ConvictaFree beta

NVR, Inc.

Sector unknown·NVR · USA (SEC 10-K)·Fiscal year to 31/12/2025

Cybersecurity (products and services)Cement and building materialsLabour and wagesConsumer spendingReal estate

We are one of the largest homebuilders in the United States.

Exposure profile

Raw materials and inputsMacroTechnologyRegulationEnd marketsGeography
Raw materials and inputs Cement and building materials, Labour and wages, Insurance premiums and reinsurance, Subcontractors and haulage capacity
Macro Consumer spending, Business cycle and GDP growth, Interest rates, Inflation
Technology Cybersecurity (products and services)
Regulation Building codes and fire safety, EU climate and energy policy, Financial regulation
End markets Real estate, Residential construction
Geography United States

Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.

In their own words

Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.

Business cycle and GDP growth

Macro

DriverNegative impact: weakens

“The housing industry is cyclical and is affected by consumer confidence levels, prevailing economic conditions and interest rates. Other factors that affect the housing industry and the demand for new homes include: the availability and the cost of land, labor and materials; changes in consumer preferences; demographic trends; and the availability of mortgage finance programs.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“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.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“In addition to constructing homes primarily on a pre-sold basis and utilizing what we believe is a conservative lot acquisition strategy, we focus on obtaining and maintaining a leading market position in each market we serve. This strategy allows us to gain valuable efficiencies and competitive advantages in our markets, which we believe contributes to minimizing the adverse effects of regional economic cycles and provides growth opportunities within these markets.”

Annual report 2025A · The company itself

Chains out: this strengthens Global trade volumes, strengthens Construction

Residential construction

End markets

DriverNegative impact: weakens

“Product liability litigation and warranty claims may adversely impact our operations. Construction defect and home warranty claims are common and can represent a substantial risk for our homebuilding operations. The cost of construction defect and product liability claims can be high.Significant increases in claims could have a material adverse effect on our financial results.”

Annual report 2025A · The company itself

Market

“We are one of the largest homebuilders in the United States.”

Annual report 2025A · The company itself

Market

“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.”

Annual report 2025A · The company itself

Chains in: Interest rates weakens, Housing market strengthens

Construction

End markets

Market

“Table of Contents Mortgage Banking Segment We conduct our mortgage banking activity through NVRM, a wholly owned subsidiary. NVRM focuses exclusively on serving the homebuilding segment customer base.”

Annual report 2025A · The company itself

Market

“Net gain on sale of loans $ 187,750 $ 188,544 $ 162,658 Title services 41,516 43,135 40,754 Servicing fees 424 375 185 $ 229,690 $ 232,054 $ 203,597 Loan closing volume in 2025 decreased by approximately $220,800, or 4%, from 2024. The decrease was primarily attributable to a 5% decrease in the number of loans closed, resulting from a 4% decrease in the homebuilding segment’s number of homes settled in 2025 as compared to 2024.”

Annual report 2025A · The company itself

Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens

Premium consumers

End markets

Market

“Our Ryan Homes product is marketed primarily to first-time and first-time move-up buyers.”

Annual report 2025A · The company itself

Market

“Our NVHomes and Heartland Homes products are marketed primarily to move-up and luxury buyers.”

Annual report 2025A · The company itself

Chains in: Consumer spending strengthens

Cybersecurity (products and services)

Technology

StrategyPositive impact: strengthens

“Risk Management and Strategy We have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive, confidential and personal data. These processes are implemented and overseen primarily by our Chief Information Officer (CIO) and Chief Information Security Officer (CISO).”

Annual report 2025A · The company itself

Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation

Digital payments and fintech

Technology

Market

“We provide a number of mortgage and title-related services through our mortgage banking operations. Through operations in each of our homebuilding markets, NVRM originates mortgage loans exclusively for our homebuyers.”

Annual report 2025A · The company itself

Consumer spending

Macro

DriverPositive impact: strengthens

“During 2025, the prices at which we settled homes ranged from approximately $170,000 to $2.3 million. The average price of homes settled was $460,600 and $450,700 in 2025 and 2024, respectively.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The housing industry is cyclical and is affected by consumer confidence levels, prevailing economic conditions and interest rates. Other factors that affect the housing industry and the demand for new homes include: the availability and the cost of land, labor and materials; changes in consumer preferences; demographic trends; and the availability of mortgage finance programs.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“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.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Segment New Orders decreased 13% and the average sales price of New Orders decreased 1% in 2025 compared to 2024.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“New Orders were lower primarily due to a 15% decrease in the average number of active communities year over year.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“New Orders were lower primarily due to a 6% decrease in the average number of active communities, coupled with a 5% lower sales absorption rate year over year due to weaker demand.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“New Orders were negatively impacted by a 9% lower sales absorption rate due to weaker demand and a 4% decrease in the average number of active communities year over year.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The decrease in New Orders was primarily attributable to a 21% lower absorption rate due to weaker demand, offset partially by the aforementioned increase in the average number of active communities within the segment year over year.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“If new orders and selling prices of the homebuilding segment decline, NVRM’s operations will also be adversely affected.”

