Net income | |||||
| Net profit margin | |||||
| Cash on hand | |||||
| Change in cash | |||||
| Diluted EPS |
Financial data from NVR earnings reports.
Recent insider trades
| Date | Owner | Security | Transaction | Code | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|
| 29 Dec 20 | Ross Susan Williamson | NVR, Inc. common stock | Option exercise | Aquire M | No | 1700 | 125 | 212.5K | 280 |
| 29 Dec 20 | Ross Susan Williamson | Stock option Common stock | Option exercise | Dispose M | No | 1700 | 125 | 212.5K | 2,233 |
| 29 Dec 20 | William A Moran | NVR, Inc. common stock | Gift | Aquire G | No | 0 | 825 | 0 | 825 |
| 29 Dec 20 | William A Moran | NVR, Inc. common stock | Gift | Dispose G | No | 0 | 825 | 0 | 24,122 |
| 29 Dec 20 | William A Moran | NVR, Inc. common stock | Gift | Aquire G | No | 0 | 620 | 0 | 620 |
| 29 Dec 20 | William A Moran | NVR, Inc. common stock | Gift | Dispose G | No | 0 | 620 | 0 | 24,532 |
| 21 Dec 20 | Paul C Saville | NVR, Inc. common stock | Gift | Dispose G | No | 0 | 910 | 0 | 111,860 |
| 16 Dec 20 | William A Moran | NVR, Inc. common stock | Gift | Dispose G | No | 0 | 300 | 0 | 24,947 |
| 15 Dec 20 | William A Moran | NVR, Inc. common stock | Gift | Aquire G | No | 0 | 825 | 0 | 825 |
| 15 Dec 20 | William A Moran | NVR, Inc. common stock | Gift | Dispose G | No | 0 | 825 | 0 | 25,247 |
Institutional ownership Q3 2020
81.9% owned by funds/institutions
13F holders |
Current |
|---|---|
| Total holders | 461 |
| Opened positions | 58 |
| Closed positions | 38 |
| Increased positions | 132 |
| Reduced positions | 188 |
13F shares |
Current |
|---|---|
| Total value | 15.93B |
| Total shares | 3.05M |
| Total puts | 145 |
| Total calls | 0 |
| Total put/call ratio | Infinity |
Largest owners |
Shares | Value |
|---|---|---|
| Vanguard | 385.64K | $1.57B |
| BLK Blackrock | 299.75K | $1.22B |
| Wellington Management | 169.05K | $690.26M |
| STT State Street | 166.63K | $680.35M |
| FMR | 154K | $628.81M |
| Capital World Investors | 116.69K | $476.46M |
| Capital Research Global Investors | 105.82K | $432.09M |
| Diamond Hill Capital Management | 98.2K | $400.95M |
| PFG Principal Financial Group Inc - Registered Shares | 82.36K | $336.27M |
| Geode Capital Management | 69.58K | $283.95M |
Financial report summary
?Competition
Comstock HoldingRisks
- An economic downturn or decline in economic conditions could adversely affect our business and our results of operations.
- Interest rate movements, inflation and other economic factors can negatively impact our business.
- Because almost all of our customers require mortgage financing, the availability of suitable mortgage financing could impair the affordability of our homes, lower demand for our products, and limit our ability to fully deliver our backlog.
- If the market value of our inventory or controlled lot position declines, our profit could decrease and we may incur losses.
- If the underwriting quality of our mortgage originations is found to be deficient, our profit could decrease and we may incur losses.
- We may be subject to claims on mortgage loans sold to third parties.
- Our inability to secure and control an adequate inventory of lots could adversely impact our operations.
- Volatility in the credit and capital markets may impact our ability to access necessary financing.
- Our current indebtedness may impact our future operations.
- Government regulations and environmental matters could negatively affect our operations.
- Increased regulation of the mortgage industry could harm our future sales and earnings.
- We face competition in our homebuilding and mortgage banking operations.
- A shortage of building materials or labor, or increases in materials or labor costs may adversely impact our operations.
- We rely on subcontractors to construct our homes. The failure of our subcontractors to properly construct our homes may be costly.
- Product liability litigation and warranty claims may adversely impact our operations.
- We are subject to litigation proceedings that could harm our business if an unfavorable ruling were to occur.
- The loss of key personnel could adversely impact our business.
- Our failure to maintain the security of our electronic and other confidential information could expose us to liability and materially adversely affect our financial condition and results of operations.
- Weather-related and other events beyond our control may adversely impact our operations.
Management Discussion
- This section of this Form 10-K generally discusses 2019 and 2018 items and year-to-year comparisons between 2019 and 2018. Discussions of 2017 items and year-to-year comparisons between 2018 and 2017 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.
