NVR Inc. Files 2024 10-K with $22.4B Assets

TL;DR

NVR filed its 2024 10-K: $22.4B assets, $2.99B revenue. Homebuilder looks solid.

AI Summary

NVR Inc. filed its 2024 10-K report on February 12, 2025, detailing its operations for the fiscal year ending December 31, 2024. The company, headquartered in Reston, VA, operates in the homebuilding and mortgage banking sectors. Key financial data for the period includes total assets of $22.4 billion and net revenue of $2.99 billion.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of NVR Inc.'s financial health and operational performance for the past fiscal year, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• $22.4B — Total Assets (As of fiscal year end 2024)
• $2.99B — Net Revenue (For the fiscal year 2024)

Key Players & Entities

• NVR INC (company) — Filer of the 10-K report
• Reston, VA (location) — Company headquarters
• 20250212 (date) — Filing date of the 10-K
• 20241231 (date) — Fiscal year end

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share NVR New York Stock Exchange
• $190,000 — settled homes ranged from approximately $190,000 to $2.3 million. The average price of h
• $2.3 million — s ranged from approximately $190,000 to $2.3 million. The average price of homes settled was
• $450,700 — The average price of homes settled was $450,700 in both 2024 and 2023. Markets Our fo
• $4.8 billion — , totaled 9,953 units and approximately $4.8 billion as of December 31, 2024 compared to 10,
• $481,400 — price of homes in backlog increased to $481,400 as of December 31, 2024 from $465,000 a
• $465,000 — o $481,400 as of December 31, 2024 from $465,000 as of December 31, 2023. Backlog may be
• $6.3 billion — egate principal amount of approximately $6.3 billion as compared to approximately 15,900 loa
• $5.7 billion — egate principal amount of approximately $5.7 billion in 2023. NVRM's mortgage loans in proce
• $2.9 billion — gate principal balance of approximately $2.9 billion as of both December 31, 2024 and Decemb
• $150 million — from the date of closing, and has up to $150 million available under a repurchase agreement

Filing Documents

• nvr-20241231.htm (10-K) — 1746KB
• a2024ex1040.htm (EX-10.40) — 3KB
• a2024ex19.htm (EX-19) — 27KB
• a2024ex21.htm (EX-21) — 5KB
• a2024ex23.htm (EX-23) — 2KB
• a2024ex311.htm (EX-31.1) — 12KB
• a2024ex312.htm (EX-31.2) — 12KB
• a2024ex32.htm (EX-32) — 9KB
• a2024ex97.htm (EX-97) — 21KB
• nvr-20241231_g1.jpg (GRAPHIC) — 108KB
• 0000906163-25-000011.txt ( ) — 9216KB
• nvr-20241231.xsd (EX-101.SCH) — 63KB
• nvr-20241231_cal.xml (EX-101.CAL) — 78KB
• nvr-20241231_def.xml (EX-101.DEF) — 310KB
• nvr-20241231_lab.xml (EX-101.LAB) — 727KB
• nvr-20241231_pre.xml (EX-101.PRE) — 564KB
• nvr-20241231_htm.xml (XML) — 1272KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 4

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 9

Cybersecurity

Item 1C. Cybersecurity 9

Properties

Item 2. Properties 10

Legal Proceedings

Item 3. Legal Proceedings 10

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 10 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11

Reserved

Item 6. Reserved 12

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosure About Market Risk

Item 7A. Quantitative and Qualitative Disclosure About Market Risk 26

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 27

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 27

Controls and Procedures

Item 9A. Controls and Procedures 27

Other Information

Item 9B. Other Information 27

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 27 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 28

Executive Compensation

Item 11. Executive Compensation 28

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 28

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 29

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 29 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 30 Table of Contents PART I

Business

Item 1. Business. General NVR, Inc., a Virginia corporation, was formed in 1980 as NVHomes, Inc. 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 more fully serve customers of our homebuilding operations, we also operate a mortgage banking and title services business. We conduct our homebuilding activities directly. Our mortgage banking operations are operated primarily through a wholly owned subsidiary, NVR Mortgage Finance, Inc. ("NVRM"). Unless the context otherwise requires, references to "NVR", "we", "us" or "our" include NVR, Inc. and its consolidated subsidiaries. We are one of the largest homebuilders in the United States. We operate in thirty-six metropolitan areas in sixteen states, and Washington, D.C. Our homebuilding operations include the construction and sale of single-family detached homes, townhomes and condominium buildings under three trade names: Ryan Homes, NVHomes and Heartland Homes. Our Ryan Homes product is marketed primarily to first-time and first-time move-up buyers. Ryan Homes operates in thirty-six metropolitan areas located in Maryland, Virginia, Washington, D.C., Delaware, West Virginia, Pennsylvania, Ohio, New York, New Jersey, Indiana, Illinois, North Carolina, South Carolina, Georgia, Florida, Tennessee and Kentucky. Our NVHomes and Heartland Homes products are marketed primarily to move-up and luxury buyers. NVHomes operates in Delaware, New Jersey, and the Washington, D.C., Baltimore, MD and Philadelphia, PA metropolitan areas. Heartland Homes operates in the Pittsburgh, PA metropolitan area. We generally do not engage in land development (see discussion below of our land development activities). Instead, we typically acquire finished building lots from various third party land developers pursuant to fixed price finished lot purchase agreements ("LPAs") that require deposits that may be forfeit

Forward-Looking Statements

Forward-Looking Statements Some of the statements in this Form 10-K, as well as statements made by us in periodic press releases or other public communications, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should," "could," or "anticipates" or the negative thereof or other comparable terminology. All statements other than of historical facts are forward looking statements. Forward-looking statements contained in this document include those regarding market trends, our financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results or performance to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by us and our customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by us in our homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of

Risk Factors

Item 1A. Risk Factors. Our business is affected by the risks generally incident to the residential construction business, including, but not limited to: actual and expected changes in interest rates, which affect the availability of mortgage financing for potential purchasers of homes; the availability of adequate land in desirable locations on favorable terms; employment levels, consumer confidence and spending and unexpected changes in customer preferences; and changes in the national economy and in the local economies of the markets in which we operate. All of these risks are discussed in detail below. Business and Industry Risks An economic downturn or decline in economic conditions could adversely affect our business and our results of operations. Demand for new homes is sensitive to economic changes driven by conditions such as employment levels, job growth, and consumer confidence. If the economy suffers a downturn, our sales may decline which could have a material adverse effect on our profitability, stock performance, ability to service our debt obligations and future cash flows. Interest rate movements, inflation and other economic factors can negatively impact our business. High rates of inflation generally affect the homebuilding industry adversely because of their impact on interest rates and costs. High interest rates not only increase the cost of borrowed funds to homebuilders and developers but also have a significant adverse effect on the affordability of mortgage financing to prospective purchasers and the demand for housing. We are also subject to potential volatility in the price of commodities that impact costs of materials used in our homebuilding business. Increases in 4 Table of Contents prevailing interest rates could have a material adverse effect on our sales, profitability, stock performance, ability to service our debt obligations and future cash flows. Our mortgage banking business is also affected by interest rate flu