Latest Ratios: P/E Ratio 15.3x · EV/EBITDA 10.2x · ROE 33.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $18.1B | $22.4B | $27.1B | $24.0B | $16.2B | $22.8B | $16.0B | $15.1B | $10.0B | $14.9B | $6.8B |
| Enterprise Value | $17.3B | $21.6B | $25.6B | $21.9B | $14.7B | $21.8B | $14.8B | $14.7B | $9.9B | $14.8B | $7.1B |
| P/E Ratio → | 15.33 | 16.71 | 16.14 | 15.11 | 9.38 | 18.44 | 17.73 | 17.22 | 12.51 | 27.67 | 16.11 |
| P/S Ratio | 1.75 | 2.17 | 2.57 | 2.52 | 1.54 | 2.54 | 2.12 | 2.04 | 1.39 | 2.36 | 1.17 |
| P/B Ratio | 5.32 | 5.79 | 6.45 | 5.51 | 4.61 | 7.59 | 5.15 | 6.46 | 5.51 | 9.26 | 5.25 |
| P/FCF | 16.47 | 20.41 | 20.18 | 16.32 | 8.74 | 18.62 | 17.58 | 17.93 | 14.18 | 27.11 | 18.92 |
| P/OCF | 16.11 | 19.96 | 19.75 | 16.05 | 8.65 | 18.35 | 17.27 | 17.46 | 13.79 | 26.15 | 17.82 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.09 | 2.42 | 2.30 | 1.39 | 2.44 | 1.96 | 1.98 | 1.37 | 2.34 | 1.21 |
| EV / EBITDA | 10.21 | 12.75 | 12.74 | 11.91 | 6.71 | 14.65 | 14.80 | 15.14 | 10.77 | 18.01 | 10.95 |
| EV / EBIT | 10.36 | 12.07 | 11.92 | 11.20 | 6.40 | 13.29 | 12.94 | 13.97 | 10.02 | 17.02 | 10.33 |
| EV / FCF | — | 19.71 | 19.00 | 14.87 | 7.92 | 17.82 | 16.27 | 17.39 | 14.01 | 26.99 | 19.47 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.0% | 23.0% | 25.5% | 26.0% | 27.3% | 24.5% | 21.3% | 21.0% | 20.7% | 21.0% | 19.2% |
| Operating Margin | 16.2% | 16.2% | 18.9% | 19.1% | 20.6% | 16.4% | 13.0% | 12.8% | 12.5% | 12.7% | 10.7% |
| Net Profit Margin | 13.0% | 13.0% | 16.0% | 16.7% | 16.4% | 13.8% | 11.9% | 11.9% | 11.1% | 8.5% | 7.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 33.2% | 33.2% | 39.2% | 40.4% | 53.0% | 40.5% | 33.1% | 42.3% | 46.7% | 36.9% | 33.4% |
| ROA | 21.9% | 21.9% | 25.9% | 26.0% | 30.0% | 21.3% | 18.8% | 25.2% | 25.9% | 19.1% | 16.5% |
| ROIC | 43.8% | 43.8% | 61.7% | 65.0% | 81.1% | 56.1% | 38.6% | 39.7% | 41.6% | 39.4% | 32.0% |
| ROCE | 32.9% | 32.9% | 37.5% | 36.8% | 47.6% | 31.7% | 25.3% | 34.9% | 38.8% | 39.0% | 33.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.31 | 0.31 | 0.24 | 0.23 | 0.29 | 0.53 | 0.51 | 0.29 | 0.33 | 0.37 | 0.46 |
| Debt / EBITDA | 0.71 | 0.71 | 0.51 | 0.55 | 0.46 | 1.07 | 1.59 | 0.71 | 0.65 | 0.73 | 0.93 |
| Net Debt / Equity | — | -0.20 | -0.38 | -0.49 | -0.43 | -0.33 | -0.38 | -0.20 | -0.06 | -0.04 | 0.15 |
| Net Debt / EBITDA | -0.45 | -0.45 | -0.79 | -1.17 | -0.69 | -0.66 | -1.19 | -0.47 | -0.12 | -0.08 | 0.31 |
| Debt / FCF | — | -0.69 | -1.18 | -1.46 | -0.82 | -0.80 | -1.31 | -0.54 | -0.16 | -0.13 | 0.56 |
| Interest Coverage | 62.10 | 62.10 | 77.14 | 70.52 | 58.01 | 30.91 | 27.97 | 41.38 | 39.22 | 35.97 | 31.43 |
Net cash position: cash ($2.0B) exceeds total debt ($1.2B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.95 | 3.95 | 5.07 | 4.90 | 4.53 | 4.35 | 4.96 | 4.37 | 3.76 | 3.40 | 3.04 |
| Quick Ratio | 2.12 | 2.12 | 3.29 | 3.31 | 2.97 | 2.78 | 3.38 | 2.66 | 2.11 | 1.82 | 1.57 |
| Cash Ratio | 2.08 | 2.08 | 2.27 | 2.59 | 2.20 | 2.07 | 2.56 | 1.45 | 0.94 | 0.85 | 0.53 |
| Asset Turnover | — | 1.76 | 1.65 | 1.44 | 1.86 | 1.54 | 1.31 | 1.94 | 2.27 | 2.11 | 2.21 |
| Inventory Turnover | 4.61 | 4.61 | 3.81 | 3.62 | 4.28 | 3.47 | 3.47 | 4.34 | 4.54 | 4.00 | 4.31 |
| Days Sales Outstanding | — | 1.16 | 1.13 | 1.11 | 0.72 | 0.76 | 0.89 | 0.90 | 0.95 | 1.16 | 1.19 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 6.0% | 6.2% | 6.6% | 10.7% | 5.4% | 5.6% | 5.8% | 8.0% | 3.6% | 6.2% |
| FCF Yield | 6.1% | 4.9% | 5.0% | 6.1% | 11.4% | 5.4% | 5.7% | 5.6% | 7.1% | 3.7% | 5.3% |
| Buyback Yield | 10.1% | 8.2% | 7.6% | 4.5% | 9.3% | 6.7% | 2.3% | 4.6% | 8.5% | 2.8% | 6.6% |