Annual report 2025A · The company itself

Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label

Interest rates

Macro

DriverNegative impact: weakens

“The housing industry is cyclical and is affected by consumer confidence levels, prevailing economic conditions and interest rates. Other factors that affect the housing industry and the demand for new homes include: the availability and the cost of land, labor and materials; changes in consumer preferences; demographic trends; and the availability of mortgage finance programs.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“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.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“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.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Because almost all of our customers require mortgage financing, limited availability of suitable mortgage financing could impair the affordability of our homes, lower demand for our products, and increase cancellation of homes in our backlog.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Segment New Orders decreased 13% and the average sales price of New Orders decreased 1% in 2025 compared to 2024.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Tighter underwriting requirements and fee restrictions and the increasingly complex regulatory environment may negatively impact our mortgage loan origination business in the form of higher interest rates, lower demand, decreased revenue and increased operating costs.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“If new orders and selling prices of the homebuilding segment decline, NVRM’s operations will also be adversely affected.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“In addition, NVRM’s operating results may be adversely affected in future periods due to tightening and volatility of the credit markets, changes in investor funding times, increased regulation of mortgage lending practices and increased competition in the mortgage market.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Interest rate risk results from the possibility that changes in interest rates will cause unfavorable changes in net income or in the value of interest rate-sensitive assets, liabilities and commitments. Lower interest rates tend to increase demand for mortgage loans for home purchasers, while higher interest rates make it more difficult for potential borrowers to purchase residential properties and to qualify for mortgage loans.”

Annual report 2025A · The company itself

Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction

Cement and building materials

Raw materials and inputs

DriverNegative impact: weakens

“We are also subject to potential volatility in the price of commodities that impact costs of materials used in our homebuilding business.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“A shortage of building materials or labor, or increases in materials or labor costs may adversely impact our operations. The homebuilding business has from time to time experienced building material and labor shortages, including fluctuating lumber prices and supply.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Additionally, we are dependent upon building material suppliers for a continuous flow of raw materials. Whenever possible, we utilize standard products available from multiple sources. In the past, such raw materials have been generally available to us in adequate supply, however, increased construction activity and demand for building materials could lead to supply chain disruptions.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Segment profit was negatively impacted by a decrease in the segment's gross profit margin percentage to 25.5% in 2025 from 26.0% in 2024 due primarily to an increase in certain material costs.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Gross profit margin was negatively impacted by higher lot costs and certain operating costs, as well as by pricing pressure due primarily to continued affordability challenges.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“The segment's gross profit margin percentage decreased to 18.3% in 2025 from 22.3% in 2024. Gross profit margins were negatively impacted primarily by higher lot costs, an increase in certain operating costs, and an increase in lot deposit impairment charges year over year.”

Annual report 2025A · The company itself

Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens

Building codes and fire safety

Regulation

DriverNegative impact: weakens

“We are subject to various local, state and federal statutes, ordinances, rules and regulations concerning zoning, building design, construction and similar matters, including local regulations that impose restrictive zoning and density requirements in order to limit the size and number of homes that can be built within the boundaries of a particular area. These regulations may further increase the cost to produce and market our products.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“In addition, we have from time to time been subject to, and may also be subject in the future to, periodic delays in our homebuilding projects due to building moratoriums in the areas in which we operate or delays in receiving the necessary governmental approvals. Changes in regulations that restrict homebuilding activities in one or more of our principal markets could have a material adverse effect on our sales, profitability, stock performance, ability to service our debt obligations and future cash flows.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“(ii) Payment obligations totaling approximately $733,900 under existing LPAs for deposits to be paid to land developers, assuming that contractual development milestones are met by the developers and we exercise our option to acquire finished lots under those LPAs. We expect to make the majority of these payments within the next three years.”

Annual report 2025A · The company itself

Real estate

End markets

DriverNegative impact: weakens

“If the market value of our inventory or controlled lot position declines, our profit could decrease and we may incur losses. Inventory risk can be substantial for homebuilders. The market value of building lots and housing inventories can fluctuate significantly as a result of changing market conditions.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“We face competition: •for suitable and desirable lots at acceptable prices; •from selling incentives offered by competing builders within and across developments; and •from the existing home resale market.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Instead, we typically acquire finished building lots from various third-party land developers pursuant to fixed price lot purchase agreements (“LPAs”) that require deposits that may be forfeited if we fail to perform under the LPAs.”

