NVR (NVR)

NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-three metropolitan areas in fourteen states and Washington, D.C.

Company profile

Ticker

NVR

Exchange

NYSE

Website

www.nvrinc.com

CEO

Paul Saville

Incorporated

Virginia

Location

Virginia

Fiscal year end

Dec 31

Sector

Construction > New Single-Family Housing Construction (except For-Sale Builders)

Industry (SIC)

Operative Builders

PulteGroup • D.R. Horton • Toll Brothers • Taylor Morrison Home • KB Home • M.D.C. • Beazer Homes USA • Hovnanian Enterprises • Meritage Homes • Dream Finders Homes ...

SEC CIK

0000906163

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

NVR Mortgage Finance, Inc. • NVR Settlement Services, Inc. • RVN, Inc. • NVR Services, Inc. • NVR Funding II, Inc. ...

IRS number

541394360

NVR stock data

1M 1Y 5Y

News

From Benzinga Pro

Housing Collapse? Exclusive Benzinga Earnings Data Suggests Otherwise

7 Aug 22

The second-quarter reporting season is entering its final leg, and data suggests the earnings growth of S&P 500 companies may have tapered off to the slowest pace since the fourth quarter of 2020.

4 Analysts Have This to Say About NVR

27 Jul 22

Over the past 3 months, 4 analysts have published their opinion on NVR (NYSE:NVR) stock. These analysts are typically employed by large Wall Street banks and tasked with understanding a company's business to predict how a stock will trade over the upcoming year.

UBS Maintains Neutral on NVR, Raises Price Target to $4300

27 Jul 22

UBS analyst John Lovallo maintains NVR (NYSE:NVR) with a Neutral and raises the price target from $4100 to $4300.

NVR Q2 EPS $123.65 Up From $82.45 YoY, Sales $2.66B Up From $2.28B YoY

26 Jul 22

NVR Gears Up To Report Q2 Earnings: What's In The Offing?

15 Jul 22

Press releases

From Benzinga Pro

Comstock Reports Second Quarter 2022 Results

15 Aug 22

Revenue increased 34% to $8.5 million in Q2 2022 vs. $6.3 million in Q2 2021; YTD revenue increased 31% to $17.2 million vs. $13.2 million in 2021Operating income increased 127% to $1.1 million in Q2 2022 vs. $0.5

NVR, INC. ANNOUNCES SHARE REPURCHASE AUTHORIZATION

3 Aug 22

RESTON, Va., Aug. 3, 2022 /PRNewswire/ -- NVR, Inc. (NYSE:NVR) announced today that its Board of Directors has authorized the repurchase of $500 million of its outstanding common stock. The purchases will occur from

Comstock Finalizes Significant Transactions to Promote Accelerated Growth

13 Jun 22

Dwight Schar to Become Major Shareholder Series C Preferred Stock Retired at Significant Discount Modified Asset Management Agreement Enhances Revenue Potential RESTON, Va., June 13, 2022 (GLOBE NEWSWIRE) --

Analyst ratings and price targets

Last 3 months

Average target

$4,258.33

Low target

$4,145.00

High target

$4,330.00

Calendar

3 Aug 22

18 Aug 22

31 Dec 22

Financial summary

Financial statements Chart NVR financial data

Quarter (USD)	Jun 22	Mar 22	Dec 21	Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 21	Dec 20	Dec 19	Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	1.56B	1.56B	1.56B	1.56B	1.56B	1.56B
Cash burn (monthly)	221.04M	91.74M	(no burn)	(no burn)	(no burn)	(no burn)
Cash used (since last report)	364.11M	151.12M	n/a	n/a	n/a	n/a
Cash remaining	1.2B	1.41B	n/a	n/a	n/a	n/a
Runway (months of cash)	5.4	15.4	n/a	n/a	n/a	n/a

Beta Read what these cash burn values mean

Financial data from NVR earnings reports.

Recent insider trades

NVR insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
15 Aug 22	Malzahn Daniel David	NVR, Inc. common stock	Sell	Dispose S	No	No	4406.01	581	2.56M	4,058
15 Aug 22	Malzahn Daniel David	NVR, Inc. common stock	Option exercise	Acquire M	No	No	1019.74	1,003	1.02M	4,639
15 Aug 22	Malzahn Daniel David	Employee stock option Common stock	Option exercise	Dispose M	No	No	1019.74	1,003	1.02M	8,444
11 Aug 22	Malzahn Daniel David	NVR, Inc. common stock	Sell	Dispose S	No	No	4436.73	439	1.95M	3,636
11 Aug 22	Malzahn Daniel David	NVR, Inc. common stock	Option exercise	Acquire M	No	No	1019.74	760	775K	4,075
11 Aug 22	Malzahn Daniel David	Employee stock option Common stock	Option exercise	Dispose M	No	No	1019.74	760	775K	9,447
10 Aug 22	Bailey Sallie B	NVR, Inc. common stock	Buy	Acquire P	No	No	4365.45	25	109.14K	100
3 Aug 22	Eugene James Bredow	NVR, Inc. common stock	Option exercise	Acquire M	No	No	1094.22	200	218.84K	1,451
3 Aug 22	Eugene James Bredow	Employee stock option Common stock	Option exercise	Dispose M	No	No	1094.22	200	218.84K	11,700
1 Aug 22	Malzahn Daniel David	NVR, Inc. common stock	Sell	Dispose S	No	No	4436.88	1,155	5.12M	3,315

