Nvr Inc. (NVR) intrinsic value & 10-year financials
Nvr Inc. (NVR) has a Graham intrinsic value of $14,500.31 per share. At $5,919.82 on Oct 17, 2026, the stock trades 59% below that value. Over the last 10 fiscal years revenue grew 6.6% a year to $10.3B, with an average return on invested capital of 39.8%.
- Graham intrinsic value
- $14,500.31
- Share price (Oct 17, 2026)
- $5,919.82
- Price vs Graham value
- 59% below
- Market cap
- $18.2B
- Revenue (FY2025)
- $10.3B
- Revenue growth (10-yr CAGR)
- 6.6%
- ROIC (10-yr avg)
- 39.8%
- Free cash flow (FY2025)
- $1.1B
NVR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $10.3B | $1.3B | $436.55 | $1.1B | — | 33.2% |
| FY2024 | $10.5B | $1.7B | $506.69 | $1.3B | — | 39.2% |
| FY2023 | $9.5B | $1.6B | $463.31 | $1.5B | — | 40.4% |
| FY2022 | $10.5B | $1.7B | $491.82 | $1.9B | — | 53.0% |
| FY2021 | $9.0B | $1.2B | $320.48 | $1.2B | — | 40.5% |
| FY2020 | $7.5B | $901.2M | $230.11 | $909.1M | — | 33.1% |
| FY2019 | $7.4B | $878.5M | $221.13 | $843.8M | — | 42.3% |
| FY2018 | $7.2B | $797.2M | $194.80 | $703.5M | — | 46.7% |
| FY2017 | $6.3B | $537.5M | $126.77 | $550.1M | — | 36.9% |
| FY2016 | $5.8B | $425.3M | $103.61 | $362.1M | — | 32.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NVR, Inc. has demonstrated mature, steady growth, with revenue compounding at 6.6% annually over the past decade.
NVR, Inc. has earned high returns on invested capital, averaging 39.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, NVR, Inc. shows that management has aggressively returned capital to shareholders by retiring 25.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NVR, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $14500.31 per share.