Annual report 2025A · The company itself

Chains in: Interest rates weakens

Climate change and extreme weather

Macro

DriverNegative impact: weakens

“Extreme weather or other events, such as significant hurricanes, tornadoes, earthquakes, forest fires, floods, snowfalls, terrorist attacks or war may affect our markets, our operations and our profitability. These events may impact our physical facilities or those of our suppliers or subcontractors and our housing inventories, causing us material increases in costs, or delays in construction of homes.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Table of Contents In addition, severe weather conditions and natural disasters may increase the cost of homeowner's insurance or potentially reduce insurance availability which could negatively impact demand in certain of our markets perceived to be more vulnerable to increased severe weather events and other impacts of climate change.”

Annual report 2025A · The company itself

Chains out: this weakens Agriculture and food production

Financial regulation

Regulation

DriverNegative impact: weakens

“We are an approved seller/servicer of FNMA and FHLMC mortgage loans and an approved seller/issuer/servicer of GNMA, VA and FHA mortgage loans, and are subject to all of those agencies’ rules and regulations. Any significant impairment of our eligibility to sell/service these loans could have a material adverse impact on our mortgage operations.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“In addition, NVRM’s operating results may be adversely affected in future periods due to tightening and volatility of the credit markets, changes in investor funding times, increased regulation of mortgage lending practices and increased competition in the mortgage market.”

Annual report 2025A · The company itself

Labour and wages

Raw materials and inputs

DriverNegative impact: weakens

“A shortage of building materials or labor, or increases in materials or labor costs may adversely impact our operations. The homebuilding business has from time to time experienced building material and labor shortages, including fluctuating lumber prices and supply.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Human Capital As of December 31, 2025, we had approximately 6,300 full time employees, of whom approximately 5,320 worked in our homebuilding operations, and approximately 980 worked in our mortgage banking operations, compared to December 31, 2024, when we had approximately 7,000 full time employees, of whom approximately 5,930 worked in our homebuilding operations, and approximately 1,070 worked in our mortgage banking operations.”

Annual report 2025A · The company itself

EU climate and energy policy

Regulation

DriverNegative impact: weakens

“In recent years, an increasing number of state and federal regulations have been enacted or proposed to reduce the impact of greenhouse gas emissions and other human activities on climate change. Some of these regulations relate to matters such as restrictions and reporting on carbon dioxide emissions and higher building code energy efficiency standards. The impact of such restrictions and requirements on us and our suppliers could increase our operating and compliance costs, as well as the cost of materials used in the building process.”

Annual report 2025A · The company itself

Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency

Inflation

Macro

DriverNegative impact: weakens

“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.”

Annual report 2025A · The company itself

Chains out: this weakens Consumer spending, strengthens Interest rates

Housing market

Macro

DriverNegative impact: weakens

“In addition, many of our potential customers must sell their existing homes in order to buy a home from us.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Absorption rates continue to be negatively impacted by rising resale and new home inventory in several of the markets within the segment.”

Annual report 2025A · The company itself

Chains in: Interest rates weakens
Chains out: this strengthens Construction, strengthens Residential construction

Equity and capital markets

Macro

DriverMixed impact: mixed

“Mortgage Banking – Other We sell all of the loans we originate into the secondary mortgage market. To the extent we underwrite our originated loans to the standards and specifications of the ultimate investor, we have no further financial obligations from the issuance of loans, except in certain limited instances where repurchases or early payment defaults occur.”

Annual report 2025A · The company itself

Insurance premiums and reinsurance

Raw materials and inputs

DriverNegative impact: weakens

“Table of Contents In addition, severe weather conditions and natural disasters may increase the cost of homeowner's insurance or potentially reduce insurance availability which could negatively impact demand in certain of our markets perceived to be more vulnerable to increased severe weather events and other impacts of climate change.”

Annual report 2025A · The company itself

Subcontractors and haulage capacity

Raw materials and inputs

InputNegative impact: weakens

“Construction We utilize independent subcontractors under fixed price contracts to perform construction work on our homes. We use many independent subcontractors in our various markets and we are not dependent on any single subcontractor or on a small number of subcontractors.”

Annual report 2025A · The company itself

United States

Geography

Geography

“Ryan Homes operates in thirty-seven 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.”

Annual report 2025A · The company itself

Geography

“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.”

Annual report 2025A · The company itself

Chains in: USD vs DKK/EUR mixed effect

Competitors mentioned in the report

No named competitors in the report.

Financial figures

Revenue
latest fiscal year
10.32 bn USD
Revenue growth
vs. the year before, same method
-1.9 %
EBITDA
reported by the company
N/A
Net debt
debt incl. leasing minus cash
N/A
Diluted EPS
per share
436.55 USD

Source: 10-K (SEC) A. See the report

Criteria

Profit✓
Growing✗
Healthy balance sheetN/A

Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.

Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.

This page describes what the company itself writes. It isn't an assessment and isn't a recommendation. Run an analysis to see how the company connects to your view.