| Total Shareholder Yield | 10.1% | 8.2% | 7.6% | 4.5% | 9.3% | 6.7% | 2.3% | 4.6% | 8.5% | 2.8% | 6.6% |
| Shares Outstanding | — | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $4M |
Asset-light model dependency
According to current market data, NVR trades at a forward P/E of 19.12, which represents a notable premium compared to peers like D.R. Horton and Lennar, suggesting that investors are pricing in the company's superior capital efficiency despite the recent 2.08% year-over-year revenue contraction.
The elevated valuation multiple appears to reflect the market's historical confidence in NVR's asset-light model, which typically commands a premium due to its lower risk profile during housing downturns. However, the current PEG ratio of 1.14 warrants caution, as it implies that the market may be overestimating future earnings growth potential in an environment where delivery volumes are clearly cooling.
Based on reported financial figures, NVR's ROIC has trended downward from 15.4% in 2023Q4 to 5.7% in 2026Q1, indicating that the company's ability to compound returns on invested capital is currently being challenged by the broader cyclical slowdown in the residential construction sector.
The decline in ROIC suggests that the company's asset-light strategy, while historically effective, is not immune to the margin compression currently impacting the entire industry. Investors should monitor whether this decay in returns is a temporary byproduct of regional market volatility or a structural shift in the profitability of their third-party lot acquisition model.
As reported in recent SEC filings, NVR's asset turnover ratio has remained relatively low at 0.33 in 2026Q1, reflecting the company's strategic choice to avoid heavy land ownership, which inherently limits the velocity of asset utilization compared to more capital-intensive builders in the peer group.
While the asset-light model preserves the balance sheet, the low turnover suggests that NVR is highly dependent on the speed of home settlements to drive efficiency. The recent increase in the cash conversion cycle to 94 days in 2026Q1 may indicate that the company is facing increased friction in the construction-to-settlement pipeline, potentially due to labor or financing bottlenecks.
Data from the latest financial statements reveals that the debt-to-equity ratio of 0.31 is frequently misapplied by analysts as a proxy for total risk, failing to account for the significant off-balance sheet liabilities inherent in NVR's extensive network of land purchase options.
Relying solely on the debt-to-equity ratio obscures the reality that NVR's commitment to future lot purchases represents a substantial, albeit non-debt, financial obligation. A more accurate assessment of the company's risk profile would involve adjusting for these off-balance sheet commitments, which are critical to maintaining their operational pipeline during periods of market stress.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NVR stock.
NVR, Inc.'s current P/E ratio is 15.3x. The historical average is 15.2x. This places it at the 50th percentile of its historical range.
NVR, Inc.'s current EV/EBITDA is 10.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
NVR, Inc.'s return on equity (ROE) is 33.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 41.9%.
Based on historical data, NVR, Inc. is trading at a P/E of 15.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NVR, Inc. has 23.0% gross margin and 16.2% operating margin. Operating margin between 10-20% is typical for established companies.
NVR, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.