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q2 2022

NVR institutional ownership history Ownership history

81.0% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	497	532	-6.6%
Opened positions	42	62	-32.3%
Closed positions	77	80	-3.8%
Increased positions	174	189	-7.9%
Reduced positions	186	186	–

13F shares	Current	Prev Q	Change
Total value	10.83B	12.22B	-11.4%
Total shares	2.66M	2.77M	-3.8%
Total puts	0	0
Total calls	0	0
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Vanguard	341.55K	$1.37B	-1.3%
BLK Blackrock	248.1K	$993.42M	-7.4%
STT State Street	131.29K	$525.7M	-8.2%
Diamond Hill Capital Management	127.08K	$508.83M	+2.0%
Capital International Investors	118.01K	$472.53M	+4.7%
Capital Research Global Investors	106.7K	$427.23M	+0.0%
Wellington Management	106.53K	$426.55M	+0.8%
PFG Principal Financial Group Inc - Registered Shares	85.05K	$340.57M	-0.1%
Geode Capital Management	65.62K	$262.32M	-3.2%
Capital World Investors	65.2K	$261.05M	0.0%

Largest transactions	Shares	Bought/sold	Change
LGEN Legal & General	0	-25.42K	EXIT
BLK Blackrock	248.1K	-19.88K	-7.4%
FMR	37.8K	-16.63K	-30.5%
J.W. Cole Advisors	0	-13.4K	EXIT
STT State Street	131.29K	-11.77K	-8.2%
Citadel Advisors	4.05K	-11.69K	-74.3%
River Road Asset Management	13.38K	+11.26K	+531.4%
Marshfield Associates	23.6K	+8.58K	+57.1%
Broad Run Investment Management	6.49K	-8.11K	-55.5%
Veredus Asset Management	0	-7.72K	EXIT

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Competition

Comstock Holding

Risks

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.
We face competition in our homebuilding and mortgage banking operations.
Our inability to secure and control an adequate inventory of lots could adversely impact our 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.
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.
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.
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.
Weather-related and other events beyond our control may adversely impact our operations.

Management Discussion

This section of this Form 10-K generally discusses 2021 and 2020 items and year-to-year comparisons between 2021 and 2020. Discussions of 2019 items and year-to-year comparisons between 2020 and 2019 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Demand for new homes remained strong across each of our markets throughout 2021, driven by historically low mortgage rates and limited housing supply. As a result, we were able to consistently increase prices throughout the year, allowing us to improve profitability despite rising lumber and other material costs and labor costs. Additionally, strong housing demand has resulted in increased construction activity and demand for building materials and contractor labor, which, coupled with the ongoing effects of the COVID-19 pandemic, has led to supply chain disruptions and longer construction cycle times. We expect to continue to face these disruptions well into 2022 and continue to work closely with our suppliers and trade partners to manage these disruptions.
Although current demand for new homes is strong, there is uncertainty regarding the extent and timing of the supply chain disruption and the effects of the ongoing pandemic and related economic relief efforts on the U.S. economy, inflation, unemployment, consumer confidence, demand for new homes and home affordability. We expect to continue to face cost pressures related to building materials, particularly lumber, as well as labor and land costs. As a result, profit margins will be impacted based on our ability to manage these costs while balancing sales pace and pricing. Although we are unable to predict the extent to which this will impact our operational and financial performance, we believe that we are well positioned to take advantage of opportunities that may arise from future economic and homebuilding market volatility due to the strength of our balance sheet.

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. freshman Avg

New words: Agent, annum, award, began, block, Buyer, condition, description, Director, disciplined, divided, dividend, employment, entirety, Exhibit, Federal, filed, free, grant, granted, granting, herewith, holding, key, life, Master, metric, MRA, NYSE, overnight, par, peer, preceding, rapid, recession, redeem, redeemed, redemption, replaced, requisite, Restated, RSU, set, SOFR, System, target, treated, turn, underlying, unrecognized

Removed: disclose, economy, expand, favorable, housing, March, relief, uncertainty

From filing 10-Q 2022 Q2

Financial reports

View all