- Our primary business is the construction and sale of single-family detached homes, townhomes and condominium buildings, all of which are primarily constructed on a pre-sold basis. To fully serve customers of our homebuilding operations, we also operate a mortgage banking and title services business. We primarily conduct our operations in mature markets. Additionally, we generally grow our business through market share gains in our existing markets and by expanding into markets contiguous to our current active markets. Our four homebuilding reportable segments consist of the following regions:
- Our lot acquisition strategy is predicated upon avoiding the financial requirements and risks associated with direct land ownership and development. We generally do not engage in land development (see discussion below of our land development activities). Instead, we typically acquire finished lots at market prices from various third party land developers pursuant to Lot Purchase Agreements. These Lot Purchase Agreements require deposits, typically ranging up to 10% of the aggregate purchase price of the finished lots, in the form of cash or letters of credit that may be forfeited if we fail to perform under the Lot Purchase Agreement. This strategy has allowed us to maximize inventory turnover, which we believe enables us to minimize market risk and to operate with less capital, thereby enhancing rates of return on equity and total capital.
Content analysis
?
| Positive | ||
| Negative | ||
| Uncertain | ||
| Constraining | ||
| Legalese | ||
| Litigous | ||
| Readability |
H.S. sophomore Avg
|
|
New words:
commodity, high, mentioned, stabilized
Removed:
personnel
Financial reports
10-Q
2020 Q3
Quarterly report
4 Nov 20
10-Q
2020 Q2
Quarterly report
3 Aug 20
10-Q
2020 Q1
Quarterly report
7 May 20
10-K
2019 FY
Annual report
19 Feb 20
10-Q
2019 Q3
Quarterly report
1 Nov 19
10-Q
2019 Q2
Quarterly report
31 Jul 19
10-Q
2019 Q1
Quarterly report
1 May 19
10-K
2018 FY
Annual report
13 Feb 19
10-Q
2018 Q3
Quarterly report
31 Oct 18
10-Q
2018 Q2
Quarterly report
30 Jul 18
Current reports
8-K
NVR, Inc. Announces Third Quarter Results
20 Oct 20
8-K
Entry into a Material Definitive Agreement
17 Sep 20
8-K
Entry into a Material Definitive Agreement
9 Sep 20
8-K
NVR, Inc. Announces Second Quarter Results
22 Jul 20
8-K
Submission of Matters to a Vote of Security Holders
6 May 20
8-K
Entry into a Material Definitive Agreement
4 May 20
8-K
NVR, Inc. Announces First Quarter Results
23 Apr 20
8-K
NVR, Inc. Appoints New Member to Board of Directors
26 Feb 20
8-K
NVR, Inc. Announces Fourth Quarter and Full Year Results
28 Jan 20
8-K
NVR, Inc. Announces Third Quarter Results
18 Oct 19
Registration and prospectus
424B5
Prospectus supplement for primary offering
16 Sep 20
FWP
Free writing prospectus
15 Sep 20
424B5
Prospectus supplement for primary offering
15 Sep 20
424B5
Prospectus supplement for primary offering
4 Sep 20
FWP
Free writing prospectus
3 Sep 20
424B5
Prospectus supplement for primary offering
3 Sep 20
424B5
Prospectus supplement for primary offering
4 May 20
FWP
Free writing prospectus
30 Apr 20
424B5
Prospectus supplement for primary offering
30 Apr 20
S-3ASR
Automatic shelf registration
30 Apr 20
Proxies
DEF 14A
Definitive proxy
18 Mar 20
DEF 14A
Definitive proxy
15 Mar 19
DEF 14A
Definitive proxy
20 Mar 18
DEF 14A
Definitive proxy
31 Mar 17
DEF 14A
Definitive proxy
1 Apr 16
PX14A6G
Letter to shareholders
22 Apr 15
DEF 14A
Definitive proxy
24 Mar 15
DEF 14A
Definitive proxy
25 Mar 14
DEF 14A
Definitive proxy
25 Mar 13
DEFA14A
Additional proxy soliciting materials
27 Apr 12
Other
NO ACT
No action letter
25 Mar 16
NO ACT
No action letter
12 Feb 16
UPLOAD
Letter from SEC
22 Apr 14
CORRESP
Correspondence with SEC
16 Apr 14
UPLOAD
Letter from SEC
8 Apr 14
UPLOAD
Letter from SEC
16 May 13
CORRESP
Correspondence with SEC
10 May 13
UPLOAD
Letter from SEC
2 May 13
UPLOAD
Letter from SEC
6 Jun 11
CORRESP
Correspondence with SEC
1 Jun 11
Ownership
4/A
NVR / WILLIAM A MORAN ownership change
31 Dec 20
4
NVR / Susan Williamson Ross ownership change
30 Dec 20
4
NVR / WILLIAM A MORAN ownership change
29 Dec 20
4
NVR / PAUL C SAVILLE ownership change
22 Dec 20
4
NVR / WILLIAM GRADY ROSIER ownership change
16 Dec 20
4
NVR / PAUL C SAVILLE ownership change
30 Nov 20
4
NVR / PAUL C SAVILLE ownership change
25 Nov 20
4
NVR / PAUL C SAVILLE ownership change
23 Nov 20
4
NVR / Eugene James Bredow ownership change
17 Nov 20
4
NVR / ALFRED E FESTA ownership change
12 Nov 20